1、AUSGOLD LIMITED-2019 ANNUAL REPORTTable of ContentsCORPORATE DIRECTORY .1MANAGING DIRECTORS LETTER .2REVIEW OF OPERATIONS.3DIRECTORS REPORT.19REMUNERATION REPORT(AUDITED).24AUDITORS INDEPENDENCE DECLARATION .32CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME.33CONSOLIDATED STA
2、TEMENT OF FINANCIAL POSITION .34CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .35CONSOLIDATED STATEMENT OF CASH FLOWS .36NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.371.REPORTING ENTITY.372.STATEMENT OF COMPLIANCE.373.BASIS OF PREPARATION.374.GOING CONCERN.375.SIGNIFICANT ACCOUNTING JUDGEMENTS,ESTI
3、MATES AND ASSUMPTIONS.386.SIGNIFICANT ACCOUNTING POLICIES.397.FINANCIAL RISK MANAGEMENT.408.SEGMENT REPORTING.449.OTHER INCOME.4410.INCOME TAX EXPENSE.4411.CASH AND CASH EQUIVALENTS.4512.SECURITY DEPOSITS.4513.EXPLORATION AND EVALUATION EXPENDITURE&PREPAYMENT.4614.FINANCIAL ASSETS AT FAIR VALUE THRO
4、UGH PROFIT AND LOSS.4715.PROPERTY,PLANT AND EQUIPMENT.4716.TRADE AND OTHER PAYABLES.4817.LEASE LIABILITIES.4818.PROVISIONS.4819.CONTRIBUTED EQUITY.4920.RESERVES.5021.ACCUMULATED LOSSES.5322.LOSS PER SHARE.5323.CASH FLOWS FROM OPERATING ACTIVITIES RECONCILIATION.5424.AUDITORS REMUNERATION.5425.COMMIT
5、MENTS.5426.RELATED PARTY DISCLOSURE.5527.KEY MANAGEMENT PERSONNEL.5628.CONTINGENT LIABILITIES.5629.PARENT ENTITY INFORMATION.5630.EVENTS SUBSEQUENT TO REPORTING DATE.57DIRECTORS DECLARATION.58INDEPENDENT AUDIT REPORT .59SHAREHOLDER INFORMATION.63SCHEDULE OF MINERAL LICENCE INTERESTS .651Corporate Di
6、rectoryDirectorsMr Richard LockwoodNon-Executive ChairmanDr Matthew GreentreeChief Executive Officer and Managing DirectorMr Denis Rakich Executive DirectorMr Neil FearisNon-Executive DirectorMr Geoffrey JonesNon-Executive DirectorCompany SecretaryMr Denis RakichRegistered OfficeLevel 16,AMP Buildin
7、g140 St Georges TerracePERTH WA 6000Telephone:(08)9220 9890Facsimile:(08)9220 9820Web:Email: AuditorsBDO Audit(WA)Pty Ltd38 Station StreetSUBIACO WA 6008Telephone:(08)6382 4600Facsimile:(08)6382 4601Securities ExchangeAustralian Securities ExchangeLevel 40,Central Park152-158 St Georges TerracePERTH
8、 WA 6000ASX Code:AUCShare RegistrySecurity Transfer Australia770 Canning HighwayAPPLECROSS WA 6153Telephone:1300 992 916Facsimile:(08)9315 2233SolicitorsSquire Patton BoggsLevel 21,300 Murray StreetPERTH WA 6000HopgoodGanim LawyersLevel 27,77 St Georges TerracePERTH WA 6000All Mining Legal Suite 2,2
9、57 York StreetSUBIACO WA 6008BankersWestpac Banking Corporation109 St Georges TerracePERTH WA 6000Australian Business NumberABN 67 140 164 4962Managing Directors LetterDear Fellow Shareholders,On behalf of the board of Ausgold Limited,I am pleased to present to you the Companys Annual Report for the
10、 Financial Year ending June 30,2019.During the year,the Company achieved several significant milestones,while continuing to unlock the potential of our flagship asset,the Katanning Gold Project(KGP),located in south-west Western Australia.I am pleased to report that during the year the KGP has signi
11、ficantly advanced with a major upgrade of the mineral Resource to 1.04Moz gold,together with the commencement of a Scoping Study.Both of which substantially increase the near-term development potential of the Project.In November 2018,Ausgold announced an increase of 32%or 253,160 ounces of gold on t
12、he previous Mineral Resource estimate,along with a 10%increase in grade.This is a significant increase from the previous Resource estimate and a huge step forward for the Project,highlighting the potential for a standalone mining operation,and together with considerable upside potential from near Re
13、source exploration.During the year,Ausgold continued to target mineralisation with over 10,152m of drilling and a geophysics program targeting high-grade gold mineralisation with the aim to expand the current mineable gold Resource.This continued exploration work has significantly improved our under
14、standing of the geology at the KGP and is laying the foundations that will allow us to move the Project into production.The increase to the KGP Resource is the direct result of targeted drilling and improved geological understanding across the project.The new mineralisation model,which has been cons
15、trained to 170m below surface,demonstrates that gold mineralisation at the KGP is continuous and robust under several cut-off grades,with clear extensions to mineralisation,which allows for further Resource expansion in the near term.More than 45%of the ounces at the KGP are in the high confidence M
16、easured and Indicated categories,and with a systematic approach,Ausgold has demonstrated the robustness of the current shallow Resource.Ausgold has growing expectations regarding exploration potential,both near Resource and regionally across the total 17km of strike length.Subsequent to year end Aus
17、gold announced the commencement of a Scoping Study with the appointment of GR Engineering Services Limited and SRK Consulting(Australasia)Pty Ltd.The study will highlight the near-term development potential of the KGP as a significant standalone mining operation,focused on the near surface gold Reso
18、urces within the Central Zone at the KGP.The study will demonstrate robustness of the current 1.04 Moz Mineral Resource which benefits from being located in close proximity to key infrastructure including grid power,sealed roads and the town of Katanning;a large regional centre in the south-west of
19、Western Australia.With gold prices achieving record all-time highs of over AU$2,200 per ounce,the Scoping Study has commenced with strong demand for new greenfield development opportunities.As global investors continue to move assets to the traditional safe haven of gold investment,it provides an ex
20、cellent environment to develop a new gold province centred around Ausgolds KGP.The Scoping Study,combined with Ausgolds ongoing exploration success,has highlighted the potential to further expand the KGPs current Mineral Resource with the aim of unlocking the multi-million ounce potential of the pro
21、ject.The significant Resource defined at the KGP provides the opportunity to unlock the regional potential within Ausgolds 4,672km2 tenement holding on the underexplored Katanning greenstone belt in the Southwest Yilgarn Craton.Recent field work conducted by Ausgold,combined with a study of regional
22、 prospectivity,has identified 42 new regional targets within the tenements,with the most promising being within easy trucking distance of the proposed processing facility at the KGP.To facilitate exploration work undertaken during financial year 2019,Ausgold required additional capital,and over the
23、course of the last 15-month period,we raised$2.5 million,which has enabled several exploration programs to be conducted within the Resource areas and regional targets.The Board would like to thank shareholders,existing and new,for their ongoing support for the Company.The funds raised from capital m
24、arkets were supplemented with two grants secured through the Western Australian Governments Exploration Incentive Scheme(EIS).The EIS provided 50%of the cost of innovative exploration drilling projects testing new exploration concepts within the Central Zone and regionally within the Bullock Pool,Na
25、nicup Bridge and Burong Prospects.Intrepid Mines Limiteds recent acquisition of AIC Mines Limited demonstrates their ongoing commitment to exploration in the Doolgunna-Bryah Basin region,where it has committed to spend$2.1 million to earn a 70%interest in our Doolgunna Station copper-gold project in
26、 Western Australia.Ausgold has the option to either retain a 30%contributing interest or reduce to a 20%interest free-carried to a decision to mine.During the year,eight drill holes for a total of 2,467m were drilled 15km along strike from the DeGrussa Cu-Au VHMS deposit.Four drill holes intersected
27、 prospective Narracoota and Karalundi Formations,the same rocks that host the DeGrussa copper gold VHMS deposit.At our Yamarna JV with Great Boulder Resources Limited(Great Boulder),exploration work continued to advance the Yamarna Project.The fast rate of progress ensures this highly prospective Pr
28、oject continues to be advanced by a focused nickel copper explorer,where aircore drilling has intersected grades of up to 1.1%copper,0.7%nickel and 0.04%cobalt over 2,500m strike length.Under Great Boulders farm-in to our Yamarna Project,Ausgold received an initial payment of 1.5 million GBR shares,
29、with Great Boulder committing to spend$500,000 to earn a 75%interest.Under the farm-in agreement,we will retain a 25%interest free-carried to a decision to mine.We are pleased with the results of the recent exploration program which highlight the potential of the Yamarna Project.The approach we have
30、 taken with Doolgunna Station and Yamarna allows us to derive value from these high-quality assets whilst retaining a significant interest,which allows us to continue our focus on the development of the KGP and on regional exploration.I would like to thank shareholders for their ongoing support,and
31、I am confident that financial year 2020 will continue to realise positive progress.We look forward to delivering further growth of the Resource at the KGP through exploration success,as well as updates on the progress of initial mine feasibility studies.2020 is shaping up to be an exciting year of g
32、rowth for the Company and for our shareholders.Matthew Greentree Managing Director3Review of Operations FY2019OverviewAusgold Limited has continued focusing its activities during the 2019 year on its flagship Katanning Gold Project(KGP)(Figure 1).During the year Ausgold announced a significant upgra
33、de to its 1.04 Moz Mineral Resource at KGP.The upgrade included a 32%increase in total contained ounces and a 10%increase in grade.The project benefits from being located close to key infrastructure including grid power,sealed roads and the town of Katanning,a large regional centre in the south-west
34、 of Western Australia.Ausgold continued to target mineralisation at KGP with over 10,152m of aircore(AC),reverse circulation(RC)and diamond drilling,together with a geophysics program of ground gravity and down hole electromagnetic(DHEM)surveys also completed.The drilling targeted high-grade gold mi
35、neralisation at Jackson and Jinkas South and tested several new areas at the Jinkas North and Lukin prospects and to expand the current mineable gold Resource within the Central Zone.The application of geophysics,including ground gravity and DHEM was used to directly target high-grade mineralisation
36、 and to improve the geological understanding of gold mineralisation at the KGP.Regional exploratory drilling tested the Burong gold anomaly in the Western Trends area,where significant gold mineralisation was discovered in the weathered zone.Subsequent to the year-end,Ausgold announced the commencem
37、ent of a Scoping Study on the KGP,marking a significant milestone for the Company.The Study will be completed by GR Engineering Services Limited and SRK Consulting(Australasia)Pty Ltd and will highlight the near-term development potential of the KGP as a significant standalone mining operation focus
38、ed on near surface gold Resources.Ausgolds regional exploration projects at Doolgunna and Yamarna continued to be actively explored by the Companys joint venture partners.Figure 1-Katanning Gold Project Location Map4Review of Operations FY2019 continuedKatanning Gold ProjectWESTERN AUSTRALIA(AUC 100
39、%)Ausgold holds a dominant tenure position over the Katanning Greenstone Belt,controlling 4,672 km2 of ground in an historically underexplored region highly prospective for gold and potentially other minerals.Figure 2-Katanning Gold Project Resource Block Model5Review of Operations FY2019 continuedR
40、esource update During the year,Ausgold significantly increased the JORC 2012 Mineral Resource estimate for the KGP to 25.1Mt at 1.29 g/t Au for 1.04 million ounces of gold(Table 1),a 32%increase in total contained ounces and a 10%increase in grade from the previous 2017 Resource estimate(ASX Release
41、,21 August 2017).The Resource estimation was completed by SRK Consulting in accordance with the 2012 JORC Code.Assessment was undertaken of the three stacked Jinkas,White Dam and Jackson trends,each of which has a 4.5km strike length(the Central Zone).Coupled with the addition of the Dingo and Datat
