ORBMINCO LIMITED — Annual Report 2013

Oct 30, 2013

AUSTRALIAN-AMERICAN MINING CORPORATION LTD

ACN 073 155 781

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ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2013

Contents CORPORATE GOVERNANCE STATEMENT ................................................................................ 2 DIRECTORS’ REPORT ................................................................................................................... 7 AUDITORS INDEPENDENCE DECLARATION ............................................................................ 26 STATEMENT OF COMPREHENSIVE INCOME ........................................................................... 27 STATEMENT OF FINANCIAL POSITION ..................................................................................... 28 STATEMENT OF CHANGES IN EQUITY ..................................................................................... 29 STATEMENT OF CASH FLOWS .................................................................................................. 30 NOTES TO THE FINANCIAL STATEMENTS ............................................................................... 31 DIRECTORS’ DECLARATION ...................................................................................................... 63 INDEPENDENT AUDIT REPORT ................................................................................................. 64 ADDITIONAL ASX INFORMATION ............................................................................................... 67 CORPORATE DIRECTORY .......................................................................................................... 82

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CORPORATE GOVERNANCE STATEMENT

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

APPROACH TO CORPORATE GOVERNANCE

Australian-American Mining Corporation Ltd (“AusAmerican” or “the c ompany” ) has made it a priority to adopt systems of control and accountability as the basis for the administration of corporate governance. Some of these policies and procedures are summarised in this statement. Commensurate with the spirit of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations 2[nd] edition ( Principles & Recommendations ), the Company has followed each recommendation where the Board has considered the recommendation to be an appropriate benchmark for its corporate governance practices. Where, the Company's corporate governance practices follow a recommendation, the Board has made appropriate statements reporting on the adoption of the recommendation. In compliance with the "if not, why not" regime, where, after due consideration, the Company's corporate governance practices depart from a recommendation, the Board has offered full disclosure and an explanation for the adoption of its own practice.

Further information about the Company's corporate governance practices may be found on the Company's website under the section marked "Corporate Governance".

The Company reports below on how it has followed (or otherwise departed from) each of the Principles & Recommendations during the 2012/2013 financial year ( Reporting Period ). The Principles & Recommendations were amended in 2010 and these amendments apply to the Company's first financial year commencing on or after 1 January 2011. However, as encouraged by the ASX Corporate Governance Council, the Company has made an early transition to the amended Principles & Recommendations. Accordingly, the report below is made against the Principles & Recommendations as amended in 2010.

BOARD

Roles and Responsibilities of the Board and Senior Executives (Recommendations: 1.1, 1.3)

The Company has established the functions reserved to the Board, and those delegated to senior executives and has set out these functions in its Board Charter.

The Board is collectively responsible for promoting the success of the Company through its key functions of overseeing the management of the Company, providing overall corporate governance of the Company, monitoring the financial performance of the Company, engaging appropriate management commensurate with the Company's structure and objectives, involvement in the development of corporate strategy and performance objectives, and reviewing, ratifying and monitoring systems of risk management and internal control, codes of conduct and legal compliance.

Senior executives are responsible for supporting and assisting the Managing Director in implementing the running of the general operations and financial business of the Company in accordance with the delegated authority of the Board. Senior executives are responsible for reporting all matters which fall within the Company's materiality thresholds at first instance to the Managing Director or, if the matter concerns the Managing Director, directly to the Chairman.

The Company's Board Charter is available on the Company's website.

Skills, Experience, Expertise and Period of Office of Each Director (Recommendation: 2.6)

A profile of each Director setting out their skills, experience, expertise and period of office is set out in the Directors' Report.

Currently the Board comprises five directors, being a Chairman, who also serves as Company Secretary, a Managing Director, one Executive Director and two non-executive directors. The directors have a broad mix of skills, experience and knowledge to enable them to effectively and efficiently discharge their responsibilities and duties. The Board considers that the current independent director in the company is appropriate for the effective execution of the Board’s responsibilities. The Board considers that all the individuals on the Board can and do make quality and independent judgments in the best interests of the Company and possess the skills and experience suitable for building the Company. The directors periodically monitor the need to appoint additional independent directors.

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Director Independence (Recommendations: 2.1, 2.2, 2.3, 2.6)

The Board has an appropriate mix of directors who are independent.

The independent directors of the Company are Peter Landau and Don Falconer. These directors are independent as they are non-executive directors who are not members of management and who are free of any business or other relationship that could materially interfere with, or could reasonably be perceived to materially interfere with, the independent exercise of their judgement.

The Board considers the independence of directors having regard to the relationships listed in the Principles & Recommendations and the Company's materiality thresholds.

Materiality for these purposes is determined on both quantitative and qualitative bases. An amount of over 5% of annual turnover of the company or Group or 5% of the individual directors’ net worth is considered material for these purposes. In addition, a transaction of any amount or a relationship is deemed material if knowledge of it may impact the shareholders’ understanding of the director’s performance.

The non-independent directors of the Company are Richard Holmes, Jim Malone and Ben Mead.

The Chairman of the Board is Jim Malone. ASX Corporate Governance Council Recommendation 2.2 requires the Chairman to be an independent director. The Board considers that at this stage of the Company’s development, the composition of the Board is appropriate.

Independent Professional Advice (Recommendation: 2.6)

To assist directors with independent judgement, it is the Board's policy that if a director considers it necessary to obtain independent professional advice to properly discharge the responsibility of their office as a director then, provided the director first obtains approval from the Chair for incurring such expense, the Company will pay the reasonable expenses associated with obtaining such advice.

Selection and (Re) Appointment of Directors (Recommendation: 2.6)

In determining candidates for the Board, the Nomination Committee (or equivalent) follows a prescribed process whereby it evaluates the mix of skills, experience, expertise and diversity of the existing Board. In particular, the Nomination Committee (or equivalent) is to identify the particular skills and diversity that will best increase the Board's effectiveness. Consideration is also given to the balance of independent directors. Potential candidates are identified and, if relevant, the Nomination Committee (or equivalent) recommends an appropriate candidate for appointment to the Board. Any appointment made by the Board is subject to ratification by shareholders at the next general meeting.

The Board recognises that Board renewal is critical to performance and the impact of Board tenure on succession planning. Each director is required to be re-appointed at each general meeting under the constitution of the company. At each annual general meeting all directors must resign. A director who retires at an annual general meeting is eligible for re-election at that meeting. Re-appointment of directors is not automatic.

The Company's Policy and Procedure for the Selection and Reappointment of Directors is available on the Company's website.

BOARD COMMITTEES

Nomination Committee (Recommendations: 2.4, 2.6)

The Company has not established a separate Nomination Committee. Given the current size and composition of the Board, the Board believes that there would be no efficiencies gained by establishing a separate Nomination Committee. Accordingly, the Board performs the role of the Nomination Committee. Items that are usually required to be discussed by a Nomination Committee are marked as separate agenda items at Board meetings when required. When the Board convenes as the Nomination Committee it carries out those functions which are delegated to it in the Company’s Nomination Committee Charter. The Board deals with any conflicts of interest that may occur when convening in the capacity of the Nomination Committee by ensuring that the director with conflicting interests is not party to the relevant discussions.

The Nomination Committee is not structured in accordance with Recommendation 2.4. Given the current size and composition of the Company, the Board believes that the Company does not have the resources to structure the Nomination Committee in compliance with this Recommendation and that compliance would represent a

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significant and disproportionate compliance cost for the Company without providing outweighing benefits to the Company.

The full Board carries out the role of the Nomination Committee. The full Board did not officially convene as a Nomination Committee during the Reporting Period; however nomination-related discussions occurred from time to time during the year as required.

Audit & Risk Committee

(Recommendations: 4.1, 4.2, 4.3, 4.4)

The Audit & Risk Committee consists of the following directors:

• Don Falconer (Chair)

• Jim Malone

Details of these directors’ qualifications and attendance at Audit & Risk Committee meetings are set out in the Directors’ Report.

All members of the Audit & Risk Committee are financially literate and have an appropriate understanding of the industries in which the Group operates. One member, Mr Malone, has relevant qualifications and experience by virtue of being a CPA. The Audit & Risk Committee operates in accordance with a charter which is available on the company website.

The main responsibilities of the committee are to:

• review the half yearly and annual financial statements.

• an assessment of whether external financial reporting is consistent with committee member’s information and knowledge and is adequate for shareholder’s needs.

• receipt of assurances from the chief executive officer (or equivalent) and the chief financial officer (or equivalent) that they have provided a declaration in accordance with section 295A of the Corporations Act and that it is founded on a sound system of risk management and internal control and that the system is operating effectively in all material respects in relation to financial reporting risks.

• an assessment of the management processes supporting external reporting.

• review and report to the board on the impact of any proposed changes in accounting policies on the financial statements.

• review the appropriateness of the accounting principles adopted by management in the financial reports and the integrity of the Company’s financial reporting.

• review the results of the external audits of half yearly and annual financial statements.

The Audit & Risk Committee has authority, within the scope of its responsibilities, to seek any information it requires from any employee or external party.

The Company has established procedures for the selection, appointment and rotation of its external auditor. The Board is responsible for the initial appointment of the external auditor and the appointment of a new external auditor when any vacancy arises, as recommended by the Audit & Risk Committee (or its equivalent). Candidates for the position of external auditor must demonstrate complete independence from the Company through the engagement period. The Board may otherwise select an external auditor based on criteria relevant to the Company's business and circumstances. The performance of the external auditor is reviewed on an annual basis by the Audit & Risk Committee (or its equivalent) and any recommendations are made to the Board. The external auditor will attend the annual general meeting and be available to answer shareholder questions about the conduct of the audit and the preparation and content of the audit report.

The Company's Audit & Risk Committee Charter and the Company's Procedure for Selection, Appointment and Rotation of External Auditor are available on the Company's website.

Remuneration Committee (Recommendations: 8.1, 8.2, 8.3, 8.4)

The Company has not established a separate Remuneration Committee. Given the current size and composition of the Company, the Board believes that there would be no efficiencies gained by establishing a separate Remuneration Committee. Accordingly, the Board performs the role of Remuneration Committee. Items that are usually required to be discussed by a Remuneration Committee are marked as separate agenda items at Board meetings when required. When the Board convenes as the Remuneration Committee it carries out those functions which are delegated in the Company’s Remuneration Committee Charter. The Board deals with any conflicts of interest that may occur when convening in the capacity of Remuneration Committee by ensuring the director with conflicting interests is not party to the relevant discussions.

The Remuneration Committee is not structured in accordance with Recommendation 8.2. Given the current size and composition of the Company, the Board believes that the Company does not have the resources to structure the Remuneration Committee in compliance with this Recommendation and that compliance would represent a

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significant and disproportionate compliance cost for the Company without providing outweighing benefits to the Company.

The full Board did not officially convene as a Remuneration Committee during the Reporting Period; however remuneration-related discussions occurred from time to time during the year as required.

Details of remuneration, including the Company’s policy on remuneration, are contained in the “Remuneration Report” which forms of part of the Directors’ Report. Non-executive directors are remunerated at a fixed fee for time, commitment and responsibilities. Remuneration for non-executive directors is not linked to individual performance. Pay and rewards for executive directors and senior executives consists of a base salary and performance incentives. Given the Company is at its early stage of development and the financial restrictions placed on it, the Company may consider it appropriate to issue unlisted options to non-executive Directors, subject to obtaining the relevant approvals. This Policy is subject to annual review. All of the Directors' option holdings are fully disclosed. From time to time the Company may grant options to non-executive Directors. The grant of options is designed to recognise and reward efforts as well as to provide non-executive Directors with additional incentive to continue those efforts for the benefit of the Company. Executives are offered a competitive level of base pay at market rates and are reviewed annually to ensure market competitiveness.

There are no termination or retirement benefits for non-executive directors (other than for superannuation).

The Company's policy on prohibiting transactions in associated products which limit the risk of participating in unvested entitlements under any equity based remuneration schemes is available on the Company's website.

PERFORMANCE EVALUATION

Senior Executives (Recommendations: 1.2, 1.3)

The Chairman oversees the performance evaluation of the executive team. This evaluation is based on specific criteria, including the business performance of the Company and its subsidiaries, whether strategic objectives are being achieved and the development of management and personnel.

The Company's Procedure for Performance Evaluation is available on the Company's website.

During the Reporting Period an evaluation of senior executives took place in accordance with the process disclosed .

Board, Its Committees and Individual Directors (Recommendations: 2.5, 2.6)

The Chairman arranges a performance evaluation of the Board, its Committees and its individual Directors on an annual basis. To assist in this process an independent advisor may be used. The Chairman conducts an annual review of the role of the Board, assesses the performance of the Board over the previous 12 months and examines ways of assisting the Board in performing its duties more effectively. The review includes:

• comparing the performance of the Board with the requirements of its Charter;

• examination of the Board’s interaction with management;

• the nature of information provided to the Board by management; and

• management’s performance in assisting the Board to meet its objectives.

The Company's Procedure for Performance Evaluation is available on the Company's website. During the Reporting Period an evaluation of the Board, its Committees and its individual Directors took place in accordance with the process disclosed .

ETHICAL AND RESPONSIBLE DECISION MAKING

Code of Conduct (Recommendations: 3.1, 3.5)

The Company has established a Code of Conduct as to the practices necessary to maintain confidence in the Company's integrity, practices necessary to take into account their legal obligations and the expectations of their stakeholders, and practices necessary to allocate the responsibility and accountability of individuals for reporting and investigating reports of unethical practices.

A summary of the Company's Code of Conduct is available on the Company website.

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Diversity (Recommendations: 3.2, 3.3, 3.4, 3.5)

The Company has established a Diversity Policy, which includes requirements for the Board to establish measurable objectives for achieving gender diversity and for the Board to assess annually both the objectives and progress towards achieving them.

A summary of the Company's Diversity Policy is available on the Company's website.

The Board has not set measurable objectives for achieving gender diversity. Given the size of the Company and the number of employees it is not considered meaningful to do so.

The proportion of women employees in the whole organisation, women in senior executive positions and women on the Board are set out in the following table:

	**Proportion of Women **
Whole organisation	3 out of 11 (27.27%)
Senior Executive positions	1 out of 8 (12.5%)
Board	0 out of 5 (0%)

Continuous Disclosure (Recommendations: 5.1, 5.2)

The Company has established written policies and procedures designed to ensure compliance with ASX Listing Rule disclosure and accountability at a senior executive level for that compliance.

A summary of the Company's Policy on Continuous Disclosure is available on the Company's website.

Shareholder Communication (Recommendations: 6.1, 6.2)

The Company has designed a communications policy for promoting effective communication with shareholders and encouraging shareholder participation at general meetings.

A summary of the Company's Shareholder Communication Policy is available on the Company's website.

Risk Management (Recommendations: 7.1, 7.2, 7.3, 7.4)

The Board has adopted a Risk Management Policy, which sets out the Company's risk profile. Under the policy, the Audit & Risk Committee is responsible for approving the Company's policies on risk oversight and management and satisfying itself that management has developed and implemented a sound system of risk management and internal control.

The Company’s process of risk management and internal compliance and control includes:

• identifying and measuring risks that might impact upon the achievement of the Company’s goals and objectives, and monitoring the environment for emerging factors and trends that affect these risks.

• formulating risk management strategies to manage identified risks, and designing and implementing appropriate risk management policies and internal controls.

• monitoring the performance of, and improving the effectiveness of, risk management systems and internal compliance and controls, including regular assessment of the effectiveness of risk management and internal compliance and control.

The responsibility for undertaking and assessing risk management and internal control effectiveness is delegated to management. Management is required to assess risk management and associated internal compliance and control procedures and report back at least annually on this specific matter to the Audit & Risk Committee.

The Board reviews assessments of the effectiveness of risk management and internal compliance and control on at least an annual basis. The Board has received a report from management as to the effectiveness of the Company's management of its material business risks.

The Managing Director and the Chairman have provided a declaration to the Board in accordance with section 295A of the Corporations Act and have assured the Board that such declaration is founded on a sound system of risk management and internal control and that the system is operating effectively in all material respects in relation to financial reporting risk.

A summary of the Company's Risk Management Policy is available on the Company's website.

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DIRECTORS’ REPORT

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

The Directors of Australian-American Mining Corporation Ltd submit herewith the annual financial report for the year ended 30 June 2013. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:

DIRECTORS

The Directors of the Company in office during or since the end of the financial year are:

Richard Holmes	-	Managing Director
Jim Malone	-	Chairman, Executive Director, Company Secretary and Chief Financial Officer.
		(appointed Chairman 30 November 2012)
Don Falconer	-	Non-Executive Director
Peter Landau	-	Non-Executive Director (appointed 1 August 2013)
Ben Mead	-	Executive Director (appointed 9 September 2013)
Mark Ceglinski	-	Chairman (retired by rotation 30 November 2012)

All directors held office from the start of the financial year to the date of this report unless otherwise stated.

PRINCIPAL ACTIVITIES

The principal activities of the Company and of the Consolidated Entity are:

• (i) Exploration and development or minerals including copper, gold, silver other base metals and uranium.

• (ii) The acquisition and development of mineral tenements.

OPERATING RESULTS

The loss of the Consolidated Entity for the year ended 30 June 2013 after income tax was $5,727,257 (2012: loss $4,650,512).

DIVIDENDS

The Directors recommend that no dividend be paid for the year ended 30 June 2013 nor have any amounts been paid or declared by way of dividend during the year.

REVIEW OF OPERATIONS

Overview

AusAmerican is a multi-commodity exploration company. All of its projects are currently located in the United States of America (“USA”).

The company’s copper/gold projects are:

• Bluebell (option to purchase 100%) - Arizona

• De Soto (option to purchase 100%) - Arizona

• San Marcos (100% ; farming out) – Arizona

The company’s uranium projects are:

• Rio Puerco (100%) - New Mexico

• Grants Ridge JV (earning 65%) - New Mexico

• Kit Carson (100%) - New Mexico

• Northern project (100%) - New Mexico

• Apex/Lowboy (100%) – Nevada

• Lone Star JV (90%) – Texas

The company’s REE/speciality metals projects:  La Paz – Arizona

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1. COPPER/GOLD PROJECTS

1.1 The Bluebell and De Soto Mines

The company announced on the 13[th] August 2012 that it had entered into an option agreement to purchase the Bluebell and De Soto projects which are located in Yavapai county, Arizona, USA. The option agreement was finalised and the option fee was paid for and announced to the ASX on 20 September 2012.

The Bluebell Mine was operated from 1906 to 1926 and produced approximately 1.2 million tons at 3.2% copper, 1.7g/t gold and 42g/t silver. The operation had 5 operating shafts with the main shaft sunk to approximately 420m below the surface. Around 9.1km of underground workings were developed. The mining method used was shrink stoping where high grade lenses were selectively mined. Individual high grade lenses were up to 4m wide. The cut-off grade for the mine varied from 2% to 3% copper depending on the price of copper at the time.

The De Soto mine was discovered in 1890 and operated in the early 1900’s. Production was approximately 280,000 tons at a grade of 3.7% copper, 1.4g/t gold and 34g/t silver. The mining operation utilised a number of audits and ore was extracted from several small high grade VMS bodies.

Regional Geological Setting

The properties are located on the volcanogenic massive sulphide assembly in the Jerome Greenstone Belt of Middle Proterozoic age in Central North Arizona. The ore bodies of this region are hosted in submarine volcanogenic lithostratigraphies which are a steeply dipping rock sequence extending in a north-south direction over a distance of approximately 50km in length and of 2.4km in width.

Numerous ore bodies were mined historically in this region and ranged in size from less than 1 million tons to 25 million tons of high grade sulphide ores. Typically only the high grade copper core (>3.0% Cu) was extracted with gold/silver produced as smelter by-product. All mining ceased in the region during the 1930’s.

