Resolute Mining Limited — Annual Report 2015

Aug 27, 2015

APPENDIX 4E Preliminary Final Report for the Year Ended 30 June 2015

01 HIGHLIGHTS Annual gold production of 328,684 ounces at a Cash Cost of A$845/oz and All-in Sustaining Cost of A$1,094/oz beats production and cost guidance Record gold production at Syama for the year demonstrating its value as a robust, long life, cash generator for Resolute Positive cash flow from operations of A$62m Cash and bullion on hand of A$54m at 30 June 2015 Gross profit from continuing operations of A$71m up 27% from A$56m in 2014 due to improved profit margins New Syama Oxide Circuit completed within budget and ahead of schedule Updated Underground Pre‐Feasibility Study at Syama completed, confirming the transition to a large scale Sub Level Cave underground operation that will deliver strong economics and cash margins until at least 2028, with mineralisation remaining robust and open and further diamond drilling planned in FY2016 to extend and upgrade the deposit Positive Underground Scoping Study provided confidence to proceed with a Feasibility Study at Bibiani in Ghana Loss after tax of A$569m includes non-cash asset impairment charges of A$572m primarily triggered by a lower USD gold price, and unrealised treasury losses and fair value movements of A$48m

Unhedged production with strong leverage to gold price – profitable and cash generating over wide gold price range

FINANCIAL RESULTS

• Revenue from gold sales (including the discontinued operation) down 12% to A$462m (2014: A$527m) due to the cessation of operations at Golden Pride since the comparative period.
• Average cash price received on 313,100 ounces of gold sold (2014: 371,976 ounces) was A$1,468/oz (2014: A$1,413/oz).
• Average cash cost per ounce of gold produced was A$845/oz (2014: A$922/oz).

• A 02 nnual impairment charges of A$572m (of which approximately 60% were included in the December 2014 Half Year Report) were primarily related to the lower USD gold price environment.
• Net operating cash inflows (including exploration expenditure) during the year were A$62m (2014: A$105m), with the prior year including Golden Pride operations which ceased production in December 2013 and formally handed back to the government on 12 December 2014.
• Net investing cash outflows of A$73m (2014: A$97m) included A$60m of development expenditure, primarily for the Syama Oxide Circuit and Syama Grid Connection Project, A$33m of evaluation expenditure, primarily for the Syama Underground Pre-Feasibility Study and the Bibiani Scoping Study, and proceeds of A$23m from the sale of available for sale gold equity investments.
• Net financing outflows of A$2m (2014: A$13m inflows) included A$17m of debt repayments and A$14m of proceeds from new finance facilities.

OPERATIONS

Total gold production for the year was 328,684 ounces (2014: 342,774oz) at an average cash cost of A$845/oz (2014: A$922/oz). The annual production summary is as follows:

				All-In
	Total			Sustaining
	Production	CashCost	CashCost	Cost
	(Goldoz)	A$/oz	US$/oz	A$/oz
Syama
2015	224,911	800	663	1,029
2014	165,493	1,006	922	1,311
Ravenswood
2015	103,773	940	778	1,180
2014	139,291	832	764	1,029
GoldenPride
2015	-	-	-	-
2014	37,990	887	814	1,030
Group
2015	328,684	845	707	1,094
2014	342,774	922	847	1,177

Commissioning of the new parallel Oxide Circuit at Syama commenced in November 2014, ahead of schedule and within budget. Commissioning was

03 relatively trouble free with no major issues. This resulted in gold produced from the new oxide circuit contributing 45,916oz to Syama's FY2015 production.

• Mining of oxide ore commenced at the Syama A21 satellite pit to provide feed for the new oxide plant.
• Construction of the oxide Tailings Storage Facility at Syama was completed, as well as the raising of the de-slime storage facility.
• As announced on 25 November 2014, the Company decided to defer mining of the Stage 2 cutback at the Syama sulphide open pit and initiated a review of the mine plan, ultimately resulting in an underground pre-feasibility study (see below). The deferral of Stage 2 delivered cash flow benefits by reducing the short term requirement to mine an extensive volume of pre-strip waste to gain access to deeper ore.
• Resolute successfully completed Stage 1 open pit mining at Syama during the June 2015 quarter, following which initial earthworks commenced in the Syama pit Stage 1 to prepare for access to the proposed underground portal location at the 1200mRL. This involved some minor backfill of material and wall scaling in this area in preparation for preliminary works required prior to underground commencement.
• Golden Pride Project Closure Handover: As agreed with the Government of Tanzania, the formal handover of the Golden Pride site and all remaining infrastructure to the Madini Institute to set up a mining institute of learning was completed at a ceremony on 12 December 2014. This ended Resolute's presence onsite at Golden Pride after 15 years and production of over 2.2 million ounces of gold.

DEVELOPMENT

Mali

• An updated Underground Pre‐Feasibility Study at Syama was completed and confirmed the transition to a large scale Sub Level Cave underground operation that will deliver strong economics and cash margins until at least 2028. Mineralisation remains robust and open, and further diamond drilling is planned in to extend and upgrade the deposit.
• Government approval of the Environmental and Social Impact Study was received for the Syama Grid Connection Project in Mali.

Ghana

An Underground Scoping Study was completed for the Bibiani gold project with positive results resulting in a decision to commence and complete a Feasibility Study during FY2016. A new resource has been estimated following the completion of the 26,665m drilling program resulting in a 60% increase in Indicated ounces and a 12% increase in overall ounces compared to the prior 2012 Coffey Model. The Underground Scoping Study completed by Snowden Mining Consultants has delivered a mining inventory of 4.3Mt @ 4.2g/t Au at a

04 3.25g/t Au cut off for 574,000 ounces adjacent to existing underground infrastructure. This inventory does not include 600,000 ounces @ 4.1g/t Au of Inferred Resources that will be drill tested and are expected to be upgraded for inclusion in the Feasibility Study.

Australia

At Ravenswood the additional study components of the Buck Reef West and Nolans East projects were separated to reflect potential timing differences between the two projects. The Nolans East pit is located next to the Sarsfield open pit and is adjacent to the process plant and therefore provides a quick entry to ore production compared to the Buck Reef West pit. The current work program for the two projects is dominated by sub‐studies designed to improve the quality of the different project inputs and to identify capital and operating cost reductions which will enhance the project outcomes and economics. Where required, external consultants have been engaged to provide expert advice in specialised areas.

