Announcement PDF KINGSTON RESOURCES LIMITED & its Controlled Entities KINGSTON RESOURCES LIMITED ABN 44 009 148 529 2017 Annual Financial Report For the year ended 30 June 2017 CONTENTS KINGSTON RESOURCES LIMITED & its Controlled Entities Contents Page No. Corporate Directory ...................................................................................................................................... 2 Chairman’s Letter ......................................................................................................................................... 3 Directors’ Report .......................................................................................................................................... 4 Lead Auditor’s Independence Declaration ................................................................................................. 18 Consolidated Statement of Profit or Loss and Other Comprehensive Income ........................................... 19 Consolidated Statement of Financial Position ............................................................................................ 20 Consolidated Statement of Changes in Equity ........................................................................................... 21 Consolidated Statement of Cash Flows ...................................................................................................... 22 Notes to the Financial Statements .............................................................................................................. 23 Directors’ Declaration ................................................................................................................................ 46 Independent Auditor’s Report .................................................................................................................... 47 Corporate Governance Statement .............................................................................................................. 51 Additional Information ............................................................................................................................... 52 CORPORATE DIRECTORY 2017 ANNUAL REPORT KINGSTON RESOURCES LIMITED & its Controlled Entities Corporate Directory DIRECTORS Anthony Wehby, (FCA, MAICD) Non-Executive Chairman Andrew Corbett, (B Eng (Mining, Hons), MBA) Managing Director Stuart Rechner, (BSc, LLB, MAIG, GAICD) Non-Executive Director Andrew Paterson (MAIG, GAICD) Executive Director COMPANY SECRETARY Rozanna Lee REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS Suite 205, 283 Alfred Street North North Sydney NSW 2060 AUSTRALIA Telephone Email Website (02) 8021 7492 info@kingstonresources.com.au www.kingstonresources.com.au AUDITORS Grant Thornton Audit Pty Ltd Chartered Accountants Level 17, 383 Kent St Sydney NSW 2000 SHARE REGISTRY Link Market Services Pty Ltd Level 12 250 St Georges Terrace Perth WA 6000 BANKERS Australia & New Zealand Banking Group Limited Level 1, 1275 Hay Street West Perth WA 6005 SOLICITORS & CORPORATE ADVISERS Cowell Clarke Commercial Lawyers Level 5 63 Pine St Adelaide SA 5000 STOCK EXCHANGE Listed on the Australian Securities Exchange The home exchange is in Perth, Western Australia ASX CODE KSN – fully paid ordinary shares -2- CHAIRMAN’S LETTER 2017 ANNUAL REPORT KINGSTON RESOURCES LIMITED & its Controlled Entities Chairman’s Letter Dear Stakeholders I am pleased to introduce the Annual Report and Financial Statements for the year ended 30 June 2017. When KSN shareholders voted in July 2016 to approve the significant changes to the Company we embarked on a process to build KSN into a successful exploration company. Our approach has been to assess and test the potential within our portfolio and to pursue opportunities to grow that portfolio. We began with a portfolio of promising lithium targets and adequate funding to rapidly assess their potential. As reported throughout the year and elsewhere in the Annual Report, we carried out a range of lithium exploration programs in Western Australia and Northern Territory. The results of this work now form the basis for developing our programs for 2018 and beyond. The KSN team, led by Andrew Corbett, also evaluated a range of investment opportunities throughout the year. As a result of that work we were very pleased to enter into an option agreement to acquire an interest in the Livingstone Gold Project. Initial exploration work on this project indicates exciting potential which will be pursued in the coming year. Expansion of our asset base remains a priority for board and management and we continue to seek value by applying a disciplined commercial approach to project opportunities. The first year of the new KSN has been demanding on our small team and I take this opportunity to thank them for their efforts and to congratulate them on what has been achieved for the Company. We