Announcement PDF 25 Februarry 2016 A ASX / MEDIA RELEASEE AERIS REESOURCESS LIMITED (ASX: AIS) Appendix 44D (Rule 4.2A.3) Financial R Report For the half‐year periiod ended 31 3 Decembeer 2015 Results for aannouncemen nt to the mark ket (All comparissons are to the half‐year en nded 31 Decem mber 2014) $’000 Up/Down % movem ment Revenue 92,197 9 Up 4% Gross Profit (5,424) ( Down 159% 1 Net profit aftter income tax (NPAT) 28,051 2 Up 232% 2 Audit d half‐year finnancial report which has be een reviewed. This report iss based on thee consolidated Acquisitions and disposals no acquisition ns or disposalss in the periodd. There were n or the period Commentaryy on results fo Please refer to the review w of operation ns and financ ial result secttions detailed in the directoor’s report included in thee d ending 31 D ecember 2015. attached halff‐year report for the period Dividends ayment of a dividend. No dividend was w paid durring the half year or thee The Directorrs do not reecommend pa correspondin ng period. Con nsequently there is no recoord date. hare (fully dilu uted) Net tangiblee assets per sh p share werre 0.03 centss for 31 Dece ember 2015 and a (0.03) cennts for 30 June 2015. Thee The net tanggible assets per comparitave net tangible asset per sha are was restatted to incorpo orate the fully y dilutive imppact resulting from the SCB B restructure. Additional 4D disclosuress uirements can be found in tthe Directors’ Report and consolidated ffinancial reporrt attached to o Additional diisclosure requ this report. For further information n, please con ntact: Mr. Andre Laabuschagne Executive Ch hairman Tel: +61 7 30034 6200, or visit v our website at www.aeerisresources.com.au Media: Annette Ellis/Michael Cairrnduff Cannings Purrple Tel: +61 8 63314 6300 +61 458 4 200 039 Aeris Resources Limited ABN 30 147 131 977 Interim report for the period ended 31 December 2015 Directors’ Report Your Directors present their report on the consolidated entity consisting of Aeris Resources Limited (the Company) previously known as Straits Resources Limited and the entities it controlled at the end of, or during the half-year ended 31 December 2015 and where required, the previous corresponding period for the half-year ended 31 December 2014. Directors The Directors of the Company in office during the financial period and up to the date of this report were: Current Directors at date of the report Willie André Labuschagne William Edward Alastair Morrison Michele Muscillo Principal Activities The principal activities of the consolidated entity for the period ended 31 December 2015 were the production and sale of copper, gold and silver and the exploration for copper and gold. Other than as referred to in the review of operations, there were no significant changes in those activities during the financial period. Dividend The Directors do not recommend payment of a dividend for the period to 31 December 2015. No dividend was paid during the period. Operating and Financial Review Operations During the period under review, the focus on improving operational performance at the Tritton Copper Mine (Tritton) in New South Wales continued. Both the mining operations and processing plant performed strongly with the processing plant setting a new quarterly record of 454,404 tonnes of Copper ore milled in the December quarter, producing 15,254 tonnes of Copper in concentrate in the period (Dec 2014: 14,916 tonnes of Copper in concentrate produced). This follows the record annual production achieved during the 30 June 2015 financial year of 30,245 tonnes of copper metal. The priority operational focus continued to be centred on improving reliability of the mine equipment fleet. In December 2015, the Company placed orders to purchase a new truck fleet which will replace the current ageing and high cost units. The first two new 63t underground trucks were added to the fleet in December. Ongoing productivity initiatives focussed on increased production and lower costs are underway. The total recordable injury frequency rate (TRIFR) has fallen to 20.4 as at 31 December 2015, continuing to further improve on the TRIFR levels of the past two years. 