EXPLORATION

Mali

• In Mali, encouraging intersections from a first pass 14 hole RC drill program undertaken in the Finkolo North area, following a strong air core defined gold anomaly.
• Commencement of an incorporated joint venture with Legend Gold on the Pitiangoma East research permit. This permit allows Resolute access to the only section of the Syama Greenstone Belt not previously controlled by the Company.

Cote d'Ivoire

• Exploration commenced on the highly prospective Takikro research permit, with detailed geological mapping completed.
• A farm in arrangement was finalised with ASX listed Taruga Gold to earn up to a 75% interest in three tenements in Cote d'Ivoire.
• Exploration commenced on the newly acquired Joint Venture research permits of Tiebissou and Nielle. Tiebissou covers a 15km strike length of the highly prospective Birimian greenstone belt which hosts Newcrest's Bonikro and Endeavour Mining's Agbaou gold deposits.

Australia

In Queensland, a pole‐dipole 3D IP geophysical survey was completed over the Mt Glenroy breccia pipe and surrounding area. This survey identified a very strong chargeability high coincident with a resistivity low. Drilling of this welldefined IP/multi‐element target will commence in the September 2015 quarter.

CORPORATE

• Successful completion of the A$15m (less costs) Convertible Note raising via the issue of 15m Notes at an issue price of A$1.00 each on 15 December 2014. The Notes are unsecured, have a coupon rate of 10% p.a. payable quarterly and a 3 year term.
• Cash and bullion balance of A$54m as at 30 June 2015 continues to build ahead of scheduled repayment of US$50m Cash Advance Facility in 2016.
• Lower gold price environment has been the main trigger of a A$572m non-cash impairment charge.

OUTLOOK

Group gold production for FY2016 is anticipated to be at similar levels to FY2015 and is forecast to be 315,000 ounces.

Production from Syama will be generated from both the Sulphide processing circuit and the new parallel Oxide processing plant which was commissioned in January 2015. As previously announced (see ASX announcements dated 20 March 2015 and 9 June 2015) Resolute intends to transition Syama to an underground operation which will more efficiently extract Stage 2 mineralisation and extend project mine life to beyond 2028. As a result the Sulphide mill feed is currently being sourced from stockpiles which consist of more than 6.2 million tonnes of ore at an average grade of 2 grams per tonne. Feed for the Oxide circuit will continue to be sourced from open pit mining at A21 and the other defined satellite deposits.

Production levels at the Ravenswood gold mine in Australia are expected to continue to be consistent with the life of mine plan with minor improvements due to higher mill throughput following the completion of the secondary crusher installation in July 2015.

Group cash costs for FY2016 are forecast to be A$990/oz and Group All-In-Sustaining costs are forecast to be identical to the original guidance for FY2015 of A$1,280/oz. The increment in cost guidance above the results achieved for FY2015 are a result of the transition to a large scale Sub Level Cave underground operation in the revised life of mine plan for Syama, as explained above, and the impact of the lower USD/AUD exchange rate.

The revised life of mine plan for Syama, in addition to ongoing operational efficiencies in both the Sulphide and Oxide circuits, provides the opportunity for the Company to liquidate the excess inventory of gold in circuit maintained during FY2015. It is expected that during FY2016 gold in circuit will be drawn down by approximately 25,000 ounces which will result in FY2016 gold sales exceeding forecast gold production by a similar margin.

06 The group's committed capital expenditure budgeted for FY2016 includes sustaining capital expenditure and the Ravenswood decline development costs amounting to A$18m.

Discretionary capital expenditure for FY2016 relating to the commencement of the Syama underground infrastructure, portal and decline development, the Syama grid connection, feasibility studies, exploration and other development expenditure totals approximately A$97m.

The timing and quantum of this discretionary expenditure will be determined by the prevailing gold price, operational cashflow generation and the approach adopted relating to the repayment or refinancing of existing borrowings.

Resolute's focus for the year ahead is to take advantage of the Company's operating performance at Syama and Ravenswood and deliver on growth opportunities.

John Welborn Managing Director and Chief Executive Officer 28 August 2015

About Resolute:

Resolute is a successful gold miner with more than 25 years of continuous production. The Company is an experienced explorer, developer, and operator having operated nine gold mines across Australia and Africa which have produced in excess of 7 million ounces of gold. The Company currently operates two mines, the Syama gold mine in Africa and the Ravenswood gold mine in Australia, and is one of the largest gold producers listed on the Australian Securities Exchange with FY16 guidance of 315,000 ounces of gold production at a cash cost of A$990/oz.

Resolute's flagship Syama gold mine in Mali is a robust long life asset benefitting from fully operational parallel sulphide and oxide processing plants. The move to underground mining is expected to continue the asset's history of strong cash generation and extend the mine life to out beyond 2028. The Ravenswood gold mine in Queensland demonstrates Resolute's significant underground expertise in the ongoing success in mining the Mt Wright ore body. In Ghana, the Company is completing a feasibility study on the Bibiani gold project focused on the development of an underground operation requiring very low capital and using existing plant infrastructure. Resolute also controls an extensive exploration footprint along the highly prospective Syama Shear and Greenstone Belts in Mali and Cote d'Ivoire and is active in reviewing new opportunities to build shareholder value.

Competent person statement:

The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Richard Bray who is a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr Andrew Goode, a member of The Australasian Institute of Mining and Metallurgy. Mr Richard Bray and Mr Andrew Goode both have more than 5 years' experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they are 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". Mr Richard Bray and Mr Andrew Goode are full time employees of Resolute Mining Limited Group and each hold equity securities in the Company. They have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears.

APPENDIX 4E: PRELIMINARY FINAL REPORT

APPENDIX 4E: PRELIMINARY FINAL REPORT

TABLE OF CONTENTS

Appendix 4E	9
Consolidated Statement of Comprehensive Income	10
Consolidated Statement of Financial Position	12
Consolidated Statement of Changes in Equity	14
Consolidated Cash Flow Statement	16
Notes to the Financial Statements	17

REPORTING PERIOD

The reporting period is the year ended 30 June 2015 with the corresponding reporting period being for the year ended 30 June 2014.

