Axiom Mining 2015 Annual Report

COMPANY FINANCIAL REPORT

Independent auditor’s report continued

78

To the members of Axiom Mining Limited (Incorporated in Hong Kong with limited liability)

Opinion In our opinion, the financial statements give a true and fair view of financial position of the Company as at 30 September 2015, and of its financial performance and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in compliance with the Hong Kong Companies Ordinance. Emphasis of matter Without qualifying our opinion, we draw attention to Note 2 in the financial statements, which indicate that the Company incurred a net loss of AU$10,390,000 and reported net cash outflow from operating activities of AU$4,359,000 for the year ended 30 September 2015, and the Company has convertible notes with an aggregate principal amount of AU$900,000 as at 30 September 2015. These conditions, along with other matters as set forth in Note 2, indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern, and therefore, the Company may be unable to realise its assets and discharge its liabilities in the normal cause of business and at the amounts stated in the financial statements.

AXIOM MINING LIMITED ANNUAL REPORT 2015

Zenith CPA Limited Certified Public Accountants Cheng Po Yuen Practising Certificate Number: P04887 Hong Kong 12 January 2016