1 Exploration The Company currently hold 184,600 hectares in the prospective Tritton VMS district. This is made up of four granted exploration and three mining leases. Six major mafic complexes have been identified within a sequence of sedimentary rocks with a combined strike length of greater than 100km. Numerous anomalies have been identified and remain untested in the Tritton region. An exploration strategy has been steadily evolving for the region and has been extremely effective in both identifying and testing for VMS sulphide systems as demonstrated by the Company’s exploration success at Avoca Tank, Kurrajong, Carters and Budgery. The quality of the remaining targets in the Tritton region and the potential for further discoveries in this large VMS copper district is excellent. The Company’s previous success and the knowledge that Besshi VMS systems like Tritton are characterised by repeats along strike, multiple horizons and lenses and significant depth potential gives the company great confidence for the discovery of additional deposits along the multiple prospective horizons within the Tritton region. Tritton Deeps A drilling program has commenced to better define the orebody below 4,200mRL, known as “Tritton Deeps”. The Tritton Deeps project is a multi-phase drill program designed to test mineralisation continuity below current drilling information and extend the Mineral Resource Inventory to the 3,800mRL level. The initial Tritton Deeps Phase 1 drill program has recently been completed with the results announced to the ASX on 2 October 2015 (correction announced 20 October 2015). The second phase of the Tritton Deeps drilling program has commenced, the intent being to drill out the Tritton orebody to 40m x 40m drill spacing between the 4,200mRL to 4,000mRL. Financial Results The Group recorded a profit after tax for the 6 month period to 31 December 2015 of $28.1 million (Dec 2014: loss of $21.3 million). The result was impacted by a number of key factors including:  Gain on debt restructure of Standard Chartered Bank (SCB) Debt facility positively impacted the result by $45.9 million;  Revenue from continuing operations amounted to $92.2 million compared to $88.6 million in the previous corresponding period. This was directly due to timing impacts of concentrate sale shipments, with the prior period’s revenue at 31 December 2014 not being able to be recognised (ca. 11,003 wmt of Copper with an invoice value of approximately $13.6 million). The increased revenue recognition was however offset by lower copper prices achieved in the period compared to the previous period;  Cost of goods sold have increased from $79.5 million at December 2014 to $97.7 million at 31 December 2015, due to increased treatment and refining costs and inventory movements as a result of timing of copper shipments and increased amortisation due to increased tonnes mined and sequence of mining activities;  Foreign exchange impacts on the Restructured US denominated Bridge Loan and Working Capital Facility with SCB as well as Convertible Notes with Credit Suisse ($8.9 million) was lower than in the prior period ($20.5 million), due to the AUD:USD depreciating by 5% in current period compared to 10% in prior period. 2 Financial Position The positive net asset position of the Group at 31 December 2015 was $31.597 million (negative net assets at 30 June 2015 were $27.180 million), mainly due to Restructure of the SCB debt which was approved by Shareholders at an Extraordinary General Meeting (EGM) on 15 December 2015. Restructure of SCB Debt On 3 August 2015 it was announced that, the company, the Existing Lender Group and Special Opportunity V Limited (PAG SPV), as the New Lender, had entered into binding agreements, which, were subject to the satisfaction of a number of conditions precedent, including shareholders approval. At the EGM held on 15 December 2015 Straits Resources Limited (now Aeris Resources Limited) shareholders approved all resolutions put forward, including:  Change of name to Aeris Resources Limited;  Restructure of the debt with Standard Chartered Bank (SCB); and  1 for 10 consolidation of capital (Ordinary shares). On 15 December 2015, the Company advised that all relevant conditions precedent to the longer term debt structure had been fulfilled by the shareholder approvals received at the EGM, resulting in the completion of the debt restructure on 31 December 2015. The debt restructure being completed resulted in the Company:  Reducing its Senior Debt with SCB to US$50 million (a 55% reduction);  Establishing a new 3 year Working Capital Facility for US$25 million with Special Opportunity V Limited (PAG SPV);  Redeeming at face value, US$1.047 million of the US$7.200 million Convertible Notes held by Credit Suisse International, with the remainder being converted to 24,500,000 (post consolidation) ordinary shares in the Company. Redemption occurred on 4 January 2016 and the ordinary shares were issued on 8 January 2016;  Granting a price participation structure to SCB whereby SCB will receive a