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Notes to the

financial statements

for the year ended 30 September 2015

1. Corporate information

Axiom Mining Limited (the ‘Company’) is a limited liability

company incorporated in Hong Kong. The registered

office of the Company is located at 2303-7 Dominion

Centre, 43-59 Queen’s Road East, Hong Kong, and

the principal place of business is located at Level 6,

15 Astor Terrace, Spring Hill QLD 4000.

The Company’s shares are listed on the Australian

Securities Exchange.

The Company is engaged in investment holdings during

the year.

2. Basis of presentation

Notwithstanding that the Company incurred a net loss

of AU$10,390,000 and reported net cash outflows 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, in the opinion of the directors,

the Company will have sufficient working capital to

finance its operations and to meet its financial obligations

as and when they fall due in the foreseeable future after

taking into consideration the following:

At 30 September 2015, the Company had cash and

cash equivalents of AU$1,170,000.

Subsequent to the reporting period, on 4 November

2015 the Company announced that it had entered

into a convertible note facility agreement for up to

AU$15,000,000 to project fund the development

of the Isabel Nickel Project through a strategic

partnership with experienced resource venture

capitalist and project incubator InCor Holdings Plc

(‘InCoR’). As part of the agreement, Axiom issued

one secured convertible note with a face value of

AU$5,000,000, convertible to a maximum issue of

13,513,514 fully paid ordinary shares based on a

conversion price of AU$0.37 per share.

Accordingly, the financial statements have been prepared

on the going concern basis.

3. Basis of preparation

The financial statements and notes represent those of

Axiom Mining Limited (the ‘Company’ or ‘Axiom’).

The 2015 consolidated financial statements of Axiom

Mining Limited and its subsidiaries (collectively, the

‘Group’) can be found at



com, which have been prepared in accordance with the

Corporations Act 2001

, Australian Accounting Standards

and Interpretations of the Australian Accounting

Standards Board and International Financial Reporting

Standards as issued by the International Accounting

Standards Board, which can be obtained at its

registered office.

These financial statements have been prepared in

accordance with Hong Kong Financial Reporting

Standards (‘HKFRSs’) (which include all Hong Kong

Financial Reporting Standards, Hong Kong Accounting

Standards (‘HKASs’) and Interpretations) issued by the

Hong Kong Institute of Certified Public Accountants (the

‘HKICPA’), accounting principles generally accepted in

Hong Kong and the Hong Kong Companies Ordinance.

These financial statements have been prepared under

the historical cost convention and presented in Australian

dollars (AU$) and all values are rounded to the nearest

thousand except where otherwise indicated.