Axiom Mining Limited

Published : June 10th, 2016

Half Year Financial Report 31 March 2016

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Half Year Financial Report 31 March 2016

Model Financial Accounts

Axiom Mining Limited‌

ARBN 81 119 698 770

Interim Financial Report

for the half-year ended 31 March 2016

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual financial report for the year ended 30 September 2015 and any public announcements made by Axiom Mining Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

All amounts in this interim financial report are in Australian dollars unless stated otherwise.

Your directors submit the financial report of the consolidated group for the half-year ended 31 March 2016.

Directors

The names of directors who held office during or since the end of the half-year:

Mr Ryan R Mount

Executive Director and Chief Executive Officer

Mr Stephen R Williams

Non-Executive Director and Chairman (resigned 18 February 2016)

Mr Jeremy R Gray

Non-Executive Director

Mr Robert L Barraket

Non-Executive Director and Chairman (appointed 18 February 2016)

Review of operations Solomon Islands Isabel Nickel Project

On 29 December 2015, Axiom Mining Limited (Axiom) announced an update to the independent JORC Mineral Resource estimate for Prospecting Licence 74/11 area (Kolosori tenement). This JORC Mineral Resource estimate upgrade followed the addition of 527 drill holes from the second phase of drilling completed since the maiden JORC Mineral Resource estimate announced on 30 September 2015.

Site infrastructure development was on track to achieve Axiom's first bulk shipment of ore in line with customer requirements, until work was ceased in March 2016 due to the Solomon Islands Court of Appeal decision (see below).

West Guadalcanal Project

A technical review of the West Guadalcanal Project in the north west of Guadalcanal Island in Solomon Islands was completed. Axiom is proceeding through the renewal process of the project's Prospecting Licence.

Litigation proceedings

The Solomon Islands Court of Appeal delivered judgment in relation to the Isabel Nickel Project on 21 March 2016, and ordered that the land where the Kolosori deposit is located remains customary land and that Axiom KB Limited's (Axiom KB) registered lease and Prospecting Licence be set aside.

The judgment also held that SMM Solomon Limited ought not to be awarded a letter of intent for a Prospecting Licence for the tenement, as it had breached Solomon Islands' land banking provisions by holding too many Prospecting Licences.

No adverse findings were made about the conduct of Axiom KB or its officers, and Axiom's partnership with landowners remains strong. The company has submitted its application for a Prospecting Licence for the Kolosori tenement, and is awaiting formal feedback on its application from the Solomon Islands Government.

Corporate

In November 2015, Axiom entered into a convertible note facility agreement with InCoR Holdings Plc (InCoR) for an amount up to AU$15 million to fund the initial phase of mine development at the Isabel Nickel Project. Axiom also entered into a strategic partnership with InCoR and its 70% owned subsidiary InCoR Technologies Limited (InCor Technologies).

This was followed by an off-take and ore pre-payment agreement with global independent trading house Gunvor for production from the Isabel Nickel Project in December 2015.

In March 2016, InCoR converted $5 million of its Convertible Note to equity, giving Axiom the flexibility over future project financing. InCoR is now a significant and strategic shareholder in Axiom. President of InCoR Technologies Professor David Dreisinger, co-inventor of the Starved Acid Leaching Technology, was appointed as Technical Advisor to Axiom.

Following the Solomon Islands Court of Appeal judgment, Axiom's strategic partners confirmed their ongoing commitment to the long-term development of the Isabel Nickel Project.

On the 4 December 2015, an Extraordinary General Meeting was held with all resolutions passed.

Axiom's Annual General Meeting was held on 31 March 2016 in Hong Kong with all resolutions passed.

Rounding of amounts

The consolidated group has applied the relief available to it in ASIC Class Order 98/100 and accordingly certain amounts in the financial report and the directors' report have been rounded off to the nearest thousand dollars.

Auditor's independence declaration

The lead auditor's independence declaration under S 307C of the Corporations Act 2001 is set out on page 5 for the half-year ended 31 March 2016.

This directors' report is signed in accordance with a resolution of the Board of Directors.

Director

Robert Barraket

Dated this 10th day of June 2016

HALL CHADWICK ,(NSW)

Chartered Accountants and Business Advisers

AXIOM MINING LIMITED ABN 81 119 698 770

AND ITS CONTROLLED ENTITIES

AUDITOR'S INDEPENDENCE DECLARATION

UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF AXIOM MINING LIMITED

SYDNEY

Level 40

2 Park Street

Sydney NSW 2000 Australia

I declare that, to the best of my knowledge and belief, during the half year ended 31 March 2016 there have been no contraventions of:

  1. the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review, and

  2. any applicable code of professional conduct in relation to the review.

HALL CHADWICK

Level 40, 2 Park Street

Sydney NSW 2000

DREW TOWNSEND

Partner

Dated: 10 June 2016

GPO Box 3555

Sydney NSW 2001

Ph: (612) 9263 2600

Fx : (612) 9263 2800

A member of AGN International Ltd, a worldwide association of separate and independent accounting

and consulting firms

www.hallchadwick.com.au

SYDNEY • NEWCASTLE • PARRAMATIA • PENRITH • MELBOURNE • PERTH • BRISBANE • GOLD COAST • DARWIN

Liability limited by a scheme approved under Professional Standards Legislation.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Australia | Georgia | Hong Kong | Solomon Islands | All
Gold and Silver Prices for these countries : Australia | Georgia | Hong Kong | Solomon Islands | All

Axiom Mining Limited

EXPLORATION STAGE
CODE : AVQ.AX
ISIN : AU000000ASX7
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Axiom Mining is a silver and gold exploration company based in Australia.

