DGR GLOBAL LIMITED — Interim / Quarterly Report 2016

Mar 14, 2016

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DGR GLOBAL LIMITED AND CONTROLLED ENTITIES ACN 052 354 837

FINANCIAL REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2015

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Corporate Information

DIRECTORS

William Stubbs (Chairman) Nicholas Mather (Managing Director) Brian Moller Vincent Mascolo

COMPANY SECRETARY

Karl Schlobohm

REGISTERED OFFICE AND PRINCIPAL BUSINESS OFFICE

DGR Global Limited Level 27 111 Eagle Street Brisbane QLD 4000 Phone: + 61 7 3303 0680 Fax: +61 7 3303 0681

SOLICITORS

Hopgood Ganim Level 8, Waterfront Place 1 Eagle Street Brisbane QLD 4000

SHARE REGISTER

Link Market Services Limited Level 15, 324 Queen Street Brisbane QLD 4000 Telephone: +61 7 3320 2235 Facsimile: +61 7 3228 4999

AUDITORS

BDO Audit Pty Ltd Level 10, 12 Creek Street Brisbane QLD 4000

COUNTRY OF INCORPORATION Australia

STOCK EXCHANGE LISTING

Australian Securities Exchange ASX Code: DGR

INTERNET ADDRESS www.dgrglobal.com

AUSTRALIAN BUSINESS NUMBER

ABN 67 052 354 837

DGR Global Limited financial report for the half-year ended 31 December 2015

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Directors' Report

Your Directors submit the financial report of the consolidated entity for the half-year ended 31 December 2015.

DIRECTORS

The names of persons who held office during or since the end of the half-year:

William Stubbs (Non-Executive Chairman) Nicholas Mather (Managing Director and Chief Executive Officer) Brian Moller (Non-Executive Director) Vincent Mascolo (Non-Executive Director)

REVIEW OF OPERATIONS

The profit after income tax for the half year ended 31 December 2015 was $4,327,956 (31 December 2014: loss of $7,854,826).

DGR Global’s business is resource-project generation and discovery across a range of commodities, including copper, gold, nickel, tin, iron ore, titanium, bauxite, coal, oil and gas. The group focuses on delivering value through discovery of ore bodies by the application of innovative exploration techniques and reassessment strategies of existing pre-development projects and to new greenfields areas. DGR Global is generating and developing several independently funded and managed resource companies in order to progress each of these projects. The company also maintains its cornerstone investor position in subsidiaries that move to listing on a recognised stock exchange.

Exploration and Development of Subsidiaries

During the half-year the group was strongly focused on advancing exploration projects within the parent and subsidiary companies. Field reconnaissance programs including mapping, soil, and stream and rock sampling were undertaken. Significant activities which occurred during the half-year included:

Albatross Bauxite Pty Ltd (100%)

• Applied for six (6) Exploration Permits for Minerals (EPMs) in Southern Qld, specifically targeting bauxite. Four (4) of the EPMs were granted in late November.

Archer Resources Limited (63%)

• Rejuvenation as a zinc-copper-gold company, with fundraising commenced for advancement towards ultimate listing.

• Potential for world class copper gold discoveries at Mt Abbot, Calgoa-Colo and Three Sisters Projects.

• Exploration target defined for the Ban Ban Zinc Project following 3D modelling and reinterpretation of historical drilling data.

Pinnacle Gold Pty Ltd (94%)

• Six (6) EPMs now granted for gold exploration.

• Five of the EPMs are over prospective gold targets situated between the former Black Jack and Mt Leyshon Mines near Charters Towers, Qld.

Investments

Armour Energy Limited (23.3%) – ASX: AJQ

• Holds highly prospective whole basin oil and gas positions in Northern Territory and North West Qld covering 139,000km[2] , and a track record of exploration success.

• Binding Agreements signed with American Energy Partners (AEP) for US$130 million farm-out of NT petroleum areas, 9.9% placement @ 20 cents per share, and additional cash payments of up to US$23 million to Armour[1] .

• Hostile unsolicited takeover offer from Westside Corporation Ltd withdrawn after shareholders vote to proceed with the AEP farm-out transaction and approve a partial takeover offer from AEP @ 25 cents per share[2] .

• Regulatory approval received to acquire petroleum resources, tenures, and production and transportation infrastructure assets on the Roma Shelf from Origin Energy. Planned program to recommission plants and wells to bring on production and early cash flow[3] .

• Wholly owned subsidiary Ripple Resources Pty Ltd emerges as a highly prospective lead-zinc explorer with over 20,000km[2] under application or tenure in Northern Australia.

DGR Global Limited financial report for the half-year ended 31 December 2015

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SolGold plc (16%) – LSE: SOLG

• Focus on discovery of a world class high grade copper gold porphyry system at Cascabel in Ecuador. Cascabel is close to the capital and ports, has low elevation, adequate water supplies and access to power.

• Assay results from several drill holes confirm discovery of large scale, high grade porphyry system at the Alpala Prospect. Further significant long high grade drill intersections were announced to the London Stock Exchange during the half year and can be viewed on the LSE or company website www.solgold.com.au. Hole 12 returned the longest and ⁴

• highest grade intercepts to date .

• Strong copper gold surface mineralisation discovered at the Aguinaga and Trivino Prospects ⁵ .

