RAND MINING LIMITED - Annual Report 2015

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Rand Mining Limited ABN 41 004 669 658

Annual Report - 30 June 2015

Rand Mining Limited Contents 30 June 2015 Contents

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Corporate directory	2
Directors' report	3
Auditor's independence declaration	24
Statement of profit or loss and other comprehensive income	25
Statement of financial position	26
Statement of changes in equity	27
Statement of cash flows	28
Notes to the financial statements	29
Directors' declaration	60
Independent auditor's report to the members of Rand Mining Limited	61
Shareholder information	64

Rand Mining Limited Corporate directory 30 June 2015

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Directors	Otakar Demis - Chairman
	Anthony Billis
	Gordon Sklenka
Company secretaries	Otakar Demis
	Roland Berzins
Notice of annual general meeting	The annual general meeting of Rand Mining Limited will be held at:
	IBIS Styles Hotel
	45 Egan Street
	Kalgoorlie WA 6430
	on Friday 27 November 2015 at 9.00am.
Registered office	Suite G1, 49 Melville Parade
	South Perth WA 6151
	Tel: +61 (8) 9474 2113
	Fax: +61 (8) 9367 9386
Principal place of business	Suite G1, 49 Melville Parade
	South Perth WA 6151
	Correspondence address:
	PO Box 307
	West Perth WA 6872
Share register	Advanced Share Registry Services Limited
	110 Stirling Highway
	Nedlands WA 6009
	Tel: +61 (8) 9389 8033
	Fax: +61 (8) 9262 3723
Auditor	Grant Thornton Audit Pty Ltd
	Level 1
	10 Kings Park Road
	WEST PERTH WA 6005
Bankers	ANZ Bank
	77 St George's Terrace
	Perth WA 6000
Stock exchange listing	Rand Mining Limited shares are listed on the Australian Securities Exchange (ASX
	code: RND)
Website	www.randmining.com.au
Corporate Governance Statement	The Company’s directors and management are committed to conducting the Group’s
	business in an ethical manner and in accordance with the highest standards of
	corporate governance. The Company has adopted and substantially complies with the
	ASX Corporate Governance Principles and Recommendations (3rd Edition)
	(‘Recommendations’) to the extent appropriate to the size and nature of the Group’s
	operations.
	The Company has prepared a Corporate Governance Statement which sets out the
	corporate governance practices that were in operation throughout the financial year for
	the Company, identifies any Recommendations that have not been followed, and
	provides reasons for not following such Recommendations.
	The Company’s Corporate Governance Statement and policies, which will be approved
	at the same time as the Annual Report, can be found on our website:
	www.randmining.com.au/Corporate-Governance

Rand Mining Limited Directors' report 30 June 2015

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The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Rand Mining Limited (referred to hereafter as the 'Company', 'parent entity' or 'Rand') and the entities it controlled at the end of, or during, the year ended 30 June 2015.

Directors

The following persons were directors of Rand Mining Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:

Otakar Demis - Chairman Anthony Billis Gordon Sklenka

Principal activities

The principal activities of the Group during the year were exploration, development and production activities at the Group’s East Kundana Joint Venture tenements.

Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Review of operations

The profit for the Group after providing for income tax amounted to $6,139,800 (30 June 2014: $2,940,224).

East Kundana Joint Venture

The East Kundana Joint Venture ('EKJV') is located 25km west north west of Kalgoorlie and 47km north east of Coolgardie.

The EKJV is between Rand Mining Ltd. (12.25%), Tribune Resources Ltd. (36.75%) and Gilt-Edged Mining NL (51%). On 1 March 2014, Gilt-Edged Mining NL became a wholly owned subsidiary of Northern Star Resources Ltd.

Rand Mining Limited Directors' report 30 June 2015

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KUNDANA PROJECT
Location Map
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Note: The Joint Venture deposits are located within the blue shaded area. Other deposits indicated on this map do not belong to either Rand Mining or the Joint Venture.

Rand Mining Limited Directors' report 30 June 2015

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EAST KUNDANA JOINT VENTURE Deposit Locations

Note: The Joint Venture deposits are located within the blue shaded area. Other deposits indicated on this map do not belong to either Rand Mining or the Joint Venture.

Mining

Raleigh

During the year ending 30 June 2015, 58,362 tonnes of ore were extracted from stopes on 5812, 5795, 5778, 5722, 5688, 5654 and 5631 levels and on the development headings on the 5932, 5915, 5898, 5881, 5864, 5847, 5812 and 5795 levels of the Skinners structure at the Raleigh Underground mine. The grade was 11.5 g/t.

Rand’s entitlement to the ore extracted was 7,295 tonnes, compared to 10,994 tonnes the previous year.

Mine claimed production	Raleigh Production	Raleigh Production
	Mined	Grade	Gold
Year	(t)	(g/t)	(oz)
2006/2007	239,700	16.6	127,700
2007/2008	234,400	11.9	89,800
2008/2009	308,512	12.6	124,962
2009/2010	339,660	13.4	146,670
2010/2011	323,182	13.4	139,060
2011/2012	244,799	14.8	116,921
2012/2013	179,553	14.2	81,930
2013/2014	87,948	15.7	44,313
2014/2015	58,362	11.5	21,706
Rand’s entitlement of 2014/2015	7,295	11.5	2,713

Rand Mining Limited Directors' report 30 June 2015

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The sequence of stoping and mine development in the current LOM plan is shown below, where grey represents all stoping and development completed at 30 June 2015 and green expected to be completed by mid 2016.The extension of mining beyond mid 2016 depends on the results of the current exploration programme.

The stoping front is advanced at a diagonal to minimise the impact of the high regional stress field at depth.

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Rubicon/Hornet/Pegasus

During the year ending 30 June 2015, 605,988 tonnes of ore were extracted from the 6075 to 6015 stopes and development headings on the 6055, 6035 to 5995 levels of the Rubicon ore body; from the 6225, 6185 to 5905 stopes and development headings spanning 5945 to 5865 levels of the Hornet ore body and from the 6127 stope and development headings spanning 6170 to 6090 levels of the Pegasus ore body. The grade was 9.5 g/t.

Rand’s entitlement to the ore extracted was 74,233 tonnes, compared to 38,549 tonnes the previous year.

Mine claimed production	Rubicon/Hornet Production	Rubicon/Hornet Production	Rubicon/Hornet Production
	Mined	Grade	Gold
Year	(t)	(g/t)	(oz)
2011/2012	78,229	9.6	24,103
2012/2013	266,113	10.3	88,666
2013/2014	314,685	11.3	114,454
2014/2015	605,988	9.5	184,302
Rand’s entitlement of 2014/2015	74,233	9.5	22,577

Rand Mining Limited Directors' report 30 June 2015

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The sequence of stoping and mine development in the current LOM plan is shown below, where grey represents all stoping and development completed at 30 June 2015, green expected to be completed by mid 2016, pink expected to be completed by mid 2017 and blue after mid 2017.

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Processing Since January 2013, all EKJV ore has been processed in mainly monthly campaigns at the Kanowna Plant located near Kalgoorlie.

EKJV

Campaign 18 19 20 21 22 23 24 25 26 27 28	Processing Date from 01 Aug 2014 04 Sep 2014 08 Oct 2014 06 Nov 2014 03 Dec 2014 01 Jan 2015 03 Feb 2015 05 Mar 2015 02 Apr 2015 01 May 2015 03 Jun 2015	at Kanowna Date to 21 Aug 2014 19 Sep 2014 22 Oct 2014 25 Nov 2014 19 Dec 2014 09 Jan 2015 23 Feb 2015 22 Mar 2015 14 Apr 2015 19 May 2015 18 Jun 2015	Processed (t) 66,104 48,429 44,941 57,586 62,861 27,409 67,749 50,822 52,980 76,572 65,263
	01 Jul 2014 01 Jul 2013 01 Jul 2012 01 Jul 2011	30 Jun 2015 30 Jun 2014 30 Jun 2013 30 Jun 2012	620,719 423,334 * 214,255 -

During the year ending 30 June 2013, 144,230 tonnes of Rand and Tribune Group’s share of EKJV ore was processed at the Greenfields Plant located near Coolgardie.

During the year ending 30 June 2015, 97,420.242 ounces of gold and 21,027.503 ounces of silver were credited to the Rand and Tribune Group Bullion Account.

Rand’s share of the gold bullion was 24,355.057 ounces compared to 19,976.846 ounces the previous year.

Rand Mining Limited Directors' report 30 June 2015

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	Rand and Tribune	Rand and Tribune	Group Bullion		Rand’s share
	Date	Date	Gold	Silver	Gold
	from	to	(oz)	(oz)	(oz)
01	Jul 2014	30 Jun 2015	97,420	21,027	24,355
01	Jul 2013	30 Jun 2014	79,907	18,854	19,976
01	Jul 2012	30 Jun 2013	95,554	17,248	23,888
01	Jul 2011	30 Jun 2012	61,864	15,841	15,466
01	Jul 2010	30 Jun 2011	64,716	8,639	16,179
01	Jul 2009	30 Jun 2010	77,624	12,019	19,406
01	Jul 2008	30 Jun 2009	32,478	4,649	8,119
01	Jul 2007	30 Jun 2008	59,638	8,048	14,909
01	Jul 2006	30 Jun 2007	49,335	6,640	12,333
01	Jul 2005	30 Jun 2006	25,599	3,951	6,399

Exploration

During the year ending 30 June 2015, a number of drilling programmes were conducted along the K2 Line of Lode on the EKJV mining leases.

Long Section of the K2 Line of Lode

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Again, most of the effort was focused on the Pegasus, Rubicon and Hornet deposits. This resulted in revised JORC compliant reserve and resource estimates.

Plan of the Pegasus, Rubicon and Hornet Deposits showing drill holes

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Rand Mining Limited Directors' report 30 June 2015

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Sections of the Pegasus, Rubicon and Hornet Deposits showing drill holes

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Details have been reported in the EKJV Quarterly Exploration Reports released to ASX on 23 April 2015 and 19 August 2015 and Northern Star Resources ASX Announcements on 4 August 2014, 16 February 2015 and 4 August 2015.

Two major drilling programmes have been proposed recently for the Pegasus, Rubicon and Hornet deposits. The first will search, at depth, for extensions to mineralisation along strike and the second will increase confidence in the grades of regions to be mine in the next 18 months.

Rand Mining Limited Directors' report 30 June 2015

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A number of smaller drilling programmes have been proposed for identified targets along the K2 structure and at Raleigh.

Seven Mile Hill (50%)

The Company completed infill auger soil sampling during the year. A total of 888 samples were collected on lines spaced 200m and samples at 50m intervals. These samples were designed to infill previous sampling that had located several anomalous zones and areas that had not previously been sampled. This sampling has defined targets for future drilling. A first pass bedrock air-core drilling programme has been planned covering areas where salt lake clays make conventional auger soil sampling ineffective. This has been delayed due to recent rainfall and will be completed during the coming year.

Tapeta Iron Ore Project, Liberia, West Africa

Rand has been granted an Option to acquire all of the issued share capital in Iron Resources Limited ('IRL'), a wholly owned subsidiary of Resource Capital Ltd ('RCL'), from RCL. IRL is the registered holder of a mineral exploration license over a 599.82km² area located in Northern-Central Liberia, West Africa, (Tapeta Iron Ore Project).

Work completed on the Tapeta Iron Ore Project to date suggests that the total area of iron formation outcrop within the project could exceed 9km2. Based on the possible outcrop sizes and the disposition of the iron formations, the Tapeta Iron Ore Project has the potential to host a deposit of “moderate” size on a world scale. Supplementary to the original granting of the option to acquire, IRL has agreed to grant Rand a licence to access the Tapeta Iron Ore Project Area during the period of the Option to conduct a drilling programme and all activities associated with the programme including construction of roads and structures.

