HI5002 Finance: Comprehensive Financial Report on Mako Gold Limited

This report provides a comprehensive financial analysis of Mako Gold Limited based on its annual report for the year ended June 30, 2017. It covers the company's operations, including its focus on gold exploration in Burkina Faso and Côte d'Ivoire, key projects like Niou and Tangora, and its farm-in agreement on the Napié Permit. The report also details the company's directors, corporate structure, financial condition, including capital structure, treasury policy, and liquidity. It highlights the seed capital raised, expenses incurred, and the loss reported for the year, alongside significant events post the financial year, such as the joint venture agreement. Desklib offers a range of study tools and solved assignments for students.

MAKO GOLD LIMITED
A.C.N. 606 241 829
ANNUAL REPORT 30 JUNE 2017

MAKO GOLD LIMITED
ANNUAL REPORT 2017
2
INDEX
Page Number
Corporate Information 3
Review of Operations 4 - 5
Directors’ Report 6 - 10
Auditor Independence Declaration 11
Statement of Comprehensive Income 12
Balance Sheet 13
Statement of Changes in Equity 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 30
Directors’ Declaration 31
Independent Auditor’s Report to the Members 32

MAKO GOLD LIMITED
ANNUAL REPORT 2017
3
CORPORATE INFORMATION
This annual report covers Mako Gold Limited (“Company” or “Mako”) as a consolidated entity
comprising Mako Gold Limited and its subsidiaries (‘the Consolidated Entity”). A description of the
operations and of the principal activities is included in the directors’ report and the review of
operations. The directors’ report is not part of the financial report.
DIRECTORS
Mark Elliott (Non-Executive Chairman)
Peter Ledwidge (Managing Director)
Michele Muscillo (Non-Executive Director)
SECRETARY
Paul Marshall
AUSTRALIAN BUSINESS NUMBER
ABN 84 606 241 829
REGISTERED OFFICE
Level 8
Waterfront Place
1 Eagle St
Brisbane Qld 4000
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Web: www.makogold.com.au
AUDITORS
BDO Audit Pty Ltd
Level 10,
12 Creek St
Brisbane QLD 4000
SOLICITORS
HopgoodGanim
Level 8
Waterfront Place
1 Eagle St
Brisbane Qld 4000

MAKO GOLD LIMITED
ANNUAL REPORT 2017
4
The directors present their review of operations for the year ended 30 June 2017.
Mako Gold is an exploration company focussed on the discovery of large high-grade gold deposits in
highly prospective and under-explored terrains in Burkina Faso and other favourable countries in West
Africa.
The Company was established in June 2015 and acquired its first project interests in July 2016. It
raised $700,000 in seed capital from investors in April 2017. The conversion of Mako Gold to a public
company was completed in June 2017 and Mako is seeking to list on the ASX in the near term.
Mako Gold’s first two gold projects are in highly mineralised terrain in Burkina Faso that have no
known drilling and which contain extensive artisanal workings indicating the presence of gold
mineralisation.
The Niou Project is located in the central part of the Burkina Faso. It is only 50km north of Burkina
Faso's capital Ouagadougou it is easily accessed by a good road system. The Tangora Project is
located in the Banfora greenstone belt in the southwest of Burkina Faso.
Burkina Faso Projects
Initial exploration work was undertaken on the Burkina Faso projects during May and June 2017 with
the following highlights:
• An airborne helicopter survey was completed at the Niou Gold Project with the entire 250km2
permit was flown for a total of 2750 line kilometres at a spacing of 100m and a survey height of
30m. Lines were flown north-south to intersect regional east-west structures and local NW-SE
and NE-SW structures that appear to be associated with gold mineralisation.
• Geology crew finished a rock chip sampling and preliminary mapping of the extensive artisanal
mining sites on the Niou Gold Project and on the Tangora Gold Project.
• Visible gold was observed in samples excavated from an artisanal mining shaft on Niou Project.
• An exploration office was established in Ouagadougou.