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Results				A$'000
Revenue from gold and silversales (including discontinued operation)	down	12%	to	462,232
Revenue from gold and silversales (continuing operations)	up	8%	to	459,147
Loss before tax attributable to members of the parent	down	n/a	to	(502,695)
Net loss after tax attributable to members of the parent	down	n/a	to	(502,637)

	Amount per	Franked amount
Dividends	security	persecurity
Final dividend	n/a	n/a
Interim dividend	n/a	n/a
Record date for determining entitlements to the dividend	n/a

The above results should be read in conjunction with the notes and commentary contained within this report.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Note	Fortheyear ended30‐Jun‐15	For theyear ended30‐Jun‐14
		$'000	$'000
Continuing Operations
Revenue from gold and silversales	3(a)	459,147	426,753
Costs of production relating to gold sales	3(b)	(256,935)	(276,037)
Gross profit before depreciation, amortisation and other operating costs		202,212	150,716
Depreciation and amortisation relating to gold sales	3(c)	(101,493)	(68,021)
Other operating costs relating to gold sales	3(d)	(29,800)	(26,925)
Gross profit		70,919	55,770
Other revenue	3(e)	26	38
Other income	3(f)	12,109	14,534
Exploration and business development expenditure		(7,327)	(11,502)
Administration and other corporate expenses	3(g)	(6,922)	(7,218)
Treasury ‐ realised losses	3(h)	(579)	(78)
Asset impairment expenses, fair value movements, and unrealised treasury
transactions	3(i)	(619,461)	(14,946)
Share of associates' losses		‐	(704)
(Loss)/Profit before interest and tax		(551,235)	35,894
Finance costs	3(j)	(11,063)	(8,772)
(Loss)/Profit before tax from continuing operations		(562,298)	27,122
Tax (expense)/benefit		(1,189)	73
(Loss)/Profit for the year from continuing operations		(563,487)	27,195
Discontinued Operation
(Loss)/Profit after tax for the discontinued operation	4	(5,273)	1,961
(Loss)/Profit for the year		(568,760)	29,156
(Loss)/Profit attributable to:
Members of the parent		(502,637)	33,313
Non‐controlling interest		(66,123)	(4,157)
		(568,760)	29,156

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued)

	Note	Fortheyear ended30‐Jun‐15	For theyear ended30‐Jun‐14
		$'000	$'000
(Loss)/Profit for the year (brought forward)		(568,760)	29,156
Other comprehensive (loss)/income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations:
‐ Members of the parent		41,361	(7,300)
Changes in the fair value/realisation of available forsale financial assets, netof tax		(11,615)	11,488
Items that may not be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations:
‐ Non‐controlling interest		1,739	166
Other comprehensive income for the year, net of tax		31,485	4,354
Total comprehensive (loss)/income for the year		(537,275)	33,510
Total comprehensive (loss)/income attributable to:
Members of the parent		(469,413)	37,501
Non‐controlling interest		(67,862)	(3,991)
		(537,275)	33,510
(Loss)/Earnings pershare for net (loss)/profit attributable to the ordinaryequity holders of the parent:
Basic (loss)/earnings pershare	8	(78.39) cents	5.20 cents
Diluted (loss)/earnings pershare	8	(78.39) cents	5.15 cents
(Loss)/Earnings pershare for net (loss)/profit from continuing operations
attributable to the ordinary equity holders of the parent:
Basic (loss)/earnings pershareDiluted (loss)/earnings pershare		(77.57) cents(77.57) cents	4.89 cents4.85 cents

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Note	As at	As at
		30‐Jun‐15	30‐Jun‐14
		$'000	$'000
Current assets
Cash and cash equivalents		9,885	18,546
Receivables		11,451	4,084
Inventories		194,606	150,777
Available forsale financial assets	5	114	23,523
Other current assets		3,535	2,644
Total current assets		219,591	199,574
Non current assets
Receivables		558	1,308
Other financial assets		3,584	2,908
Exploration and evaluation expenditure		33,951	42,665
Development expenditure		90,469	457,325
Property, plant and equipment		66,318	240,509
Total non current assets		194,880	744,715
Total assets		414,471	944,289
Current liabilities
Payables		36,485	49,636
Interest bearing liabilities	6	99,430	30,699
Unearned revenue		3,307	9,731
Provisions		32,151	30,725
Current tax liabilities		‐	1,214
Total current liabilities		171,373	122,005
Non current liabilities
Interest bearing liabilities	6	14,286	58,352
Provisions		63,586	61,283
Unearned revenue		‐	3,344
Total non current liabilities		77,872	122,979
Total liabilities		249,245	244,984
Net assets		165,226	699,305

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

	Note	Asat	Asat
		30‐Jun‐15$'000	30‐Jun‐14$'000
Equity attributable to equity holders of the
parent
Contributed equity	9	380,305	380,305
Reserves		73,026	40,084
(Accumulated losses)/Retained earnings		(210,588)	292,049
Total equity attributable to equity holders
of the parent		242,743	712,438
Non‐controlling interest		(77,517)	(13,133)
Total equity		165,226	699,305

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

CONSOLIDATED STATEMENT OF CHANGES INEQUITY

	ibdCttonrueitequy	lidNteunrease/(l)iganossreserve	iblCttonverenoesitequyreserve	hiStareoponsitequyreserve	liEtmpoyeeequybfitenesreserve	iForegncurrencylittransaonreserve	idiRteaneearnngs	lliNton‐conrongittneres	lTtoa
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
lyA1J2014tu	380,305	11,488	‐	5,987	7,695	14,914	292,049	()13,133	699,305
fohedLoiotssrper	‐	‐	‐	‐	‐	‐	()02,6357	()66,123	()68,6057
()/hehelofOiveinctttrcomprensssomeneoax,	‐	()11,615	‐	‐	‐	41,361	‐	1,739	31,485
/lhe(lo)fohefiveinciod,Tottttacomprensssomerperneoax	‐	()11,615	‐	‐	‐	41,361	()502,637	()64,384	()537,275
iihTttransaconswowners
fdflfdEqiioinaiainstytttttupornocompounncrumens,neoaxan
iotttransacncoss	‐	‐	384	‐	‐	‐	‐	‐	384
habdloySttre‐asepaymensoempees	‐	‐	‐	‐	2,821	‐	‐	‐	2,821
A30J2015tneu	380,305	()127	384	5,987	10,507	56,275	()210,588	()77,517	165,226