Local Geology and Mineralisation

The ore bodies at both the Bluebell and De Soto mines are hosted in the Yavapai schist; an altered magnesiumchlorite schist with an anastomosing veinlet pattern which suggests a stock work zone. This unit varies in thickness from 30m – 40m and is believed to extend for the length of both properties (~2.7km at both Bluebell and De Soto).

The tabular strata bound high grade massive sulphide bodies are often located at the foot and hanging wall contacts of the Yavapai schist. Seven massive sulphide lenses were mined at the Bluebell and only one lens outcropped. Although the massive sulphide lenses had a relatively short strike (~140m max) they displayed excellent down dip continuity, with some lenses mined to more than 400m below the surface. At least 4 of the massive sulphide lenses are open at depth.

The Yavapai schist is also host to lower grade stock work mineralization containing copper, gold and silver. This unit has significant exploration potential and forms the exploration target below.

During the year, the company completed it’s the maiden drilling program at the Blue Bell project. The drilling continued to return copper/zinc/gold/silver intersections, many of them shallow and high grade.

Some of the better intersections form the programme included;

• 9 m@ 2.2% Copper equivalent * (CuEq) (1.8% copper, 0.3 g/t gold and 19.6 g/t silver ) from 8 m

• 8 m @ 0.8 % CuEq (0.7% copper, 0.1% gold and 3.3% silver) from 21 metres

• 40.4 m @ 0.8% CuEq (0.7% copper, 0.1 g/t gold and 5.5 g/t silver) from 14 metres

• 11 m @ 2.3% CuEq (0.3% Cu, 1.6 g/t gold, 39.5 g/t silver) from 283 metres

• 4 metres at 1.5% CuEq (1% copper, 0.2 g/t gold, 17 g/t silver) from 200 metres

• 17 metres @ 4.5 % CuEq (2.1% copper, 2.1 g/t gold, 38 g/t silver and 0.9% zinc) from 239 m

• 9 m@ 0.9% CuEq (0.8% copper, 0.1 g/t gold and 5.3 g/t silver) from 195 m

• 2 m @ 1.0% CuEq (0.7% copper, 0.2 g/t gold and 10.3 g/t silver) from 208 m

• 11 m @ 0.6% CuEq (0.4% copper, 0.1 g/t gold and 6 g/t silver)

• 4 m @ 3.2 % CuEq (0.7% copper, 2.2 g/t gold, 41.5 g/t silver and 1.1% zinc) from 195 m

• 17 m @ 0.9% CuEq (0.8% copper, 0.1 g/t gold and 5.3 g/t silver) from 158 m

• 17m @ 4.6% CuEq (3.3% copper, 1.3g/t gold and 31.2g/t silver) from 216m

• 17m @ 1.3% CuEq (1.0% copper, 0.2g/t gold and 9.9g/t silver) from 192m

• 15m @ 2.2% CuEq (1.9 copper, 0.2g/t gold and 11.0g/t silver) from 213m

• 10m @ 0.9% CuEq (0.6% copper, 0.2g/t gold and 11.9g/t silver) from 252m

• 12m @ 4.9% Copper Equivalent* (CuEq) (1.5% copper, 3.0g/t gold, 50.3g/t silver and 1.6% zinc) from 53m

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• 7m @ 2.3% Copper Equivalent* (CuEq) (1.2% copper, 0.7g/t gold, 16.0g/t silver and 1.2% zinc) from 29m

• 8m @ 1.7% Copper Equivalent* (CuEq) (0.4% copper, 1.0g/t gold, 18.7g/t silver and 1.2% zinc) from 59m

Approximately 5,000 metres was completed and the company drilled 26 holes. The company was delighted with the way in which the drilling program was completed and the performance of the drilling company National EWP. The program was completed on time, within budget and was accident free.

The company is highly encouraged by the results. As was reported throughout the programme, the drilling program has delivered significant high grade massive sulphide Cu/Au/Ag results both close to surface and at depth in 23 of the 26 holes reported to date.

Mineralisation remains open along strike and at depths and there was the discovery of a new high grade lense to the north of the existing mineralisation. The results also returned high precious metal returns of up to 8.8 g/t gold and up to 104 g/t silver.

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Figure 1: Blue Bell Drill Hole Plan

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Drillhole	Easting	Northing	RL	**Hole Depth **	**Azimuth **	Dip	From	To	Interval(m)	Cu%	Aug/t	Ag g/t	Zn%	CuEq
BBRC13001	385,883	3,800,807	1,354	60	120	-45	8	17	9	1.8	0.3	19.6	0.0	2.3
including							11	12	1	11.2	0.6	93.2	0.0	13.0
and							21	29	8	0.7	0.1	3.3	0.0	0.8
BBRC13002	385,882	3,800,808	1,354	86	120	-70	10	11	1	1.6	0.2	11.8	0.0	1.9
and							31	38	7	0.4	0.1	2.3	0.0	0.5
BBRC13003	385,881	3,800,808	1,354	120	120	-90	14.4	55	40.6	0.7	0.1	5.5	0.0	0.9
including							16.2	20.7	4.5	2.0	0.3	7.0	0.0	2.3
and							31	34	3	1.4	0.3	19.8	0.0	1.9
and							68	77	9	0.3	0.0	1.1	0.0	0.4
BBRC13004	385,694	3,800,570	1,324	109	120	-45	29	36	7	1.2	0.7	16.0	1.2	2.3
and							53	65	12	1.5	3.0	50.3	1.6	4.9
BBRC13005	385,692	3,800,572	1,324	103	120	-80	59	67	8	0.4	1.0	18.7	1.2	1.7
BBRC13006	385,687	3,800,572	1,324	113	180	-75	No Significant Assays
BBRC13007	385,720	3,800,760	1,389	258	160	-45	200	204	4	1.0	0.2	17.0	0.0	1.5
BBRC13008	385,720	3,800,760	1,389	231	160	-60	No Significant Assays
BBRC13009	385,720	3,800,760	1,389	310	160	-80	283	294	11	0.3	1.6	39.5	1.1	2.3
BBRC13010	385,720	3,800,760	1,389	259	90	-65	195	204	9	0.8	0.1	5.3	0.0	0.9
and							208	210	2	0.7	0.2	10.3	0.0	1.0
BBRC13011	385,720	3,800,760	1,389	328	90	-80	239	256	17	2.1	2.1	38	0.9	4.5
including							245	253	8	3.2	3.4	50	0.8	6.6
and							287	295	8	0.4	0	4.8	0.0	0.5
BBRC13012	385,720	3,800,760	1,389	215	90	-45	179	190	11	0.4	0.1	6.0	0.0	0.6
BBRC13013	385,971	3,801,109	1,395	108	120	-50	80	81	1	0	0.4	19.5	0.8	0.8
BBRC13014	385,969	3,801,110	1,395	130	120	-70	106	110	4	1.0	0.4	9.5	0.0	1.4
BBRC13015	385,968	3,801,110	1,395	188	120	-80	126	127	1	0	0.3	14.9	0.0	0.4
BBRC13016	385,934	3,801,053	1,384	136	120	-45	88	90	2	0.4	0	2.2	0.0	0.4
and							119	126	7	0.2	0	1.8	3.2	1.2
BBRC13017	385,932	3,801,054	1,384	160	120	-65	101	108	7	0.4	0	1.3	0.8	0.6
BBRC13018	385,931	3,801,055	1,384	226	0	-90	175	184	9	0.0	0.1	1.3	3.2	1.1
including							179	182	3	0.0	0	0.5	8.3	2.5
BBRC13019	385,870	3,800,980	1,403	193	120	-45	142	146	4	0.8	0.1	5.3	0.0	0.9
BBRC13020	385,868	3,800,989	1,403	253	120	-65	No Significant Assays
BBRC13021	385,870	3,800,980	1,403	278	120	-75	195	199	4	0.7	2.2	41.5	1.1	3.2
BBRC13022	385,863	3,800,940	1,398	343	185	-70	216	233	17	3.3	1.3	31.2	0	4.6
including							216	225	9	4.5	1.1	43.6	0	6.0
and							240	245	5	0.5	0.1	4.8	0	0.6
BBRC13023	385,870	3,800,980	1,403	238	150	-45	158	175	17	0.8	0.1	4.6	0	0.9
including							167	175	8	1.3	0.1	6.0	0	1.4
BBRC13024	385,863	3,800,989	1,403	273	150	-65	192	209	17	1.0	0.2	9.9	0	1.3
including							200	203	3	2.2	0.3	16.3	0	2.7
BBRC13025	385,861	3,800,989	1,403	269	170	-45	181	190	9	0.6	0.3	8.3	0	0.9
and							201	203	2	0.9	0.5	15.6	0	1.5
and							213	228	15	1.9	0.2	11	0	2.2
including							218	221	3	4.5	0.4	22.6	0	5.1
BBRC13026	385,861	3,800,991	1,403	350	170	-65	244	247	3	0.4	0.2	7.9	0	0.6
and							252	262	10	0.6	0.2	11.9	0	0.9

Table 1: Drill Hole Intercepts to Date

10

During the year the company announced that it had signed a contract with Geotech Ltd (“Geotech”) to undertake VTEM geophysical survey at the Blue Bell and De Soto VMS projects. Geotech are a Canadian based company and are recognised as one of the world leaders in geophysical surveys.

The purpose of the VTEM survey was to identify anomalies at Blue Bell, De Soto and the prospective, but until now, unexplored Gap area, which runs 5 km’s between the two projects. Of the seven high grade lenses that were mined at Blue Bell, only one outcropped, so the company was hopeful that undiscovered lenses exist in the area of the old mines as well as in the Gap.

The VTEM survey outlined 4 conductors at the Blue Bell project. The highest priority is Conductor 1 which is a significant VTEM anomaly with a coincident magnetic high (see figure 2 and 3). The VTEM and magnetic high have excellent definition over a strike length of 900m. Modelling of the conductor by the independent geophysicist indicates that it occurs ~25m below the surface and extends to a depth of least 300m. The dip of the conductor is ~70 degrees towards the west, comparable with mineralisation identified at Blue Bell. The conductor is at its strongest immediately to the north east of the Blue Thunder shaft.

Recent drilling (BBRC13004 and BBRC13005, see figure 4) appears to have tested the very northern weaker portion of Conductor 1 and returned significant copper/gold/silver/zinc results, which were:

• 12m @ 4.9% Copper Equivalent* (CuEq) (1.5% copper, 3.0g/t gold, 50.3g/t silver and 1.6% zinc) from 53m

• 7m @ 2.3% Copper Equivalent* (CuEq) (1.2% copper, 0.7g/t gold, 16.0g/t silver and 1.2% zinc) from 29m

• 8m @ 1.7% Copper Equivalent* (CuEq) (0.4% copper, 1.0g/t gold, 18.7g/t silver and 1.2% zinc) from 59m

Conductor 1 is located in an area that has had minimal underground mining activity; a number of shafts were sunk at Blue Thunder and some underground development/exploration was undertaken. During the 1920’s the operators of the Blue Bell mine connected the underground workings at Main Shaft to Blue Thunder via a 500m long tunnel. It was reported that they encountered low grade copper horizons in a pyritic zone. Several underground drill holes were completed from the tunnel and from the workings at Blue Thunder. AusAmerican possesses incomplete records of the workings and underground diamond drill holes.

Conductors 2, 3 and 4

Conductor 2 is hosted in the mafic sequence and is considered prospective for BIF hosted gold mineralisation. Conductor 3 and 4 are hosted with the Yavapai Schist, the known host of VMS mineralisation. The company intends to undertake follow up work on these conductors to further refine the exploration targets.

11

==> picture [462 x 600] intentionally omitted <==

Figure 2: Location of the 4 conductors identified at Blue Bell.

12

==> picture [462 x 600] intentionally omitted <==

Figure 3: RTP Magnetics and conductors

13

==> picture [477 x 515] intentionally omitted <==

Figure 4: Cross section showing drilling and VTEM conductor

14

Following the initial drilling program the company was able to announce the maiden JORC compliant resource for the Blue Bell VMS project in Arizona.

Details of the maiden inferred resource are presented below in table 2:

	Resource at 0.5% Copper Equivalent Cut Off
	Grade Metal
**Tonnage **	Cu % Aug/t Ag g/t Cu_Eq* Cu(T) Au(oz) Ag (oz)
6,037,100	0.84 0.41 12.5 1.21 50,500 79,500 2,424,000

NB: Figures rounded to the nearest 100

The initial inferred resource is based upon 26 RC drill holes, for a total of 5,358m. The drilling covers approximately 750m of strike length of the Blue Bell mineralised system; a further 900m remains to be tested (See figure 1). The deposit is drilled on sections with an average of 70 – 100m spacing and each section contains 2 to 3 drill holes.

Due to the success of the initial drilling program and maiden resource at Blue Bell, a revised exploration target for Blue Bell open pit has been estimated. The company believes the project has the potential for an additional 7.5 – 12.5 million tonnes @ 0.7 – 0.9% copper, 0.3 – 0.5g/t gold and 10 – 20 g/t silver.

A separate exploration target has been developed for the underground potential of the Blue Bell project and is 1 – 3 million tonnes @ 2 – 4% copper, 2 – 4 g/t gold and 30 to 60g/t silver. This target is based upon a review of historical mining information and recent drilling results.

The potential quantities and grades presented are conceptual in nature, there has been insufficient exploration to define an overall Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource

Due Diligence Option Period for Blue Bell and De Soto Projects Extended

During the quarter the company announced that had extended the due diligence option period for the Blue Bell a De Soto projects form 12 months to 18 months.

AusAmerican paid the vendor a fee of US$25,000 to extend the due diligence period by 6 months. The company now has until March 2014 to exercise the option and purchase the project, consideration being a total of US$2 Million payable in four US$500,000 instalments over a three year period.

1.2 San Marcos Gold Project (Arizona, AIW 100%)

During the year, the Company agreed to farm its 100% owned San Marcos Gold project, located in Arizona, USA, to ASX listed Pelican Resources. (ASX: PEL).

Option Agreement

Pursuant to the Option Agreement, AusAmerican has granted to Pelican, an option for a period of up to 60 days ‐ from 11 January 2013, to enter, through a US subsidiary (to be established), into a farm in agreement in relation to the Project.

Upon exercise of the option, Pelican and AusAmerican will enter into a formal farm-in agreement, based on, in addition to customary terms found in farm-in agreements, specific terms agreed upon by the parties in the Option Agreement ( Farm-in Agreement ).

Key Terms of the Farm-In Agreement

Under the Farm-in Agreement, Pelican will have the sole and exclusive right, but not the obligation, to:

• a. earn a 30% interest by funding not less than $75,000 of exploration expenditure within the first 12 months of the date of exercising the option ( Commencement Date );

• b. earn a further 21% interest by funding not less than $75,000 of exploration expenditure within the 12 month period commencing on the date which is 12 months after the Commencement Date; and

• c. earn a further 29% interest by funding not less than $250,000 of exploration expenditure within the 12 month period commencing on the date which is 24 months after the Commencement Date.

15

‐ Any expenditure incurred in an earn-in period in excess of the required amount will be off set against the required expenditure amount in the following earn-in period.

Once Pelican earns an 80% interest, it must elect to either:

• a. earn a further 15% interest by funding not less than $300,000 of exploration expenditure within the 12 month period commencing on the date of providing notice to AusAmerican of satisfaction in obtaining the 80% interest. Once Pelican earns a 95% interest, AusAmerican’s remaining 5% interest will be extinguished and revert to a 2% net smelter return royalty up to a maximum of $1,000,000; or

• b. form a joint venture with AusAmerican. In this event, Pelican and AusAmerican will form an unincorporated joint venture where initially, Pelican will hold an 80% interest and AusAmerican will hold a 20% interest in the Project.

Pelican and AusAmerican will each have a first right of refusal over the sale or other disposal of all or part of the other party’s interest in Project tenements from time to time.

The Farm-in Agreement will otherwise be on terms customary for a transaction of this nature.

1.3 Bernard Gold Project (Arizona, AIW 90%)

This project was dropped during the year

2. URANIUM PROJECTS

During the 2012/2013 the uranium industry continued to suffer as a result of the on-going fallout from the Fukishima disaster of March 2011. Furthermore, poor market sentiment towards uranium stocks and the low uranium spot price have also contributed to a subdued market sector. As a result the company did not focus a great deal of time or funding towards our uranium projects.

2.1 The Grants Ridge Joint Venture (New Mexico, AIW earing 65%)

No significant work completed during the year

2.2 Kit Carson Project (New Mexico, AIW 100%)

No significant work completed during the year

2.3 Northern Projects (New Mexico, AIW 100%)

No significant work completed during the year

2.4 Rio Puerco project (New Mexico, AIW 100%)

During the year, the company commissioned an independent geological report (NI 43-101).

2.5 Apex/Lowboy (Nevada, AIW 100%)

No significant work completed during the year

2.6 Lone Star Joint Venture (Texas, AIW 90%)

No significant work completed during the year

2.7 Apache Basin Uranium Project (Arizona, AIW 100%)

No work completed during the year

3. RARE EARTH PROJECTS

3.1 La Paz Rare Earth Elements Project (Arizona, AIW 100%)

No work completed during the year

16

4. SPECIALITY METALS

4.1 White Picacho Strategic Metals Project (Arizona, AIW 100%)

This project was dropped during the year

Competent Persons Statement

The information in this document that relates to exploration results is based on information compiled by Richard Holmes, Managing Director, AusAmerican Mining who is a Member of the Australian Institute of Mining and Metallurgy. Mr Holmes is a full-time employee of AusAmerican Mining and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2004 edition of the “Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Holmes consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Information in this report that relates to Mineral Resource estimates reflects information compiled by Mr Alexey Zharnikov a full time employee of CSA Global Pty Ltd, who is a member of the Australian Institute of Geoscientists (AIG). Mr Zharnikov has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is reporting to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Zharnikov consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

*Copper Equivalent Calculation

Copper Equivalent (CuEq) represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed as equivalent copper percentage. These results are exploration results and no allowance is made for recovery losses should mining eventually occur. However it is the company’s opinion that the elements considered here have reasonable potential to be recovered as evidenced by production records from previous mining activity at the project and comparable polymetallic projects in the region.

Copper Equivalent Formula = Cu% + Au(ppm) x 0.6076 + Ag(ppm) x 0.0097 + Zn% x 0.3

Price Assumptions Cu (US$3/lb), Au (US$1250/oz), Ag (US$20/oz), Zn (US$0.90/lb)

Appendix 1: Assessment and Reporting Criteria Tables

The following table provides a summary of important criteria related to the assessment and reporting of the Blue Bell Mineral Resource as presented in Table 1 of the Australian code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2004).