Rand Mining Limited Directors' report 30 June 2015

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Location of Tapeta Iron Ore Project
(shown over SRTM terrain model of Liberia)
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Rand plans to complete up to 12,000 metres of RC drilling. The drilling has been directed at two prominent iron formations, the Bwee Ridge and the Giant Main Outcrop. Both areas encompass outcrops of haematitic itabirite grading + 60% Fe, with good potential for the discovery of deposits of high grade direct shipping ore, located within 70 km of working rail and port infrastructure.

Operations were suspended for most of the year due to the Ebola virus.

Maintenance staff are onsite.

Drilling will recommence at the end of the wet season.

Rand Mining Limited Directors' report 30 June 2015

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Corporate

On 12 December 2014, the Company announced it would undertake an on-market buy back of ordinary shares in the Company. It stated that it intended to buy back up to a maximum of 6,084,120 fully paid ordinary shares. In addition, the Company stated that the timing and the actual number of shares that the Company intended to buy-back would depend upon market conditions.

The market price at the date of the announcement was $0.60 each. At the date of this report, the Company has bought back (and cancelled) 692,734 fully paid ordinary shares at a cost of $879,241.

Resources and Reserves

At 30 June 2015, the EKJV’s reported Mineral Resource Estimate (inclusive of Reserves) is 5.02 million tonnes at 11.4 g/t Au for 1.85 million ounces (details in Table 1 below) and the EKJV’s reported Ore Reserve Estimate is 3.17 million tonnes at 8.3 g/t Au for 0.85 million ounces (details in Table 2 below)

Comparison with the Mineral Resource Statement for the year ended 30 June 2014, in the table below, shows an increase of approximately 506,000 ounces representing the following variations:

mining depletions at Raleigh, Rubicon and Hornet
substantial extensions defined by drilling at Rubicon (at depth) and Pegasus (major expansion).

DEPOSIT Entitlement Raleigh Underground 12.50% Rubicon Underground 12.25% Hornet Open Pit 12.25% Hornet Underground 12.25% Pegasus Underground 12.25% Total Mineral Resource on EKJV Leases	30 June 2015 30 June 2014
	from Table 1 below from the Annual Report 2014
	(t) Au (g/t) Au (oz) (t) Au (g/t) Au (oz)

	98,890 58.9 187,374 107,287 56.5 194,833
	613,024 9.2 180,587 290,994 12.8 119,892
	171,708 3.7 20,173 171,708 3.7 20,173
	732,147 9.8 231,851 518,683 14.4 240,799
	3,400,502 11.2 1,225,096 2,079,000 11.4 763,000

	5,016,270 11.44 1,845,082 3,167,672 13.14 1,338,697

Comparison with the Ore Reserve Statement for the year ended 30 June 2014, in the table below, shows an increase of approximately 310,000 ounces representing the following variations:

mining depletions at Raleigh, Rubicon and Hornet
increase in Ore Reserve at Raleigh following in mine drilling success
increased Ore Reserves announced for Pegasus and Rubicon following significant drilling success.

DEPOSIT Entitlement Raleigh Underground 12.50% Hornet-Rubicon Underground 12.25% Hornet Open Pit 12.25% Pegasus Underground 12.25% Total Mineral Resource on EKJV Leases	30 June 2015 from Table 2 below 30 June 2014 from the Annual Report 2014 (t) Au (g/t) Au (oz) (t) Au (g/t) Au (oz) 212,304 12.7 86,726 166,382 13.2 70,809 558,230 8.4 150,353 564,272 11.9 216,458 - - - - - - 2,395,800 7.9 608,555 790,172 9.8 248,645 3,166,334 8.31 845,635 1,520,826 10.96 535,912

Mineral Resource and Ore Reserve Governance and Internal Controls

The Manager of the EKJV prepares the EKJV Mineral Resources and Ore Reserves on an annual basis in accordance with the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code) 2012 Edition. Competent Persons named by the EKJV Manager are Members or Fellows of the Australasian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists, and qualify as Competent Persons as defined in the JORC Code.

The Company is represented on the EKJV Technical Committee which reviews the Mineral Resource and Ore Reserve estimates and procedures undertaken on no less than a quarterly basis. The Company’s Competent Persons and consultants audit internal reviews by the EKJV Manager and external reviews by independent consultants of Mineral Resource and Ore Reserve estimates and procedures. These audits have not identified any material issues.

Rand Mining Limited Directors' report 30 June 2015

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Table 1

Mineral Resources including Ore Reserves on EKJV Leases at 30 June 2015 (Subject to rounding errors)

Entitlement (%) Raleigh Underground 12.50 Rubicon Underground 12.25 Hornet Open Pit 12.25 Hornet Underground 12.25 Pegasus Underground 12.25 Total Mineral Resource on EKJV Leases	Measured Indicated Inferred Total Resource
	(t) Au (g/t) (t) Au (g/t) (t) Au (g/t) (t) Au (g/t) Au (oz)

	48,356 67.9 23,940 48.1 26,594 52.3 98,890 58.9 187,374
	17,531 18.9 202,236 9.6 393,257 8.5 613,024 9.2 180,587
	- - 168,506 3.7 3,202 1.5 171,708 3.7 20,173
	101,447 18.3 338,510 9.3 292,190 7.6 732,147 9.8 231,851
	- - 2,533,805 11.2 866,696 11.4 3,400,502 11.2 1,225,096


	167,334 32.70 3,266,997 10.75 1,581,938 10.62 5,016,270 11.44 1,845,082

Raleigh Ore Stockpile Other EKJV Stockpiles Rand’s Entitlement EKJV Leases Leases + Stockpiles

Mineral Resources including EKJV Stockpiles at 30 June 2015

Entitlement (%) 12.50 12.25	Measured Indicated Inferred Total Resource
	(t) Au (g/t) (t) Au (g/t) (%) (t) Au (g/t) (t) Au (g/t)

	10,014 5.7 - - - - 10,014 5.7 1,836 85,226 8.7 - - - - 85,226 8.7 23,805 20,619 32.9 400,267 10.8 193,854 10.6 614,740 11.5 226,491
	32,311 24.03 400,267 10.76 193,854 10.63 626,432 11.40 229,637

Rand Mining Limited Directors' report 30 June 2015

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Table 2

Ore Reserves on EKJV Leases at 30 June 2015 (subject to rounding errors)

Entitlement (%) Raleigh Underground 12.50 Hornet-Rubicon Underground 12.25 Hornet Open Pit 12.25 Pegasus Underground 12.25 Total Ore Reserve on EKJV Leases Entitlement (%) Raleigh Ore Stockpile 12.50 Other EKJV Stockpiles 12.25 Rand’s Entitlement EKJV Leases Leases + Stockpiles	Proved Probable Proved + Probable (t) Au (g/t) (t) Au (g/t) (t) Au (g/t) Au (oz) 178,775 13.1 33,529 10.7 212,304 12.7 86,726 209,269 10.2 348,962 7.3 558,230 8.4 150,353 - - - - - - - 5,519 4.8 2,390,281 7.9 2,395,800 7.9 608,555 393,563 11.43 2,772,771 7.86 3,166,334 8.31 845,635 Ore Reserves including EKKJV Stockpiles at 30 June 2015 Proved Probable Proved + Probable (t) Au (g/t) (t) Au (g/t) (t) Au (g/t) Au (oz) 10,014 5.7 - - 10,014 5.7 1,836 85,226 8.7 - - 85,226 8.7 23,805 48,658 11.4 339,748 7.9 388,407 8.3 103,807	Proved Probable Proved + Probable (t) Au (g/t) (t) Au (g/t) (t) Au (g/t) Au (oz) 178,775 13.1 33,529 10.7 212,304 12.7 86,726 209,269 10.2 348,962 7.3 558,230 8.4 150,353 - - - - - - - 5,519 4.8 2,390,281 7.9 2,395,800 7.9 608,555
		393,563 11.43 2,772,771 7.86 3,166,334 8.31 845,635
	60,350 10.85 339,748 7.86 400,099 8.31 106,953

Notes to tables:

The gold price used for the Raleigh, Rubicon-Hornet and Pegasus Reserves was AUD$1,400/oz.
The Resources for the Hornet Open Pit are those reported last year.
These tables are based on the Mineral Resources and Ore Reserves Statements for year ended 30 June 2015 in the NST Announcement lodged with ASX on 4 August 2015.
Raleigh Ore mined from M15/993 is subject to an Ore Division Agreement whereby the Raleigh Ore is divided equally between Gilt Edge Mining NL and the R&T Group.

Competent Person Statements

The information in the Company’s 2015 Annual Report that relates to Mineral Resources and Ore Reserves estimates for the Company’s EKJV Project Areas is based on information and supporting documentation prepared by the Competent Persons referred to in the ASX announcement detailed in the footnotes to the Minerals Resources and Ore Reserves Tables ( Tables ) and fairly represents that information. The Mineral Resources and Ore Reserves statement as a whole, as well as the information provided by the Competent Persons referred to in the ASX announcement detailed in the footnotes to the Tables, has been approved by Dr John Andrews, a full-time employee of the Company. Dr Andrews is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Andrews consents to the inclusion in the Company’s 2015 Annual Report announcement of the matters based on this information in the form and context in which it appears.

Rand Mining Limited Directors' report 30 June 2015

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Significant changes in the state of affairs

On 6 August 2014, the Liberian Government announced a State of Emergency as the Government struggled to deal with the deadliest Ebola outbreak in the nations history. In accordance with this announcement on 3 September 2014, the Company suspended all exploration work in relation to its Liberian interests. All affected personnel were successfully repatriated to their initial place of employment.

On 9 January 2015, the Company purchased and cancelled 320,234 shares. Refer to ASX announcement on this date for further details.

On 16 February 2015, the Company announced an upgrade to the Pegasus Resource. Refer to ASX announcement on this date for further details.

On 3 June 2015, the Company purchased and cancelled 372,500 shares. Refer to ASX announcement on this date for further details.

There were no other significant changes in the state of affairs of the Group during the financial year.

Matters subsequent to the end of the financial year

Revisions to the proposed acquisition of the Tapeta Iron Ore Project

On 31 August 2015, the Company announced the extension, by further deed of variation, of the term of the option by 12 months to 23 September 2016, in exchange for the payment of a non-refundable option fee of US$10,000. All other terms of the Option Agreement remain the same, including the following key terms:

Rand may exercise the option at any time prior to the Expiry Date by providing written notice to RCL. On exercise of the option, Rand is obliged to transfer 8 million fully paid ordinary shares in Tribune Resources Limited (ASX: TBR) (Tribune Shares) to RCL;
In the event that completion of the acquisition of RCL does not occur, RCL must retransfer the Tribune Shares to Rand forthwith;
IRL has agreed to grant Rand a licence to access the Project Area during the option period, to conduct a drilling programme and all activities associated with the programme; and
Rand is responsible for the costs of the drilling programme. This includes payment of the rent and any minimum expenditure work obligations required in order to keep the mineral exploration licence in good standing.

No other matter or circumstance has arisen since 30 June 2015 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

Likely developments and expected results of operations

The Group intends to continue its exploration, development and production activities on its existing projects and to acquire further suitable projects for exploration as opportunities arise.

Environmental regulation

The Group is subject to and compliant with all aspects of environmental regulation of its exploration and mining activities. The directors are not aware of any environmental law that is not being complied with.

Greenhouse gas and energy data reporting requirements

The Group is subject to the reporting requirements of both the Energy Efficiency Opportunities Act 2006 and the National Greenhouse and Energy Reporting Act 2007.

The Energy Efficiency Opportunities Act 2006 requires the Group to assess its energy usages, including the identification, investigation and evaluation of energy saving opportunities, and to report publicly on the assessments undertaken, including what action the Group intends to take as a result. Due to this Act, the Group, via its participation in the East Kundana Joint Venture ('EKJV') has registered with the Department of Resources, Energy and Tourism as a participant entity and reports the results from its assessments.