42、ine deposits(Figure 2),the new Resource incorporates recent RC drilling(112 holes for 15,344m)and diamond drilling(7 holes for 861m),which has targeted high grade mineralisation and strike extensions of known mineralisation,as well as a significant historical drill hole database which is further val
43、idated by recent drilling.During the year Ausgold completed an exploration drilling campaign of 10,152m of AC,RC and diamond drilling and a geophysics program including ground gravity and DHEM surveys.The drilling targeted high-grade gold mineralisation at Jackson and Jinkas South and tested several
44、 new areas at the Jinkas North and Lukin prospects.Table 1-Summary Gold Resources for the KGPResource categoryTonnes MtGrade(g/t au)Contained gold(oz)Measured2.072.15142,890Indicated8.291.28340,320Inferred14.741.17555,750Total Resource25.101.291,038,960Notes to Table 1:Resource is reported at a lowe
45、r cut-off grade of 0.7 g/t Au and above 200m RL(approximately 170m depth).Central Zone Exploration The KGPs Central Zone with a strike length of 4.5kms contains the majority of the current JORC Resource of 1.04 Moz(Figure 2 and Table 1).Recent drilling was focused in this area and designed to test n
46、ew exploration concepts with the aim to extend current resources and improve the geological understanding.Exploration included a program of RC and diamond drilling(31 RC holes for 5,202m and nine diamond holes for 1,444m)together with a geophysics program of ground gravity and DHEM surveys designed
47、to directly target high-grade gold mineralisation.Jinkas SouthAusgold completed 18 RC holes drilled for 2,774m and 4 diamond holes for 1,119m targeting high-grade gold mineralisation within the Jinkas South area(Figure 3).The new drilling combined with geophysics has identified the controls on high-
48、grade gold mineralisation previously intersected which includes 26m 6.6 g/t Au from 117m,including 4m 37.19 g/t Au in BSRC0814(ASX Release,3 April 2018),and 15m 3.66 g/t Au from 117m,including 5m 10.37 g/t Au in BSRC0859(ASX Release,18 May 2018).This area has the potential to add both grade and tota
49、l ounces to the current Resource as it remains open along strike.Recent significant intercepts from RC drilling show continuity of high-grade mineralisation along strike and include:16m 6.21 g/t Au from 114m including 4m 22.38 g/t Au in BSRC0871 5m 1.88 g/t Au from 76m in BSRC0871 25m 1.13 g/t Au fr
50、om 115m including 5m 3.41 g/t Au in BSRC0875 6m 2.11 g/t Au from 97m in BSRC0875 4m 2.63 g/t Au from 72m including 2m 4.65 g/t Au in BSRC0876 12m 0.85 g/t Au from 63m including 6m 1.15 g/t Au in BSRC0872 5m 1.45 g/t Au from 71m including 4m 1.70 g/t Au in BSRC0878 14m 0.98 g/t Au from 86m including
51、1m 7.30 g/t Au in BSRC0877The recent drilling and geophysics have better delineated high-grade mineralisation along the eastern portion of the defined Resource area,which is interpreted as the down-dip extension of mineralisation where the Jinkas and White Dam lodes coalesce.Ongoing work on the geol
52、ogy of the Jinkas South area is focusing on the key host rock associations and the accompanying alteration zones,which primarily contain pyrrhotite and biotite(potassic)alteration.6Review of Operations FY2019 continuedFigure 3-Grade shown as gram-metres and location of recent RC drilling and diamond
53、 drilling within Central Zone over ground gravity image(location shown on Figure 2)7Review of Operations FY2019 continuedFigure 4-Cross-section highlighting recent diamond drilling through northern Jinkas Resource(see Figure 2)Figure 5-Long section of Jinkas Resource area view towards west showing l
54、ocation of downhole EM Plates8Review of Operations FY2019 continuedJackson Drilling at Jackson included two diamond drill holes for 92m in the central zone and 11 RC holes for 974m in the southern portion of the Jackson Resource area,infilling where previous drilling had intersected higher grades al
55、ong wide-spacings of up to 120m.New drilling results have intersected shallow high-grade mineralisation including:3m 6.55 g/t Au from 13 m including 2m 9.63 g/t Au from 13 m in BSRC0886 4m 2.09 g/t Au from 102 m in BSRC0886 2m 2.22 g/t Au from 65m,including 1m 3.89 g/t Au from 66 m in BSRC0887 1m 4.
56、36 g/t Au from 47m in BSRC0885This new drilling highlights the potential for more high-grade mineralisation recognised within the southern Jackson Resource area.Further work is currently underway to delineate these high-grade shoots which have already been delineated over a strike length of at least
57、 200m and remain open along strike.Past drilling at Jackson has intersected high grade mineralisation which remains open along strike including:16m 7.12 g/t Au from 14m including 3m 35.47 g/t Au from 18m in BSRC0256 6m 9.55 g/t Au from 47m including 3m 18.77 g/t Au from 47m in BSRC0290 4m 14.19 g/t
58、Au from 114m including 1m 53.57 g/t Au from 118m in BSRC0629 12m 3.12 g/t Au from 34m including 3m 7.38 g/t Au from 41m in BSRC0121 5m 5.74 g/t Au from 9m including 4m 7.05 g/t Au from 10m in BSRC0260 6m 4.24 g/t Au from 28m in PDHK030Jinkas NorthThree reconnaissance RC holes for 570m have been dril
59、led into the Jinkas North area,a gap in the current Resource which extends for 850m between the Jinkas and Olympia Resource areas(Figure 3).The Jinkas North area has not had any prior drilling and is not included in the current Resource,despite its proximity to two significant Resource areas.The rec
60、ent RC drilling has shown a similar geological position to the Jinkas mineralisation,with both gravity and Fixed Loop Electromagnetic anomalies suggesting strike extensions of the sulphide rich,high-grade gold mineralisation which characterise the Jinkas gold deposit.The new RC drilling has intersec
61、ted the prospective mafic granulite and gold mineralisation including 1m 2.77 g/t Au from 83m in BSRC0894.DHEM anomalies within the recent RC holes indicate potential for sulphide rich high-grade gold mineralisation south of current drilling,which is a likely strike extension of the Jinkas mineralis
62、ation.The Company anticipates further drilling in this area.Geophysics program DHEM identifies high priority drill targets High-grade gold mineralisation within the Central Zone is associated with semi-massive pyrrhotite alteration.To directly target this high-grade gold mineralisation,Ausgold is ap
63、plying electromagnetic(“EM”)techniques with DHEM to identify off-hole conductors in four drill holes at Jinkas South and along the eastern edge of the Jinkas deposit.The results of this program have identified targets for future drill programs and show potential extensions along strike and down dip
64、for the Jinkas lode.Ground gravity New drilling within the Central Zone was supported by ground gravity data that shows a significant gravity anomaly to the east of the Jinkas deposit(Figure 3).This anomaly extends along the length of the KGP and is interpreted as a significant crustal scale structu
65、re providing a fundamental control on the gold mineralisation.An infill ground gravity program(50 x 50m stations spacing)highlighted a series of strike slip faults which cause minor offsets to the mineralisation.These observations explain subtle changes in the position and strike of the high-grade l
66、odes noted during previous RC and diamond drilling and will enable better future drill placement.Southern KG0P-Lukin area A total of 7 reconnaissance RC holes for 728m were drilled in the southern KGP Lukin area,targeting gold and multi-element(Ag,Cu,As)anomalies intersected by historic aircore(AC)d
67、rilling(ASX releases;19 Sept 2011,19 Apr 2012,1 May 2013 and 28 March 2018)along the southern KGP which extends over 6km south of the KGP Resource areas.The reconnaissance RC drill program was conducted on wide drill spacings along four separate sections covering a 1.2 km strike length(Figure 6).It
68、is noted that gold mineralisation follows the magnetic trends,reflecting specific rock types(mafic gneiss)and pyrrhotite rich units.Higher gold grades are associated with disseminated pyrrhotite bands and zones of magnetite alteration.Significant intercepts in recent Lukin drilling include(see also
69、Figure 6)3m 5.3 g/t Au from 20m including 1m 14.55 g/t Au from 20 m in BSRC0891 1m 2.64 g/t Au from 90 m in BSRC0892Historical AC drilling delineated a trend of gold mineralisation(0.1 g/t)which extends along the eastern side of a significant gravity high,marking a large thrust fault.This thrust fau
70、lt is a fundamental control on gold mineralisation regionally along the entire strike length of the KGP and across the Southwest Yilgarn Craton.Primary gold mineralisation intersected in recent RC drilling suggests the southern KGP represents a significant target which to date has received relativel
71、y limited exploration.9Review of Operations FY2019 continuedWestern TrendsExploration programs,including ground gravity,auger soils(840 samples)sampling,and a follow-up wide-spaced AC drill program of 97 holes for 3,506m,tested large gold-in-soil anomalies along the two newly identified prospects co
72、llectively referred to as the Western Trends(Figure 6&Figure 7).New AC drilling intersected anomalous gold 100 ppb gold in regolith and fresh rock along wide-spaced drill holes(120m x 275m and 60m x 160m).Burong Located 5km west from the main Resource area,an infill auger programme with 200m x 200m
73、sample spacing(566 samples)identified mineralisation of 10 ppb gold(with peak values of up to 69 ppb gold)covering an interpreted open antiform adjacent to a northwest-striking fault.AC drilling tested gold-in-soil anomalies(20 ppb gold)with mineralisation intersected over a strike length of 2,600m
74、which remains open along strike.The northeast-striking trend corresponds to a gold-in-soil anomaly and is evident in geophysics.Recent AC drilling has confirmed this new mineralised trend with significant intercepts of 100 ppb gold over a strike length of 850m,including two bottom-of-hole intercepts
75、 of 500 ppb gold(0.5 g/t gold).Significant intercepts include:5m 370 ppb Au from 18m,including 1 m 1,170 ppb Au in BSAC1938(eoh)9m 450 ppb Au from 39m,including 3m 760 ppb Au in BSAC1940(eoh)3m 110 ppb Au from 48m in BSAC1936(eoh)6m 160 ppb Au from 12m in BSAC1898 1m 210 ppb Au from 47m in BSAC1890
76、3m 280 ppb Au from 36m in BSAC1905Jinkas West Located 2.5 km west from the Jinkas Resource,the Jinkas West prospect is localised along an easterly-dipping thrust fault which has been mapped along a 10km strike length and is geologically similar to the thrust fault that controls KGP.A gold-in-soils a
77、nomaly 10ppb and peak values of up to 114 ppb Au have been identified along a 6 km strike length through auger sampling with 200m x 200m spacing(247 samples).The recent reconnaissance AC drilling intersected low-level gold anomalism in mafic-intermediate Figure 6-Location of Western Trends with hist
78、orical mineralisation from 1km spaced auger sampling and area of aircore drilling program10Review of Operations FY2019 continuedAusgold Awarded Exploration Incentive Scheme Grant Ausgold has again been successful in their application under the Western Australian Governments Exploration Incentive Sch
79、eme(EIS)in Round 19.The EIS program provides 50%of the cost of innovative exploration drilling projects up to a total value of$150,000,to be spent over the next twelve months to fund 6 diamond drill holes and 15 RC drill holes to test mineralisation at three regional prospects at Nanicup Bridge,Bull
80、ock Pool and the recent discovery at Burong(Figure 7&Figure 8).Nanicup BridgeThis prospect is 30km east of the KGP,where gold mineralisation is identified over a strike length of 20km.Past exploration drilling intersected a large geochemical anomaly centred around a large structure parallel to the o
81、ne controlling the KGP.Past drilling intersected a potassic alteration zone with variable sulphide contents including pyrite,chalcopyrite,bismuthinite and molybdenite.Significant intercepts from historical RAB drilling include:3m 11.26 g/t Au from 0m in 01NBV082 6m 2.98 g/t Au including 3m 4.14 g/t
82、Au from 15m in 01NBVR149 9m 1.74 g/t Au from 12m including 6m 2.53 g/t Au from 6m in 01NBVR011 6m 1.66 g/t Au from 24m in 01NBVR377 6m 1.18 g/t Au from 21m in 01NBVR128Significant RC drill intercepts include:15m 1.03g/t Au from 51m in 01NBRC008 4m 2.28g/t Au from 10m and 5.7m 1.85g/t Au from 25.7m i