Its main exploration properties are OK MINE, MT MOLLOY, CARDROSS, PINEVALE and WHITE HILLS in Australia and PU SAM CAP, QUANG BINH and QUANG TRI in Vietnam.

Axiom Mining is listed in Australia. Its market capitalisation is AU$ 8.7 millions as of today (US$ 6.7 millions, € 5.5 millions).

Its stock quote reached its highest recent level on April 12, 2011 at AU$ 1.26, and its lowest recent point on May 24, 2019 at AU$ 0.02.

Axiom Mining has 348 620 000 shares outstanding.

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Annual reports of Axiom Mining Limited
2007 Annual report
2006 Annual Report
Nominations of Axiom Mining Limited
6/4/2007appointment of Mr John Cook as a non-executive independent
Project news of Axiom Mining Limited
8/12/2016Pre-Feasibility Study for the Isabel Nickel Project
12/3/2015Isabel Nickel Project resource definition drilling update
11/4/2015Isabel Nickel Project resource definition drilling update
9/22/2015Isabel Nickel Project resource definition drilling update
9/14/2015Isabel Nickel Project resource definition drilling update
9/7/2015Isabel Nickel Project resource definition drilling update
8/31/2015Isabel Nickel Project resource definition drilling update
8/24/2015Isabel Nickel Project drilling defines thick mineralisation
8/6/2015Isabel Nickel Project resource drilling uncovers 3% Ni
7/13/2015Isabel orientation drilling program successfully completed
4/24/2015Isabel Nickel Project drilling update
4/10/2015Drilling indicates continuous high grade mineralis
9/26/2008(Nightflower)First Resource Estimate - Nightflower Project
Corporate news of Axiom Mining Limited
8/1/2016Change of Share Registry
7/31/2016Funding for development of the Isabel Nickel Project
7/29/2016Quarterly Activities Report
7/28/2016Trading Halt
7/26/2016Key executive management appointment
7/25/2016Axiom Mining Company Update
6/10/2016Half Year Financial Report 31 March 2016
6/1/2016Notice of Expiry of Options
5/12/2016Axiom Mining EGM 12 May 2016 - Results
5/9/2016Isabel Nickel Project update
5/1/2016Quarterly Activities Report
4/19/2016Axiom Mining Loyalty Bonus Issue
4/19/2016Notice to the Financial Markets Authority
4/7/2016Appendix 3B
4/5/2016Cleansing Statement
4/1/2016Notice of Expiry
4/1/2016Reinstatement to Official Quotation
4/1/2016Axiom moves forward litigation-free with new funding
3/31/2016Axiom Mining 2016 AGM Results
3/30/2016New strategic shareholder
3/23/2016Solomon Islands Court of Appeal Update
3/23/2016Suspension from Official Quotation
3/21/2016Trading Halt
2/2/2016Axiom Mining Company Update
1/18/2016Change of Australian registered office address
12/31/2015Notice of Expiry
12/29/2015Isabel Nickel Project defines first 5 years of production
12/22/2015Appendix 3B
12/21/2015Annual Financial Statements
12/21/2015Off-take agreement and funding with Gunvor
12/16/2015Notice of Expiry and Appendix 3B
12/4/2015Axiom Mining EGM 4 December 2015 - Results
12/4/2015Axiom Mining EGM 4 December 2015 - Chairman's Address
11/3/2015Major funding and partnership for Isabel Nickel Project
11/2/2015Quarterly Activities Report
10/21/2015Change of Director's Interest Notice
10/15/2015Axiom Mining EGM 15 October 2015 - Results
10/15/2015Axiom Mining EGM 15 October 2015 - Chairman's Address
9/30/2015Isabel Nickel Project Maiden Mineral Resource Estimate
9/28/2015Appendix 3B
9/14/2015Notice of Extraordinary General Meeting
9/7/2015Isabel Nickel Project JORC Resource statement imminent
8/21/2015Axiom Mining Key Appointment
8/11/2015Appendix 3B
8/4/2015Appendix 3B
7/31/2015Quarterly Activities Report
7/31/2015Trading Halt
7/31/2015West Guadalcanal Project technical review complete
7/29/2015Axiom Mining Key Management Appointments
7/28/2015$5 million to fund development of Isabel Nickel Project
7/24/2015Trading Halt Request
7/20/2015Appendix 3B
7/17/2015Axiom Mining Solomon Islands Litigation Proceedings Update
7/13/2015Appendix 3B
4/21/2015Response to Price Query
4/15/2015Completion of consolidation
4/14/2015Axiom Mining Solomon Islands Litigation Proceeding
4/2/2015Notice of Expiry
3/31/2015Axiom Mining 2015 AGM Results
3/30/2015Axiom Mining 2015 AGM Chairman's Address
3/9/2015Further high grade results on Isabel Nickel Projec
3/6/2015Notice of Annual General Meeting
2/16/2015Appendix 3B
2/16/2015Cleansing Statement
2/13/2015Anitua extends support for Axiom
2/12/2015Court of Appeal hearing date confirmed
1/23/2015Quarterly Activities Report
1/19/2015Sumitomo provides AU$5 million in bank guarantees
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8/16/2007Raises $4m in share placement to accelrate its progr ams in ...
7/31/2007Exciting Results continue from aggressive Exploration in Que...
6/26/2007New geophysical anomalies indicate prime drill targets at Ax...
4/4/2007new tenement grants in aggressive acquisition thru st in Nor...
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