small percentage incremental revenue above a copper price of A$8,000 per tonne;  Issuing Convertible Redeemable Preference Shares to SCB equivalent to 60% of the issued capital of the Company on a post-refinancing fully diluted basis; and  Issuing Convertible Non-Redeemable Preference Shares to PAG SPV equivalent to15% of the issued capital of the Company on a post-refinancing fully diluted basis. The Debt Restructure was formally completed on 31 December 2015. With this New Funding, its Restructured Senior Debt and concomitant reduced interest repayments, the Company Group’s business plan indicates that it will be able to generate sufficient cash flow to:  Service its obligations in relation to the New Funding;  Meet its current working capital requirements; and  Meet its critical capital expenditure requirements, which will help the Company increase its resources/reserves and extend the life of Tritton Copper Operations. In addition the Company also announced on 6 October 2015 that it has signed a binding agreement with Sandfire Resources NL (ASX:SFR) for the sale of its interest in the Temora and Currumburrama exploration projects in New South Wales for A$2.500 million (payable in Sandfire shares). The completion of this sale will further improve the company’s cash flow. The sale was finalised on 4 January 2016 and subsequently all Sandfire shares, received as consideration have been sold. 3 Events Subsequent to Balance Date On 4 January 2016 the company announced the completion of sale of Temora and Currumburrama exploration projects. On 4 January 2016, the company also partially redeemed USD 1.047 million of its Credit Suisse International Convertible Notes and the remainder of the notes were converted into 24,500,000 Ordinary Shares in the Company (on a post consolidated basis) at 8 January 2016. There has not arisen in the interval between the end of the financial period and the date of this report, any matter or circumstance 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 subsequent financial years. Outlook The Company is targeting production of 28,000 tonnes of copper at its Tritton operations in FY2016. In the year ahead, the focus on maintaining a high level of mining and processing throughput and cost management will continue. Auditors' Independence Declaration A copy of the auditors' independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 5. Rounding of Amounts to Nearest Thousand Dollars The Company is of a kind referred to in Class Order 98/100 issued by the Australian Securities and Investments Commission, relating to the rounding off of amounts in the Directors' Report and Financial Report. Amounts in the Directors' Report and Financial Report have been rounded off to the nearest thousand dollars in accordance to the class order. Signed in accordance with a resolution of the Directors. Andre Labuschagne Executive Chairman 25 February 2016 4 Auditor’s Independence Declaration As lead auditor for the review of Aeris Resources Limited for the half-year ended 31 December 2015, I declare that to the best of my knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Aeris Resources Limited and the entities it controlled during the period. Debbie Smith Partner PricewaterhouseCoopers Brisbane 25 February 2016 PricewaterhouseCoopers, ABN 52 780 433 757 Riverside Centre, 123 Eagle Street, BRISBANE QLD 4000, GPO Box 150, BRISBANE QLD 4001 T: +61 7 3257 5000, F: +61 7 3257 5999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. Aeris Resources LimitedABN 30 147 131 977 (Previously known as Straits Resources Limited) Interim report - 31 December 2015 Contents Page Financial statements Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Directors' declaration 7 8 9 10 11 26 These interim financial statements are the consolidated interim financial statements of the consolidated entity consisting of Aeris Resources Limited (previously known as Straits Resources Limited) and its subsidiaries. The interim financial statements are presented in the Australian currency. Aeris Resources Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Aeris Resources Limited HQ South Tower Suite 2.2 Level 2 520-540 Wickham Street FORTITUDE VALLEY, BRISBANE QLD 4006 A description of the nature of the consolidated entity's operations and its principal activities is included in the directors' report inclusive of the review of operations and activities on pages 1 to 3, which is not part of these interim financial statements. The interim financial statements were authorised for issue by the Directors on 25 February 2016. The Directors have the power to amend and reissue