Astron Corporation Limited ARBN 154 924 553 Incorporated in Hong Kong, Company Number: 1687414

Annual Financial Statements

For the Year Ended 30 June 2015

Astron Corporation Limited

Company Number: 1687414

For the Year Ended 30 June 2015

CONTENTS
	Page
Financial Statements
Directors’ Report	1
Auditor’s Independence Declaration	14
Consolidated Statement of Profit or Loss and Other Comprehensive Income	15
Consolidated Statement of Financial Position	17
Consolidated Statement of Changes in Equity	19
Consolidated Statement of Cash Flows	21
Declaration by Directors	65
Independent Auditor’s Report	66
Investor Information	68

Astron Corporation Limited

Company Number: 1687414

Directors’ Report 30 June 2015

The Directors of Astron Corporation Limited (the ‘Company’) present their report on the consolidated entity (‘Group’ or ‘Astron’), consisting of Astron Corporation Limited and the entities it controlled at the end of, and during, the financial year ended 30 June 2015.

Directors

The following persons were Directors of Astron Corporation Limited for part of the financial year and up to the date of this report:

Names

Mr. Gerard King Mr. Alexander Brown Mdm. Kang Rong Mr. Robert Flew (Resigned 31 March 2015) Mr. Ronald McCullough (Resigned 16 October 2014)

Principal Activities

The principal activities of the Group during the financial year were:

Evaluation and development of the Donald mineral sands mining and processing project (Donald or Donald Project)
Evaluation and development of the Niafarang mineral sands mining processing project (Niafarang)
Evaluation and development of downstream applications for zircon and titanium
Titanium based materials trading

There have been no significant changes in the nature of the Group's principal activities during the financial year.

Significant Changes to Group Structure

There have been no significant changes to the Astron group structure in the financial year ending 30 June 2015.

Financial Position

The net assets of the Group have increased to $112,425,400 an increase of $15,638,108 from 2014.

The net assets have been affected by:

Sale of Chinese land $11,081,124
Foreign exchange impact on foreign controlled assets of $7,293,284
Net loss (excluding gain on the sale of land) for the year of $3,092,006
- Income tax refunds for the 2013 and 2014 being Research and development grants of $1,998,945
- Write down of construction in progress of $1,296,742
Reversal of inventory and debtor provisions of $1,006,026

Dividends

No final dividend was proposed for the year ended 30 June 2015 (2014: Nil).

Company Number: 1687414

Astron Corporation Limited

Directors’ Report

30 June 2015

Review of Operations

Financials

Consolidated Statement of Profit or Loss and other Comprehensive Income

Total revenue comprising sales, interest received and other income excluding the land sale decreased from the prior year by 46% to $2,788,428. This is essentially due to the substantial reduction cash on deposit and associated interest earnings. Trading in the Chinese markets was consistent with the prior year.
Gross margins from the trading business were negative due to market condition in the Chinese markets. Inventory is carried at the current market prices which have not had the anticipated price rebound.
Administration expenditure decreased by $1,332,154 to $6,086,008. This decrease can be explained by the reduction in remuneration of key management personnel for the year and ongoing expenditure rationalisation.
Costs associated with Gambia litigation comprise legal fees and associated advisors’ costs.

Consolidated Statement of Financial Position

The increase in inventories is attributed to foreign exchange gains and some price strengthening in the market in the 2015 financial year.
Available for sale financial assets comprise shares in South American Iron & Steel, Altona Mining, Zambezi Resources and Greenpower Energy. The combined market value of these investments has increased by $355,706 from 30 June 2015 after receiving a $669,104 return of capital from Altona Mining. This increase has credited the financial assets available-for-sale reserve in the statement of financial position.
The increase in intangible assets arises from further development expenditure capitalised in respect of the Donald Mineral Sands and Niafarang (Senegal) projects.
Land use rights comprise 50 year land use leases. These leases are capitalised and amortised over the 50 year period. The increase in the carrying value to $3,525,125 over the 30 June 2014 value is attributable for foreign exchange gains after accounting for leasehold amortisation.
The increase in the net asset value from 29.2 cps at 30 June 2014 to 38.8 cps at 30 June 2015 primarily relates to the sale of land in China and foreign exchange gains on assets held outside Australia.

Operations review

Donald

The development of the Donald project continued during the year. Progress was made in the following areas:

Regulatory

The next stage in obtaining the right to mine is the completion of a work plan. A draft work plan has been submitted to the Department of Primary Industries. Stage 1 site surveys were undertaken and completed during the reporting period. A development plan for stage 2 has been completed and work continues.

Astron Corporation Limited

Company Number: 1687414

Directors’ Report

30 June 2015

Geology and mining

Additional drilling and sampling has been undertaken on the Donald and Jackson mineral sands deposits.
The company has released a resource upgrade to comply with the JORC 2012 code.
The definitive feasibility study which was announced in July 2014 has continued to be upgraded.

Land

No further land was purchased during the year.

Funding

The company continues to consider funding and optimisation options on the basis of its feasibility study.
As announced on 14 April 2014 Donald Mineral Sands Pty Ltd has entered into a framework agreement with the China Machinery Engineering Corporation which sets out the parties’ intentions and the process for agreeing on an EPC contract for supply and installation of equipment for the MUP/WCP for the Donald Mineral Sands project and assistance with funding the Project. Since 14 April 2014, Donald Mineral Sands Pty Ltd has worked closely with the China Machinery Engineering Corporations to refine the EPC contract and funding the project. Meanwhile, the Company continues to explore funding options for matching funds for the Donald project.

China operations

Work at Yingkou continued with the construction of additional infrastructure, construction of the zircon sponge plant and the purchase of equipment for the laboratory.
Astron’s technical consultants Mineral Engineering Technical Services Pty Ltd have confirmed that the proposed zircon washing process is feasible and capable of reducing the impurities in the Donald zircon sand enabling the production of a premium zircon product. Further development of separation plant was undertaken.

Senegal

Work continued on the components required to apply for the mining licence which is subject to Government approval.

America

Astron continues to pursue mineral sands deposits in USA for processing and sale in China.

Prospects

The Group’s objectives for the 2016 financial year are to continue with exploring funding options for the Donald Mineral Sands project, developing the Donald and the Niafarang projects and associated downstream research and development activities.

Significant Changes in State of Affairs

There have been no significant changes in the Group's state of affairs during the financial year.

Company Number: 1687414

Astron Corporation Limited

Directors’ Report

30 June 2015

Matters Subsequent to the end of the Financial Year

As announced to the ASX on 23 July 2015 Astron has received a successful finding in its favour. Astron and the Gambian government made submissions on damages to the International Centre for Settlement of Investment Disputes (“ICSID”). ICSID has now determined the award including damages in favour of Astron.

The determination was for US$18,658,358 in damages for breach of the mining licence, interest of US$993,683, arbitration costs of US$445,860 (minus any sums refunded to Astron by ICSID on its final accounting) and £2,250,000 for legal costs. In total this is approximately AUD$31 million. As with any judgement, the next step is the expiry of the time for a party to lodge an appeal, and then enforcement. Astron will consider its options for enforcing the judgement against the Gambian government.

In September 2015 Astron received 20 million Renminbi (paid in two installments) representing the second instalment on the sale of leasehold land in China.

There are no other matters or circumstances that have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.

Likely Developments

The Group continues to explore funding options for the Donald Mineral Sands project. During the next financial year the Group expects to:

finalise the project optimisation for Donald project;
complete the funding process for Donald project; and
commence the construction of Donald project
Work continues on the project technical optimisation, including further work on mining method refinement, tailing treatment majorization, processing flow process updating and comparing logistics options.

The Group proposes to develop the Niafarang project following the anticipated award of the small mine license by end of 2015, moving to contract mining in 2016. Once the Niafarang project is in production, the Group will have an additional revenue source, which will have an immediate impact on the financial position of the Group. The Group’s business strategies continue to be based on being a high-quality producer of zircon and titanium (together with associated products) focused on sales and marketing activities in China.

Environmental Regulation

The Group's operations are in China, Senegal and Australia. In Australia, our Environmental Effects Statement for the Donald mine has been approved. The Group complied with all environmental regulations in relation to mining operations and there were no reportable environmental matters from the Australian operations.

Once these projects have been developed the Group will if applicable apply the National Greenhouse and Energy Reporting Act of 2007.

In China, the Group continues to work closely with the local authorities to ensure high standards are maintained. In relation to the proposed manufacturing processes in China, there were no exceptions noted by regular local government environmental testing and supervision. Further the development projects will be implemented with best practice standards carefully monitored by the local authorities.

To the best of the Directors' knowledge, the Group has adequate systems in place to ensure compliance with the requirements of all environmental legislation described above and are not aware of any breach of those requirements during the financial year and up to the date of the Directors' report.

Occupational Health and Safety

During the year there were no lost time injuries.

Astron Corporation Limited

Company Number: 1687414

Directors’ Report

30 June 2015

Director Information

Mr. Gerard King

Chairman (Non-executive)

Qualifications

LLB

Experience

Board Member since 6 December 2011 (Astron Limited: 5 November 1985)
Former partner of law firm Phillips Fox and has had over 30 years of experience in corporate and business advising including acting as a Director of a number of Australian Public Companies

Interest in Shares #

49,038 Ordinary shares

Special Responsibilities

Mr. King is the Chairman of the Audit & Risk Committee and the Chairman of the Remuneration & Nomination Committee

Directorships held in other listed entities

Mr. King is a Director of Greenpower Energy Limited (appointed 4 November 1985) which was listed on 5 March 2008.

Mr. Alexander Brown

President (Executive)

Qualifications

B AgSc

Experience

Board Member since 6 December 2011 (Astron Limited: 4 February 1988)
Wide commercial experience of over 30 years in construction, mining and exploration including developing the Horseshoe Lights Gold Mine at Meekathara W.A., expanding the Gunnedah Coal Mine, in NSW, and successfully drilling for oil and gas in Thailand and USA.
Mr Brown also started with others a major advanced plastics pipe company Europipe Sdn Bhd in Malaysia in 1987 which manufactured and distributed its products throughout Asia and Australasia. In the last 19 years his activities have focused in building the Astron business in China.

Interest in Shares #

94,183,124 Ordinary shares

Special Responsibilities

Mr. Brown is the President and responsible for the operations of the Group

Directorships held in other listed entities

Mr. Brown is not currently a Director of another listed company.

Astron Corporation Limited

Company Number: 1687414

Directors’ Report

30 June 2015

Mdm Kang Rong

Chief Operating Officer and Deputy Managing Director (Executive)

Qualifications B.E.(Chem)

Experience

Board member since 31 January 2012 (Astron Limited: 21 August 2006)
Mdm Kang Rong worked as a Chemical Production Engineer at Shenyang Chemical Company (a major Chinese company based in Shenyang (Liaoning Province). She then moved to Hainan Island China and worked in sales and administration for the Japanese trading co. Nissei, Ltd.
She joined Astron in 1995 as marketing manager of Shenyang Astron Mining Industry. Since then she has overseen Astron’s China operations and global sales for over 13 years and has been largely responsible for the growth and development of the Company.
Interest in Shares # 4,000,000 Ordinary Shares

Special Responsibilities

As Chief Operating Officer and Deputy Managing Director is in charge of all Astron’s operations

Directorships held in other listed Mdm Kang Rong is not currently a Director of another listed entities company.

Interest in Shares includes directly, indirectly, beneficially or potentially beneficially held shares.

Astron Corporation Limited

Company Number: 1687414

Directors’ Report

30 June 2015

Meetings of Directors

During the financial year, seven meetings of Directors (excluding committees of Directors) were held for Astron Corporation Limited. Attendances by each Director at Directors’ meeting, audit and risk committee and remuneration and nominating committee meetings during the year were as follows:

Directors' Meetings	Directors' Meetings	Committee Meetings	Committee Meetings	Committee Meetings	Committee Meetings
		Audit & Risk Committee		Remuneration & Nomination Committee
Number eligible to attend	Number attended	Number eligible to attend	Number attended	Number eligible to attend	Number attended
8 8 6 4 8	8 5 6 4 8	2 0 2 1 0	2 n/a 2 1 n/a	0 0 0 0 0	n/a n/a n/a n/a n/a

Share Options

No options over issued shares or interests in the Group or a controlled entity were granted during or since the end of the financial year and there were no options outstanding at the date of this report.

Remuneration Report

Policy for determining the nature and amount of Key Management Personnel remuneration

The remuneration policy of the Group has been designed to align Director and executive objectives with shareholder and business objectives by providing a fixed remuneration component and offering potential long term incentives based on key performance areas affecting the Group's financial results. The board of Astron Corporation Limited believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best executives and Directors to run and manage the Group, as well as create goal congruence between Directors, executives and shareholders.

The board's policy for determining the nature and amount or remuneration for the board members and senior executives of the Group is as follows:

The remuneration policy for the executive Directors and other senior executives was developed by the remuneration committee and approved by the board after seeking professional advice from an independent external consultant.
All executives receive a market related base salary (which is based on factors such as length of service and experience), other statutory benefits and potential performance incentives.
The remuneration committee reviews executive packages annually by reference to the Group’s performance, executive performance and comparable information from industry sectors.

The performance of executives is measured against criteria agreed with each executive and is based predominantly on the forecast growth of the Group’s profits and shareholders’ value. All bonuses and incentives are linked to the performance of the individual and are discretionary. The objective is designed to attract the highest caliber of executives and reward them for performance that results in long term growth in shareholder wealth.

Company Number: 1687414

Astron Corporation Limited

Directors’ Report

30 June 2015

At the discretion of the Committee from time to time shares are issued to executives to reflect their achievements. There are presently no option based schemes in place.

Where applicable executive Directors and executives receive a superannuation guarantee contribution required by the government, which is currently 9.5%, and do not receive any other retirement benefits.

