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Directors’ report



Directors’ meetings

During the year the Company held 18 meetings

of Directors of which four were by attendance or

teleconference and 14 were by circulating resolution.

The attendances of Directors at meetings of the Board

of Directors were:

Directors’ meetings Audit meetings






Stephen Ray Williams





Ryan Richard Mount





Jeremy Robin Gray




A – Number of meetings attended.

B – Number of meetings held during the time the Director held of ce

during the year.

The composition of the Board is not suitable for the

formation of separate subcommittees and these

responsibilities are undertaken by the whole Board.

Company secretary

Paul Frederiks

(Bachelor of Business from QUT, and is also a Fellow of

CPA Australia, the Governance Institute of Australia and

the Australian Institute of Company Directors).

On 21 August 2015, the Company appointed Paul

Frederiks as Company Secretary in Australia to act as

Local Agent. Paul has more than 30 years’ experience

as a finance and corporate governance executive in the

Australian resources sector, with an extensive knowledge

base in listed public company reporting and compliance.

He previously held Company Secretary positions for

Auzex Resources Limited, Billabong International Limited

and China Steel Australia Limited and was also previously

the Company Secretary and Chief Financial Officer at

Geodynamics Limited and Ross Mining N.L.

As the Company is incorporated in Hong Kong, it is a

requirement under the Hong Kong Companies Ordinance

to have a resident Company Secretary. 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


Accountant and local agent

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. Mr Paul Frederiks is the

Local Agent and Company Secretary.

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 Australia,

Solomon Islands and Vietnam.

Axiom’s key focus was the advanced exploration program

and mine development on the Isabel Nickel Project.

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 2015 after income tax was $12,460,000

(2014: $15,880,000).

Review of operations

Since Axiom’s resounding win in the Solomon Islands

High Court trial over the Isabel nickel deposit on

24 September 2014, the Company has undertaken an

intensive exploration program to achieve its first Maiden

JORC Resource Estimate.

In December 2014, Axiom announced a $5 million funding

agreement and strategic partnership with mining services

contractor Anitua. In March 2015, Axiom was granted a

second Prospecting Licence for the Isabel Nickel Project

over the south San Jorge tenement.

Axiom completed orientation drilling on the Isabel Nickel

Project in May 2015 and commenced the first phase of

resource definition drilling in June 2015. The Company

announced its Maiden JORC Resource Estimate on

30 September 2015, and has plans to upgrade the

resource before the end of 2015.

Review of Axiom’s North Queensland, Vietnam and West

Guadalcanal (in Solomon Islands) tenements continued as

the Company focused on the Isabel Nickel Project.

Share capital

During the year the Company issued 45,374,975

(2014: 954,485,305, consolidated as 79,540,442) ordinary

shares via placements, on exercise of performance rights,

conversion of convertible shares, exercise of options and

as payment for services.

Details of the movements in share capital of the

Company during the year are set out in Note 16(a) to the

consolidated financial statements.

Changes in the state of affairs

No significant changes to the state of affairs of the Group

have occurred during the financial year.


The Board of Directors do not recommend the payment

of any dividend for the year (2014: nil).