Mithril Resources Ltd

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CODE : MTH.AX
ISIN : AU000000MTH3
AUSTRALIA
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Last updated on : 1/12/2010

• MIthril Resources Annual Report 2016

Mithril Resources Ltd

ABN 30 099 883 922

Annual Report

For the Year Ended 30 June 2016

ABN 30 099 883 922

Contents

For the Year Ended 30 June 2016

Page

Annual Report

Corporate Information 1

Chairman's Report 2

Directors' Report 3

Auditor's Independence Declaration under Section 307C of the Corporations Act 2001 16

Consolidated Statement of Profit or Loss and Other Comprehensive Income 17

Consolidated Statement of Financial Position 18

Consolidated Statement of Changes in Equity 19

Consolidated Statement of Cash Flows 20

Notes to the Financial Statements 21

Directors' Declaration 56

Independent Audit Report 57

ASX Additional Information 60

Corporate Information

30 June 2016

Directors

Mr Graham Ascough (Chairman, Non-Executive Director) Mr David Hutton (Managing Director)

Mr Donald Stephens (Non-Executive Director)

Company Secretary

Mr Donald Stephens

Registered Office

C/- HLB Mann Judd (SA) Pty Ltd 169 Fullarton Road

DULWICH SA 5065

Principal Place of Business 22B Beulah Road NORWOOD SA 5067

Share Registry

Computershare Investor Services Pty Ltd Level 5, 115 Grenfell Street

ADELAIDE SA 5000

Legal Advisors O'Loughlins Lawyers Level 2, 99 Frome Street

ADELAIDE SA 5000

Bankers

Bank SA

97 King William Street ADELAIDE SA 5000

Auditors

Grant Thornton Audit Pty Ltd Chartered Accountants Level 1, 67 Greenhill Road

WAYVILLE SA 5034

Chairman's Report

30 June 2016

Dear Fellow Shareholders,

On behalf of the Board of Directors, it is my pleasure to present the 2016 Annual Report for Mithril Resources Limited ('Mithril' or 'Company').

The past year has again proven quite difficult for junior resource companies such as ours. Market conditions remain negative towards resources in general and raising sufficient funds to conduct meaningful exploration has been challenging. Despite this Mithril has continued and will continue to actively explore and advance its projects.

During the 2015-2016 Financial Year Mithril doubled the strike length of the Stark copper-nickel Prospect, developed new gold targets at Lignum Dam (located 55km northeast of Kalgoorlie), evaluated the lithium prospectivity of Leaky Bore, and entered into an agreement with OZ Minerals Limited to explore South Australia's far western Coompana Province for magmatic nickel - copper deposits.

Mithril also attracted funding partners for two of its wholly owned projects - Duffy Well and Kurnalpi.

Unfortunately our share price has not reflected the hard work, success and dedication of our exploration team and I believe that this largely due to the prevailing market conditions. I assure you we are working as hard as possible to provide value to our shareholders, and to ensure we maximise in-ground expenditure we have undertaken a number of measures in the past year to reduce running costs and increase efficiency.

During the year the Company raised $0.66M to support its ongoing working capital requirements through a Share Purchase Plan (SPP) and associated Placement (at 0.45 cents per share), and a subsequent Placement (at 0.5 cents per share). It was very pleasing to see that the Capital Raisings were well supported by a number of existing shareholders as well as new investors.

Evaluation of the new Lignum Dam targets will remain the focus of our efforts in the near term as the Kalgoorlie District is highly prospective for the discovery of economic gold mineralisation

I would like to take this opportunity to express my thanks to my fellow directors, management and staff for their dedication and work during the past 12 months. We are committed to progressing the Company and advancing our projects towards discovery for the benefit of all shareholders.

I also take this opportunity to thank all shareholders for your continued support of Mithril.

Graham Ascough Chairman