30 JUNE 2015

CONSOLIDATED STATEMENT OF CHANGES INEQUITY (continued)

	budCoiitrtetynequ	ldiseNet unrea	harSiontoeps	loyiEmtypeeequ	igForen currency	dineingRetaearns	llingNotron‐con	lTota
		/()inlosgasreserve	ityeqreserveu	befitsnereserve	laiontratnsreserve		intertes
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
lyA1Ju2013t	380,225	‐	5,987	6,018	21,811	259,139	()14,577	658,603
fforhediioProttper	‐	‐	‐	‐	‐	33,313	()4,157	29,165
/(),fOheheiveinclostt otaxcormprensomesne	‐	8811,4	‐	‐	()3007,	‐	661	34,54
lheiveincforheiod,fTotatt otaxcomprensomeperne	‐	11,488	‐	‐	()7,300	33,313	()3,991	33,510
ionihTrattnsacwsowners
hardSissesue	80	‐	‐	‐	‐	‐	‐	80
ferfroforlaTraigiontratnsmen currencynsreserve	‐	‐	‐	‐	403	()403	‐	‐
llbsinginin sidiariredNotrotertn‐conesacquyu	‐	‐	‐	‐	‐	‐	35,45	35,45
Sharbasdloytstoe‐epaymenempees	‐	‐	‐	61,77	‐	‐	‐	61,77
A30Jun2014te	380,305	11,488	5,987	7,695	14,914	292,049	()13,133	699,305

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

CONSOLIDATED CASH FLOW STATEMENT

	Consolidated
	Forthe	Forthe
	year ended	year ended
	30‐Jun‐15	30‐Jun‐14
	$'000	$'000
Cash flows from operating activities
Receipts from customers	462,232	526,798
Payments to suppliers, employees and others	(384,817)	(398,421)
Income tax paid	(331)	(2,405)
Exploration expenditure	(8,998)	(15,651)
Interest paid	(6,252)	(5,635)
Interest received	27	41
Net cash flows from operating activities	61,861	104,727
Cash flows used in investing activities
Payments for property, plant & equipment	(6,690)	(13,471)
Proceeds from sale of available forsale financial assets	23,252	33,000
Payments for development activities	(59,507)	(89,216)
Payments for evaluation activities	(33,200)	(17,763)
Proceeds from sale of property, plant & equipment	2,258	283
Proceeds from sale of other assets	3,087	‐
Other investing activities	(1,899)	(1,120)
Payments for acquisition of available forsale financial assets	‐	(100)
Net cash in subsidiaries acquired	‐	241
Loan to associate	‐	(8,868)
Net cash flows used in investing activities	(72,699)	(97,014)
Cash flows from financing activities
Repayment of borrowings	(11,228)	(6,670)
Repayment of lease liability	(5,461)	(4,736)
Proceeds from finance facilities	14,411	24,472
Proceeds from issuing ordinary shares	‐	82
Costs of issuing ordinary shares	‐	(2)
Net cash flows (used in)/from financing activities	(2,278)	13,146
Net (decrease)/increase in cash and cash equivalents	(13,116)	20,859
Cash and cash equivalents at the beginning of the financial year	(7,344)	(28,143)
Exchange rate adjustment	725	(60)
Cash and cash equivalents at the end of the period	(19,735)	(7,344)
Cash and cash equivalents comprise the following:
Cash at bank and on hand	9,885	18,546
Bank overdraft	(29,620)	(25,890)
	(19,735)	(7,344)

The above consolidated cash flow statement should be read in conjunction with the accompanying notes.

NOTE 1: BASIS OF PREPARATION OF PRELIMINARY FINAL REPORT

a) Corporate information

The preliminary final report of Resolute Mining Limited and its subsidiaries ("Resolute" or the "Group") for the full year ended 30 June 2015 was authorised for issue in accordance with a resolution of directors.

Resolute Mining Limited ("RML") is a company incorporated in Australia and limited by shares, which are publicly traded on the Australian Securities Exchange.

b) Basis of preparation

This report is based on accounts that are in the process of being audited.

This report does not include all of the notes normally included in an annual financial report. Accordingly this report is to be read in conjunction with the financial report for the year ended 30 June 2014 and any public announcements made by RML during the reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

NOTE 2: ANNUAL GENERAL MEETING

The annual general meeting will be held as follows:

Place:	To be advised
Date:	To be advised
Time:	To be advised
Approximate date the annual report will be available:	Late October 2015

NOTE 3: (LOSS)/PROFIT FROM CONTINUING OPERATIONS

		Consolidated
		For theyear ended30‐Jun‐15$'000	For theyear ended30‐Jun‐14$'000
(a)	Revenue from gold and silversales
	Gold and silversales	459,147	426,753
(b)	Costs of production relating to gold sales
	Costs of production (excluding gold in circuit inventories movement)	275,398	282,396
	Gold in circuit inventories movement	(18,463)	(6,359)
		256,935	276,037
(c)	Depreciation and amortisation relating to gold sales
	Amortisation of evaluation, development and rehabilitation costs	50,217	36,134
	Depreciation of mine site properties, plant and equipment	51,276	31,887
		101,493	68,021
(d)	Other operating costs relating to gold sales
	Royalty expense	28,313	25,041
	Operational support costs	1,487	1,884
		29,800	26,925
(e)	Otherrevenue
	Interest income	26	38
(f)	Otherincome
	Dividend income	64	‐
	Profit on sale of property, plant and equipment	45	756
	Profit on sale of available forsale financial assets	11,921	13,707
	Other	79	71
		12,109	14,534

		Consolidated
		Fortheyear ended30‐Jun‐15$'000	For theyear ended30‐Jun‐14$'000
(g)	Administration and other corporate expenses
	Other management and administration expenses	5,153	5,867
	Share based payments expense	1,667	1,237
	Depreciation of non mine site assets	102	114
		6,922	7,218
(h)	Treasury ‐ realised gains/(losses)
	Realised foreign exchange gain	237	59
	Realised loss on repayment of gold prepay loan	(816)	(137)
		(579)	(78)
(i)	Asset impairment expenses, fair value movements, and unrealised treasury losses
	Impairment of property, plant and equipment (i)	(142,777)	‐
	Impairment of exploration, evaluation and development (i)	(418,262)	‐
	Impairment of accounts receivable (ii)	(10,231)	‐
	Impairment of gold equity investments	(331)	‐
	Total asset impairment expenses	(571,601)	‐
	Inventories net realisable value movements and obsolete consumables (iii)	(8,389)	(15,013)
	Unrealised foreign exchange (loss)/gain	(12,519)	1,607
	Unrealised foreign exchange (loss)/gain on intercompany balances	(26,952)	16,460
	Fair value movement on convertible notes held in associate	‐	(18,000)
	Total fair value movements and unrealised treasury transactions	(47,860)	(14,946)
	Total asset impairment expense, fair value movements and unrealisedtreasury transactions	(619,461)	(14,946)