83、n 04NBDH004 3m 2.44g/t Au from 87m and 9m 0.79 g/t Au from 102m in 03NBRC009Bullock PoolThis prospect is located 10km southwest of the KGP with gold mineralisation(0.1 g/t Au)identified over a strike length of 25km in past AC and RAB drilling.The area has received less exploration than the KGP or Na
84、nicup Bridge,however gold mineralisation has been intersected in mafic-ultramafic and felsic bedrock.Historical AC intercepts include:6m 1.87 g/t Au from 18m in 00BPAC459 3m 1.31 g/t Au from 24m in 00BPAC124 6m 0.91 g/t Au from 12m in 00BPAC473 9m 0.85 g/t Au from 30m in 00BPAC281Historical RC inter
85、cepts include:12m 1.55g/t from 30m in 00BPRC013 4m 2.34g/t from 36m in 00BPRC002 3m 2.02g/t from 00BPRC02111Review of Operations FY2019 continuedFigure 7-Regional view of KGP and Western Trends showing trend of mineralisation outlined in geophysics (ground gravity and aeromagnetic imagery),AC drilli
86、ng(100 ppb Au)and auger drilling(10ppb Au)12Review of Operations FY2019 continuedRegional Exploration Ausgold holds exploration rights over a landholding of 4,672km2 along a significant geological boundary separating the Boddington and Lake Grace Terranes.Faults along this boundary are the same as t
87、hose that host the gold mineralisation within the KGP.A new geological interpretation of the region based on field mapping has provided a framework under which to conduct exploration.Combined with the significant geochemical database collected by Ausgold and historical data,this has enabled the iden
88、tification of 42 new regional target areas(Figure 8).The Company continues targeted work programs,including surface sampling,to prioritise the new targets for follow-up assessment.Figure 8-Regional gold exploration targets within Ausgolds 4,672km2 tenure13Review of Operations FY2019 continuedRed Hil
89、l Vanadium Western Australia(AUC 100%)The Red Hill Vanadium Project,which is located 10km north of the town of Katanning,lies within Ausgolds regional KGP tenure and covers an area of 350km2.A search of exploration records showed that a considerable amount of exploration had previously been complete
90、d on the project,including airborne magnetics,surface geochemistry,augur sampling and drilling(104 RC holes and six diamond holes).The drilling identified extensive near-surface vanadiferous mineralisation over three prospect areas.The largest of these was the Red Hill prospect,where mineralisation
91、was identified over a strike length of 1.7km.Economics of the project are greatly enhanced due to proximity to high capacity power lines,sealed roads and an underutilised rail corridor(Figure 9).Ausgold is compiling existing data and conducting geological mapping to assess the extent of the intrusiv
92、e complex that hosts the mineralisation and better determine the economic potential of the project.Figure 9-Red Hill Vanadium Project showing the interpreted vanadiferous magnetite mineralisation14Review of Operations FY2019 continuedDoolgunna Station JVWestern Australia(AUC 100%)The Doolgunna Stati
93、on JV Project,located 150km north-east of Meekatharra in Western Australias Bryah Basin,comprises E52/3031 covering 176km2 and is located approximately 13km to the west and along trend from the DeGrussa copper-gold operations of Sandfire Resources Limited(Figure 10).The project is the subject of a F
94、arm-in Agreement with AIC Mines Limited(“AIC”)(ASX:A1M),under the terms of which AIC has the right to earn a 70%interest in the project by spending a minimum of$2,150,000 over a period of four years.After the spending commitment is met,Ausgold can either retain a 30%contributing interest or reduce t
95、o a 20%interest free-carried to a decision to mine.During the year AIC completed a diamond drill program at the project targeting DeGrussa-style volcanic hosted massive sulphide(VHMS)copper-gold mineralisation on the south-eastern portion of the property(ASX Release,12 April 2019).Eight holes were d
96、rilled for a total of 2,467m,including 735.7m of RC pre-collaring and 1,731.7m of HQ diameter diamond coring.The drilling was primarily designed to test the geological setting as well as several geochemical and geophysical(magnetic and gravity)anomalies in rocks mapped as the Narracoota Formation.Th
97、e diamond drill program and a review of drill core has redefined the stratigraphy within the project area and new drilling highlights key stratigraphic horizons within the project area that are known to host DeGrussa-style VHMS copper-gold mineralisation.The four southern-most drill holes DDG001-003
98、 to 006 intersected prospective Narracoota and Karalundi Formations,the same rocks that host the DeGrussa Cu-Au VHMS deposit.The northern drill holes(DDG004 005 and DDG007-008)intersected the Johnson Cairn Formation.This is a package of sediments previously interpreted as Peak Hill Schist which is s
99、trongly deformed in some places,with the sedimentary rocks in DDG007 suggesting that the sequence is part of the Yerrida Group and is similar to the stratigraphy that underlies the DeGrussa deposit.Figure 10-Regional geology of the Doolgunna Station Project15Review of Operations FY2019 continuedFigu
100、re 11-Re-interpreted geological boundaries shown over the aeromagnetic image16Review of Operations FY2019 continuedYamarnaWestern Australia(AUC 49%)During the year Ausgold executed a Farm-in and Joint Venture agreement with ASX-listed mineral exploration company Great Boulder Resources Limited(ASX:G
101、BR)(Great Boulder)on the Companys Yamarna Project(the Project).The Project includes the highly prospective Winchester nickel-copper project,located 125km northeast of Laverton in Western Australia.Under the terms of the agreement,Great Boulder issued 1,500,000 GBR shares to Ausgold which are subject
102、 to staged voluntary escrow periods of 3 to 9 months.Great Boulder has earnt a 51%interest in the Project having spent$250,000 on exploration,and can earn an additional 24%(75%in total)by spending an additional$250,000 over four years.Upon Great Boulder meeting the minimum expenditure milestone,Ausg
103、old will retain a 25%free-carried interest in the Project to a decision to mine.The Project,which is 40km north along strike of Great Boulders Mt Venn Project,comprises exploration licences E38/2129 and ELA 38/3311 covering approximately 300km2 of the northern Mt Venn Greenstone Belt.Two RC drill ho
104、les completed in October 2018 by Great Boulder at the Winchester Prospect intersected disseminated sulphides chalcopyrite(copper),pentlandite(nickel)and pyrite(iron),confirming the potential for a significant high nickel-tenor sulphide mineralisation.Significant results included:7m at 1.1%Cu,0.2%Ni,
105、0.01%Co from 123m(18WNRC001)13m at 0.9%Cu,0.3%Ni,0.02%Co from 138m(18WNRC002)including 5m at 1.1%Cu,0.7%Ni,0.04%Co,0.10g/t PGEThese results confirm down dip continuity of mineralisation previously intersected by Ausgold in drilling,where significant RC results included(ASX Release,5 April 2017):31m
106、0.58%Cu,0.3%Ni from 29m in YMRC003 21m 0.6%Cu,0.2%Ni,and 0.02%Co from 88m in YMRC009 -including 3m 0.9%Cu,0.5%Ni,0.03%Co -including 3m 1.2%Cu,0.2%Ni,0.01%Co 28m 0.5%Cu,0.2%Ni,and 0.02%Co from 99m in YMRC010 -including 10m 0.8%Cu,0.4%Ni,0.03%Co Great Boulder also completed a program of 118 AC holes d
107、rilled for 3,776m and a ground gravity survey of 575 stations.AC drilling was conducted on a wide-spaced east-west grid measuring 400m x 1000m with the purpose of improving the current geological interpretation.Drilling identified geochemical anomalism extending over a strike length of 2,500m with n
108、ickel values(1500ppm),coincident copper(100ppm)and 10ppb PGE,which is slightly offset from the Bottom-of-hole(BOH)anomalism.The geochemical anomaly extends anomalism identified at Winchester to the southern tenement boundary.Previous drilling at the Winchester prospect by Ausgold and GBR(ASX announc
109、ement dated 13 March 2019)has identified significant Ni-Cu-Co-PGE mineralisation.The geochemical anomaly associated with the previously identified Winchester mineralisation had minor enrichment of Cu(100ppb)and Ni(300ppm)at the base of weathering.The deformation and the presence of elevated Ni-Cu-Co
110、-PGE is interpreted as a northwest-striking structure,extending through the Winchester prospect.The structure is interpreted as a control on“feeders”to the ultramafic-mafic intrusions,including the mineralised intrusions at Winchester and the structures are parallel to the overall northwest structur
111、al pattern observed in the area.The newly acquired gravity data is consistent with folded geology with a northwest strike as previously interpreted from aeromagnetic and drilling data.The new gravity data highlights thinning of the mafic-ultramafic rock package towards the south,suggesting the lower
112、 levels of this intrusion are brought close to the surface in these areas and are considered more prospective for Ni-Cu-Co-PGE mineralisation.17Review of Operations FY2019 continued Figure 12 Location of Ausgolds Yamarna and Great Boulders Mt Venn Projects18Review of Operations FY2019 continuedCraco
113、wQueensland(AUC 100%)Ausgold holds exploration licence EPM 17054 covering approximately 202km2 in the Cracow region,375km north-west of Brisbane,Queensland(Figure 13).The tenement covers extensive areas of the Camboon volcanics which host the multi-million ounce Cracow epithermal gold deposit.No sig
114、nificant fieldwork was undertaken on this project during the year,Ausgold is actively seeking a joint venture partner to fund future exploration.Figure 13 Ausgolds Cracow ProjectCompetent Persons StatementsThe information in this statement that relates to the Mineral Resource Estimates is based on w
115、ork done by Mr Michael Lowry of SRK Consulting(Australasia)Pty Ltd and Dr Matthew Greentree of Ausgold Limited.Dr Greentree is Managing Director and is a Share and Option holder in Ausgold Limited.Dr Greentree takes responsibility for the integrity of the Exploration Results including sampling,assay
116、ing,QA/QC,the preparation of the geological interpretations.Mr Michael Lowry takes responsibility for the Mineral Resource Estimate.Mr Lowry and Dr Greentree are Members of The Australasian Institute of Mining and Metallurgy and have sufficient experience that is relevant to the style of mineralisat
117、ion and type of deposit under consideration,and to the activity they are undertaking,to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves(JORC Code,2012 edition).The Competent Persons consent to the inclusion of suc
118、h information in this report in the form and context in which it appears.The information in this report that relates to the Mineral Resource in Table 1 is based on information announced to the ASX on 26 November 2018.Ausgold confirms that it is not aware of any new information or data that materiall
119、y affects the information included in the relevant market announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.19Directors ReportThe Directors present their report together with the f
120、inancial statements,on the consolidated entity consisting of Ausgold Limited and the entity it controlled for the financial year ended 30 June 2019.Ausgold Limited(“Ausgold”or“the Company”)and its controlled entity(collectively known as“the Group”or“consolidated entity”)are domiciled in Australia.PR
121、INCIPAL ACTIVITIESThe consolidated entitys principal activities during the financial year were the exploration for gold and other precious metals.DIRECTORS AND COMPANY SECRETARYThe Directors and Company Secretary of the Company during or since the end of the financial year are:Richard Lockwood,Non-E
122、xecutive Chairman,Non-Executive Director since 12 November 2010 and Non-Executive Chairman since 2 September 2015Experience and expertiseInvestment professional with 45 years experience in mining,funds management and resource investment.QualificationsNoneOther current directorshipsNoneFormer directo
123、rships in last 3 yearsPeninsula Energy Ltd(resigned 28 March 2017)Special responsibilitiesChair of the BoardChair of Audit&Risk CommitteeChair of Remuneration and Nominations CommitteeInterests in shares and optionsOrdinary shares 45,230,471Options 8,000,000Performance Rights 4,000,000Neil Fearis,No