MAKO GOLD LIMITED
ANNUAL REPORT 2017
5
The Company also entered into a Farm-in and Joint Venture Agreement (JV) on the Napié Permit in
Côte d’Ivoire, West Africa on September 7, 2017 with Perseus Mining Limited’s Côte d’Ivoire
subsidiary, Occidental Gold SARL (OG).
The agreement gives Mako the right to earn 51% by spending US$1.5M within 3 years and 75% by
sole funding to completion of a Feasibility Study.
If Mako chooses not to fund to feasibility after having earned its 51% interest, Mako’s interest would
drop to 39%. The agreement is subject to successful completion of legal and technical due diligence
and successful IPO on the ASX.
OG’s original joint venture partner in respect of the Napié Permit, African American Investment Fund
SA (AAIF), retains a 10% free carry to feasibility and can elect to contribute post feasibility. OG can
elect to contribute on a pro-rata basis once Mako has reached its 51% interest.
The project has strong and extensive historic gold-in-soil geochemical anomalies over four prospect
areas with historic high-grade rock chip samples, up to 59.4g/t Au, along favourable geology and
structure. Significant gold intercepts in historic RAB drilling along the anomalous gold trend include:
- 5m @ 3.66g/t – ended in mineralisation
- 4m @ 8.49g/t
- 9m @ 3.76g/t – ended in mineralisation
- 16m @ 2.08g/t
- 6m @ 3.12g/t – ended in mineralisation
Napié Permit in Côte d’Ivoire

MAKO GOLD LIMITED
ANNUAL REPORT 2017
6
Directors’ Report
The directors present their report on Mako Gold Limited and its controlled entities (the “company”,
“consolidated entity”, “Group” or “Mako”) for the year ended 30 June 2017.
Directors
The names and details of the Company’s directors in office during the financial year and until the date
of this report are as follows. Directors were in office for the entire period unless otherwise stated.
Names, qualifications, experience and special responsibilities
SM Elliott (Non-Executive Chairman) Dip Appl Geology, PhD, FAICD, FAusIMM(CP Geol), FAIG,
FSEG
Appointed 14 March 2017
Mark Elliott, a founder of Mako Gold, is a Chartered Professional (CP) geologist with over 40 years’
experience in economic geology, exploration, mining, project development and in corporate
management roles as chairman and managing director for a number of ASX-listed resource
companies.
Mark has extensive experience in managing companies and exploration/mining operations in a wide
range of commodities including gold. His management experience includes founding IPOs from
commencement of project acquisition, exploration to production, capital raising and negotiating joint
ventures. Dr Elliott is a Non-Executive Director of environmental audit and hazardous materials
analytical laboratory and geothermal developer company HRL Holdings Limited and a Non-Executive
Director of Western Australian Archean gold explorer, Nexus Minerals Limited.
P Ledwidge (Managing Director) BSc Geology, MAusIMM
Appointed 4 June 2015
Peter Ledwidge, a founder of Mako Gold, is a qualified geologist with over 30 years’ experience in the
exploration and mining industry. His career has focussed primarily on gold exploration along with
some base metals exploration. Peter has worked extensively in Canada, Africa and Australia, in a
variety of roles in exploration, development and mining projects.
Most recently he spent six years working for ASX-listed Orbis Gold in progressive senior management
roles whereby he secured all of Orbis’ permits in Burkina Faso and Côte d’Ivoire. Peter played a
critical role in the discovery of the Nabanga gold deposit in Burkina Faso and thereafter contributed
geological ideas which helped achieve success for the company including the discovery of the
Natougou gold deposit, currently being developed by TSX-listed Semafo.
Peter is fluently bilingual in French and has established and maintained good professional contacts in
Burkina Faso and Cote d’Ivoire in government as well as the private sector.
M Muscillo (Non-Executive Director) LLB
Appointed 20 April 2017
Michele Muscillo is a Partner specialising in corporate law with HopgoodGanim Lawyers. He is an
admitted Solicitor and has a practice focusing almost exclusively on mergers and acquisitions, and
capital raising. He has a Bachelor of Laws from Queensland University of Technology and was a
recipient of the QUT University Medal.
In his role with HopgoodGanim Lawyers, Mr Muscillo has acted on a variety of corporate transactions
including initial public offerings, takeovers and other acquisitions. Michele’s experience brings to the
Board expertise on corporate regulation, governance and compliance matters.
Mr Muscillo was previously a director of ASX-Listed Orbis Gold Limited until its takeover by TSX-Listed
Semafo, and is a non-executive director of ASX-Listed Aeris Resources Limited.

