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Cours Or & Argent

Queensland Mining Corporation Limited

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CODE : QMN.AX
AUSTRALIA
AU$ 0,168
02/02 10:00 -
0%
AUSTRALIA (QMN.AX)
0,168+0.00%
Cours préc. Ouverture Bas haut Volume
0,168 0,167 0,167 0,167 100 501
Année b/h Var. YTD 52 sem. b/h var. 52 sem. var. 1 mois
 -  - - -  0,168 -% -%
Shares OustandingShares Fully Diluted
295 549 984-
Mkt Cap OustandingMkt Cap Fully Diluted
49 652 398-
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Annual Report to shareholders

QUEENSLAND MINING CORPORATION LIMITED

A.B.N. 61 109 962 469

ANNUAL REPORT

For The Year Ended 30 June 2016

CONTENTS

CEO Report

2

Operating and Financial Review

3

Directors' Report

16

Auditor's Independence Declaration

25

Consolidated Statement of Profit or loss and other Comprehensive Income

26

Consolidated Statement of Financial Position

27

Consolidated Statement of Changes in Equity

28

Consolidated Statement of Cash Flows

29

Notes to the Financial Statements

30

Directors' Declaration

53

Independent Auditor's Report

54

Mining Titles & Interest Report

56

Additional Information for Public Listed Companies

59

Corporate Directory

61

CEO REPORT

Dear Shareholders,

The 2016 financial year has remained challenging to most of the resource companies. However, we are pleased to see some signs of recovery in commodity prices and investment confidence during the last few months.

To review our operations in the financial year, the exploration has been focused on increasing the resource base of the White Range Project. Significant mineralization was discovered in Young Australian and Copper Canyon areas. Underpinned by the drilling results, the recent JORC resource update showed around 90% increase of copper metals contained in the Young Australian deposit, with potential for further extension.

The drilling completed earlier this year also demonstrated a continuous mineralization zone in the Copper Canyon area, which can be potentially developed into another resource in the White Range portfolio. Further to this, a strong molybdenum mineralization ([email protected]%) was identified first time in Copper Canyon. Follow-up drilling has been planned to expand the known mineralization and test newly defined targets while this letter is being drafted.

Over the last 12 months, we have kept on exploring the potential solutions to reduce the capital expenditure and to improve the production efficiency of White Range Project from its previous feasibility study. Meanwhile, we have continued to negotiate with several potential JV partners on different options of joint development of the project. We believe White Range is one of the most economic undeveloped copper projects across the whole country, which has been delayed by unfavourable market conditions. Given the potential recovery of copper price in 2017, QMC will endeavour to make a breakthrough in the development of White Range Project.

At the corporate level, as you might have been aware, QMC has decided to spin off some of our non- core assets. The strategy was to further cut the costs down and to generate cash flow that would better fund the Company to achieve its long term goal. You might also notice that the Company received a total of $4.6m from the shareholders in the recent fund raisings. Under the current market conditions, this success demonstrated the shareholders' trust and confidence in the future of the Company.

Again, on behalf of the board, I would like to thank you for your unfaltering trust and rock-solid support to the Company. We look forward to the exciting times lay ahead of your Company.

Yours sincerely,

Eddy Wu

Director and CEO

OPERATING AND FINANCIAL REVIEW

Principal Activities

The principal activities of the Group during the financial year were the exploration for and evaluation of mineral resources at the consolidated entity's mining tenements predominately situated in Queensland, Australia. There were no changes in the nature of the principal activities during the financial year.

Our Business Model and Objectives

Providing satisfactory long term returns to our shareholders is our primary objective. We are working to deliver this objective through our business model of holding a portfolio of mining tenements in Queensland and annual exploration programs to expand our mineral resources reserve. Apart from our own technical team, we are also seeking experience joint venture partners to assist in developing and mining of these identified reserves.

Operating Results

The loss of the consolidated group amounted to $2,215,112 (2015: $1,538,560) after providing for income tax. Discussion on the Group's operations is provided below.

Review of Operations Introduction

Cloncurry field operations during the 2015/16 Financial Year have been primarily focused on the growth of the resource base for the Company's flagship White Range project. In line with this revised exploration strategy, three drill programs were completed at Young Australian and Copper Canyon prospects. Two phases of RC drilling were conducted in Young Australian between September and November 2015 and significant new copper mineralisation was intersected. In addition, a JORC resource update was undertaken for the Young Australian prospect in July 2016, which resulted in a 90% increase in contained copper metal.

In April 2016 a 10 hole RC program was completed at the Copper Canyon prospect approximately 25km south of Cloncurry. The drilling has reported the first occurrence of high grade molybdenum mineralisation and extensive copper mineralisation at shallow depth. Detailed geological mapping was then carried out over the broader prospect area and new structure and target areas were identified, which will be followed up by RAB drilling to define combined geological and geochemical anomalies particularly under the alluvial cover. Details of the exploration activities are presented as per follows.

Young Australian

The Young Australian prospect is located approximately 70km south of Cloncurry in northwest Queensland (Figure 1). It consists of four mining leases (ML7511, ML7512, ML90084 and ML90099; 100% QMC interest) and surrounding six sub-blocks within EPM 18912 which is owned by Chinova Resources and from which QMC has the exclusive rights to explore for mineralization over period of five years until June 2017. In addition, QMC has an option to require Chinova Resources to apply for a mining lease over all or any part of these six sub-blocks for QMC within the timeframe of the agreement. The prospect also forms part of the Company's White Range project and had been explored by QMC from 2008 to 2012.

During the current year, two phases of RC drilling programs were completed at Young Australian in September and November 2015, respectively. Phase 1 drilling consisted of 8 holes for a total of 1,112m testing three new targets outside of the existing resources (Figure 2). The drilling has returned significant copper mineralization with highlights as below:

  • 26m @ 1.56% Cu from 59m, including

    18m @ 2.10% Cu from 66m and

    10m @ 2.95% Cu from 69m in Hole YA15RC06

  • 13m @ 1.08% Cu from 52m in Hole YA15RC01

  • 20m @ 0.45% Cu from 105m, including

4m @ 0.96% Cu from 105m

13m @ 0.35% Cu and 1094ppm Co from 88 in Hole YA15RC04

The drilling also outlined a new potential mineralized trend 350m away from the existing Young Australian pit with an initial extent of >1,000m long and up to 100m wide.

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