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