are grateful to all our shareholders for your support and encouragement and we look forward to a successful 2018, which is already shaping up to be one of exciting challenges. Your sincerely Anthony S Wehby Non-Executive Chairman 29 August 2017 -3- DIRECTORS’ REPORT 2017 ANNUAL REPORT KINGSTON RESOURCES LIMITED & its Controlled Entities Directors’ Report The Directors present their report together with the financial report of the Consolidated Entity (or ‘Group’), being Kingston Resources Limited (‘Kingston” or the “Company’) and its subsidiaries, for the financial year ended 30 June 2017 and the independent auditor’s report thereon. PRINCIPAL ACTIVITIES The Company is an Australian-based Company listed on the ASX. The principal activity of the Group during the period was mineral exploration. OPERATING RESULTS AND REVIEW OF OPERATIONS FOR THE YEAR Operating Results Kingston reported a statutory after tax loss of $1,153,471 (2016: $4,587,718), the reduced FY17 loss compared to FY16 reflects the absence of any asset impairments (2016 $4,365,531). Review of Operations Kingston Resources had an active and exciting year to 30 June 2017. On 4 July 2016, shareholder approval was received for a $6.85m capital raising and the concurrent acquisition of a portfolio of lithium exploration assets. New board and management appointments were also made. Following this transaction, Kingston holds lithium exploration licenses across four key project areas, three of which were advanced significantly during FY17. Aligned with its lithium/gold/copper focus, Kingston also completed the purchase of an option to acquire the Livingstone Gold project in December 2016. Initial sampling and auger drilling at Livingstone’s Find has delivered very encouraging results. Both the Slipstream and Livingstone acquisitions and activity for the year are summarised below. Summary of Acquisitions • Slipstream WANT: On 4 July 2016, KSN received EGM approval for its $6.85m capital raising and concurrent acquisition of Slipstream WANT Pty Ltd. Slipstream WANT owned 20 lithium exploration tenements, 2 of which were granted, 18 were in the application stage. Consideration for the acquisition was 165m KSN shares plus $500,000 in cash. There were also Milestone shares provided, which would see KSN issue the vendor 90m shares if a 5Mt resource of >1% Li20 was discovered on the tenements, plus a further 90m shares if a 15Mt resource of >1% Li20 was discovered. The Milestone shares will expire on 30 June 2019. • Livingstone: On 21 December 2016, KSN completed the acquisition of an option to purchase a 75% interest in the Livingstone Gold Project from Trillbar Resources. In consideration for the option, KSN paid the vendors 5.5m KSN shares and 5m 2.5c KSN options expiring in three years. KSN has 12 months to exercise the option. In order to exercise the option, KSN is required to have spent a minimum of $200,000 on exploration on the project. If KSN exercises the option, it will pay the vendor a further $300,000 in KSN equity issued at a 10% discount to the 20 day VWAP prior to the date of exercise. Lithium Exploration Review Bynoe / Wingate Projects: These projects cover 497 km2 of the extensive Bynoe and Wingate tin-tantalumlithium pegmatite fields where Core Exploration Limited (ASX:CXO) and Liontown Resources Limited (ASX:LTR) have had encouraging early exploration success. Through FY17, Kingston completed initial mapping and sampling programs, and a joint geophysics program with regional neighbours, Core Exploration Limited and Liontown Resources Limited. This was followed up with a drill program completed -4- DIRECTORS’ REPORT 2017 ANNUAL REPORT KINGSTON RESOURCES LIMITED & its Controlled Entities in June 2016, which delivered a best intersection of 12m at 1.43% Li2O from 121m. Follow up geochemical sampling has helped further refine targets in the area and Kingston is also trialling the use of Deep Ground Penetrating Radar (DPGR) which it believes has the potential to deliver significant value as a targeting tool in the region. DPGR promises to help accurately distinguish pegmatites from surrounding country rock under cover. Pegmatites’ lack of contrasting density, magnetic susceptibility, or conductivity makes them difficult to identify using conventional geophysical techniques. Kingston anticipates further fieldwork, including DPGR programs to be concluded in the six months to December 2017 ahead of a second drilling campaign in Bynoe. North Arunta Project: The North Arunta region is known to host tin / tantalum rich pegmatites, a strong indicator that the extensive pegmatites in the area may be LCT type pegmatites, which host lithium mineralisation in other hard rock pegmatite fields. Initial fieldwork, including mapping and geochemical sampling was undertaken during the period with a number of high grade rock chips and soil anomalies identified. Two priority areas have