HAOMA MINING NL
ANNUAL REPORT JUNE 30, 2016
Haoma Mining Projects including the location of Haoma's Bamboo Creek Processing Plant, North Pole Area (including Mickey's Find and Normay Mine), Cookes Hill, Soansville, Daltons JV and the Comet Gold Mine Tourist Centre.
HAOMA MINING NL | ||
Front Cover: | 3 1 2 4 Directors Gary Cordell Morgan, B.Comm (Chairman) Michele Levine, B.Sc (Hons), Env. St. Wilton Timothy Carr Ingram Secretary James Andrew Wallace, CA Registered Office and Head Office: Melbourne 401 Collins Street, Melbourne, Victoria 3000 Tel: (03) 9629 6888 Fax: (03) 9629 1250 Postal Address GPO Box 2282U Melbourne, Victoria 3001 Website: www.haoma.com.au Bamboo Creek Mine Site: PO Box 2791 South Hedland, Western Australia 6722 Tel: (08) 9176 1101 Fax: (08) 9176 1156 Comet Mine Site: PO Box 89 Marble Bar, Western Australia 6760 Tel: (08) 9176 1015 Fax: (08) 9176 1129 Ravenswood, Queensland: Top Camp c/- Ravenswood Post Office Ravenswood, Queensland 4186 Tel: (07) 4770 2168 Fax: (07) 4770 2109 | 5 Principal Bankers Bendigo & Adelaide Bank Limited Melbourne, Victoria 3000 National Australia Bank Melbourne, Victoria 3000 Share Registry ComputerShare Investor Services Pty. Ltd. Yarra Falls 452 Johnston Street Abbotsford, Victoria 3067 Postal Address GPO Box 3224 Melbourne, Victoria 3001 Investor Enquiries: 1300 850 505 Auditors BDO East Coast Partnership Collins Square, Tower 4, Level 18 727 Collins Street Melbourne, Victoria 3008 Solicitors William Murray Level 1, 401 Collins Street Melbourne, Victoria 3000 Tel: (03) 9629 5383 Fax: (03) 9629 4896 Stock Exchange Listing Haoma Mining NL shares are listed on the Australian Stock Exchange. (Code HAO) The Home Exchange is Melbourne, Victoria. |
Haoma Mining Projects Map | ||
Inside Back Cover: | ||
Bamboo Creek | ||
Processing Plant and | ||
Bamboo Creek Valley. | ||
1. Bamboo Creek, WA | ||
2. Marble Bar, WA | ||
3. Cookes Hill, WA | ||
4. Daltons JV & | ||
Mt. Webber, WA | ||
5. Ravenswood, QLD |
HAOMA MINING NL AND ITS CONTROLLED ENTITIES ACN 008 676 177
HAOMA MINING NL AND ITS CONTROLLED ENTITIES ACN 008 676 177 MISSION STATEMENTThe mission of Haoma Mining is to establish a highly profitable mining company with sustainable growth in shareholder value.
In pursuit of this mission, Haoma will acquire quality tenements, explore for gold and other minerals, utilise the most effective exploration and recovery techniques to extract minerals in the most efficient way with a strong commitment to health, safety and the environment.
Haoma's strategic approach can be characterised as both innovative and practical.
Haoma is dedicated to developing a leading edge gold mining province in the Pilbara (WA) and Ravenswood/ Charters Towers region (QLD) by linking research with modern technology and new ways of thinking.
Haoma operates with a flat management structure, which allows all company personnel to be hands- on, practical and single-minded about improving the bottom line performance.
CONTENTS Section 1: Chairman's Review & Report on Operations Section 2: Financial Statements & Reports Director's Report Auditors Independence Declaration Corporate Governance Statement Financial Statements and Reports Directors Declaration Independent Auditors Report ASX Additional Information | ANNUAL GENERAL MEETING The Annual General Meeting of the members of Haoma Mining NL is to be held at: Morgans at 401 Ground Floor 401 Collins Street Melbourne, Australia. Tuesday February 14, 2017 Commencing at 9.30am. All shareholders are encouraged to attend. Light refreshments will be available to members and guests following the meeting. A Notice of Meeting and proxy form will be mailed to shareholders. |
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HAOMA MINING NL AND ITS CONTROLLED ENTITIES ACN 008 676 177 CHAIRMAN'S REVIEW AND REPORT ON OPERATIONS
CHAIRMAN'S REVIEW & REPORT ON OPERATIONS-
Financial Results
The financial statements for the Year to June 30, 2016 show that Haoma Mining recorded a consolidated loss of $5.35 million. The result is after expensing interest charges of $1.92 million and writing off $2.15 million of costs associated with research and test work.
Over the past year Haoma has further reduced operating costs and has realised proceeds from non-core assets including the disposal of shares held in Exterra Resources Ltd and the completion of Right to Mine Agreements with Keras Resources Pty Ltd and DeGrey Mining Ltd.
Through my family investment company, I have continued to provide the funding needed for Haoma to continue with its research and development activities. The Haoma financial reports reflect that the costs to date have been extensive and the revenues limited which has resulted in the current deficiency in net assets. At June 30, 2016 my family's total cash commitment to Haoma was recorded at $36.82 million. This does not include my family's equity investment or any interest on the funds.
Shareholders will be aware that Haoma has a perpetual free licence to use and commercially exploit the Elazac Process.
- Recent Activities at Bamboo Creek
Gold grades from January 2017 test work on Bamboo Creek Tailings Ore
Since Haoma's September 2016 Quarterly Report (released December 21, 2016) Haoma's test work at Bamboo Creek has concentrated on recovering physical gold:- In Solutions 'collected by DIBK' and read on a standard AAS (traditional assay method), and
- In Solids - gold percentage measured by XRF
Haoma's latest test work using the Elazac Process was conducted on 3kg samples of Bamboo Creek Tailings Ore.
The following gold grades were measured in Bamboo Creek Tailings Ore samples (total of gold measured in the solution fractions and solid fractions).
Bamboo Creek Tailings Ore:- 178.11g/t gold
- 123.99g/t gold
The above Bamboo Creek Tailings Ore gold grades are not final as there are additional sample fractions (both solution and solid) which are yet to be measured.
More Bamboo Creek Tailings Ore gold grade results will be released with Haoma's December 2016 Quarterly Report due before January 31, 2017.
The Elazac Process used to achieve the above results can be implemented in the Bamboo Creek Plant to process Bamboo Creek Tailings.
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Haoma Mining NL published this content on 16 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 January 2017 03:21:00 UTC.
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