124、n-Executive Director Since 15 April 2016Experience and expertiseCorporate lawyer with 40 years experience in commercial law,M&A,capital raisings and corporate reconstructions with a focus on the mining and resources sectors.QualificationsLL.B(Hons)FAICD,F FINOther current directorshipsJacka Resource
125、s LimitedFormer directorships in last 3 yearsGolden Cross Resources Limited(resigned 21 January 2019)Special responsibilitiesMember of the BoardMember of Audit&Risk CommitteeMember of Remuneration and Nominations CommitteeInterests in shares and optionsOrdinary shares 5,725,773Options 4,000,000Perfo
126、rmance Rights 2,000,00020Directors Report continuedGeoffrey Jones,Non-Executive Director Since 29 July 2016Experience and expertiseCivil engineer with 30 years experience in construction,engineering,minerals processing and project development in Australia and overseas.QualificationsBE(Civil),FIEAust
127、,CPEngOther current directorshipsGR Engineering Services LimitedMarindi Metals LimitedFormer directorships in last 3 yearsEnergy Metals Limited(resigned 15 February 2017)Blackham Resources Limited(resigned 24 December 2018)Azumah Resources Limited(resigned 18 July 2018)Special responsibilitiesMember
128、 of the BoardMember of Audit&Risk CommitteeMember of Remuneration and Nominations CommitteeInterests in shares and optionsOrdinary shares 3,000,000Options 4,000,000Performance Rights 2,000,000Matthew Greentree,Chief Executive Officer Since 10 April 2017 and Managing Director Since 19 April 2018Exper
129、ience and expertiseGeologist with 20 years experience in mineral exploration across Australia and overseas.Providing a strong technical focus on the Groups operations and able to draw on experience from working on more than 60 minerals projects.QualificationsPhD,BSc Geology(Hons),MAusIMM,MAIG,MAICDO
130、ther current directorshipsNoneFormer directorships in last 3 yearsNoneSpecial responsibilitiesMember of the BoardMember of Audit&Risk CommitteeMember of Remuneration and Nominations CommitteeInterests in shares and optionsOrdinary shares 3,250,000Options 10,000,000Performance Rights 6,000,000Denis R
131、akich,Executive Director and Company Secretary Since 31 January 2013Experience and expertiseAccountant with 35 years experience in resource sector,legal,financial and corporate management.QualificationsBBusOther current directorshipsNoneFormer directorships in last 3 yearsSamson Oil&Gas Limited(resi
132、gned 23 July 2019)Special responsibilitiesMember of the BoardMember of Audit&Risk CommitteeMember of Remuneration and Nominations CommitteeInterests in shares and optionsOrdinary shares 18,548,681Options 8,000,000Performance Rights 5,000,00021Directors Report continuedDIRECTORS MEETINGSThe number of
133、 meetings of the Board of Directors held during the financial year ended 30 June 2019 and the number attended by each director are as follows:Board of DirectorsNomination and Remuneration CommitteeAudit CommitteeDirectorHeldAttendedHeldAttendedHeldAttendedR Lockwood44-N Fearis44-G Jones44-M Greentre
134、e44-D Rakich44-In addition to these formal meetings,during the year the Directors considered and passed 5 circular resolutions pursuant to clause 72 of the Companys Constitution.DIVIDENDSNo dividends have been declared or paid since the end of the previous financial year.SIGNIFICANT CHANGES IN THE S
135、TATE OF AFFAIRSThere were no significant changes in the state of affairs of the consolidated entity during the financial year.LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONSThe Companys objective is to continue to explore for gold at the Katanning Gold Project(“KGP”)in Western Australia,with
136、a view to increasing the overall size of the geological Resource and to commence feasibility studies for the future development of the project,whilst at the same time,exploring for gold and other precious metals in other parts of Australia.ENVIRONMENTAL REGULATIONSThe Groups exploration activities a
137、re governed by a range of environmental legislation.To the best of the Directors knowledge,the Group has adequate systems in place to ensure compliance with the requirements of the applicable environmental legislation and is not aware of any material breach of those requirements during the financial
138、 year and up to the date of this report.REVIEW OF OPERATIONSExploration The 2019 year has seen Ausgold focus its activities on advancing the Companys 100%-owned KGP,and finalising joint ventures for the Doolgunna and Yamarna Projects.Katanning Gold ProjectDuring the year Ausgold released the current
139、 JORC 2012 Mineral Resource estimate for the KGP being 25.1Mt at 1.29 g/t Au for 1.04 million ounces of gold(Table 1),which is a 32%increase in total contained ounces and a 10%increase in grade from the previous 2017 Resource estimate(ASX Release,21 August 2017).The Resource estimation was completed
140、 by SRK Consulting in accordance with the 2012 JORC Code.This new Resource incorporates recent drilling which has targeted high grade mineralisation and strike extensions of known mineralisation,as well as historical data which has been validated by that drilling.Table 1-Summary Gold Resources for t
141、he KGPResource categoryTonnes MtGrade(g/t au)Contained gold(oz)Measured2.072.15142,890Indicated8.291.28340,320Inferred14.741.17555,750Total Resource25.101.291,038,96022Directors Report continuedDuring the year Ausgold continued its exploration programs at KGP including diamond drilling and geophysic
142、s which identified further high-grade mineralisation with the potential to expand the current gold Resource within the Central Zone.The application of geophysics,including ground gravity and down-hole electromagnetics to directly target high-grade mineralisation has the potential to add significantl
143、y to the total gold Resources at the KGP and overall grade of the deposit.Exploration during the year has for the first time included the Western trends,located within 5km of the Jinkas Resource,which have further potential to contribute to the Resource within the KGP.Recent work by Ausgold and a re
144、view of past exploration has identified a number of targets where bedrock mineralisation has not been effectively tested.The large strike extent of gold mineralisation within these prospects has the potential to significantly expand the KGPs current Mineral Resource.Commencement of Scoping StudySubs
145、equent to the year-end Ausgold announced that GR Engineering Services Limited(GR Engineering)has been appointed to undertake a Scoping Study on the KGP.The study is due to be completed by the end of Q3 2019.Simultaneously,SRK Consulting(Australasia)Pty Ltd(SRK)has been appointed to complete a prelim
146、inary Mine Planning Study.SRK is an independent,reputable consultancy practice whose services to the mining industry include resource estimation and reporting,feasibility studies and mine planning.FinancialThe Group recorded a consolidated loss of$1,781,417(2018:$1,137,141)for the financial year end
147、ed 30 June 2019.At 30 June 2019,the Group had$298,479(2018:$2,216,907)in cash and cash equivalents.The Directors have prepared a cash flow forecast for the next 12 month period reflecting the need for further funding.While the Directors are reasonably confident this will occur,the timing and extent
148、of any additional funding is always uncertain.CONVERTIBLE SECURITIES OPTIONSUnlisted options lapsed during financial year ended 30 June 2019Number of ordinary shares under optionsExercise priceExpiry date6,040,000$0.0530 March 20196,040,000TotalTotal options on issue at the date of this reportNumber
149、 of ordinary shares under optionGrant dateExercise priceExpiry date9,579,23511 December 2015$0.0830 November 201916,000,00011 November 2016$0.0830 November 202010,000,0009 February 2017$0.05256 February 20205,000,0003 August 2017$0.0631 July 20205,000,0003 August 2017$0.0831 July 20202,500,00020 Jul
150、y 2017$0.05256 February 20203,700,0009 January 2018$0.0631 December 202151,779,235Total23Directors Report continuedPERFORMANCE RIGHTSTotal ordinary shares which are subject to performance rights at the date of this reportNumber of performance rights under optionGrant dateExercise priceVesting Date19
151、,000,00029 November 2018$0.0030 September 201919,000,000TotalEVENTS SUBSEQUENT TO REPORTING DATEOn 25 June 2019,Ausgold announced a Share Purchase Plan(“SPP”)allowing shareholders to subscribe for up to a maximum of$15,000 worth of new Ausgold shares at an issue price of$0.015 per share.The SPP clos
152、ed on 26 July 2019.The Company raised$675,000 before costs and issued a total of 45,000,000 shares on 1 August 2019.Other than the above,no matter or circumstance has arisen as at the date of this report that has significantly affected,or may have significantly affected,the consolidated entitys oper
153、ations,the results of those operations,or the consolidated entitys state of affairs in future financial years.INDEMNIFICATION OF DIRECTORS IndemnificationThe Company has agreed to indemnify the current Directors and Officers of the Company against all liabilities to another person(other than the Com
154、pany or a related body corporate)that may arise from their designated position in the Company,except where the liability arises out of conduct involving a lack of good faith or breach of duty.The agreement stipulates that the Company will meet to the maximum extent permitted by law,the amount of any
155、 such liabilities,including costs and expenses.Insurance premiumsThe Company paid a premium during the year in respect of a Director and Officer liability insurance policy,insuring the Directors of the Company,the Company Secretary,and all executives of the Company against a liability incurred in th
156、at capacity to the extent permitted by the Corporations Act 2001.Indemnity and insurance of auditor The Company has not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.During
157、 the financial year,the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.Proceedings on behalf of the Company As far as the Directors are aware,no person has applied to the Court under section 237 of the Corporations Act 2001 for leav
158、e to bring proceedings on behalf of the Company,or to intervene in any proceedings to which the Company is a party,for the purpose of taking responsibility on behalf of the Company for the conduct of all or part of those proceedings.24Remuneration Report(Audited)The Directors present this Remunerati
159、on Report prepared in accordance with the requirements of the Corporations Act 2001 on the consolidated entity for the financial year ended 30 June 2019.This Remuneration Report forms part of the Directors Report.KEY MANAGEMENT PERSONNELKey management personnel are defined as those persons having au
160、thority and responsibility for planning,directing and controlling the major activities of the consolidated entity,directly or indirectly,including any Director(whether executive or otherwise)of the Company.The key management personnel of Ausgold comprise the Directors who are as follows:Richard Lock
161、wood(Non-Executive Chairman)Neil Fearis(Non-Executive Director)Geoffrey Jones(Non-Executive Director)Matthew Greentree(Chief Executive Officer and Managing Director)Denis Rakich(Executive Director and Company Secretary)OVERVIEWThe Board is responsible for determining and reviewing remuneration arran
162、gements for its Directors and executives.The performance of the consolidated entity depends on the quality of its Directors and executives.The remuneration philosophy is to attract,motivate and retain high performance and high quality personnel.The remuneration framework for the executives comprise
163、a fixed cash component and where applicable,superannuation contributions and issue of share options or other share-based incentives in the Company which are intended to provide competitive rewards to attract high calibre executives.The issue of share options,whilst not dependent on the performance o
164、f the Company,are aligned with the ongoing performance assessment of the incumbent management team,following annual review and assessment by the Board.Any issuance of share options to Directors will require the prior approval of shareholders.The Company remunerates Non-Executive Directors for their
165、time,commitment and responsibilities.The fees paid to Non-Executive Directors are set at levels which reflect both the responsibilities of,and the time commitments required from each Non-Executive Director to discharge his duties and are not linked to the performance of the Company.Non-Executive Dir
