Axiom 2014 Annual Report - page 90

for the year ended 30 September 2014
Axiom Mining Limited
Notes to the Financial Statements
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 Unit 6,
76 Doggett Street, Newstead QLD 4006, Australia.
The Company’s shares are listed on the Australian
Securities Exchange.
The Group is engaged in mineral exploration in
Australia, Solomon Islands and Vietnam.
2. Basis of presentation
The Company has recorded a net loss of $14,845,000,
had net cash outflows from operations of $8,754,000
for the year and has no ongoing source of income. At
30 September 2014, the Company had net assets of
The financial statements have been prepared on a going
concern basis which assumes the realisation of assets
and extinguishment of liabilities in the normal course
of business and at the amounts stated in the financial
The directors believe the going concern basis is
appropriate for the following reasons:
at 30 September 2014, the Company had cash and
cash equivalents of $2,207,000;
the ability to raise additional share capital by share
placements, options or a rights issue;
the ability to farm out all or part of its exploration
projects; and
the ability to sell particular exploration projects.
Accordingly, the directors are confident in the ability of
the Company and the Company to successfully secure
sufficient cash inflows to enable it to continue as a
going concern and that it is appropriate to adopt that
basis of accounting in the preparation of the financial
3.1 Basis of preparation
The financial statements and notes represent those of
Axiom Mining Limited (the “Company” or “Axiom”).
Consolidated financial statements of Axiom Mining
Limited and its subsidiaries (collectively, the “Group”)
can be found at
irm/content/annual-reports.aspx, 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.
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”) and accounting principles generally
accepted in Hong Kong. These financial statements also
comply with the applicable requirements of the Hong
Kong Companies Ordinance relating to the preparation
of financial statements, which for this financial period
continue to be those of the predecessor Companies
Ordinance (Cap. 32), in accordance with transitional
and saving arrangements for Part 9 of the Hong Kong
Companies Ordinance (Cap. 622), “Accounts and Audit”,
which are set out in sections 76 to 87 of Schedule 11
to that Ordinance. The financial statements have
been prepared under the historical cost convention
and presented in Australian dollars and all values
are rounded to the nearest thousand except where
otherwise indicated.
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