Some individuals, however, have chosen to sacrifice part of their salary to increase payments towards superannuation.

If shares are given to Directors and/or executives, these shares are issued at the market price of those shares.

The board policy is to remunerate non-executive Directors at market rates for time, commitment and responsibilities. The remuneration committee determines payments to the non-executive Directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non-executive Directors is subject to approval by shareholders at the Annual General Meeting. Fees for non-executive Directors are not linked to the performance of the Group. However, to align Director's interests with shareholder interests, the Directors are encouraged to hold shares in the Group.

Performance based remuneration

As part of each executive Director and executives remuneration package there is a discretionary bonus element. The intention of this program is to facilitate goal congruence between Directors/executives with that of the business and shareholders.

In determining whether or not each executive Director and executive's bonus is due, the remuneration committee bases the assessment on audited figures and independent reports where appropriate.

The remuneration committee reserves the right to award bonuses where performance expectation has prima facie not been met but it is considered in the interests of the Group to continue to reward that individual.

The bonus arrangements have been entered into with the following key management personnel (KMP):

Executive	Amount of bonus
Mark Coetzee	100% of annual salary for
	achievement of pre-determined
	KPIs

Other KMPs are entitled to the annual bonus program of the Group, which will be based on the performance of the group and at the discretion of the Board. The terms of the bonus program are in the process of being defined.

Company performance, shareholder wealth and directors and executives remuneration

The remuneration policy has been tailored to increase goal congruence between shareholders and Directors and executives. This has been achieved by awarding discretionary bonuses to encourage the alignment of personal and shareholder interests. The Group believes this policy to have been effective in increasing shareholder wealth and the Group's consolidated statement of financial position over the past five years.

The following table shows the gross revenue, profits and dividends for the last five years for the listed entity, as well as the share price at the end of the respective financial years.

Company Number: 1687414

Astron Corporation Limited

Directors’ Report

30 June 2015

Revenue (‘000) Net Profit/(Loss) (‘000) Share Price at Year-end DividendsPaid (‘000)	2011 $ 2012 $ 2013 $ 2014 $ 2015 $
	20,489 20,993 12,970 5,148 11,739 883 (1,003) (5,466) (7,583) 7,989 1.54 1.26 0.71 0.32 0.15 - - - - -

In 2012 Astron implemented a 2 for 1 share split and in 2014 the Astron returned 75cents per share to shareholders. Revenue for 2015 includes $11,081,124 being the gain on sale of leasehold land in China.

Key Management Personnel

The following persons were key management personnel (KMP) of the Group during the financial year:

Position Held

Mr. Gerard King Chairman-Non-executive Mr. Alexander Brown President Mr. Robert Flew Director- Non-executive (Resigned 31 March 2015) Mr. Ronald McCullough Director- Non-executive (Resigned 16 October 2014) Mdm Kang Rong Chief Operating Officer and Deputy Managing Director (Executive) Mr. Mark Coetzee Project Executive – Senegal Mr. Joshua Theunissen Australian Company Secretary

Shareholdings

Details of equity instruments (other than options and rights) held directly, indirectly, beneficially or potentially beneficially by key management personnel and their related parties are as follows:

30 June 2015	Balance 1/07/2014	Shares (sold) /purchased	Balance 30/06/2015
Key Management Personnel
Mr. Gerard King	49,038	-	49,038
Mr. Alexander Brown	94,183,124	-	94,183,124
Mr. Robert Flew	341,148	-	341,148
Mr. Ronald McCullough	8,000	-	8,000
Mdm Kang Rong	4,000,000	-	4,000,000
Mr. Mark Coetzee	-	-	-
Mr. Joshua Theunissen	-	-	-
Total	98,581,310	-	98,581,310

Company Number: 1687414

Astron Corporation Limited

Directors’ Report

30 June 2015

Details of Remuneration

Details of compensation by key management personnel of Astron Corporation Limited Group are set out below:

Year ended 30 June 2015

Year ended 30 June 2015
Directors Mr. Gerard King Mr. Alexander Brown (#1) Mr. Robert Flew (#2) Mr. Ronald McCullough (#1/3) Mdm Kang Rong (#1) Other key management personnel Mr. Mark Coetzee Mr. Joshua Theunissen (#1)	Short term benefits Post- employment benefits
	Cash, fees salary & commissions $ Non-cash Benefits/ Other $ Termination Payments $ Superannuation $ Total $ % of remuneration that is performance based
	99,750 - - 20,250 120,000 0% 496,909 - - - 496,909 0% 29,096 - - 15,904 45,000 0% 17,473 - - - 17,473 0% 385,275 - - - 385,275 0% 278,045 20,742 - - 298,787 0% 63,764 - - - 63,764 0%
	1,370,312 20,742 - 36,154 1,427,208

Note reference #:

Paid or payable to management company
Resigned 31 March 2015 3. Resigned 16 October 2014

None of the above payments were performance related.

Use of Remuneration Consultants

The Group’s Nomination and Remuneration Committee have employed external consultants to review and to provide recommendations in respect of the amount and elements of executive remuneration, including short-term and long-term incentive plan design.

No remuneration consultants were employed during the year.

Termination Payment

No termination payments were paid during the year to Key Management Personnel.

Company Number: 1687414

Astron Corporation Limited

Directors’ Report

30 June 2015

Year ended 30 June 2014

Directors Mr. Gerard King Mr. Alexander Brown (#1) Mr. Robert Flew Mr. Ronald McCullough (#1) Mdm Kang Rong (#1) Other key management personnel Mr. Allen Cauvin (#2) Mr. Mark Coetzee Mr. Joshua Theunissen (#1)	Short term benefits Post- employment benefits
	Cash, fees salary & commissions $ Non-cash Benefits/ Other $ Superannuation $ Termination $ Total $ % of remuneration that is performance based
	100,000 - 20,000 - 120,000 - 496,909 - - - 496,909 - 38,920 - 21,080 - 60,000 - 60,000 - - - 60,000 - 380,678 - - - 380,678 - 145,096 - 6,060 100,000 251,156 - 258,472 15,784 - - 274,256 - 90,995 - - - 90,995 -
	1,571,070 15,784 47,140 100,000 1,733,994 -

Note reference #:

Paid or payable to management company
Resigned 31 October 2013 and was paid $100,000 in lieu of notice

None of the above payments were performance related.

Share Based Payment Bonuses

No share based payment bonuses were paid during the current year or the year ended 30 June 2015.

Company Number: 1687414

Astron Corporation Limited

Directors’ Report

30 June 2015

Service Contracts

Service contracts (or letters of engagement) have been entered into by the Group, or are in the process of being entered into, with all key management personnel and executives, describing the components and amounts of remuneration applicable on their initial appointment, including terms, other than non-executives who have long established understanding of arrangements with the Group. These contracts do not fix the amount of remuneration increases from year to year. Remuneration levels are reviewed generally each year by the Remuneration Committee to align with changes in job responsibilities and market salary expectations. There is an arrangement with respect to the services of the Managing Director, Alexander Brown, provided by a management company on an annual service agreement, the period of notice required to terminate this contract is twelve months. Other than repayment of loans and management fees there is no further payment required to terminate this contract.

Other key management personnel have ongoing contracts with a notice period of three months for key management personnel. There are no non-standard termination clauses in any of these contracts.

The Remuneration Committee considers the appropriate remuneration requirements. In August 2012, the Group engaged external consultants to review the Group’s salary and incentive benchmarks. No consultants were engaged to review Group remunerations during the year ended 30 June 2015.

END OF REMUNERATION REPORT

Indemnifying Officers or Auditors

Insurance premiums paid for Directors

During the year Astron Limited paid a premium of $54,883 (2014: $37,387) in respect of a contract insuring Directors, secretaries and executive officers of the company and its controlled entities against a liability incurred as Director, secretary or executive officer. The contract of insurance prohibits disclosure of the nature of the liability.

The company has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify an officer or auditor of the company or any of its controlled entities against a liability incurred as such an officer or auditor.

Voting and comments at the Company’s 2014 Annual General Meeting

The Company received 94.8% of “yes” votes on its remuneration report for the 2014 financial year. The Company did not receive any specific feedback at the AGM on its remuneration report.

Non-audit services

During the financial year, the following fees for non-audit services were paid or payable to the auditor, Grant Thornton, or their related practices:

Other Services Taxation services Otherservices	2015 $ 2014 $
	35,760 19,100 10,064 3,850

Astron Corporation Limited

Company Number: 1687414

Directors’ Report

30 June 2015

The Directors are satisfied that the provision of non-audit services, during the year, by the auditor (or by another person or firm on behalf of the auditor), is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.

On the advice of the audit committee, the Directors are satisfied that the provision of non-audit services by the auditor, as set out above, did not compromise the auditor independence requirements of the International Accounting and Ethics Standards Board (IASEB) for the following reasons:

all non-audit services have been reviewed by the audit committee to ensure that they do not impact the integrity and objectivity of the auditor; and
none of the non-audit services undermine the general principles relating to auditor independence as set out by the IASEB.

Auditors’ Independence Declaration

The lead auditors’ independence declaration for the year ended 30 June 2015 has been received and can be found on page 14 of the financial report.

Directors’ declaration regarding IFRS compliance statement

The Directors’ declare that these annual financial statements have been prepared in compliance with International Financial Reporting Standards.

Proceedings on Behalf of Company

No person has applied to the Court for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party, for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.

Signed in accordance with a resolution of Directors:

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Mr. Alex Brown Dated this 30 September 2015

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Gerard King

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Level 17, 383 Kent Street Sydney NSW 2000

Correspondence to: Locked Bag Q800 QVB Post Office Sydney NSW 1230

T +61 2 8297 2400 F +61 2 9299 4445 E [email protected] W www.grantthornton.com.au

Auditor’s Independence Declaration To the Directors of Astron Corporation Limited

As lead auditor for the audit of Astron Corporation Limited for the year ended 30 June 2015, I declare that, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the International Accounting and Ethics Standards Board (IAESB).

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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L M Worsley Partner - Audit & Assurance

Sydney, 30 September 2015

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

Astron Corporation Limited

ARBN 154 924 553

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For The Year Ended 30 June 2015

Note Sales revenue 5 Cost of sales Gross loss Interest income 5 Other income 5 Distribution expenses Marketing expenses Occupancy expenses 6 Administrative expenses 6 Write back/(down) of stock 6 Impairment of capital works in progress 6 Impairment of available-for-sale financial assets 6 Bad debts provision write back/(expense) 6 Costs associated with Gambian litigation 6 Finance costs Other expenses Profit/(Loss) before income tax expense Income tax benefit/(expense) 7 Net profit/(loss) for the year Other comprehensive income Items that may be reclassified subsequently to profit or loss Increase in fair value of available-for-sale financial assets (tax: nil) Increase/(decrease) in foreign currency translation reserve (tax: nil) Other comprehensive income/ (loss) for the year, net of tax Total comprehensive income for the year Profit/(Loss) for the year attributable to: Owners of Astron Corporation Limited Total comprehensive income for the year attributable to: Owners of Astron Corporation Limited	Consolidated
	2015 $ 2014 $
	1,984,024 1,636,910 (2,048,434) (1,983,546)
	(64,410) (346,636) 146,645 3,270,641 11,738,883 240,210 (42,996) (88,699) (17,624) (26,434) (169,708) (143,646) (6,086,008) (7,418,162) 392,139 (481,578) (1,296,742) - - (19,363) 613,887 (1,117,662) (264,460) (93,547) (28,224) (45,840) (14,377) (39,742)
	4,907,005 (6,310,458) 3,082,113 (1,272,948)
	7,989,118 (7,583,406)
	355,706 242,414 7,293,284 (664,891)
	7,648,990 (422,477)
	15,638,108 (8,005,883)
	7,989,118 (7,583,406) 15,638,108 (8,005,883)

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

Astron Corporation Limited

ARBN 154 924 553

Consolidated Statement of Profit or Loss and Other Comprehensive Income (cont)

For The Year Ended 30 June 2015

EARNINGS PER SHARE For profit/(loss) for the year	Consolidated
	Note 2015 Cents 2014 Cents
	8
Basic earnings/(loss) per share (cents per share)	6.52 (6.19)
Diluted earnings/(loss) per share (cents per share)	6.52 (6.19)

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

Astron Corporation Limited

ARBN 154 924 553

Consolidated Statement of Financial Position

For The Year Ended 30 June 2015

Note ASSETS Current assets Cash and cash equivalents 10 Term deposits greater than 90-days 10 Trade and other receivables 11 Inventories 12 Available-for-sale financial assets 14 Current tax assets 22	Consolidated 2015 $ 2014 $
	5,796,027 2,905,195 60,325 7,220,272 17,417,179 1,569,997 797,298 449,780 892,851 1,206,249 1,186,928 558,154
	26,150,608 13,909,647
Assets classified as held for sale 18	- 6,738,679
Total current assets	26,150,608 20,648,326
Non-current assets Trade and other receivables 10 Property, plant and equipment 16 Intangible assets 17 Land use rights 18	3,924,922 - 22,363,317 20,850,447 64,926,815 61,182,133 3,525,124 2,903,760
Total non-current assets	94,740,178 84,936,340
TOTAL ASSETS	120,890,786 105,584,666
LIABILITIES Current liabilities Borrowings 20 Trade and other payables 19 Provisions 21	1,000,000 - 2,121,187 2,361,377 77,838 86,467
Total current liabilities	3,199,025 2,447,844
Non-current liabilities Deferred tax liabilities 22 Long-termprovisions 21	5,226,361 6,309,530 40,000 40,000
Total non-current liabilities	5,266,361 6,349,530
TOTAL LIABILITIES	8,465,386 8,797,374
NET ASSETS	112,425,400 96,787,292