(i) Impairment of Non‐Current Assets

In accordance with the Group's accounting policies and processes, the Group performs its impairment testing twice annually at 30 June and 31 December. Non‐financial assets are reviewed at each reporting period to determine whether there is an indication of impairment. Where an indicator of impairment exists, a formal estimate of the recoverable amount is made.

The Group carried out recoverable amount assessments for all of its cash generating units ("CGUs"), and this has resulted in impairment charges for Syama, Bibiani and the Nyakafuru tenement (the latter which has been included in the Corporate/Other segment). Included in the events which triggered a review were a lower USD gold price, significant revision of the life‐of‐mine plan at the Syama Gold Mine, and the sustained difference in the carrying amount of the net assets of the group and its quoted market capitalisation.

(i) Impairment of Non‐Current Assets (continued)

The key change to the life‐of‐mine plan at Syama over the past year was the cessation of the open pit Stage 2 cutback and the decision to exploit the ore reserves beneath the Stage 1 open cut pit by way of an underground mining operation.

Unless otherwise identified, the following discussion of impairment testing and sensitivity analysis is applicable to the assessment of the fair value of all of the Group's CGUs.

Methodology

The future recoverability of capitalised mine properties and plant and equipment is dependent on a number of key factors including; gold price, discount rates used in determining the estimated discounted cash flows of CGUs, foreign exchange rates, the level of proved and probable reserves and measured, indicated and inferred mineral resources, the estimated value of unmined inferred mineral properties included in the determination of fair value less cost to dispose ("fair value"), future technological changes which could impact the cost of mining, and future legal changes (including changes to environmental restoration obligations). The costs to dispose have been estimated by management based on prevailing market conditions. Impairment is recognised when the carrying amount of the CGU exceeds its recoverable amount.

Fair value is estimated based on discounted cash flows using market based commodity price and exchange assumptions, estimated quantities of recoverable minerals, production levels, operating costs and capital requirements, based on CGU life‐of‐mine plans. Consideration is also given to analysts' valuations, and the market value of the Company's securities. The fair value methodology adopted is categorised as Level 3 in the fair value hierarchy.

When LOM plans do not fully utilise existing mineral properties for a CGU, and options exist for the future extraction and processing of all or part of those resources, an estimate of the value of mineral properties is included in the determination of fair value. The Group considers this valuation approach to be consistent with the approach taken by market participants.

Estimates of quantities of recoverable minerals, production levels, operating costs and capital requirements are sourced from the Group's planning process documents, including life‐of‐mine plans, external expert reports where appropriate, and operational budgets.

Significant judgements and assumptions are required in making estimates of fair value. This is particularly so in the assessment of long life assets. CGU valuations are subject to variability in key assumptions including, but not limited to, long‐term gold prices, currency exchange rates, discount rates, production assumptions and operating costs. A change in one or more of the assumptions used to estimate fair value could reduce or increase a CGU's fair value.

Unmined resources (including the value of certain mineral properties) may not be included in a CGU's particular life‐of‐mine plan for a number of reasons, including the need to constantly re‐assess the economic returns on, and timing of specific production options in, the current economic environment.

(i) Impairment of Non‐Current Assets (continued)

The Group has estimated its unmined resource values based on a dollar value per gold equivalent ounce basis individually for each CGU, taking into account a range of factors although principally the current market rate for similar resources. However, where the value per ounce from the other reserves/resources included in the CGU's discounted cash flow model (if applicable) is less than this market rate determination, the lower value per ounce from the CGU's discounted cash flow model is used when calculating that CGU's value of unmined ounces. The value per ounce is also discounted accordingly for any future costs which would be required to exploit the insitu resources, for example, modifications required to existing plant. The value of unmined resources as a proportion of the assessed fair value is a significant judgement which requires an estimate of the quantity and value of the unmined resources. The group considers this approach to be consistent with the approach adopted by market participants.

In determining the fair value of CGUs, future cash flows were discounted using rates based on the Group's estimated weighted average cost of capital. When it is considered appropriate to do so, an additional premium is applied with regard to the geographic location and nature of the CGU.

To the extent that capitalised mine properties, plant and equipment is determined not to be recoverable in the future, this will reduce profits and net assets in the period in which this determination is made.

Key Assumptions

The table below summarises the key assumptions used in the year end carrying value assessments:

Gold price (US$ per ounce)	$1,070 ‐ $1,310
Discount rate % (post tax)	10% ‐ 13%
Value of unmined resources (US$ per ounce)	$0 ‐ $43

Commodity prices and exchange rates

Commodity price and foreign exchange rates are estimated with reference to external market forecasts, and updated at least twice annually. The rates applied to the valuation have regard to observable market data.

Discount rate

In determining the fair value of CGUs, the future cash flows were discounted using rates based on the Group's estimated real weighted average cost of capital, with an additional premium applied having regard to the geographic location of the CGU. Of the individual CGUs that recognised impairments, Syama applied a discount rate in a range of 10%‐13%, whilst Bibiani and Nyakafuru's recoverable amount was determined using the estimated value of unmined resources.

Operating and capital costs

Life‐of‐mine operating and capital cost assumptions are based on the Group's latest budget and life‐of‐ mine plans. Operating cost assumptions reflect the expectation that costs will, over the long term, have a degree of positive correlation to the prevailing commodity price and exchange rate assumptions.