Criteria	Explanation
	Sampling Techniques and Data
DrillingTechniques	 26 reverse circulation(RC)for 5,358m were used forgeological interpretation.
Drill sample Recovery	 RC sample recoverywasgood with no issues encountered.
Logging	 All RC holes were logged at 1m intervals  Geological logging of samples recorded lithology, alteration, mineralisation and weathering.
Sub-sampling techniques and sample preparation	 Rig mounted cyclone and rotary splitter to produce 2 – 4 kg subsample of RC chips.  Samples were generally wet and were air dried on site prior to dispatch to the laboratory.  At the laboratory samples were crushed (to better than 70% passing a 2mm screen), dried, split and pulverized (to better than 85% passing a 75 micron screen)toproduce a sub sample for analysis.
Quality of assay data and laboratory tests	 A program of quality control on RC drilling involving certified reference standards (1:25), field duplicates (1:40) and blanks (1:50) was undertaken to monitor the accuracy and precision of the laboratory data.  Analysis of quality control data indicates no issues.  The analytical techniques used a four acid digest multi element suite with ICP- AES finish. Gold was analysed usingfire assayfusion with an AAS finish. The

17

	acids used are hydrofluoric, nitric, perchloric and hydrochloric. The method approaches near total dissolution for most metals.
Verification of sampling and assaying	 No umpire assay completed.
Location of data Points	 All drill hole collars were surveyed with a differential GPS with better than 1m accuracy.  Down hole surveys were undertaken by Geophysical Logging Services using a Mount Sopris gyroscopic survey tool with readings taken at 0.33m intervals.  Grid system used is NAD83 Zone 12.  An azimuth correction of +11 degrees was applied to all magnetic survey readings.
Data spacing and distribution	 Sections were drilled at 70 – 100m intervals (NW-SE) and 40-50m down dip.  Each section generally has 2 to 3 drill holes.  Drill holes are designed to intersect the mineralisation at 45 - 90 degree angles. The majority of holes (60%) intersected perpendicular to the mineralisation, 30% had intersection angles of between 45 -90 degrees. A small number of holes(10%)had intersection angles of <45 degrees.
Criteria	Explanation
	Estimating and Reporting of Mineral Resources
Estimation and Modelling techniques	 Ordinary Kriging was used to estimate Cu, Au and Ag.
Moisture	 Tonnes have been estimated on a dry basis.
Cut-off parameters	 The mineral resource has been reported inside the mineralisation wireframe which was constructed at a 0.3% Cu equivalent cut-off.  Resource reported above a 0.5% copper equivalent cut-off
Mining factors or assumptions	 No mining assumptions have been built into the resource.
Metallurgical factors or assumptions	 No metallurgical assumptions have been built into the resource.
Bulk density	 No bulk density measurement available therefore estimated from deposits with similar geological characteristics.
Classification	 The mineral resource has been classified on the basis of confidence in the geological and grade continuity using the drilling density and geological model.  The resource was classified as inferred only.
Block Model Verification	 Inverse Distance Squared estimation was run as a further check to the OrdinaryKriged model. The results were within acceptable limits.
Audits or reviews	 None undertaken

CHANGES IN THE STATE OF AFFAIRS

During the financial year, there was no significant change in the state of affairs of the Consolidated Entity other than that referred to above or in the financial statements or notes thereto.

18

SUBSEQUENT EVENTS

Victoria

Details of the Transaction

On the 9[th] September 2013 AusAmerican has entered into a Letter of Intent with Taylor Western Resources LLC to earn 50% of the project on the following terms:

1. Invest US$5.5m on mine development and/or regional exploration

2. Option payments of

3. a. US$0.5m on signing of definitive agreements

4. b. US$1m on commencement of rehabilitation of the underground workings

5. c. US$1m on commencement of production

6. d. US$1m on 12 month anniversary of (c)

7. First right of refusal on the remaining 50% of the project

AusAmerican will manage and operate the Joint Venture.

On 24[th] September 2013 the company announced it has received a letter financing term sheet for $10 million for the development of the Vitoria Mine form a Utah (USA) based financial institution.

On 26[th] September 2013 the company announced that a letter of intent for an ore purchase agreement has been signed by the Joint Venture partners and KGHM International Limited.

NEW BOARD APPOINTMENTS

The company is delighted to announce that Mr Ben Mead has joined the company as an Executive Director; effective 9[th] September 2013. Mr Mead has had considerable experience in the management of ASX-listed and private companies in the mineral, energy and aluminium sectors. Mr Mead, who resides in Park City, Utah, in the USA, was instrumental in introducing the transaction to the company and in assisting the company in its negotiations with the project’s owners. Mr Mead will continue to assist with the due diligence, development, financing and on-going management of the project in his role as US based Director residing close to the project.

Experienced corporate advisor, mining executive and company director Mr Peter Landau has joined the Board of AIW. Mr Landau brings with him many years of experience in managing resource companies. Especially important for the company is Mr Landau’s recent experience in capital raising for and development of, USA silver developer Black Mountain Resources Limited and their New Departure Silver project in Montana. Mr Landau’s appointment was effective 1 August 2013.

FUTURE DEVELOPMENTS

The Consolidated Entity intends to continue its present range of activities during the forthcoming year and, in accordance with its objectives, may participate in new exploration projects. Certain information concerning future activity is set out in the Operations Review Section. Other information on likely developments and the expected results of operations have not been included in this report, because, in the opinion of the Directors, it would prejudice the interests of the Consolidated Entity.

ENVIRONMENTAL REGULATION

The Consolidated Entity is subject to significant environmental regulations in respect of exploration activity. Approvals, licences, hearings and other regulatory requirements are observed by the Consolidated Entity in respect of each tenement in which the Consolidated Entity conducts exploration activity. At the date of this report, the Consolidated Entity does not have any mines in production or under construction.

In the United States, the operations and proposed activities of the Consolidated Entity are subject to State laws of Arizona, New Mexico and Nevada and any other United States state jurisdiction that that company may operate in as well as the Federal laws of the United States of America, NRC for radiological approvals and regulations concerning the environment. As with most exploration projects and mining operations, the Company’s activities are expected to have an impact on the environment, particularly if advanced exploration or mine development proceeds.

The Consolidated Entity is potentially liable for any environmental damage from its activities, the extent of which cannot presently be quantified and would in any event be reduced by insurance carried by the Consolidated Entity or joint venture operators. As at the date of this report the Company has not been notified of any breach.

19

SHARE OPTIONS

Details of share options over ordinary shares issued by the Company during the period together with details of options converted during the period and on issue at 30 June 2013 are set out in Note 24 and 25 to the financial statements and form part of this report.

The holders of share options do not have the right, by virtue of the option, to participate in any share issue or interest issue of any other body corporate or registered scheme.

During the year there were options and performance rights granted to directors or employees of the Group, details of which have been disclosed in Note 24 and 25 of this report.

Details of unissued shares or interests under option at the date of this report are:

ISSUING ENTITY	NUMBER OF SHARES UNDER OPTION	CLASS OF SHARES	EXERCISE PRICE OF OPTION	EXPIRY DATE OF OPTIONS
Australian-American
Mining Corporation	61,729	Ordinary	$0.2105	06 Oct 2013
Limited
Australian-American
Mining Corporation Limited	37,037	Ordinary	$0.2105	13 Oct 2013
Australian-American
Mining Corporation	55,556	Ordinary	$0.2105	20 Oct 2013
Limited
Australian-American
Mining Corporation	60,000	Ordinary	$0.325	16 Nov 2013
Limited
Australian-American
Mining Corporation	600,000	Ordinary	$0.0595	01 Mar 2015
Limited
Australian-American
Mining Corporation	64,607,338	Ordinary	$0.09	01 Mar 2015
Limited
Australian-American
Mining Corporation	300,000	Ordinary	$0.059	02 July 2015
Limited

INDEMNIFICATION OF OFFICERS AND AUDITORS

During the year, the Company arranged a policy of insurance in respect of directors’ and officers’ liability. The policy insures persons who are directors or officers of the Company and its controlled entities against certain costs and expenses which may be incurred by them in defending proceedings and against other liabilities which may arise from their positions. The insured directors and officers are the directors, executive officers and secretary of the Company and its controlled entities.

The insurance contract prohibits the disclosure of particulars of the premiums and the nature of the liabilities insurance.

During or since the end of the financial year, the Company has not indemnified or made a relevant agreement to indemnify an officer or auditor of the Company or of any related body corporate against a liability incurred as such an officer or auditor. In addition, the Company has not paid, or agreed to pay, a premium in respect of a contract insuring against a liability incurred by an officer or auditor.

20

INFORMATION ON DIRECTORS

Richard Holmes Managing Director

Mr Holmes has served as Managing Director since 11 March 2012. He is a highly experienced geologist who prior to joining AusAmerican worked for six years in Senior Management Business Development positions for major mining companies Anglo Gold Ashanti and Aditya Biryla Limited.

Mr Holmes has an honours degree in geology and geography and a master’s degree in applied structural geology from Imperial College London.

Jim Malone

Chairman/ Executive Director/Chief Financial Officer and Company Secretary

Mr Malone has served as a Director since 30 July 2008. He was appointed Chairman on 29 April 2009 and resigned that position on 11 March 2012 and was appointed Executive Director/Chief Financial Officer and Company Secretary. On 30 November 2012 he was appointed Chairman.

Mr Malone has worked successfully as an accountant, stockbroker, business analyst and CEO of a medium sized business for the past 25 years.

Mr Malone holds a Bachelor of Commerce from the University of Western Australia and is a CPA. Mr Malone has worked for Arthur Anderson accountants, Hartley Poynton stockbrokers, CSFB and Lehman Brothers merchant banks in London and for the West Coast Eagles and Richmond Football Clubs, the latter as CEO from 1994 to 2000.

Since 2000, Mr Malone has worked in the resources industry and has been involved with the start-up, successful listing and ongoing management and development of eight ASX listed and two unlisted resource companies with a diverse range of commodities including gold, base metals, uranium, oil and gas and industrial minerals. These companies have operated projects in Latin America, Europe, Africa, Asia, the US and Australia. In the past 24 years Mr Malone lived and worked in Perth, Melbourne, London, Santiago, Chile and New York City.

Mr Malone is also a Director of the following ASX listed companies;

• Latin Gold Limited

• Mongolian Resources Limited

In the past three years Mr Malone has also served on the board of the following ASX listed companies;

• Richmond Mining Limited

• Forge Resources Limited

• Quest Petroleum N.L

• Exalt Resources Limited; and

• Erin Resources Limited

Ben Mead (appointed 9 September 2013)

Executive Director

Mr Mead has diverse financial and business development experience in Australia and overseas with a focus on energy, mining and the aluminium industry. Ben's expertise extends to corporate strategy and implementation; business development; project management and implementation; corporate finance including M&A, IPOs, private equity, venture capital, structured and project financing; and all other matters associated with public and private company administration.

Mr Mead is the founder and managing director of Geopower Energy, a global renewable energy developer with offices in Australia and the United States. Geopower focuses on developing, owning and operating a diversified portfolio of low-risk renewable energy projects with an emphasis on fully-commercialised technologies. Project development is driven by investment criteria and project returns rather than specific technologies or ideology.

Prior to this, Mr Mead was a founding director of ASX-listed MHM Metals Limited (ASX:MHM) and played central role in taking MHM from a green fields mineral exploration company into a multinational with operations in the aluminium industry. Prior to his retirement from this role in 2012, Mr Mead served as executive director to MHM Metals Limited and as president of MHM Metals Corporation, its US subsidiary.

Mr Mead resides in Utah, USA and will serve as executive director for Aus-American.

21

Don Falconer Non-Executive Director

Mr. Falconer is a Non-Executive Director and a member of the Audit & Risk Committee. Mr. Falconer is a uranium veteran and a seasoned senior executive with extensive industry experience in the mining and electric utility sectors, including:

• 34 years in a variety of senior management positions in both the uranium mining and nuclear utility sectors.

• 15 years as a director and corporate secretary of a variety of uranium mining companies.

• In-depth knowledge of the nuclear fuel cycle/uranium market.

• A track record of contributing dedicated effort, skills and experience to assisting the development of start-up and junior mining companies.

Mr. Falconer has previously worked at Fronteer Gold’s subsidiary, Aurora Energy Resources, as Vice PresidentCorporate Development with responsibilities for investor relations, uranium market analysis, uranium marketing and off-take sales and communications, as a Director at Energy Fuels Resources, at Uranium One Inc as VP– Investor Relations and Marketing, as Vice President – Corporate Development, Director, and Corporate Secretary at Southern Cross Resources and prior to that in a number of managerial positions at the corporate and business unit levels in various divisions of Ontario Hydro (now Ontario Power Generation) including as a member of the nuclear executive team working directly with the Managing Director of the nuclear division.

Mr Peter Landau (appointed 1 August 2013) Non-Executive Director

Mr Landau is a Mining and resources specialist with over 20 year experience in the Industry. He is a lawyer by training and has set up, managed and been involved with numerous junior exploration, development and mining companies. Mr Landau is currently on a number of Boards of junior listed resource companies and is the Chairman of Okap Venture Pty Ltd.

Company Secretary

Jim Malone: See above

Directors’ Meetings

Directors’ Meetings
	BOARD	MEETINGS	AUDIT& RISK	COMMITTEE
DIRECTOR	NUMBER ELIGIBLE TO ATTEND	NUMBER ATTENDED	NUMBER ELIGIBLE TO ATTEND	NUMBER ATTENDED
R Holmes	6	6	0	0
J Malone	6	6	2	2
D Falconer	6	6	2	2
M Ceglinski	2	2	0	0

DIRECTORS’ INTERESTS

The relevant interest of each director in the share capital of the Company, as notified by the directors to the Australian Securities Exchange in accordance with Section 205G (1) of the Corporations Act 2001, at the date of this Report, is as follows:

DIRECTOR	ORDINARY SHARES	OPTIONS	PERFORMANCE RIGHTS
R Holmes	7,500,000	-	8,000,000
J Malone	2,500,000	-	10,000,000
D Falconer	-	-	4,000,000
M Ceglinski	8,300,000	-	-

Details of directors’ interests in contracts during the year are outlined in note 25 to the financial statements.

22

REMUNERATION REPORT (AUDITED)

PRINCIPLES OF COMPENSATION

During the reporting period, following a review of the Australian-American Mining’s corporate structure to reflect the Company’s financial circumstances, the principles of compensation have been revised for certain key management roles in line with the entity’s requirements effective from 31 January 2009.

Key management personnel have authority and responsibility for planning, directing and controlling the activities of the Company and the consolidated entity. Key management personnel comprise the directors of the Company and executives for the Company and the consolidated entity.

Aside from the Australian-American Mining’s corporate re-structuring detailed above, the principles of compensation in place are as follows.

The objective of the Company’s remuneration policies is for the Board, executives and staff to be remunerated on terms that are fair and competitive with those offered by entities of a similar size within the same industry. Packages are reviewed annually at full board level. The Board believes that due to the size of the company, individual salary negotiation is more appropriate than formal remuneration policies. The Board reviews market comparisons in determining remunerations and seeks independent external advice as necessary.

Non-executive directors are remunerated by way of directors’ fees within the limit approved by shareholders. The Board determines fees paid to individual Board members. As an exploration Entity, performance outcomes are uncertain, notwithstanding endeavour. As such, remuneration packages are not linked to profit performance. Present policy is to reward successful performance via incentive options that are priced on market conditions at the time of issue.

Compensation packages include a mix of fixed and equity-based compensation designed to retain suitably qualified executives and to affect the broader outcome of improving the asset value of the consolidated entity. The compensation structures take into account the:

• overall level of compensation for each director and executive;

• ability of the executive to control performance; and

• incentives component of each executive’s compensation.

FIXED COMPENSATION

Fixed compensation consists of base compensation (which is calculated on a total cost basis and includes any FBT charges related to employee benefits including motor vehicles), as well as employer contributions to superannuation funds.

Compensation levels are reviewed annually by the Board to ensure base pay is set to reflect the market for a comparable role and to consider individual performance against goals set at the start of the year.

EQUITY-BASED COMPENSATION

Executive directors and senior executives may receive options and/or performance rights under the AustralianAmerican Mining Corporation Employee Option and Performance Rights Plans which have already approved by shareholders. Each option converts into one ordinary share of the Company on exercise. No amounts have been paid or are payable by the recipient upon receipt of the options. The options neither carry rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry except to the extent that any terms and conditions imposed in relation to any options granted by the Board at or prior to the time of grant state otherwise.

23

KEY MANAGEMENT PERSONNEL COMPENSATION

The key management personnel of the Consolidated Entity during the year were:

Directors Position R Holmes Managing Director J Malone Chairman/Executive Director/Company Secretary (appointed Chairman 30 November 2012) D Falconer Non-Executive Director

Former Directors M Ceglinski Chairman (retired by rotation 30 November 2012)

Details of the nature and amount of each major element of remuneration for each member of the key management personnel of the consolidated group who receive the highest remuneration are detailed below. Other than directors, there are no other key management personnel.

Remuneration packages contain the following key elements:

• a. Short-term benefits – salary/fees and non-monetary benefits including provision of motor vehicles and health benefits.

• b. Post-employment benefits – superannuation.

• c. Share based payments – Share options and performance rights granted as disclosed in Note 24 and 25 of the financial statements.

• d. Other Benefits.

The following table summarises the remuneration of the key management personnel of the consolidated group for the year ended 30 June 2013:

	SHORT-TERM BENEFITS	SHORT-TERM BENEFITS		POST-EMPLOYMENT	POST-EMPLOYMENT	BENEFITS	SHARE- BASED PAYMENTS	TOTAL
					OTHER
NAME	SALARY AND FEES $	OTHER	$	SUPER $	LONG-TERM EMPLOYEE BENEFITS	TERMINATION BENEFITS $	OPTIONS/ RIGHTS $	$
					$
DIRECTORS
R Holmes	$254,679		-	$16,621	-	-	-	$271,300
J Malone	$175,000	$8,000		$2,014	-	-	$327,600	$512,614
D Falconer	$33,333		-	-	-	-	$131,000	$164,333
FORMER DIRECTORS
M Ceglinski	$38,226		-	-	-	-	-	$38,226
Total	$501,238	$8,000		18,635	-	-	$458,600	$986,473

The following table summarises the remuneration of the key management personnel of the consolidated group for the year ended 30 June 2012:

DIRECTORS	DIRECTORS
R Holmes	$38,226	-	-	-	-	$675,000	$713,226
J Malone	$166,500	$10,770	$15,000	-	-	-	$192,270
D Falconer	$33,330	-	-	-	-	$72,160	$105,490
M Ceglinski	$ 29,348	-	-	-	-	$675,000	$704,348
FORMER DIRECTORS
D Geldard	$95,000	$29,215	-	-	-	-	$124,215
G Barnes	$23,330					-	$23,330
S Jackson	$36,667	-	-	-	-	$72,160	$108,827
Total	$422,401	$39,985	$15,000	-	-	$1,494,320	$1,971,706

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CONTRACTS FOR SERVICES OF KEY MANAGEMENT PERSONNEL

Written contracts in place during the financial year between key management personnel and the Consolidated Entity are as follows:

R Holmes

Mr Holmes has an agreement with the company commencing 1 January 2013 of a salary of $280,000 plus superannuation. The agreement can be terminated by the company by giving 6 months written notice. Mr Holmes was granted at a General Meeting of the company held of 28[th] May 2012, a number of Performance rights which can be converted to ordinary shares on the satisfaction of performance hurdles. Additional information has been disclosed in Note 26.

J Malone

J Malone has a Consultancy Agreement in place dated and commencing 1 January 2013. The Agreement specifies that an amount of $16,000 per month is payable to J Malone or his nominee. The Agreement can be terminated by the company by giving 6 months written notice.

END OF REMUNERATION REPORT

PROCEEDINGS ON BEHALF OF THE COMPANY

At the date of this report the Directors are not aware of any proceedings on behalf of the Entity.

NON-AUDIT SERVICES

Details of amounts paid or payable to the auditor Grant Thornton Audit Pty Ltd for audit services provided during the year by the auditor are outlined in note 26 to the financial statements.

AUDITOR’S INDEPENDENCE DECLARATION

The lead auditor’s independence declaration for the year ended 30 June 2013 has been received and can be found on page 26 and forms part of the directors’ report.

Signed in accordance with a resolution of the Directors made pursuant to Section 298(2) of the Corporations Act 2001.