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

Astron Corporation Limited

ARBN 154 924 553

Consolidated Statement of Financial Position (cont)

For The Year Ended 30 June 2015

		Consolidated	Consolidated
	Note	2015	2014
		$	$
EQUITY
Issued capital	23	1,605,048	1,605,048
Reserves	24	13,355,012	5,706,022
Retained earnings		97,465,340	89,476,222
TOTAL EQUITY		112,425,400	96,787,292

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

Astron Corporation Limited

ARBN 154 924 553

Consolidated Statement of Changes in Equity For The Year Ended 30 June 2015

	Issued Capital	Retained Earnings	Financial Assets Available For Sale Reserve	Foreign Currency Translation Reserve	Total Equity
Year Ended 30 June 2015	$	$	$	$	$
Equity as at 1 July 2014	1,605,048	89,476,222	505,599	5,200,423	96,787,292
Profit for the year	-	7,989,118	-	-	7,989,118
Other comprehensive
income
Increase in fair value of
available-for-sale financial
assets	-	-	355,706	-	355,706
Exchange differences on
translation of foreign operations	-	-	-	7,293,284	7,293,284
Total comprehensive income for theyear	-	7,989,118	355,706	7,293,284	15,638,108
Transactions with owners
in their capacity as owners
Return of capital	-	-	-	-	-
Total of transactions with
owners in their capacity as
owners	-	-	-	-	-
Equity as at 30 June 2015	1,605,048	97,465,340	861,305	12,493,707	112,425,400

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Astron Corporation Limited

ARBN 154 924 553

Consolidated Statement of Changes in Equity (cont) For The Year Ended 30 June 2015

	Issued Capital	Retained Earnings	Financial Assets Available For Sale Reserve	Foreign Currency Translation Reserve	Total Equity
Year Ended 30 June 2014	$	$	$	$	$
Equity as at 1 July 2014	30,061,919	160,462,596	263,185	5,865,314	196,653,014
Loss for the year	-	(7,583,406)	-	-	(7,583,406)
Other
comprehensive
income
Increase in fair value
of available-for-sale
financial assets	-	-	242,414	-	242,414
Exchange differences
on translation of
foreign operations	-	-	-	(664,891)	(664,891)
Total comprehensive income for theyear	-	(7,583,406)	242,414	(664,891)	(8,005,883)
Transactions with
owners in their
capacity as owners
Returnofcapital	(28,456,871)	(63,402,968)	-	-	(91,859,839)
Total of transactions
with owners in their
capacity as owners	(28,456,871)	(63,402,968)	-	-	(91,859,839)
Equity as at 30 June 2014	1,605,048	89,476,222	505,599	5,200,423	96,787,292

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Astron Corporation Limited

ARBN 154 924 553

Consolidated Statement of Cash Flows For The Year Ended 30 June 2015

Note Cash flows from operating activities: Receipts from customers Payments to suppliers and employees Interest received Interest paid Dividend received Income taxes received/(paid)	Consolidated 2015 $ 2014 $
	2,548,821 3,827,692 (8,024,085) (8,000,980) 445,184 3,651,188 (28,064) (45,840) 167,276 - 1,148,989 (275,650)
Net cash outflow from operating activities 28i	(3,741,879) (843,590)
Cash flows from investing activities: Receipt/(Investment) in short term deposits Acquisition of property, plant and equipment Construction in works in progress Return of capital from other financial assets Capitalised exploration,evaluation expenditure and development costs	7,159,947 55,112,846 (17,506) (195,535) (27,847) (3,791,762) 669,104 - (4,013,836) (1,253,268)
Net cash inflow/(outflow) from investing activities	3,769,862 49,872,281
Cash flows from financing activities: Return of capital Advance/repayment of borrowings	- (91,859,839) 1,000,000 (301,909)
Net cash(outflow)/ inflow from financing activities	1,000,000 (92,161,748)
Net decrease in cash held	1,027,983 (43,133,057)
Cash and cash equivalents at beginning of the year Net foreign exchange differences	2,905,195 45,790,618 1,862,849 247,634
Cash and cash equivalents at end of theyear 28ii	5,796,027 2,905,195

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

1. Corporate Information

The consolidated financial statements of Astron Corporation Limited for the year ended 30 June 2015 were authorised for issue in accordance with a resolution of the Directors on 30 September 2015 and relate to the consolidated entity consisting of Astron Corporation Limited and its subsidiaries. Separate financial statements for Astron Corporation Limited as an individual entity are no longer presented.

The financial statements are presented in Australian dollars.

Astron Corporation Limited is a for-profit company limited by shares incorporated in Hong Kong whose shares are publicly traded through CHESS Depository Interests on the Australian Securities Exchange.

2. Summary of Significant Accounting Policies

(a) Basis of Preparation

The financial statements are general purpose financial statements that have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and other authoritative pronouncements of the IASB.

The financial statements have also been prepared on a historical cost basis, except for investment properties, land and buildings, plant and equipment deemed to be at fair value and available-for-sale financial assets that have been measured at fair value. Non-current assets and disposal groups held for sale are measured at the lower of carrying amounts and fair value less costs to sell.

The following significant accounting policies have been adopted in the preparation and presentation of the financial statements.

(b) Basis of Consolidation

The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of 30 June 2015. The Parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary.

All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.

Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.

Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s profit or loss and net assets that is not held by the Group. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(c) Foreign Currency Translation

The functional and presentation currency of Astron Corporation Limited and its Australian subsidiaries is Australian dollars (A$).

Foreign currency transactions are translated into the functional currency using the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the end of the reporting period. Foreign exchange gains and losses resulting from settling foreign currency transactions, as well as from restating foreign currency denominated monetary assets and liabilities, are recognised in profit or loss except when they are deferred in other comprehensive income as qualifying cash flow hedges or where they relate to differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when fair value was determined.

The functional currency of the overseas subsidiaries is primarily Chinese Renminbi. The assets and liabilities of these overseas subsidiaries are translated into the presentation currency of Astron Corporation Limited at the closing rate at the end of the reporting period and income and expenses are translated at the weighted average exchange rates for the year. All resulting exchange differences are recognised in other comprehensive income as a separate component of equity (foreign currency translation reserve). On disposal of a foreign entity, the cumulative exchange differences recognised in foreign currency translation reserves relating to that particular foreign operation are recognised in the profit and loss.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

(d) Revenue Recognition

Revenue is recognised at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances and duties and taxes paid. The following specific recognition criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of products is recognised when the significant risks and rewards of ownership have passed to the buyer i.e. when control of the goods is passed to the buyer.

Rendering of services

Revenue from the rendering of services such as management fees are recognised upon the rendering of the service to the customers in accordance with the agreements.

Interest

Revenue is recognised as interest accrues using the effective interest method. The effective interest method uses the effective interest rate which is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial asset.

Rental income

Rental income is accounted for on a straight line basis over the lease term. Contingent rentals are recognised as income in the periods when they are earned.

Government grants

Grants from the government are recognised on receipt. These grants are intended to compensate for tax paid.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(e) Income Tax

The income tax expense for the period is the tax payable on the current period's taxable income based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax base of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.

Deferred tax assets and liabilities are recognised for all temporary differences, between carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases, at the tax rates expected to apply when the assets are recovered or liabilities settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. Exceptions are made for certain temporary differences arising on initial recognition of an asset or a liability if they arose in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit.

Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries, associates and interests in joint ventures where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Astron Limited, the wholly owned subsidiary of Astron Corporation Limited, and the Australian subsidiaries wholly owned by Astron Limited have implemented the tax consolidation legislation for the whole of the financial year. Astron Limited is the head entity in the tax consolidated group. The stand-alone taxpayer within a group approach has been used to allocate current income tax expense and deferred tax balances to wholly owned subsidiaries that form part of the tax consolidated group. Astron Limited has assumed all the current tax liabilities and the deferred tax assets arising from unused tax losses for the tax consolidated group via intercompany receivables and payables because a tax funding arrangement has been in place for the whole financial year. The amounts receivable/payable under tax funding arrangements are due upon notification by the head entity, which is issued soon after the end of each financial year. Interim funding notices may also be issued by the head entity to its wholly owned subsidiaries in order for the head entity to be able to pay tax installments. These amounts are recognised as current intercompany receivables or payables.

The Group recognises refunds received from research and development tax offsets in income tax expense (benefit). The research and development tax offset is recognised in accordance with the lodged income tax returns of the Group.

(f) Impairment of Assets

At the end of each reporting period the Group assesses whether there is any indication that individual assets are impaired. Where impairment indicators exist, recoverable amount is determined and impairment losses are recognised in the profit and loss where the asset's carrying value exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purpose of assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Where it is not possible to estimate recoverable amount for an individual asset, recoverable amount is determined for the cash generating unit to which the asset belongs.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(g) Cash and Cash Equivalents

For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents includes cash on hand and at bank, deposits held at call with financial institutions, other short term, highly liquid investments with maturities of three months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts.

Term deposits with maturity over three months include bank deposits with fixed terms over three months period. For the purpose of the Consolidated Statement of Cash Flows, term deposits with maturity over three months are shown as cash flows from investing activities.

(h) Trade Receivables

Trade receivables are recognised at original invoice amounts less an allowance for uncollectible amounts and have repayment terms between 0 and 90 days. Collectability of trade receivables is assessed on an ongoing basis. Debts which are known to be uncollectible are written off. An allowance is made for doubtful debts where there is objective evidence that the Group will not be able to collect all amounts due according to the original terms. Objective evidence of impairment includes financial difficulties of the debtor, default payments or debts more than 180 days overdue. On confirmation that the trade receivable will not be collectible the gross carrying value of the asset is written off against the associated provision.

From time to time, the Group elects to renegotiate the terms of trade receivables due from customers with which it has previously had a good trading history. Such renegotiations will lead to changes in the timing of payments rather than changes to the amounts owed and are not, in the view of the Directors, sufficient to require the de-recognition of the original instrument.

Receivables from related parties are recognised and carried at the nominal amount due.

(i) Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises all direct materials, direct labour and an appropriate portion of variable and fixed overheads. Fixed overheads are allocated on the basis of normal operating capacity. Costs are assigned to inventories using the first in first out basis. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated selling cost of completion and selling expenses.

(j) Non-current Assets Classified as Held For Sale

Non-current assets classified as held for sale are those assets whose carrying amounts will be recovered principally through a sale transaction rather than through continuing use. These assets are stated at the lower of their carrying amount and fair value less costs to sell and are not depreciated or amortised. Interest expense continues to be recognised on liabilities of a disposal group classified as held for sale.

An impairment loss is recognised for any initial or subsequent write down of the asset to fair value less costs to sell. A gain is recognised for subsequent increases in fair value less costs to sell of an asset but not exceeding any cumulative impairment losses previously recognised.

A discontinued operation is a component of the Group that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in profit or loss.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(k) Investments and Other Financial Assets

All investments and other financial assets are initially stated at cost, being the fair value of consideration given plus acquisition costs. Purchases and sales of investments are recognised on trade date which is the date on which the Group commits to purchase or sell the asset. Accounting policies for each category of investments and other financial assets subsequent to initial recognition are set out below.

Available-for-sale financial assets

Available-for-sale financial assets comprise investments in listed and unlisted entities and any non-derivatives that are not classified as any other category of financial assets, and are classified as non-current assets (unless management intends to dispose of the investment within 12 months of the end of the reporting period). After initial recognition, these investments are measured at fair value with gains or losses recognised in other comprehensive income (available-for-sale investments revaluation reserve). Where there is a significant or prolonged decline in the fair value of an available-for-sale financial asset (which constitutes objective evidence of impairment) the full amount including any amount previously charged to other comprehensive income is recognised in profit or loss. Purchases and sales of available-for-sale financial assets are recognised on settlement date with any change in fair value between trade date and settlement date being recognised in other comprehensive income. On sale, the amount held in available-for-sale reserves associated with that asset is recognised in profit or loss as a reclassification adjustment. Interest on corporate bonds classified as available-for-sale is calculated using the effective interest rate method and is recognised in finance income in profit or loss.

The fair value of quoted investments are determined by reference to stock exchange quoted market bid prices at the close of business at the end of the reporting period. For investments where there is no quoted market price, fair value is determined by reference to the current market value of another instrument which is substantially the same or is calculated based on the expected cash flows of the underlying net asset base of the investment.

Investments in subsidiaries are accounted for in the consolidated financial statements as described in note 2(b).

Loans and receivables

Impairment losses are measured as the difference between the carrying amount and the present value of the estimated future cash flows, excluding future credit losses that have not been incurred. The cash flows are discounted at the investment's original effective interest rate. Impairment losses are recognised in profit or loss.

Non-current loans and receivables include loans due from related parties repayable within 366 days of the end of the reporting period. These are interest bearing using a market rate of interest for a similar instrument with a similar credit rating. In the case of loans and receivables, objective evidence of impairment includes confirmation that the company will not be able to collect all amounts due according to the original terms.

(l) Fair Values

Fair values may be used for financial asset and liability measurement and well as for sundry disclosures.

Fair values for financial instruments traded in active markets are based on quoted market prices at the end of the reporting period. The quoted market price for financial assets is the current bid price.

The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to their short term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(m) Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses.

All other plant and equipment is stated at historical cost, including costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, less depreciation and any impairments.

Land is not depreciated. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

Depreciation on other assets is calculated on a straight line basis over the estimated useful life of the asset as follows:

Class of Asset
Leasehold Buildings	50 years
Freehold Land	Indefinite
Plant andEquipment	3-20Years

The assets' residual value and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Gains and losses on disposals are calculated as the difference between the net disposal proceeds and the asset's carrying amount and are included in profit or loss in the year that the item is de-recognised.

The cost of fixed assets constructed within the Group includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.

