Axiom Mining 2015 Annual Report
GROUP FINANCIAL REPORT
Notes to the financial statements for the year ended 30 September 2015
63
17. Note to statement of cash flows Reconciliation of loss from operations to net cash outflow from operating activities:
2015 $000
2014 $000
Loss for the period
(12,460)
(15,880)
Non-cash items Depreciation and amortisation
326
206 714 277
Expense recognised in respect of shares issued in exchange for consulting services
10
Interest on lease liability
459
Impairment loss on mineral exploration expenditure
17
1,560
Share-based payments expense
902
703
Fair value (gains)/losses Write-off of subsidiary Net foreign exchange loss
86
– –
133
–
16
Changes in operating assets and liabilities – (Increase) in other receivables
(354)
(772)
AXIOM MINING LIMITED ANNUAL REPORT 2015
– Increase in other payables
2,208
719
– Increase in provisions
179
60
Net cash flows used from operations
(8,494)
(12,397)
18. Commitments
a. Expenditure commitments Estimated capital expenditure required to maintain tenements by the balance sheet date, but not provided for, are payable as follows:
2015 $000
2014 $000
Within one year
750
704
After one year but within five years
1,571 2,321
1,742
2,446
These commitments may be achieved by seeking exemptions, relinquishment or by joint venture arrangements. During the year the company has spent less than the annual expenditure commitment under the amalgamated expenditure arrangement. However, the company expects to meet any shortfall in this arrangement in future periods. The company is in process of renewing its tenement licenses in the West Guadacanal area, and the Kolosori area is subject to litigation matters. Recoverability of the carrying amount of exploration assets is dependent on the successful exploration and commercial exploitation of the tenements.
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