Exterra Resources Limited ABN 26 138 222 705 |
Annual Report for the year ended 30 June 2016 |
ABN 26 138 222 705 |
Directors |
John Davis (Executive Chairman) |
Geoff Laing (Executive Director) |
Justin Brown (Non-Executive Director) |
Company Secretary Dennis Wilkins |
Registered Office Ground Floor, 20 Kings Park Road WEST PERTH WA 6005 |
Principal Place of Business Ground Floor, 31 Ventnor Avenue WEST PERTH WA 6005 Telephone: +61 8 9315 144 Facsimile: +61 8 9486 7093 |
Solicitors Kings Park Corporate Lawyers Level 2, 45 Richardson Street WEST PERTH WA 6005 |
Share Register Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153 |
Auditors |
Rothsay Chartered Accountants Level 1, Lincoln House 4 Ventnor Avenue WEST PERTH WA 6005 |
Internet Address www.exterraresources.com.au Stock Exchange Listing Exterra Resources Limited shares are listed on the Australian Securities Exchange (ASX code: EXC). |
Letter from the Chairman | 3 |
Review of Operations | 4 |
Directors' Report | 16 |
Auditor's Independence Declaration | 22 |
Corporate Governance Statement | 23 |
Statement of Comprehensive Income | 24 |
Statement of Financial Position | 25 |
Statement of Changes in Equity | 26 |
Statement of Cash Flows | 27 |
Notes to the Financial Statements | 28 |
Directors' Declaration | 42 |
Independent Audit Report | 43 |
ASX Additional Information | 45 |
Dear Fellow Shareholders
On behalf of the Board, management and staff of Exterra Resources Ltd it is with pleasure that I extend my appreciation for your support over the past year, which has seen significant changes to the Company.
It has been another challenging year for the resources industry generally and in particular, explorers. I am, however, pleased to advise that Exterra has emerged in a strong financial position as it moves towards gold production at the Second Fortune gold mine at the Linden project, while continuing with its exploration strategy to extract value from the Company's gold and lithium projects in Western Australia, in order to add value for shareholders.
The Company began the year with the primary objective to bring the Second Fortune gold mine into production and provide cash flow for the Company to allow on-going mine development and exploration funding. The signing of a Management and Services Agreement with the Mitchell River Group (MRG) to develop the Second Fortune gold mine, and provide technical and commercial experience to work alongside Exterra in order to bring the mine into production in a short time frame, and in a cost effective manner, has been pivotal to the Company's development.
Exploration activity during the year has highlighted a number of highly prospective targets at the Linden Project, returning economic grades in drilling with the potential to provide further gold resources and add to the overall economics of the Linden project. In addition, the Company also holds other highly prospective gold and lithium projects which warrant further exploration.
Exterra has had the opportunity to benefit from a rising gold price and has raised significant funds via the equity markets to support the mine development and provide working capital. Subsequently, the Company's share price has consolidated over the past year and risen by some 600% during this period.
The year ahead looks extremely exciting for all shareholders as Exterra moves towards gold production and cash flow during 2017. I look forward to providing you further updates as milestones are achieved.
Yours sincerely
John Davis Executive Chairman
Exterra Resources Limited published this content on 31 October 2016 and is solely responsible for the information contained herein.
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