41
2012 Annual Report
Independent auditor’s report to the shareholders of
Axiom Mining Limited (continued)
(Incorporated in Hong Kong with limited liability)
Opinion
In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the company and
of the group as at 30 September 2012 and of the company’s and the group’s loss and cash flows for the year then ended in
accordance with International Financial Reporting Standards and have been properly prepared in accordance with the Hong
Kong Companies Ordinance.
Without qualifying our opinion, we draw attention to Note 2(b) to the consolidated financial statements which indicates that
if the group and the company are unable to raise additional equity or are unable to farm out or dispose of its exploration
assets, there is significant uncertainty as to whether the group and the company can continue as a going concern.
Other Matter
The group entered into a lease over land in Solomon Islands in the year ended 30 September 2011. The directors recognised
the lease as finance lease in the consolidated financial statements for the year ended 30 September 2011. We expressed
a qualified opinion on the consolidated financial statements for the year ended 30 September 2011 on the basis that the
group’s records available to us indicated that the lease should be an operating lease. During our audit on the consolidated
financial statements for the year ended 30 September 2012, additional information is made available to us by the group
which substantiates the treatment as a finance lease. Accordingly, the comparative figures in these consolidated financial
statements are fairly stated and our opinion on the consolidated financial statements for the year ended 30 September 2012
is not qualified in this respect.
Baker Tilly Hong Kong Limited
Certified Public Accountants
Hong Kong, 28 November 2012
Andrew David Ross
Practising certificate number P01183