166、ectors fees are set by the Board within the maximum aggregate amount of fees approved by shareholders at a general meeting.The Non-Executive Directors maximum aggregate cash fee pool is currently$120,000 per annum.Options are also offered to employees at the discretion of the Board.Performance crite
167、ria are one of several elements utilised by the Board in assessing the issue of options to employees.Length of service with the Company,past and potential contribution of the person to the Group is also considered when awarding options to employees.The issuance of options is not linked to the perfor
168、mance of the Company.As an exploration company,the Board does not consider the net loss attributable to shareholders as one of the performance indicators when determining whether to issue options to employees.There is no Board policy in relation to limiting the recipient exposure to risk in relation
169、 to securities.25Remuneration Report(Audited)continuedThe table below sets out summary information about the movements in shareholder wealth for the following financial periods:20192018201720162015Revenue($000)480100415Net loss before tax($000)(1,781)(1,137)(2,673)(4,346)(1,091)Net loss after tax($0
170、00)(1,781)(1,137)(2,673)(4,346)(1,091)Share price at start of the year($)$0.028$0.025$0.052$0.04$0.05Share price at end of the year($)$0.014$0.028$0.025$0.05$0.04Dividends($)-Basic loss per share(cents)(0.26)(0.22)(0.78)(1.55)(0.46)Diluted loss per share(cents)n/an/an/an/an/aSERVICE AGREEMENTS Non-E
171、xecutive DirectorsThe Non-Executive Directors maximum fees payable in aggregate is$120,000.Set out below are the remuneration terms:NameRoleCommencement dateFixed annual remunerationRichard LockwoodNon-Executive Chairman12 November 2010NilNeil FearisNon-Executive Director15 April 2016$25,000 plus GS
172、TGeoffrey JonesNon-Executive Director29 July 2016$21,900 including superannuationExecutive DirectorsRemuneration and other terms of employment for the executives are formalised in service agreements.Major provisions of the agreements relating to remuneration are set out below:NameRoleCommencement da
173、teFixed annual remuneration including superannuationTermination notice periodMatthew GreentreeChief Executive Officer and Managing Director10 April 2017$210,450 6 monthsDenis RakichExecutive Director and Company Secretary31 January 2013$157,3006 monthsUSE OF REMUNERATION CONSULTANTSDue to the size o
174、f the Companys operations,the Company has not engaged remuneration consultants to review and measure its remuneration policy and strategy.However,the Board reviews remuneration strategy periodically and if required;will engage remuneration consultants in the future to assist with this process.VOTING
175、 AND COMMENTS MADE AT THE COMPANYS 2018 ANNUAL GENERAL MEETING The Company received more than 99.98%of votes in favour of its remuneration report for the 2018 financial year at the 2018 AGM.The Company did not receive any specific feedback from shareholders at the annual general meeting or during th
176、e financial year regarding its remuneration practices.26Remuneration Report(Audited)continuedDETAILS OF REMUNERATIONThe table below shows the fixed and variable remuneration for key management personnel for the financial year ended 30 June 2019:2019Short-term benefitsLong-term benefitsPost-employmen
177、t benefitsShare-based paymentTotalCash salary&feesAnnual leave3Other fees4Long service leave5SuperannuationOptions&RightsDirectorsR Lockwood-$3,487-$53,913$57,400N Fearis1$25,000-$3,487-$26,957$55,444G Jones$20,000-$3,487-$1,900$26,957$52,344M Greentree$192,400$12,414$3,487$3,165$18,050$83,668$313,1
178、84D Rakich2$144,000$4,846$3,487$12,414$13,709$67,392$245,848Total$381,400$17,260$17,435$15,57933,659$258,887$724,220Note 1:Directors fees of$25,000 plus GST.Note 2:Mr Rakich fixed annual remuneration is$144,000 plus superannuation.Note 3:Annual leave relates to movements in annual leave provision du
179、ring the year and annual leave payment made.Note 4:Other fees include the attributable non-cash benefit applied by virtue of the Companys Directors and Officers Liability policy.Note 5:Long service leave relates to movements in long service leave provision during the year.The table below shows the f
180、ixed and variable remuneration for key management personnel for the financial year ended 30 June 2018:2018Short-term benefitsLong-term benefitsPost-employment benefitsShare-based paymentTotalCash salary&feesAnnual leave3Other fees4Long service leave5SuperannuationOptionsDirectorsR Lockwood-$1,653-$1
181、,653N Fearis1$25,000-$1,653-$26,653G Jones$20,000-$1,653-$1,900-$23,553M Greentree2$192,400$4,774$1,653$3,165$18,050$26,769$246,811D Rakich$144,000$4,846$1,653$2,332$13,300-$166,131Total$381,400$9,620$8,265$5,497$33,250$26,769$464,801Note 1:Directors fees of$25,000 plus GST.Note 2:Dr Greentree was a
182、ppointed Managing Director of Ausgold on 19 April 2018.Note 3:Annual leave relates to movements in annual leave provision during the year and annual leave payment made.Note 4:Other fees include the attributable non-cash benefit applied by virtue of the Companys Directors and Officers Liability polic
183、y.Note 5:Long service leave relates to movements in long service leave provision during the year.Options and performance rights are offered to key management personnel having regard,among other things,to the length of service with the Group,and the past and potential contribution of the person to th
184、e Group.The issuance of the options is not linked to the performance of the Company.27Remuneration Report(Audited)continuedThe percentage of fixed remuneration to total remuneration is as follows:NameFixed remunerationPerformance based remuneration%consisting of options&rights2019%2018%2019%2018%201
185、9%2018%DirectorsR Lockwood-94%-94%-N Fearis100%100%45%-49%-G Jones100%100%51%-51%-M Greentree100%100%26%-27%11%D Rakich100%100%27%-27%-No key personnel management appointed during the period received a payment for agreeing to accept a position with the Group.PERFORMANCE RIGHTSThe Performance Rights
186、Plan is used to reward the Directors for their performance and to align their remuneration with the creation of shareholder wealth.The Performance Rights are issued for nil cash consideration and no consideration will be payable upon the vesting of the Performance Rights.Each Performance Right entit
187、les the holder to be issued one Ausgold share.The Plan was approved by the shareholders on 29 November 2018.The grant date of the Performance Rights was 29 November 2018 and the Performance Right will vest on 30 September 2019.The fair value per right is$0.0193.The vesting conditions for the Perform
188、ance Rights are as follows:Employment at the end of measurement period(“Employment Condition”)Performance of the Company relative to the performance of the S&P/ASX 300 Metals and Mining Index for the period based on Total Shareholder Return(“TSR”)(Performance Condition).In order to meet the Employme
189、nt Condition,the relevant Director must be a director of the Company at the end of the measurement period,which runs from 29 November 2018 to 30 September 2019.At the end of the measurement period,the Companys performance shall be determined by reference to the Companys TSR for the period,which will
190、 be compared against the S&P/ASX Metals and Mining Index.The TSR calculation will be based on the percentage change in the share price of the Company over the measurement period.The percentage change will be calculated by comparing the 20 day volume weighted average price in the 20 business day peri
191、od immediately before the start and end of the measurement period.Relative TSR over the Measurement PeriodPortion of Performance Rights VestedBelow the 50th percentile0%At the 50th percentile50%Between the 50th and 75th percentilePro-rata between 50%and 100%Above the 75th percentile100%28Remuneratio
192、n Report(Audited)continuedNumbers of Performance Rights holdings of the Company held by key management personnel or their related entities as at 30 June 2019 are as follows:NameYear grantedBalance at start of yearGranted during the yearRights to deferred sharesBalance at end of year(unvested)Maximum
193、 value yet to vest*VestedForfeitedNumberNumberNumber%Number%Number$DirectorsR Lockwood2019-4,000,000-4,000,00023,287N Fearis12019-2,000,000-2,000,00011,643G Jones22019-2,000,000-2,000,00011,643M Greentree32019-6,000,000-6,000,00034,930D Rakich42019-5,000,000-5,000,00029,108Total-19,000,000-19,000,00
194、0110,611*The maximum value of the deferred shares yet to vest has been determined as the amount of the grant date fair value of the rights that is yet to be expensed.Note 1:Relevant interest held through Pendomer Investments Pty Ltd.Note 2:Relevant interest held as trustee of The Lee Jones Superannu
195、ation Fund.Note 3:Relevant interest held through M&J Greentree Nominees Pty Ltd.Note 4:Relevant interest held as trustee of the Rakich Retirement Fund.Terms and conditions of the share based payment arrangementGrant dateVesting&exercise dateExpiry dateExercise priceValue per right at grant date%vest
196、ed29 November 201830 September 201930 September 2019$0.00$0.01930%NameLTI OptionsValue grantedValue exercisedDirectorsR Lockwood$77,200-N Fearis$38,600-G Jones$38,600-M Greentree$115,800-D Rakich$96,500-Total$366,700-29Remuneration Report(Audited)continuedOPTION HOLDINGSNumber of options held by key
197、 management personnel or their related entities as at 30 June 2019 is set out below:NameOpening balanceGrantedExercisedLapsedClosing balanceVested&exercisableUnvestedDirectorsR Lockwood8,200,000-(200,000)8,000,0008,000,000-N Fearis14,200,000-(200,000)4,000,0004,000,000-G Jones24,000,000-4,000,0004,0
198、00,000-M Greentree310,000,000-10,000,00010,000,000-D Rakich48,200,000-(200,000)8,000,0008,000,000-Total34,600,000-(600,000)34,000,00034,000,000-Note 1:Relevant interest held through Pendomer Investments Pty Ltd.Note 2:Relevant interest held as trustee of The Lee Jones Superannuation Fund.Note 3:Rele
199、vant interest held through M&J Greentree Nominees Pty Ltd.Note 4:Relevant interest held as trustee of the Rakich Retirement Fund.SHAREHOLDINGSNumber of shares held by the Directors of the Company or their related entities,as at 30 June 2019 is set out below:NameOpening balanceAcquiredReceived on exe
200、rcise of optionsOther changesBalance atresignationClosing balanceDirectorsR Lockwood32,230,47112,000,000-44,230,471N Fearis13,000,0002,025,773-5,025,773G Jones21,000,0002,000,000-3,000,000M Greentree32,650,000500,000-3,150,000D Rakich417,048,681-17,048,681Total55,929,15216,525,773-72,454,925Note 1:R
201、elevant interest held through Pendomer Investments Pty Ltd.Note 2:Relevant interest held as trustee of The Lee Jones Superannuation Fund.Note 3:Relevant interest held through M&J Greentree Nominees Pty Ltd.Note 4:Relevant interest held as trustee of the Rakich Retirement Fund.30Remuneration Report(A
202、udited)continuedKEY MANAGEMENT PERSONNEL TRANSACTIONS WITH THE COMPANYElstree Nominees Pty LtdElstree Nominees Pty Ltd(“Elstree”)provides the Group with office premises and associated facilities.All services provided by Elstree to the Group are at cost.Mr Denis Rakich is a Director of Elstree and se
203、rves as Executive Director and Company Secretary of Ausgold.The total amount charged by Elstree during the financial year was$120,724 plus GST(2018:$113,948)of which$21,341 plus GST(2018:$37,161)remained owing to Elstree as at 30 June 2019.Amounts were due and payable under normal commercial terms.N
204、C Fearis Family TrustPayment was made to The NC Fearis Family Trust(“NCFT”)for directors services fee.Mr Fearis is a Trustee of NCFT and serves as Non-Executive Director of Ausgold.The total amount charged by NCFT during the financial year was$25,000 plus GST(2018:$25,000)of which$4,167 plus GST(201
205、8:$2,083)remained owing to NCFT as at 30 June 2019.Amounts were due and payable under normal commercial terms.Loans to Key Management PersonnelNo loans have been granted to key management personnel during the financial year ended 30 June 2019.END OF AUDITED REMUNERATION REPORT31CORPORATE GOVERNANCET
