Mawson West : Q2 Financial Statements - Restated

ABN: 67 072 595 576

AMENDED AND RESTATED UNAUDITED CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE THREE & SIX MONTH PERIODS ENDED 30 JUNE 2016

This unaudited consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the audited annual financial report of Mawson West Limited for the year ended 31 December 2015, the Company's management's discussion and analysis for the quarter ended 30 June 2016, the Company's Annual Information Forms and any public announcements made by Mawson West Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Australia) and applicable securities laws. This unaudited consolidated interim financial report has been prepared by management in accordance with International Financial Reporting Standards. These financial statements are unaudited and have not been reviewed by the Company's auditors.

All amounts in this report are stated in US dollars unless noted otherwise

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 30 JUNE 2016 Consolidated three months ended 30 June Consolidated six months ended 30 June

Note

2016 $'000 2015 $'000 2016 $'000 2015 $'000

Revenue 6,423 (954) 16,0991,101

Cost of sales (11,488) - (23,396) (2,171)

Gross loss (5,065) (954) (7,297)(1,070)

General administrative and marketing expenses Depreciation expense	(813) -	(2,744) -
Care and maintenance expenses	(3,572)	(877)
Exploration expenses	-	(15)
Other expenses	-	(1,202)
Other income	12	1,398	-
Foreign exchange gains/(losses)	(17)	(12)
Share-based payments gains	-	763
Impairment of mine development assets	-	(24,735)
Impairment of other receivables	-	(2,943)
Gain on loan revision	4,677	-

(2,248)	(5,480)
-	(120)
(3,609)	(7,272)
-	(407)
-	(1,202)
4,694	1
(90)	16
-	695
-	(24,735)
-	(2,943)
4,677	-

Operating Loss	(3,392)	(32,011)
Finance income	1	2

Profit/(loss) on derivative instruments - 708 25 589

(3,848) (41,928)

1 4

Loss before income tax	(6,865)	(32,010)
Income tax benefit/(expense)	-	10
Loss after income tax	(6,865)	(32,000)

Finance expense (3,474) (1) (4,895) -

(8,742) (41,924)

- (11)

(8,742) (41,935)

Other comprehensive income Total comprehensive loss for the	(3)	-	-	-
period	(6,868)	(32,000)	(8,742)	(41,935)

Net loss after income tax attributable to: Owners of the parent	(6,293)	(28,695)	(7,862)	(37,715)
Non-controlling interests	(572)	(3,305)	(880)	(4,220)
(6,865)	(32,000)	(8,742)	(41,935)
Total comprehensive loss attributable to:
Owners of the parent	(6,296)	(28,695)	(7,862)	(37,715)
Non-controlling interests	(572)	(3,305)	(880)	(4,220)

(6,868) (32,000) (8,742) (41,935)

(0.6) cents	(7.1) cents	(0.8) cents	(11.0) cents
(0.6) cents	(7.1) cents	(0.8) cents	(11.0) cents

Basic (loss)/earnings per share Diluted (loss)/earnings per share

The above Unaudited Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

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UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016 Consolidated

Note	30 Jun 2016 $'000	31 Dec 2015 $'000
Current Assets Cash and short term deposits	3	964	1,493
Trade and other receivables	4	4,878	6,082
Inventories	5	6,559	13,085
Advance tax receivable	6	-	168
Other assets	7	1,085	1,081
Total Current Assets	13,486	21,909
Non-Current Assets Other assets	7	4,627	2,696
Property, plant and equipment	8	11,832	13,292
Mine properties	9	14,980	16,312
Advance tax receivable	992	916
Total Non-Current Assets	32,431	33,216
Total Assets	45,917	55,125
Current Liabilities Trade and other payables	8,108	15,509
Derivative liabilities	79	105
Loans and borrowings	10	3,107	16,562
Provisions	294	473
Total Current Liabilities	11,588	32,649
Non-Current Liabilities Loans and borrowings	10	58,971	51,120
Provisions	6,205	6,036
Total Non-Current Liabilities	65,176	57,156
Total Liabilities	76,764	89,805
Net Liabilities	(30,847)	(34,680)
Equity Issued capital	11	228,085	215,516
Reserves	8,824	8,818
Accumulated losses	(249,674)	(241,812)
Parent entity interest	(12,765)	(17,478)
Non-controlling interest	(18,082)	(17,202)
Total Equity	(30,847)	(34,680)

The above Unaudited Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

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UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 JUNE 2016 Accumulated Consolidated $'000 Non-controlling

Issued capital losses Reserves Interests Total equity

For the six months ended 30 June 2016

Balance at 1 January 2016	215,516 (241,812) 8,818 (17,202) (34,680)
Loss for the period	- (7,862) - (880) (8,742)
Other comprehensive income	- - - - -
Total comprehensive loss for the period	- (7,862) - (880) (8,742)
Shares issued during the period	12,569 - - - 12,569
Share based payments	- - 6 - 6
Balance at 30 June 2016	228,085 (249,674) 8,824 (18,082) (30,847)

For the six months ended 30 June 2015

Balance at 1 January 2015	184,232 (150,568) 9,579 (6,753) 36,490
Loss for the period	- (37,715) - (4,220) (41,935)
Other comprehensive income	- - - - -
Total comprehensive loss for the period	- (37,715) - (4,220) (5,445)
Shares issued during the period	17,387 - - - 17,387
Share based payments	- - (694) - (694)
Balance at 30 June 2015	201,619 (188,282) 8,885 (10,974) 11,248

The above Unaudited Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes

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