the interim financial statements. All press releases, financial reports and other information are available on our website: www.aerisresources.com.au 6 Aeris Resources Limited Consolidated Statement of Comprehensive Income For the period ended 31 December 2015 31 December 2015 Notes $'000 31 December 2014 $'000 Revenue from continuing operations Cost of goods sold Gross profit 2 3 92,197 (97,621) (5,424) 88,611 (79,484) 9,127 Exploration expense Administration and support Other Loss before net finance costs 3 3 3 (345) (3,407) (7,961) (17,137) (340) (3,415) (21,053) (15,681) (751) 45,939 28,051 2 (5,575) (21,254) 327 (1,093) (766) 327 (1,093) (766) 27,285 (22,020) 28,051 (21,254) 27,285 (22,020) Finance income Finance expenses Net gain on debt restructure Profit/(loss) for the period 3 3 Other comprehensive income Items that may be reclassified to profit and loss Income tax relating to components of other comprehensive income Reclassification to net income of net gains on cash flow hedges Other comprehensive loss for the period, net of tax 8(a) 8(a) Total comprehensive income/(loss) for the period Profit/(loss) is attributable to: Owners of Aeris Resources Limited Total comprehensive income/(loss) for the period is attributable to: Owners of Aeris Resources Limited 31 December 31 December 2014 2015 Cents Cents Earnings per share for profit attributable to the ordinary equity holders of the Company: Basic earnings per share Diluted earnings per share 10 10 24.2 3.0 The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes. 7 (18.2) (18.2) Aeris Resources Limited Consolidated Statement of Financial Position As at 31 December 2015 31 December 2015 Notes $'000 30 June 2015 $'000 ASSETS Current assets Cash and cash equivalents Trade and other receivables Inventories Other financial assets Assets classified as held for sale Total current assets 8,857 8,466 15,692 3,302 2,500 38,817 24,022 9,475 13,073 2,126 48,696 Non-current assets Receivables Exploration and evaluation Mine properties in use Property, plant and equipment Deferred tax assets Total non-current assets 4,025 18,489 39,900 41,854 21,849 126,117 3,996 19,521 43,286 41,053 21,521 129,377 Total assets 164,934 178,073 25,239 12,077 5,679 42,995 26,676 159,340 4,905 190,921 72,774 17,568 90,342 2,717 11,615 14,332 Total liabilities 133,337 205,253 Net assets / (liabilities) 31,597 (27,180) 353,203 31,560 (8,196) (344,970) 31,597 353,300 (7,459) (373,021) (27,180) LIABILITIES Current liabilities Trade and other payables Interest bearing liabilities Provisions Total current liabilities Non-current liabilities Interest bearing liabilities Provisions Total non-current liabilities EQUITY Contributed equity Preference Equity Reserves Accumulated losses Total equity 4 5 4 5 6 7 8(a) 8(b) The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. 8 Aeris Resources Limited Consolidated Statement of Changes in Equity For the period ended 31 December 2015 Attributable to owners of Aeris Resources Limited Convertible Contributed Preference Other Accumulated equity Shares reserves Losses $'000 $'000 $'000 $'000 Balance at 1 July 2014 353,300 - (6,025) (341,555) 5,720 - - (766) (766) (21,254) (21,254) (21,254) (766) (22,020) 353,300 - 66 (6,725) (362,809) 66 (16,234) Profit /(loss) for the period Other comprehensive loss Total comprehensive income for the period Transactions with owners in their capacity as owners: Employee share schemes - value of employee services Balance at 31 December 2014 353,300 - (7,459) (373,021) (27,180) - - (766) (766) 28,051 28,051 28,051 (766) 27,285 6 7 (97) - 31,560 - - (97) 31,560 8 (97) 31,560 29 29 - 29 31,492 353,203 31,560 (8,196) (344,970) 31,597 Balance at 1 July 2015 Profit /(loss) for the period Other comprehensive loss Total comprehensive income for the period Transactions with owners in their capacity as owners: Share buy back Issue of preference equity Employee share schemes - value of employee services Total equity $'000 Balance at 31 December 2015 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. 9 Aeris Resources Limited Consolidated Statement of Cash Flows For the period ended 31 December 2015 31 December 2015 $'000 31 December 2014 $'000 Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest paid Net cash (outflow)/ inflow from operating activities 92,842 (94,014) (748) (1,920) 95,523 (83,691) (767) 11,065 Cash flows from investing activities Payments for property, plant and equipment and mine properties Proceeds from held for trading financial assets Payments for exploration expenditure Cash backed security deposits Net cash outflow from investing activities (10,458) 156 (1,468) (11,770) (16,217) (684) 36 (16,865) Cash flows from financing activities Proceeds from borrowings Finance lease payments Borrowing costs Net cash outflow from financing activities 1,367 (2,294) (684) (1,611) (1,938) (1,938) Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial period Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of period (15,301) 24,022 136 8,857 (7,738) 12,679 488 5,429 The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. 