IronRidge Resources Limited (26.3%) – LSE: IRR

• Highly prospective hematite rich iron targets evident in Tchibanga and Belinga Sud licence areas in Gabon – total tenure 5,400km[2] . Tchibanga is less than 70km from the port of Mayumba.

• Wide scale field sampling confirms the discovery of high grade canga iron ore mineralisation at Tchibanga, with Ground Penetrating Radar (GPR) survey commenced to test for canga depth[6] .

• Wholly owned subsidiary Eastern Exploration Pty Ltd discovers high grade Direct Shipping Ore (DSO) bauxite mineralisation at the Monogorilby project in Queensland, Australia[7] .

Aus Tin Mining Limited (19.9%) – ASX: ANW

• Completes acquisition of high grade Granville Tin Project in Tasmania after high grade drill results[9] .

• Maiden JORC resource estimate confirms Taronga as a world class tin project. The details of the resource (79% indicated) can be viewed on the ASX or on the company website www.austinmining.com.au.

• Metallurgical flow sheet completed for Taronga pre-feasibility study. Ore described as coarse grained, having simple metallurgy, and highly amenable to pre-concentration.

• Advancement of the Taronga Project with commitment to a Stage 1 Development comprising trial mining and pilot plant operations.

Dark Horse Resources Limited (19.5%) – ASX: DHR

• Company name changed from Navaho Gold (formerly ASX: NVG) to better reflect exploration and development focus in the energy sector.

• Significant advancement of the highly prospective Nirihuau Coal Project in Rio Negro province in Argentina (DHR earning up to 75%).

• MOU executed with Sunset Power for the development of a thermal power station at Nirihuau to supply low-cost baseload power to the Rio Negro region and into the main Argentinian electricity supply network[8] .

• Plans for low cost coal production and sale to local industries within the San Juan province in Argentina (Marayes Coal Project).

• Subsidiary NavGas Pty Ltd has released an exciting presentation on the company oil and gas projects in Qld and South Australia, and this can be viewed on the ASX or the company website www.darkhorseresources.com.au

• Relatively low risk oil and gas prospects on the Roma Shelf mixed with high volume, higher risk prospects in the Proterozoic Cambrian aged formations in South Australia.

Corporate

• Raised over $4.9 million via fully underwritten 1 for 4 rights issue @ 3.8 cents per share.

• Advancement of new development projects in Australia, Africa and the Americas focused on base metals, gold, bauxite, coal, oil and gas.

Footnotes:

1AJQ ASX Releases 20/8 and 11/9/15 3AJQ ASX Release 2/11/15

5SOLG LSE:AIM Releases 3/11 and 9/12/15

7IRR LSE:AIM Release 15/12/15 9ANW ASX Release 7/12/15

2AJQ ASX Releases 30/10 and 5/11/15 4SOLG LSE:AIM Release 20/10/15 6IRR LSE:AIM Release 23/11/15

8DHR ASX Release 12/1/16

DGR Global Limited financial report for the half-year ended 31 December 2015

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The current aggregate market value of DGR’s listed assets may be represented as follows:

Investment	Number of Shares	Number of Options	**Market Value# **
		/ Warrants	A$
		(unlisted)
Lions Gate Metals Inc	70,000	-	1,413
SolGoldplc	152,532,214	-	10,732,074
Dark Horse Resources Ltd	113,543,456	-	340,630
IronRidge Resources Ltd	62,293,334	-	1,929,438
Aus Tin MiningLtd	258,030,650	-	1,290,153
Armour EnergyLtd	75,050,000	-	6,754,500
Peel MiningLtd	2,000,000	-	280,000
Argent Minerals Ltd	3,500,000	-	84,000
Silver CityResources Ltd	615,000	-	11,070
Total market value of DGR Global’s
listed assets			21,423,278
Total DGR Global shares on issue			550,881,877
Value attributable to each DGR
share(excluding cash)			3.89 cents

Market value represents the market quoted price for listed investments at 8 March 2016. No value has been attributable to the options or prospects in development.

EVENTS SUBSEQUENT TO BALANCE SHEET DATE

On 18 January 2016, the bridging loan facility offered by DGR Global to Armour Energy was secured under documents executed between the parties. Accordingly, the interest rate has been reduced from 22% to 15% per annum.

On 7 March 2016, DGR Global converted its Convertible Note, the accrued Convertible Note interest, and a further loan covering management fees and various outlays made on behalf of SolGold Plc to equity in SolGold Plc which was priced at 2.3p increasing DGR’s holding to 152,532,214 shares representing approximately 16% of the Company.

On 8 March 2016, Armour Energy made a repayment of $6,048,319 to DGR Global against its loan facility due to a refund Armour Energy received from Queensland Department of Heritage and Environment Protection due to a reduction in Financial Assurances required. Under the terms the Loan Agreement, on this date the loan facility was reduced by the same amount as the reduction in the Financial Assurances required, leaving the facility with a limit of $12,951,681 with an available balance of $3,320,000.

The Directors are not aware of any other events since 31 December 2015 that impact upon the financial report as at 31 December 2015.

DGR Global Limited financial report for the half-year ended 31 December 2015

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AUDITOR’S INDEPENDENCE DECLARATION

The auditor’s independence declaration, under section 307C of the Corporations Act 2001, is set out on page 7 for the half-year ended 31 December 2015.

This report is signed in accordance with a resolution of the Board of Directors.