been identified within the Spotted Wonder prospect, Delmore and Tank Hill. Kingston is progressing approvals for an RC program to test these targets. Mount Cattlin Project: This project lies 15 km south west of the Mt Cattlin lithium mine owned by Galaxy Resources Limited (ASX:GXY). The tenements cover the Annabelle Volcanics, which host LithiumCesium-Tantalum (LCT) pegmatites and are considered prospective for lithium mineralisation. During the year Kingston completed its initial fieldwork programs, successfully identifying a significant lithium-in-soil anomaly at the Deep Purple Prospect. An initial small scale drill program was completed in January 2017, with a best intersection of 5m at 1.11% Li2O from 7m. Kingston intends to work towards a follow up program in the region once further fieldwork has been completed. The Greenbushes tenement lies immediately south of Talison Lithium’s Greenbushes mine, the largest hard rock lithium mine in the world. This tenement remains in application. Gold Exploration Review Livingstone, located northwest of Meekatharra in Western Australia, is an advanced exploration project with an existing JORC2004 Inferred mineral resource of 49,900 ounces and a number of high-grade drilling intersections that indicate excellent potential for additional discoveries. An initial 2190m drill program on the smaller scale Homestead and Winja prospects was completed in March 2017. Best results at Homestead include: • 7m @ 12.59g/t from 35m • 3m @ 5.81g/t from 30m • 12m @ 2.46g/t from 87m And best results at Winja include: • 18m @ 3.03g/t from 45m, including 7m @ 5.14g/t These results highlight the potential for these prospects to host structurally controlled zones of significant gold grades. An auger program was carried out over the large scale Livingstone’s Find anomaly. The drilling, conducted over an area of approximately 17km2, revealed high-tenor gold anomalies extending more than 2km across each of the Stanley and Mt Seabrook prospects. The results include gold values in excess of 1,000ppb or 1g/t Au. At the Mt Seabrook area, which includes two lines of old workings known as Mt Seabrook No.1 and No.2, auger drilling defined a large area of gold anomalism greater than 50ppb Au. The Mt Seabrook anomaly covers an area of over 2km long and up to 800m wide with a peak assay of 1.74g/t Au. The Mt -5- DIRECTORS’ REPORT 2017 ANNUAL REPORT KINGSTON RESOURCES LIMITED & its Controlled Entities Seabrook workings were sampled in 2016 by Kingston, with grab samples returning assays as high as 75.65g/t Au. In the Stanley area, a second major anomaly has been defined, extending east-west for over 3km with a width of up to 350m. Kingston intends to follow this auger program up with aircore drilling in FY18. FINANCIAL POSITION On 4 July 2016, the Company completed a capital raising issuing a total of 326.2 million shares at $0.021 raising $6.85m, of which 40 million shares ($840,000) were issued in May 2016, with the balance being issued in July 2016. At the end of the financial year the Consolidated Entity had net assets of $9,740,370, (2016: $798,058) and $3,877,551 in cash (2016: $645,270). SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Other than reported above in the Review of Results and Operations, there were no significant changes in the state of affairs of the Company during the reporting period. MATTERS SUBSEQUENT TO THE END OF FINANCIAL YEAR On 1 July 2017, the Company moved its registered address to Suite 205 / 283 Alfred St, North Sydney, NSW. Other than the above, there has been no other matter or circumstance which has arisen since 30 June 2017 that has significantly affected or may significantly affect: a) Kingston Resources Limited’s operations in future financial years; or b) the results of those operations in future financial years; or c) Kingston Resources Limited’s state of affairs in future financial years. DIVIDENDS OR DISTRIBUTIONS No dividends were paid during the financial year and the directors do not recommend the payment of a dividend. FUTURE DEVELOPMENTS AND EXPECTED RESULTS The Group will continue its evaluation of its mineral projects and undertake generative work to identify and potentially acquire new resource projects. Due to the nature of the business, the result is not predictable. ENVIRONMENTAL REGULATIONS The mineral tenements granted to the Company pursuant to the Western Australia Mining Act 1978, Northern Territory Mineral Titles Act 2010 and South Australian Mining Act 1971 are granted subject to various conditions which include standard environmental requirements. The Company adheres to these conditions and the directors are not aware of any environmental laws that are not being complied with. INFORMATION ON THE DIRECTORS The Directors of the Company at any time during or since the end of the financial year are:  Anthony Wehby – Chairman (Non-Executive), appointed 4 July 2016  