Financial Performance - The company reported a net loss of AUD 9.5 million for the year due to high costs associated with maintaining the Svartliden plant and expenses related to the listing[8]. - The company recorded a net loss of AUD 9.5 million for the year ended December 31, 2018, compared to a loss of AUD 0.6 million in 2017, primarily due to increased costs associated with operations in Sweden and listing expenses in Hong Kong[90]. - Gold production decreased by 11.8% year-on-year, with 22,498 ounces sold in 2018 compared to 25,739 ounces in 2017, resulting in operational revenue of AUD 37.9 million, down 8.3% from AUD 41.3 million in 2017[97]. - The C1 cash cost increased by 37.2% to USD 992 per ounce in 2018, up from USD 723 per ounce in 2017, while total sales costs rose by 15.2% to AUD 41.2 million[100]. - The company reported a gross loss of AUD 3.3 million for the year, compared to a gross profit of AUD 5.5 million in 2017[104]. - Other income remained stable at AUD 0.2 million, consistent with 2017 figures[107]. - Financial costs increased to AUD 0.2 million from AUD 0.01 million in 2017, due to interest payments on a AUD 12.0 million unsecured loan[108]. - Total assets increased to AUD 25.4 million in 2018 from AUD 20.0 million in 2017, with cash and cash equivalents rising by AUD 4.3 million[111]. - The company's net asset value rose to AUD 37.4 million in 2018, up from AUD 31.4 million in 2017[110]. - The company had a cash balance of AUD 10.9 million as of December 31, 2018, compared to AUD 6.6 million in 2017[110]. - The debt-to-equity ratio was 11% as of December 31, 2018, compared to zero in 2017[110]. - Non-current liabilities increased to AUD 16.9 million in 2018 from AUD 10.8 million in 2017, primarily due to an increase in interest-bearing liabilities[111]. Mining Operations and Projects - Dragon Mining Limited successfully listed on the Hong Kong Stock Exchange on November 5, 2018, raising funds for the development of the Fäboliden gold project[6]. - The company anticipates that the Jokisivu gold mine's lifespan will extend, allowing for continued production until the Fäboliden project can commence full-scale mining[11]. - The Kaapelinkulma new mine is undergoing overburden stripping and is expected to start producing ore by the end of March 2019[7]. - The Svartliden plant is expected to process trial mining ore starting in August 2019[7]. - The company is focusing on advancing the long-term production of the Fäboliden project and ongoing exploration at Orivesi[8]. - The company plans to commence trial mining at the Fäboliden gold mine in May 2019, with the first ore expected to be produced in August 2019[52]. - The company continues to advance the Kaapelinkulma and Fäboliden projects in preparation for production[143]. - Kaapelinkulma project is preparing for mining operations with minimal capital investment, aiming to start in Q2 2019 after completing sedimentation pond construction[151]. - The company plans to process Fäboliden's trial mining ore at the Svartliden plant starting in August 2019[70]. Mineral Resources and Reserves - As of December 31, 2018, the total mineral resource was estimated at 13,638 thousand tons with a grade of 3.2 g/t gold, equating to 1,421 thousand ounces of gold, representing a 0.1% increase in tonnage compared to the previous year[10]. - The total ore reserve confirmed as of December 31, 2018, was 2,615 thousand tons with a grade of 2.8 g/t gold, or 234 thousand ounces of gold, marking a 13.0% increase in tonnage from the previous year[11]. - The total mineral resources at the Vammala production center in southern Finland as of December 31, 2018, amount to 2,516 thousand tons of gold with an average grade of 4.2 grams per ton[14]. - The total mineral resources at the Svartliden production center in northern Sweden as of December 31, 2018, amount to 11,121 thousand tons of gold with an average grade of 3.0 grams per ton[14]. - The total ore reserves at the Vammala production center are estimated at 572 thousand tons with an average grade of 2.4 grams per ton, containing approximately 44.5 thousand ounces of gold[25]. - The total ore reserves at the Svartliden production center are estimated at 2,615 thousand tons with an average grade of 2.8 grams per ton, containing approximately 234 thousand ounces of gold[25]. - The company maintains that mineral resource estimates may not sum due to rounding[14]. Environmental and Regulatory Compliance - Environmental permits for full mining at Fäboliden have been applied for and are currently being processed[7]. - The company is committed to environmental sustainability and has implemented best practices in environmental management across all operational stages[76]. - The company is appealing the rejection of a new environmental permit for the Orivesi mine, citing reduced emissions and compliance with existing permit conditions[160]. - Environmental impact statements have been submitted for Jokisivu mine's waste rock expansion, with updates due by September 2019[164]. - The company has submitted an updated waste management plan to PIR ELY, which was approved in January 2019, indicating progress in regulatory compliance[171]. - The trial mining environmental permit was granted on December 1, 2017, valid until September 30, 2027, subject to certain terms and conditions[174]. - The company is actively pursuing a comprehensive mining permit, with the application submitted to the land and environment court in July 2018[175]. Operational Challenges - The company faced operational challenges during the year, including difficulties at the Orivesi mine and a malfunction of the primary crusher in December[7]. - The company faced operational challenges due to a mechanical failure of the crusher in December, which prevented processing of high-grade ore, leading to a reliance on lower-grade ore from the Jokisivu mine[91]. - Orivesi gold production was negatively impacted due to a decrease in high-grade ore tonnage, with a gold grade of 9.4 grams per ton being replaced by lower-grade ore from Jokisivu[63]. Management and Personnel - Independent non-executive director Mr. Pan Renwei has over 20 years of experience in auditing and accounting[188]. - CFO Mr. Daniel Broughton has over 13 years of experience in financial operations within the mining industry[192]. - Chief Geologist Mr. Neale Edwards has over 25 years of experience in mineral exploration and mining[193]. - Financial and Administrative General Manager Ms. Päivi Mikkonen oversees administrative and financial functions in the Nordic region[194]. - Vammala Production Center General Manager Mr. Ilpo Mäkinen has over 37 years of experience in the mining industry[195]. - Fäboliden Project Manager Mr. Joshua Stewart has over 17 years of experience in the mining industry and is currently leading the trial mining process[198]. - Svartliden Processing Plant Manager Mr. Heikki Miettunen has a background in processing engineering and has held positions in various mining operations[199]. - Vammala Concentration Plant Manager Mr. Jaakko Larkomaa holds a master's degree in processing engineering and has experience in mineral processing[200].
龙资源(01712) - 2018 - 年度财报