On behalf of the Directors:

==> picture [138 x 62] intentionally omitted <==

Jim Malone Chairman Perth, 30 September 2013

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AUDITORS INDEPENDENCE DECLARATION

==> picture [548 x 708] intentionally omitted <==

26

STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

NOTE CONTINUING OPERATIONS Interest Income Other income Total revenue 4 (a) Exploration and evaluation expenditure 4 (b) Finance expenses 4 (c) Administration expenses 4 (d) Other expenses 4 (e) Loss before income tax Income tax 5 Loss from continuing operations after tax Loss for the year attributable to equity holders of the parent Other comprehensive income / (loss) – net of tax Items that will not be reclassified subsequently to profit and loss Available-for-sale-securities revaluation Items that will be reclassified subsequently to profit and loss Foreign currency translation Total other comprehensive income / (loss) Total comprehensive income / (loss) for the year Loss per share: Basic and diluted EPS on loss for the year 16	CONSOLIDATED 2013 $ 2012 $
	10,431 93,161 49,791 74,688
	60,222 167,849
	(2,412,041) (2,404,495) (112,545) 58,198 (3,227,033) (2,402,152) (35,860) (69,912)
	(5,727,257) (4,650,512) - -
	(5,727,257) (4,650,512)
	(5,727,257) (4,650,512)
	(300,000) (420,000) 385,342 (68,049)
	85,342 (488,049)
	(5,641,915) (5,138,561)
	(3.80) (6.76)

The accompanying notes form part of these financial statements.

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STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2013

NOTE CURRENT ASSETS Cash and cash equivalents 6 Trade and other receivables 7 Other financial assets 8 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment 9 Exploration and evaluation expenditure 10 TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables 11 Borrowings 12 Provisions 13 TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Deferred tax liabilities 14 TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 15 Reserves 15 Accumulated losses TOTAL EQUITY	CONSOLIDATED 2013 $ 2012 $
	103,457 226,698 35,257 39,074 89,869 923,965
	228,583 1,189,737
	112,154 73,775 7,243,302 7,029,887
	7,355,456 7,103,662
	7,584,039 8,293,399
	280,803 195,826 - 185,000 34,399 24,122
	315,202 404,948
	771,756 771,756
	771,756 771,756
	1,086,958 1,176,704
	6,497,081 7,116,695
	55,993,353 52,204,708 4,044,533 2,725,535 (53,540,805) (47,813,548)
	6,497,081 7,116,695

The accompanying notes form part of the financial statements.

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STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

CONSOLIDATED Balance at 1 July 2011 Translation of foreign controlled entities Available-for-sale securities revaluation Loss for the year Total comprehensive income/(loss) for the year Shares issued during the year Share based payments Balance at 30 June 2012 Translation of foreign controlled entities Available-for-sale securities revaluation Loss for the year Total comprehensive income/(loss) for the year Shares issued during the year Share based payments Balance at 30 June 2013

SHARE CAPITAL AVAILABLE- FOR-SALE SECURITIES OPTIONS RESERVE FOREIGN CURRENCY TRANSLATION RESERVE ACCUMULATED LOSSES TOTAL

52,018,704 720,000 3,193,494 (1,207,707) (43,163,036) 11,561,455 - - - (68,049) - (68,049) - (420,000) - - - (420,000) - - - - (4,650,512) (4,650,512) - (420,000) - (68,049) (4,650,512) (5,138,561) 186,004 - - - - 186,004 - - 507,797 - - 507,797 52,204,708 300,000 3,701,291 (1,275,756) (47,813,548) 7,116,695 - - - - - - - - - - - - - - - - (5,727,257) (5,727,257) - (300,000) - 385,342 - 85,342 3,788,645 - - - - 3,788,645 - - 1,233,657 - - 1,233,657 55,993,353 - 4,934,948 (890,414) (53,540,805) 6,497,082

The accompanying notes form part of the financial statements.

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STATEMENT OF CASH FLOWS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

NOTE	CONSOLIDATED
	2013 $ 2012 $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts of other income	26,859 19,684
Exploration and evaluation expenditure	(2,412,041) (2,404,495)
Payments to suppliers and employees	(1,901,197) (2,474,658)
Net cash (used in) operating activities 22(b)	(4,286,379) (4,859,469)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	8,564 93,164
Interest Paid	(73,151) -
Payment for property, plant, and equipment	(59,443) (2,352)
Payments for security deposits	- (7,571) (226,354) -
Payments for other Investments
Net cash (used in) investing activities	(350,384) 83,241
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares and other equity securities	4,716,126 623,802
Payment of share issue costs	(277,230) -
Loans repaid	(750,000) -
Loans advanced	400,000 -
Proceeds from issue of convertible notes and options	264,349 277,206
Net cash provided by financing activities	4,353,245 901,008
NET (DECREASE) IN CASH AND CASH EQUIVALENTS	(283,518) (3,875,220)
Net foreign exchange differences	160,277 (163,160)
Cash and cash equivalents at the beginning of the year	226,698 4,265,078
Cash and cash equivalents at the end of the year 6	103,457 226,698

The accompanying notes form part of the financial statements.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

1. GENERAL INFORMATION

The Financial Report of Australian-American Mining Corporation Limited “the company or AusAmerica and its controlled entities” for the year ended 30 June 2013 was authorised for issue in accordance with a resolution of the Directors on 30 September 2013.

AusAmerican is a company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the ASX.

The nature of the operations and principal activities of the Group are that of a multi-commodity exploration and evaluation company

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Basis of Preparation and Statement of Compliance

The Financial Report is a general purpose Financial Report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. The Financial Report also complies with International Financial Reporting Standards as issued by the International Accounting Standards Board. The Financial Report has also been prepared on a historical cost basis, except for available-for-sale investments, which have been measured at fair value. Where necessary, comparatives have been reclassified and repositioned for consistency with current year disclosures.

The presentation currency of the Group is Australian dollars.

Apart from changes in accounting policies noted below, the accounting policies adopted are consistent with those disclosed in the Financial Report for the year ended 30 June 2012.

b) Going Concern

The Financial Report has been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business.

The Group incurred a net loss after income tax of $5,727,257 for the year ended 30 June 2013 (2012: net loss after income tax of $4,650,512), net operating cash outflows of $4,286,379 (2012: $4,859,469) and at balance date has net assets of $6,497,081 (2012: $7,116,695). As at 30 June 2013, the Company had cash and cash equivalents of $103,457 (2012: $226,698).

The ability of the Group to continue its exploration and evaluation activities is dependent on the Group raising additional funding when required.

In addition, on the 24[th] September 2013 the group received a letter financing term sheet for $10 million for the development of the Vitoria Mine from a Utah (USA) based financial institution.The group envisages that, if executed, the corporate transaction will provide sufficient cash flows to enable the Group to continue operating on a going concern basis.

On this basis, it is the opinion of the Board of Directors that the Group will be able to continue as a going concern and therefore, the basis of preparation is appropriate.

As a result of the above matters, there is a material uncertainty that the Group will be able to continue as a going concern and that it may have to dispose of assets other than in the normal course of business. No adjustments related to the recoverability and classification of recorded assets or liabilities related to the above have been made in the Financial Report.

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c) New Accounting Standards and Interpretations

The accounting policies adopted in the preparation of the annual consolidated financial statements are consistent with those followed in Group’s annual reporting for the year ended 30 June 2012.

The adoption of new and amended Australian Accounting Standards and Interpretations mandatory for periods beginning on or after 1 January 2012 did not result in any significant changes to the Group's accounting policies.

At the date of this annual report the following standards have been issued but are not yet effective:

				Impact on Group financial report
					Applicati on date for Group*
			Application date of standard*
Reference	Title	Summary
AASB 10	Consolidated Financial Statements	AASB 10 establishes a new control model that applies to all entities.	1 January 2013	None	1 July 2013
AASB 11	Joint Arrangements	AASB 11 replaces AASB 131_Interests in Joint_ Ventures_and UIG-113 _Jointly- controlled Entities – Non-monetary Contributions by Ventures.	1 January 2013	Currently being assessed	1 July 2013
AASB 12	Disclosure of Interests in Other Entities	AASB 12 includes all disclosures relating to an entity’s interests in subsidiaries, joint arrangements, associates and structures entities.	1 January 2013	Currently being assessed	1 July 2013
AASB 13	Fair Value Measurement	AASB 13 establishes a single source of guidance for determining the fair value of assets and liabilities.	1 January 2013	Currently being assessed	1 July 2013
AASB 119	Employee Benefits	The main change introduced by this standard is to revise the accounting for defined benefit plans.	1 January 2013	None	1 July 2013
Interpretation 20	Stripping Costs in the Production Phase of a Surface Mine	This interpretation applies to stripping costs incurred during the production phase of a surface mine.	1 January 2013	None	1 July 2013
Annual Improvements 2009–2011 Cycle ****	Annual Improvements to IFRSs 2009–2011 Cycle	This standard sets out amendments to International Financial Reporting Standards (IFRSs) and the related bases for conclusions and guidance made during the International Accounting Standards Board’s Annual Improvements process.	1 January 2013	None	1 July 2013

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				Impact on Group financial report
					Applicati on date for Group*
			Application date of standard*
Reference	Title	Summary
AASB 2011-4	Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements [AASB 124]	This Amendment deletes from AASB 124 individual key management personnel disclosure requirements for disclosing entities that are not companies.	1 July 2013	None	1 July 2013
AASB 1053	Application of Tiers of Australian Accounting Standards	This Standard establishes a differential financial reporting framework consisting of two Tiers of reporting requirements for preparing general purpose financial statements	1 July 2013	None	1 July 2013
AASB 2012-2	Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities	AASB 2012-2 principally amends AASB 7 Financial Instruments: Disclosures to require disclosure of information that will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position.	1 January 2013	Currently being assessed	1 July 2013
AASB 2012-4	Amendments to Australian Accounting Standards – Government Loans	AASB 2012-4 adds an exception to the retrospective application of Australian Accounting Standards under AASB 1 First-time Adoption of Australian Accounting Standards to require that first-time adopters apply the requirements in AASB 139 Financial Instruments	1 January 2013	None	1 July 2013
AASB 2012-5	Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle	AASB 2012-5 makes amendments resulting from the 2009-2011 Annual Improvements Cycle.	1 January 2013	None	1 July 2013

33

				Impact on Group financial report
					Applicati on date for Group*
			Application date of standard*
Reference	Title	Summary
AASB 2012-3	Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities;	AASB 2012-3 adds application guidance to AASB 132 Financial Instruments: Presentation to address inconsistencies identified in applying some of the offsetting criteria of AASB 132, including clarifying the meaning of “currently has a legally enforceable right of set-off” and that some gross settlement systems may be considered equivalent to net settlement.	1 January 2014	Currently being assessed	1 July 2015
AASB 9	Financial Instruments	AASB 9 includes requirements for the classification and measurement of financial assets. It was further amended by AASB 2010-7 to reflect amendments to the accounting for financial liabilities.	1 January 2015	Currently being assessed	1 July 2015

d) Basis of Consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (‘the group”) for the year ended 30 June 2013.

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full.

Total comprehensive income within a subsidiary is attributed to the non-controlling interest even if that results in a deficit balance.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it:

• Derecognises the assets (including goodwill) and liabilities of the subsidiary;

• Derecognises the carrying amount of any non-controlling interest;

• Derecognises the cumulative translation differences recorded in equity;

• Recognises the fair value of the consideration received;

• Recognises the fair value of any investment retained;

• Recognises any surplus or deficit in profit or loss; and

• Reclassifies the parent’s share of components previously recognised in other comprehensive income.

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e) Significant Accounting Judgements, Estimates and Assumptions

The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are:

(i) Available-for-Sale Financial Assets

The Group measures the fair value of available-for-sale financial assets by reference to the fair value of the equity instruments at the date at which they are valued.

(ii) Deferred Tax Assets and Liabilities

The Group is subject to income taxes in Australia and jurisdictions where it has foreign operations. Significant judgement is required in determining deferred tax assets and liabilities. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

Unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

(iii) Carrying Value of Exploration and Evaluation Expenditure The Group reviews the carrying value of exploration and evaluation expenditure at each reporting date. This requires judgement as to the status of the individual projects and their future economic value.

(iv) Share-Based Payment Transactions

The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the BlackScholes valuation model or Monte-Carlo simulation model as appropriate.

f) Segment Reporting

An operating segment is a component of an entity that engages in business activities from which it may earn revenue and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the Group’s executive management team (the chief operating decision makers) to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. Management will also consider other factors in determining operating segments such as the level of segment information presented to the executive management team.

Operating segments have been identified based on the information provided to the chief operating decision makers, being the executive management team.

Operating segments that meet the quantitative criteria as prescribed by AASB 8 are reported separately. However, an operating segment that does not meet the quantitative criteria is still reported separately where information about the segment would be useful to users of the financial statements. The Company has identified its operating segments to be Australia and the United States of America on the basis of their geographical location and different regulatory environments.

g) Foreign Currency Translation

The Group’s consolidated financial statements are presented in Australian dollars, which is also the parent company’s functional currency.

Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange at the reporting date.

All differences arising on settlement or translation of monetary items are taken to the income statement with the exception of monetary items that are designated as part of the hedge of the Group’s net investment of a foreign operation. These are recognised in other comprehensive income until the net investment is disposed, at which time, the cumulative amount is reclassified to the income statement. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in other comprehensive income.

35

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on retranslation of non-monetary items is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively).

h) Revenue Recognition

Interest income

For all financial instruments measured at amortised cost and interest bearing financial assets classified as available for sale, interest income or expense is recorded using the effective interest rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in finance income in the income statement.

i) Taxes

Current Income Tax

Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Group operates and generates taxable income.

Current income tax relating to items recognised directly in equity is recognised in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred Tax

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except:

• When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss

• In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:

• When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss

• In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.

36

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, would be recognised subsequently if new information about facts and circumstances changed. The adjustment would either be treated as a reduction to goodwill.

Tax Consolidation

The Company and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under tax consolidation legislation. Each entity in the Group recognises its own current and deferred tax assets and liabilities. Such taxes are measured using the ‘stand-alone taxpayer’ approach to allocation. Current tax liabilities (assets) and deferred tax assets arising from unused tax losses and tax credits in the subsidiaries are immediately transferred to the head entity. The Group notified the Tax Office that it had formed an income tax consolidated group to apply from 1 July 2008. The tax consolidated group has entered a tax funding arrangement whereby each company in the Group contributes to the income tax payable by the Group in proportion to their contribution to the Group’s taxable income. Differences between the amounts of net tax assets and liabilities derecognised and the net amounts recognised pursuant to the funding arrangement are recognised as either a contribution by, or distribution to the head entity.

j) Leases

The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset.

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Incentives received on entering into operating leases are recognised as liabilities. Lease payments are allocated between rental expense and reduction of the lease incentive liability on a straight line basis over the period of the lease.

k) Business Combinations and Goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether it measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are expensed and included in administrative expenses.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.

If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability will be recognised in accordance with AASB 139 either in profit or loss or as a change to other comprehensive income. If the contingent consideration is classified as equity, it will not be remeasured. Subsequent settlement is accounted for within equity.

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in profit or loss.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.

Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when

37

determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained.

l) Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other shortterm, highly liquid investments with original 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.

m) Trade and Other Receivables

Trade receivables, which generally have 30 day terms, are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for any uncollectible amounts.

Collectability of trade receivables is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off when identified. An allowance for doubtful debts is raised when there is objective evidence that the group will not be able to collect the debt. Financial difficulties of the debtor, default payments or debts more than 60 days overdue are considered objective evidence of impairment.

n) Joint Ventures

Jointly Controlled Assets and Operations

Interests in jointly controlled assets and operations are reported in the financial statements by including the Entity’s share of assets employed in the joint ventures, the share of liabilities incurred in relation to the joint ventures and the share of any expenses incurred in relation to the joint ventures in their respective classification categories.

Jointly Controlled Entities

The interest in a joint venture entity is accounted for in the financial statements using the equity method and is carried at cost by the parent entity. Under the equity method, the share of the profits or losses of the entity is recognised in the profit and loss, and the share of movements in reserves is recognised in reserves in the statement of financial position.

Profits or losses on transactions establishing a joint venture entity and transactions with the joint venture entity are eliminated to the extent of the Entity’s ownership interest until such time as they are realised by the joint venture on consumption or sale, unless they relate to an unrealised loss that provides evidence of the impairment of an asset transferred.

o) Property, Plant and Equipment

Plant and equipment, leasehold improvements and equipment under finance lease are stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the item. In the event that settlement of all or part of the purchase consideration is deferred, cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition. 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 Entity and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.

All tangible assets have limited useful lives and are depreciated/amortised using the diminishing balance method over their estimated useful lives, taking into account estimated residual values, with the exception of carried forward development expenditure in the production phase which is amortised on a units of production method based on the ratio of actual production to remaining proved reserves as estimated by independent experts, and finance lease assets which are amortised over the term of the relevant lease, or where it is likely the Entity will obtain ownership of the asset, the life of the asset.

Depreciation is calculated on the diminishing balance method as follows:

-	Motor vehicles	22.5%
-	Computer hardware	40%
-	Computer software	40%
-	Website development	40%
-	Office Furniture and Equipment	20%
-	Telephones	30%
-	Field Equipment	30%

The estimated useful lives, residual values and depreciation method is reviewed at the end of each annual reporting period and adjusted if appropriate.

38

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the statement of comprehensive income.

p) Exploration and Evaluation Costs

Costs related to the acquisition of properties that contain Mineral Resources are allocated separately to specific areas of interest.

Subsequent exploration and evaluation expenditure is written – off as incurred.

Acquisition of mineral properties is capitalised is included as part of cash flows from investing activities whereas exploration and evaluation expenditure that is expensed is included as part of cash flows from operating activities.

When a decision to proceed to development is made the acquisition costs for that area are transferred to mine development. All costs subsequently incurred to develop a mine prior to the start of mining operations within the area of interest are capitalised and carried at cost. These costs include expenditure incurred to develop new ore bodies within the area of interest, to define further mineralisation in existing areas of interest, to expand the capacity of a mine and to maintain production.

An area of interest may be written down to its recoverable amount if the area of interest’s carrying amount is greater than its estimated recoverable amount.

q) Financial Instruments

Financial Assets

Initial Recognition and Measurement

Financial assets within the scope of AASB 139 are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial assets at initial recognition.

All financial assets are recognised initially at fair value plus transaction costs, except in the case of financial assets recorded at fair value through profit or loss.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.

The Group’s financial assets include cash and short-term deposits, trade and other receivables, loans and other receivables, quoted and unquoted financial instruments and derivative financial instruments.

Subsequent Measurement

The subsequent measurement of financial assets depends on their classification as described below:

Financial Assets at Fair Value Through Profit or Loss

Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments as defined by AASB 139.

Financial assets at fair value through profit and loss are carried in the statement of financial position at fair value with net changes in fair value recognised in finance costs in the income statement.

Financial assets designated upon initial recognition at fair value through profit and loss are designated at their initial recognition date and only if the criteria under AASB 139 are satisfied. The Group has not designated any financial assets at fair value through profit or loss.

The Group evaluates its financial assets held for trading, other than derivatives, to determine whether the intention to sell them in the near term is still appropriate. When in rare circumstances the Group is unable to trade these financial assets due to inactive markets and management’s intention to sell them in the foreseeable future significantly changes, the Group may elect to reclassify these financial assets. The reclassification to loans and receivables, available-for-sale or held to maturity depends on the nature of the asset. This evaluation does not affect any financial assets designated at fair value through profit or loss using the fair value option at designation, these instruments cannot be reclassified after initial recognition.

39

Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value though profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required.

Loans and Receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the EIR method, less impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the income statement. The losses arising from impairment are recognised in the income statement in finance costs for loans and in cost of sales or other operating expenses for receivables.