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Nicholas Mather Managing Director

Brisbane Date: 15 March 2016

Competent Persons Statement

The information herein that relates to Exploration Results is based on information compiled by Nicholas Mather B.Sc (Hons) Geol., who is a Member of The Australian Institute of Mining and Metallurgy. Mr Mather is employed by Samuel Capital Pty Ltd which provides certain consultancy services including the provision of Mr Mather as the Managing Director of DGR Global Limited (and a Director of DGR Global Limited’s subsidiaries).

Mr Mather has more than five years experience which is relevant to the style of mineralisation and type of deposit being reported and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’ (the JORC Code). This public report is issued with the prior written consent of the Competent Person(s) as to the form and context in which it appears.

DGR Global Limited financial report for the half-year ended 31 December 2015

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AUDITOR’S INDEPENDENCE DECLARATION

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Tel: +61 7 3237 5999 Level 10, 12 Creek St Fax: +61 7 3221 9227 Brisbane QLD 4000, www.bdo.com.au GPO Box 457 Brisbane QLD 4001 Australia

DECLARATION OF INDEPENDENCE BY DAMIAN WRIGHT TO THE DIRECTORS OF DGR GLOBAL LIMITED

As lead auditor for the review of DGR Global Limited for the half-year ended 31 December 2015, I declare that, to the best of my knowledge and belief, there have been:

1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

2. No contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of DGR Global Limited and the entities it controlled during the period.

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D P Wright Director

BDO Audit Pty Ltd

Brisbane, 15 March 2016

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.

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Consolidated Statement of Comprehensive Income for the half-year ended 31 December 2015

	Consolidated
Note	6 Months to 31 December 2015 6 Months to 31 December 2014
	$ $
Revenue and other income Revenue 2 Other income 2 Total revenue and other income Exploration costs written off Finance costs Employee benefits expenses Depreciation expenses Legal expenses Administration and consulting expenses Revaluation of financial liabilities at fair value through profit or loss Share of profits (losses) of associates 6 Share based payments employment expense Other expenses 2 Profit/ (loss) before income tax Income tax (expense)/benefit 3 Profit / (loss) for the period Other comprehensive income Items that will be reclassified to profit or loss Net fair value gains (losses) on available for sale financial assets Tax effect of net fair value gains (losses) on available for sale financial assets 3 Total comprehensive income for the period Profit / (loss) for the period attributable to: Members of the parent company Non-controlling interests Total comprehensive income for the period attributable to: Members of the parent company Non-controlling interests	1,483,497 673,074 11,764,877 282,542
	13,248,374 955,616
	(18,528) (583,752) (135) (94,282) (1,077,749) (875,912) (18,279) (18,473) (60,113) (99,822) (646,957) (872,117) - 18,319 (1,573,777) (413,889) (528,651) - (2,899,249) (7,541,411)
	6,424,936 (9,525,723) (2,096,980) 1,670,897
	4,327,956 (7,854,826)
	13,092 4,455,796 (3,928) (1,336,739)
	4,337,120 (4,735,769)
	4,330,822 (2,866) (7,765,755) (89,071)
	4,327,956 (7,854,826)
	4,339,986 (2,866) (4,646,698) (89,071)
	4,337,120 (4,735,769)
	2015 Cents 2014 Cents
Earnings / (loss) per share Basic earnings / (loss)per share 4 Diluted earnings / (loss)per share 4	1.0 (1.9) 1.0 (1.9)

The consolidated statement of comprehensive income should be read in conjunction with the notes to the financial statements.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Consolidated Statement of Financial Position as at 31 December 2015

	Consolidated
	31 December 30 June
	2015 2015
Note	$ $
CURRENT ASSETS Cash and cash equivalents Trade and other receivables Other financial assets 5 Other current assets Total Current Assets NON-CURRENT ASSETS Other financial assets 5 Investments accounted for using the equity method 6 Property, plant and equipment Exploration and evaluation assets Total Non-Current Assets TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Income tax payable 3 Total Current Liabilities NON-CURRENT LIABILITIES Deferred tax liabilities 3 Provisions Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 7 Reserves Accumulated losses Equity attributable to members of the parent entity Non-controlling interests TOTAL EQUITY	3,686,342 19,636,608 1,096,514 1,088,115 17,823,947 - 46,730 - 22,653,533 20,724,723 7,017,411 6,468,767 14,934,312 8,884,802 526,028 511,462 5,071,866 4,639,240 27,549,617 20,504,271 50,203,150 41,228,994 893,238 1,736,662 270,407 2,196,264 1,163,645 3,932,926 1,982,456 151,955 636,323 636,323 2,618,779 788,278 3,782,424 4,721,204 46,420,726 36,507,790 28,873,816 24,057,609 27,673,746 27,608,776 (10,738,294) (15,069,116) 45,809,268 36,597,269 611,458 (89,479) 46,420,726 36,507,790

The consolidated statement of financial position should be read in conjunction with the notes to the financial statements.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Consolidated Statement of Cash Flows for the half-year ended 31 December 2015