Additional costs incurred on the impaired capital works in progress are expensed in profit or loss.

(n) Leases

Leases where the lessor retains substantially all the risks and rewards of ownership of the net asset are classified as operating leases. Payments made under operating leases (net of incentives received from the lessor) are charged to profit or loss on a straight line basis over the period of the lease.

(o) Land Use Rights

The upfront prepayments made for land use rights are expensed in profit or loss on a straight line basis over the period of the lease or, when there is impairment, it is expensed immediately. The period of the lease is 50 years.

(p) Intangibles

Research and development costs

Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised if the product or service is technically feasible, adequate resources are available to complete the project, it is probable that future economic benefits will be generated and expenditure attributable to the project can be measured reliably. Expenditure capitalised comprises costs of services and direct labour. Other development costs are expensed when they are incurred. The carrying value of development costs is reviewed annually when the asset is not yet available for use, or when events or circumstances indicate that the carrying value may be impaired.

The project is in the development phase and hence no amortisation has been brought to account. An amortisation policy has yet to be determined.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

Water rights

The Group has capitalised Water Rights. The water rights are amortised over the term of the right. The carrying value of water rights is reviewed annually or when events or circumstances indicate that the carrying value may be impaired.

(q) Exploration and Evaluation Expenditure

(i) Costs carried forward

Costs arising from exploration and evaluation activities are carried forward provided that the rights to tenure of the area of interest are current and such costs are expected to be recouped through successful development, or by sale, or where exploration and evaluation activities have not, at reporting date, reached a stage to allow a reasonable assessment regarding the existence of economically recoverable reserves. Expenditure incurred is accumulated in respect of each identifiable area of interest.

(ii) Costs abandoned area

Costs carried forward in respect of an area of interest that is abandoned are written off in the year in which the decision to abandon is made.

(iii) Regular review

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

(iv) Costs of site restoration

Costs of site restoration are to be provided once an obligation presents. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal and rehabilitation of the site in accordance with clauses of the mining permits. Such costs will be determined using estimates of future costs, current legal requirements and technology on a discounted basis.

(r) Trade and Other Payables

Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the reporting period and which are unpaid. These amounts are unsecured and have 30 to 90 day payment terms.

Payables to related parties are carried at the principal amount.

(s) Borrowings

All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans and borrowings using the effective interest method.

All borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.

(t) Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

(u) Provisions

Provisions for legal claims, service warranties and make good obligations are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

that an outflow of economic resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

Where the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pretax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

(v) Employee Benefit Provisions

Wages and salaries, annual leave and sick leave

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave expected to be settled within 12 months of the end of the reporting period are recognised in respect of employees' services rendered up to the end of the reporting period and measured at amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when leave is taken and measured at the actual rates paid or payable. Liabilities for wages and salaries and annual leave are included as part of Other Payables.

Bonus plan

The Group recognises an expense and a liability for bonuses when the entity is contractually obliged to make such payments or where there is past practice that has created a constructive obligation.

Retirement benefit obligations

The Group contributes to employee superannuation funds in accordance with its statutory obligations. Contributions are recognised as expenses as they become payable.

(w) Issued Capital

Ordinary shares are classified as equity.

Costs directly attributable to the issue of new shares are shown as a deduction from the equity proceeds, net of any income tax benefit. Costs directly attributable to the issue of new shares associated with the acquisition of a business are included as part of the purchase consideration.

(x) Forward Funding

The short term needs of the company to meet its ongoing administration costs and committed project expenditure are forecast to be covered by the existing resources on hand for at least the next 12 months, however, the Group will require additional funding to execute its long term plans. The Group anticipates a significant uplift in Chinese trading in the near to medium term and there are several sources of additional funds available to the Group if necessary.

With respect to the projects, the Group is working through funding options. These include proceeds due from the sale of the land asset in China due in accordance with the agreed payment plan and the likely award of recompense from the court proceedings relating to the Gambian project which have been found in our favour (The timing of which is not able to be precisely predicted).

With regard to funding for the Senegal project, discussions are advanced to realise a joint venture and a letter of credit arrangement. The timing of the need and source of the funding is dependent on the issue of the mining lease which is now expected toward the end of the financial year.

Funding for the Donald project is advancing with Chinese sources, with the framework agreement having been signed. There will be a need for additional funding over and above this, which will be pursued when the timing of the Chinese funding becomes clearer. Options available to the Group include a mixture of equity and debt funding and the directors believe that such funding will be forthcoming.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(y) Share Based Payments

The Group may provide benefits to employees (including Directors) of the Group in the form of share based payment transactions, whereby employees render services in exchange for shares ("equity settled transactions"). Such equity settled transactions are at the discretion of the Remuneration Committee. To date, no such equity settled transactions have been undertaken.

The fair value of options or rights granted is recognised as an employee benefit expense with a corresponding increase in equity (share-based payment reserve). The fair value is measured at grant date and recognised over the period during which the employees become unconditionally entitled to the options. Fair value is determined using a Black-Scholes option pricing model. In determining fair value, no account is taken of any performance conditions other than those related to the share price of Astron Corporation Limited ("market conditions"). The cumulative expense recognised between grant date and vesting date is adjusted to reflect the Directors’ best estimate of the number of options or rights that will ultimately vest because of internal conditions of the options or rights, such as the employees having to remain with the Group until vesting date, or such that employees are required to meet internal KPI. No expense is recognised for options or rights that do not ultimately vest because internal conditions were not met. An expense is still recognised for options or rights that do not ultimately vest because a market condition was not met.

Where the terms of options or rights are modified, the expense continues to be recognised from grant date to vesting date as if the terms had never been changed. In addition, at the date of the modification, a further expense is recognised for any increase in fair value of the transaction as a result of the change.

Where options are cancelled, they are treated as if vesting occurred on cancellation and any unrecognised expenses are taken immediately to profit or loss. However, if new options are substituted for the cancelled options or rights and designated as a replacement on grant date, the combined impact of the cancellation and replacement are treated as if they were a modification.

When shareholders’ approval is required for the issuance of options or rights, the expenses are recognised based on the grant-date fair value according to the management estimation. This estimate is re-assessed upon obtaining formal approval from shareholders.

(z) Dividends/Return of Capital

No dividends were paid or proposed for the years ended 30 June 2015 and 30 June 2014. There is no Dividend Reinvestment Plan in operation. On 28 May 2014 the Company announced the completion of a return of capital whereby a distribution and equal return of capital to all shareholders of $0.75 per ordinary share was undertaken. The Company previously made a tax free capital gain from the sale of its China processing companies to Imerys in 2008 and the Board decided that it is now the appropriate time to make a return of capital to shareholders from the prior year’s tax free capital profit.

(aa) Segment Reporting

Segment revenues, expenses, assets and liabilities are those that are directly attributable to a segment and the relevant portion that can be allocated to the segment on a reasonable basis. Segment assets include all assets used by a segment and consist primarily of operating cash, receivables, inventories, property, plant and equipment and other intangible assets. Segment liabilities consist primarily of trade and other creditors, employee benefits and provisions.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(bb) Earnings Per Share

Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to owners of Astron Corporation Limited by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares during the year.

Diluted earnings per share

Earnings used to calculate diluted earnings per share are calculated by adjusting the basic earnings by the after tax effect of dividends and interest associated with dilutive potential ordinary shares. The weighted average number of shares used is adjusted for the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.

(cc) Goods and Services Tax (GST)

Revenues, expenses are recognised net of GST except where GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item.

Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated statement of financial position.

Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

(dd) New and revised standards that are effective for these financial statements

The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group.

Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

The following Accounting Standards and Interpretations are most relevant to the Group:

IAS 2012-3 Amendments to Australian Accounting Standards - Offsetting Financial Assets and Financial Liabilities;
IAS 2013-3 Amendments to IAS 136 - Recoverable Amount Disclosures for Non-Financial Assets;
IAS 2013-4 Amendments to Australian Accounting Standards - Novation of Derivatives and Continuation of Hedge Accounting; and
IAS 2014-1 Amendments to Australian Accounting Standards (Parts A to C).

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(ee) Standards Issued but not yet Effective

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2015. The Group's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the Group, are set out below.

IAS 9 Financial Instruments

This standard is applicable to annual reporting periods beginning on or after 1 January 2018. The standard replaces all previous versions of AASB 9 and completes the project to replace IAS 39 ‘Financial Instruments: Recognition and Measurement’. AASB 9 introduces new classification and measurement models for financial assets. New simpler hedge accounting requirements are intended to more closely align the accounting treatment with the risk management activities of the entity. New impairment requirements will use an ‘expected credit loss’ (‘ECL’) model to recognise an allowance. The Group will adopt this standard from 1 July 2018 but the impact of its adoption is yet to be assessed. The impact on the Group is likely to be immaterial.

IAS 15 Revenue from Contracts with Customers

This standard is currently applicable to annual reporting periods beginning on or after 1 January 2017 (however Exposure Draft 263 'Effective Date of IAS 15' proposes to defer the application date by one year to 1 January 2018). The standard provides a single standard for revenue recognition. The core principle of the standard is that an entity will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services). It is expected that the consolidated entity will adopt this standard from 1 July 2018 (presuming ED 263 is passed) but the impact of its adoption is yet to be assessed. The impact on the Group is likely to be immaterial.

Other accounting standards issued are not considered to have a significant impact on the financial statements of the Group. These standards (and their operative dates) include:

IAS 14 Regulatory Deferral Accounts (from 1 January 2016);
IAS 2014-1 Amendments to Australian Accounting Standards (Part D from 1 January 2016 and Part E from 1 January 2018);
IAS 2014-3 Amendments to International Accounting Standards – Accounting for Acquisitions of Interests in Joint Operations (from 1 January 2016);
IAS 2014-4 Amendments to International Accounting Standards – Clarification of Acceptable Methods of Depreciation and Amortisation (from 1 January 2016);
IAS 2014-5 Amendments to International Accounting Standards arising from IAS 15 (from 1 January 2017);
IAS 2014-7 Amendments to International Accounting Standards arising from IAS 9 (December 2014) (from 1 January 2018);
IAS 2014-8 Amendments to International Accounting Standards arising from IAS 9 (December 2014) – Application of IAS 9 (December 2009) and IAS 9 (December 2010) (from 1 January 2015);
IAS 2014-9 Amendments to International Accounting Standards – Equity Method in Separate Financial Statements (from 1 January 2016);
IAS 2014-10 Amendments to International Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (from 1 January 2016);
IAS 2015-2 Amendments to International Accounting Standards – Disclosure Initiative: Amendments to AASB 101 (from 1 January 2016);

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

3. Critical Accounting Estimates and Judgments

The Directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events based on current trends and economic data, obtained both externally and within the Group.

i. Key estimates: Impairment

The Group assesses impairment at the end of each reporting period by evaluating conditions specific to the Group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. Value in use calculations performed in assessing recoverable amounts incorporate a number of key estimates and judgements.

During the period impairment has been recognised in respect of the Zr Sponge project; refer to note 15(d).

The Group has prepared discounted cash flow models which together with independent valuations support the carrying value of intangible assets while the Group works through to obtaining bankable feasibility status (Refer note 16). The Group uses various interest rates to discount future cash flows based around risks included capital, geographical and market risks.

All other assets have been assessed for impairment based on either their value in use or fair value less costs to sell. The impairment assessments inherently involve significant judgements and estimates to be made.

ii. Provision for Impairment of Receivables

The provision for impairment of receivables assessment requires a degree of estimation and judgement. The level of provision is assessed by taking into account the recent sales experience, the aging of receivables, historical collection rates and specific knowledge of the individual debtors’ financial position.

iii. Capitalisation of Exploration and Evaluation Assets

The Group has continued to capitalise expenditure, in terms of IFRS 6, incurred on the exploration and evaluation of the Donald Mineral Sands project in Victoria, Australia. This has been done as the technical feasibility and economic viability of extracting the mineral resources is not demonstrable. The Group has assessed that the balances capitalised will be recoverable through the projects successful development.

The Group has continued to capitalise expenditure, in terms of IFRS 6, incurred on the exploration and evaluation of the Senegal Mineral Sands project in Senegal. This has been done as until a mining license is received the Group the viability of extracting the mineral resources is not demonstrable. The Group has assessed that the balances capitalised will be recoverable through the projects successful development.

iv. Income Tax

The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgment is required in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The group recognized liabilities for anticipated tax audit issues based on the Group’s current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

vi. Deferred Tax Assets

Deferred tax assets have not been recognised for capital losses and China revenue losses as the utilisation of these losses is not considered probable at this stage.

vii. Available-for sale Financial Assets

Available-for-sale financial assets have been classified as current assets as it is the Group’s intention to dispose of these assets within one year.

viii. Inventories

Management estimates the net realisable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realisation of these inventories may be affected by future technology or other market-driven changes that may reduce future selling prices.

