Ann: Full Year Statutory Accounts, page-28

To be fair, out of the $22.1m loss for 2016 there is the Impairment Allowance of approx $12.2m which presumably is for the assets associated with the Kolosori Project. Given the uncertainty as to whether Axiom will be granted the PL and ML or not, the accounting standards would require this charge to be created because they technically have no asset in Kolosori.

So that would bring things back to a better level than the 2015 loss of $12.5m (an improvement of $2.6m) to about a $9.9m annual operating loss (excluding impairment charge).

The qualification by the Auditor in forming their opinion is standard in a lot of these spec stocks given the fact they fly by the seat of their pants with cashflows. It is there to protect themselves in the event a company were to go under because they couldn't fulfill their obligations.

Make of it what you will!!!!!

Good Luck folks.