206、he 2019 Corporate Governance Statement is available on the Companys website at .NON-AUDIT SERVICESDuring the year,BDO Audit(WA)Pty Ltd,the Companys auditor,has performed other services in addition to the audit and review of the financial statements.Details of the amount paid to the auditor and its r
207、elated practices for other assurance services are set out below:20192018Other services-valuation of performance rights for Notice of Meeting$2,020-Total$2,020-AUDITORS INDEPENDENCE DECLARATION The Auditors Independence Declaration is included on page 32 of the financial report.This report is signed
208、in accordance with a resolution of the Directors.For and on behalf of the DirectorsDenis Rakich DirectorPerth,Western Australia27 September 201932Auditors Independence DeclarationBDO Audit(WA)Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all membe
209、rs 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 independent member firms.Liability limited by a sch
210、eme approved under Professional Standards Legislation.Tel:+61 8 6382 4600Fax:+61 8 6382 .au38 Station StreetSubiaco,WA 6008PO Box 700 West Perth WA 6872AustraliaDECLARATION OF INDEPENDENCE BY PHILLIP MURDOCH TO THE DIRECTORS OF AUSGOLD LIMITEDAs lead auditor of Ausgold Limited for the year ended 30
211、June 2019,I declare that,to the best of myknowledge and belief,there have been:1.No contraventions of the auditor independence requirements of the Corporations Act 2001 inrelation to the audit;and2.No contraventions of any applicable code of professional conduct in relation to the audit.This declara
212、tion is in respect of Ausgold Limited and the entity it controlled during the period.Phillip MurdochDirectorBDO Audit(WA)Pty LtdPerth,27 September 201933Consolidated Statement of Profit or Loss and Other Comprehensive IncomeFOR THE FINANCIAL YEAR ENDED 30 JUNE 2019Note2019$2018$Other income957,89379
213、,577Impairment exploration expenses13(528,716)(28,716)Corporate and administration expenses(775,270)(686,699)Share based payments expenses(258,887)(164,201)Occupancy expenses(101,505)(114,078)Other expenses(82,468)(97,208)Accounting expenses(64,647)(65,200)Depreciation expenses(17,198)(32,765)Financ
214、e costs(4,704)(6,280)Legal fees(5,915)(21,571)Loss before income tax(1,781,417)(1,137,141)Income tax benefit/(expense)10-Loss for the period(1,781,417)(1,137,141)Loss is attributable to:Owners of the Company(1,781,417)(1,137,141)Other comprehensive income/(loss)Other comprehensive income/(loss)-Tota
215、l comprehensive loss for the period(net of tax)(1,781,417)(1,137,141)Loss per share for the period attributable to the members of Ausgold Limited:Basic loss per share(cents per share)22(0.26)(0.22)Diluted loss per share(cents per share)22N/AN/AThe Consolidated Statement of Profit or Loss and Other C
216、omprehensive Income should be read in conjunction with the accompanying notes34Consolidated Statement of Financial PositionAS AT 30 JUNE 2019Note2019$2018$ASSETSCurrent AssetsCash and cash equivalents 11 298,479 2,216,907Trade and other receivables13,308 89,415Security deposits 12 94,611 94,111Prepa
217、yment for exploration assets136,87210,898Financial assets at fair value through profit or loss1481,000-Total Current Assets494,2702,411,331Non-Current AssetsProperty,plant and equipment 15 175,073 54,264Exploration and evaluation expenditure 1341,951,739 39,875,523Total Non-Current Assets 42,126,812
218、 39,929,787TOTAL ASSETS 42,621,082 42,341,118LIABILITIESCurrent LiabilitiesTrade and other payables 16 420,523 589,450Lease liabilities 1730,318-Provisions 18 165,091 109,397Total Current Liabilities 615,932 698,847Non-Current LiabilitiesLease liabilities 1788,804-Provisions 18 1,169,653 1,070,148To
219、tal Non-Current Liabilities 1,258,457 1,070,148TOTAL LIABILITIES 1,874,389 1,768,995NET ASSETS 40,746,693 40,572,123EQUITYContributed equity 1964,828,889 63,131,789Reserves 205,379,967 5,121,081Accumulated losses 21(29,462,163)(27,680,747)TOTAL EQUITY 40,746,693 40,572,123The Consolidated Statement
220、of Financial Position should be read in conjunction with the accompanying notes35Consolidated Statement of Changes in Equity FOR THE FINANCIAL YEAR ENDED 30 JUNE 2019The following table presents the consolidated Statement of Changes in Equity for the year ended 30 June 2019:Contributed Equity$Accumu
221、lated Losses$Reserves$Total Equity$Balance as at 1 July 2018 63,131,789(27,680,747)5,121,08140,572,123Total comprehensive loss-(1,781,417)-(1,781,417)Transactions with owners,recorded directly in equity:Shares issued 1,800,000-1,800,000Share issue costs(102,900)-(102,900)Share based payments-258,887
222、258,887Balance as at 30 June 2019 64,828,889(29,462,163)5,379,96740,746,693The following table presents the consolidated Statement of Changes in Equity for the year ended 30 June 2018:Contributed Equity$Accumulated Losses$Reserves$Total Equity$Balance as at 1 July 2017 56,533,836(26,543,606)4,831,65
223、234,821,882Total comprehensive loss-(1,137,141)-(1,137,141)Transactions with owners,recorded directly in equity:Shares issued6,705,790-3,303,000Share issue costs(107,837)-(155,185)Share based payments-289,439634,634Balance as at 30 June 201863,131,789(27,680,747)5,121,08140,572,123The Consolidated S
224、tatement of Changes in Equity should be read in conjunction with the accompanying notes36Consolidated Statement Of Cash FlowsFOR THE FINANCIAL YEAR ENDED 30 JUNE 2019Note2019$2018$Cash flows from operating activitiesInterest received4,0025,427Payments to suppliers and employees(910,335)(1,113,092)Re
225、ceipts from rebates and claims23,87274,150Net cash flows used in operating activities23(882,461)(1,033,515)Cash flows from investing activitiesPayments for plant and equipment(11,698)(4,605)Payments for exploration expenditure(2,618,111)(3,632,929)Security deposit(paid)/received(500)-Net cash flows
226、used in investing activities(2,630,309)(3,637,534)Cash flows from financing activitiesRepayment of lease obligations(19,517)-Proceeds from the issue of share capital1,800,0006,317,291Transaction costs related to issues of shares and options(186,141)(32,164)Net cash flows generated by financing activ
227、ities1,594,3426,285,127Net increase/(decrease)in cash and cash equivalents(1,918,428)1,614,078Cash and cash equivalents at the beginning of the period 2,216,907602,829Cash and cash equivalents at the end of the period11298,4792,216,907The Consolidated Statement of Cash Flows should be read in conjun
228、ction with the accompanying notes37Notes to the Consolidated Financial StatementsFOR THE FINANCIAL YEAR ENDED 30 JUNE 20191.REPORTING ENTITYAusgold Limited(“Ausgold”or“parent entity”or“Company”)and its controlled entity(collectively known as“the Group”or“consolidated entity”)are domiciled in Austral
229、ia.The annual financial report of the Group for the financial year ended 30 June 2019 was authorised for issue in accordance with a resolution of the Directors on 27 September 2019.The consolidated entitys principal activities during the financial year were the exploration for gold and other preciou
230、s metals.2.STATEMENT OF COMPLIANCE The consolidated annual financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001,as approp
231、riate for for-profit oriented entities.These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board.3.BASIS OF PREPARATIONThe results of the Group are expressed in Australian dollars($),which are the functional and
232、presentation currency for the consolidated financial report.The financial report is presented on the historical cost basis except for share-based payments which are measured at fair value.In the financial year ended 30 June 2019,all of the new and revised Standards and Interpretations issued by the
233、AASB that are relevant to the Groups operations and effective for annual reporting periods beginning on or after 1 July 2018 have been reviewed.It has been determined that there is no impact,material or otherwise,of the new and revised Standards and Interpretations on the operations of the Group and
234、 consolidated entity and,therefore,no change is necessary to the accounting policies.All new,revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.4.GOING CONCERNThe accounts have been prepared on a going concern basis.The Group recorded a
235、 consolidated loss of$1,781,417 and had net cash outflows from operating and investing activities of$3,512,770 for the financial year ended 30 June 2019.At 30 June 2019,the Group had$298,479(2018:$2,216,907)in cash and cash equivalents,and current liabilities of$615,932(2018:$698,847).During the yea
236、r,Ausgold raised further working capital to continue the Groups exploration of its mining tenements.In addition to those capital raising amounts,the Directors have determined that the ability of the consolidated entity to continue as a going concern,and for the consolidated entity to be able to real
237、ise its assets and discharge its liabilities in the normal course of business,will be dependent upon the future successful raising of necessary funding through equity and/or successful exploration of the consolidated entitys tenements.These conditions indicate a material uncertainty that may cast si
238、gnificant doubt on the Groups abilityto continue as a going concern and therefore whether it will be able to pay its debts as and when they fall due and realise its assets and extinguish its liabilities in the normal course of business.The Directors have prepared a cash flow forecast for the next 12
239、 month period reflecting the need for further funding as mentioned above.While the Directors are reasonably confident that they will be able to raise the funding,the timing,extent and cost of any additional funding is always uncertain.In the event that funding of an amount necessary to meet the futu
240、re budgeted operational and investing activities of the Group is unavailable,the Directors would undertake steps to contain the operating and investment activities.This may include a review of assets held to rationalise the number of tenements on hand which would substantially reduce commitments and
241、 thereby assist in ensuring that the Group can meet its obligations as and when they become due and payable.Should the consolidated entity not be able to continue as a going concern,it may be required to realise its assets and discharge its liabilities other than in the ordinary course of business,a
242、nd at amounts that differ from those stated in the financial statements.The financial report does not include any adjustment relating to the recoverability and classification of the asset carrying amounts or the classification of liabilities that might be necessary should the consolidated entity not
243、 be able to continue as a going concern.38Notes to the Consolidated Financial Statements continued5.SIGNIFICANT ACCOUNTING JUDGEMENTS,ESTIMATES AND ASSUMPTIONSThe preparation of the Groups consolidated financial statements requires management to make judgements,estimates and assumptions that affect
244、the reported amounts of assets and liabilities at the date of the consolidated financial statements,and the reported amounts of revenues and expenses during the reporting period.Estimates and assumptions are continuously evaluated and are based on managements experience and other factors,including e
245、xpectations of future events,which are believed to be reasonable under the circumstances.However,actual outcomes would differ from these estimates if different assumptions were used and different conditions existed.The Group has identified the following areas where significant judgements,estimates a
246、nd assumptions are required,and where actual results were to differ,may materially affect the financial position or financial results reported in future periods.SHARE-BASED PAYMENT TRANSACTIONSThe Group measures the cost of equity-settled transactions with employees by reference to the fair value of
247、 the equity instruments at the date at which they are granted.The fair value is determined using an appropriate option pricing model and these observable inputs are the best estimates available at the time of performing the calculation but are subject to variability and may be materially different i
248、f hindsight was to be used.EXPLORATION AND EVALUATION EXPENDITUREThe Groups policy with regards to exploration and evaluation expenditure,including the costs of acquiring licences and permits,are capitalised as exploration and evaluation assets on an area of interest basis.Under this method,explorat