	Consolidated
Note	6 months to 31 December 6 months to 31 December
	2015 2014
	$ $
CASH FLOWS FROM OPERATING ACTIVITIES Receipts in the course of operations Payments to suppliers and employees Interest received Interest and other costs of finance paid Realised foreign exchange gains Income tax paid Net cash outflow from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Security deposit refunds (payments), net Payments for property, plant and equipment Payments for investments in financial assets at fair value through other comprehensive income Proceeds from the sale of investments in financial assets at fair value through other comprehensive income Payments for exploration and evaluation assets Loans to related parties Net cash (outflow)/inflow from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Proceeds from issue of shares in subsidiaries to non- controlling interests Share issue costs Prepaid IPO costs Proceeds from borrowings Repayment of borrowings Dividend paid Net cash (outflow)/inflow from financing activities Net increase/(decrease) in cash held Cash (bank overdraft), net at 1 July Cash at 31 December	495,354 431,441 (1,929,244) (1,544,709) 659,592 7,074 (135) (59,692) 1,823,696 - (2,196,264) -
	(1,147,001) (1,165,886)
	(6,500) - (32,845) - (559,743) - 11,159 936,529 (443,348) (566,372) (17,772,003) -
	(18,803,280) 370,157
	4,762,192 - 165,000 574,618 (113,776) - - (259,631) - 2,072,307 - (703,757) (813,401) -
	4,000,015 1,683,537
	(15,950,266) 887,808 19,636,608 (205,157)
	3,686,342 682,651

The consolidated statement of cash flows should be read in conjunction with the notes to the financial statements.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Consolidated Statement of Changes in Equity for the half-year ended 31 December 2015

	Issued Capital Accumulated Losses	Share Based Payment Reserve	Financial Assets Reserve	Change in Proportionate Interest Reserve	Profit Reserve	Total Non- controlling Interests Total Equity
	$ $	$	$	$	$	$ $ $
At 1 July 2014 Net profit (loss) for the period Other comprehensive income Total comprehensive income for the period Issue of shares to non-controlling shareholders At 31 December 2014 Net profit (loss) for the period Other comprehensive income Total comprehensive income for the period Issue of shares Issue of shares to non-controlling shareholders Share issue costs, net of tax Share based payments Non-controlling interest in subsidiary disposed Transfer to profit reserve Dividend declared At 30 June 2015 Net profit (loss) for the period Other comprehensive income Total comprehensive income for the period Issue of shares Issue of shares to non-controlling shareholders Share issue costs, net of tax Change in proportionate interest Share based payments At 31 December 2015	23,999,223 (15,069,116) - (7,765,755) - -	6,268,621 - -	2,656,564 - 3,119,057	18,269,405 - -	- - -	36,124,697 (307,191) 35,817,506 (7,765,755) (89,071) (7,854,826) 3,119,057 - 3,119,057
	- (7,765,755) - -	- -	3,119,057 -	- 395,266	- -	(4,646,698) (89,071) (4,735,769) 395,266 179,352 574,618
	23,999,223 (22,834,871)	6,268,621	5,775,621	18,664,671	-	31,873,265 (216,910) 31,656,355
	- 14,208,572 - -	- -	- (8,398,118)	- -	- -	14,208,572 197,348 14,405,920 (8,398,118) - (8,398,118)
	- 14,208,572 60,000 - - - (1,614) - - - - - - (6,442,817) - -	- - - - 30,513 - - -	(8,398,118) - - - - - - -	- - (139,733) - - - - -	- - - - - - 6,442,817 (1,035,616)	5,810,454 197,348 6,007,802 60,000 - 60,000 (139,733) 139,733 - (1,614) - (1,614) 30,513 - 30,513 - (209,650) (209,650) - - - (1,035,616) - (1,035,616)
	24,057,609 (15,069,116)	6,299,134	(2,622,497)	18,524,938	5,407,201	36,597,269 (89,479) 36,507,790
	- 4,330,822 - -	- -	- 9,164	-	-	4,330,822 (2,866) 4,327,956 9,164 - 9,164
	- 4,330,822 5,132,900 - - - (316,693) - - - - -	- - - 65,958 - 528,651	9,164 - - - - -	- - 107,128 - (645,931) -	- - - - - -	4,339,986 (2,866) 4,337,120 5,132,900 - 5,132,900 107,128 57,872 165,000 (250,735) (250,735) (645,931) 645,931 - 528,651 - 528,651
	28,873,816 (10,738,294)	6,893,743	(2,613,333)	17,986,135	5,407,201	45,809,268 611,458 46,420,726

The consolidated statement of changes in equity should be read in conjunction with the notes to the financial statements.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

1. Summary of Significant Accounting Policies

Corporate information

The financial report of DGR Global Limited and its controlled entities (the “Group”) for the half year ended 31 December 2015 was authorised for issue in accordance with a resolution of the Directors on 15 March 2016. DGR Global Limited is a public company limited by shares that is incorporated and domiciled in Australia.

Basis of preparation of half-year financial statements

This general purpose financial report for the half-year ended 31 December 2015 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 .

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

It is recommended that the half-year financial report be read in conjunction with the annual report for the year ended 30 June 2015 and considered together with any public announcement made by DGR Global Limited during the half-year ended 31 December 2015 in accordance with the continuous disclosure obligations of the ASX listing rules.

The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report.

Going concern

The half-year report has been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. At 31 December 2015 the Group had $3,686,342 in cash and $17,823,947 in loans receivable and Convertible Notes resulting in net working capital of $21,489,888. The Group has not generated significant revenues from operations.

The ability of the Group to continue to adopt the going concern assumption will depend upon a number of matters including the subsequent collection of the loans receivable, successful closure of capital raisings in its project specific subsidiary companies in the furtherance of its corporate model, the successful exploration and subsequent exploitation of the Group’s tenements, and the increase in value and subsequent sale of its listed investments.