(i) Impairment of Non‐Current Assets (continued)

Unmined resources

Unmined resources may not be included in a CGU's particular life‐of‐mine plan for a number of reasons, including the need to constantly re‐assess the economic returns on, and timing of, specific production options in the current economic environment. The value of unmined resources currently excluded from life‐of‐mine plans but included in the assessed fair value in the current period for each CGU subject to impairment is as follows:

	Syama	Bibiani
	$'000	$'000
Unmined resources	100,014	48,310

Impacts

After reflecting the write‐down of certain assets arising from the Group's revised operating plans, the Group has conducted carrying value analysis and non‐current asset impairments of $561 million after tax, as summarised in the table below:

CGU	Profit &
	loss
	$'000
Syama	472,401
Bibiani	78,703
Nyakafuru	9,935
Total CGU impairment	561,039
Tax	‐
Total CGU impairment (after tax)	561,039

The impairment charges were applied to the balance sheet in the following manner:

	$'000
Exploration and evaluation expenditure	33,389
Development expenditure	384,873
Property, plant and equipment	142,777
	561,039

The fair values of the Group's other CGU were assessed by the Group and they exceeded their carrying values.

Sensitivity Analysis

After effecting the impairments for Syama, Bibiani and Nyakafuru, the fair value of these assets is assessed as being equal to their carrying amount as at 30 June 2015.

Any variation in the key assumptions used to determine fair value would result in a change of the assessed fair value. If the variation in assumption had a negative or positive impact on fair value, it could indicate a requirement for additional impairment or reversal of previous impairments to non‐ current assets.

(i) Impairment of Non‐Current Assets (continued)

It is estimated that changes in the key assumptions would have the following approximate impact on the fair value of each CGU that has been subject to impairment in the accounts:

	Syama$'000				Bibiani$'000
	Increase	Decrease	Increase	Decrease
2.5% change in gold price	77,386	‐101,238	N/A	N/A
1.0% change in discount rate	‐10,535	11,500	N/A	N/A
2.5% change in the value of
unmined resources	2,500	‐2,500	‐2,430	2,430

It must be noted that each of the sensitivities above assumes that the specific assumption moves in isolation, while all other assumptions are held constant. In reality, a change in one of the aforementioned assumptions is usually accompanied with a change in another assumption, which may have an offsetting impact. Action is also usually taken to respond to adverse changes in economic assumptions that may mitigate the impact of any such change.

• (ii) The company had recognised a receivable for the return of funds from a government department, but subsequently discounted the receivable to reflect the longer‐term timeframe expected to resolve this matter.
• (iii) $5.309m of this impairment expense relates to ore stockpile and gold‐in‐circuit inventory write‐ downs. The lower gold price has impacted the market value of the gold inventories held by Resolute. Hence, non‐cash charges have been recorded against the ore stockpile and gold‐in‐circuit inventory values. These inventories are recorded on the Statement of Financial Position at the lower of cost and net realisable value. The remaining balance of this impairment charge relates to the write‐down of warehouse inventory and critical spares to their recoverable value.

			Consolidated
		For theyear ended30‐Jun‐15$'000	Fortheyear ended30‐Jun‐14$'000
(j)	Finance costs
	Interest and fees	9,967	7,496
	Rehabilitation and restoration provision accretion	1,096	1,276
		11,063	8,772

NOTE 4: DISCONTINUED OPERATION

On 12 December 2014, the formal handover of the Golden Pride site and all remaining infrastructure to the Madini Institute to set up a mining institute of learning was completed, as agreed with the Government of Tanzania. This ended Resolute's presence on site at Golden Pride after 15 years and production of over 2.2 million ounces of gold. This arm of the business, previously represented as the Golden Pride operating segment, has been classified as a discontinued operation and is no longer presented as a segment in Note 10.

The results for the year are presented below:

	Forthe	Forthe
	year ended	year ended
	30‐Jun‐15	30‐Jun‐14
	$'000	$'000
Revenue	3,085	100,044
Expenses	(8,606)	(89,477)
Accounts receivable impairment expenses and inventory net realisable value movements	(809)	(7,268)
(Loss)/Profit before tax from a discontinued operation	(6,330)	3,299
Tax benefit/(expense)	1,057	(1,338)
(Loss)/Profit for the period from a discontinued operation	(5,273)	1,961
(Loss)/Earnings pershare:
Basic (loss)/earnings pershare of discontinued operation	(0.82) cents	0.31 cents
Diluted (loss)/earnings pershare of discontinued operation	(0.82) cents	0.30 cents
The net cash flows of the discontinued operation are as follows:
Operating cash flows	(17,186)	(4,316)
Investing cash flows	‐	(24)
Net cash outflow	(17,186)	(4,340)

NOTE 5: AVAILABLE FOR SALE FINANCIAL ASSETS

During the year, the Group continued to divest its gold equity investments. The profit on gold equity investment sales recorded in the Statement of Comprehensive Income for the period was $11.921m (30 June 2014: $13.707m)

NOTE 6: INTEREST BEARING LIABILITIES

On 15 December 2014, the Group issued 15,000,000 unsecured convertible notes which have a coupon rate of 10% p.a., payable quarterly in arrears, raising $15m (less costs). The notes are convertible into ordinary shares, one for one, at the option of the holder, or repayable on 12 December 2017. The notes are listed on the Australian Securities Exchange (Code: "RSGG").

NOTE 7: DIVIDENDS PAID OR PROVIDED FOR

No dividend has been declared for the year ended 30 June 2015. No dividend was declared for the year ended 30 June 2014.

NOTE 8: (LOSS)/EARNINGS PER SHARE

	Consolidated
	Jun‐15	Jun‐14
Basic (loss)/earnings pershare
(Loss)/profit attributable to ordinary equity holders of the parent for basic
earnings pershare ($'000)	(502,637)	33,313
Weighted average number of ordinary shares outstanding during the
period used in the calculation of basic EPS	641,189,223	641,081,840
Basic (loss)/earnings pershare (cents pershare)	(78.39)	5.20
Diluted (loss)/earnings pershare
(Loss)/profit used in calculation of diliuted earnings pershare ($'000)	(502,637)	33,313
Weighted average number of ordinary shares outstanding during the
period used in the calculation of basic EPS	641,189,223	641,081,840
Weighted average number of notional shares used in determining diluted EPS (i)	n/a	5,172,206
Weighted average number of ordinary shares outstanding during the
period used in the calculation of diluted EPS	641,189,223	646,254,046
Number of potential ordinary shares that are not dilutive and hence
not included in calculation of diluted EPS	18,656,733	4,214,066
Diluted (loss)/earnings pershare (cents pershare)	(78.39)	5.15

i) Dilutive instruments have not been included in the calculation of diluted earnings per share for 2015 because the result for the year was a loss.

ii) Between the reporting date and the date of completion of these financial statements there have been the following transactions involving ordinary shares or potential ordinary shares:

a) 5,588,771 listed performance rights over Resolute Mining Limited Ordinary Shares were issued, vesting on 30 June 2018 subject to performance hurdles being met and with a strike price of $nil.

