RESERVES (Tables)

12 Months Ended

Jun. 30, 2018

RESERVES [Abstract]

Reserves

		2018		2017		2016
	Note	US$		US$		US$
Share-based payments reserve	11(b)		1,897,391		861,973		—
Foreign currency translation reserve	11(e)		68,917		318,122		259,320
			1,966,308		1,180,095		259,320

(a) Nature and purpose of reserves

Movements in Share-based Payments Reserve

Date	Details	Number ofIncentive Options			Number ofPerformance Rights			US$
2018
1 Jul 2017	Opening balance		56,450,000			2,200,000			861,973
Jul 17 – Jun 18	Grant of incentive securities1		28,250,000			400,000			—
31 Dec 2017	Expiry of performance rights		—			(1,100,000	)		—
30 May 2018	Exercise of incentive options		(5,000,000	)		—			(136,746	)
30 Jun 2018	Share based payment expense		—			—			1,172,164
30 Jun 2018	Closing balance		79,700,000			1,500,000			1,897,391
2017
1 Jul 2016	Opening balance		—			4,400,000			—
27 Sep 2016	Grant of Incentive Options		45,000,000			—			—
9 Dec 2016	Grant of Incentive Options		8,000,000			—			—
31 Dec 2016	Lapse of Performance Rights		—			(1,100,000	)		—
1 May 2017	Grant of Incentive Options1		3,450,000			—			—
30 Jun 2017	Lapse of Performance Rights		—			(1,100,000	)		—
30 Jun 2017	Share-based payment expense		—			—			861,973
30 Jun 2017	Closing balance		56,450,000			2,200,000			861,973
2016
1 Jul 2015	Opening balance		—			10,400,000			72,471
22 Jan 2016	Lapse of Performance Rights		—			(6,000,000	)		—
30 Jun 2016	Share-based payment expense		—			—			(72,471	)
30 Jun 2016	Closing balance		—			4,400,000			—

Notes:

1 Included in the above number of incentive securities granted during fiscal 2018 are 700,000 Incentive Options and 100,000 Performance Rights which were not issued until July 13, 2018 (2017: 3,450,0000 Incentive Options not issued until July 6, 2017).

2 For details on the valuation of Incentive Options and Performance Rights, including models and assumptions used, please refer to Note 15 of the financial statements.

Movements in Foreign Currency Translation Reserve

	2018			2017		2016
	US$			US$		US$
Balance at July 1		318,122			259,320		317,222
Exchange differences arising on translation of foreign operations		(249,205	)		58,802		(57,902	)
Balance at June 30		68,917			318,122		259,320

12. ACCUMULATED LOSSES