The National Greenhouse and Energy Reporting Act 2007 require the Group, via its participation in the EKJV, to report its annual greenhouse gas emissions and energy use. The Group has previously implemented systems and processes for the collection and calculation of data.

Rand Mining Limited Directors' report 30 June 2015

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Information on directors

Information on directors
Name:	Otakar Demis
Title:	Executive Chairman and Joint Company Secretary
Experience and expertise:	Otakar is a private investor and businessman with several years experience as a
	director of the Company.
Other current directorships:	Executive Chairman and Company Secretary of Tribune Resources Limited (ASX:
	TBR)
Former directorships (last 3 years): None
Special responsibilities:	None
Interests in shares:	26,581,564 ordinary shares (4,800 directly and 26,576,764 due to position as Director
	of Tribune Resources Limited)
Interests in options:	None
Name:	Anthony Billis
Title:	Executive Director, Managing Director and Chief Executive Officer
Experience and expertise:	Anthony has over 29 years' experience in gold exploration within the mining industry in
	Western Australia. He has been involved in the exploration and development of the
	Kundana project for over 24 years.
Other current directorships:	Executive Director of Tribune Resources Limited (ASX: TBR)
Former directorships (last 3 years): None
Special responsibilities:	None
Interests in shares:	39,714,148 ordinary shares (14,000 directly and 13,123,384 indirectly and 26,576,764
	due to position as Director of Tribune Resources Limited)
Interests in options:	None
Name:	Gordon Sklenka
Title:	Non-Executive Director
Qualifications:	B.Comm
Experience and expertise:	Gordon has worked in Chartered Accounting, Stockbroking and Corporate Advisory in
	both Perth and Sydney and has in excess of 15 years' experience in corporate finance
	in the resources and technology industries predominantly focusing on capital raisings,
	IPOs, acquisitions and project finance.
Other current directorships:	Non-Executive Director of Tribune Resources Limited (ASX: TBR)
Former directorships (last 3 years): Non-Executive Director of Advance Energy Ltd (ASX: AVD) (From 10 November 2004
	to 19 December 2012) and Non-Executive Director of Mount Ridley Mines Limited
	(ASX: MRD) (formerly AXG Mining Ltd (ASX: AXC)) (From 16 February 2005 to 8
	September 2014)
Special responsibilities:	None
Interests in shares:	26,576,764 ordinary shares due to position as a Director of Tribune Resources Limited
Interests in options:	None

'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships in all other types of entities, unless otherwise stated.

'Former directorships (in the last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships in all other types of entities, unless otherwise stated.

Company secretaries

Roland Berzins (B.Comm, ACPA, FFIN, TA) as joint company secretary has over 20 years' experience in the mining industry. He was previously chief accountant for 6 years at Kalgoorlie Consolidated Gold Mines Pty Ltd ('Kalgoorlie Super Pit'). In addition, Roland has worked as a Senior Mining Analyst for the former BHP iron ore division and has worked for the Mt Newman, Koolan and Cockatoo iron ore project. Since 1996 Roland has been company secretary for a variety of ASX listed companies, and has also had experience in retail, merchant banking, venture capital and SME business advisory. Details of Mr Otakar Demis as joint company secretary can be found in the 'Information of directors' section above.

Rand Mining Limited Directors' report 30 June 2015

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Meetings of directors

The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2015, and the number of meetings attended by each director were:

	Full Board	Full Board
	Attended	Held
O Demis		1	1
A Billis		1	1
G Sklenka		1	1

Held: represents the number of meetings held during the time the director held office.

Whilst only 1 Board meeting was held during the year, it should be noted that 4 circular resolutions were signed.

The function of the Nomination and Remuneration Committee was undertaken by the full Board.

Remuneration report (audited)

The remuneration report, which has been audited, outlines the director and key management personnel remuneration arrangements for the Group and the Company, in accordance with the requirements of the Corporations Act 2001 and its Regulations.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including all directors.

The remuneration report is set out under the following main headings:

Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share-based compensation
Additional disclosures relating to key management personnel

Principles used to determine the nature and amount of remuneration

The objective of the Group and Company's executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders, and conforms with the market best practice for delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices:

competitiveness and reasonableness
acceptability to shareholders
performance linkage / alignment of executive compensation
transparency

The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The performance of the Group and Company depends on the quality of its directors and executives. The remuneration philosophy is to attract, motivate and retain high performance and high quality personnel.

The Board has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the Group and Company.

Alignment to shareholders' interests:

has economic profit as a core component of plan design
attracts and retains high calibre executives

Alignment to program participants' interests:

rewards capability and experience
reflects competitive reward for contribution to growth in shareholder wealth
provides a clear structure for earning rewards

Rand Mining Limited Directors' report 30 June 2015

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In accordance with best practice corporate governance, the structure of non-executive directors and executive remunerations are separate.

Non-executive directors remuneration

Fees and payments to non-executive directors reflect the demands which are made on, and the responsibilities of, the directors. Non-executive directors' fees and payments are reviewed annually by the Board. The Board may seek the advice of independent remuneration consultants to ensure non-executive directors' fees and payments are appropriate and in line with the market (refer 'use of remuneration consultants' below). There are no termination or retirement benefits for nonexecutive directors other than statutory superannuation.

ASX listing rules requires that the aggregate non-executive directors remuneration shall be determined periodically by a general meeting. The most recent determination was at the Annual General Meeting held on 30 November 2005, where the shareholders approved an aggregate remuneration of $160,000.

Executive remuneration

The Group and Company aims to reward executives with a level and mix of remuneration based on their position and responsibility, which is both fixed and variable.

The executive remuneration and reward framework has four components:

base pay and non-monetary benefits
short-term performance incentives
share-based payments
other remuneration such as superannuation and long service leave

The combination of these comprises the executive's total remuneration.

Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the Board, based on individual and business unit performance, the overall performance of the Group and comparable market remunerations.

Executives can receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits) where it does not create any additional costs to the Group and adds additional value for the executive.

The short-term incentives ('STI') program is designed to align the targets of the business units with the targets of those executives in charge of meeting those targets. STI payments are granted to executives based on specific annual targets and key performance indicators ('KPI') being achieved. KPI’s include profit contribution, customer satisfaction, leadership contribution and product management.

The long-term incentives ('LTI') currently consists of long service leave.

Group performance and link to remuneration

The directors' remuneration levels are not directly dependent upon the Group and Company's performance or any other performance conditions. However, practically, whether shareholders vote for or against an increase in the aggregate director remuneration will depend upon, amongst other things, how the Group and Company have performed.

Use of remuneration consultants

During the financial year ended 30 June 2015, the Company did not engage remuneration consultants, to review its existing remuneration policies and provide recommendations on how to improve both the short-term incentives ('STI') program and long-term incentives ('LTI') program.

Voting and comments made at the Company's 2014 Annual General Meeting ('AGM')

At the last AGM 95.76% of the shareholders voted to adopt the remuneration report for the year ended 30 June 2014. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.

Rand Mining Limited Directors' report 30 June 2015

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Details of remuneration

Amounts of remuneration

The key management personnel of the Group consisted of the directors of Rand Mining Limited and the following persons:

Roland Berzins - Joint Company Secretary
John Andrews - Manager of Kalgoorlie Operations

2015 Non-Executive Directors: G Sklenka Executive Directors: O Demis A Billis Other Key Management Personnel: R Berzins J Andrews	Short-term benefits Cash salary Non- and fees Bonus monetary * $ $ $ 20,000 - - 40,000 - - 82,500 - 61,208 60,000 - - 82,500 10,000 - 285,000 10,000 61,208	Short-term benefits Cash salary Non- and fees Bonus monetary * $ $ $ 20,000 - - 40,000 - - 82,500 - 61,208 60,000 - - 82,500 10,000 - 285,000 10,000 61,208	Short-term benefits Cash salary Non- and fees Bonus monetary * $ $ $ 20,000 - - 40,000 - - 82,500 - 61,208 60,000 - - 82,500 10,000 - 285,000 10,000 61,208	Post- employment benefits Super- annuation $ - 3,800 17,500 - 17,500	Long-term benefits Employee leave $ - - - - -	Share-based payments Equity- settled $ - - - - -	Total $ 20,000 43,800 161,208 60,000 110,000 395,008
	285,000	10,000	61,208	38,800	-	-

Includes car and housing plus applicable fringe benefits tax payable on benefits

2014 Non-Executive Directors: G Sklenka Executive Directors: O Demis A Billis Other Key Management Personnel: R Berzins J Andrews	Short-term benefits Cash salary Non- and fees Bonus monetary * $ $ $ 20,000 - - 30,000 - - 82,496 - 64,757 60,000 - - 82,497 7,500 - 274,993 7,500 64,757	Short-term benefits Cash salary Non- and fees Bonus monetary * $ $ $ 20,000 - - 30,000 - - 82,496 - 64,757 60,000 - - 82,497 7,500 - 274,993 7,500 64,757	Short-term benefits Cash salary Non- and fees Bonus monetary * $ $ $ 20,000 - - 30,000 - - 82,496 - 64,757 60,000 - - 82,497 7,500 - 274,993 7,500 64,757	Post- employment benefits Super- annuation $ - 2,775 17,497 - 17,500	Long-term benefits Employee leave $ - - 69,400 - 55,010	Share-based payments Equity- settled $ - - - - -	Total $ 20,000 32,775 234,150 60,000 162,507 509,432
	274,993	7,500	64,757	37,772	124,410	-

Includes car and housing plus applicable fringe benefits tax payable on benefits

Rand Mining Limited Directors' report 30 June 2015

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The proportion of remuneration linked to performance and the fixed proportion are as follows:

	Fixed remuneration	Fixed remuneration	STI			LTI
Name	2015	2014	2015	2014	2015	2014
Non-Executive Directors:
G Sklenka	100%	100%	-%	-%		-%	-%
Executive Directors:
O Demis	100%	100%	-%	-%		-%	-%
A Billis	100%	100%	-%	-%		-%	-%
Other Key Management
Personnel:
R Berzins	100%	100%	-%	-%		-%	-%
J Andrews	91%	95%	9%	5%		-%	-%
The proportion of the cash bonus paid	and forfeited	is as follows:
			Cash bonus paid/payable		Cash	bonus forfeited
Name			2015	2014	2015	2014
Other Key Management Personnel:
J Andrews			100%	100%		-%	-%

Service agreements

Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these agreements are as follows:

Name: Otakar Demis Title: Executive Chairman and Joint Company Secretary Term of agreement: Ongoing subject to re-election at Annual General Meetings every 2 years Details: Base salary, inclusive of superannuation, for the year ending 30 June 2015 of $43,800. Name: Anthony Billis Title: Executive Director and Managing Director Term of agreement: Ongoing Details: Base salary, inclusive of superannuation, for the year ended 30 June 2015 of $100,000 to be reviewed annually by the board of directors. The Company also provides housing and motor vehicle benefits to Mr Billis.

Name: Roland Berzins Title: Joint Company Secretary Term of agreement: Ongoing Details: Base fees, for the year ended 30 June 2015 of $60,000. Name: John Andrews Title: Manager of Kalgoorlie Operations Term of agreement: Ongoing Details: Base salary, inclusive of superannuation for the year ended 30 June 2015 of $100,000 plus motor vehicle benefit. Dr Andrews is entitled to a discretionary bonus.

Key management personnel have no entitlement to termination payments in the event of removal for misconduct.

Rand Mining Limited Directors' report 30 June 2015

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Share-based compensation

Issue of shares

There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2015.

Options

There were no options over ordinary shares issued to directors and other key management personnel as part of compensation that were outstanding as at 30 June 2015.

There were no options over ordinary shares granted to or vested by directors and other key management personnel as part of compensation during the year ended 30 June 2015.