4. Segment Information

i. Description of Segments

The Group has adopted IAS 8 Operating Segments from whereby segment information is presented using a 'management approach', i.e. segment information is provided on the same basis as information used for internal reporting purposes by the Managing Director/President (chief operating decision maker) who monitors the segment performance based on the net profit before tax for the period. Operating segments have been determined on the basis of reports reviewed by the Managing Director/President who is considered to be the chief operating decision maker of the Group. The reportable segments are as follows:

Senegal: Development of the Niafarang mine
Donald Mineral Sands: Development of the Donald Mineral Sands mine
Titanium: Development of mineral processing plant and mineral trading • Mineral Resources: Mineral trading and construction of the mineral separation plant
Other: Group treasury and head office activities

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

ii. Information provided to the Managing Director /President

30 June	Donald Mineral Sands	Donald Mineral Sands	Titanium	Titanium	Mineral Resources	Mineral Resources	Senegal	Senegal	Other	Other	Consolidated	Consolidated
	Jun-15	Jun-14	Jun-15	Jun-14	Jun-15	Jun-14	Jun-15	Jun-14	Jun-15	Jun-14	Jun-15	Jun-14
	$	$	$	$	$	$	$	$	$	$	$	$
Revenue from external customers Sales - Interest revenue 1,308 Rent/Other Income 177,995		- 637 183,230	644,703 106 11,168,712	152 289 5,703	1,339,321 - 224,900	1,636,758 561 51,187	- - -	- - -	- 145,231 167,276	- 3,269,154 -	1,984,024 146,645 11,738,883	1,636,910 3,270,641 240,210
Total revenue	179,303	183,957	11,813,521	6,144	1,564,221	1,688,506	-	-	312,507	3,269,154	13,869,552	5,147,761
Segment result
Segment (loss) / profit	(201,655)	183,957	8,808,236	(1,903,887)	(342,759)	(3,201,583)	-	-	(3,356,817)	(1,388,945)	4,907,005	(6,310,458)

Impairment losses	-	-	1,296,742	-	-	-	-	-	-	19,363	1,296,742	19,363
Acquisition of PPE, Intangible assets and other non -current segment assets	3,319,156	5,310,807	27,847	328,422	15,861	210,474	694,680	1,388,995	1,645	-	4,059,189	7,238,698
Depreciation and amortisation	-	-	241,103	146,988	289,816	270,494	-	-	120,720	124,308	651,639	541,790

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements For The Year Ended 30 June 2015

30 June	Donald Mineral Sands	Donald Mineral Sands	Titanium	Titanium	Mineral Resources	Mineral Resources	Senegal	Senegal	Other	Other	Consolidated	Consolidated
	Jun-15	Jun-14	Jun-15	Jun-14	Jun-15	Jun-14	Jun-15	Jun-14	Jun-15	Jun-14	Jun-15	Jun-14
	$	$	$	$	$	$	$	$	$	$	$	$
Assets Segment assets	66,005,586	63,103,716	30,935,345	16,503,857	11,953,678	10,437,497	4,120,394	3,453,681	7,875,783	12,085,915	120,890,786	105,584,666
Total	66,005,586	63,103,716	30,935,345	16,503,857	11,953,678	10,437,497	4,120,394	3,453,681	7,875,783	12,085,915	120,890,786	105,584,666
Liabilities Segment liabilities	8,068,821	7,156,181	142,626	61,583	442,873	521,527	22,121	9,910	(211,055)	1,048,173	10,748,408	8,797,374
Total	8,068,821	7,156,181	142,626	61,583	442,873	521,527	22,121	9,910	(211,055)	1,048,173	10,748,408	8,797,374

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

iii. Geographical Information

Although the Group is managed globally, it operates in the following main geographical areas:

Hong Kong

The home country of the parent entity.

Australia

The home country of Astron Limited and one of the operating subsidiaries which performs evaluation and exploration activities. Interest and rental income is derived from Australian sources.

China

The home country of subsidiaries which operate in the mineral trading and downstream development segment.

Other

Astron is focused on developing mineral sands opportunities, principally in Senegal with a view to integrating into the Chinese operations.

Australia China Other countries	Sales revenues Interest revenue Non-current assets 2015 $ 2014 $ 2015 $ 2014 $ 2015 $ 2014 $
	- - 146,522 3,269,778 68,974,556 65,710,682 1,984,024 1,636,910 106 851 20,904,314 18,619,025 - - 17 12 936,386 606,633
	1,984,024 1,636,910 146,645 3,270,641 90,815,256 84,936,340

During 2015 $1,700,651 or 86% (2014: $1,459,985 or 89%) of the revenue depended on four (2014: two) customers.

5. Revenue and Other Income

Continuing operations Revenue - sale of goods - interest income Total revenue Other income: - rental income - dividend received - other income - disposal of leasehold land Total other income	Consolidated
	2015 $ 2014 $
	1,984,024 1,636,910 146,645 3,270,641
	2,130,669 4,907,551
	177,995 183,320 167,276 - 312,488 56,890 11,081,124 -
	11,738,883 240,210

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

6. Profit (Loss) Before Income Tax

i. Profit (loss) before income tax includes the following specific expenses :

Finance costs
Premises-contractual amounts
Research and development costs
Depreciation and amortisation
Defined contribution superannuation
Employee benefits
Bad debt (write back)/expense – Trade receivables
Impairment of available-for sale investments
Costs associated with Gambia and Senegal Investments
(note 13)
Costs associated with project development expenditure
Write (back) / down of inventory
Impairment ofcapital worksinprogress

Consolidated

2015
$
2014
$

28,224
45,840
169,708
143,646
426,346
885,385
651,639
541,790
147,735
152,782
954,008
1,713,436
(613,887)
1,117,662
-
19,363
264,460
93,547
(392,139)
481,578
1,296,742
-

7. Income Tax Expense

i. The components of tax expense comprise:

Current tax expense in respect of current year Adjustments recognised in the current year in relation to the prior year Recognition of current year movements Total	Consolidated
	2015 $ 2014 $
	- - (1,998,945) 532,940 (1,083,168) 740,008
	(3,082,113) 1,272,948

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

ii. The prima facie tax on profit before income tax is reconciled to the income tax as follows:

Prima facie tax payable on profit 30% (2014: 30%) - continuing operations Add/(Less) Tax effect of: - non-deductible Gambia - other non-deductible items - deferred tax asset not recognized on overseas entities - disposal of leasehold land – China - under provision for income tax in prior year - impact ofoverseas taxdifferential	Consolidated
	2015 $ 2014 $
	1,472,102 (1,893,137)
	1,472,102 (1,893,137) 79,338 26,701 (94,012) 303,283 824,104 2,763,794 (3,324,337) - (1,998,945) 532,940 (40,362) (460,633)
Income taxattributable to entity	(3,082,113) 1,272,948

The applicable weighted average effective tax rates are as follows: (63)% (20)%

The decrease in the weighted average effective consolidated tax rate for 2015 is mainly the result of research and development expenditure claimed.

iii. Income tax rates

Australia

In accordance with the Australian Income Tax Act, Astron Limited and its 100% owned Australian subsidiaries have formed a tax consolidated group, tax funding or sharing agreements have been entered into. Australia has a double tax agreement with China and there are currently no impediments to repatriating profits from China to Australia. Dividends paid to Astron Limited from Chinese subsidiaries are non-assessable under current Australian Income Tax Legislation.

China (including Hong Kong)

Astron Corporation Limited is subject to Hong Kong tax law.

The Group’s subsidiaries in China and are subject to Chinese income tax laws.

Chinese taxation obligations have been fully complied with, confirmed by regular audits completed by the Chinese tax authorities.

iv. Items not chargeable or not deductible for tax purposes

Items not chargeable or deductible for tax purposes for the Group principally represent costs associated with the Gambian litigation.

v.

Tax on other comprehensive items

No deferred tax liabilities have been recognized in relation to available for sale financial assets reserve due to the existence of significant capital losses. Accordingly, no movement in income tax is recorded in current or prior financial years. No tax is applicable to other comprehensive item: foreign currency translation differences and share based payments reserve.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

8. Earnings Per Share

i. Reconciliation of earnings used in the calculation of earnings per share to loss/(profit):

Profit/(Loss) attributable to owners Earnings/(Loss) used to calculate basic EPS Earnings/(Loss) usedincalculationofdilutiveEPS	Consolidated
	2015 $ 2014 $
	7,989,118 (7,583,406) 7,989,118 (7,583,406) 7,989,118 (7,583,406)

ii. Weighted average number of ordinary shares (diluted):

Weighted average number of ordinary shares outstanding during the year - used in calculating basic EPS Weighted average number of ordinary shares outstanding during the year - usedincalculating dilutiveEPS	Consolidated
	2015 $ 2014 $
	122,479,784 122,479,784 122,479,784 122,479,784

iii. Dilutive shares

There were no shares issued under escrow at or post year end. There were no rights or options for shares outstanding at year-end.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

9. Auditors' Remuneration

Audit and review of financial statements Grant Thornton Other services – other auditors - taxation services - otherservices	Consolidated
	2015 $ 2014 $
	103,181 149,643
	103,181 149,643
	35,760 19,100 10,064 3,850

10. Cash and Cash Equivalents

Cash on hand Current & call account balances Short term deposits Total	Consolidated
	2015 $ 2014 $
	3,341 5,247 5,792,686 1,657,315 - 1,242,633
	5,796,027 2,905,195

Cash on hand is non-interest bearing. Bank balances and short term deposits at call bear floating interest rates between 0.0% and 2.15% (2014: 0.0% and 4.75%). Deposits have an average maturity of 90 days (2014: 90 days). Bank balances included letter of credit deposits of $0 as at 30 June 2015 (2014: $0).

a) Geographic concentration of risk

Australia China Hong Kong USA United Kingdom Senegal Total	Consolidated
	2015 $ 2014 $
	5,678,318 2,740,329 29,536 79,609 3,025 2,467 32,967 46,963 5,072 27,309 47,109 8,518
	5,796,027 2,905,195

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

b) Concentration of risk by bank

Australia Commonwealth Bank-S&P rating of AA- (2014:AA-) Goldman Sachs JB Were-A- (2014:A-) Westpac Bank-S&P rating of AA- (2014:AA-) Bank of China-S&P rating of A (2014:A) Other Australian banks China Bank of China-S&P rating of A (2014:A) Construction Bank-S&P rating of A (2014:A) China Merchant Bank-S&P rating of BBB+ Shanghai Pudong Development Bank – unrated Other Chinese banks	Consolidated
	2015 $ 2014 $
	2,253,282 1,320,648 82,703 80,695 1,849 1,998 3,295,284 1,126,704 44,662 210,046
	5,677,780 2,740,091
	21,737 74,600 3,153 - - - 266 - 1,766 -
	26,922 74,600
Other countries Other banks	87,984 85,257
	87,984 85,257

Term deposits greater than 90 days

Termdepositswith maturity over90 days	Consolidated
	2015 $ 2014 $
	60,325 7,220,272

As at 30 June 2015, term deposits with maturity over 90 days of $60,325 (2014: 7,220,272) bear fixed interest rates of 3.25% (2014: 3.0% to 4.75%) and have a maturity of 3-6 months. c) Geographic concentration of risk

Australia

Consolidated
2015	2014
$	$
60,325	7,220,272

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

d) Concentration of risk by bank

Australia Commonwealth Bank-S&P rating of AA- (2014:AA-) Westpac Bank –S&P rating of AA- (2014:AA-) Bank of China-S&P rating of A (2014: A) Other	Consolidated
	2015 $ 2014 $
	50,000 50,000 - - - 7,160,272 10,325 10,000
	60,325 7,220,272

11. Trade and Other Receivables

Current Trade debtors Net trade debtors Drafts and other receivables Prepayments Impairments Net prepayments Non Current Other Receivables Total		Consolidated
	Note	2015 $ 2014 $
	10(b)(c) 10(a) 10(c) 10(c) 10(a) 10(a)	572 91,970
		572 91,970
		16,976,443 1,149,927
		826,330 638,890 (386,166) (310,790)
		440,164 328,100
		17,417,179 1,569,997
		3,924,922 -
		21,342,101 1,569,997

(a) Drafts and other receivables

This amount includes drafts receivable which are bank guarantees on behalf of trade and other debtors with current maturity dates. Settlement through bank draft is common trading practice in China. All the drafts are with the counterparties in China. There is no industry concentration of risk in respect to these drafts.

The Group entered into a contract of sale for leasehold land held in Yingkou province China, the net proceeds of which, amounting to $20,356,248, are to be received in instalments subsequent to year end. In September 2015 the second instalment of $4,290,741 was received, an equivalent instalment is due in November 2015 and the agreement provides for the balance to be paid in 12 equal monthly payments from December 2015 with the final instalment due in November 2016.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(b) Ageing analysis

The ageing analysis of trade receivables is as follows:

0-30 days (not past due) 31-60 days (past due not impaired) 61-90 days (past due not impaired) 91+ days (past due not impaired) Total	Consolidated
	2015 $ 2014 $
	- - - - - - 572 91,970
	572 91,970

At the end of the reporting period the Group’s trade debtors are predominantly receivable from Chinese trading partners. The Chinese debtors are regularly reviewed and as is common practice in China the terms maybe extended without which there would be overdue balances. Where applicable the Group has impaired significantly overdue receivables.

It is the Group’s policy that where possible that sales are made in exchange for notes (guaranteed by a Chinese bank) minimizing the Group’s exposure to an impairment issue.

(c) Prepayments

At year end the Group had made advances to suppliers for inventory purchases to secure the inventory at favourable prices.

Included in prepayments is an amount of $386,166 (2014: $310,790) which is the prepayment for construction. This amount has been impaired due to low possibility of collection.

12. Inventories

Raw materials – at net realisable value Finished goods – at net realisable value Goods in transit Total	Consolidated
	2015 $ 2014 $ 651,616 341,504 144,804 108,216 878 60
	797,298 449,780

There is a $725,574 (2014: $1,370,110) provision against inventory to net realisable value.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

13. Investments in Gambia and Senegal

Carnegie Minerals (Gambia) Limited is a 100% subsidiary of Astron Limited. It was incorporated to commence mining activities in Gambia. The investments and receivables associated with the company have been impaired in full. The original agreement prior to the seizure of the assets was that Astron Limited had an obligation to fund the development and operating costs of the mine by way of loans.

Development on the Niafarang project in Senegal in current financial year (and in 2014) has been capitalized to development cost.

Furthermore, expenditure in 2015 of $264,460 (2014: $93,547) relating to Gambia litigation claim has been expensed directly to profit and loss.