Held-to-Maturity Investments

Non-derivative financial assets with fixed or determinable payments and fixed maturities are classified as held- to maturity when the Group has the positive intention and ability to hold them to maturity. After initial measurement, held-to-maturity investments are measured at amortised cost using the EIR, less impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the income statement. The losses arising from impairment are recognised in the income statement in finance costs. The Group did not have any held-tomaturity investments during the years ended 30 June 2013 and 2012.

Available-for-Sale Financial Investments

Available-for-sale financial investments include equity investments and debt securities. Equity investments classified as available-for-sale are those that are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those that are intended to be held for an indefinite period of time and that may be sold in response to needs for liquidity or in response to changes in the market conditions.

After initial measurement, available-for-sale financial investments are subsequently measured at fair value with unrealised gains or losses recognised as other comprehensive income in the available-for-sale reserve until the investment is derecognised, at which time the cumulative gain or loss is recognised in other operating income, or the investment is determined to be impaired, when the cumulative loss is reclassified from the available-for sale reserve to the income statement in finance costs. Interest earned whilst holding available-for-sale financial investments is reported as interest income using the EIR method.

The Group evaluates whether the ability and intention to sell its available-for-sale financial assets in the near term is still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets and management’s intention to do so significantly changes in the foreseeable future, the Group may elect to reclassify these financial assets. Reclassification to loans and receivables is permitted when the financial assets meet the definition of loans and receivables and the Group has the intent and ability to hold these assets for the foreseeable future or until maturity. Reclassification to the held-to-maturity category is permitted only when the entity has the ability and intention to hold the financial asset accordingly.

For a financial asset reclassified from the available-for-sale category, the fair value carrying amount at the date of reclassification becomes its new amortised cost and any previous gain or loss on the asset that has been recognised in equity is amortised to profit or loss over the remaining life of the investment using the EIR. Any difference between the new amortised cost and the maturity amount is also amortised over the remaining life of the asset using the EIR. If the asset is subsequently determined to be impaired, then the amount recorded in equity is reclassified to the income statement.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:

• The rights to receive cash flows from the asset have expired

• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either

• a) the Group has transferred substantially all the risks and rewards of the asset, or

• b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of

40

the asset, the asset is recognised to the extent of the Group’s continuing involvement in the asset. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

r) Impairment of Financial Assets

The Group assesses, at each reporting date, whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred ‘loss event’) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and when observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.

Financial Assets Carried at Amortised Cost

For financial assets carried at amortised cost, the Group first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.

If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current EIR.

The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the income statement. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income in the income statement. Loans together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the Group. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a future write-off is later recovered, the recovery is credited to finance costs in the income statement.

Available-for-Sale Financial Investments

For available-for-sale financial investments, the Group assesses at each reporting date whether there is objective evidence that an investment or a group of investments is impaired.

In the case of equity investments classified as available-for-sale, objective evidence would include a significant or prolonged decline in the fair value of the investment below its cost. ‘Significant’ is evaluated against the original cost of the investment and ‘prolonged’ against the period in which the fair value has been below its original cost. When there is evidence of impairment, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognised in the income statement – is removed from other comprehensive income and recognised in the income statement. Impairment losses on equity investments are not reversed through the income statement; increases in their fair value after impairment are recognised directly in other comprehensive income.

In the case of debt instruments classified as available-for-sale, impairment is assessed based on the same criteria as financial assets carried at amortised cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortised cost and the current fair value, less any impairment loss on that investment previously recognised in the income statement.

Future interest income continues to be accrued based on the reduced carrying amount of the asset, using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. If, in a subsequent year, the fair value of a debt instrument

41

increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in the income statement, the impairment loss is reversed through the income statement.

s) Financial liabilities

Initial Recognition and Measurement

Financial liabilities within the scope of AASB 139 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognised initially at fair value plus, in the case of loans and borrowings, directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables, bank overdrafts, loans and borrowings, financial guarantee contracts, and derivative financial instruments.

Subsequent Measurement

The measurement of financial liabilities depends on their classification as described below:

Financial Liabilities at Fair Value Through Profit or Loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IAS 39. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.

Gains or losses on liabilities held for trading are recognised in the income statement.

Financial liabilities designated upon initial recognition at fair value through profit and loss so designated at the initial date of recognition, and only if criteria of AASB 139 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss.

Loans and Borrowings

After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income statement when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in the income statement.

Financial Guarantee Contracts

Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the best estimate of the expenditure required to settle the present obligation at the reporting date and the amount recognised less cumulative amortisation.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement.

• (i) Offsetting of Financial Instruments

• Financial assets and financial liabilities are offset and the net amount reported in the consolidated statement of financial position if, and only if:

• There is a currently enforceable legal right to offset the recognised amounts; and

• There is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

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(ii) Fair Value of Financial Instruments

The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.

For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include:

• Using recent arm’s length market transactions

• Reference to the current fair value of another instrument that is substantially the same

• A discounted cash flow analysis or other valuation models.

An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 23.

t) Derivative Financial Instruments

The Group does not presently hold derivatives.

u) Trade and Other Payables

Trade payables and other payables are carried at amortised cost and represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days of recognition.

v) Employee Benefits

• (i) Wages and Salaries, Annual Leave and Sick Leave

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave due to be settled within 12 months of the reporting date are recognised as a current liability in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable.

(ii) Long Service Leave

The liability for long service leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

(iii) Employee Share Options and Performance Rights

Equity-settled share-based payments granted are measured at fair value at the date of grant. Fair value is measured by the use of a binomial model or a Monte Carlo simulation, for market based conditions. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of nontransferability, exercise restrictions, and behavioural considerations.

The fair value determined at the grant date of the equity-settled share-based payments is expensed at the date of issue. For cash settled share-based payments, a liability equal to the portion of the goods or services received is recognised at the current fair value determined at each reporting date.

w) Share-Based Payment Transactions

Employees (including senior executives) of the Group may receive incentives in the form of share-based payment transactions.

Equity-Settled Transactions

The cost of equity-settled transactions is recognised, together with a corresponding increase in other capital reserves in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in employee benefits expense.

No expense is recognised for awards that do not ultimately vest, except for equity-settled transactions, for which vesting is conditional upon a market or non-vesting condition. These are treated as vesting irrespective of

43

whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

When the terms of an equity-settled transaction award are modified, the minimum expense recognised is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date of modification.

When an equity-settled award is cancelled, it is treated as if it vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. This includes any award where non-vesting conditions within the control of either the entity or the employee are not met. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

Cash-Settled Transactions

The cost of cash-settled transactions is measured initially at fair value at the grant date using a binomial model, further details of which are given in Note 25. This fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The liability is remeasured to fair value at each reporting date up to and including the settlement date, with changes in fair value recognised in employee benefits expense.

x) Contributed Equity

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

y) Earnings Per Share

(i) Basic Earnings Per Share

Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period.

(ii) Diluted Earnings Per Share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

3. SEGMENT INFORMATION

Identification of Reportable Segments

The Group has identified its operating segments to be Australia and the United States of America “USA”, on the basis of geographical location and different regulatory environments. The main segment activity in the USA is exploration and evaluation located in this geographic region.

The accounting policies used by the Group in reporting segments internally are the same as those contained in note 2 above and in the prior period.

2013	AUSTRALIA $	UNITED STATES $	TOTAL $
REVENUE
Interest income	9,798	632	10,430
Other income	22,933	1,858	24,791
Joint venture contribution	25,000	-	25,000
Total segment revenue	57,731	2,490	60,221
Reportable segment gain/(loss) before tax	(3,671,142)	(2,056,115)	(5,727,257)
Segment assets	181,816	7,402,224	7,584,040
Segment liabilities	1,019,163	67,795	1,086,958

44

2012	AUSTRALIA $	UNITED STATES $	TOTAL $
REVENUE
Interest income	42,319	50,845	93,164
Other income	55,003	19,684	74,687
Total segment revenue	97,322	70,529	167,851
Reportable segment gain/(loss) before tax	(1,692,343)	(2,654,530)	(4,346,873)
Segment assets	1,167,655	7,125,744	8,293,399
Segment liabilities	1,133,830	42,874	1,176,704

4. Operating Loss Before Taxation

The Group operating loss from continuing operations before taxation is stated after (charging) crediting:

(a) Revenue

Revenue Interest revenue – bank deposits Other (b) Exploration and Evaluation Expenditure Exploration and evaluation expenditure expensed (c) Finance Expenses Finance costs Interest paid Unrealised foreign exchange gain/(loss)

(d) Administration Expenses

Wages and salaries Share based payments Bad and doubtful debts Travel, marketing and promotion Insurance Occupancy and administration expenses Legal and professional	CONSOLIDATED 2013 $ 2012 $ (671,631) (450,554) (1,233,657) (507,797) - (2,610) (371,571) (297,710) (44,334) - (439,901) (388,816) (465,939) (754,665)
	(3,227,033) (2,402,152)

45

(e) Other Expenses

(e) Other Expenses
Depreciation and amortisation Other from ordinary activities	(28,970) (69,912) (6,890) -
	(35,860) (69,912)

5. Income Taxes

a) Income Tax Recognised in Profit or Loss

The prima facie income tax expense on pre-tax accounting loss from operations reconciles to the income tax expense in the financial statements as follows:

Loss before income tax expense Prima facie tax payable on profit/(loss) at 30% Foreign tax rate differential Tax effect of amounts which are not deductible (taxable) in calculating taxable income: Non-deductible expenses Unrecognised temporary differences Tax effect of current year tax losses for which no deferred tax asset has been recognised Income tax	(5,727,257) (4,650,512) (1,718,177) (1,395,154) - (237,625) 10,718 4,143 303,173 21,127 1,404,286 1,607,508
	- -

b) Income Tax Recognised Directly in Equity

There were no current and deferred amounts charged directly to equity during the period.

c) Deferred Tax Assets

Prepayments Accrued expenses Provisions Capital raising costs Business capital costs Carry forward tax losses Total d) Deferred Tax Liabilities Investments Total	- 13,172 405 23,817 58,719 9,324 141,209 64,691 91,699 110,037 11,431,288 10,814,273
	11,723,320 11,035,314
	- 90,000
	- 90,000

The above deferred tax assets and liabilities have not been brought to account as assets and liabilities.

The gross carried forward tax losses used in the determination of the net unrecognised deferred tax asset disclosures above are as follows:

Tax losses in Australia (net) Tax losses in Foreign countries (net) Total	(23,174,579) (20,183,478)
	(14,929,715) (13,257,171)
	(38,104,294) (33,440,649)

46

6. Cash and Cash Equivalents

Cash at bank and on hand Total 7. Trade and Other Receivables Prepayments Other receivables Total 8. Other Financial Assets Available for sale investments – at fair value Security deposits Total	CONSOLIDATED 2013 $ 2012 $	CONSOLIDATED 2013 $ 2012 $
	103,457	226,698
	103,457	226,698
	24,087	-
	11,170	39,074
	35,257	39,074
	-	900,000
	89,869	23,965
	89,869	923,965

As at 30 June 2012, the Group held 3,000,000 fully paid ordinary shares in Forge Resources Limited (ASX: FRG and “Forge”). The 3,000,000 shares were escrowed for a period of two years from the date of Forge’s listing on the ASX, 23 September 2010. All of the securities held at 30 June 2012 were sold during the 2013 financial year.

47

9. Property, Plant and Equipment

9. Property, Plant and Equipment
	PLANT AND EQUIPMENT $
		TOTAL $
Gross Carrying Amount Balance at 1 July 2011 Additions Disposals/write off Net foreign currency exchange differences Balance at 30 June 2012 Additions Disposals/write off Net foreign currency exchange differences Balance at 30 June 2013 Accumulated Depreciation /amortisation and impairment Balance at 1 July 2011 Disposals/write off Depreciation expense Net foreign currency exchange differences Balance at 30 June 2012 Disposals/write off Depreciation expense Additions Net foreign currency exchange differences Balance at 30 June 2013 Net Book Value 30 June 2012 30 June 2013 10. Exploration and Evaluation	275,392 2,352 (66,386) (28,214)
		275,392
		2,352
		(66,386)
		(28,214)
	183,144	183,144
	166,534 - 9,353	166,534
		-
		9,353
	359,031	359,031
	155,503 (24,929) 28,454 (49,659)
		155,503
		(24,929)
		28,454
		(49,659)
	109,369	109,369
	- 28,970 107,091 1,447	-
		28,970
		107,091
		1,447
	246,877	246,877
	73,775
		73,775
	112,154	112,154
	CONSOLIDATED
Non-producing properties Exploration and evaluation expenditure: Balance at 1 July 2012 Net foreign currency exchange differences Balance at 30 June 2013 11. Trade and Other Payables Trade payables Accruals 12. Borrowings Unsecured convertible notes	2013 $ 2012 $
	7,029,887 6,853,784
	213,415 176,103
	7,243,302 7,029,887
	189,555 59,356
	91,248 136,470
	280,803 195,826
	- 185,000
	- 185,000

These notes were fully converted to ordinary shares during the year. Refer to note 15.

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13. Provisions

13. Provisions
Employee benefits 14. Deferred Tax Liability Deferred tax liability related to assets acquired through business combination in prior years Less: Tax effect of impairment of assets acquired Net deferred tax liability 15. Issued Capital and Reserves 221,798,811 fully paid ordinary shares (2012:75,767,021) Share issue expenses	34,399 24,122
	34,399 24,122
	771,756 6,458,314
	- (5,686,558)
	771,756 771,756
	CONSOLIDATED 2013 $ 2012 $
	57,766,484 53,700,609
	(1,773,131) (1,495,901)
	55,993,353 52,204,708

The company does not have a limited amount of authorised capital and issued shares do not have a par value.

Fully paid ordinary shares Balance at beginning of financial year Consolidation of shares Shares issued during the year Share issue costs Ordinary fully paid shares at end of year	CONSOLIDATED AND COMPANY 2013 NUMBER 2013 $ 2012 NUMBER 2012 $ 75,767,021 52,204,706 336,709,607 52,018,704 - (269,367,279) - 146,031,790 4,065,877 8,424,695 186,002 - (277,230) - -
	221,798,811 55,993,353 75,767,021 52,204,706

Fully paid ordinary shares carry one vote per share and carry the right to dividends. Partly paid ordinary shares entitle the holder to vote, participate in dividends and proceeds on a winding up in proportion to the number of and amounts paid on the shares held.

The following shares were issued during the reporting period:

• (i) On 9 July 2012 , 1,658,720 fully paid shares were issued ; 408,720 in lieu of a $15,000 fee and 1,250,000 at $0.04 per share;

• (ii) On 9 October 2012, 65,498,476 fully paid shares were issued; 52,613,861 as part of a placement at $0.03 and 2,884,615 at $0.026 as a result of the conversion of convertible securities;

• (iii) On 15 October 1,000,000 fully paid shares were issued for nil consideration in return for a data package.

• (iv) On 7 November 2012, 2,307,693 fully paid shares were issued at $0.026 as a result of the conversion of convertible securities;

• (v) On 12 December 2012, 15,000,000 fully paid shares were issued at $0.03 per share as part of a placement;

• (vi) On 9 January 2013, 2,226 fully paid shares were issued as a result of the conversion of 50 cent options before they expired on 31 December 2012

• (vii) On 15 February 2013, 21,558,533 fully paid shares were issued at $0.042 cents as part of a placement; (viii) On 6 May 2013, 39,006,143 fully paid ordinary shares were issued at $0.028 cents as part of a placement.

Information relating to the company’s employee option plan, including details of options issued, exercised and lapsed during the financial year is set out in note 24.

Information relating to share options and performance rights issued to key management personnel during the financial year are set out in note 25.

49

	CONSOLIDATED	CONSOLIDATED
Reserves Option reserve – listed Option reserve – unlisted Total option reserve Foreign currency translation Available-for-sale securities	2013 $	2012 $
	766,900	766,900
	4,168,048	2,934,391
	4,934,948	3,701,291
	(890,414)	(1,275,756)
	-	300,000
	4,044,534	2,725,535

The Options reserve records items recognised as expenses on the issue of employee share options.

The Foreign Currency Translation Reserve records exchange differences arising on the translation of foreign controlled subsidiaries. These differences are book entries only resulting from differences between exchange rates at the beginning and end of the period and the resulting change in value of assets and do not represent realised exchange gains or losses.

The available for sale securities reserve records the fair value changes on the available for sale financial asset as set out in Note 8 Other Financial Assets.

(i) Option reserve – unlisted
Opening balance	2,934,391	2,426,594
Options allotted	1,233,657	507,797
Balance at end of year	4,168,048	2,934,391
(ii) Option reserve –listed
Opening balance	766,900	766,900
Options allotted	-	-
Balance at end of year	766,900	766,900
(iii) Foreign currency translation reserve

(iii) Foreign currency translation reserve
	CONSOLIDATED
Balance at beginning of the year (Loss)/Gain on translation of overseas controlled entities Balance at the end of financial year (iv) Available-for-sale securities reserve Balance at beginning of the year (Loss)/Gain on revaluation of available-for-sale securities Balance at the end of financial year 16. Earnings Per Share Basic earnings/(loss) per share from continued operations Diluted earnings/(loss) per share from continued operations	2013 $ 2012 $
	(1,275,756) (1,207,707)
	385,342 (68,049)
	(890,414) (1,275,756)
	300,000 720,000
	(300,000) (420,000)
	- 300,000
	2013 2012
	CENTS PER SHARE CENTS PER SHARE (3.80) (6.76) (3.80) (6.76)

50

The following reflects the income and share data used in the calculations of the basic and diluted earnings per share:

Earnings reconciliation Net loss for the year – continued operations Weighted average number of ordinary shares used as the denominator in calculating basic and dilutive earnings per share	2013 $ 2012 $
	(5,727,257) (4,650,512)
	150,763,069 68,785,408

17. Commitments for Expenditure

Mineral Properties Not later than 1 year Between 1 year and 5 years
	181,957 163,380
	727,828 653,520
	909,785 816,900

The exploration commitments reflect the minimum expenditure to meet the conditions under which the properties are granted or such greater amounts that have been contractually committed. These commitments may vary from time to time, subject to approval by the grantor of titles or by variation of contractual agreements. The expenditure represents potential expenditure which may be reduced by entering into sale, joint venture or relinquishment of the interests and may vary depending upon the results of exploration. Should expenditure not reach the required level in respect of each area of interest, the Groups interest could be either reduced or forfeited.

18. Leases

Operating Leases

Leasing Arrangements

Operating lease relates to office facilities with lease terms of 2 to 5 years. Contingent rental provisions within the lease agreement require the minimum lease payment shall be increased to market value in the final year.

ase agreement require the minimum lease payment shall be increased to market value	in the finalyear.
Non-cancellable operating lease payments - Not later than 1 year - Between 1 year and 5 years	CONSOLIDATED
	2013 $ 2012 $
	37,362 36,455
	149,447 145,820
	186,809 182,275

19. Contingent Liabilities and Contingent Assets

(i) The Rio Puerco, Apex, Lowboy and Church Rocks projects areas carry a yellow cake royalty, to a maximum equivalent of a 5% on a claim by claim basis. In all cases the royalty does not exceed 5% over any project.