Comparatives

When required by Accounting Standards, comparatives have been adjusted to conform to changes in presentation for the current half-year.

2. Profit / (Loss) Profit (loss) before income tax has been determined after: Revenue Interest Management fees Total revenue Other income Foreign exchange gains Recycling of available for sale reserve through profit and loss Reversal of impairment of investment in associates Other income Total other income Other expenses - Impairment of investment in associate	6 Months to 31 December 2015 6 Months to 31 December 2014
	$ $
	659,592 7,074 823,905 666,000
	1,483,497 673,074
	1,253,843 - (15,802) 271,101 10,522,536 - 4,300 11,441
	11,764,877 282,542
	(2,899,249) (7,541,411)

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

3. Income Tax

(a) Income tax (benefit)/expense Current tax Deferred tax (b) Numerical reconciliation of income tax payable to prima facie tax payable Prima facie tax expense on profit (loss) before income tax at 30% (2014: 30%) Add tax effect of: Permanent differences Derecognise tax losses Other Less tax effect of: Benefit of net deferred tax assets relating to prior years not previously recognised (c) Tax (benefit)/expense relating to items of other comprehensive income Available for sale financial assets (d) Deferred tax assets/(liabilities) Deferred tax asset Carried forward tax losses Accruals / provisions Capital raising costs expensed Impairment of associates AFS revaluation Other temporary differences Deferred tax liability Property, plant and equipment AFS revaluation Investment of associates Exploration and evaluation assets Net deferred tax asset/(liability) Deferred tax assets not recognised Unused tax losses Temporary differences Tax benefit at 30% (30 June 2015: 30%)	6 Months to 31 December 2015 6 Months to 31 December 2014
	$ $
	270,407 - 1,826,573 (1,670,897)
	2,096,980 (1,670,897)
	1,927,481 (2,857,717) 163,370 - 2,522 - 3,607
	2,096,980 (2,857,717) - 1,186,820
	2,096,980 (1,670,897)
	3,928 1,336,739
	3,928 1,336,739
	31 December 2015 30 June 2015
	$ $
	1,724,227 1,756,003 1,864 12,667 40,373 150,576 355,693 389,756 1,604,773 1,609,544 21,294 -
	3,748,224 3,918,546 (67,599) (67,599) (416) (1,259) (4,141,107) (2,364,771) (1,521,558) (1,636,872)
	(5,730,680) (4,070,501)
	(1,982,456) (151,955)
	3,851,560 1,147,066 216,220 64,866
	1,220,334 363,579

In order to recoup carried forward losses in future periods, either the Continuity of Ownership Test (COT) or Same Business Test must be passed. The majority of losses are carried forward at 31 December 2015 under COT.

Deferred tax assets which have not been recognised as an asset, will only be obtained if:

• (i) the Company derives future assessable income of a nature and of an amount sufficient to enable the losses to be realised;

• (ii) the Company continues to comply with the conditions for deductibility imposed by the law; and

• (iii) no changes in tax legislation adversely affect the Company in realising the losses.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

6	Months to	6 Months to
31	December	31 December
	2015	2014
	$	$

	6 Months to 31 December 2015 $	6 Months to 31 December 2014 $
4. Earnings Per Share
Calculation of basic and diluted earnings per share is in accordance with AASB 133_Earnings per Share._
Earnings in cents per ordinary share:
Basic earnings (loss) per share – cents	1.0	(1.9)
Diluted earnings (loss) per share – cents	1.0	(1.9)
Net profit (loss) used in calculating basic and diluted earnings per share	4,330,822	(7,765,755)
	Number	Number
Weighted average number of ordinary shares used in the calculation of
basic earnings per share	442,205,241	412,162,815

The options are considered non-dilutive as they were out of the money. Options may become dilutive in the future.

		31 December 2015 $ 30 June 2015 $
5. Other Financial Assets
i) Current
Loans receivable		16,573,947 - 1,250,000 -
Convertible note
		17,823,947 -
Loans receivable consist of loans advanced to the following: Armour Energy Limited1 Dark Horse Resources Limited2 SolGold Plc3		15,295,381 - 480,789 - 797,777 -
		16,573,947 -

1 On 30 September 2015, DGR Global Ltd executed an unsecured loan agreement with Armour Energy Ltd for the provision of $15 million. The term of the facility is through to 31 March 2016. Provision is made in the agreement for Armour to seek, up to a, 12 month extension only on the basis it is able to provide the following:

• a first ranking security and mortgage over unsecured Surat Basin Assets and a fixed and floating charge over the assets of Armour and subsidiaries and the assets of those subsidiaries;

• the grant of a 0.5 per cent gross sales royalty over production from the Surat Basin Assets;

• the grant of 50,000,000 options; and

• a right to convert no more than 50% of any part of the drawn part of the facility to share equity in Armour at any time, at 90% of the preceding 10 day volume weighted average in accordance with the provisions of the Corporations Act and ASX Listing Rules but subject to Armour having a right if conversion is requested to repay the funding early.

On 28 October 2015, DGR Global agreed to increase the amount of its financing facility from $15 million to $19 million all other material terms remain the same.

The interest rate on the facility is 22 per cent per annum on an unsecured basis, but in the event the funding becomes secured the rate reduces to 15 per cent per annum.