14. Available-For-Sale Financial Assets

Listed Securities Current listed investments, at fair value shares in listed corporations Total available-for-sale financial assets	Consolidated 2015 $ 2014 $
	892,851 1,206,249
	892,851 1,206,249

Available-for-sale financial assets comprise investments in the ordinary issued capital of four public companies listed on the Australian Securities Exchange (ASX). The cost of these investments was $1,877,716. There are no fixed returns or fixed maturity date attached to these investments. In the current financial year the combined market value of these investments has increased by $355,706 (2014: $242,414) after receiving a capital return of $669,104 on 12 February 2015. The increase in market value of these investments has been netted off against the Financial Assets Available for Sale Reserve, under IAS 139, in the consolidated statement of financial position.

There will be no capital gains tax payable on the sale of these assets due to existing capital losses carried forward.

For listed equity securities and preference shares, fair value is determined by reference to closing bid prices on the ASX.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

15. Subsidiaries

Financial Year 2015
Parent entity
Astron Corporation Limited
Subsidiaries of parent entity
Astron Limited
Astron Advanced Materials Limited
Astron Mineral Sands Pty Limited
Astron Titanium (Yingkou) Co Ltd
Carnegie Minerals (Gambia) Limited
Camden Sands Inc
Coast Resources Limited
Dickson & Johnson Pty Limited
Donald Mineral Sands Pty Ltd
Sovereign Gold NL
WIM 150 Pty Limited
Yingkou Astron Mineral Resources Co Ltd
Astron Senegal Holding Pty Ltd
Senegal Mineral Sands Ltd
Zirtanium PtyLimited

Country of
incorporation
Percentage
Owned Ordinary
Shares
2015
Percentage
Owned Ordinary
Shares
2014
Hong Kong
Australia
100
100
UK
100
100
Australia
100
100
China
100
100
The Gambia
100
100
USA
100
100
Isle of Man
100
100
Australia
100
100
Australia
100
100
Australia
100
100
Australia
100
100
China
100
100
Hong Kong
100
100
Hong Kong
100
100
Australia
100
100

All the above entities became the subsidiaries of the parent company following the completion of the Group restructure as set out in Note 2(b) except Camden Sands Inc which was incorporated in the current year.

i. Equity

The proportion of ownership interest is equal to the proportion of voting power held.

ii. Disposal of subsidiaries

During the current year and prior years no subsidiaries were disposed of or wound up.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

16. Property, Plant and Equipment

Land and buildings Land At cost Total land Leasehold buildings At cost Less accumulated depreciation Less accumulated impairment losses Total leasehold buildings Total land and buildings Plant and equipment and works in progress Capital works in progress At cost Less accumulated impairment losses Total capital works in progress Plant and equipment At cost Less accumulated depreciation Total plant and equipment Total plant and equipment and works in progress Totalproperty, plant and equipment	Consolidated
	2015 $ 2014 $
	5,254,000 5,254,000
	5,254,000 5,254,000
	11,124,652 2,314,893 (663,426) (369,613) - -
	10,461,226 1,945,280
	15,715,226 7,199,280
	10,060,883 14,942,658 (3,934,065) (2,017,372)
	6,126,818 12,925,286
	2,559,737 2,348,432 (2,038,464) (1,622,551)
	521,273 725,881
	6,648,091 13,651,167
	22,363,317 20,850,447

(a) Assets pledged as security

As at 30 June 2015 and 30 June 2014 there were no mortgages granted as security over bank loans.

(b) Capital works in progress

Capital works in progress are not ready for use and not yet being depreciated.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(c) Movements in carrying amounts

Movement in the carrying amount for each class of property, plant and equipment between the beginning and the end of the current financial year.

Year ended 30 June 2015 Balance at the beginning of year Additions Disposal Transfer Depreciation expense Impairment expense Foreign exchange movements Carrying amount at the end of year Year ended 30 June 2014 Balance at the beginning of year Additions Depreciation expense Foreign exchange movements Carrying amount at the end of year	Consolidated
	Capital works in progress $ Land $ Buildings $ Plant and equipment $ Total $
	12,925,286 5,254,000 1,945,280 725,881 20,850,447 27,847 - - 17,506 45,353 - - (245,701) (43,135) (288,835) (8,533,726) - 8,533,726 - - - - (206,579) (110,573) (317,153) (1,296,742) - - - (1,296,742) 3,004,153 - 434,500 (68,406) 3,370,247
	6,126,818 5,254,000 10,461,226 521,273 22,363,317
	12,864,593 5,248,417 2,031,508 947,364 21,091,882 354,761 5,583 - 189,952 550,296 - - (40,886) (341,437) (382,323) (294,068) - (45,342) (69,998) (409,408)
	12,925,286 5,254,000 1,945,280 725,881 20,850,447

(d) Impairment of capital works in progress

During the year the Group brought to account an impairment expense for the Zr Sponge project in China. The project while of significant potential has long lead times and hence it was appropriate to impair at 30 June 2015. No impairment loss has been recognised in profit or loss in 2014.

(e) Land acquisition

Included in the land cost was $Nil (2014: $5,583) being the residual acquisition costs on the land acquired in 2014 in Victoria for the Donald Project.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

17. Intangible Assets

Development costs Cost Accumulated impairment loss Net carrying value Exploration expenditure capitalised Exploration and evaluation phases Net carrying value Water rights Net carrying value Computer software Net carrying value Total Intangibles	Note	Consolidated 2015 $ 2014 $
	17(b) 17(b) 17(d) 17(a)(c) 17(a)(g) 17(a)(e) 17(f)	12,524,714 11,168,022 (8,153,564) (7,553,253)
		4,371,150 3,614,769
		45,066,696 41,241,546
		45,066,696 41,241,546
		15,409,966 16,128,311 79,003 197,507
		64,926,815 61,182,133

(a) Intangible assets

Movements during the year ended 30 June 2015 in intangible assets represent additions, movements in foreign exchange and amortisation. For capital expenditure commitments refer note 27(b).

(b) Development costs and impairment losses

The development costs of $12,524,714 (2014: $11,168,022) and the accumulated impairment of $8,153,564 (2014: $7,553,253) as at 30 June 2015 relates to the following:

TiO2 project cost of $7,727,443 (2014: $7,127,132) was fully impaired in 2009. The current year movement represents the movement in foreign exchange.
The Senegal project of $4,053,636 (2014: $3,785,352) represents development costs incurred in Senegal. This was netted off by an impairment of $426,121 which was carried forward from prior years and shifted due to the movement in foreign exchange. That costs incurred in the prior years were fully impaired due to doubt as to whether the project will continue at that time. The current year additions represented the resumption of activities following the grant of the exploration license in June 2011.
The remaining balance of $317,515 (2014: $255,538) relates to capitalised testing and design fees for the MSP. The current year movement represents the movement in foreign exchange.

(c) Exploration and evaluation expenditure

This expenditure relates to the Group's investment in the Donald Mineral Sands Project. As at 30 June 2015 the Group has complied with the conditions of the granting of EL5186, EL5255, EL5354, EL5472, ML5532, RL 2002, RL 2003 and RLA 2006. As such the Directors believe that the tenements are in good standing with the Department of Primary Industries in Victoria, who administers the Mineral Resources Development Act 1990.

The recoverability of the carrying amount of the exploration and evaluation assets is dependent upon the successful development and commercial exploitation or alternatively sale of the area of interest.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(d) Software

The Group has invested in Microsoft AX a financial and enterprise resource planning system which during the year the Group continued to implement. The computer software balance represents the initial software and installation costs of the first phase of this system.

(e) Movement in net carrying value

Year ended 30 June 2015 Opening balance Additions Amortisation Foreign exchange movements Balance at 30 June 2015 Year ended 30 June 2014 Opening balance Additions Amortisation Foreign exchange movements	Consolidated
	Exploration and Evaluation Phase $ Development costs $ Water Rights $ Software $ Total $
	41,241,546 3,614,769 16,128,311 197,507 61,182,133 3,825,150 694,680 - - 4,519,830 - - (718,345) (118,504) (836,849) - 61,701 - - 61,701
	45,066,696 4,371,150 15,409,966 79,003 64,926,815
	35,942,139 2,030,369 17,958,613 316,011 56,247,132 5,299,407 1,590,378 - - 6,889,785 - - (1,830,302) (118,504) (1,948,806) - (5,978) - - (5,978)
Balance at 30 June 2014	41,241,546 3,614,769 16,128,311 197,507 61,182,133

(f) Finite lives

Intangible assets, other than goodwill have finite useful lives. To date no amortisation has been charged in respect of intangible assets due to the stage of development for each project.

(g) Water rights

In 2012 the Group acquired rights to the supply of water for the Donald project. The water rights are currently being amortised over 25 years in line with entitlements.

18. Land Use Rights

Land userights	Consolidated
	2015 $ 2014 $
	3,525,124 2,903,760

During the year ended 30 June 2014, management entered into an agreement to transfer 1,065,384 sqm of land held in Yingkou province China to a state owned entity. As the under-development of this land resulted from a change of government development plan and restructure, this land transfer has been subsidised by the Chinese Government. Final contracts over the land sale have now been exchanged and the disposal has been brought to account in the year ended 30 June 2015. The net proceeds, amounting to $20,356,248, are to be received in instalments subsequent to year end. In September 2015 the second instalment of $4,290,741 was received, an equivalent instalment is due in November 2015 and the agreement provides for the balance to be paid in 12 equal monthly payments from December 2015 with the final instalment due in November 2016.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(a) Reconciliation

Opening balance Additions Amortisation Transfer to assets classified as held for sale Foreign exchange movements Closing balance	Consolidated
	2015 $ 2014 $
	2,903,760 10,012,664 - - (37,654) (146,512) - (6,738,679) 659,018 (223,713)
	3,525,124 2,903,760

19. Trade and Other Payables

Unsecured liabilities Trade payables Other payables	Consolidated
	2015 $ 2014 $
	996,471 1,262,089 1,124,716 1,099,288
	2,121,187 2,361,377

20. Borrowings

Current Short term borrowings	Consolidated
	Note 2015 $ 2014 $
	26 1,000,000 -
	1,000,000 -

The 2015 borrowings related to a loan from Executive Director Mdm Kang Rong who advanced Astron $1,000,000 for working capital. The advance is on an interest free basis and repayable on demand.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

21. Provisions

Current Employee entitlements Provision for indemnification on discontinued operations Non-current Environmental rehabilitation	Consolidated
	Note 2015 $ 2014 $
	59,292 67,921 18,546 18,546
	77,838 86,467
	21(a) 40,000 40,000
	40,000 40,000

(a) Provision for environmental rehabilitation

The provision for rehabilitation represents the estimated costs to rehabilitate the Donald Mineral Sands evaluation excavation.

22. Taxation

i. Liabilities

Current tax liability Deferred tax liability arises from the following: Capitalised expenditure Interest accrued Provisions and other timing differences Blackhole expenditure	Consolidated
	2015 $ 2014 $
	- -
	5,384,022 6,594,550 1,849 91,411 (71,413) (210,486) (88,097) (165,945)
	5,226,361 6,309,530

ii. Deferred tax assets not brought to account

Deferred tax assets are not brought to account, as benefits will only be realised if the conditions for deductibility set out in note 2(e) occur.

Tax losses: - Revenue losses (China) - capital losses	Consolidated
	2015 $ 2014 $
	3,283,253 2,537,794 18,288,714 17,969,147

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

iii. Current Tax Asset

This represents payment of provisional tax which is recoverable as there is no tax liability in view of the tax losses incurred.

Current taxasset	Consolidated
	2015 $ 2014 $
	1,186,928 558,154

23. Issued Capital

122,479,784 (2014: 122,479,784) Fully Paid Ordinary Shares at HK$0.1 Total	Consolidated
	2015 $ 2014 $
	1,605,048 1,605,048
	1,605,048 1,605,048

The shares in Astron Corporation Limited are par value shares with a par value of HK$0.1.

(a) Reconciliation of ordinary shares (number)

At the beginning of year At reporting date	Consolidated
	2015 2014
	122,479,784 122,479,784
	122,479,784 122,479,784

On 21 May 2012, Astron Corporation Limited acquired the equity interests in Astron Limited through a share swap, and became the holding company of the companies now comprising the Group. As at the date of acquisition 122,476,778 CDIs and 3,006 ordinary shares were allotted and issued to shareholders of Astron Limited for the purpose of acquiring the subsidiaries.

(b) Reconciliation of ordinary shares (value)

At the beginning of the year Return of capital Total	Consolidated
	2015 $ 2014 $
	1,605,048 30,061,919 - (28,456,871)
	1,605,048 1,605,048

(c) Ordinary shares

Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the number of shares held.

At the shareholders meetings, each ordinary share is entitled to one vote when a poll is called; otherwise each shareholder has one vote on a show of hands.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

(d) Capital risk management

The Group considers its capital to comprise its ordinary share capital, reserves, accumulated retained earnings and net debt.

In managing its capital, the Group’s primary objective is to ensure its continued ability to provide a consistent return for its equity shareholders through a combination of capital growth and dividends. In order to achieve this objective, the Group has made decisions to adjust its capital structure to achieve these aims, either through altering its dividend policy, new share issues, or share buy backs, the Group considers not only its short term position but also its long term operational and strategic objectives.

Net debt Totalequity	Consolidated
	2015 $ 2014 $ 1,000,000 - 112,425,400 96,787,292

There have been no significant changes to the Group’s capital management objectives, policies and processes in the year nor has there been any change in what the Group considers to be its capital.

(e) Share based payments

As at 30 June 2015 there were no key executives that had any rights to acquire shares in terms of a share-based payment scheme for employee remuneration. The creation and grant is subject to shareholder approval.