Additional disclosures relating to key management personnel

Shareholding

The number of shares in the Company held during the financial year by each director and other members of key management personnel of the Group, including their personally related parties, is set out below:

Ordinary shares O Demis A Billis *	Balance at the start of the year 4,800 7,337,800	Received as part of remuneration - -	Additions - 7,899,584	Disposals/ other - (2,100,000)	Balance at the end of the year 4,800 13,137,384 13,142,184
	7,342,600	-	7,899,584	(2,100,000)

The above amounts contain a direct shareholding in the Company of 14,000 shares and an indirect shareholding of 13,123,384.

O Demis, A Billis and G Sklenka are all common Directors of Tribune Resources Limited ('TBR'). At the reporting date TBR held 26,576,764 (2014: 26,576,764) shares in the Company. These have not been included in the above.

Loans to key management personnel and their related parties

There were no loans to or from key management personnel and their related parties at the current reporting date.

Other transactions with key management personnel and their related parties

Payment of royalties to Lake Grace Exploration Pty Ltd, a company related to the director Anthony Billis, totalling $6,065.

Payment for executive accommodation fees to Lake Grace Exploration Pty Ltd, a company related to the director Anthony Billis, totalling $33,750.

Payment for consulting fees to Lake Grace Exploration Pty Ltd, a company related to the director Anthony Billis, totalling $27,500.

Option fees paid to Resource Capital Limited, a director related entity, totalling $56,542.

This concludes the remuneration report, which has been audited.

Shares under option

There were no unissued ordinary shares of Rand Mining Limited under option outstanding at the date of this report.

Shares issued on the exercise of options

There were no ordinary shares of Rand Mining Limited issued on the exercise of options during the year ended 30 June 2015 and up to the date of this report.

Rand Mining Limited Directors' report 30 June 2015

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Indemnity and insurance of officers

The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith.

During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of the Company against liabilities that may arise from an officers’ position with the exception of insolvency, conduct involving a wilful breach in relation to the Company, or a contravention of section 182 or 183 of the Corporations Act 2001, an entity that is involved in any joint venture or, partnership or enterprise carried on in common with the Company, outside directorships, any outside entity or non-profit outside entity or any vehicle or entity established to conduct such joint venture partnership or enterprise. The contract of insurance prohibits disclosure of the nature of liability and the amount of the premium.

Indemnity and insurance of auditor

The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.

During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.

Proceedings on behalf of the Company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.

Non-audit services

Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in note 31 to the financial statements.

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

The directors are of the opinion that the services as disclosed in note 31 to the financial statements do not compromise the external auditor's independence requirements of the Corporations Act 2001 for the following reasons:

all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Company, acting as advocate for the Company or jointly sharing economic risks and rewards.

Officers of the Company who are former partners of Grant Thornton Audit Pty Ltd

There are no officers of the Company who are former partners of Grant Thornton Audit Pty Ltd.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on the following page.

Auditor

Grant Thornton Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.

Rand Mining Limited Directors' report 30 June 2015

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This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

On behalf of the directors

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______ Anthony Billis Director

30 September 2015 Perth

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Level 1 10 Kings Park Road West Perth WA 6005

Correspondence to: PO Box 570 West Perth WA 6872

Auditor’s Independence Declaration To the Directors of Rand Mining Limited

T +61 8 9480 2000 F +61 8 9322 7787 E [email protected] W www.grantthornton.com.au

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Rand Mining Limited for the year ended 30 June 2015, I declare that, to the best of my knowledge and belief, there have been:

a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
b no contraventions of any applicable code of professional conduct in relation to the audit.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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C A Becker Partner - Audit & Assurance

Perth, 30 September 2015

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

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

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

Rand Mining Limited Statement of profit or loss and other comprehensive income For the year ended 30 June 2015

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Note Revenue 5 Share of profits of associates accounted for using the equity method 6 Other income 7 Expenses Changes in inventories Employee benefits expense Management fees Depreciation and amortisation expense 8 Impairment of available-for-sale assets Impairment of exploration and evaluation Administration expenses Mining expenses Processing expenses Royalty expenses Loss on disposal of non-current assets Foreign currency losses Finance costs 8 Profit before income tax expense Income tax expense 9 Profit after income tax expense for the year attributable to the owners of Rand Mining Limited 26 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Share of other comprehensive income from associate Tax on revaluation adjustment in associate Items that may be reclassified subsequently to profit or loss Available-for-sale financial assets - current year revaluation gain Tax on revaluation adjustment Other comprehensive income for the year, net of tax Total comprehensive income for the year attributable to the owners of Rand Mining Limited Basic earnings per share 41 Diluted earnings per share 41	Consolidated 2015 2014 $ $ 24,359,986 28,684,259 2,648,463 1,035,142 3,666 37,230 5,201,726 (4,459,219) (580,198) (530,914) (386,459) (305,041) (6,411,865) (2,917,534) (24,622) (28,585) (1,895,060) (3,865,761) (859,856) (965,016) (8,633,747) (8,134,805) (3,233,731) (2,298,774) (890,275) (736,648) (47,928) (1,987) (6,885) - (1,829) (46,181) 9,241,386 5,466,166 (3,101,586) (2,525,942) 6,139,800 2,940,224 561,224 - (171,689) -. 114,043 124,205 - (15,726) 503,578 108,479 6,643,378 3,048,703 Cents Cents 10.12 4.83 10.12 4.83
	503,578
	6,643,378
	Cents 10.12 10.12

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

Rand Mining Limited Statement of financial position As at 30 June 2015

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Note Assets Current assets Cash and cash equivalents 10 Trade and other receivables 11 Inventories 12 Income tax refund due 13 Total current assets Non-current assets Investments accounted for using the equity method 14 Available-for-sale financial assets 15 Property, plant and equipment 16 Exploration and evaluation 17 Mine development 18 Deferred tax 19 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 20 Provisions 21 Total current liabilities Non-current liabilities Deferred tax 22 Provisions 23 Total non-current liabilities Total liabilities Net assets Equity Issued capital 24 Reserves 25 Retained profits 26 Total equity	Consolidated 2015 2014 $ $ 2,412,176 2,879,428 203,560 149,022 25,808,230 20,606,504 525,782 1,608,999 28,949,748 25,243,953 22,236,718 18,824,031 404,066 164,647 3,417,689 2,259,061 304,375 - 3,067,691 5,269,299 1,417,775 661,074 30,848,314 27,178,112 59,798,062 52,422,065 3,598,998 3,155,964 39,838 - 3,638,836 3,155,964 4,269,903 3,042,518 421,454 519,851 4,691,357 3,562,369 8,330,193 6,718,333 51,467,869 45,703,732 16,694,186 17,573,427 902,079 2,260,554 33,871,604 25,869,751 51,467,869 45,703,732
	28,949,748
	22,236,718 404,066 3,417,689 304,375 3,067,691 1,417,775
	30,848,314
	59,798,062
	3,598,998 39,838
	3,638,836
	4,269,903 421,454
	4,691,357
	8,330,193
	51,467,869
	16,694,186 902,079 33,871,604
	51,467,869

The above statement of financial position should be read in conjunction with the accompanying notes

Rand Mining Limited Statement of changes in equity For the year ended 30 June 2015

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Issued capital $ 17,573,427 - -	Reserves $ 2,152,075 - 108,479	Retained profits $ 22,929,527 2,940,224 -
-	108,479	2,940,224
17,573,427	2,260,554	25,869,751
Issued capital $ 17,573,427 - -	Reserves $ 2,260,554 - 503,578	Retained profits $ 25,869,751 6,139,800 -
- (879,241) -	503,578 - (1,862,053)	6,139,800 - 1,862,053
16,694,186	902,079	33,871,604

The above statement of changes in equity should be read in conjunction with the accompanying notes

Rand Mining Limited Statement of cash flows For the year ended 30 June 2015

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Note Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest received Interest and other finance costs paid Income taxes paid Net cash from operating activities 40 Cash flows from investing activities Payments for investments Payments for property, plant and equipment Payments for exploration and evaluation Payments for mine development Proceeds from disposal of property, plant and equipment Net cash used in investing activities Cash flows from financing activities Proceeds from borrowings Repayment of borrowings Payments for share buy-backs Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at the end of the financial year 10	Consolidated 2015 2014 $ $ 24,313,600 28,627,025 (13,566,523) (17,161,870) 10,747,077 11,465,155 46,380 57,236 (1,829) (46,211) (2,268,470) (4,550,643) 8,523,158 6,925,537 (353,000) (2,270,000) (2,087,299) (703,614) (2,234,815) - (3,454,430) (1,384,733) 18,375 7,648 (8,111,169) (4,350,699) 2,350,000 - (2,350,000) (1,750,000) (879,241) - (879,241) (1,750,000) (467,252) 824,838 2,879,428 2,054,590 2,412,176 2,879,428
	10,747,077 46,380 (1,829) (2,268,470)
	8,523,158
	(353,000) (2,087,299) (2,234,815) (3,454,430) 18,375
	(8,111,169)
	2,350,000 (2,350,000) (879,241)
	(879,241)
	(467,252) 2,879,428
	2,412,176

The above statement of cash flows should be read in conjunction with the accompanying notes

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 1. General information

The financial statements cover Rand Mining Limited as a Group consisting of Rand Mining Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Rand Mining Limited's functional and presentation currency.

Rand Mining Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Suite G1, 49 Melville Parade South Perth WA 6151

A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 30 September 2015. The directors have the power to amend and reissue the financial statements.

Note 2. Significant accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

New, revised or amending Accounting Standards and Interpretations adopted

The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

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

Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').

Historical cost convention

The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of available-for-sale financial assets.

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

Parent entity information

In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary information about the parent entity is disclosed in note 35.

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Rand Mining Limited ('Company' or 'parent entity') as at 30 June 2015 and the results of all subsidiaries for the year then ended. Rand Mining Limited and its subsidiaries together are referred to in these financial statements as the 'Group'.

Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 2. Significant accounting policies (continued)

Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.

Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

Operating segments

Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance.

Revenue recognition

Revenue is recognised when it is probable that the economic benefit will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable.

Sale of gold

Sale of gold revenue is recognised at the point of sale, which is where the customer has taken delivery of the goods, the risks and rewards are transferred to the customer and there is a valid sales contract. Amounts disclosed as revenue are net of sales returns and trade discounts.

Interest

Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Other revenue

Other revenue is recognised when it is received or when the right to receive payment is established.

Income tax

The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:

When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

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

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 2. Significant accounting policies (continued)

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, 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.

Trade and other receivables

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Trade receivables are generally due for settlement within 30 days.

Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by reducing the carrying amount directly. A provision for impairment of trade receivables is raised when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments (more than 60 days overdue) are considered indicators that the trade receivable may be impaired. The amount of the impairment allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial.

Other receivables are recognised at amortised cost, less any provision for impairment.

Inventories

Inventories are stated at the lower of cost and net realisable value on a 'first in first out' basis. Cost comprises direct materials and delivery costs, direct labour, import duties and other taxes, an appropriate proportion of variable and fixed overhead expenditure based on normal operating capacity, and, where applicable, transfers from cash flow hedging reserves in equity. Costs of purchased inventory are determined after deducting rebates and discounts received or receivable.

Associates

Associates are entities over which the Group has significant influence but not control or joint control. Investments in associates are accounted for using the equity method. Under the equity method, the share of the profits or losses of the associate is recognised in profit or loss and the share of the movements in equity is recognised in other comprehensive income. Investments in associates are carried in the statement of financial position at cost plus post-acquisition changes in the Group's share of net assets of the associate. Goodwill relating to the associate is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment. Dividends received or receivable from associates reduce the carrying amount of the investment.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 2. Significant accounting policies (continued)

When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

The Group discontinues the use of the equity method upon the loss of significant influence over the associate and recognises any retained investment at its fair value. Any difference between the associate's carrying amount, fair value of the retained investment and proceeds from disposal is recognised in profit or loss.

Joint operations

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the financial statements under the appropriate classifications.

Investments and other financial assets

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. They are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on the purpose of the acquisition and subsequent reclassification to other categories is restricted.

Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are carried at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the asset is derecognised or impaired.

Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets, principally equity securities, that are either designated as available-for-sale or not classified as any other category. After initial recognition, fair value movements are recognised in other comprehensive income through the available-for-sale reserve in equity. Cumulative gain or loss previously reported in the available-for-sale reserve is recognised in profit or loss when the asset is derecognised or impaired.

Impairment of financial assets

The Group assesses at the end of each reporting period whether there is any objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulty of the issuer or obligor; a breach of contract such as default or delinquency in payments; the lender granting to a borrower concessions due to economic or legal reasons that the lender would not otherwise do; it becomes probable that the borrower will enter bankruptcy or other financial reorganisation; the disappearance of an active market for the financial asset; or observable data indicating that there is a measurable decrease in estimated future cash flows.

The amount of the impairment allowance for loans and receivables carried at amortised cost is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. If there is a reversal of impairment, the reversal cannot exceed the amortised cost that would have been recognised had the impairment not been made and is reversed to profit or loss.

Available-for-sale financial assets are considered impaired when there has been a significant or prolonged decline in value below initial cost. Subsequent increments in value are recognised in other comprehensive income through the available-forsale reserve.

Property, plant and equipment

Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 2. Significant accounting policies (continued)

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment over their expected useful lives as follows:

Plant and equipment 2.7-6.7 years Mining plant and equipment 2.7-6.7 years

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

Leasehold improvements and plant and equipment under lease are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter.

An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.

Mining plant and equipment and capital work in progress

Mining plant and equipment and capital work in progress is carried at cost which includes acquisition, transportation, installation, and commissioning costs. Costs also include present value of decommissioning costs and finance charges capitalised during the construction period where such expenditure is financed by borrowings. Costs are not depreciated until such time as the asset has been completed ready for use.

Subsequent costs are included in the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group, and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.

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.

A distinction is made between finance leases, which effectively transfer from the lessor to the lessee substantially all the risks and benefits incidental to the ownership of leased assets, and operating leases, under which the lessor effectively retains substantially all such risks and benefits.

Finance leases are capitalised. A lease asset and liability are established at the fair value of the leased assets, or if lower, the present value of minimum lease payments. Lease payments are allocated between the principal component of the lease liability and the finance costs, so as to achieve a constant rate of interest on the remaining balance of the liability.

Leased assets acquired under a finance lease are depreciated over the asset's useful life or over the shorter of the asset's useful life and the lease term if there is no reasonable certainty that the Group will obtain ownership at the end of the lease term.

Operating lease payments, net of any incentives received from the lessor, are charged to profit or loss on a straight-line basis over the term of the lease.

Exploration and evaluation

Exploration and evaluation expenditures are typically expenses, unless it can be demonstrated that the related expenditures will generate a future economic benefit, in which case these costs are capitalised.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 2. Significant accounting policies (continued)

Examples of common exploration and evaluation activities

Exploration activities which primarily consist of expenditures relating to drilling programs and include, but are not limited to:

Researching and analysing existing exploration data;
Conducting geological mapping studies; and
Exploratory drilling and sampling including:
Taking core samples for analysis (assay work);
Sinking exploratory shafts;
Opening shallow pits; and
Drilling to determine volume and grade of deposits in an area known to contain mineral resources, or for the purpose of converting mineral resources into proven and probable reserves.

Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount the asset exceeds its recoverable amount. Where the carrying amount is assessed as exceeding recoverable amount, the excess is recognised as an impairment expense in the profit or loss.

Mine development assets

Capitalised mine development costs include expenditures incurred to develop new ore bodies to define further mineralisation in existing ore bodies, to expand the capacity of a mine and to maintain production. Mine development also includes costs transferred from exploration and evaluation phase once production commences in the area of interest.

Amortisation of mine development is computed by the units of production basis over the estimated proved and probable reserves. Proved and probable mineral reserves reflect estimated quantities of economically recoverable reserves which can be recovered in the future from known mineral deposits. These reserves are amortised from the date on which production commences. The amortisation is calculated from recoverable proven and probable reserves and a predetermined percentage of the recoverable measured, indicated and inferred resource. This percentage is reviewed annually.

Restoration costs expected to be incurred are provided for as part of development phase that give rise to the need for restoration.

Impairment of non-financial assets

Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other nonfinancial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Provisions

Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 2. Significant accounting policies (continued)

Employee benefits

Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are recognised in current liabilities 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.

Other long-term employee benefits

The liability for long service leave not expected to be settled within 12 months of the reporting date are recognised in noncurrent liabilities, provided there is an unconditional right to defer settlement of the liability. The liability is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. 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 bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Defined contribution superannuation expense

Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.

Share-based payments

Equity-settled share-based compensation benefits are provided to employees.

Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price.

The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using the Binomial option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.

If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.

If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification.

Fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 2. Significant accounting policies (continued)

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement.

For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data.

Issued capital

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.

Business combinations

The acquisition method of accounting is used to account for business combinations regardless of whether equity instruments or other assets are acquired.

The consideration transferred is the sum of the acquisition-date fair values of the assets transferred, equity instruments issued or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-controlling interest in the acquiree. For each business combination, the non-controlling interest in the acquiree is measured at either fair value or at the proportionate share of the acquiree's identifiable net assets. All acquisition costs are expensed as incurred to profit or loss.

On the acquisition of a business, the Group assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic conditions, the Group's operating or accounting policies and other pertinent conditions in existence at the acquisition-date.

Where the business combination is achieved in stages, the Group remeasures its previously held equity interest in the acquiree at the acquisition-date fair value and the difference between the fair value and the previous carrying amount is recognised in profit or loss.

Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent changes in the fair value of the contingent consideration classified as an asset or liability is recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.

The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration transferred and the acquirer's previously held equity interest in the acquirer.

Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 2. Significant accounting policies (continued)

Earnings per share

Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the owners of Rand Mining Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.

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 of interest and other financing costs 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.

Goods and Services Tax ('GST') and other similar taxes

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.

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

New Accounting Standards and Interpretations not yet mandatory or early adopted

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

AASB 9 Financial Instruments

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

AASB 15 Revenue from Contracts with Customers

This standard is currently applicable to annual reporting periods beginning on or after 1 January 2017. Exposure Draft (ED 263) 'Effective Date of AASB 15' proposes to defer the application date by one year (1 January 2018. The standard provides a single standard for revenue recognition. The core principle of the standard is that an entity will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services). The standard may impact the way revenue for advertising, digital marketing and video services are recognised by the Group, however the impact has not yet been quantified until the application date of the standard has been confirmed.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 2. Significant accounting policies (continued)

Other amending accounting standards issued are not considered to have a significant impact on the financial statements of the Group as their amendments provide either clarification of existing accounting treatment or editorial amendments. These standards (and their operative dates) include:

AASB 14 Regulatory Deferral Accounts (from 1 January 2016)
AASB 2014-1 Amendments to Australian Accounting Standards (Part D from 1 January 2016 and Part E from 1 January 2018)
AASB 2014-3 Amendments to Australian Accounting Standards – Accounting for Acquisitions of Interests in Joint Operations (from 1 January 2016)
AASB 2014-4 Amendments to Australian Accounting Standards – Clarification of Acceptable Methods of Depreciation and Amortisation (from 1 January 2016)
AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15 (from 1 January 2017)
AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) (from 1 January 2018)
AASB 2014-8 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) – Application of AASB 9 (December 2009) and AASB 9 (December 2010) (from 1 January 2015)
AASB 2014-9 Amendments to Australian Accounting Standards – Equity Method in Separate Financial Statements (from 1 January 2016)
AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (from 1 January 2016)
AASB 2015-1 Amendments to Australian Accounting Standards – Annual Improvements to Australian Accounting Standards 2012–2014 Cycle (from 1 January 2016)
AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 101 (from 1 January 2016)
AASB 2015-3 Amendments to Australian Accounting Standards arising from the Withdrawal of AASB 1031 Materiality (from 1 July 2015)
2015-4 Amendments to Australian Accounting Standards – Financial Reporting Requirements for Australian Groups with a Foreign Parent (from 1 July 2015)
AASB 2015-5 Amendments to Australian Accounting Standards – Investment Entities: Applying the Consolidation Exception (from 1 January 2016)
AASB 1057 Application of Australian Accounting Standards - (from 1 January 2016). Earlier application is permitted.

Note 3. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

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 the Binomial model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.

Estimation of useful lives of assets

The Group determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 3. Critical accounting judgements, estimates and assumptions (continued)

Income tax

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

Recovery of deferred tax assets

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

Recoverability of assets

The recoverable amount of each ‘cash-generating unit’ , ‘investment in associate’, and 'investment in joint arrangement' is determined as the higher of the asset’s fair value less costs to dispose and its value in use. Assessments of value in use and fair value less cost to dispose require the use of estimates and assumptions including discount rates, exchange rates, commodity prices, future capital requirements and future operating performance, as well as the value that a market participant would place on any resources which have yet to be proven as reserves associated with the CGU.

Inventories are recognised at the lower of cost and net realisable value which is calculated. The computation of net realisable value involves significant judgements and estimates in relation to future processing costs, commodity prices, foreign exchange rates, and timing of processing and sale.

Mine development assets

The estimated quantities of economically recoverable reserves and resources are based upon interpretations of geological and geophysical models and require assumptions to be made regarding factors such as estimates of short and long term exchange rates, estimates of short and long term commodity prices, future capital requirements and future operating performance. Changes in reported reserves and resources estimates can impact the carrying value of deferred mining expenditure, intangible assets, provisions for mine rehabilitation, the recognition of deferred tax assets, as well as the amount of depreciation and amortisation charged to the profit or loss.

Exploration and evaluation expenditure

The application of the Group's accounting policy for exploration and evaluation expenditure requires judgement to determine whether future economic benefits are likely, from either future exploitation or sale, or whether activities have not reached a stage that permits a reasonable assessment of the existence of reserves.

Note 4. Operating segments

Identification of reportable operating segments

The Group has no operating segments as the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources are the Group as a whole.

Geographical information

The Group's revenue and non-current assets are all derived in Australia and, therefore, this information is detailed throughout the financial statements.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 5. Revenue

Sales revenue Sales of gold Other revenue Interest Revenue Note 6. Share of profits of associates accounted for using the equity method Share of profit - associates	Consolidated 2015 2014 $ $ 24,313,606 28,627,023 46,380 57,236 24,359,986 28,684,259 Consolidated 2015 2014 $ $ 2,648,463 1,035,142

Share of profit - associates relates to the Company's investment in Tribune Resources Limited. Refer to notes 14 and 37 for further details of the investment.