Andrew Corbett – Director (Managing), appointed 4 July 2016  Stuart Rechner - Director (Non-Executive since 4 July 2016), appointed 23 February 2015  Andrew Paterson – Director (Executive) appointed 1 March 2017 (Chief Geological Officer from 3 June 2016)  Yafeng Cai - Director (Non-Executive), appointed 7 December 2012, resigned 30 November 2016 -6- DIRECTORS’ REPORT 2017 ANNUAL REPORT  KINGSTON RESOURCES LIMITED & its Controlled Entities Jonathan Davies - Chairman (Non-Executive), resigned 4 July 2016 Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Anthony Wehby, Chairman (FCA, MAICD) Term of Office: Non-Executive Chairman of Kingston Resources Limited since 4 July 2016. Skills and Experience: Mr Wehby is a highly experience board member and chairman. He is also a Director of Royal Rehab and was previously Chairman of Tellus Resources Limited, Non-Executive Chairman of Aurelia Metals Limited and a Director of Harmony Gold (Aust) Pty Ltd. Since 2001, Mr Wehby has maintained a financial consulting practice, focusing on strategic advice to companies including investments, divestments and capital raisings. Prior to 2001, Mr Wehby was a partner in PricewaterhouseCoopers Australia (Coopers & Lybrand) for 19 years. Mr Wehby is a Fellow of the Institute of Chartered Accountants in Australia and a Member of the Australian Institute of Company Directors. Andrew Corbett, Managing Director (B Eng (Mining, Hons), MBA) Term of Office: Managing Director of Kingston Resources Limited since 4 July 2016. Skills and Experience: Mr Corbett has been appointed as Managing Director and CEO of the Company. Andrew is a highly experienced mining engineer and has operated in the mining industry for over 23 years. Mr Corbett has senior corporate, operational and mine management experience combined with an in-depth understanding of global equity markets, business development and corporate strategy within the mining sector. His prior roles include General Manager at Orica Mining Services based in Germany and Portfolio Manager of the Global Resource Fund at Perpetual Investments as well as mine management and operations roles with contractor and owner-mining operations. Stuart Rechner, Non-Executive Director (BSc, LLB, MAIG, GAICD) Term of Office: Executive Director of Kingston Resources Limited since 23 February 2015, NonExecutive Director from 4 July 2016. Skills and Experience: Mr Rechner is an experienced company director and geologist with a background in project generation and acquisition in Australia and overseas. Mr Rechner holds degrees in both geology and law and is a member of the Australian Institute of Geoscientists and the Australian Institute of Company Directors. For over ten years Mr Rechner was an Australian diplomat responsible for the resources sector with postings to Beijing and Jakarta. Mr Rechner is currently a Director of GB Energy Limited (ASX:GBX) since 20 November 2013 and a Director of Strategic Energy Limited (ASX:SER) since 12 September 2014. He has held no other listed directorships in the past three years. -7- DIRECTORS’ REPORT 2017 ANNUAL REPORT KINGSTON RESOURCES LIMITED & its Controlled Entities Andrew Paterson, Executive Director (MAIG, GAICD) Term of Office Executive Director of Kingston Resources Limited since 1 March 2017, Chief Geological Officer from 3 June 2016. Skills and Experience: Mr Paterson is a highly-experienced geologist with a track record of creating value in resources projects. He has held corporate, executive and operational roles in the gold, nickel sulphide and iron ore industries, including four years managing the exploration and resource teams for Atlas Iron Limited during its rapid growth phase between 2008 and 2012. More recently he established a successful consultancy practice, providing geological expertise to a number of companies in the WA gold sector. Mr Paterson has a Bachelor of Engineering in Geology and a Graduate Diploma in Mining, both from the Western Australian School of Mines. Yafeng Cai, Non-Executive Director (CPA) (resigned 30 November 2016) Term of Office: Non-Executive Director of Kingston Resources Limited since 7 December 2012, resigned 30 November 2016. Skills and Experience: Mr Yafeng Cai is a Certified Practicing Accountant and has been the Chief Financial Officer of Yucai Australia Pty Ltd (Yucai) since 2010. Yucai is a substantial investor in the Company and is ultimately controlled by Soaraway Development. Mr Cai has a broad range of corporate and commercial experience in the Australian business and capital sector within a diverse range of industries. Mr Cai had no other listed directorships in the past three years. Jonathan Davies, Chairman (BJuris, LLB (UWA)) (resigned 4 July 2016) Term of Office: Non-Executive Chairman of Kingston Resources Limited since 7 December 2012, resigned 4 July 2016. Skills and Experience: Mr Davies is a Barrister who has been practising for 28 