20. Interests In Joint Venture Operations and Projects

The Group has an interest in the following material joint venture operations whose principal activities are mineral exploration and development.

exploration and development.
NAME OF VENTURE	NOTES	PRINCIPAL ACTIVITY
Cristol Enterprises LLC	i)	Exploration – gold, manganese and uranium
Lone Star LLC	ii)	Exploration - uranium
San Marcos JV	iii)	Exploration- gold

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Notes

(i) Cristol Enterprises LLC

The Company’s wholly owned subsidiary Uranium Company of Arizona LLC (“UCA”) executed a Heads of Agreement with Cristol Enterprises LLC (“Cristol”), an exploration company based in Nevada, USA on 24 June 2009. The agreement covers the Bernard gold, uranium and manganese project located in La Paz County, Arizona which has been secured by UCA and covers 212 claims for an aggregate area of approximately 11km2. The agreement is subject to the following basic conditions, viz:

• UCA and Cristol will create a new limited liability company into which the Bernard claims will be transferred. Initial equity in the new company will be 100% UCA;

• Cristol is to expend a total of $5.1M in stages to earn a 49% interest in the new company;

• Thereafter, further funding of the project will be on a pro-rata basis, subject to an industry standard dilution clause;

• The first stage will entail expenditures of $475,000 and involve a comprehensive drilling program; and

• UCA is the project manager.

(ii) Lone Star

In April 2011 the Company’s executed a JV agreement with Lone Star LLC (‘Lone Star’) which involved the acquisition, exploration and development of a number of uranium properties in the State of Texas in the USA. Under the JV agreement Uranium Company of Texas (“UCT”) has been established as a 90% owned subsidiary of the Company and Lone Star will be free carried to the remaining 10%. The Company is the Manager of the JV. Lone Star personnel will work for the JV and will be responsible for identifying and acquiring leasehold properties with a track record of being drilled out and with historic drilling results. Under the JV agreement Lone Star receives shares in the Company based on the acquisition of these projects and on proving up JORC/NI 43-101 resources at the various uranium projects under the JV. As consideration for entering into the JV agreement, Lone Star was issued 5 million shares in the Company. These shares were escrowed for a period of 6 months.

(iii) San Marcos

During the year, the Company farmed this project out to ASX listed Pelican Resources. (ASX: PEL) to farm into the company’s 100% owned San Marcos Gold project in Arizona, USA.

‐ Pursuant to which Pelican has been granted an option to enter into a farm in agreement (Option Agreement) with AusAmerican allowing Pelican to earn up to a 100% interest in the San Marcos Gold Project located in Arizona, USA (Project).

Option Agreement

Pursuant to the Option Agreement, AusAmerican has granted to Pelican, an option for a period of up to 60 days ‐ from 11 January 2013, to enter, through a US subsidiary (to be established), into a farm in agreement in relation to the Project.

Pelican is able to exercise the option at any time during the 60 day period by providing notice, and a payment of $25,000, to AusAmerican.

Upon exercise of the option, Pelican and AusAmerican will enter into a formal farm-in agreement, based on, in addition to customary terms found in farm-in agreements, specific terms agreed upon by the parties in the Option Agreement ( Farm-in Agreement ).

Key Terms of the Farm-In Agreement

Under the Farm-in Agreement, Pelican will have the sole and exclusive right, but not the obligation, to:

• a. earn a 30% interest by funding not less than $75,000 of exploration expenditure within the first 12 months of the date of exercising the option ( Commencement Date );

• b. earn a further 21% interest by funding not less than $75,000 of exploration expenditure within the 12 month period commencing on the date which is 12 months after the Commencement Date; and

• c. earn a further 29% interest by funding not less than $250,000 of exploration expenditure within the 12 month period commencing on the date which is 24 months after the Commencement Date.

‐ Any expenditure incurred in an earn-in period in excess of the required amount will be off set against the required expenditure amount in the following earn-in period.

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Once Pelican earns an 80% interest, it must elect to either:

• a. Earn a further 15% interest by funding not less than $300,000 of exploration expenditure within the 12 month period commencing on the date of providing notice to AusAmerican of satisfaction in obtaining the 80% interest. Once Pelican earns a 95% interest, AusAmerican’s remaining 5% interest will be extinguished and revert to a 2% net smelter return royalty up to a maximum of $1,000,000; or

• b. Form a joint venture with AusAmerican. In this event, Pelican and AusAmerican will form an unincorporated joint venture where initially, Pelican will hold an 80% interest and AusAmerican will hold a 20% interest in the Project.

Pelican and AusAmerican will each have a first right of refusal over the sale or other disposal of all or part of the other party’s interest in Project tenements from time to time.

The Farm-in Agreement will otherwise be on terms customary for a transaction of this nature.

21. Controlled Entities

21. Controlled Entities
NAME OF ENTITY	COUNTRY OF INCORPORATION	OWNERSHIP	INTEREST
		2013	2012
		%	%
Parent Entity
Australian-American Mining Corporation Ltd	Australia	100	100
Subsidiaries
Uranium King Pty Ltd	Australia	100	100
Uranium King Corporation	USA	100	100
Uranium Company of Nevada LLC	USA	100	100
Uranium Company of New Mexico	USA	100	100
Uranium Company of Arizona LLC	USA	100	100
Buckskins Mountains Mining Company LLC	USA	90	90
Uranium Company of Texas LLC	USA	90	90
New Mexico Investment Limited	St Lucia	100	100
Grant Ridge Corporation	USA	100	100

Australian-American Mining Corporation Ltd is the Head Entity within the Tax Consolidated Group that includes Uranium King Pty Ltd.

53

22. Notes to the Cash Flow Statement

(a) Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts.

(b) Reconciliation of net loss for the period to net cash outflow from operating activities

Cash and cash equivalents at the end of the financial year as shown in the cash flow statement is reconciled to the related items in the statement of financial position as follows:

Loss for the year Depreciation and amortisation of non-current assets Foreign exchange (gain)/loss – net Bad and doubtful debts Share-based payment expense Finance costs Interest income received Loss on sale of property, plant and equipment Gain on sale of available for sale assets Changes in net assets and liabilities, net of effects from acquisition and disposal of businesses: (Increase)/decrease in assets Decrease in liabilities Decrease in liabilities Net cash (used in) operating activities	CONSOLIDATED	CONSOLIDATED
	2013 $	2012 $
	(5,727,257)	(4,650,512)
	28,970 3,744 - 1,233,657 108,802 (10,431) - (22,932)	28,454
		56,173
		2,610
		507,797
		22,794
		(93,164)
		41,458
		-
	3,816	(558,848)
	95,252	(216,231)
	(4,286,379)	(4,859,469)

There are no restrictions on cash balances at the reporting date.

23. Financial Instruments

Financial Risk Management Policies

The Groups principal financial liabilities, other than derivatives, comprise accounts payable, bank loans and overdrafts, and debentures. The main purpose of these financial instruments is to manage short term cash flow and raise finance for the Group’s capital expenditure program. The Group has various financial assets such as trade and other receivables and cash and short-term deposits, which arise directly from its operations.

Risk exposures and responses

The Group manages its exposure to key financial risks in accordance with its financial risk management policy. The objective of the policy is to support the delivery of the Group’s financial targets while protecting future financial security. The main risks that could adversely affect the Group’s financial assets, liabilities or future cash flows are: market risks, cash flow interest rate risk and foreign currency risk; and liquidity risk and credit risk. Management reviews and agrees policies for managing each of these risks which are summarised below.

The Group’s senior management oversees the management of financial risks. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the Group’s policy that no trading in derivatives for speculative purposes shall be undertaken. At this stage, the Group does not currently apply any form of hedge accounting.

The Board of Directors reviews and agrees policies for managing these risks which are summarised below.

54

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: commodity price risk, interest rate risk and currency risk. Financial instruments affected by market risk include: loans and borrowings; deposits; trade receivables; trade payables; accrued liabilities; and derivative financial instruments.

The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed-to floating interest rates on the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant. The sensitivity analysis is intended to illustrate the sensitivity to changes in market variables on the Group’s financial instruments and show the impact on profit or loss and shareholders’ equity, where applicable.

The analyses exclude the impact of movements in market variables on the carrying value of pension and other post-retirement obligations and provisions.

The following assumptions have been made in calculating the sensitivity analysis:

• The statement of financial position sensitivity relates to derivatives and euro denominated accounts receivables;

• The sensitivity of the relevant profit before tax item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at 30 June 2013 and 30 June 2012; and

• The impact on equity is the same as the impact on profit before tax.

(i) Treasury Risk Management

Due to the size of the company, a separate finance committee does not exist. The full Board considers credit risk policies and future cash flow requirements as required.

The board’s overall risk management strategy seeks to assist the consolidated group in meeting its financial targets, whilst minimising potential adverse effects on financial performance.

(ii) Financial Risk Exposures and Management

The main risks the Company and the Consolidated Entity are exposed to through its financial instruments are interest rate risk, foreign currency risk, liquidity risk credit risk and price risk.

Interest Rate Risk

The Groups exposure to the risks of changes in market interest rates relates primarily to the company’s shortterm deposits with a floating interest rate. These financial assets with variable rates expose the company to cash flow interest rate risk. All other financial assets and liabilities in the form of receivables and payables are noninterest bearing.

Foreign Currency Risk

The Group has exploration activities overseas and in Australia. While most funds have been held in Australian dollars, some deposits are held in foreign currency for working capital purposes. The Group is exposed to fluctuations in foreign currencies arising from the purchase of goods and services in currencies other than the group’s measurement currency. The Group is mainly exposed to fluctuations in US dollars.

Liquidity Risk

The Group manages liquidity risk by monitoring forecast cash flows and ensuring that adequate unutilised borrowing facilities as required are maintained. The Groups operations require it to raise capital on an on-going basis to fund its planned exploration program and to commercialise its tenement assets. If the Group does not raise capital in the short term, it can continue as a going concern by reducing planned but not committed exploration expenditure until funding is available and/or entering into joint venture arrangements where exploration is funded by the joint venture partner.

Credit Risk

Credit risk is managed on a group basis and refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group as well as through deposits with financial institutions. The Group has adopted a policy of only dealing with credit worthy counterparties obtaining sufficient collateral or other security where appropriate as means of mitigating the risk of financial loss from defaults and only banks and financial institutions with an ‘A’ rating are utilised. The group measures risk on a fair value basis.

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The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. There are no collateral held as security at 30 June 2013.

The Group does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Group. The credit risk on liquid funds and financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

Price Risk

The Group does not derive revenue from sale of products therefore, the effect on profit and equity as a result of changes in the price risk is not considered material. The fair value of the mineral projects will be impacted by commodity price changes (predominantly uranium) and could impact future revenues once operational. However, management monitors current and projected commodity prices.

The Group is mainly exposed to mining services price risk. The management does constantly monitor price movements and seeks ways to minimise the cost on mining activities.

(i) Financial Instruments

The Groups exposure to interest rate risk and effective weighted average interest rate for financial assets and liabilities is set out below.

The tables below reflect the undiscounted contractual settlement terms for financial instruments of a fixed period of maturity, as well as management’s expectations of the settlement period for all other financial instruments.

All cash balances have maturity of less than 3 months.

All trade payables are on normal 30 day terms.

2013	WEIGHTED AVERAGE EFFECTIVE INTEREST RATE % VARIABLE INTEREST RATE $ NON INTEREST BEARING $ TOTAL $
Financial assets Cash and cash equivalents Trade and other receivables Other financial assets Investments Financial liabilities Trade and other payables 2012	2.23 92,400 11,057 103,457 11,171 11,171 0.65 18,547 95,409 113,956 - - -
	110,947 117,637 228,584
	- 315,203 315,203
	- 315,203 315,203
Financial assets Cash and cash equivalents Trade and other receivables Other financial assets Investments Financial liabilities Trade and other payables	2.91 188,384 38,314 226,698 - 39,074 39,074 3.24 16,680 7,285 23,965 - 900,000 900,000
	205,064 984,673 1,189,737
	- 372,074 372,074
	- 372,074 372,074

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• (ii) Net Fair Values

The Directors consider that the carrying amount of financial assets and financial liabilities recorded in the financial statements approximates their fair values (2012: net fair value).

• (iii) Sensitivity Analysis

Interest Rate Risk, Foreign Currency Risk and Price Risk

The group has performed sensitivity analysis relating to its exposure to interest rate risk, foreign currency risk and price risk at balance date. This sensitivity analysis demonstrates the effect on the current year results and equity which could result from a change in these risks.

Interest Rate Sensitivity Analysis

At 30 June 2013, the effect on loss and equity as a result of fluctuations in the interest rate, with all other variables remaining constant has been considered. For the purpose of this exercise, a 2% increase in the interest results in a decrease in loss by $2,808 (2012: $15,697) and an increase in equity by $2,808 (2012: $15,697).

Foreign Currency Risk Sensitivity Analysis

At 30 June 2013, the effect on loss and equity as a result of 5% improvement in the value of the Australian Dollar to the US Dollar/Euros, with all other variables remaining constant would result in an increase in the loss by approximately $100,629 (2012: $133,244) and an decrease in equity by approximately $100,629 (2012: $133,244).

Price Risk Sensitivity Analysis

As the company does not derive revenue from sale of products, the effect on profit and equity as a result of changes in the price risk is not considered material. The fair value of the mining projects will be impacted by commodity price changes (predominantly uranium and gold) and could impact future revenues once operational. However, management monitors current and projected commodity prices.

Employee Share Option Plan

An Incentive Option Scheme was approved by shareholders at a General Meeting held on 11 January 2006. This Scheme was replaced with a new incentive plan called the Australian-American Mining Corporation Employee Option Plan 2008 and was approved by shareholders at the Annual General Meeting held on 26 November 2008 pursuant to which, certain share options have been granted to executives. Each option converts into one ordinary share of the Company on exercise. No amounts have been paid or are payable by the recipient upon receipt of the options. The options neither carry rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry except to the extent that any terms and conditions imposed in relation to any options granted by the Board at or prior to the time of grant state otherwise. The option valuation amounts shown below have been calculated using the Binomial Tree Option Calculator. There are no longer any options outstanding issued under this scheme.

A new Employee Share Option Plan was approved by shareholders at a General Meeting held on 9 September 2011 to comply with TSX Venture Exchange requirements. To date no issues have been made under this plan.

24. Share Based Payments

Employee Performance Share Rights Plan

The general terms and conditions of the PRP were set out in the Explanatory Statement issued by the Company in relation to the 2009 AGM.

The Rights Plan is a long-term incentive plan aimed at advancing the interests of the Company by creating a stronger link between employee performance and reward and increasing shareholder value by enabling participants to have a greater involvement with, and share in the future growth and profitability of the Company. It is an important tool to assist in attracting and retaining talented people.

Share Rights are granted under the plan for no consideration. Share Rights are rights to receive fully paid ordinary shares in the capital of the Company (Shares) in the future if certain individual and/or corporate performance metrics (Performance Conditions) are met in the measurement period.

57

The Board is cognisant of general shareholder concern that long-term equity based reward for staff should be linked to the achievement by the Company of a performance condition. Share Rights granted under the Rights Plan are subject to performance conditions as determined by the Board from time to time.

The current Share Rights issued to executives are subject to a combination of Performance Conditions as listed below:

Performance Hurdle On joining the Board of AusAmerican On finalisation of an agreement to bring in a new project to AusAmerican On the AusAmerican share price trading at greater than 20 cents per share for more than five consecutive days On the AusAmerican share price trading at greater than 25 cents per share for more than five consecutive days

EMPLOYEE SHARE OPTION PLAN	2013 NUMBER OF OPTIONS 2012 NUMBER OF OPTIONS
Balance at beginning of the financial year Expired during the financial year Issued during the financial year Balance at end of the financial year	- - - - 6,950,000 -
	6,950,000 -

(a) Balance at beginning of the financial year

	2013 No. 2013 WAEP A$ 2012 No. 2012 WAEP A$
Outstanding at the beginning of the year Granted during the year Consolidation Exercised during the year Expired during the year Exercisable at the end of the year	72,769,572 0.25 76,921,605 0.11 69,532,338 0.07 41,600,000 0.03 - (45,572,033) 0.50 (10,002,226) - - - (43,353,024) 0.41 (180,000) 3.78
	88,946,660 0.043 72,769,572 0.25

Granted during the year 69,532,338 0.07 41,600,000 0.03 Consolidation - (45,572,033) 0.50 Exercised during the year (10,002,226) - - - Expired during the year (43,353,024) 0.41 (180,000) 3.78 Exercisable at the end of the year 88,946,660 0.043 72,769,572 0.25	Granted during the year 69,532,338 0.07 41,600,000 0.03 Consolidation - (45,572,033) 0.50 Exercised during the year (10,002,226) - - - Expired during the year (43,353,024) 0.41 (180,000) 3.78 Exercisable at the end of the year 88,946,660 0.043 72,769,572 0.25
The following share-based payment arrangements were in existence during the reporting period: DATE OPTIONS GRANTED EXERCISABLE EXPIRY DATE EXERCISE PRICE(ii) QUANTITY
	QUANTITY
(i) (i) 15 September 2013 $0.231 (i) (i) 06 October 2013 $0.2105 (i) (i) 13 October 2013 $0.2105 (i) (i) 20 October 2013 $0.2105 (i) (i) 16 November 2013 $0.325 02 February 2012 02 February 2012 01 March 2015 $0.595 05 June 2012 05 June 2012 01 March 2015 $0.09 05 June 2012 Performance Rights 28 May 2015 $0.00 02 July 2012 02 July 2012 02 July 2015 0.595 15 October 2012 15 October 2012 01 March 2015 $0.09 15 March 2013 15 March 2013 01 March 2015 $0.09 17 March 2013 17 March 2013 01 March 2015 $0.09 29 October 2012 29 October 2012 01 March 2015 $0.09 03 December 2012 Performance Rights 03 December 2017 $0.00 02 April 2013 02 April 2013 01 March 2015 $0.09 27 June 2013 27 June 2013 01 March 2015 $0.09 27 June 2013 27 June 2013 01 March 2015 $0.09	1,600,000 61,729 37,037 55,556 60,000 600,000 9,000,000 8,000,000 300,000 4,000,000 11,000,000 10,779,267 6,350,000 14,000,000 600,000 19,503,071 3,000,000
	88,946,660

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25. Key Management Personnel Compensation

The key management personnel of the Consolidated Entity during the year were:

(a) Details of Key Management Personnel

Directors Position R Holmes Managing Director (appointed 11 March 2012) J Malone Chairman, Executive Director, Company Secretary and Chief Financial Officer (appointed a Director 30 July 2008, appointed Executive Chairman 29 April 2009, resigned as Executive Chairman and appointed Executive Director 11 March 2012, appointed Chairman 30 November 2012) D Falconer Non-Executive Director (appointed 28 February 2011) M Ceglinski Non-executive Chairman (appointed 11 March 2012, retired by rotation 30 November 2012)

Key management personnel remuneration has been included in the Remuneration Report section of the Directors’ Report.

(b) Key Management Personnel Compensation

The aggregate compensation of the key management personnel of the Consolidated Entity and the Company is set out below:

Short-term employee benefits Other Post-employment benefits Share-based payment Total	CONSOLIDATED	CONSOLIDATED
	2013 $	2012 $
	501,238	422,401
	8,000	39,985
	18,635	15,000
	458,600	1,494,320
	986,473	1,971,706

(c) Key Management Personnel Shareholdings

Fully Paid Ordinary Shares

2013	BALANCE 1 JULY 2012	NET OTHER CHANGE	ON EXERCISE OF OPTIONS	BALANCE AT DATE OF CESSATION	BALANCE 30 JUNE 2013
Directors
J Malone	458,993	2,041,007	-	-	2,500,000
Richard Holmes	2,000,000	500,000	5,000,000	-	7,500,000
Don Falconer	-	-	-	-	-
Mark Ceglinski	2,300,000	1,000,000	5,000,000	8,300,000	8,300,000

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2012	BALANCE 1 JULY 2011	NET OTHER CHANGE	ON EXERCISE OF OPTIONS	BALANCE AT DATE OF CESSATION	BALANCE 30 JUNE 2012
Directors
J Malone	2,294,962	(1,835,969)	-	-	458,993
Richard Holmes	-	-	2,000,000	-	2,000,000
Mark Ceglinski	-	300,000	2,000,000	-	2,300,000
D Geldard	1,030,000	(743,779)	-	286,221	286,221
G Barns	172,600	(138,080)	-	34,520	34,520
S Jackson	150,000	(120,000)	-	30,000	30,000

(i) Denis Geldard retired as director and CEO on 11 March 2012.