Note 7. Other income

	Consolidated	Consolidated
	2015	2014
	$	$
Other income	3,666	37,230

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 8. Expenses

Profit before income tax includes the following specific expenses: Depreciation Plant and equipment Mining plant and equipment Total depreciation Amortisation Mine development Total depreciation and amortisation Finance costs Interest and finance charges paid/payable Rental expense relating to operating leases Minimum lease payments Superannuation expense Defined contribution superannuation expense	Consolidated 2015 2014 $ $ 9,161 921 884,538 835,455 893,699 836,376 5,518,166 2,081,158 6,411,865 2,917,534 1,829 46,181 28,606 8,170 37,411 52,962
	893,699
	5,518,166
	6,411,865
	1,829
	28,606
	37,411

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 9. Income tax expense

Income tax expense Current tax Current tax relating to prior periods Deferred tax - origination and reversal of temporary differences Deferred tax relating to prior periods Aggregate income tax expense Deferred tax included in income tax expense comprises: Increase in deferred tax assets (note 19) Increase in deferred tax liabilities (note 22) Deferred tax - origination and reversal of temporary differences Numerical reconciliation of income tax expense and tax at the statutory rate Profit before income tax expense Tax at the statutory tax rate of 30% Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Non-deductible foreign income Sundry items Adjustment recognised for prior periods Income tax expense Amounts charged directly to equity Deferred tax assets (note 19) Deferred tax liabilities (note 22) Note 10. Current assets - cash and cash equivalents Cash on hand Cash at bank Cash on deposit	Consolidated 2015 2014 $ $ 2,755,995 2,022,368 46,596 - 380,275 488,255 (81,280) 15,319 3,101,586 2,525,942 (756,701) (84,837) 1,055,696 573,092 298,995 488,255 9,241,386 5,466,166 2,772,416 1,639,850 369,286 819,242 (5,432) 51,531 3,136,270 2,510,623 (34,684) 15,319 3,101,586 2,525,942 Consolidated 2015 2014 $ $ - 22,886 171,689 - 171,689 22,886 Consolidated 2015 2014 $ $ 200 200 2,411,976 2,694,008 - 185,220 2,412,176 2,879,428
	2,412,176

Income tax expense
Current tax
Current tax relating to prior periods
Deferred tax - origination and reversal of temporary differences
Deferred tax relating to prior periods
Aggregate income tax expense
Deferred tax included in income tax expense comprises:
Increase in deferred tax assets (note 19)
Increase in deferred tax liabilities (note 22)
Deferred tax - origination and reversal of temporary differences
Numerical reconciliation of income tax expense and tax at the statutory rate
Profit before income tax expense
Tax at the statutory tax rate of 30%
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible foreign income
Sundry items
Adjustment recognised for prior periods
Income tax expense

Amounts charged directly to equity
Deferred tax assets (note 19)
Deferred tax liabilities (note 22)

Note 10. Current assets - cash and cash equivalents

Cash on hand
Cash at bank
Cash on deposit

Consolidated
2015
2014
$
$
2,755,995
2,022,368
46,596
-
380,275
488,255
(81,280)
15,319
3,101,586
2,525,942
(756,701)
(84,837)
1,055,696
573,092
298,995
488,255
9,241,386
5,466,166
2,772,416
1,639,850
369,286
819,242
(5,432)
51,531
3,136,270
2,510,623
(34,684)
15,319
3,101,586
2,525,942
Consolidated
2015
2014
$
$
-
22,886
171,689
-
171,689
22,886
Consolidated
2015
2014
$
$
200
200
2,411,976
2,694,008
-
185,220
2,412,176
2,879,428

2,412,176

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 11. Current assets - trade and other receivables

Trade receivables Other receivables Goods and services tax receivable	Consolidated 2015 2014 $ $ 201,309 - - 149,022 2,251 - 203,560 149,022
	203,560

Past due but not impaired

Customers with balances past due but without provision for impairment of receivables amount to $201,309 as at 30 June 2015 ($nil as at 30 June 2014).

The Group did not consider a credit risk on the aggregate balances after reviewing the credit terms of customers based on recent collection practices.

The ageing of the past due but not impaired receivables are as follows:

0 to 3 months overdue Note 12. Current assets - inventories Ore stockpiles - at cost Gold in transit - at cost Gold on hand - at cost Consumables	Consolidated 2015 2014 $ $ 201,309 - Consolidated 2015 2014 $ $ 1,161,017 431,799 128,549 278,502 24,223,233 19,621,907 295,431 274,296 25,808,230 20,606,504
	25,808,230

Gold on hand at 30 June 2015 has a net realisable value of $53,101,637 (2014: $37,432,313) measured at spot rate of $1,529.22 (2014: $1,393.11). Gold in transit had a net realisable value of $276,310 (2014: $581,852) measured at spot rate of $1,529.22 (2014: $1,393.11).

Note 13. Current assets - income tax refund due

	Consolidated	Consolidated
	2015	2014
	$	$
Income tax refund due	525,782	1,608,999

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 14. Non-current assets - investments accounted for using the equity method

Investment in associate - Tribune Resources Limited Less: provision for impairment	Consolidated 2015 2014 $ $ 31,780,592 28,367,905 (9,543,874) (9,543,874) 22,236,718 18,824,031
	22,236,718

Refer to note 37 for further information on interests in associates.

During the year Rand Mining Limited's ownership of Tribune Resources Ltd increased from 26.01% in 2014 to 26.26%. This occurred due to the following:

On September 2014, in an off-market transaction, Rand Mining Limited purchased 70,000 ordinary Tribune Resources Limited shares at $2.90 per share. This was a discount to the market price and increased the Company's ownership to 26.10%; and
Buy-backs occurring in Tribune Resources Limited during the financial year further increased the Company's ownership to 26.26%.

Investments in joint arrangements

Joint arrangements represent the contractual sharing of control between parties in a business venture where unanimous decisions about relevant activities are required.

Separate joint venture entities providing joint venturers with an interest to net assets are classified as a joint venture and accounted for using the equity method. Refer to Note 2 'Investment in Associate' for a description of the equity method of accounting.

Joint venture operations represent arrangements whereby joint operators maintain direct interests in each asset and exposure to each liability of the arrangement. The Group’s interests in the assets, liabilities, revenue and expenses of the joint operations are included in the respective line items of the financial statements. Information about the joint arrangements is set out in Note 38.

Note 15. Non-current assets - available-for-sale financial assets

Listed securities - at fair value Reconciliation Reconciliation of the fair values at the beginning and end of the current and previous financial year are set out below: Opening fair value Additions Revaluation increments Impairment of assets Closing fair value	Consolidated 2015 2014 $ $ 404,066 164,647 164,647 102,566 150,000 - 114,041 90,666 (24,622) (28,585) 404,066 164,647
	164,647 150,000 114,041 (24,622)
	404,066

Refer to note 29 for further information on fair value measurement.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 16. Non-current assets - property, plant and equipment

Plant and equipment - at cost Less: Accumulated depreciation Mining plant and equipment - at cost Less: Accumulated depreciation Construction work in progress - at cost	Consolidated 2015 2014 $ $ 246,526 275,787 (216,561) (266,650) 29,965 9,137 8,882,132 7,813,474 (5,797,872) (5,563,550) 3,084,260 2,249,924 303,464 - 3,417,689 2,259,061
	29,965
	8,882,132 (5,797,872)
	3,084,260
	303,464
	3,417,689

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Plant and equipment $ 3,205 9,137 - - (2,284) - (921)	Mining plant and equipment $ 1,868,194 160,984 (7,352) (10,395) - 1,073,948 (835,455)	Construction WIP $ 530,060 543,888 - - - (1,073,948) -
9,137 29,989 - - - (9,161)	2,249,924 100,432 (65,929) 30,957 1,653,414 (884,538)	- 1,956,878 - - (1,653,414) -
29,965	3,084,260	303,464

Exploration and evaluation - at cost

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 17. Non-current assets - exploration and evaluation (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 July 2013 Additions Impairment of assets Balance at 30 June 2014 Additions Transfers Impairment of assets Balance at 30 June 2015	Exploration and evaluation $ - 3,865,761 (3,865,761)	Total $ - 3,865,761 (3,865,761) - 2,234,815 (35,380) (1,895,060) 304,375
	- 2,234,815 (35,380) (1,895,060)
	304,375

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

Note 18. Non-current assets - mine development

Mine development - at cost Less: Accumulated amortisation	Consolidated 2015 2014 $ $ 24,495,321 20,911,843 (21,427,630) (15,642,544) 3,067,691 5,269,299
	3,067,691

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 July 2013 Additions Impairment of assets Amortisation expense Balance at 30 June 2014 Additions Rehabilitation adjustment Transfers to Mining Plant and Equipment for rehabilitation Amortisation expense Balance at 30 June 2015	Mine development $ 6,082,577 1,384,733 (116,853) (2,081,158)	Total $ 6,082,577 1,384,733 (116,853) (2,081,158) 5,269,299 3,454,430 (106,915) (30,957) (5,518,166) 3,067,691
	5,269,299 3,454,430 (106,915) (30,957) (5,518,166)
	3,067,691

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 19. Non-current assets - deferred tax

Deferred tax asset comprises temporary differences attributable to: Amounts recognised in profit or loss: Provisions Provision for rehabilitation Capitalised mine development costs Blackhole costs Other Amounts recognised in equity: Capital raising costs Deferred tax asset Movements: Opening balance Credited to profit or loss (note 9) Charged to equity (note 9) Closing balance Note 20. Current liabilities - trade and other payables Trade payables Accrued expenses	Consolidated 2015 2014 $ $ 11,951 170,999 126,436 - 1,255,768 480,174 6,677 - 16,943 8,905 1,417,775 660,078 - 996 1,417,775 661,074 661,074 599,123 756,701 84,837 - (22,886) 1,417,775 661,074	Consolidated 2015 2014 $ $ 11,951 170,999 126,436 - 1,255,768 480,174 6,677 - 16,943 8,905 1,417,775 660,078 - 996 1,417,775 661,074 661,074 599,123 756,701 84,837 - (22,886) 1,417,775 661,074
	1,417,775	660,078
	-	996
	1,417,775	661,074
	661,074 756,701 -	599,123 84,837 (22,886)
	1,417,775	661,074
	Consolidated 2015 2014 $ $ 3,255,990 3,105,814 343,008 50,150 3,598,998 3,155,964
	3,598,998	3,155,964

Refer to note 28 for further information on financial instruments.

Note 21. Current liabilities - provisions

Employee benefits

Consolidated	Consolidated
2015	2014
$	$
39,838		-

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 22. Non-current liabilities - deferred tax

Deferred tax liability comprises temporary differences attributable to:
Amounts recognised in profit or loss:
Inventories
Investment in associate
Investment in associate - equity
Capitalised exploration
Capitalised mining development
Other
Deferred tax liability
Movements:
Opening balance
Credited to profit or loss (note 9)
Credited to equity (note 9)
Closing balance

Note 23. Non-current liabilities - provisions

Rehabilitation

Consolidated
2015
2014
$
$
88,629
-
3,550,797
2,759,583
171,689
-
-
177,125
455,957
-
2,831
105,810
4,269,903
3,042,518
3,042,518
2,469,426
1,055,696
573,092
171,689
-
4,269,903
3,042,518
Consolidated
2015
2014
$
$
421,454
519,851

Rehabilitation

The provision is in respect of the Group’s obligation to rehabilitate the Raleigh, Rubicon-Hornet and Pegasus mine sites upon cessation of production in accordance with the state environmental regulatory requirements. The Group has been assured that the site would be restored using technology and materials that are available currently.

The provision for site restoration has been calculated using a discount rate of 0% as adjustments to present value are not material.

Movements in provisions

Movements in each class of provision during the current financial year, other than employee benefits, are set out below:

Consolidated - 2015 Carrying amount at the start of the year Impact of revision to expected cashflows (net of accretion) Carrying amount at the end of the year	Rehabilitation $ 519,851 (98,397) 421,454

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 24. Equity - issued capital

2015 Shares Ordinary shares - fully paid 60,148,475 Movements in ordinary share capital Details Date Balance 1 July 2013 Balance 30 June 2014 Share buy-back 9 January 2015 Share buy-back 3 June 2015 Balance 30 June 2015	2015 Shares 60,148,475		Consolidated 2014 2015 Shares $ 60,841,209 16,694,186	2014 $ 17,573,427 $ 17,573,427 17,573,427 (227,366) (651,875) 16,694,186
			Shares 60,841,209

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Share buy-back

The market price at the date of the announcement was $0.60 each.

At the date of this report, the Company has bought back (and cancelled) 692,734 fully paid ordinary shares at a cost of $879,241.

Capital risk management

The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The Group would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current parent entity's share price at the time of the investment. The Group is not actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies.

The Group is subject to certain financing arrangements covenants and meeting these are given priority in all capital risk management decisions. There have been no events of default on the financing arrangements during the financial year.