years. He has extensive legal experience in matters that include commercial, mining and corporate law. Mr Davies was awarded the law Society of Western Australia Community Service Award in 2006 and, together with Thomas Percy QC and Malcolm McCusker QC, was awarded the Australian Lawyers Alliance Civil Justice Award in 2007. Mr Davies has had no other listed directorships in the past three years. COMPANY SECRETARY Rozanna Lee has acted as Company Secretary since 29 July 2016. She holds both commerce and law degrees from the University of Queensland and is an Associate Member of the Governance Institute of Australia. Ms Lee provides company secretarial services to a number of public listed companies. Mathew Whyte resigned as Company Secretary on 29 July 2016. -8- DIRECTORS’ REPORT 2017 ANNUAL REPORT KINGSTON RESOURCES LIMITED & its Controlled Entities DIRECTORS’ INTEREST As at the date of this report the relevant interest of each of the Directors, held either directly or indirectly through their associates, in the securities of Kingston are as follows: Director Fully Paid Ordinary Shares (KSN) Unlisted STI Options1 Unlisted LTI Options2 Anthony Wehby3 2,380,952 2,000,000 2,000,000 5 Andrew Corbett 10,810,808 5,000,000 5,000,000 Andrew Paterson6 1,571,190 4,000,000 4,000,000 Stuart Rechner - - - 179,813 - - - - - 7 Yafeng Cai Jonathan Davies4 1. 2. 3. 4. 5. 6. 7. Unlisted Short Term Incentive (STI) Options exercisable at $0.04 each and expiring on 30 June 2018. Unlisted Long Term Incentive (LTI) Options exercisable at $0.07 each and expiring on 30 June 2019. Anthony Wehby holds a relevant interest in Options as he is a related party to Mrs Rosemary Wehby, who is the registered holder of the options. He has a relevant interest in the shares as the registered holder. Resigned on 4 July 2016. Andrew Corbett holds a relevant interest in the specified number of Shares and Options as a result of being a director of Milamar Group Pty Ltd as trustee of Milamar Family Trust, which is the registered holder of those Shares and Options. Appointed on 1 March 2017 Resigned on 30 November 2016 MEETINGS OF DIRECTORS The following table sets out the number of meetings of Kingston’s Directors held during the year ended 30 June 2017 and the number of meetings attended by each Director. There were a total of ten Directors’ meetings for the financial year. Director Number Eligible to Attend Number Attended Anthony Wehby 10 10 Andrew Corbett 10 10 Andrew Paterson 4 4 Stuart Rechner 10 10 Jonathan Davies 0 0 Yafeng Cai 4 2 -9- DIRECTORS’ REPORT 2017 ANNUAL REPORT KINGSTON RESOURCES LIMITED & its Controlled Entities REMUNERATION REPORT (AUDITED) This remuneration report outlines the director and executive remuneration arrangements of the Company and the Group for the year ended 30 June 2017 in accordance with the requirements of the Corporations Act 2001 and its Regulations. (a) Key management personnel disclosed in this report For the purposes of this report, key management personnel (KMP) of the Group are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including a director (whether executive or otherwise) of the Company. Details of key management personnel: A Wehby A Corbett S Rechner A Paterson J Davies Y Cai (b) Non-Executive Chairman (appointed 4 July 2016) Managing Director (appointed 4 July 2016) Non-Executive Director (transitioned to Non-Executive Director on 4 July 2016) Executive Director (appointed 1 March 2017, Chief Geological Officer from 3 June 2016) Non-Executive Chairman (resigned 4 July 2016) Non-Executive Director (resigned 30 November 2016) Remuneration Philosophy Kingston does not have a formal remuneration policy and has not established a separate remuneration committee. The whole Board takes on the function of the remuneration committee with independent advice sought as required. Due to the early stage of development and small size of the Company a separate remuneration committee was not considered to add any efficiency to the process of determining the levels of remuneration for directors and key executives. The Board considers that it is more appropriate to set aside time at a Board meeting each year to specifically address matters that would ordinarily fall to a remuneration committee such as reviewing remuneration, recruitment, retention and termination procedures and evaluating senior executives remuneration packages and incentives. In addition, all matters of remuneration will continue to be in accordance with the Corporations Act requirement, especially with regard to related party transactions. That is, none of the directors participate in any deliberations regarding their own remuneration or related issues. Independent external advice is sought from remuneration consultants when required, however no advice has been sought during the period ended 30 June 2017. The Corporate Governance Statement provides further information