![Tsodilo Resources Limited Annual Report 2018](https://data.docslib.org/img/3a60ab92a6e30910dab9bd827208bcff-1.webp)
Tsodilo Resources Limited Annual Report 2018 Table of Contents Management's Discussion and Analysis - P.1 Financial Reporting Responsibility of Management - P.32 Independent Auditor's Report - P.33 Consolidated Financial Statements - P.34 Information for Investors - IBC 762',/25(6285&(6/,0,7(' 0DQDJHPHQW·V'LVFXVVLRQDQG$QDO\VLV )257+(<($5(1'(' '(&(0%(5 7KH0DQDJHPHQW·V'LVFXVVLRQDQG$QDO\VLVKDVEHHQDXWKRUL]HGIRU UHOHDVHE\WKH&RPSDQ\·V%RDUGRI'LUHFWRUVRQ$SULO 1 0DQDJHPHQW·V'LVFXVVLRQDQG$QDO\VLV 7KLV PDQDJHPHQW·V GLVFXVVLRQ DQG DQDO\VLV ´0' $µ VKRXOG EH UHDG LQ FRQMXQFWLRQ ZLWK WKH FRQVROLGDWHG ILQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DQGWKHQRWHVWKHUHWRIRUWKH\HDUVHQGHG'HFHPEHUDQG 7KH &RPSDQ\·V FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV DUH SUHSDUHG LQ DFFRUGDQFH ZLWK ,QWHUQDWLRQDO )LQDQFLDO 5HSRUWLQJ6WDQGDUGV ,)56 7KH&RPSDQ\·VIXQFWLRQDODQGUHSRUWLQJFXUUHQF\LV8QLWHG6WDWHVGROODUVDQGDOO DPRXQWV VWDWHG DUH LQ 8QLWHG 6WDWHV GROODU XQOHVV RWKHUZLVH QRWHG ,Q DGGLWLRQ WKH &RPSDQ\ KDV WKUHH %RWVZDQDRSHUDWLQJVXEVLGLDULHV1HZGLFR 3W\ /WG*FZLKDED5HVRXUFHV 3W\ /WGDQG%RVRWR 3W\ /WGZKLFK KDYHDIXQFWLRQDOFXUUHQF\RIWKH%RWVZDQD3XODDQGD6RXWK$IULFDQVXEVLGLDU\,GDGD 3W\ /WGZKLFKKDVD IXQFWLRQDOFXUUHQF\RI6RXWK$IULFDQ5DQG7KLVPDQDJHPHQW·VGLVFXVVLRQDQGDQDO\VLVKDVEHHQSUHSDUHGDVDW $SULO 29(59,(: 7VRGLOR 5HVRXUFHV /LPLWHG ´7VRGLORµ RU WKH ´&RPSDQ\µ ZDV RUJDQL]HG XQGHU WKH ODZV RI WKH 3URYLQFH RI 2QWDULRLQDQGFRQWLQXHGXQGHUWKHODZVRIWKH<XNRQLQ,WLVLQFRUSRUDWHGXQGHUODZVRIWKH<XNRQ 7HUULWRU\&DQDGDXQGHUWKH%XVLQHVV&RUSRUDWLRQV$FWRI<XNRQDQGWKHDGGUHVVRIWKH&RPSDQ\·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¸ 7KH&RPSDQ\KROGVDLQWHUHVWLQLWV%RWVZDQDVXEVLGLDU\*FZLKDED 3W\ /WG ´*FZLKDEDµ ZKLFK WRGDWHKROGVVHYHQ PHWDO EDVHSUHFLRXVSODWLQXPJURXSDQGUDUHHDUWK SURVSHFWLQJOLFHQVHVLQ WKH1RUWK:HVW'LVWULFW ¸ 7KH&RPSDQ\KROGVDLQWHUHVWLQLWV%RWVZDQDVXEVLGLDU\%RVRWR 3W\ /LPLWHG ´%RVRWRµ ZKLFK KROGVWZR SUHFLRXVVWRQHSURVSHFWLQJOLFHQVHV3/IRUWKHDUHDZKLFKFRQWDLQVWKH%. 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