The capital risk management policy remains unchanged from the 2014 Annual Report.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 25. Equity - reserves

Revaluation surplus reserve Available-for-sale reserve Share-based payments reserve Equity accounting reserve	Consolidated 2015 2014 $ $ - 296,059 207,135 545,695 - 1,418,800 694,944 - 902,079 2,260,554
	902,079

Revaluation surplus reserve

The reserve is used to recognise increments and decrements in the fair value of land and buildings, excluding investment properties.

Available-for-sale reserve

The reserve is used to recognise increments and decrements in the fair value of available-for-sale financial assets.

Share-based payments reserve

The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services.

Equity accounting reserve

This reserve is used to recognise the share of the increments and decrements of other comprehensive income from the Company’s share in associate using the equity method.

Movements in reserves

Movements in each class of reserve during the current and previous financial year are set out below:

Consolidated Balance at 1 July 2013 Revaluation - net of tax Balance at 30 June 2014 Revaluation - net of tax Share of other comprehensive income from associate Transferred to retained earnings Transfers Balance at 30 June 2015	Revaluation surplus $ 296,059 -	Available- for-sale $ 437,216 108,479	Share-based payments $ 1,418,800 -	Equity accounting $ - -	Total $ 2,152,075 108,479 2,260,554 114,043 389,535 (1,862,053) - 902,079
	296,059 - - - (296,059)	545,695 114,043 - (443,253) (9,350)	1,418,800 - - (1,418,800) -	- - 389,535 - 305,409
	-	207,135	-	694,944

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 26. Equity - retained profits

Retained profits at the beginning of the financial year Profit after income tax expense for the year Transfer from share premium reserve Transfer from available-for-sale reserve Retained profits at the end of the financial year	Consolidated 2015 2014 $ $ 25,869,751 22,929,527 6,139,800 2,940,224 1,418,800 - 443,253 - 33,871,604 25,869,751
	33,871,604

The Group undertook an exercise to tidy up the reserves and to release to retained earnings any reserve amounts that no longer had a purpose.

Note 27. Equity - dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Note 28. Financial instruments

Financial risk management objectives

The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks, ageing analysis for credit risk.

Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors ('the Board'). These policies include identification and analysis of the risk exposure of the Group and appropriate procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the Group's operating units. Finance reports to the Board on a monthly basis.

Market risk

Foreign currency risk

The Group is not exposed to any significant foreign currency risk.

Price risk

The Group is exposed to equity securities price risks and bullion price risk. This arises from investments held by the Group and classified on the statement of financial position as available-for-sale financial assets and bullion held as inventory.

The policy of the Group is to sell gold at spot price and so it has not entered into any hedging contracts. The Group's revenues were exposed to fluctuation in the price of gold. If the average selling price of gold of US$1,224 (2014: US$1,295) for the financial year had increased/decreased by 10% the change in the profit before income tax for the Group would have been an increase/decrease of A$2,636,516 (2014: A$2,412,942).

If there was a 10% increase or decrease in market price of gold, the net realisable value of bullion on hand would increase/(decrease) by $3,660,554 (2014: $3,743,228) and the bullion in transit would increase/(decrease) by $27,631 (2014: $58,185). As gold on hand is held at cost there would be no impact on profit or loss.

Interest rate risk

The Group's main interest rate risk arises from cash and cash equivalents.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 28. Financial instruments (continued)

As at the reporting date, the Group had the following cash and cash equivalents:

	2015		2014
	Weighted		Weighted
	average		average
	interest rate	Balance	interest rate	Balance
Consolidated	%	$	%	$
Cash at bank	0.40%	2,411,976	2.69%	2,694,008
Deposits at call	-%	-	2.69%	185,219
Net exposure to cash flow interest rate risk		2,411,976		2,879,227

An official increase/decrease in interest rates of one hundred (2014: one hundred) basis points would have a favourable/adverse (2014: favourable/adverse) effect on profit before tax of $24,120 (2014: $28,794) per annum. The percentage change is based on the expected volatility of interest rates using market data and analysts forecasts.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a strict code of credit, including obtaining agency credit information, confirming references and setting appropriate credit limits. The Group obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting 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. The Group does not hold any collateral.

The Group has a credit risk exposure with the carrying amount of receivables. For some receivables the Group obtains agreements which can be called upon if the counterparty is in default under the terms of the agreement.

Liquidity risk

Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable.

The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.

Remaining contractual maturities

The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.

Weighted average interest rate Consolidated - 2015 % Non-derivatives Non-interest bearing Trade payables -% Total non-derivatives	1 year or less $ 3,255,990	Between 1 and 2 years $ -	Between 2 and 5 years $ -	Over 5 years $ -	Remaining contractual maturities $ 3,255,990 3,255,990
	3,255,990	-	-	-

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 28. Financial instruments (continued)

Weighted average interest rate Consolidated - 2014 % Non-derivatives Non-interest bearing Trade payables -% Total non-derivatives	1 year or less $ 3,105,814	Between 1 and 2 years $ -	Between 2 and 5 years $ -	Over 5 years $ -	Remaining contractual maturities $ 3,105,814 3,105,814
	3,105,814	-	-	-

Note 29. Fair value measurement

Fair value hierarchy

The following tables detail the Group's assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3: Unobservable inputs for the asset or liability

Level 1 $ 404,066	Level 2 $ -	Level 3 $ -
404,066	-	-
Level 1 $ 164,647	Level 2 $ -	Level 3 $ -
164,647	-	-

There were no transfers between levels during the financial year.

Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. The carrying amounts of trade receivables and trade payables are assumed to approximate their fair values due to their short-term nature. The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest rate that is available for similar financial instruments.

Note 30. Key management personnel disclosures

Compensation

The aggregate compensation made to directors and other members of key management personnel of the Group is set out below:

Short-term employee benefits Post-employment benefits Long-term benefits	Consolidated 2015 2014 $ $ 356,208 347,250 38,800 37,772 - 124,410 395,008 509,432
	395,008

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 31. Remuneration of auditors

During the financial year the following fees were paid or payable for services provided by Grant Thornton Audit Pty Ltd, the auditor of the Company:

Audit services - Grant Thornton Audit Pty Ltd Audit or review of the financial statements Other services - Grant Thornton Audit Pty Ltd Tax compliance services	Consolidated 2015 2014 $ $ 98,428 72,000 16,700 30,682 115,128 102,682
	16,700
	115,128

Note 32. Contingent liabilities

Native title claims have been made with respect to areas which include tenements in which the Group has interests. The Group is unable to determine the prospects for success or otherwise of the claims and, in any event, whether or not and to what extent the claims may significantly affect the Group or its projects.

During 2015 the Group became part of the Mining Rehabilitation Fund and the performance guarantees relating to 2014 were returned.

Performance guarantees: ML15/993 ML16/309 Note 33. Commitments Capital commitments Committed at the reporting date but not recognised as liabilities, payable: Property, plant and equipment Lease commitments - operating Committed at the reporting date but not recognised as liabilities, payable: Within one year One to five years	Consolidated 2015 2014 $ $ - 132,668 - 52,552 - 185,220 Consolidated 2015 2014 $ $ 9,988,735 8,439,000 400,920 84,421 1,584,093 318,117 1,985,013 402,538
	400,920 1,584,093
	1,985,013

Capital commitments relate to mining capital expenditure commitments relating to the East Kundana joint venture Raleigh underground mine.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 33. Commitments (continued)

Operating lease commitments includes contracted amounts for mining tenement leases. In order to maintain current rights of tenure to mining tenements, the Group will be required to outlay the above-mentioned funds in respect of tenement lease rentals and to meet minimum expenditure requirements of the Western Australian Mines Department. These obligations are expected to be fulfilled in the normal course of operations.

Note 34. Related party transactions

Parent entity

Rand Mining Limited is the parent entity.

Subsidiaries

Interests in subsidiaries are set out in note 36.

Associates

Interests in associates are set out in note 37.

Joint operations

Interests in joint operations are set out in note 38.

Key management personnel

Disclosures relating to key management personnel are set out in note 30 and the remuneration report in the directors' report.

Transactions with related parties

The following transactions occurred with related parties:

	Consolidated	Consolidated
	2015	2014
	$	$
Payment for other expenses:
Payment of royalties to Lake Grace Exploration Pty Ltd, a company related to the director
Anthony Billis.	6,065	10,617
Payment for executive accommodation fees to Lake Grace Exploration Pty Ltd, a company
related to the director Anthony Billis.	33,750	27,000
Payment for consulting fees to Lake Grace Exploration Pty Ltd, a company related to the
director Anthony Billis.	27,500	-
Option fees paid to Resource Capital Limited, a director related entity.	56,542	57,065
Hire of drill rig from Tribune Resources Ghana Ltd for use in Liberia exploration, a director
related entity.	64,099	628,367
Drill rig inventory from Tribune Resources Ghana Ltd for use in Liberia exploration, a director
related entity.	-	214,457

At 30 June 2015, the Group held 4,130,914 (30 June 2014: 28,916,412) ordinary shares in Mount Ridley Mines Limited (ASX: MRD) (formerly AXG Mining Ltd (ASX: AXC)). Gordon Sklenka and Roland Berzins were directors of Mount Ridley Mines Limited until 8 September 2014, the date they resigned as directors of Mount Ridley Mines Limited.

Receivable from and payable to related parties

There were no trade receivables from or trade payables to related parties at the current and previous reporting date.

Advances to/from related parties

During the reporting period, advances of $2,350,000 were provided to Tribune Resources Limited. These amounts were repaid prior to the reporting date. As disclosed above, there were no receivables from related parties at 30 June 2015.

Terms and conditions

All transactions were made on normal commercial terms and conditions and at market rates.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 35. Parent entity information

Set out below is the supplementary information about the parent entity.

Statement of profit or loss and other comprehensive income

Loss after income tax Total comprehensive income Statement of financial position Total current assets Total assets Total current liabilities Total liabilities Equity Issued capital Share-based payments reserve Accumulated losses Total equity	Parent 2015 2014 $ $ (452,199) (380,908) (452,199) (380,908) Parent 2015 2014 $ $ 8,357,413 9,659,970 8,907,525 10,199,127 39,838 - 39,838 - 16,694,186 17,573,427 - 1,418,800 (7,826,499) (8,793,100) 8,867,687 10,199,127
	8,907,525
	39,838
	39,838
	16,694,186 - (7,826,499)
	8,867,687

Guarantees entered into by the parent entity in relation to the debts of its subsidiaries

The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2015 and 30 June 2014.

Contingent liabilities

The parent entity had no contingent liabilities as at 30 June 2015 and 30 June 2014.

Capital commitments - Property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment at as 30 June 2015 and 30 June 2014.

Significant accounting policies

The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2, except for the following:

Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment.

Note 36. Interests in subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary in accordance with the accounting policy described in note 2:

with the accounting policy described in note	2:
		Ownership	interest
	Principal place of business /	2015	2014
Name	Country of incorporation	%	%
Rand Exploration N.L.	Australia	100.00%	100.00%
Mt Manning Resources Limited	Australia	50.00%	50.00%

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 37. Interests in associates

Interests in associates are accounted for using the equity method of accounting. Information relating to associates that are material to the Group are set out below:

		Ownership	interest
	Principal place of business /	2015	2014
Name	Country of incorporation	%	%
Tribune Resources Limited	Australia	26.26%	26.01%

On 30 September 2014, Rand Mining Limited purchased 70,000 ordinary shares of Tribune Resources Limited at $2.90 per share. This changed the percentage ownership from 26.01% to 26.10%. The Tribune share buy-back during the year ended 30 June 2015 further changed the percentage ownership to 26.26%.