249、ion and evaluation expenditure is carried forward on the following basis:i.Each area of interest is considered separately when deciding whether,and to what extent,to carry forward or write off exploration and evaluation costs.ii.Exploration and evaluation expenditure related to an area of interest i
250、s carried forward provided that the rights to tenure of the area of interest are current and that one of the following conditions is met:-such evaluation costs are expected to be recouped through successful development and exploitation of the area of interest or alternatively,by its sale:or-exploita
251、tion and/or evaluation activities in the area f interest have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active and significant operations in relation to the area are continuing.Exploration and evaluation costs
252、 accumulated in respect of each particular area of interest include only net direct expenditure.IMPAIRMENT OF ASSETSAt each reporting date,the Group assesses whether there is any indication that individual assets are impaired.Where impairment indicators exist,recoverable amount is determined and imp
253、airment losses are recognised in the statement of profit or loss and other comprehensive income where the assets carrying value exceeds its recoverable amount.Recoverable amount is the higher of an assets fair value less costs to sell and value in use.For the purpose of assessing value in use,the es
254、timated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.Where it is not possible to estimate recoverable amount for an individual asset,recoverable amount is
255、determined for the cash-generating unit to which the asset belongs.REHABILITATION PROVISIONThe Group assesses its rehabilitation provision at each reporting date.Significant judgement is required in determining the provision for rehabilitation as there are many factors that will affect the ultimate
256、liability payable to rehabilitate the existing mine sites,including future disturbances caused by further development,changes in technology and changes in regulations.When these factors change or become known in the future,such differences will impact the mine rehabilitation provision in the period
257、in which the change becomes known.39Notes to the Consolidated Financial Statements continued6.SIGNIFICANT ACCOUNTING POLICIESPRINCIPLES OF ACCOUNTINGThe consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Ausgold as at 30 June 2019 and the results of all s
258、ubsidiaries for the year then ended.All inter-company balances and transactions between the Group in the consolidated entity,including any unrealised profits or losses,have been eliminated on consolidation.ADOPTION OF AASB 9 FINANCIAL INSTRUMENTSThe Group has adopted AASB 9,where financial assets wi
259、ll either be measured at amortised cost,fair value through other comprehensive income(“FVTOCI”)or fair value through profit or loss(“FVTPL”).Financial assets are measured at amortised cost or FVTOCI if certain restrictive conditions are met.All other financial assets are measured at FVTPL.All invest
260、ments in equity instruments will be measured at fair value.For those investments in equity instruments that are not held for trading,there is an irrevocable election to present gains and losses in OCI.Dividends will be recognised in profit or loss.The following requirements have generally been carri
261、ed forward unchanged from AASB 139 Financial Instruments:Recognition and Measurement into AASB 9:Classification and measurement of financial liabilities,and De-recognition requirements for financial assets and liabilities.However,AASB 9 requires that gains or losses on financial liabilities measured
262、 at fair value are recognised in profit or loss,except that the effects of changes in the liabilitys credit risk are recognised in other comprehensive income.ADOPTION OF AASB 15 REVENUE FROM CONTRACTS WITH CUSTOMERSThe Group has adopted AASB 15,where revenue ie recognised when control of a good or s
263、ervice transfers to a customer.It permits either a full retrospective or a modified retrospective approach for the adoption.The adoption of AASB 15 did not have a material impact on the Companys financial statements and disclosure.NEW NOT YET EFFECTIVE ACCOUNTING STANDARDS AND INTERPRETATIONSAASB re
264、ferenceTitleSummaryApplication date of standardImpact on consolidated financial reportAASB 16LeasesAASB 16 eliminates the operating and finance lease classifications for lessees currently accounted for under AASB 117 Leases.It instead requires an entity to bring most leases into its statement of fin
265、ancial position in a similar way to how existing finance leases are treated under AASB 117.An entity will be required to recognise a lease liability and a right of use asset in its statement of financial position for most leases.There are some optional exemptions for leases with a period of 12 month
266、s or less and for low value leases.Lessor accounting remains largely unchanged from AASB 117.Annual reporting periods beginning on or after 1 January 2019.The Group does not expect the standard to have a significant impact on its financial statements.40Notes to the Consolidated Financial Statements
267、continued7.FINANCIAL RISK MANAGEMENTOVERVIEWThe overall financial risk management strategy focuses on the unpredictability of the finance markets and seeks to minimise the potential adverse effects on financial performance and protect future financial security.The Group have exposure to the followin
268、g risks from their use of financial instruments:Credit risk Liquidity risk Market risk(including interest rate risk)This note presents information about the consolidated entitys exposure to each of the above risks,their objectives,policies and processes for measuring and managing risk and the manage
269、ment of capital.Ausgolds risk management framework is supported by the Board,management and the Audit and Risk Committee.The Board is responsible for approving and reviewing consolidated entity risk management strategy and policy.Management is responsible for monitoring that appropriate processes an
270、d controls are in place to effectively and efficiently manage risk.The Audit and Risk Committee is responsible for identifying,monitoring and managing significant business risks faced by consolidated entity and considering the effectiveness of its internal control system.Due to the size of the Compa
271、nys operations,the Audit and Risk Committee comprises of the full Board.The consolidated entity holds the following financial instruments:2019$2018$Financial assetsCash and cash equivalents298,4792,216,907Trade and other receivables13,30889,415Security deposits94,61194,111Financial assets at fair va
272、lue through profit or loss81,000-487,3982,400,433Financial liabilitiesTrade and other payables420,523589,450Lease liabilities119,122-539,645589,450CREDIT RISKCredit risk is the risk of financial loss to the consolidated entity if counterparty to a financial instrument fails to meet its contractual o
273、bligations and arises principally from the Groups cash and cash equivalents,deposits with banks and financial institutions.For banks and financial institutions,only independently rated parties with a minimum rating of A are accepted.The consolidated entity does not hold any credit derivatives to off
274、set its credit exposure.The credit quality of financial assets that are neither past due nor impaired will be measured at fair value,with the gains or losses being recognised in profit or loss.2019$2018$Trade receivablesCounterparties without external credit rating1Group 1 107,919183,526Group 2-107,
275、919183,526DepositsAA298,4792,216,907298,4792,216,907Note 1:Group 1 Existing customers(less than 6 months);Group 2 Existing customers(more than 6 months)with no defaults in the past.41Notes to the Consolidated Financial Statements continued7.FINANCIAL RISK MANAGEMENT(continued)CREDIT RISK(CONTINUED)(
276、i)Exposure to Credit RiskThe carrying amount of the consolidated entitys financial assets represents the maximum credit exposure.The consolidated entitys maximum exposure to credit risk at reporting date was:2019$2018$Financial assetsCash and cash equivalents298,479 2,216,907Trade and other receivab
277、les13,30889,415Security deposits94,611 94,111406,3982,400,433LIQUIDITY RISKLiquidity risk arises from the financial liabilities of the consolidated entity and the consolidated entitys subsequent ability to meet their obligations to repay their financial liabilities as and when they fall due.The foll
278、owing are the contractual maturities of financial liabilities on an undiscounted basis,including estimated interest payments.Cash flows for liabilities without fixed amount or timing are based on conditions existing at year end.2019$2018$Financial liabilitiesTrade and other payables420,523589,450Lea
279、se liabilities 119,122-539,645 589,450Ultimate responsibility for liquidity risk management rests with the Board of Directors.The Board has determined an appropriate liquidity risk management framework for the management of the Companys short,medium and long-term funding and liquidity management req
280、uirements.The Company manages liquidity risk by maintaining adequate reserves and regularly monitoring budgeted and actual cash flows and matching the maturity profiles of financial assets,expenditure commitments and liabilities.The amounts disclosed in the table are the contractual undiscounted cas
281、h flows.Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.Contractual maturities of financial liabilities Less than 6 months 6 to 12 months Between 1 and 2 years Total Carrying amount$Consolidated-at 30 June 2019Trade and other payables420,523
282、-420,523420,523Lease liabilities14,95415,36588,803119,121119,121435,47715,36588,803539,645539,644Contractual maturities of financial liabilitiesLess than 6 months6 to 12 monthsBetween 1 and 2 years TotalCarrying amount$Consolidated-at 30 June 2018Trade and other payables589,450-589,450589,450589,450
283、-589,450589,45042Notes to the Consolidated Financial Statements continued7.FINANCIAL RISK MANAGEMENT(continued)MARKET RISKMarket risk is the risk that changes in market prices,such as interest rates and foreign exchange rates that will affect the consolidated entitys income or the value of its holdi
284、ngs of financial instruments.The objective of market risk management is to manage and control market risk exposures within acceptable parameters,while optimising return.(i)Interest Rate RiskThe consolidated entitys exposure to interest rates primarily relates to the consolidated entitys cash and cas
285、h equivalents.The consolidated entity manages market risk by monitoring levels of exposure to interest rate risk and assessing market forecasts for interest rates.At reporting date,the interest rate profile of the Groups interest bearing financial instruments was:2019$2018$Variable rate financial in
286、strumentsFinancial assets298,4792,216,907Financial liabilities119,122-417,6012,216,907The Group manages its interest rate risk by monitoring available interest rates while maintaining an overriding position of security whereby the majority of cash and cash equivalents are held in AA-rated bank accou
287、nts.The Groups exposure to interest rate risk and weighted average effective interest rate by maturing periods is set out in tables below:Weighted average effective interest rate%Fixed&floating interest rate$Maturing within 1 Year$Non-interest bearing$Total$Consolidated-at 30 June 2019 Financial ass
288、etsCash and cash equivalents0.49298,479-298,479Security deposits-94,611-94,611Trade and other receivables-13,30813,308-393,090-13,308406,398Financial liabilitiesTrade and other payables-420,523420,523Lease liabilities-119,122-119,122-119,122-420,523539,64543Notes to the Consolidated Financial Statem
289、ents continued7.FINANCIAL RISK MANAGEMENT(continued)MARKET RISK(CONTINUED)Weighted average effective interest rate%Fixed&floating interest rate$Maturing within 1 Year$Non-interest bearing$Total$Consolidated-at 30 June 2018Financial assetsCash and cash equivalents0.422,216,907-2,216,907Security depos
290、its-94,111-94,111Trade and other receivables-89,41589,415-2,311,018-89,4152,400,433Financial liabilitiesTrade and other payables-589,450589,450-589,450589,450Cash Flow Sensitivity AnalysisA change of a 100 basis points in interest rates at reporting date would have increased/(decreased)equity and pr
