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Axiom Mining Limited

Publié le 10 juin 2016

Half Year Financial Report 31 March 2016

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Mots clés associés :   9/11 | Hong Kong | K Street | Nickel |

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.

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Données et statistiques pour les pays mentionnés : Hong Kong | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Hong Kong | Tous

Axiom Mining Limited

EXPLORATEUR
CODE : AVQ.AX
ISIN : AU000000ASX7
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Axiom Mining est une société d’exploration minière d'argent et d'or basée en Australie.

Ses principaux projets en exploration sont OK MINE, MT MOLLOY, CARDROSS, PINEVALE et WHITE HILLS en Australie et PU SAM CAP, QUANG BINH et QUANG TRI au Viet Nam.

Axiom Mining est cotée en Australie. Sa capitalisation boursière aujourd'hui est 8,7 millions AU$ (6,7 millions US$, 5,5 millions €).

La valeur de son action a atteint son plus haut niveau récent le 12 avril 2011 à 1,26 AU$, et son plus bas niveau récent le 24 mai 2019 à 0,02 AU$.

Axiom Mining possède 348 620 000 actions en circulation.

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Rapports annuels de Axiom Mining Limited
2007 Annual report
2006 Annual Report
Nominations de Axiom Mining Limited
04/06/2007appointment of Mr John Cook as a non-executive independent
Projets de Axiom Mining Limited
12/08/2016Pre-Feasibility Study for the Isabel Nickel Project
03/12/2015Isabel Nickel Project resource definition drilling update
04/11/2015Isabel Nickel Project resource definition drilling update
22/09/2015Isabel Nickel Project resource definition drilling update
14/09/2015Isabel Nickel Project resource definition drilling update
07/09/2015Isabel Nickel Project resource definition drilling update
31/08/2015Isabel Nickel Project resource definition drilling update
24/08/2015Isabel Nickel Project drilling defines thick mineralisation
06/08/2015Isabel Nickel Project resource drilling uncovers 3% Ni
13/07/2015Isabel orientation drilling program successfully completed
24/04/2015Isabel Nickel Project drilling update
10/04/2015Drilling indicates continuous high grade mineralis
26/09/2008(Nightflower)First Resource Estimate - Nightflower Project
Communiqués de Presse de Axiom Mining Limited
01/08/2016Change of Share Registry
31/07/2016Funding for development of the Isabel Nickel Project
29/07/2016Quarterly Activities Report
28/07/2016Trading Halt
26/07/2016Key executive management appointment
25/07/2016Axiom Mining Company Update
10/06/2016Half Year Financial Report 31 March 2016
01/06/2016Notice of Expiry of Options
12/05/2016Axiom Mining EGM 12 May 2016 - Results
09/05/2016Isabel Nickel Project update
01/05/2016Quarterly Activities Report
19/04/2016Axiom Mining Loyalty Bonus Issue
19/04/2016Notice to the Financial Markets Authority
07/04/2016Appendix 3B
05/04/2016Cleansing Statement
01/04/2016Notice of Expiry
01/04/2016Reinstatement to Official Quotation
01/04/2016Axiom moves forward litigation-free with new funding
31/03/2016Axiom Mining 2016 AGM Results
30/03/2016New strategic shareholder
23/03/2016Solomon Islands Court of Appeal Update
23/03/2016Suspension from Official Quotation
21/03/2016Trading Halt
02/02/2016Axiom Mining Company Update
18/01/2016Change of Australian registered office address
31/12/2015Notice of Expiry
29/12/2015Isabel Nickel Project defines first 5 years of production
22/12/2015Appendix 3B
21/12/2015Annual Financial Statements
21/12/2015Off-take agreement and funding with Gunvor
16/12/2015Notice of Expiry and Appendix 3B
04/12/2015Axiom Mining EGM 4 December 2015 - Results
04/12/2015Axiom Mining EGM 4 December 2015 - Chairman's Address
03/11/2015Major funding and partnership for Isabel Nickel Project
02/11/2015Quarterly Activities Report
21/10/2015Change of Director's Interest Notice
15/10/2015Axiom Mining EGM 15 October 2015 - Results
15/10/2015Axiom Mining EGM 15 October 2015 - Chairman's Address
30/09/2015Isabel Nickel Project Maiden Mineral Resource Estimate
28/09/2015Appendix 3B
14/09/2015Notice of Extraordinary General Meeting
07/09/2015Isabel Nickel Project JORC Resource statement imminent
21/08/2015Axiom Mining Key Appointment
11/08/2015Appendix 3B
04/08/2015Appendix 3B
31/07/2015Quarterly Activities Report
31/07/2015Trading Halt
31/07/2015West Guadalcanal Project technical review complete
29/07/2015Axiom Mining Key Management Appointments
28/07/2015$5 million to fund development of Isabel Nickel Project
24/07/2015Trading Halt Request
20/07/2015Appendix 3B
17/07/2015Axiom Mining Solomon Islands Litigation Proceedings Update
13/07/2015Appendix 3B
21/04/2015Response to Price Query
15/04/2015Completion of consolidation
14/04/2015Axiom Mining Solomon Islands Litigation Proceeding
02/04/2015Notice of Expiry
31/03/2015Axiom Mining 2015 AGM Results
30/03/2015Axiom Mining 2015 AGM Chairman's Address
09/03/2015Further high grade results on Isabel Nickel Projec
06/03/2015Notice of Annual General Meeting
16/02/2015Appendix 3B
16/02/2015Cleansing Statement
13/02/2015Anitua extends support for Axiom
12/02/2015Court of Appeal hearing date confirmed
23/01/2015Quarterly Activities Report
19/01/2015Sumitomo provides AU$5 million in bank guarantees
22/02/2008Western Plains - Large increase in Buzzard direct shipping i...
31/01/2008$1.3m exploration for the quarter - significant acqu isition...
01/11/2007 builds on successfuy September quarter exploration a ctivi...
16/08/2007Raises $4m in share placement to accelrate its progr ams in ...
31/07/2007Exciting Results continue from aggressive Exploration in Que...
26/06/2007New geophysical anomalies indicate prime drill targets at Ax...
04/04/2007new tenement grants in aggressive acquisition thru st in Nor...
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