MAKO GOLD LIMITED
ANNUAL REPORT 2017
7
Company Secretary
P Marshall LLB, ACA
Appointed 13 April 2017
Paul Marshall holds a Bachelor of Law degree and is a Chartered Accountant. He has more than
thirty years experience including over twenty years spent in commercial roles as Company Secretary
and CFO for a number of listed and unlisted companies mainly in the resources sector.
Ann Ledwidge BSc Geology (hon), MAusIMM
Appointed 16 May 2016, resigned 13 April 2017
Ann Ledwidge, the Company’s Exploration Manager, was the initial Company Secretary from the date
of Mako’s incorporation up to the appointment of Paul Marshall in April 2017.
Interests in the shares and options of the Company
Interests of the directors in the shares and options of the Company as at the date of this report are:
Ordinary Shares
Mark Elliott 8,666,667
Peter Ledwidge 18,333,433
Michele Muscillo 500,000
Corporate Information
Corporate Structure
Mako Gold Limited is a company limited by shares that is incorporated and domiciled in Australia.
Mako Gold Limited has prepared a consolidated financial report encompassing the entities that it
controlled or had significant influence over during the financial year: Mako Gold Limited had the
following investments in controlled companies throughout the financial year:
- Mako Gold SARL (Incorporated in Burkina Faso - 100%)
Principal Activities
The principal activities of the consolidated entity during the year were the acquisition of and
exploration of gold tenements.
Operating Results
During the year Mako acquired its first project interests in Burkina Faso.
Revenue
As an early stage exploration company, Mako Gold Limited does not generate any income.
Expenses
The Consolidated Entity’s main sources of expenses are as follows:
2017
$
Employment and consultancy expenses 17,333
Corporate & Administration expenses 46,235
Total expenses 53,568

MAKO GOLD LIMITED
ANNUAL REPORT 2017
8
Comparison with Prior Year
For the year ended 30 June 2017, the loss for the Consolidated Entity after providing for income tax
was $62,879 (2016: loss of $26,399):
2017 2016
$ $
Revenue and other income 690 -
Employment costs (17,333) -
Travel costs - (18,082)
Other expenses (46,235) (8,317)
Loss before income tax (62,879) (26,399)
This increase is attributable to:
$
Increase in employee costs 17,333
Reduction in travel costs (18,082)
Other net changes in sundry revenue, administrative and other costs 37,229
36,480
Review of Financial Condition
Capital structure
In the 2017 financial year Mako issued the following new securities:
• April 2017 issue of founders shares - 29,000,000 at $0.001 per share
• April 2017 issue of 1,000,000 shares to NED & Company Secretary at $.01 per share
• May 2017 issue of 14,000,000 shares at $0.05 to seed capital applicants
At 30 June 2017, the Company had 44,000,100 ordinary shares on issue.
Treasury policy
The Company does not have a formally established treasury function. The Board is responsible for
managing the Company’s currency risks and finance facilities.
Liquidity and funding
The Company has in the 2017 financial year raised initial seed capital of $700,000 (before costs of
issue) with the aim being that these funds will be sufficient to see the company through to an IPO and
a listing on ASX.
Dividends
No dividend was paid during the year and none is recommended as at 30 June 2017.
Significant Changes in the State of Affairs
There were no significant changes in the State of Affairs of the Consolidated Entity during the year
apart from those items covered in the review of operations above.
Matters Subsequent to the End of the Financial Year
The Company also entered into a Farm-in and Joint Venture Agreement (JV) on the Napié Permit in
Côte d’Ivoire, West Africa on September 7, 2017 with Perseus Mining Limited’s Côte d’Ivoire
subsidiary, Occidental Gold SARL (OG).
The agreement gives Mako the right to earn 51% by spending US$1.5M within 3 years and 75% by
sole funding to completion of a Feasibility Study.