NOTE 9: ISSUED & CONTRIBUTED EQUITY

			TotalNumber	NumberQuoted		$'000
Ordinary securities
As at 30 June 2015			641,189,223	641,189,223		380,305
There were no changes in ordinary securities during the year.
	Total		Number	Exercise		Expiry
	Number		Quoted	Price		Date
Options on issue
As at 30 June 2015		33,000	‐		$1.21	15/07/2015
		90,000	‐		$1.43	15/11/2015
		2,000,000	‐		$1.36	4/01/2016
		756,333	‐		$1.43	24/01/2016
		130,000	‐		$1.18	15/07/2016
		647,400	‐		$1.85	26/01/2017
		3,656,733	‐		$1.46
	TotalNumber		NumberQuoted	ExercisePrice		Dateof Change
Changes during current year
Lapsing of unlisted options		(6,000)	‐	$1.09		31/10/2014
Lapsing of unlisted options		(6,000)	‐	$1.21		31/10/2014
Lapsing of unlisted options		(21,333)	‐	$1.43		31/10/2014
Lapsing of unlisted options		(18,000)	‐	$1.85		31/10/2014
Lapsing of unlisted options		(6,000)	‐	$1.09		12/12/2014
Lapsing of unlisted optionsLapsing of unlisted options		(8,000)(6,000)	‐‐	$1.43$1.85		12/12/201412/12/2014
Lapsing of unlisted options		(438,000)	‐	$1.09		14/02/2015
Lapsing of unlisted options		(30,000)	‐	$1.43		30/06/2015
Lapsing of unlisted options		(18,000)	‐	$1.85		30/06/2015
		Fair Value
	Total	per Right	Number	Exercise		Vesting
Performance rights on issue	Number	at Grant Date	Quoted	Price		Date
	1,586,978	$1.46		‐		‐ 30/06/2015
	4,696,025	$0.47		‐		‐ 30/06/2016
	2,385,834	$0.50		‐		‐ 30/06/2017
As at 30 June 2015	8,668,837	$0.66
Changes during current year
Increase through issue of performance rights to eligible
employees pursuant to the Remuneration Framework (Level 1)*	3,088,428	$0.50		‐		‐ 30/06/2017
Increase through issue of performance rights to eligible
employees pursuant to the Remuneration Framework (Level 2)*	1,544,023	$0.56		‐		‐ 30/06/2016
Decrease through lapsing of performance rights (Level 1)Decrease through lapsing of performance rights (Level 1)	(408,485)(702,594)	$0.43$0.50		‐‐		‐ 30/06/2016‐ 30/06/2017
Decrease through lapsing of performance rights (Level 2)	(24,741)	$0.56		‐		‐ 30/06/2016

NOTE 9: ISSUED & CONTRIBUTED EQUITY (continued)

	TotalNumber	NumberQuoted	ConversionPrice	ExpiryDate
Convertible notes on issue
As at 30 June 2015	15,000,000	15,000,000	$1.00	12/12/2017
Changes during current period
Issue of Convertible Notes (refer Note 6)	15,000,000	15,000,000	$1.00	12/12/2017

*The terms and conditions of the Remuneration Framework are consistent with those disclosed in the Annual report for the year ended 30 June 2014.

NOTE 10: OPERATINGSEGMENTS

				UNALLOCATE	(b)D
heded30Jun201For5tyear ene	AVSWOOREND()AUSTRALIA	SYAAM()MALI	IIAIBBN()GHANA	/COOHRPTER	ASUYTRER	OALTT
	$'000	$'000	$'000	$'000	$'000	$'000
Revenue
ldd slvelesl cu()Goiat sottoextstoanrsapernamersa	147,272	310,761	‐	1,114	‐	459,147
lld ad silvelesTotant gsegmeonrsarevenue	22147,7	30,6171	‐	1,114	‐	9,45147
hCasostcs	()97,547	()177,851	‐	‐	‐	()275,398
d aDeiationisaionrttprecanmo	()35,478	()66,015	‐	‐	‐	()101,493
he(ludld)Otingincingin circuit mttsntorperacosgooveme	()4,571	()10,013	‐	‐	‐	()14,584
/hedmOtin cteostcorrporaas	()71	‐	‐	()3,604	‐	()3,675
/ltbeforhe()dSegingincntttrettaxmeoperaresueasury,oromeexpensesan	9,605	56,882	‐	()2,490	‐	63,997
heOtincrome	77	‐	‐	‐	12,058	12,135
lordbudelopdExpionineituatntansssvemeexpenre	()2,116	()491	‐	()4,207	‐	()327,7
Finaostncecs	‐	‐	‐	‐	()11,063	()11,063
dlble vlueAsimirminvisasett etornetntspaenxpensesanenyreaamoveme	()0031,	()90,0841	()8,0377	()0,2661	‐	()9,99057
Segingltbefordntttretaxmeoperaresueasuryan	6,635	()33,6247	()8,0377	()617,47	995	()22,2854
forhedfrodd ofLosioiscinuiontttnettaxspermoneperao,	‐	‐	‐	()235,7	‐	()235,7
ldlosTreiseasury ‐reases	‐	‐	‐	‐	()957	()957
ldlosTreiseasury ‐unreases	‐	‐	‐	‐	()39,471	()39,471
/()befTaxitexpensene	‐	()0001,	001	()289	‐	()891,1
/fit()forheiodProLostsper	6,635	()36244,7	()8,6037	()23,038	()39,055	()68,6057

NOTE 10: OPERATINGSEGMENTS (continued)

				UNALLOCATE	(b)D
hededFor30Jun2015tyear ene	RAVENSWOOD()AUSTRALIA	SYAMA()MALI	BIBIANI()GHANA	/CORPOTHER	TREASURY	TOTAL
	$'000	$'000	$'000	$'000	$'000	$'000
fCashlowbyincludingldbulliond gld shipdbuld adheldinlt,t utasegmengoanopensonme
,tsaccoun	26,928	14,554	()38,139	()2,742	26,214	26,815
lf cahflowbyhehflowiiaionRetttottatemt:concossegmencassen
ld shdbuld adheldl acMoinipintt utatsvemengopensonmecoun						()18,265
kkeld uldMain gtot mtrmarovemenonso						()153
inbank odrafincludingforighanMott,tsvemenveren excge movemen						()3,730
handh ohandjin cExctetmtge raausenasn						()957
ffroCashlowdiscinud oionttsmonepera						()17,186
inh ad ch eivalenlidad chflowMotts ptetatemtvemencasnasqerconsoassenu						()13,116
l edCaiitaturpxpene	10,377	54,913	19,111	6	‐	84,407
Segin cinuingiont atsttmensseonoperas	91,723	249,644	52,653	18,989	‐	413,009
dd oSeginiscinuiont atsttmensseonepera	‐	‐	‐	621,4	‐	621,4
lTotat atssegmensse	91,723	249,644	52,653	20,451	‐	414,471
lblSegiaiiiesin cinuingionttttmenonoperas	44,603	92,244	17,148	6,541	82,936	243,472
lbldd oSegiaiiiesiniscinuionttttmenonepera	‐	‐	‐	35,77	‐	35,77
llblToiaiiiestattsegmen	44,603	92,244	17,148	12,314	82,936	249,245

NOTE 10: OPERATINGSEGMENTS (continued)

				UNALLOCATE	(b)D	OALTT
heded30Jun2014Fortyear ene	AVNSWOORED()AUSTRALIA	SYAAM()MALI	IIANIBB()GHANA	/COOHRPTER	ASUYTRER
	Revenue
ldd slvelesl cu()Goitspttotertomanrsaaoexnasersa	195,083	231,128	‐	‐	542	426,753
lld ad silvelesTotat gsegmenonrsarevenue	908315,	2321,18	‐	‐	542	426,753
hCastscos	()115,946	()166,450	‐	‐	‐	()282,396
iaiond aisaionDetttprecanmor	()38,052	()29,969	‐	‐	‐	()68,021
he(ludld)Oingincingin circuitttst mtorperacosgoovemen	()8,124	()14,953	‐	‐	‐	()23,077
he/Odmin cttetscorrporaaos	‐	‐	‐	()4,077	‐	()4,077
/inglbeforheinc()dSegt otttrettaxmenperareseasury,oromeexpensesanu	32,961	19,756	‐	()4,707	542	48,552
heOinctrome	128	‐	‐	‐	14,444	14,572
lordbudelopdExpionineitt eturaansssvemenxpene	()2,742	()3,317	()2,754	()2,689	‐	()11,502
Finatsncecos	‐	‐	‐	‐	()8,772	()8,772
harf aia'losimirmdfair vlueStestt etsoessocsesassepaenxpensesanamovemen,	384	()15,397	()18,000	()704	‐	()33,717
inglbefordSegt otttretaxmenperareseasuryanu	30,731	1,042	()20,754	()8,100	6,214	9,133
fforhedfrodd ofProiioiscinuionttttt otaxpermoneperane				1,961		1,961
,ldlosTreiseasury ‐reases	‐	‐	‐		‐()87	()87
ld gTreiseinsasury ‐unreaa	‐	‐	‐	‐	18,067	18,067
befTaxitne	‐	‐	‐	‐73		73
/()filosforheiodProttser	‐30,731	‐1,042	‐()20,754	()6,066	‐24,203	29,156
p

NOTE 10: OPERATINGSEGMENTS (continued)

30 JUNE 2015

			BIBIANI()GHANA	(b)UNALLOCATED
hededFor30Jun2014tear eney	RAVENSWOOD()AUSTRALIA	SYAMA()MALI		/CORPOTHER	TREASURY	TOTAL
	$'000	$'000	$'000	$'000	$'000	$'000
hflowbyludldbulld gld shdbuld adheldlCasincingionipin mt,t utasegmengoanopensone,
tsaccoun	53,711	()71,443	‐	()14,591	39,828	7,505
lf cahflowbyhehflowReiiaiontttottatemt:concossegmencassen
ld shdbuld adheldl acMoinipin mtt utatsvemengopensonecoun						17,157
kkeld uldMain gtot mtrmarovemenonso						()4,816
inbank odrafincludingforighanMott,tsvemenveren excge movemen						5,293
hanh ohandjin cdExctetmtge raausenasn						60
hflowfrodiscinud oionCasttsmonepera						()4,340
inh ad ch eivalenlidad chflowMotts ptetatemtvemencasnasquerconsoassen						20,895
l edfroCaiiinuingiontaturttpxpenemconoperas	13,521	82,037	‐	185	‐	95,743
l edfrodd oCaiiiscinuiontaturttpxpenemoneperas	‐	‐	‐	24	‐	24
ll edToiitataturcapxpene	3,2151	82,037	‐	209	‐	965,77
in cinuingionSegt atsttmensseonoperas	102,021	671,385	93,967	67,261	‐	934,634
dd oSeginiscinuiont atsttmensseonepera	‐	‐	‐	9,655		9,655
lTotat atssegmensse	102,021	671,385	93,967	76,916	‐	944,289
lblSegiaiiiesin cinuingionttttmenonoperas	46,606	78,431	30,127	6,532	66,964	228,660
lbldd oSegiaiiiesiniscinuionttttmenonepera	‐	‐	‐	16,324	‐	16,324
llbliaiiiesTotattsegmen	46,606	78,431	30,127	22,856	66,964	244,984

(a) Revenue from external sales for each reportable segment is derived from several customers.

(b) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this format by the Chief Operating Decision Makers, and forms part of the reconciliation of the results andpositions of the operating segments to the financial statements.

NOTE 11: NET TANGIBLE ASSETS

	As at	As at30‐Jun‐14
	30‐Jun‐15
	$'000	$'000
Net tangible assets per share ($)	0.26	1.09

NOTE 12: CONTINGENT LIABILITIES

Certain claims arising with third parties have been made by or against certain Group entities in the ordinary course of business, some of which involve litigation or arbitration. The directors do not consider the outcome of any of these claims will have a material adverse impact on the financial position of the Group.

In accordance with a resolution of the directors.

J.P. Welborn Director Perth, Western Australia 28 August 2015