2 On 30 September 2015, DGR Global Ltd provided a letter of support to Dark Horse Resources Limited for up to $1 million of funding. The term of the facility is for a period of 12 months. Interest is charged at the rate charged by the bankers for Dark Horse Resources Limited on any overdraft accommodation for an amount of $100,000 or more and shall be capitalised and only repayable when the facility is repaid.

3 On 20 November 2015, DGR Global Ltd agreed to provide short term funding to SolGold Plc to provide working capital. Interest on the facility is charged at the rate of 9.5% per annum.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

5. Other Financial Assets (continued)

i) Current (continued)

On 2 October 2015 DGR Global executed a Convertible note deed with SolGold Plc. The principal terms of the Convertible Note Deed are as follows:

• Amount - $1,250,000

• Interest rate – 9.5% per annum

• Term – 12 Months

On 7 March 2016, the Convertible note was converted to equity in SolGold Plc, refer note 12.

ii) Non-Current		31 December 2015 $		30 June 2015 $
Available for sale financial assets (refer (a) below)		-		-
Financial assets at fair value through profit or loss (refer (b) below)		- 5,842,415 314,000 860,996		-
Financial assets at fair value through other comprehensive income (refer (c) below)				5,296,268
Cash on deposit held as security				314,000
Securitybonds				858,499
		7,017,411		6,468,767
		- - - -
(a) Available for sale financial assets
Balance at beginning of reporting period				20,263,903
Transfer to financial assets at fair value through profit or loss				(12,090,000)
Transfer to financial assets at fair value through other comprehensive income				(8,173,903)
Fair value adjustment through other comprehensive income				-
Balance at end of reporting period		-		-
		- - -
(b) Financial assets at fair value through profit or loss
Balance at beginning of reporting period				-
Transfer from available for sale financial assets				12,090,000
Fair Value adjustment through profit or loss				14,896,305
Disposal of financial assets at fair value throughprofit or loss				(26,986,305)
Balance at end of reporting period		-		-
		5,296,268 - 560,016 (11,159) (15,802) 13,092
(c) Financial assets at fair value through other comprehensive income
Balance at beginning of reporting period				-
Transfers from available for sale financial assets				8,173,903
Additions				2,551,883
Disposal of financial assets at fair value through other comprehensive income				(327)
Recycling of available for sale reserve through profit and loss				-
Fair Value adjustment through other comprehensive income				(5,429,191)
Balance at end of reporting period		5,842,415		5,296,268

Financial assets at fair value through other comprehensive income comprise an investment in the ordinary issued capital of SolGold plc, listed on the London Stock Exchanges Alternative Investment Market (“AIM”), an investment in the ordinary issued capital of Lions Gate Metals Inc, listed on the Toronto Stock Exchange (“TSX”), an investment in the ordinary issued capital of Aus Tin Mining Ltd a company listed on the Australian Securities Exchange, an investment in the ordinary issued capital of Peel Mining Ltd a company listed on the Australian Securities Exchange, an investment in the ordinary issued capital of Argent Minerals Ltd a company listed on the Australian Securities Exchange, an investment in the ordinary issued capital of Silver City Minerals Ltd a company listed on the Australian Securities Exchange and an investment in the ordinary issued capital of Lucapa Diamonds Ltd a company listed on the Australian Securities Exchange.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

6. Investments Accounted for Using the Equity Method		31 December 2015 $		30 June 2015 $
Balance at beginning of reporting period		8,884,802		11,812,139
Fair value of investment on initial recognition (refer note 11)		-		12,263,200
Additional investment - shares		-		161,209
Share of associates profits (losses) after income tax		(1,573,777)		(2,184,242)
Share of associates other comprehensive income		-		(552,325)
Impairment		(2,899,249)		(12,615,179)
Reversal of impairment		10,522,536		-
Balance at end of reporting period		14,934,312		8,884,802

Impairment relates to the investments in IronRidge Resources Limited. At 30 June 2015 the share price of IronRidge Resources Limited was $0.085. At 31 December 2015 the share price had fallen to $0.035. On this basis the investments in the associates have been written down to fair value, less costs to sell.

Reversal of impairment relates to the investments in Dark Horse Resources Ltd and Armour Energy Ltd. At 30 June 2015 the share price of Dark Horse Resources Ltd and Armour Energy Ltd was $0.002 and $0.045, respectively. At 31 December 2015 the share price of Dark Horse Resources Ltd and Armour Energy Ltd had risen to $0.003 and $0.165, respectively. On this basis the investments in the associates have been written up to fair value, less costs to sell.

7. Issued Capital

7. Issued Capital
550,881,877 (30 June 2015: 414,246,224) fully paid ordinary shares Share issue costs	31 December 2015 $ 30 June 2015 $
	30,386,191 25,253,291 (1,512,375) (1,195,682)
	28,873,816 24,057,609

Ordinary shares participate in dividends and the proceeds on winding up the Company. At shareholder meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on show of hands.

There is no par value or authorised capital.

(a) Ordinary Shares Opening balance 2 April 20151 31 July 20152 12 November 20153 7 December 20154 Closing balance	31 December 2015 Number 30 June 2015 Number 31 December 2015 $ 30 June 2015 $
	414,246,224 412,162,815 25,253,291 25,193,291 - 2,083,409 - 60,000 7,407,167 - 222,215 - 35,268,795 - 1,340,215 - 93,959,691 - 3,570,470 -
	550,881,877 414,246,224 30,386,191 25,253,291

1 On 2 April 2015, 2,083,409 ordinary shares at an average price of $0.0288 (based on 80% of the 5 day VWAP of DGR shares) were issued to the convertible note holder for conversion of interest payable for the period 16 May 2014 to 15 May 2015. 2 On 31 July 2015, 7,407,167 ordinary $0.03 shares were issued pursuant to Dividend Reinvestment Plan offered under the Dividend announced to the market on 26 June 2015.