(ii) Greg Barns resigned as Non-Executive Director on 03 February 2012.

(iii) Simon Jackson resigned as Non-Executive Director on 03 February 2012.

(iv) Mark Ceglinski retired by rotation as chairman on 30 November 2012

Share Options/Performance Rights

2013 1 JULY 2012 GRANTED AS REMUNE- RATION EXERCISED NET CHANGE OTHER*	30 JUNE 2013 VESTED/ EXERCIS- ABLE NOT VESTED/ NOT EXERCIS- ABLE
Directors
J Malone 1,533,334 10,000,000 - (1,533,334)	10,000,000 - 10,000,000
M Ceglinski 14,722,000 - (5,000,000) (9,722,000)	- 5,000,000 -
R Holmes 13,000,000 - (5,000,000) -	8,000,000 5,000,000 8,000,000
Don Falconer 200,000 4,000,000 - (200,000)
	4,000,000 - 4,000,000
	30 JUNE 2012 VESTED/ EXERCIS- ABLE NOT VESTED/ NOT EXERCIS- ABLE
2012 1 JULY 2011 GRANTED AS REMUNER- ATION EXERCISED NET CHANGE OTHER
Directors
J Malone 7,666,667 - - (6,133,333)	1,533,334 1,533,334 -
M Ceglinski 1,722,000^ 15,000,000 (2,000,000) -	13,000,000 2,000,000 14,722,000
R Holmes - 15,000,000 (2,000,000) -	13,000,000 2,000,000 13,000,000
D Geldard 7,500,000 - - (6,000,000)	1,500,000 1,500,000 -
G Barns 1,000,000 - - (800,000)	200,000 200,000 -
S Jackson - 1,000,000 - (800,000)	200,000 200,000 -
D Falconer - 1,000,000 - (800,000)	200,000 200,000 -

• On 26 September 2011 a consolidation of the number of Shares and Options on issue on a 1 for 5 basis was completed.

^ Prior to Mark Ceglinski’s appointment to the board on 11 March 2012, he previously held options for services rendered to the Group

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Rights Pricing Model

The fair value of the equity settled share rights granted under the plan is estimated as at the date of the grant using either the Black-Scholes valuation model for rights with non-market based performance conditions or the Monte-Carlo simulation model for rights that contained a market based performance condition.

The following table lists the inputs to the models used for the years ended 30 June 2013 and 30 June 2012.

Dividend yield (%) Expected volatility (%) Risk-free interest rate (%) Expected life of right (years) Value per right ($) Closing share price at grant date ($)	2013 2012
	0% 0% 140% 150% 2.70% 2.19% 5.00 2.98 $0.033 - $0.0326 $0.036 - $0.053 $0.035 $0.053

(d) Other Transactions With Key Management Personnel

There were no other transactions with key management personnel of the Group.

26. Remuneration Of Auditors

26. Remuneration Of Auditors
	CONSOLIDATED 2013 $ 2012 $
Amounts received or due and receivable by Grant Thornton Audit Pty Ltd: Audit or review of the financial report of the Group Total
	64,779 56,675
	64,779 56,675

27. Subsequent Events

Letter of intent signed for the Victoria Copper Mine

AusAmerican has entered into a Letter of Intent with Taylor Western Resources LLC to earn 50% of the project on the following terms:

1. Invest US$5.5m on mine development and/or regional exploration

2. Option payments of

3. a. US$0.5m on signing of definitive agreements

4. b. US$1m on commencement of rehabilitation of the underground workings

5. c. US$1m on commencement of production

6. d. US$1m on 12 month anniversary of (c)

7. First right of refusal on the remaining 50% of the project

AusAmerican will manage and operate the Joint Venture.

The company announced Mr Ben Mead will join the company as an Executive Director; effective immediately. Mr Mead has had considerable experience in the management of ASX-listed and private companies in the mineral, energy and aluminium sectors. Mr Mead, who resides in Park City, Utah, in the USA, was instrumental in introducing the transaction to the company and in assisting the company in its negotiations with the project’s owners. Mr Mead will continue to assist with the due diligence, development, financing and on-going management of the project in his role as US based Director residing close to the project.

Experienced corporate advisor, mining executive and company director Mr Peter Landau has agreed to join the Board of AIW. Mr Landau brings with him many years of experience in managing resource companies. Especially important for the company is Mr Landau’s recent experience in capital raising for and development of, USA silver developer Black Mountain Resources Limited and their New Departure Silver project in Montana. Mr Landau will be a non-executive Director, effective 1 August 2013.

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28. Parent Entity Disclosures

Parent entity Assets Current assets Non-current assets Total assets Liabilities Current liabilities Non-current liabilities Total liabilities Equity Issued capital Accumulated losses Reserves Total equity Financial performance Loss for the year Other comprehensive income Total comprehensive income Contingent liabilities Contractual commitments: Operating lease	2013 $ 2012 $
	101,612 1,151,738 9,873,609 7,715,917
	9,975,221 8,867,655
	247,407 353,321 1,672,328 1,672,327
	1,919,735 2,025,648
	56,155,670 52,204,706 (53,035,132) (49,049,052) 4,934,948 3,686,354
	8,055,486 6,842,008
	(3,671,142) (9,246,973) (300,000) (420,000)
	(3,971,142) (9,666,973)
	- -
	37,362 36,455

62

DIRECTORS’ DECLARATION

In accordance with a resolution of the Directors of Australian American Mining Corporation Limited, I state that:

In the opinion of the Directors:

(a) the financial statements and notes of the Company are in accordance with the Corporations Act 2001 including:

• (i) giving a true and fair view of the Company's financial position as at 30 June 2013 and of its performance for the year ended on that date; and

• (ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001;

• (b) the financial statements and notes also comply with International Financial Reporting Standards;

• (c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable subject to the matters mentioned in note 1(a); and

• (d) this declaration has been made after receiving the declarations required to be made to the Directors in accordance with section 295A of the Corporations Act 2001 for the financial year ending 30 June 2013.

On behalf of the Board

==> picture [139 x 62] intentionally omitted <==

Mr Jim Malone

Chairman

30 September 2013

63

INDEPENDENT AUDIT REPORT

==> picture [546 x 707] intentionally omitted <==

64

==> picture [539 x 707] intentionally omitted <==

65

==> picture [549 x 707] intentionally omitted <==

66

ADDITIONAL ASX INFORMATION

Number of holders of equity securities

The shareholder information set out below was applicable as at 30 September 2013.

Ordinary shares

As at 30 September 2013, the issued capital comprised of 225,548,811 ordinary fully paid shares (ASX code: AIW) held by 1,059 holders.

Options

At 30 September 2013, the Company had the following options available to be exercised:

• 61,729 unlisted options over ordinary shares with an exercise price of 21.05 cents each, exercisable on or before 6 October 2013.

• 37,037 unlisted options over ordinary shares with an exercise price of 21.05 cents each, exercisable on or before 13 October 2013.

• 55,556 unlisted options over ordinary shares with an exercise price of 21.05 cents each, exercisable on or before 20 October 2013.

• 60,000 unlisted options over ordinary shares with an exercise price of 32.5 cents each, exercisable on or before 16 November 2013.

• 600,000 unlisted options over ordinary shares with an exercise price of 5.95 cents each, exercisable on or before 1 March 2015.

• 64,607,338 unlisted options over ordinary shares with an exercise price of 9 cents each, exercisable on or before 1 March 2015

• 22,000,000 performance rights.

• 300,000 unlisted options over ordinary shares with an exercise price of 5.9 cents each, exercisable on or before 2 July 2015

• 15,000,000 unlisted options over ordinary shares with an exercise price of 3 cents each, exercisable on or before 30 June 2016

Each option converts to one ordinary share. Options do not carry the right to vote.

Distribution of holder’s equity security

FULLY PAID ORDINARY SHARES (ASX:	AIW)
HOLDING	NUMBER OF HOLDERS
1 - 1,000	150
1,001 - 5,000	102
5,001 - 10,000	71
10,001 - 100,000	446
100,001 and over	290
Total number of holders	1,059
Holdingless than a marketableparcel	558

67

Analysis of Holdings of Unlisted Options in the Company

Options expiring 16 Nov 2013 Options expiring 20 Oct 2013	Options expiring 13 Oct 2013 Options expiring 6 Oct 2013 Options expiring 15 Sep 2013 Options expiring 2 July 2015 Options expiring 30 June 2016	Options expiring 1 March 2015
1 - 1,000 - - 1,001 - 5,000 - - 5,001 - 10,000 - - 10,001 - 100,000 - - 101,001 - and over 1 1	- - - - - - - - - - - - - - - - - - - - 1 1 1 1 1	- - - - 1
Total number of holders 1 1	1 1 1 1 1	1

Substantial shareholders

RDINARY HAREHLDER	FULLY PAID ORDINARY SHARES
O SOS	NUMBER
SHAREBOX PTY LTD PENINSULA INVESTMENTS (WA) PTY LTD MR BERNARD OWEN STEPHENS & MRS ERIN JOSEPHINE STEPHENS Top twenty shareholders	8,300,000 7,500,000 7,000,000

ORDINARY SHAREHOLDERS	NUMBER OF SHARES	PERCENTAGE
SHAREBOX PTY LTD	8,300,000	3.68
PENINSULA INVESTMENTS (WA) PTY LTD	7,500,000	3.33
MR BERNARD OWEN STEPHENS & MRS ERIN JOSEPHINE STEPHENS	7,000,000	3.10
GXB PTY LTD	5,878,911	2.61
GREYSTOKE RESOURCES PTY LTD	5,000,000	2.22
JP MORGAN NOMINEES AUSTRALIA	4,651,590	2.06
AUSTRALIAN GLOBAL CAPITAL	4,635,359	2.06
SAYERS INVESTMENTS (ACT) PTY	3,571,429	1.58
HOLDREY PTY LTD	3,190,476	1.41
GEBA PTY LTD	3,000,000	1.33
LEILANI INVESTMENTS PTY LTD	3,000,000	1.33
MR ROSS JAMES NEUMANN & MRS MEREDITH BEVERLEY NEUMANN	3,000,000	1.33
MR PAUL SPACKMAN	3,000,000	1.33
BROCKLEBANK PTY LTD	2,832,112	1.26
AS & JR LIBBIS PTY LIMITED	2,500,000	1.11
MR RICHARD HOLMES	2,500,000	1.11
KEYFORM ENTERPRISES PTY LTD	2,471,762	1.10
NINE ONE FOUR PTY LTD	2,450,000	1.09
MR MICHAEL DAVID DUNCAN	2,259,766	1.00
ESSE BUSINESS GROUP PTY LTD	2,000,000	0.89
TOTAL	78,741,405	34.91%

68

AMC	Claim Name	County	Book	**Page **
405365	SM #45	La Paz	2011	3382
405366	SM #46	La Paz	2011	3381
405367	SM #47	La Paz	2011	3380
405368	SM #48	La Paz	2011	3379
405369	SM #49	La Paz	2011	3378
405370	SM #50	La Paz	2011	3377
405371	SM #51	La Paz	2011	3375
405372	SM #52	La Paz	2011	3376
405373	SM #53	La Paz	2011	3374
405374	SM #54	La Paz	2011	3371
405375	SM #55	La Paz	2011	3373
405376	SM #56	La Paz	2011	3372
405377	SM #57	La Paz	2011	3370
405378	SM #58	La Paz	2011	3369
405379	SM #59	La Paz	2011	3368
405380	SM #60	La Paz	2011	3367
405381	SM #61	La Paz	2011	3366
405382	SM #62	La Paz	2011	3365
405383	SM #63	La Paz	2011	3364
405384	SM #64	La Paz	2011	3363
405385	SM #65	La Paz	2011	3362
405386	SM #66	La Paz	2011	3361
405387	SM #67	La Paz	2011	3360
405388	SM #68	La Paz	2011	3359
405389	SM #69	La Paz	2011	3358
405390	SM #70	La Paz	2011	3357
405391	SM #71	La Paz	2011	3356
405392	SM #72	La Paz	2011	3355
405393	SM #73	La Paz	2011	3354
405394	SM #74	La Paz	2011	3353
405395	SM #75	La Paz	2011	3352
405396	SM #76	La Paz	2011	3351
405397	SM #77	La Paz	2011	3350
405398	SM #78	La Paz	2011	3349
405399	SM #79	La Paz	2011	3348
405400	SM #80	La Paz	2011	3347
405401	SM #81	La Paz	2011	3345
405402	SM #82	La Paz	2011	3346
405403	SM #83	La Paz	2011	3344
405404	SM #84	La Paz	2011	3343
405405	SM #85	La Paz	2011	3342
405406	SM #86	La Paz	2011	3341
405407	SM #87	La Paz	2011	3340

69

405409	SM #89	La Paz	2011	3339
405410	SM #90	La Paz	2011	3338
405411	SM #98	La Paz	2011	3337
405412	SM #99	La Paz	2011	3336
405413	SM #100	La Paz	2011	3335
405414	SM #101	La Paz	2011	3334
405415	SM #102	La Paz	2011	3333
405416	SM #103	La Paz	2011	3332
405417	SM #104	La Paz	2011	3331
405418	SM #105	La Paz	2011	3330
405419	SM #106	La Paz	2011	3329
405420	SM #107	La Paz	2011	3328
405421	SM #108	La Paz	2011	3327
405422	SM #109	La Paz	2011	3326
405423	SM #110	La Paz	2011	3325
405424	SM #111	La Paz	2011	3324
405425	SM #112	La Paz	2011	3323
405426	SM #113	La Paz	2011	3322
405427	SM #114	La Paz	2011	3321
405428	SM #115	La Paz	2011	3320
405429	SM #116	La Paz	2011	3383
405430	SM #117	La Paz	2011	3384
405431	SM #118	La Paz	2011	3385
405432	SM #119	La Paz	2011	3386
405433	SM #120	La Paz	2011	3387
405434	SM #121	La Paz	2011	3388
405435	SM #122	La Paz	2011	3389
405436	SM #123	La Paz	2011	3390
405437	SM #124	La Paz	2011	3391
405438	SM #125	La Paz	2011	3392
405439	SM #126	La Paz	2011	3393
405440	SM #127	La Paz	2011	3394
405441	SM #128	La Paz	2011	3395
405442	SM #129	La Paz	2011	3396
405443	SM #130	La Paz	2011	3397
405444	SM #131	La Paz	2011	3398
405445	SM #132	La Paz	2011	3399
405446	SM #134	La Paz	2011	3400
405447	SM #136	La Paz	2011	3401
405448	SM #138	La Paz	2011	3402
405449	SM #140	La Paz	2011	3403
405450	SM #141	La Paz	2011	3404
405451	SM #142	La Paz	2011	3405
405452	SM #143	La Paz	2011	3406
405453	SM #144	La Paz	2011	3407

70

405454	SM #145	La Paz	2011	3408
405455	SM #146	La Paz	2011	3409
405456	SM #147	La Paz	2011	3410
405457	SM #148	La Paz	2011	3411
405458	SM #149	La Paz	2011	3412
405459	SM #150	La Paz	2011	3413
405460	SM #151	La Paz	2011	3414
405461	SM #152	La Paz	2011	3415
405462	SM #153	La Paz	2011	3416
405463	SM #154	La Paz	2011	3417
405464	SM #155	La Paz	2011	3418
405465	SM #156	La Paz	2011	3419
405466	SM #157	La Paz	2011	3420
405467	SM #158	La Paz	2011	3421
405468	SM #159	La Paz	2011	3422
405469	SM #160	La Paz	2011	3423
405470	SM #161	La Paz	2011	3424
405471	SM #162	La Paz	2011	3444
405472	SM #163	La Paz	2011	3343
405473	SM #164	La Paz	2011	3342
405474	SM #165	La Paz	2011	3341
405475	SM #166	La Paz	2011	3340
405476	SM #167	La Paz	2011	3339
405477	SM #168	La Paz	2011	3338
405478	SM #169	La Paz	2011	3337
405479	SM #170	La Paz	2011	3336
405480	SM #171	La Paz	2011	3335
405481	SM #172	La Paz	2011	3334
405482	SM #173	La Paz	2011	3333
405483	SM #174	La Paz	2011	3332
405484	SM #175	La Paz	2011	3331
405485	SM #176	La Paz	2011	3330
405486	SM #177	La Paz	2011	3329
405487	SM #183	La Paz	2011	3328
405488	SM #184	La Paz	2011	3426
405489	SM #185	La Paz	2011	3427
405490	SM #186	La Paz	2011	3425
407696	SM #88	La Paz	2011	2189
411596	LP 1	La Paz	2011	4619
411597	LP2	La Paz	2011	4620
411598	LP3	La Paz	2011	4621
411599	LP 4	La Paz	2011	4622
411600	LP 5	La Paz	2011	4623
411601	LP 6	La Paz	2011	4624
411602	LP 7	La Paz	2011	4625

71

411603	LP 8	La Paz	2011	4626
411604	LP 9	La Paz	2011	4627
411605	LP 10	La Paz	2011	4628
411606	LP 11	La Paz	2011	4629
411607	LP 12	La Paz	2011	4630
411608	LP 13	La Paz	2011	4631
411609	LP 14	La Paz	2011	4632
411610	LP 15	La Paz	2011	4633
411611	LP 16	La Paz	2011	4634
411612	LP 17	La Paz	2011	4635
411613	LP 18	La Paz	2011	4636
411614	LP 19	La Paz	2011	4637
411615	LP 20	La Paz	2011	4638
411616	LP 21	La Paz	2011	4639
411617	LP 22	La Paz	2011	4640
411618	LP 23	La Paz	2011	4641
411619	LP 24	La Paz	2011	4642
411620	LP 25	La Paz	2011	4643
411621	LP 26	La Paz	2011	4644
411622	LP 27	La Paz	2011	4645
411623	LP 28	La Paz	2011	4646
411624	LP 29	La Paz	2011	4647
411625	LP 30	La Paz	2011	4648
411626	LP 31	La Paz	2011	4649
411627	LP 32	La Paz	2011	4650
411628	LP 33	La Paz	2011	4651
411629	LP 34	La Paz	2011	4652
411630	LP 35	La Paz	2011	4653
411631	LP 36	La Paz	2011	4654
418339	GAP 1	Yavapai	2012	60747
418340	GAP 2	Yavapai	2012	60748
418341	GAP 3	Yavapai	2012	60749
418342	GAP 4	Yavapai	2012	60750
418343	GAP 5	Yavapai	2012	60751
418344	GAP 6	Yavapai	2012	60752
418345	GAP 7	Yavapai	2012	60753
418346	GAP 8	Yavapai	2012	60754
418347	GAP 9	Yavapai	2012	60755
418348	GAP 10	Yavapai	2012	60756
418349	GAP 11	Yavapai	2012	60757
418350	GAP 12	Yavapai	2012	60758
418351	GAP 13	Yavapai	2012	60759
418352	GAP 14	Yavapai	2012	60760
418353	GAP 15	Yavapai	2012	60761
418354	GAP 16	Yavapai	2012	60762

