Axiom Mining 2015 Annual Report

GROUP FINANCIAL REPORT

Notes to the financial statements for the year ended 30 September 2015

60

16. Capital and reserves (continued)

b. Reserves

2015 $000

2014 $000

Exchange reserve

(830)

(1,215)

Share-based payment reserve

2,022 1,192

1,120

(95)

Nature and purpose of reserves

i. Exchange reserve The exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. The reserve is dealt with in accordance with the accounting policy set out in Note 2(s).

ii. Share-based payments reserve The share-based payments reserve is used to recognise: – The grant date fair value of performance rights issued to employees and directors.

– The grant date fair value of shares issued to employees. – The grant date fair value of options issued to consultants.

c. Distributability of reserves At 30 September 2015, the aggregate amount of reserves available for distribution to shareholders of the Company was nil (2014: nil).

AXIOM MINING LIMITED ANNUAL REPORT 2015