(d) Going concern basis The financial statements have been...

(d) Going concern basis
The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As disclosed in the financial statements, the Company and Group incurred losses of $10,489,426 and $10,504,611 respectively and the Group had cash outflows from operating and investing activities of $1,745,437 and $264,018 respectively, during the year ended 30 June 2015. As at that date the Company and Group had net current liabilities of $1,397,371 and $781,821 respectively. The ability of the Company and Group to continue as going concerns is dependent on a combination of a number of factors, the most significant of which is the ability of the company to raise additional funds in the following 12 months through issuing additional shares.
These factors indicate significant uncertainty as to whether the Company and Group will continue as going concerns and therefore whether they will realise their assets and extinguish their liabilities in the normal course of business and at the amounts stated in the financial report. Notwithstanding the above, the Directors believe that there are reasonable grounds to believe that the Company and Group will be able to continue as going concerns, after consideration of the following factors:  The Company plans to issue additional shares in the next 12 months under the Corporation Act 2001. This strategy has proven to be successful in the past;  The Company has established a number of strategies to obtain the greatest benefit from its exploration assets, including the potential sale of some of the tenements disclosed in Note 10 and its intellectual property asset for the development of the Oakajee Port as disclosed in Note 9 to generate cash inflows;  The Company plans to conserve cash by reducing its exploration and evaluation expenditure commitment of $840,631 as disclosed in note 14, by seeking exemption from tenement commitments, relinquishment of tenements, sale of tenements or joint venture arrangements;  As disclosed in the Note 22, subsequent to year end, the Company issued additional shares, which raised $350,000. The cash was received prior to reporting date and included in trade and other payables; and  The Company plans to scale down its operations during the next 12 months, including corporate overheads, in order to curtail expenditure, in the event insufficient cash is available to meet projected expenditure. Accordingly, the Directors believe that the Company and Group will be able to continue as going concerns and that it is appropriate to adopt the going concern basis in the preparation of the financial report. The financial report does not include any adjustments relating to the amounts or classification of recorded assets or liabilities that might be necessary if the Company and Group not continue as going concerns.