3 On 12 November 2015, 35,268,795 ordinary $0.038 shares were issued pursuant to the institutional offer under the Company’s Rights issue.

4 On 7 December 2015, a total 93,959,691 ordinary $0.038 shares were issued. 2,665,485 were issued pursuant to the Company’s Rights issue and 23,815,349 were issued pursuant to a private placement.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

7. Issued Capital (continued)

(b) Options

As at 31 December 2015, there were 78,850,000 unissued ordinary shares of DGR Global Ltd under option, held as follows:

Options on Issue in DGR Global Ltd	Number	Exercise	Expiry
		Price
Unlisted Director options	12,000,000	$0.12	30/11/16
Unlisted employee options	9,500,000	$0.12	29/05/17
Unlisted employee options	4,400,000	$0.065	14/04/16
Unlisted employee options	1,000,000	$0.065	10/07/16
Unlisted employee options	23,000,000	$0.065	30/09/17
Unlisted Director options	22,950,000	$0.065	25/11/17
Unlisted Underwritingoptions	6,000,000	$0.065	12/12/17

8. Commitments, Contingent Liabilities and Contingent Assets

Future Exploration Commitments

The Group is expected to have certain obligations to expend minimum amounts on exploration in tenement areas. These obligations may be varied from time to time and are expected to be fulfilled in the normal course of operations of the Group. The expected commitments to be undertaken are as follows:

obligations may be varied from time to time and are expected to be fulfilled in The expected commitments to be undertaken are as follows:	the normal course of operations of the Group.
Less than 12 months Between 12 months and 5 years	31 December 2015 $ 30 June 2015 $
	1,017,000 954,000 2,020,000 1,048,000
	3,037,000 2,002,000

To keep the tenements in good standing, work programs should meet certain minimum expenditure requirements. If the minimum expenditure requirements are not met, the Group has the option to negotiate new terms or relinquish the tenements. The Group also has the ability to meet expenditure requirements by joint venture or farm-in agreements.

The company has committed to provide financial support as and when required to Dark Horse Resources Ltd for 12 months from 13 March 2015 or until such time as Dark Horse Resources Ltd securers funding to continue its activities. There is uncertainty as to when and the amount of any outflows that may occur under this commitment, accordingly it is not possible to disclose the estimated financial effect of this commitment.

As at 31 December 2015, Armour Energy Ltd had the ability to draw down a further $3,704,619 under the loan facility provided to it by DGR Global Ltd.

There are no other significant changes to commitments disclosed in the most recent annual financial report.

Contingent Liabilities and Contingent Assets

There are no contingent liabilities or contingent assets at 31 December 2015.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

9. Segment Reporting

The group reports information to the board of Directors along company lines. That is, the financial position of DGR Global Limited and each of its subsidiary companies is reported discreetly, together with an aggregated group total. Accordingly, each company within the group that meets or exceeds the relevant threshold tests is separately disclosed below. The financial information of the subsidiaries that do not exceed the thresholds and are therefore not reported separately, are aggregated as Other Subsidiaries.

31 December 2015	DGR Global	Archer Resources	Other	Total
	$	$	$	$
(i) Segment performance
Revenue
External revenue	1,483,253	244	-	1,483,497
Inter-segment revenue	11,934	-	-	11,934
Total segment revenue	1,495,187	244	-	1,495,431
Reconciliation of segment revenue to group revenue
Elimination of inter-segment revenue				(11,934)
Foreign exchange gains				1,253,843
Other income				4,300
Recycling adjustment on available for sale assets				(15,802)
Reversal of impairment of investment in associates				10,522,536
Total group revenue				13,248,374
Segment net profit (loss) before tax	(840,371)	(8,359)	(18,186)	(866,916)
Reconciliation of segment result to group net profit / loss before tax
Share of losses of associates				(1,573,777)
Reversal of impairment of investment in associate				10,522,536
Impairment of investment in associate				(2,899,249)
Foreign exchange gains				1,253,844
Other income				4,300
Recycling adjustment on available for sale assets				(15,802)
Net profit before tax				6,424,936

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

9. Segment Reporting (continued)

31 December 2014	DGR Global	Archer Resources	IronRidge Resources	Other	Total
	$	$	$	$	$
(i) Segment performance
Revenue
External revenue	672,604	-	470	-	673,074
Inter-segment revenue	294,000	-	-	-	294,000
Total segment revenue	966,604	-	470	-	967,074
Reconciliation of segment revenue to group revenue
Elimination of inter-segment revenue					(294,000)
Total group revenue					673,074
Segment net profit (loss) before tax	(828,013)	(151,489)	(417,572)	(173,349)	(1,570,423)
Reconciliation of segment result to group net profit / loss before tax
Share of losses of associates					(413,889)
Impairment of investment in associate					(7,541,411)
Net profit before tax					(9,525,723)

