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Australian Pacific Coal Limited

Published : November 01st, 2016

Annual Report to shareholders

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Keywords :   Cash | Coal | Georgia | Junior | Market | Mines | Oil |

Annual Report to shareholders

20‌

16

TABLE OF CONTENTS‌

CEO's Report

i

Information on Australian Pacific Coal

ii

Review of Operations

iv

Annual Financial Report

xii

- Directors' Report

2

- Remuneration Report

8

- Auditor's Independence Declaration

18

- Statement of Profit or Loss and Other Comprehensive Income

20

- Statement of Financial Position

21

- Statement of Changes in Equity

22

- Statement of Cash Flows

23

- Notes to the Financial Statements

24

- Directors' Declaration

62

- Independent Audit Report

63

Corporate Governance Statement

65

ASX Additional Information

68

Corporate Directory

70

Annual Report

Australian Pacific Coal Limited

TOC

Year Ending 30 June 2016

ABN 49 089 206 986

CHIEF EXECUTIVE OFFICER'S REPORT

Focused on acquiring, developing and value adding thermal and metallurgical coal prospects.

I am pleased to report that the Company has achieved a number of significant milestones over the financial year. The company is on track to complete its acquisition of 100% of the Dartbrook Joint Venture ('Dartbrook')

On 30th October 2015 shareholders approved a $13.2 million capital raising, re-invigorating the Company. On 24th December 2015 the Company entered into a binding agreement to acquire Anglo American Plc's 83.33% interest in the Dartbrook Joint Venture ('Dartbrook'). Subsequently, on 18th May 2016, Marubeni Coal Pty Ltd exercised their right to 'tag' and sell their 16.67% interest in the Dartbrook Joint Venture to AQC. At completion of the acquisition, AQC will own 100% of Dartbrook. Completion is expected to occur by January 2017.

The Company has paid deposits of $500,000 to Anglo and $100,000 to Marubeni. A further $24.5 million has been placed into an escrow account to enable completion of the acquisition upon the remaining conditions precedent being waived or satisfied. The Company has secured the funding necessary to purchase Marubeni Coal Pty Ltd's 16.67% interest in the Dartbrook Joint Venture. Finalisation of the outstanding funding necessary for the completion of the Dartbrook acquisition is well advanced.

On 24th May 2016 the company announced a total Coal Resource Estimate at Dartbrook of 1.2 billion tonnes. The Coal Resource Estimate comprises 466 million tonnes of Measured Resources, 449 million tonnes of Indicated Resources and 294 million tonnes of Inferred Resources to a maximum depth of 350m.

While the Company's primary focus has been on the Dartbrook acquisition it has also focused on the review of its existing exploration tenements and potential for further development of the assets or their potential sale.

I would like to take this opportunity to thank you - our shareholders - for your ongoing support over the past 12 months and look forward to a prosperous future for the Company. I would also like to acknowledge the dedication and efforts of the Board members and management throughout the year, and thank all our staff and contractors for their diligent efforts.

John Robinson

Chief Executive Officer 31 October 2016

Compliance Statement

Dartbrook Coal Resource Estimate:

The information is extracted from the report entitled 'Australian Pacific Coal Commissioned Coal Resource Estimate at Dartbrook of 1.2 billion tonnes' created on 24 May 2016 and is available to view on www.aqcltd.com.

The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Annual Report

Australian Pacific Coal Limited

Page i

Year Ending 30 June 2016

ABN 49 089 206 986

Chief Executive Officer's Report

INFORMATION ON AUSTRALIAN PACIFIC COAL

Australian Pacific Coal Limited ('AQC') is an ASX-listed junior coal explorer focused on acquiring developing and value adding thermal and metallurgical coal prospects.

AQC is in the process of finalising its acquisition of the Dartbrook coal mine in the Hunter Valley, NSW. The Company expects that the acquisition will be completed by January 2017.

AQC has a strategic holding of coal exploration tenements located in Queensland's Bowen, Galilee, Surat and Clarence-Moreton basins. The continuing philosophy of AQC's management has been to secure strategic tenure by identifying available tenements close to operating mines or in areas with proven or potential in-ground resources in regions suitable for short term development. Having identified prospective areas for further exploration, the Company is now focused on exploiting the commercial value of these coal projects. Exploitation opportunities include farm-in, joint venture exploration and joint venture development.

AQC owns a substantial industrial minerals project in central western Queensland. The project forms part of AQC's former industrial minerals business and is no longer part of the Company's core business. Options are currently being assessed to divest the asset.

AQC is an Australian public company with approximately 1,800 shareholders. AQC listed on the Australian Stock Exchange in 1999. The Company has emerged as a strong participant in the junior mining and exploration sector.

AQC's long term strategic focus is based on seeking out and identifying potentially lucrative resource investment opportunities. In addition to its Dartbrook acquisition, the Company will continue to take advantage of low entry cost resource investment opportunities that it identifies. Investing in these potentially lucrative resource plays is an important part of the Board's strategy to grow the Company.

BOARD OF DIRECTORS

Mr Peter Ziegler BCom (Hons), LLB (Hons), MFM (Queensland), FCPA, ACA, FTIA, CTA

Non-executive Chairman, Chairman of the Audit Committee

Mr Ziegler is an experienced company director, Solicitor and Chartered Accountant. He was Partner at the major international accounting firm Ernst & Young, specialising in taxation and corporate structuring. Mr Ziegler is a principal of Ziegler Asset Partners, an asset management company specialising in investments in listed and unlisted equities and special opportunities. Mr. Ziegler graduated with Honours degrees in Commerce and Law (1982 and 1983, respectively), together with a Master of Financial Management (1983), from the University of Queensland.

Director since 29th of November 2005

Mr John Robinson B. Acc, MAICD

Mr John Robinson is a former Private Equity professional and has led numerous private equity acquisitions in the property and retail sectors. Mr. Robinson has also extensive experience with the support services that the mining and oil and gas sectors require in their Australian operations. He is Member of the Australian Institute of Company Directors. Mr John Robinson Jnr gained a Bachelor of Accoucnting from the Charles Darwin University.

Director since 30th of October 2015

Page ii

Australian Pacific Coal Limited

Annual Report

Information on Australian Pacific Coal

ABN 49 089 206 986

Year Ending 30 June 2016

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Data and Statistics for these countries : Georgia | All
Gold and Silver Prices for these countries : Georgia | All

Australian Pacific Coal Limited

CODE : AQC.AX
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Australian Pacific Coal LTD is based in Australia.

Australian Pacific Coal LTD is listed in Australia. Its market capitalisation is AU$ 1.1 billions as of today (US$ 776.6 millions, € 701.8 millions).

Its stock quote reached its lowest recent point on July 24, 2015 at AU$ 0.00, and its highest recent level on January 19, 2018 at AU$ 1.25.

Australian Pacific Coal LTD has 4 918 430 208 shares outstanding.

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