291、ofit or(loss)by the amounts shown below.The Board assessed 100 points basis point movement as being reasonably possible based on forward treasury rate projections.This analysis assumed that all other variables remain constant.+1%(100 basis pts)2019$-1%(100 basis pts)2019$+1%(100 basis pts)2018$-1%(1
292、00 basis pts)2018$Financial assetsCash and cash equivalents 2,985(2,985)22,169(22,169)2,985(2,985)22,169(22,169)CAPITAL RISK MANAGEMENT When managing capital,the Boards objective is to ensure the consolidated entity continues as a going concern as well as to maintain optimal returns to shareholders
293、and benefits for other stakeholders.The Board also aims to maintain a capital structure that ensures the lowest cost of capital available to the consolidated entity.The Board is constantly adjusting the capital structure to take advantage of favorable costs of capital or high return on assets.As the
294、 market is constantly changing,management may issue new shares,sell assets to reduce the Companys liability or consider entering joint venture arrangements to further exploration of the tenements.The Board seeks to maintain a balance between the higher returns that might be possible with higher leve
295、ls of borrowings and the advantages and security afforded by a sound capital position although there is no formal policy regarding gearing levels.There were no changes in the consolidated entitys approach to capital management during the year.The consolidated entity is not subject to any externally
296、imposed capital requirements.FAIR VALUE MEASUREMENTSThe fair values of financial assets and liabilities are determined in accordance with generally accepted pricing models based on estimated future cash flow and observable market prices.44Notes to the Consolidated Financial Statements continued8.SEG
297、MENT REPORTINGOperating segments are now reported in a manner that is consistent with the internal reporting to the Chief Operating Decision Maker(“CODM”),which has been identified by the Group as the Board of Directors.The CODM is responsible for allocating resources and assessing performance of th
298、e operating segments,has been identified as the strategic steering committee.The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board in assessing performance and determining the allocation of resources.The Groups sole activity is mineral
299、exploration and resource development wholly within Australia;therefore it has aggregated all operating segments into the one reportable segment being mineral exploration.The reportable segment is represented by the primary statements forming this financial report.9.OTHER INCOMEOther income is recogn
300、ised when the amount can be reliably measured and control of the right to receive income be passed to the Group.2019$2018$Other inome27,87479,577Gain on sale for partial disposal Yamarna Project1 51,519-Changes in fair value of financial assets at fair value through profit or loss(121,500)-57,89379,
301、57710.INCOME TAX EXPENSEThe income tax expense or benefit(revenue)is the tax payable on the current periods taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax
302、losses.2019$2018$Reconciliation between tax expenses and pre-tax net lossLoss before income tax expense(1,781,417)(1,137,141)Income tax benefit calculated at 27.5%(2017:27.5%)(489,890)(312,714)Tax effects on amounts which are not tax deductible63,17050,657Deferred tax asset not brought to account426
303、,720262,057Income tax benefit-2019$2018$Deferred tax assets not brought to accountUnused tax losses59,939,37756,386,624Timing differences(41,726,795)(39,847,371)Capital raising cost in equity217,426214,255Tax at 27.5%(2017:27.5%)5,068,2524,607,215Deferred tax assets and liabilities are recognised fo
304、r all temporary differences,between carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases,at the tax rates expected to apply when the assets are recovered or liabilities settled,based on those tax rates which are enacted or substantively enacted f
305、or each jurisdiction.Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.45Notes to the Consolidated Financial Statements continued10.INCOME TAX EXPENSE(continued)Deferred tax assets and liabilities
306、 are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities,associates and interests in joint ventures where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the diff
307、erences will not reverse in the foreseeable future.Ausgold Limited and its subsidiary have unused tax losses.However,no deferred tax balances have been recognised,as it is considered that asset recognition criteria have not been met at this time.The benefit for tax losses will only be obtained if:th
308、e Company derives future assessable income of a nature and an amount sufficient to enable the benefit from the deductions for the losses to be realised;the Company continues to comply with the conditions for deductibility imposed by Law;and no changes in tax legislation adversely affect the ability
309、of the Company to realise these benefits.11.CASH AND CASH EQUIVALENTSCash and cash equivalents include cash at bank and in hand,deposits held at call with financial institutions,other short-term highly liquid deposits with an original maturity of three months or less that are readily convertible to
310、known amounts of cash.2019$2018$Current assetsCash at bank and in hand298,4792,216,907298,4792,216,907RECONCILIATION TO CASH AT THE END OF THE FINANCIAL YEARThe above figures are reconciled to cash at the end of the financial year as shown in the consolidated statement of cash flows as follows:2019$
311、2018$Current assetsCash at bank and in hand298,4792,216,907Balance as per Consolidated Statement of Cash Flows 298,4792,216,907RISK EXPOSUREThe consolidated entitys exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are discussed in Note 7.The maximum expo
312、sure to credit risk at the end of the reporting period is the carrying amount of each class of cash and cash equivalents mentioned above.12.SECURITY DEPOSITSSecurity deposits are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Groups management has t
313、he positive intention and ability to hold to maturity.They are included in current assets,except for those with maturities greater than 12 months after reporting period which are classified as non-current assets.2019$2018$Current assetsBalance at the start of period94,11194,111Additions/(Reversals)5
314、00-94,61194,11146Notes to the Consolidated Financial Statements continued13.EXPLORATION AND EVALUATION EXPENDITURE&PREPAYMENTExploration and evaluation expenditure encompasses expenditures incurred in connection with the exploration for and evaluation of mineral resources before the technical feasib
315、ility and commercial viability of extracting a mineral resource are demonstrable.These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonabl
316、e assessment of the existence of economically recoverable reserves.Exploration and evaluation expenditure incurred is accumulated for each area of interest and recorded as an asset if:the rights to tenure of the area of interest are current;and at least one of the following conditions is also met:-t
317、he exploration and evaluation expenditures are expected to be recouped through successful development and exploitation of the area of interest,or alternatively,by its sale;and-exploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits a
318、 reasonable assessment of the existence or otherwise of economically recoverable reserves,and active and significant operations in,or in relation to,the areas of interest are continuing.For each area of interest,expenditure incurred on the exploration of tenements is capitalised and recognised as an
319、 exploration and evaluation asset.Exploration and evaluation assets are measured at cost at recognition.The Directors assess whether there is any indication of impairment on an area of interest basis,bi-annually.If any such indication exists,the consolidated entity shall estimate the recoverable amo
320、unt of the assets.For areas of interest that are not considered to have any commercial value,or where exploration rights are no longer current,the capitalised amounts are written off against the provision and any remaining amounts are charged against profit.Recoverability of the carrying amount of t
321、he exploration and evaluation assets is dependent on successful development and commercial exploitation,or alternatively,sale of the respective areas of interest.2019$2018$Non-current assets Exploration,evaluation,prepayment and development costs carried forward in respect of areas of interest(net o
322、f amounts written off)Exploration and evaluation expenditure41,951,73939,335,639Prepayment for exploration assets6,87210,898Acquisition of tenements-Dumbleyung Project-539,88441,958,61139,886,421Reconcilation:Carrying amount at start of year39,886,42135,610,028Exploration expenditure2,548,0763,754,3
323、27Acquisition of tenements-Dumbleyung Project-539,884Partial disposal-Yamarna Project(50,981)-Provision for rehabilitation96,939-Prepayment for exploration assets6,87210,898Expenditure written off(528,716)(28,716)Carrying amount at the end of the period41,958,61139,886,421The ultimate recoupment of
324、exploration and evaluation expenditure is dependent upon successful development and commercial exploitation,or alternatively,sale of the respective areas.The Directors have reviewed the impairment indicators as per AASB 6:Exploration for and Evaluation of Mineral Resources and have concluded that th
325、ere is an impairment of$528,716(2018:$28,716)which resulted in the expenditure being written off at the reporting date.47Notes to the Consolidated Financial Statements continued14.FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSSThe Group classifies equity investments that are held for trading
326、as financial assets at fair value through profit or loss.The financial assets consist of ordinary shares which have been valued at fair value and have no fixed maturity date or coupon rate.The value of these financial assets has been determined directly by reference to published price quotations in
327、an active market.Changes in the value of the financial assets are recorded in net loss on financial assets in profit or loss.2019$2018$Current assetsFinancial assets at FVTPL-Investment in GBR81,000-81,000-On 13 March 2019,the Company entered into a farm-in and joint venture agreement with Great Bou
328、lder Resources Ltd(ASX.GBR)(“GBR”)with regards to the Yamarna project.The project includes the highly prospective Winchester nickel-copper project,located 125km northeast of Laverton in Western Australia.Under the terms of the agreement,GBR issued Ausgold 1,500,000 GBR shares which are under staged
329、voluntary escrow period of 3 to 9 months.GBR can earn 51%interest in the Winchester project by spending$250,000 on exploration over 2 years,and an additional 24%(75%in total)by spending an additional$250,000($500,000 in total over 4 years).Upon GBR meeting the minimum expenditure milestone,Ausgold w
330、ill retain 25%free-carried interest in the Winchester project to a decision to mine.GBR earned 51%interest in the Winchester project as at 30 June 2019.15.PROPERTY,PLANT AND EQUIPMENT Items of property,plant and equipment are initially recorded at cost,being the fair value of the consideration provi
331、ded plus incidental costs directly attributable to the acquisition,and depreciated.Each class of property,plant and equipment is carried at cost or fair value less,where applicable,any accumulated depreciation.The carrying amount of plant and equipment is reviewed annually to ensure it is not in exc
332、ess of the recoverable amount from these assets.The recoverable amount is assessed on the basis of the expected net cash flows which will be received from the assets employment and subsequent disposal.Depreciation is provided on plant and equipment.Items of property,plant and equipment are depreciat
333、ed using the diminishing value method over their estimated useful lives to the consolidated entity.The assets residual values and useful lives are reviewed and adjusted,if appropriate,at each of the statement of financial position date.An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount.The u
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