24. Reserves

i. Foreign currency translation reserve

The foreign currency translation reserve records exchange differences arising on translation of foreign controlled subsidiaries.

ii. Share based payment reserve

The share-based payment reserve records the amount of expense raised in terms of equity-settled share-based payment transactions. The reserve recognized in the current financial year is nil (2014: $nil).

iii. Financial assets available for sale reserve

The financial assets available for sale reserve represents the cumulative gains and losses arising on the revaluation of available for sale financial assets that have been recognised in other comprehensive income, net of amounts reclassified to profit or loss when those assets have been disposed of or are determined to be impaired.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

25. Dividends

During the current and prior years no dividend was proposed or paid.

Franking account balance Franking credits available for the subsequent financial years based on a tax rate of 30% (2014:30%)	Consolidated
	2015 $ 2014 $
	2,769,583 3,245,773

The above amount represents the balance on the franking account at the end of the financial year arising from income tax payable.

26. Related party transactions

i. Parent entity

Astron Corporation Limited is the parent entity of the Group.

ii. Subsidiaries

Interests in subsidiaries are disclosed in note 15.

iii. Transactions with key management personnel

Key management of the Group are the executive members of the Board of Directors. Key Management Personnel remuneration includes the following expenses:

Short term employee benefits Salaries and fees Non cash benefits Total short term employee benefits Post-employment benefits Payments in lieu of notice Superannuation Total post-employment benefits Total Remuneration	2015 $ 2014 $
	1,370,312 1,571,070 20,742 15,784
	1,391,054 1,586,854 - 100,000 36,154 47,140
	36,154 147,140
	1,427,208 1,733,994

iv. Rental of offices

From 1 July 2011 to September 2014, the Group leased offices at level 18, Building B, Fortune Plaza, 53 Beizhan Road, Shenhe District, Shenyang China, property owned by Mdm Kang Rong, who is an executive Director of the Astron Corporation Limited.

The lease agreement has now concluded and the office is now situated in property owned by the Group.

v. Interest free loans

All subsidiary companies are wholly owned with any interest free loans being eliminated on consolidation.

vi. Management services provided

Management and administrative services are provided at no cost to subsidiaries.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

vii. Related Party Loans

Executive Director Mdm Kang Rong advanced Astron $1,000,000 for working capital. The advance is on an interest free basis and repayable on demand.

As at 30 June 2015 there are unpaid management fees payable to Directors’ related entities as follows:

Mdm Kang Rong, Juhua International Limited of $235,441 (2014: $30,438); and
Mr Alex Brown, Firback Finance Limited of $377,418 (2014: $10,242)

27. Commitments

i. Operating lease commitments

There are no non-cancellable operating leases contracted for but not capitalised in the financial statements (2014: nil)

ii. Capital expenditure commitments

Capital expenditure commitments contracted for: Chinese capital projects Chinese subsidiary capitalization Senegal Donald Mineral Sands Payable: -not later than 12 months	Consolidated
	2015 $ 2014 $
	11,853 15,153 3,684,673 2,965,451 914,435 744,443 50,000 50,000
	4,660,961 3,775,047
	4,660,961 3,775,047
	4,660,961 3,775,047

iii. Water rights

In terms of the contract with GWMW the Group is required to pay a usage fee in 2015 of $212,563 (2014: $201,682) per quarter for the life of the water rights.

iv. Guarantees between subsidiaries

Astron Limited has provided a letter of support to the Victorian Department of Primary Industries to fund any expenditure incurred by Donald Mineral Sands Pty Limited.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

v. Other commitments and contingencies

Land

In 2008 Astron Titanium (Yingkou) Co Ltd acquired a land site from the Chinese Government. The Group is discussing possible changes to the usage rights with the Government. The Directors believe that no significant loss will be incurred to the Group in relation to the land use rights. As at the 30 June 2015 the net book value of this land is $1,628,389 (2014: $1,342,118 and $6,738,679 held as available for sale).

The intention for the block of land held by Yingkou Astron Mineral Resources Co Ltd is currently being evaluated. As at 30 June 2015 the net book value of the land is $1,896,736 (2014: $1,561,642).

Senegal

The Group has a commitment to pay a bonus of 50% of the annual salary of the Senegal Managers annual income upon completion of funding construction and a further 50% of the annual salary on commissioning of the operation.

The Group has a commitment of USD$700,000 payable to mining consultants on the successful achievement of a mining license.

Minimum expenditure on exploration and mining licenses

To maintain the Exploration and Mining License’s at Donald the Group is required to spend $1,471,040 on exploration and development expenditure over the next year (2014: $1,272,439). The minimum expenditure amount per annum will normally increase over the life of an exploration license. The minimum expenditure on the mining license 5532 is $556,800 per annum. The amount of this expenditure could be reduced should the Group decide to relinquish land.

Other

Astron Limited is committed to adequately capitalise its Chinese subsidiaries to the amount of $3,684,673 (2014: $2,965,455).

28. Cash Flow Information

i. Reconciliation of cash provided by operating activities with profit attributable to members

	Consolidated
	2015 $ 2014 $
Net (loss)/ profit for the year Non-cash flows in profit (loss) from ordinary activities Depreciation and amortisation Bad debt provision Gain on sale of property, plant & equipment Impairment of available-for-sale assets Impairment of construction in progress Decrease/ (increase) in trade and other receivables Decrease/(increase) in inventories Increase/(decrease) in trade payables and accruals Increase in deferred tax liabilities Effects on foreignexchangeratemovement	7,989,118 (7,583,406) 651,639 541,790 - 971,968 8,471,294 - 19,363 1,296,742 - (20,400,877) 2,215,916 (347,517) 1,734,667 38,396 254,657 (1,933,124) 1,272,948 492,450 (271,493)
	(3,741,879) (843,590)

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

ii. Reconciliation of cash

*ii.* *Reconciliation of cash*
Note	Consolidated
	2015 $ 2014 $
Cash at the end of the financial year as shown in the cash flow statement is reconciled to items in the consolidated statement of financial position as follows: Cash on hand 10 Current & call account balances 10 Short term deposits 10	3,341 5,247 5,792,686 1,657,315 - 1,242,633
	5,796,027 2,905,195

iii. Loan facilities

As at 30 June 2015 has an advance from a Director which is fully drawn at $1,000,000. As at 30 June 2014 the Group did not have any loan facilities.

iv. Non cash financing and investing activities

No dividends were paid in cash or by the issue of shares under a dividend reinvestment plan during the current year and prior year.

v. Acquisition of entities

During the year or during the previous year Astron Corporation Limited did not invest any funds into Chinese subsidiaries. During the current year Astron did not acquire any new entities.

vi. Disposal of entities

There were no disposals of entities in the current or prior financial years.

vii. Restrictions on cash

The short term deposits include $60,000 (2014: $60,000) of cash backed Bank Guarantees for the operations of the Donald Mineral Sands project and WIM 150 Pty Limited.

Bank balances did not include any letter of credit deposits at 30 June 2015 (2014: $nil).

29. Employee Benefit Obligations

As at 30 June 2015 and 30 June 2014, the majority of employees are employed in China. It is not normal business practice to remunerate employees in China with employee benefits including superannuation. Any Chinese provisions for employee entitlements at year end would be insignificant.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

30. Subsequent events

In September 2015 Astron received 20 million Renminbi (paid in two installments) representing the second instalment on the sale of leasehold land in China.

No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.

The financial statements were authorised for issue on 30 September 2015 by the board of Directors.

31. Financial Instruments

i. General objectives, policies and processes

In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.

There have been no substantive changes in the Group’s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. The principal financial instruments from which financial instrument risk arises are cash at bank, term deposits greater than 90 days, trade receivables and payables and available-for-sale investments.

The Board has overall responsibility for the determination of the Group’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group’s finance function. The Groups' risk management policies and objectives are therefore designed to minimise the potential impacts of these risks on the results of the Group where such impacts may be material. The Group has significant experience in its principal markets which provides the Directors with assurance as to the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The Group engages a number of external professionals to ensure compliance with best practice principles.

The overall objective of the Board is to set polices that seek to reduce risk as far as possible without unduly affecting the Group’s competitiveness and flexibility. Further details regarding these policies are set out below:

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

ii. Credit risk

Credit risk is the risk that the other party to a financial instrument will fail to discharge their obligation resulting in the Group incurring a financial loss. This usually occurs when debtors or counterparties to derivative contracts fail to settle their obligations owing to the Group.

In respect of cash investments the majority of cash, cash equivalents and term deposits greater than 90 days are held with institutions with a AA to A-credit rating.

In respect of trade receivables, there is no concentration of credit risk as the Group has a large number of customers. Group policy is that sales are only made to customers that are credit worthy. Trade receivables are predominantly situated in China.

Credit risk is managed on a Group basis and reviewed regularly by management and Audit & Risk Committee. It arises from exposures to customers as well as through certain derivative financial instruments and deposits with financial institutions.

Refer to note 10 (a) & (b) for concentration of credit risk for cash and cash equivalents.

The maximum exposure of the Group to credit risk at the end of the reporting period is as follows:

Cash & cash equivalents Term deposits with maturity over 90 days Receivables Total	Consolidated
	2015 $ 2014 $
	5,695,015 2,905,195 60,325 7,220,272 20,901,937 1,241,897
	26,657,277 11,367,364

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

iii. Liquidity risk

Liquidity risk is the risk that the Group may encounter difficulties raising funds to meet commitments associated with financial instruments, e.g. borrowing repayments. The Group manages liquidity risk by monitoring forecast cash flows. As at the year end the Group had cash of $5,796,027 (2014: $2,905,195).

Maturity analysis

Consolidated

Year ended 30 June 2015 Non-derivatives Trade payables Other payables and accruals Borrowings Total Non-interest bearing liabilities Total liabilities Year ended 30 June 2014 Non-derivatives Trade payables Other payables and accruals Borrowings Total Non-interest bearing liabilities Total liabilities	Note Carrying Amount $ Contractual Cash flows $ < 6 months $
	19 996,471 996,471 996,471 19 1,184,008 1,184,008 1,184,008 20 1,000,000 1,000,000 1,000,000
	3,180,479 3,180,479 3,180,479
	3,180,479 3,180,479 3,180,479
	19 1,262,089 1,262,089 1,262,089 19 1,167,209 1,167,209 1,167,209 20 - - -
	2,429,298 2,429,298 2,429,298
	2,429,298 2,429,298 2,429,298

iv. Fair value

The fair values of

Term receivables, government and fixed interest securities and bonds are determined by discounting the cash flows, at the market interest rates of similar securities, to their present value.
Listed investments have been valued at the quoted market bid price at the end of the reporting period. For unlisted investments where there is no organised financial market the fair value has been based on a reasonable estimation of the underlying net assets or discounted cash flows of the investment.
Other loans and amounts due are determined by discounting the cash flows, at market interest rates of similar borrowings to their present value.
Other assets and other liabilities approximate their carrying value.

At 30 June 2015 and 30 June 2014, the aggregate fair values and carrying amounts of financial assets and financial liabilities approximate their carrying amounts.

Available-for-sale financial instruments are recognised in the statement of financial position of the Group according to the hierarchy stipulated in IFRS7.

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

	Consolidated
	2015 $ 2014 $
Available-for-sale financial assets ASX Listed equity shares Level 1	892,851 1,206,249
	892,851 1,206,249

v. Price risk

Given that price movements are not considered material to the Group, the Group does not have a risk management policy for price risk. However, the Group's management regularly review the risks associated with fluctuating input and output prices.

As at 30 June 2015, the maximum exposure of price risk to the Group was the available-for-sale investments for $892,851 (2014: $1,206,249). 100% of the Group’s holding is in the mining or energy sector.

The Group’s exposure to equity price risk is as follows:

Carrying amount of listed equity shares on ASX Sensitivity Analysis	Carrying amount of listed equity shares on ASX Sensitivity Analysis	Consolidated
		2015 $ 2014 $
		892,851 1,206,249
		892,851 1,206,249

Listed equity shares on ASX Profit before tax - decrease Other comprehensive income - increase	Consolidated
	2014 $ 2014 $
	Increase/(decrease) in shareprice Increase/(decrease) in share price
	+10% -10% +10% -10% - (89,285) - (120,625) 89,285 - 120,625 -

The above analysis assumes all other variables remain constant.

vi. Interest rate risk

The Group manages its interest rate risk by continuously monitoring available interest rates while maintaining an overriding position of security whereby the majority of cash and cash equivalents and term deposits are held with institutions with a AA-to A- credit rating.

ARBN 154 924 553

Astron Corporation Limited

Notes to the Financial Statements

For The Year Ended 30 June 2015

The Groups' exposure to interest rate risk and the effective weighted average interest rate by maturity periods is set out in the tables below:

Financial Assets: Cash and cash equivalents Term deposits greater than 90 days Receivables Available-for-sale investments Total Financial Assets Financial Liabilities: Trade and sundry payables Borrowings	Weighted Average Effective Interest Rate Floating Interest Rate Fixed Interest Rate Maturing within 1 Year Non-interest Bearing Total
	2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 % % $ $ $ $ $ $ $ $
	2.15% 2.50% 5,691,674 1,657,315 101,012 1,242,633 3,341 5,247 5,796,027 2,905,195 3.15% 4.75% - - 60,325 7,220,272 - - 60,325 7,220,272 - - - - - - 21,342,101 1,569,997 21,342,101 1,569,997 - - - - - - 892,851 1,206,249 892,851 1,206,249
	5,691,674 1,657,315 161,337 8,462,905 22,238,293 2,781,493 28,091,304 12,901,713
	- - - - - - 2,121,187 2,361,377 2,121,187 2,361,377 - - - - - - 1,000,000 - 1,000,000 -
Total Financial Liabilities	- - - - - - 3,121,187 2,361,377 3,121,187 2,361,377

Astron Corporation Limited

ARBN 154 924 553

Notes to the Financial Statements

For The Year Ended 30 June 2015

Sensitivity analysis

The following table shows the movements in profit due to higher/lower interest costs from variable interest rate financial instruments in Australia and China.