Summarised financial information

Summarised statement of financial position Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Net assets Summarised statement of profit or loss and other comprehensive income Revenue Expenses Profit before income tax Income tax expense Profit after income tax Other comprehensive income Total comprehensive income Reconciliation of the Group's carrying amount Opening carrying amount Share of profit after income tax of associate Share of other comprehensive income of associate Purchase of shares Closing carrying amount	Tribune Resources Limited 2015 2014 $ $ 99,152,329 87,535,513 40,987,989 39,963,148 140,140,318 127,498,661 9,202,617 9,501,597 2,851,368 1,576,979 12,053,985 11,078,576 128,086,333 116,420,085 63,487,793 70,284,923 (48,063,282) (61,823,008) 15,424,511 8,461,915 (5,337,518) (4,832,529) 10,086,993 3,629,386 2,137,509 68,488 12,224,502 3,697,874 18,824,031 15,501,076 2,648,463 1,035,142 561,224 17,813 203,000 2,270,000 22,236,718 18,824,031
	140,140,318
	9,202,617 2,851,368
	12,053,985
	128,086,333
	63,487,793 (48,063,282)
	15,424,511 (5,337,518)
	10,086,993 2,137,509
	12,224,502
	18,824,031 2,648,463 561,224 203,000
	22,236,718

The market value of listed investment in associates at 30 June 2015 is $52,384,327 (2014: $44,792,041).

At 30 June 2015 the share price of Tribune Resources Limited increased to $3.99 (2014: $3.43). The Company considers the recoverable amount to be fair value less costs to sell.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 38. Interests in joint operations

The Group has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the financial statements under the appropriate classifications. Information relating to joint operations that are material to the Group are set out below:

		Ownership	interest
	Principal place of business /	2015	2014
Name	Country of incorporation	%	%
East Kundana Joint Venture	Australia	12.25%	12.25%

Note 39. Events after the reporting period

Revisions to the proposed acquisition of the Tapeta Iron Ore Project

Rand may exercise the option at any time prior to the Expiry Date by providing written notice to RCL. On exercise of the option, Rand is obliged to transfer 8 million fully paid ordinary shares in Tribune Resources Limited (ASX: TBR) (Tribune Shares) to RCL;
In the event that completion of the acquisition of RCL does not occur, RCL must retransfer the Tribune Shares to Rand forthwith;
IRL has agreed to grant Rand a licence to access the Project Area during the option period, to conduct a drilling programme and all activities associated with the programme; and
Rand is responsible for the costs of the drilling programme. This includes payment of the rent and any minimum expenditure work obligations required in order to keep the mineral exploration licence in good standing.

Rand Mining Limited Notes to the financial statements 30 June 2015

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Note 40. Reconciliation of profit after income tax to net cash from operating activities

Profit after income tax expense for the year Adjustments for: Depreciation and amortisation Net loss/(gain) on disposal of property, plant and equipment Share of profit from equity accounted investments Non-cash exploration and evaluation Impairment of mine development costs Impairment of available-for-sale financial assets Impairment of exploration and evaluation Liberia exploration written off Change in operating assets and liabilities: Increase in trade and other receivables Decrease/(increase) in inventories Decrease/(increase) in income tax refund due Increase in deferred tax assets Decrease in other operating assets Increase/(decrease) in trade and other payables Decrease in provision for income tax Increase in deferred tax liabilities Increase in employee benefits Increase/(decrease) in other provisions Net cash from operating activities Note 41. Earnings per share Profit after income tax attributable to the owners of Rand Mining Limited Weighted average number of ordinary shares used in calculating basic earnings per share Weighted average number of ordinary shares used in calculating diluted earnings per share Basic earnings per share Diluted earnings per share	Consolidated 2015 2014 $ $ 6,139,800 2,940,224 6,411,865 2,917,534 82,934 (296) (2,648,463) (1,035,142) -. (1,937,474) - 116,853 24,622 28,585 1,895,060 - - 1,939,758 (54,538) (16,046) (5,201,726) 4,184,923 1,083,217 (1,608,999) (756,699) (61,951) - 791,049 443,034 (462,202) - (1,414,886) 1,055,696 573,092 39,838 - 8,518 (29,485) 8,523,158 6,925,537 Consolidated 2015 2014 $ $ 6,139,800 2,940,224 Number Number 60,660,852 60,841,209 60,660,852 60,841,209 Cents Cents 10.12 4.83 10.12 4.83
	Number 60,660,852
	60,660,852
	Cents 10.12 10.12

Rand Mining Limited Directors' declaration 30 June 2015

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In the directors' opinion:

the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2015 and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

The directors have been given the declarations required by section 295A of the Corporations Act 2001.

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

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______ Anthony Billis Director

30 September 2015 Perth

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Level 1 10 Kings Park Road West Perth WA 6005

Correspondence to: PO Box 570 West Perth WA 6872

Independent Auditor’s Report To the Members of Rand Mining Limited

T +61 8 9480 2000 F +61 8 9322 7787 E [email protected] W www.grantthornton.com.au

Report on the financial report

We have audited the accompanying financial report of Rand Mining Limited (the “Company”), which comprises the consolidated statement of financial position as at 30 June 2015, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the consolidated entity comprising the Company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ responsibility for the financial report

The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001. The Directors’ responsibility also includes such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. The Directors also state, in the notes to the financial report, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, the financial statements comply with International Financial Reporting Standards.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require us to comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

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

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

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

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

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

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

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.

Auditor’s opinion

In our opinion:

a the financial report of Rand Mining Limited is in accordance with the Corporations Act 2001, including:
i giving a true and fair view of the consolidated entity’s financial position as at 30 June 2015 and of its performance for the year ended on that date; and
ii complying with Australian Accounting Standards and the Corporations Regulations 2001; and
b the financial report also complies with International Financial Reporting Standards as disclosed in the notes to the financial statements.

Report on the remuneration report

We have audited the remuneration report included in the directors’ report for the year ended 30 June 2015. The Directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.

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Auditor’s opinion on the remuneration report

In our opinion, the remuneration report of Rand Mining Limited for the year ended 30 June 2015, complies with section 300A of the Corporations Act 2001.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants C A Becker Partner - Audit & Assurance

Perth, 30 September 2015

Rand Mining Limited Shareholder information 30 June 2015

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The shareholder information set out below was applicable as at 23 September 2015.

Distribution of equitable securities

Analysis of number of equitable security holders by size of holding:

1 to 1,000 1,001 to 5,000 5,001 to 10,000 10,001 to 100,000 100,001 and over Holding less than a marketable parcel	Number of holders of ordinary shares 266 191 57 77 25 616 140

Equity security holders

Twenty largest quoted equity security holders

The names of the twenty largest security holders of quoted equity securities are listed below:

Tribune Resources Limited
Trans Global Capital Ltd
Gleneagle Securities Nominees Pty Limited
Northern Star Resources Limited
Lake Grace Exploration Pty Ltd
Sierra Gold Ltd
Resource Capital Limited
CS Fourth Nominees Pty Ltd
JP Morgan Nominees Australia Limited
Spectrok Pty Ltd
Raypoint Pty Ltd
Mrs Phanatchakorn Wichaikul
Spinite Pty Ltd
Mr Francis William Regan and Mrs Fariba Regan
Berne No 132 Nominees Pty Ltd
Mr Simon Robert Evans and Mrs Kathryn Margaret Evans
Mr Frank Bozic
Ian Sandover and Associates Pty Ltd
Southam Investments 2003 Pty Ltd
HKT AU Pty Ltd

Ordinary shares
% of total
shares
Number held
issued
26,576,764
44.19
7,899,584
13.13
5,313,424
8.83
2,925,360
4.86
2,917,000
4.85
2,100,000
3.49
1,604,500
2.67
1,465,415
2.44
1,115,843
1.86
540,000
0.90
530,000
0.88
510,000
0.85
410,126
0.68
350,000
0.58
306,600
0.51
270,369
0.45
250,000
0.42
234,918
0.39
233,017
0.39
217,829
0.36
55,770,749
92.73

55,770,749

Unquoted equity securities There are no unquoted equity securities.

Rand Mining Limited Shareholder information 30 June 2015

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Substantial holders

Substantial holders in the Company are set out below:

	Ordinary	shares
		% of total
		shares
	Number held	issued
Tribune Resources Limited	26,576,764	44.19
Trans Global Capital Ltd	7,899,584	13.13
Gleneagle Securities Nominees Pty Limited	5,313,424	8.83

Voting rights

The voting rights attached to ordinary shares are set out below:

Ordinary shares

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

There are no other classes of equity securities.

Tenements

		Interest
Description	Tenement number	owned %
Western Australia, Australia
Kundana	M15/1413	12.25
Kundana	M15/993	12.25
Kundana	M16/181	12.25
Kundana	M16/182	12.25
Kundana	M16/308	12.25
Kundana	M16/309	12.25
Kundana	M16/325	12.25
Kundana	M16/326	12.25
Kundana	M16/421	12.25
Kundana	M16/428	12.25
Kundana	M24/924	12.25
Seven Mile Hill	M15/1233	50.00
Seven Mile Hill	M15/1234	50.00
Seven Mile Hill	M15/1291	50.00
Seven Mile Hill	M15/1388	50.00
Seven Mile Hill	M15/1394	50.00
Seven Mile Hill	M15/1409	50.00
Seven Mile Hill	M15/1743	50.00
Seven Mile Hill	M26/563	50.00
Seven Mile Hill	P15/5182	50.00
Seven Mile Hill	P15/5183	50.00
Seven Mile Hill	P15/5184	50.00
Seven Mile Hill	P26/3617	50.00

Liberia, West Africa

Tapeta Iron Ore Project (currently under option to acquire issued capital of Iron Resources Ltd, the owner of the project)

100.00

AI assistant

RAND MINING LIMITED — Annual Report 2015

65721_rns_2015-10-18_78b65ca8-70a4-4061-9664-b4f222106de8.pdf

Rand Mining Limited ABN 41 004 669 658

Directors

Principal activities

Dividends

Review of operations

East Kundana Joint Venture

Mining

Raleigh

Rubicon/Hornet/Pegasus

EKJV

Rand Mining Limited Directors' report 30 June 2015

Exploration

Seven Mile Hill (50%)

Tapeta Iron Ore Project, Liberia, West Africa

Corporate

Resources and Reserves

Mineral Resource and Ore Reserve Governance and Internal Controls

Table 1

Table 2

Ore Reserves on EKJV Leases at 30 June 2015 (subject to rounding errors)

Notes to tables:

Competent Person Statements

Significant changes in the state of affairs

Matters subsequent to the end of the financial year

Revisions to the proposed acquisition of the Tapeta Iron Ore Project

Likely developments and expected results of operations

Environmental regulation

Greenhouse gas and energy data reporting requirements

Information on directors

Company secretaries

Meetings of directors

Remuneration report (audited)

Principles used to determine the nature and amount of remuneration

Non-executive directors remuneration

Executive remuneration

Group performance and link to remuneration

Use of remuneration consultants

Voting and comments made at the Company's 2014 Annual General Meeting ('AGM')

Details of remuneration

Amounts of remuneration

Service agreements

Share-based compensation

Issue of shares

Options

Additional disclosures relating to key management personnel

Shareholding

Loans to key management personnel and their related parties

This concludes the remuneration report, which has been audited.

Shares under option

Shares issued on the exercise of options

Indemnity and insurance of officers

Indemnity and insurance of auditor

Proceedings on behalf of the Company

Non-audit services

Officers of the Company who are former partners of Grant Thornton Audit Pty Ltd

Auditor's independence declaration

Auditor

Rand Mining Limited Statement of profit or loss and other comprehensive income For the year ended 30 June 2015

Rand Mining Limited Statement of changes in equity For the year ended 30 June 2015

Rand Mining Limited Statement of cash flows For the year ended 30 June 2015

Note 1. General information

Note 2. Significant accounting policies

New, revised or amending Accounting Standards and Interpretations adopted

Basis of preparation

Historical cost convention

Critical accounting estimates

Parent entity information

Principles of consolidation

Note 2. Significant accounting policies (continued)

Operating segments

Revenue recognition

Sale of gold

Interest

Other revenue

Income tax

Note 2. Significant accounting policies (continued)

Current and non-current classification

RAND MINING LIMITED Annual Report 2015