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

9. Segment Reporting (continued)

(ii) Segment assets
31 December 2015	DGR Global	Archer Resources	IronRidge Resources	Other	Total
	$	$	$	$	$
Segment assets	52,403,387	2,387,637	-	197,462	54,988,486
Reconciliation of segment assets to group assets
Inter-segment receivables and investments eliminations					(4,785,336)
Total group assets					50,203,150
Segment asset additions for the period
- Exploration and evaluation assets	294,024	65,936	-	91,191	451,151
- Property, plant and equipment	32,845	-	-	-	32,845
- Investments in financial assets through other comprehensive income	548,855	-	-	-	548,855
30 June 2015	DGR Global	Archer Resources	IronRidge Resources	Other	Total
	$	$	$	$	$
Segment assets
Reconciliation of segment assets to group assets	44,118,598	2,233,648	-	121,215	46,473,461
Inter-segment receivable eliminations					(5,244,467)
Total group assets					41,228,994
Segment asset additions for the period
- Exploration and evaluation assets	291,818	155,115	120,223	115,623	682,779
- Property, plant and equipment	14,142	-	-	-	14,142
- Investments accounted for using the equity method	161,210	-	-	-	161,210
- Investments in financial assets through other comprehensive income	2,551,883	-	-	-	2,551,883

DGR Global Limited financial report for the half-year ended 31 December 2015

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Notes to the Consolidated Financial Statements for the half-year ended 31 December 2015

10. Financial Instruments

The fair values of financial assets and financial liabilities approximate their carrying amounts principally due to their short-term nature or the fact that they are measured and recognised at fair value.

To provide an indication about the reliability of inputs used in determining fair value, the group classifies its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.

The following table presents the Group’s financial assets and liabilities measured and recognised at fair value at 31 December 2015 and 30 June 2015 on a recurring basis.

	Level 1	Level 2		Level 3		Total
	$	$		$		$
31 December 2015
Financial assets at fair value through other comprehensive
income	5,842,415		-		-	5,842,415
Investments accounted for using the equity method	14,934,312		-		-	14,934,312
30 June 2015
Financial assets at fair value through other comprehensive
income	5,296,268		-		-	5,296,268
Investments accounted for usingthe equitymethod	8,884,802		-		-	8,884,802

Level 1: The fair value of financial instruments traded in active markets is based on quoted (unadjusted) market prices at the end of the reporting period. The quoted marked price used for available for sale financial asset held by the Group is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on an observable market data, the instrument is included in level 3.

11. Disposal of Subsidiaries

On 12 February 2015, IronRidge Resources Ltd allotted and issued 67,416,667 ordinary shares pursuant to an Initial Public Offering and was admitted to the London Stock Exchange (AIM). Following this DGR Global Ltd’s holding reduced to 26% and control was lost.

	2015 $
Fair value of retained investment IronRidge Resources Ltd at the date of disposal Assets and liabilities disposed: Cash and cash equivalents Trade and other receivables Other current assets Security deposits Property plant & equipment Exploration and evaluation assets Trade and other payables Other financial liabilities Non-controlling interest Net gain on disposal	12,263,200 371,342 29,424 1,058,060 63,103 8,428 1,679,732 (2,185,143) (171,077) (209,650)
	644,219
	11,618,981

DGR Global Limited financial report for the half-year ended 31 December 2015

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12. Events After Balance Sheet Date

On 18 January 2016, the bridging loan facility offered by DGR Global to Armour Energy was secured under documents executed between the parties. Accordingly, the interest rate has been reduced from 22% to 15% per annum.

On 7 March 2016, DGR Global converted its Convertible Note, the accrued Convertible Note interest, and a further loan covering management fees and various outlays made on behalf of SolGold Plc to equity in SolGold Plc which was priced at 2.3p increasing DGR’s holding to 152,532,214 shares representing approximately 16% of the Company.

On 8 March 2016, Armour Energy made a repayment of $6,048,319 to DGR Global against its loan facility due to a refund Armour Energy received from Queensland Department of Heritage and Environment Protection due to a reduction in Financial Assurances required. Under the terms the Loan Agreement, on this date the loan facility was reduced by the same amount as the reduction in the Financial Assurances required, leaving the facility with a limit of $12,951,681 with an available balance of $3,320,000.

The Directors are not aware of any other events since 31 December 2015 that impact upon the financial report as at 31 December 2015.

DGR Global Limited financial report for the half-year ended 31 December 2015

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Directors' Declaration

In accordance with a resolution of the Directors of DGR Global Limited, I state that:

In the opinion of the Directors:

1. The attached financial report and notes of the consolidated entity are in accordance with the Corporations Act 2001 , including:

2. (a) Giving a true and fair view of the financial position as at 31 December 2015 and the performance for the half-year ended on that date of the consolidated entity; and

3. (b) Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

4. There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

On behalf of the board

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Nicholas Mather Managing Director

Brisbane Date:15 March 2016

DGR Global Limited financial report for the half-year ended 31 December 2015

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Tel: +61 7 3237 5999 Level 10, 12 Creek St Fax: +61 7 3221 9227 Brisbane QLD 4000, www.bdo.com.au GPO Box 457 Brisbane QLD 4001 Australia

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of DGR Global Limited

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of DGR Global Limited, which comprises the consolidated statement of financial position as at 31 December 2015, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the halfyear ended on that date, notes comprising a statement of accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year’s end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2015 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of DGR Global Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of DGR Global Limited, would be in the same terms if given to the directors as at the time of this auditor’s review report.

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.

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Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of DGR Global Limited is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2015 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001 .

BDO Audit Pty Ltd

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D P Wright Director

Brisbane, 15 March 2016

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.

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