72

418355	GAP 17	Yavapai	2012	60763
418356	GAP 18	Yavapai	2012	60764
418357	GAP 19	Yavapai	2012	60765
418358	GAP 20	Yavapai	2012	60766
418359	GAP 21	Yavapai	2012	60767
418360	GAP 22	Yavapai	2012	60768
418361	GAP 23	Yavapai	2012	60769
418362	GAP 24	Yavapai	2012	60770
418363	GAP 25	Yavapai	2012	60771
418364	GAP 26	Yavapai	2012	60772
418365	GAP 27	Yavapai	2012	60773
418366	GAP 28	Yavapai	2012	60774
418367	GAP 29	Yavapai	2012	60775
418368	GAP 30	Yavapai	2012	60776
418369	GAP 31	Yavapai	2012	60777
418370	GAP 32	Yavapai	2012	60778
418371	GAP 33	Yavapai	2012	60779
418372	GAP 34	Yavapai	2012	60780
418373	GAP 35	Yavapai	2012	60781
418374	GAP 36	Yavapai	2012	60782
418375	GAP 37	Yavapai	2012	60783
418376	GAP 38	Yavapai	2012	60784
418377	GAP 39	Yavapai	2012	60785
418378	GAP 40	Yavapai	2012	60786
418379	GAP 41	Yavapai	2012	60787
418380	GAP 42	Yavapai	2012	60788
418381	GAP 43	Yavapai	2012	60789
418382	GAP 44	Yavapai	2012	60790
418383	GAP 45	Yavapai	2012	60791
418384	GAP 46	Yavapai	2012	60792
418385	GAP 47	Yavapai	2012	60793
418386	GAP 48	Yavapai	2012	60794
418387	GAP 49	Yavapai	2012	60795
418388	GAP 50	Yavapai	2012	60796
418389	GAP 51	Yavapai	2012	60797
418390	GAP 52	Yavapai	2012	60798
418391	GAP 53	Yavapai	2012	60799
418392	GAP 54	Yavapai	2012	60800
418393	GAP 55	Yavapai	2012	60801
418394	GAP 56	Yavapai	2012	60802
418395	GAP 57	Yavapai	2012	60803
418396	GAP 58	Yavapai	2012	60804
418397	GAP 59	Yavapai	2012	60805
418398	GAP 60	Yavapai	2012	60806
418399	GAP 61	Yavapai	2012	60807

73

418400	GAP 62	Yavapai	2012	60808
418401	GAP 63	Yavapai	2012	60809
418402	GAP 64	Yavapai	2012	60810
418403	GAP 65	Yavapai	2012	60811
418404	GAP 66	Yavapai	2012	60812
418405	GAP 67	Yavapai	2012	60813
418406	GAP 68	Yavapai	2012	60814
418407	GAP 69	Yavapai	2012	60815
418408	GAP 70	Yavapai	2012	60816
418409	GAP 71	Yavapai	2012	60817
418410	GAP 72	Yavapai	2012	60818
418411	GAP 73	Yavapai	2012	60819
418412	GAP 74	Yavapai	2012	60820
418413	GAP 75	Yavapai	2012	60821
418414	GAP 76	Yavapai	2012	60822
418415	GAP 77	Yavapai	2012	60823
418416	GAP 78	Yavapai	2012	60824
418417	GAP 79	Yavapai	2012	60825
418418	GAP 80	Yavapai	2012	60826
418419	GAP 81	Yavapai	2012	60827
418420	GAP 82	Yavapai	2012	60828
418421	GAP 83	Yavapai	2012	60829
418422	GAP 84	Yavapai	2012	60830
418423	GAP 85	Yavapai	2012	60831
418424	GAP 86	Yavapai	2012	60832
418425	GAP 87	Yavapai	2012	60833
418426	GAP 88	Yavapai	2012	60834
418427	GAP 89	Yavapai	2012	60835
418428	GAP 90	Yavapai	2012	60836
418429	GAP 91	Yavapai	2012	60837
418430	GAP 92	Yavapai	2012	60838
418431	GAP 93	Yavapai	2012	60839
418432	GAP 94	Yavapai	2012	60840
418433	GAP 95	Yavapai	2012	60841
418434	GAP 96	Yavapai	2012	60842
418435	GAP 97	Yavapai	2012	60843
418436	GAP 98	Yavapai	2012	60844
418437	GAP 99	Yavapai	2012	60845
418438	GAP 100	Yavapai	2012	60846
418439	GAP 101	Yavapai	2012	60847
418440	GAP 102	Yavapai	2012	60848
418441	GAP 103	Yavapai	2012	60849
418442	GAP 104	Yavapai	2012	60850
418443	GAP 105	Yavapai	2012	60851
418444	GAP 106	Yavapai	2012	60852

74

418445	GAP 107	Yavapai	2012	60853
418446	GAP 108	Yavapai	2012	60854
418447	GAP 109	Yavapai	2012	60855
418448	GAP 110	Yavapai	2012	60856
418449	GAP 111	Yavapai	2012	60857
418450	GAP 112	Yavapai	2012	60858
418451	GAP 113	Yavapai	2012	60859
418452	GAP 114	Yavapai	2012	60860
418453	GAP 115	Yavapai	2012	60861
418454	GAP 116	Yavapai	2012	60862
418455	GAP 117	Yavapai	2012	60863
418456	GAP 118	Yavapai	2012	60864
418457	GAP 119	Yavapai	2012	60865
418458	GAP 120	Yavapai	2012	60866
418459	GAP 121	Yavapai	2012	60867
418460	GAP 122	Yavapai	2012	60868
418461	GAP 123	Yavapai	2012	60869
418462	GAP 124	Yavapai	2012	60870
418463	GAP 125	Yavapai	2012	60871
418464	GAP 126	Yavapai	2012	60872
418465	GAP 127	Yavapai	2012	60873
418466	GAP 128	Yavapai	2012	60874
418467	GAP 129	Yavapai	2012	60875
418468	GAP 130	Yavapai	2012	60876
418469	GAP 131	Yavapai	2012	60877
418470	GAP 132	Yavapai	2012	60878
418471	GAP 133	Yavapai	2012	60879
418472	GAP 134	Yavapai	2012	60880
418473	GAP 135	Yavapai	2012	60881
418474	GAP 136	Yavapai	2012	60882
418475	GAP 137	Yavapai	2012	60883
418476	GAP 138	Yavapai	2012	60884
418477	GAP 139	Yavapai	2012	60885
418478	GAP 140	Yavapai	2012	60886
418479	GAP 141	Yavapai	2012	60887
418480	GAP 142	Yavapai	2012	60888
418481	GAP 143	Yavapai	2012	60889
418482	GAP 144	Yavapai	2012	60890
418483	GAP 145	Yavapai	2012	60891
418484	GAP 146	Yavapai	2012	60892
418485	GAP 147	Yavapai	2012	60893
418486	GAP 148	Yavapai	2012	60894
418487	GAP 149	Yavapai	2012	60895
418488	GAP 150	Yavapai	2012	60896
418489	GAP 151	Yavapai	2012	60897

75

418490	GAP 152	Yavapai	2012	60898
418491	GAP 153	Yavapai	2012	60899
418492	GAP 154	Yavapai	2012	60900
418493	GAP 155	Yavapai	2012	60901
418494	GAP 156	Yavapai	2012	60902
70404	EarlyDay	Lander	K	135
70454	Emma	Lander	K	136
735572	Lowboy	Lander	426	605
735573	LowboyEast	Lander	426	606
735574	LowboyEast 1	Lander	426	607
735575	LowboyEast 2	Lander	426	602
735576	LowboyEast3	Lander	426	603
735577	LowboyWest	Lander	426	621
735578	LowboyWest 1	Lander	426	622
735579	LowboyWest 2	Lander	426	623
735580	LowboyWest 3	Lander	426	624
735581	LowboyWest 4	Lander	426	625
735582	LowboyWest 5	Lander	426	597
735583	LowboyWest 6	Lander	426	598
735584	LowboyWest 7	Lander	426	599
735585	LowboyWest 8	Lander	426	600
735586	LowboyWest 9	Lander	426	594
735587	LowboyWest 10	Lander	426	595
735588	Diamond Lode	Lander	426	609
735589	Climax	Lander	426	610
735590	Sundown	Lander	426	611
735591	Ajax	Lander	426	612
735592	Western Soldier 1	Lander	426	614
735593	Paiute 1	Lander	426	617
735594	Paiute 4	Lander	426	618
735595	Paiute 5	Lander	426	618
735596	Paiute 7	Lander	426	615
832908	LBSE 1	Lander	506	325
832909	LBSE 2	Lander	506	326
832910	LBSE 3	Lander	506	322
832911	LBSE 4	Lander	506	329
832912	LBSE 5	Lander	506	331
832913	LBSE 6	Lander	506	332
925272	Diamond 2	Lander	555	386
925273	Diamond 5	Lander	555	387
925274	LowboyE 4	Lander	555	389
925275	LowboyE 5	Lander	555	390
925276	LowboyE 6	Lander	555	391
925277	LowboyW 11	Lander	555	393
925278	LowboyW 12	Lander	555	394

76

925279	LowboyW 13	Lander	555	395
925280	Paiute 2	Lander	555	397
925281	Paiute 3	Lander	555	398
925282	Paiute 6	Lander	555	400
925283	Paiute 8	Lander	555	401
925284	LowboyW 14	Lander	555	403
925285	LowboyNW 1	Lander	555	404
925286	LowboyNW 2	Lander	555	405
925287	Diamond 3	Lander	555	407
925288	Diamond 4	Lander	555	408
925289	Diamond 6	Lander	555	409
925290	Diamond 7	Lander	555	410
925291	Diamond 8	Lander	555	411
925292	Diamond 9	Lander	555	412
925293	LowboyN 2	Lander	555	414
925294	LowboyNorth	Lander	555	415
925295	LowboyN 1	Lander	555	416
925296	Diamond 10	Lander	555	418
925297	Sundown 1	Lander	555	419
925298	Sundown 2	Lander	555	420
31841	Syncline No 1	Cibola	29	418
31842	Syncline No 2	Sandoval	29	419
31843	Syncline No 3	Cibola	29	420
31844	Syncline No 4	Sandoval	29	421
31845	Syncline No 5	Sandoval	29	422
31846	Syncline No 6	Cibola	29	423
31847	Syncline No 7	Sandoval	29	424
31848	Syncline No 8	Sandoval	29	425
32052	BettyNo 78	Sandoval	MR21	631
32053	BettyNo 79	Sandoval	MR21	632
32055	BettyNo 81	Sandoval	MR21	634
32056	BettyNo 82	Sandoval	MR21	635
32057	BettyNo 83	Sandoval	MR21	636
32058	BettyNo 84	Sandoval	MR21	637
32059	BettyNo 85	Sandoval	MR21	638
32060	BettyNo 86	Sandoval	MR21	639
32061	BettyNo 87	Sandoval	MR21	640
32062	BettyNo 88	Sandoval	MR21	641
32063	BettyNo 89	Sandoval	MR21	642
32066	BettyNo 92	Sandoval	MR21	645
32067	BettyNo 93	Sandoval	MR21	646
32069	BettyNo 95	Sandoval	MR21	648
32070	BettyNo 96	Sandoval	MR21	649
164329	BettyNo 98	Sandoval	10	97658
164330	BettyNo 99	Sandoval	10	97659

77

165727	Navajo No 1	McKinley	10	2663
165728	Navajo No 2	McKinley	10	2664
165729	Navajo No 3	McKinley	10	2665
165730	Navajo No 4	McKinley	10	2666
165731	Navajo No 5	McKinley	10	2667
165732	Navajo No 6	McKinley	10	2668
165733	Navajo No 7	McKinley	10	2669
165734	Navajo No 8	McKinley	10	2670
165735	Navajo No 9	McKinley	10	2671
165736	Navajo No 10	McKinley	10	2672
165737	Navajo No 11	McKinley	10	2673
167349	BettyNo 91	Sandoval	400	24222
167468	BettyNo 97	Sandoval	400	78837
171019	BettyNo 2	Sandoval	407	37745
171020	BettyNo 4	Sandoval	407	37746
171021	BettyNo 21	Sandoval	407	37747
171022	BettyNo 22	Sandoval	407	37748
171023	BettyNo 23	Sandoval	407	37749
171024	BettyNo 24	Sandoval	407	37750
171025	BettyNo 42	Sandoval	407	37751
171026	BettyNo 44	Sandoval	407	37752
171027	BettyNo 59	Sandoval	407	37753
171028	BettyNo 61	Sandoval	407	37754
171029	BettyNo 60	Sandoval	407	37755
171030	BettyNo 62	Sandoval	407	37756
171031	BettyNo 64	Sandoval	407	37757
171032	BettyNo 66	Sandoval	407	37758
171033	BettyNo 68	Sandoval	407	37759
171034	BettyNo 70	Sandoval	407	37760
171035	BettyNo 72	Sandoval	407	37761
171036	BettyNo 74	Sandoval	407	37762
171038	BettyNo 100	Sandoval	407	37764
172120	Northside No 79	Sandoval	408	35181
172121	Northside No 81	Sandoval	408	35182
172122	Northside No 83	Sandoval	408	35183
172123	Northside No 85	Sandoval	408	35184
173610	Northside No 18	Sandoval	408/409	9853
173611	Northside No 39	Sandoval	409	9854
173612	Northside No 40	Sandoval	409	9855
173613	Northside No 42	Sandoval	409	9856
173614	Northside No 44	Sandoval	409	9857
173615	Northside No 46	Sandoval	409	9858
173616	Northside No 47	Sandoval	409	9859
173617	Northside No 48	Sandoval	409	9860
173618	Northside No 49	Sandoval	409	9861

78

173619	Northside No 50	Sandoval	409	9862
173620	Northside No 51	Sandoval	409	9863
173621	Northside No 52	Sandoval	409	9864
173622	Northside No 53	Sandoval	409	9865
173623	Northside No 54	Sandoval	409	9866
173624	Northside No 55	Sandoval	409	9867
173625	Northside No 56	Sandoval	409	9868
173626	Northside No 76	Sandoval	409	9869
174792	Sam No 4	Sandoval	409	56451
174793	Sam No 5	Sandoval	409	56452
174794	Sam No 6	Sandoval	409	56453
174795	Sam No 7	Sandoval	409	56454
174796	Sam No 8	Sandoval	409	56455
174797	Sam No 9	Sandoval	409	56456
174798	Sam No 10	Sandoval	409	56457
174799	Sam No 11	Sandoval	409	56458
174800	Sam No 12	Sandoval	409	56459
174801	Sam No 13	Sandoval	409	56460
174802	Sam No 14	Sandoval	409	56461
174803	Sam No 15	Sandoval	409	56462
174804	Sam No 16	Sandoval	409	56463
174805	Sam No 17	Sandoval	409	56464
174806	Sam No 18	Sandoval	409	56465
174807	Sam No 20	Sandoval	409	56466
174808	Sam No 21	Sandoval	409	56467
174809	Sam No 22	Sandoval	409	56468
174810	Sam No 23	Sandoval	409	56469
174811	Sam No 24	Sandoval	409	56470
174812	Sam No 25	Sandoval	409	56471
174834	LilyNo 7	Sandoval	409	56493
174835	LilyNo 8	Sandoval	409	56494
174836	LilyNo 9	Sandoval	409	56495
174837	LilyNo 10	Sandoval	409	56496
174838	LilyNo 11	Sandoval	409	56497
174839	LilyNo 12	Sandoval	409	56498
174840	LilyNo 13	Sandoval	409	56499
174841	LilyNo14	Sandoval	409	56500
174842	LilyNo 15	Sandoval	409	56501
174843	LilyNo 16	Sandoval	409	56502
174844	LilyNo 17	Sandoval	409	56503
174845	LilyNo 18	Sandoval	409	56504
174846	LilyNo 19	Sandoval	409	56505
174847	LilyNo 20	Sandoval	409	56506
174848	LilyNo 21	Sandoval	409	56507
174849	LilyNo 22	Sandoval	409	56508

79

174850	LilyNo 23	Sandoval	409	56509
174851	LilyNo 24	Sandoval	409	56510
174852	LilyNo 25	Sandoval	409	56511
174853	LilyNo 26	Sandoval	409	56512
174854	LilyNo 27	Sandoval	409	56513
174855	LilyNo 28	Sandoval	409	56514
174876	LilyNo 49	Sandoval	409	56535
174877	LilyNo 50	Sandoval	409	56536
174878	LilyNo 51	Sandoval	409	56537
174879	LilyNo 52	Sandoval	409	56538
174880	LilyNo 53	Sandoval	409	56539
174881	LilyNo 54	Sandoval	409	56540
174882	LilyNo 55	Sandoval	409	56541
174883	LilyNo 56	Sandoval	409	56542
174884	LilyNo 57	Sandoval	409	56543
174885	LilyNo 58	Sandoval	409	56544
174886	LilyNo 59	Sandoval	409	56545
174887	LilyNo 60	Sandoval	409	56546
174888	LilyNo 61	Sandoval	409	56547
174889	LilyNo 62	Sandoval	409	56548
174890	LilyNo 63	Sandoval	409	56549
174891	LilyNo 64	Sandoval	409	56550
175442	BettyNo 105	Sandoval	410	4465
175443	BettyNo 104	Sandoval	410	4466
175444	BettyB	Cibola	410	4467
175445	BettyA	Cibola	410	4468
175446	BettyNo 106	Sandoval	410	4469
175447	BettyNo 76	Sandoval	410	4470
176359	Northside No 20	Sandoval	410	17782
176378	Northside No 66	Sandoval	410	17801
176379	Northside No 67	Sandoval	410	17802
176380	Northside No 68	Sandoval	410	17803
176381	Northside No 69	Sandoval	410	17804
176382	Northside No 70	Sandoval	410	17805
176383	Northside No 71	Sandoval	410	17806
176384	Northside No 72	Sandoval	410	17807
176385	Northside No 73	Sandoval	410	17808
176386	Northside No 74	Sandoval	410	17809
176387	Northside No 75	Sandoval	410	17810
176388	Northside No 76	Sandoval	410	17811
176389	Northside No 77	Sandoval	410	17812
176390	Northside No 87	Sandoval	410	17813
176391	Northside No 89	Sandoval	410	17814
176392	Northside No 91	Sandoval	410	17815
176394	Northside No 94	Sandoval	410	17817

80

176396	Northside No 96	Sandoval	410	17819
176398	Northside No 98	Sandoval	410	17821
176400	Northside No 100	Sandoval	410	17823
176402	Northside No 102	Sandoval	410	17825
176404	Northside No 104	Sandoval	410	17827
176406	Northside No 106	Sandoval	410	17829
176408	Northside No 108	Sandoval	410	17831
176410	Northside No 110	Sandoval	410	17833
176412	Northside No 112	Sandoval	410	17835

81

CORPORATE DIRECTORY

Directors

Richard Holmes (Managing Director) Jim Malone (Executive Director) Ben Mead (Executive Director) Don Falconer (Non-Executive Director) Peter Landau (Non-Executive Director)

Company Secretary

Jim Malone

Registered Office

572 Hay Street Perth, WA, 6000 T +61 8 9481 0799 F +61 8 9481 1927 www.ausamerican.com

USA Office

Uranium King Corporation Suite 106 2030N Forbes Boulevard Tucson 85745 Arizona USA T +1 520 88 44851 F +1 520 88 44781

Share Registry

Computershare Investor Services Level 2, 45 St George’s Terrace Perth, WA, 6000 T +61 8 9323 2000 F +61 8 9323 2033

Banker

Bank of Western Australia Limited 108 St Georges Tce Perth, WA, 6000

Auditor

Grant Thornton Audit Pty Ltd 10 Kings Park Road West Perth, WA, 6005

Stock Exchange Listings

Australian Securities Exchange ASX Code: AIW

82