on the Company’s remuneration governance. (c) Executive remuneration policy and framework In determining executive remuneration, the Board aims to ensure that remuneration practices are: • Competitive and reasonable, enabling the Company to attract and retain key talent; • Aligned to the Company’s strategic and business objectives and the creation of shareholder value; • Transparent and easily understood; and • Acceptable to shareholders. The Board reviews executive packages annually by reference to the executive’s performance and comparable information from industry sectors and other listed companies in similar industries. The terms and conditions for the Managing Director are considered appropriate for the current exploration phase of the Group’s development. - 10 - DIRECTORS’ REPORT 2017 ANNUAL REPORT KINGSTON RESOURCES LIMITED & its Controlled Entities Options and performance rights may be issued to directors subject to approval by shareholders. All remuneration paid to directors is valued at the cost to the Group and expensed. Options are valued using the Black-Scholes methodology. (d) Relationship between remuneration and the Group’s performance Directors’ remuneration is set by reference to other companies of similar size and industry, and by reference to the skills and experience of directors. Fees paid to directors are not linked to the performance of the Group. This policy may change once the exploration phase is complete and the Company is generating revenue. At present the existing remuneration policy is not impacted by the Group’s performance including earnings and changes in shareholder wealth (dividends, changes in share price or returns of capital to shareholders). The Board has set long-term and short-term performance indicators for the determination of director remuneration as the Board believes this may encourage performance which is not in the long term interests of the Company and its shareholders. The Board has structured its remuneration arrangements in such a way it believes is in the best interests of building shareholder wealth in the longer term. The following table shows the net loss, loss per share and share price for the last three financial years. Net Loss Diluted loss per share (cents/share) Share price at year end (cents) 2017 2016 2015 2014 2013 ($1,153,471) ($4,587,718) ($2,391,602) (483,015) (1,933,590) (1.777) (2.702) (2.004) (0.578) (3.86) 2 2 2 2 6 Long-term (LTI) and short-term (STI) incentives may be provided to KMP in the form of Performance Rights and Options over ordinary shares of the Company and are considered to promote continuity of employment and provide additional incentive to recipients to increase shareholder wealth. Performance Rights and Options may only be issued to directors subject to approval by shareholders in general meeting. There were 13,500,000 unlisted Options issued during the year as LTI and 13,500,000 unlisted Options as STI (2016:nil) . There were 5,954,063 Performance Rights issued during the year as STI and 27,969,375 Performance Rights issued during the year as LTI. (e) Non-Executive Directors remuneration policy On appointment to the Board, all non-executive directors enter into a service agreement with the Company in the form of a letter of appointment. The letter summarises the Board policies and terms including remuneration, relevant to the office of director. The Board policy is to remunerate non-executive directors at commercial market rates for comparable companies for their time, commitment and responsibilities. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at the Annual General Meeting and is currently set at $150,000 per annum. Fees may also be paid to non-executive directors for additional consulting services provided to the Company. Fees for non-executive directors are not linked to the performance of the Group. Non-executive directors’ remuneration may also include an incentive portion consisting of options, subject to approval by shareholders. - 11 - DIRECTORS’ REPORT 2017 ANNUAL REPORT (f) KINGSTON RESOURCES LIMITED & its Controlled Entities Voting and comments made at the Company’s 2016 Annual General Meeting Kingston received 93% of “yes” votes (0.1% of “no” votes) on its remuneration report for the 2016 financial year. The Company did not receive any specific feedback at the AGM or throughout the year on its remuneration practices. (g) Remuneration Details for the Year Ended 30 June 2017 The following table of benefits and payments details, in respect to the financial year, the components of remuneration for each member of the KMP of the Group. Director Short-term benefits Post-employment benefits Long-term benefits Salary, fees and leave Superannuation LSL Termination benefits Equity-settled share-based payments Total Options Performance Rights/Shares* Anthony Wehby (Non-Executive Chairman) 2017 2016 50,000 - 4,750 - - 32,328 - 87,078 - - -