10 Aeris Resources Limited Notes to the Consolidated Financial Statements 31 December 2015 Contents of the notes to the consolidated financial statements Page 1 2 3 4 5 6 7 8 9 10 11 12 Basis of preparation of half-year report Revenue Expenses Interest bearing liabilities Provisions Contributed equity Preference Equity Reserves and retained earnings Events occurring after the balance sheet date Earnings per share Segment information Fair value measurements 11 12 15 15 16 18 19 20 21 21 22 22 24 Aeris Resources Limited Notes to the Consolidated Financial Statements 31 December 2015 (continued) 1 Basis of preparation of half-year report The interim financial statements are for the consolidated entity consisting of Aeris Resources Limited ('the Company') and its subsidiaries ("the Group"). This condensed consolidated interim financial report for the six month reporting period ended 31 December 2015 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. This condensed consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this financial report is to be read in conjunction with the annual report of the Group for the year ended 30 June 2015 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The annual report for the year ended 30 June 2015 is accessible at www.aerisresources.com.au. The half-year financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars unless otherwise stated, under the option available to the Company under Class Order 98/100, issued by the Australian Securities and Investment Commission. The Company is an entity to which the class order applies. The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. The Directors believe they have reasonable grounds to expect that they will have sufficient funds to settle the Group's liabilities and meet its debts as and when they fall due. In their assessment of going concern the Directors have considered the funding and operational status of the business, including consideration of the following: • • • • The successful restructure of the SCB debt facility with a reduction to US$50.000 million resulting in a net asset position of $31.597 million as at 31 December 2015 (June 2015: net liability of $27.180 million); The establishment of a US$25.000 million debt facility with PAG SPV of which only US$1.000 million was drawn in December; Continuing to achieve operational and cost targets of Tritton operations with copper production for the period ended 31 December 2015, with output of 15,107 tonnes, exceeding the original guidance of 14,787 tonnes; Ability to manage timing of cash flows to meet the obligations of the business as and when due. 12 Aeris Resources Limited Notes to the Consolidated Financial Statements 31 December 2015 (continued) 1 Basis of preparation of half-year report (continued) (i) Significant Transactions On 3 August 2015 it was announced that, the Company, the Existing Lender Group and Special Opportunity V Limited (PAG SPV), as the New Lender, had entered into binding agreements, which, were subject to the satisfaction of a number of conditions precedent, including Shareholder approvals. At an Extraordinary General Meeting (EGM) held on 15 December 2015 Straits Resources Limited (now Aeris Resources Limited) shareholders approved all resolutions put forward, including: • • • Change of name to Aeris Resources Limited (Aeris); Restructure of the debt with Standard Chartered Bank (SCB); and; 1 for 10 consolidation of capital (Ordinary shares). On 15 December 2015, the Company advised that all relevant conditions precedent to the longer term debt structure had been fulfilled by the shareholder approvals received at the EGM, resulting in the completion of the debt restructure on 31 December 2015. The debt restructure being completed resulted in the Company: • • • • • • Reducing its Senior Debt with SCB to US$50.000 million (a 55% reduction); Establishing a new 3 year Working Capital Facility for US$25.000 million with PAG SPV; Redeeming at face value, US$1.047 million of the US$7.200 million Convertible Notes held by Credit Suisse International, with the remainder being converted to 24,500,000 (post consolidation) Ordinary shares in the Company. Redemption occurred on 4 January 2016 and the ordinary shares were issued on 8 January 2016; Granting a price participation structure to SCB whereby SCB will receive a percentage of incremental revenue above a copper price of A$8,000 per tonne; Issuing Convertible Redeemable Preference Shares to SCB equivalent to 60% of the issued capital of Aeris on a post-refinancing fully diluted basis; and Issuing Convertible Non-Redeemable Preference Shares to PAG SPV equivalent to 15% of the issued capital of the Company on a post-refinancing fully diluted basis. With this New Funding, its Restructured Senior Debt and concomitant reduced interest repayments, the Company's business plan indicates that it will be able to generate sufficient cash flow to: • • • Service its obligations in relation to the New Funding; Meet its current working capital requirements; and Meet its critical capital expenditure requirements, which will help the Company increase its resources/reserves and extend the life of the Tritton Copper Operations. In addition the Company also announced on 6 October 2015 that it has signed a binding agreement with Sandfire Resources NL (ASX:SFR) for the sale of it's interest in the Temora and Currumburrama exploration projects in New South Wales for A$2.500 million (payable in Sandfire shares). The completion of this sale will further improve the company's cash flow. The sale was finalised on 4 January 2016 and subsequently all shares have been disposed of. 13 Aeris Resources Limited Notes to the Consolidated Financial Statements 31 December 2015 (continued) 1 Basis of preparation of half-year report (continued) (ii) Impact of standards issued but not yet applied by the entity None of the new standards and amendments to standards that are mandatory for the first time for the financial year beginning 1 July 2015 affect any of the amounts recognised in the current period or any prior period and are not likely to affect future periods. The Company has not early adopted any amendments, standards or interpretations that have been issued but are not yet effective. Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2016 reporting periods and have not been early adopted by the Company. AASB 9 Financial Instruments addresses the classification, measurement and de-recognition of financial assets and financial liabilities and introduces new rules for hedge accounting. In December 2014, the AASB made further changes to the classification and measurement rules and also introduced a new impairment model. These latest amendments now complete the new financial instruments standard. The standard applies to reporting periods beginning on or after 1 January 2018. The new hedging rules align hedge accounting more closely with the Company’s risk management practices. As a general rule it will be easier to apply hedge accounting going forward as the standard introduces a more principles-based approach. The new standard also introduces expanded disclosure requirements and changes in presentation. The new impairment model is an expected credit loss (ECL) model which may result in the earlier recognition of credit losses. The Company has not yet assessed the impacts of the new accounting standard on the Company’s financial statements. AASB15 Revenue from Contracts with Customers, will replace AASB 118 Revenue which covers revenue recognition of contracts for goods and services and AASB 111 Construction Contracts which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer - so the notion of control replaces the existing notion of risks and rewards. The standard permits a modified retrospective approach for the adoption. Under this approach entities will recognise transitional adjustments in retained earnings on the date of initial application (eg 1 July 2017), ie without restating the comparative period. They will only need to apply the new rules to contracts that are not completed as of the date of initial application. The standard applies to reporting periods beginning on or after 1 January 2017. The Company has not yet estimated the impact of the new rules on the Company’s financial statements. IFRS 16 Leases addresses the recognition, measurement, presentation and disclosures of leases. This standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s Leases approach to lessor accounting substantially unchanged from its predecessor, AASB 117 Leases. This standard applies to annual reporting periods beginning on or after 1 January 2019. The Company has not yet assessed the impact for the Company of this new standard. 14 Aeris Resources Limited N