Cash at bank Term deposits greater than 90 days Borrowings Tax charge of 30% Total	Consolidated
	+ 1% (100 basispoints) -1% (100 basispoints)
	2015 $ 2014 $ 2015 $ 2014 $
	57,960 29,052 (57,960) (29,052) 603 72,203 (603) (72,203) - - - -
	58,563 101,255 (58,563) (101,255)
	(17,569) (30,376) 17,569 30,376
	40,994 70,879 (40,994) (70,879)

vii. Foreign currency risk

The Group is exposed to fluctuations in foreign currencies arising from the sale and purchase of goods and services in currencies other than the Group's measurement currency. The Group manages this risk through the offset of trade receivables and payables where the majority of trading is undertaken in either the USD or Chinese Reminbi which is pegged to the USD. Current trading terms ensure that foreign currency risk is reduced by not trading on terms but cash on delivery.

Astron Corporation Limited

==> picture [227 x 95] intentionally omitted <==

Declaration by Directors

For The Year Ended 30 June 2015

The Directors of the company declare that:

The financial statements, comprising the consolidated statement of profit or loss and other comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, consolidated statement of changes in equity, accompanying notes, are in accordance with International Financial Reporting Standards and give a true and fair view of the consolidated entity’s financial position as at 30 June 2015 and of its performance for the year ended on that date.
In the Directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors by:

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A Brown

Director

G King Director

30 September 2015

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An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the applicable independence requirements of the International Accounting and Ethics Standards Board (IAESB).

Auditor’s Opinion

In our opinion, the financial report of Astron Corporation Limited

i presents fairly, in all material respects, the consolidated entity’s financial position as at 30 June 2015 and of its performance and cash flows for the year then ended; and
ii complies with International Financial Reporting Standards and other authoritative pronouncements of the IASB.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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L M Worsley Partner - Audit & Assurance

Sydney, 30 September 2015

Astron Corporation Limited

Investor Information

2014/2015 Financial Calendar (on or before)

Release of quarterly report	31 October 2015
2015 Annual general meeting	5 December 2014
Release of quarterly report	30 January 2016
Release of half year report	27 February 2016
Release of quarterly report	30 April 2016
Release of Appendix 4E	28 August 2016

Additional information required by the Australian Securities Exchange Ltd and not shown elsewhere in this report is as follows.

The information is current as at 29 September 2015.

Shareholders’ interests

(a) Distribution of equity securities

The number of shareholders by size of holding in each class of share are:

Range of Units Snapshot

			% of
	Total holders	Units	Issued Capital
1-1,000	125	60,634	0.05
1,001-5,000	124	360,606	0.29
5,001-10,000	57	450,559	0.37
10,001-100,000	150	5,099,981	4.16
100,001-9,999,999,999	38	116,504,998	95.13
Rounding
Total	494	122,476,778	100.00
Non CDI holders
1-1,000	4	306
1,001-5,000	1	2,700
Total	5	3,006
Unremarkable Parcels
	Minimum
	parcel size	Holders	Units
Minimum$ 500.00 parcelat $0.19 perunit	2,632	184	173,015

Astron Corporation Limited

Investor Information continued

(b) Twenty largest CDI holders

The twenty largest CDI holders are as follows:

Rank	Name	Units	% of Total CDIs
1.	P T Arafua Mining Limited	94,165,972	76.88
2.	FSC Investment Holdings Ltd	7,437,092	6.07
3.	Juhua International Limited	4,000,000	3.27
4.	GCC Asset Holdings Pty Ltd	1,804,366	1.47
5.	Mr Donald Alexander Black	1,109,053	0.91
6.	Mr Darrell Vaughan Manton + Mrs Veronica Josephine Manton Manton Family No 2 A/C>	933,364	0.76
7.	BT Portfolio Services Limited	600,000	0.49
8.	Mr Adrian Robert Nijman + Mrs Jenny Ann Nijman	550,006	0.45
9.	DFC Management Pty Ltd	400,000	0.33
10.	Cognition Australia Pty Ltd	381,468	0.31
11.	Navigator Australia Ltd	376,120	0.31
12.	Bresrim Nominees Pty Ltd	328,342	0.27
13.	3rd Pulitano Incorporation Pty Ltd	325,744	0.27
14.	Max Short Pty Ltd	289,260	0.24
15.	Ellrock Pty Ltd	260,000	0.21
16.	Mr David Dippie + Mrs Joanne Dippie + Bramwell Grossman Trustees Ltd	247,613	0.20
17.	Mr Malcolm Campbell	204,400	0.17
18.	Golden Arch (Qld) Pty Ltd	202,460	0.17
19.	Morgeo Nominees Pty Limited	200,000	0.16
19.	ABN Amro ClearingSydneyNominees PtyLimited	182,718	0.15
Totals: Top 20 holders of CDI		113,997,978	93.09
Total Remaining Holders Balance		8,478,800	6.91
Total	CDIs	122,476,778	100.00
Total non-CDI holders		3,006
Total	shares on issue	122,479,784

(c) Voting rights

All ordinary shares (whether fully paid or not) carry one vote per share without restriction.

Astron Corporation Limited

Investor Information continued

(d) Schedule of interests in mining tenements

Location Tenement	Percentage held
Victoria Australia EL5186	100
Victoria Australia EL5255	100
Victoria Australia EL5354	100
Victoria Australia EL5472	100
Victoria Australia RL 2002	100
Victoria Australia RL 2003	100
Victoria Australia – (Pending Government approval) RL 2006	100
Victoria Australia MIN5532	100

Information policy

It is the policy of the Company to conform with the highest reporting and information standards to its shareholders. Company spokespeople are available and pleased to respond to queries from financial community, investors and shareholders.

During the year, the Group held one shareholder information session meeting and at the meeting active discussions took place and questions were answered.

All these initiatives will continue to be improved and expanded in the coming year with the objective of providing the fullest and most detailed information to shareholders consistent with the Company’s objectives.

Information on the group and presentations to analysts can be obtained from the Company’s Website www.astronlimited.com.

To assist and improve service to shareholders related to the administration of the fully registered shares shareholders can contact our share registry service.

Shareholders can also contact the Company directly by telephone in Australia +61 3 5385 7088

Astron Corporation Limited

Investor Information continued

Salient Financials
	2015	2014	2014	2012	2011	2010	2009	2008
Share price* ($)	0.15	0.32	0.71	1.30	1.50	0.90	0.90	1.00
EPS ( c )	6.52	(6.19)	(4.46)	(0.80)	0.70	0.90	(2.00)	89.00
Price earnings Ratio	n/a	n/a	n/a	n/a	221.4	105.6	n/a	0.1
Interest Cover	n/a	n/a	n/a	n/a	n/a	n/a	n/a	115
Nos of Shares on issue (m)*	122.5	122.5	122.5	122.5	124.6	128.4	129.6	129.4
Profit and Loss ($m)
Revenue	13.9	5.1	13.0	21.0	20.5	15.3	10.6	204.2
Costs	(8.3)	(10.9)	(17.8)	(20.4)	(17.0)	(12.2)	(9.9)	(87.4)
EBITDA	5.6	(5.8)	(4.8)	0.6	3.5	3.1	0.7	116.8
Depreciation & Amortisation	(0.7)	(0.5)	(0.6)	(0.5)	(0.4)	(0.3)	(0.3)	(2.9)
EBITDA	4.9	(6.3)	(5.4)	0.1	3.1	2.8	0.4	113.9
BorrowingCosts	-	-	(0.1)	-	-	(0.1)	-	(1.0)
NPBT	4.9	(6.3)	(5.5)	0.1	3.1	2.7	0.4	112.9
Income tax benefit/(expense)	3.1	(1.3)	(0.0)	(1.1)	(2.2)	(1.5)	(2.9)	(1.0)
NPAT	8.0	(7.6)	(5.5)	(1.0)	0.9	1.2	(2.5)	111.9
Balance Sheet ($m)
Cash & Term deposits	5.9	10.1	108.1	121.2	147.4	166.5	168.8	185.6
Receivables	17.4	1.6	5.0	4.2	7.5	2.6	2.5	8.4
Inventories	0.8	0.4	2.2	5.1	3.7	1.3	2.9	3.4
Other financial Assets	0.9	1.2	1.0	1.9	2.5	0.7	1.1	-
Current Tax Assets	1.2	0.6	0.3	-	-	-	-	-
Assets classified as available for sale	-	6.7	-	-	-	-	-	-
Total Current Assets	26.2	20.6	116.6	132.4	161.1	171.1	175.3	197.4
Property, Plant & Equipment	22.4	20.9	21.1	16.7	12.4	11.4	9.0	6.6
Trade & other receivables	3.9	-	-	-	-	-	-	-
Intangible assets	64.9	61.2	56.2	48.6	27.0	21.8	20.4	19.9
Land use rights	3.5	2.9	10.0	8.7	8.3	10.0	10.8	9.0
Deferred Tax Assets	-	-	-	-	-	-	-	-
Total Current Assets	94.7	85.0	87.3	74.0	47.7	43.2	40.2	35.5
TOTAL ASSETS	120.9	105.6	203.9	206.4	208.8	214.3	215.5	232.9
Payables	2.2	2.5	1.9	2.2	2.2	1.5	1.8	21.0
Borrowings	1.0	-	0.3	0.2	-	-	-	-
Tax Liabilities	-	-	-	0.1	0.2	0.2	0.9	-
Total Current Liabilities	3.3	2.5	2.2	2.5	2.4	1.7	2.7	21.0
Deferred Tax	5.2	6.3	5.0	5.0	4.6	2.9	1.6	-
Total Non-Current Liabilities	5.2	6.3	5.0	5.0	4.6	2.9	1.6	-
Total liabilities	8.5	8.8	7.3	7.5	7.0	4.6	4.3	21.0
NET ASSETS	112.4	96.8	196.6	198.9	201.8	209.7	211.2	211.9
Cash Flows ($m)
Operating Activities	(3.7)	(0.8)	(3.3)	3.2	(1.5)	4.0	0.8	27.3
Investing Activities	3.8	49.8	(11.0)	(27.8)	(17.9)	(57.8)	(13.5)	157.6
Financing Activities	1.0	92.1	0.1	(4.2)	(5.1)	(1.2)	(6.2)	(8.9)

After 2:1 share swap and return of capital in 2014

Astron Corporation Limited

Directors

Mr Gerard King (Chairman) Mr Alexander Brown (Managing Director) Mdm Kang Rong (Executive Director)

Company Secretary and Registered Office

McCabe Secretarial Service Limited 16[th] Floor, Wing-On-Centre, 111 Connaught Road Central, Hong Kong

Australian Corporate Office

73 Main Street, Minyip, VIC 3392 Telephone: 61 3 5385 7088 Fax: 61 3 5385 7050

China Business Office

c/- Yingkou Astron Mineral Resources Co Ltd Level 18, Building B, Fortune Plaza 53 Beizhan Road, Shenhe District, Shenyang Liaoning Province, China 110016 Telephone: 86 24 3128 6222 Fax: 86 24 3128 6222

Bankers

Commonwealth Bank of Australia 48 Martin Place Sydney NSW 2000, Australia

Share Registrar

Computershare Investor Services Limited Level 3, 60 Carrington Street Sydney NSW 2001, Australia

Computershare Hong Kong Investor Services Limited Hopewell Centre, 46[th] floor 183 Queen’s Road East Wan Chai, Hong Kong

Auditors

Grant Thornton Audit Pty Limited Level 17, 383 Kent Street Sydney NSW 2000, Australia

Grant Thornton Jingdu Tianhua 20th Floor Sunning Plaza 10 Hysan Avenue Causeway Bay Hong Kong

AI assistant

ASTRON LIMITED — Annual Report 2015

64449_rns_2015-09-30_5c38ab47-da58-45e8-9b7d-66b8baa9dd09.pdf

Annual Financial Statements

Astron Corporation Limited

For the Year Ended 30 June 2015

Astron Corporation Limited

Company Number: 1687414

Directors’ Report 30 June 2015

Directors

Names

Principal Activities

Significant Changes to Group Structure

Financial Position

Dividends

Astron Corporation Limited

Directors’ Report

30 June 2015

Review of Operations

Financials

Consolidated Statement of Financial Position

Operations review

Donald

Regulatory

Astron Corporation Limited

Company Number: 1687414

Directors’ Report

30 June 2015

Land

Funding

China operations

Senegal

America

Prospects

Significant Changes in State of Affairs

Astron Corporation Limited

Directors’ Report

30 June 2015

Matters Subsequent to the end of the Financial Year

Likely Developments

Environmental Regulation

Occupational Health and Safety

Astron Corporation Limited

Directors’ Report

30 June 2015

Director Information

Mr. Gerard King

Mr. Alexander Brown

Astron Corporation Limited

Company Number: 1687414

Directors’ Report

30 June 2015

Mdm Kang Rong

Interest in Shares includes directly, indirectly, beneficially or potentially beneficially held shares.

Directors’ Report

30 June 2015

Meetings of Directors

Share Options

Remuneration Report

Policy for determining the nature and amount of Key Management Personnel remuneration

Astron Corporation Limited

Directors’ Report

30 June 2015

Performance based remuneration

Company performance, shareholder wealth and directors and executives remuneration

Astron Corporation Limited

Directors’ Report

30 June 2015

Key Management Personnel

Position Held

Shareholdings

Astron Corporation Limited

Directors’ Report

30 June 2015

Details of Remuneration

Year ended 30 June 2015

Note reference #:

Use of Remuneration Consultants

Termination Payment

Astron Corporation Limited

ASTRON LIMITED Annual Report 2015