MAKO GOLD LIMITED
ANNUAL REPORT 2017
9
If Mako chooses not to fund to feasibility after having earned its 51% interest, Mako’s interest would
drop to 39%. The agreement is subject to successful completion of legal and technical due diligence
and successful IPO on the ASX.
OG’s original joint venture partner in respect of the Napié Permit, African American Investment Fund
SA (AAIF), retains a 10% free carry to feasibility and can elect to contribute post feasibility. OG can
elect to contribute on a pro-rata basis once Mako has reached its 51% interest.
No other matter or circumstance has arisen since 30 June 2017, that has significantly affected, or, may
significantly affect the operations of the Consolidated Entity, the results of those operations, or the
state of affairs of the Consolidated Entity in financial years subsequent to 30 June 2017.
Likely Developments and Expected Results of Operations
There are no developments of which the directors are aware which could be expected to affect the
results of the Consolidated Entity’s operations in subsequent financial years other than information
which the directors believe comment on or disclosure of, would prejudice the interests of the
Consolidated Entity.
Share Options
At balance date and at the date of this report there are no options outstanding.
Meetings of Directors
The following table sets out the number of director’s meetings held during the year ended 30 June
2017 and the number of meetings attended by each director. There are no separate Board
Committees.
Directors’ Meetings
Director A B
M Elliott 3 3
P Ledwidge 3 3
M Muscillo 1 1
A = Number of meetings held during the time the Director held office during the year.
B = Number of meetings attended.
Indemnification of Officers or Auditor
The Company has entered into Deeds of Indemnity with each of the Directors. The Company has not
indemnified its auditor.
Proceedings on Behalf of the Company
No person has applied for leave of Court to bring proceedings on behalf of the Consolidated Entity or
intervene in any proceedings to which the Consolidated Entity is a party for the purpose of taking
responsibility on behalf of the Consolidated Entity for all or any part of those proceedings. The
Consolidated Entity was not a party to any such proceedings during the year.
Environmental Regulation and Performance
The Company held authorisations under various exploration licences. There have been no known
breaches of the authorisation or licence conditions.

MAKO GOLD LIMITED
ANNUAL REPORT 2017
10
The Auditor’s Independence Declaration is attached and forms part of the Director’s Report for the
year ended 30 June 2017.
BDO Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
The Company may decide to employ the auditor on assignments additional to their statutory audit
duties where the auditor's expertise and experience with the Company and/or the group are important.
The Board of Directors has considered the position and are satisfied that the provision of the non-audit
services is compatible with the general standard of independence for auditors imposed by the
Corporations Act 2001. The Directors are satisfied that the provision of non-audit services by the
auditor, as set out below, did not compromise the auditor independence requirements of the
Corporations Act 2001 for the following reasons:
• all non-audit services have been reviewed by the Board of Directors to ensure they do not
impact the impartiality and objectivity of the auditor
• none of the services undermine the general principles relating to auditor independence as set
out in APES 110 Code of Ethics for Professional Accountants.
During the year no fees were paid or are payable for non-audit services provided by the auditor of the
parent entity, BDO Audit Pty Ltd and its related practices.
Signed in accordance with a resolution of the Board of Directors
M Elliott
Chairman
Brisbane, 28 November 2017

MAKO GOLD LIMITED
ANNUAL REPORT 2016
AUDITOR’S INDEPENDENCE DECLARATION
Tel: [phone]
Fax: [phone]
www.bdo.com.au
Level 10, 12 Creek St
Brisbane QLD 4000
GPO Box 457 Brisbane QLD 4001
Australia
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050
110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited
by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional
Standards Legislation, other than for the acts or omissions of financial services licensees.
DECLARATION OF INDEPENDENCE BY D P WRIGHT TO THE DIRECTORS OF MAKO GOLD LIMIT
As lead auditor of Mako Gold Limited for the year ended 30 June 2017, I declare that, to the best of my
knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Mako Gold Limited and the entity it controlled during the period.
D P Wright
Director
BDO Audit Pty Ltd
Brisbane, 5 December 2017
11

MAKO GOLD LIMITED
ANNUAL REPORT 2017
12
CONSOLIDATED STATEMENT PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2017
Consolidated
2017
4 June
2015 to 30
June 2016
Note $ $
Revenue 2 - -
Other Income/(Expenses) 2 690 -
Employment costs 3 (17,333) -
Other expenses 3 (46,236) (26,399)
Loss before tax (62,879) (26,399)
Income tax expense 4 - -
Loss for the year (62,879) (26,399)
Other comprehensive income (6,401) (45)
Total comprehensive income for the year (69,280) (26,444)
Total comprehensive income for the year is attributable to:
Owners of Mako Gold Limited (69,280) (26,444)
Loss per share
Basic and diluted loss per share (cents per share) 18 (0.75) (26,398.89)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes