Page 65 - Sundance Resources 2014 Annual Report

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014 63
NOTE 1. GENERAL INFORMATION
Sundance Resources Limited A.C.N. 055 719 394 (‘the Company’) is a public company listed on the Australian
Stock Exchange (trading under the symbol ‘SDL’), incorporated in Australia and operating in Australia and Africa.
Sundance Resources Limited’s registered office and its principal place of business is as follows:
Level 3
24 Outram Street
West Perth WA 6005
The Company’s principal activities during the year were the continued evaluation and de-risking of its Mbalam-
Nabeba Iron Ore Project (‘the Project’) in the Republics of Cameroon and Congo in Central Africa, and the
evaluation of various development scenarios for the Project. These activities were undertaken through the
Company’s subsidiary companies Cam Iron S.A. (‘Cam Iron’) and Congo Iron S.A. (‘Congo Iron’), which upon
consolidation creates the Consolidated Entity (‘the Group’).
The financial statements were approved by the Board of Directors (‘the Directors’) and authorised for issue on
the 30 September 2014
Statement of compliance
The financial report is a general purpose financial report which has been prepared in accordance with the
Corporations Act 2001, Accounting Standards and Interpretations, and complies with other requirements of the law.
The financial report includes the financial statements of the Group and the separate financial statements of the
parent entity (refer note 23). For the purposes of preparing the consolidated financial statements, the Company
and the Group are for-profit entities.
Accounting Standards include Australian Accounting Standards. Compliance with Australian Accounting
Standards ensures that the financial statements and notes of the Company and the Group comply with
International Financial Reporting Standards (‘IFRS’).
Going concern
The financial report has been prepared on the going concern basis, which contemplates the continuity of normal
business activity and the realisation of assets and the settlement of liabilities in the normal course of business.
The Directors believe that at the date of signing the financial statements there are reasonable grounds to believe
that the Company and Group will have sufficient funds to meet their obligations as and when they fall due and
are of the opinion that the use of the going concern basis remains appropriate. In arriving at this position, the
directors have considered the following pertinent matters and have taken steps to ensure the Company and
Group continue as going concerns. These include:
(i) the Company has secured a A$40 million investment into the Company through a subscription for
convertible notes and options by Wafin Limited (‘Wafin’). These funds were received on
22 September 2014; and
(ii) the Directors have reviewed the quantum and timing of all discretionary expenditures including exploration
and development costs and wherever necessary these costs will be minimised or deferred to suit the Group’s
cash flow forecast or that the funding shortfall can be met through traditional sources of equity or debt funding.
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014