20 AXIOM MINING LIMITED ANNUAL REPORT 2017 DIRECTORS’ REPORT continued GROUP FINANCIAL REPORT Directors’ interests in contracts Except as disclosed in Note 21 to the financial statements, no contracts of significance to which the Company or any of its subsidiaries was a party, and in which Directors of the Company had a material interest, subsisted at the end of the year or at any time during the year. Directors’ meetings During the year the Company held 4 (four) meetings of Directors by attendance or teleconference. The attendance of each Director at meetings of the Board of Directors and associated Board committees was as follows: Directors’ meetings Audit meetings Directors A B A B Robert Barraket 4 4 2 2 Ryan Richard Mount 4 4 2 2 Jeremy Robin Gray 4 4 2 2 Notes: A – Number of meetings attended. B – Number of meetings held during the time the Director held office during the year. The composition of the Board is not suitable for the formation of separate additional subcommittees and these responsibilities are undertaken by the whole Board. Company Secretary Boacoh Secretarial Limited (Company Secretary) As the Company is incorporated in Hong Kong it is a requirement under the Hong Kong Companies Ordinance to have a resident Company Secretary and Boacoh Secretarial Limited of Hong Kong acts as Company Secretary for the Company. Boacoh Secretarial Limited is a Company owned by the partners of Boase Cohen & Collins Solicitors. David Kinsman (Local Agent) (Bachelor of Commerce and Bachelor of Economics degrees from University of Queensland, Member of the Institute of Chartered Accountants, Australia). As Axiom is registered in Australia it is required to appoint a Local Agent for receipt of notices from both the Australia Securities Exchange Limited and the Australian Securities and Investment Commission. On 7 November 2016, the Company appointed David Kinsman as Company Secretary in Australia to act as Local Agent. David has previously been Chief Financial Officer and Company Secretary for a number of ASX- listed companies involved in mining including Southern Cross Goldfields Limited and Polymetals Mining Limited. Prior to that he held both Chief Financial Officer and Chief Executive positions with Innamincka Petroleum Limited. Principal activities The principal activities of the Company and the Group during the year were mineral exploration and assessment of potential mining acquisition opportunities in Solomon Islands and Australia. Axiom’s key focus was the advanced exploration program and licensing for mine development on the Isabel Nickel Project in the Solomon Islands. There were no significant changes in the nature of the Group’s principal activities during the year. OPERATING AND FINANCIAL REVIEW Results of operations The consolidated loss from ordinary activities of the Company and its controlled entities for the year ended 30 September 2017 after income tax was AU$4,838,000 (2016: AU$22,072,000). Review of operations - Solomon Islands Isabel Nickel Project San Jorge Deposit Axiom continued its development activities on its San Jorge Prospecting Licence (PL 01/15) which it has held since March 2015. In March 2017, Axiom completed an initial drilling program designed to establish an initial area for mining that presents optimal logistical characteristics of a DSO operation. Axiom also submitted an application for a mining lease over the San Jorge tenement in December 2016 and continues regular engagement with the Solomon Islands Government (SIG) to facilitate the process of the licence application where appropriate. Axiom’s immediate priority at San Jorge remains focused on achieving the key elements to commence full development, including licencing and permitting. While Axiom awaits the grant of the mining lease, further pre-development and development work continued including undertaking environmental studies.