STRAITS RESOURCES LIMITED +
Straits25 November 2015
STRAITS RESOURCES LIMITED (ASX: SRQ)
EXECUTIVE CHAIRMAN'S LETTER TO SHAREHOLDERS
Dear Shareholder
Ahead of our all‐important Extraordinary General Meeting (EGM) on 15 December, I believe an update on your Company's operations and future growth strategy, outlined in my presentation to our Annual General Meeting today (attached) ‐ may provide some valuable context.
Already an established copper producer, with multiple mines and a 1.6mtpa processing plant at our Tritton operations near Nyngan in New South Wales, we are also one of Australia's five largest independent copper producers by volume. In FY2015 the Tritton operations delivered record production of more than 30,000 tonnes.
Going forward, we have a very clear, two‐pronged growth strategy. We have a portfolio of 'next‐mine' projects which are well advanced and leverage Tritton's existing infrastructure and highly promising pipeline of identified priority exploration prospects with the potential to sustainably grow current reserves and resources,. At the same time, we will continue to evaluate suitable merger and acquisition opportunities to add to our portfolio of high‐quality assets.
After a far‐reaching corporate restructuring process spanning three years involving many difficult decisions, we are poised to turn this vision into reality. Subject to shareholder approval at next month's EGM, we have entered into a binding agreement with our major lender, Standard Chartered Bank for a longer‐term debt restructure. Implementation of this agreement will substantially reduce and reprofile our corporate debt, introduce a new strategic partner in Special Portfolio Opportunity V Limited (PAG SPV) and reposition the Company for future growth.
Importantly the 12 EGM resolutions are interconnected. This means for any resolution to be passed, they all need to be passed. And so, regardless of the number of shares held, every single shareholder's vote is important. And so I urge all shareholders to please review the Notice of Meeting and Independent Expert's Report which were mailed out recently (also available on our website: www.Straits.com.au) and to please exercise their right to vote for the future of the Company.
As detailed in the meeting documentation, your Directors unanimously recommend that you vote in favour of all resolutions.
In closing, on behalf of Straits' Board and management team I thank you for your continued support and would like to reiterate our commitment and clear vision to become a mid‐sized, multi‐mine company, delivering shareholder value through an unwavering focus on operational excellence.
Should you have any questions in this regard, please do not hesitate to contact my office directly on: +61 7 3034 6200.
Yours sincerely
Andre Labuschagne Executive Director
HOW TO VOTE: You can cast your vote by attending the EGM in person, or by appointing a proxy. Proxy forms are included with the Notice of Meeting sent to all shareholders.
You can also vote online via a link on our website: www.straits.com.au, but you will need either your Securityholder Registration Number (SRN) or Holder Identification Number (HIN) to complete the online voting form.
MEETING DETAILS:
Date: Tuesday, 15 December 2015
Time: 10.00am
Venue: HopgoodGanim Lawyers
Address: Level 7, Waterfront Place, 1 Eagle Street, Brisbane
For further information, please contact:
Mr. Andre Labuschagne Executive Chairman
Tel: +61 7 3034 6200, or visit our website at www.straits.com.au
Media:
Annette Ellis / Warrick Hazeldine Cannings Purple
Tel: +61 8 6314 6300
aellis@canningspurple.com.au
25 November 2015
IMPORTANT NOTICE FOR SHAREHOLDERS
PLEASE TAKE ACTION
YOUR SUPPORT NEEDED AT 15 DECEMBER EGM
TO SECURE STRAITS' FUTURE
Established Copper Producer • Solid Project Pipeline • Exploration Upside
ASX: SRQ
Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements or forward-looking information. The words 'intend', 'may', 'would', 'could', 'will', 'plan', 'anticipate', 'believe', 'estimate', 'expect', 'target' and similar expressions are intended to identify forward-looking statements. These statements are based on certain factors and assumptions and while Straits considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are given only as at the date of this release and Straits disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Competent Persons Statement
The Mineral Resource statement has been prepared by Mr Brad Cox. Mr Cox confirms that he is the Competent Person for all the Mineral Resources estimates summarised in this Report and he has read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Cox is a Competent Person as defined by the JORC Code, 2012 Edition, having relevant experience to the style of mineralisation and type of deposit described in the Report and to the activity for which he is accepting responsibility. Mr Cox is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM No. 220544). Mr Cox has reviewed the Report to which this Consent Statement applies. Mr Cox is a full time employee of Straits Resources Limited. With respect to the sections of this report for which Mr Cox is responsible - Mineral Resource estimates - Mr Cox consents to the release of the Mineral Resources Statements as at 30 June 2015 by the Directors of Straits Resources Limited.
Mr Ian Sheppard, confirms that he is the Competent Person for all the Ore Reserves estimates summarised in this Report and Mr Sheppard has read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Sheppard is a Competent Person as defined by the JORC Code, 2012 Edition, having five years' experience that is relevant to the style of mineralisation and type of deposit described in the Report and to the activity for which he is accepting responsibility. Mr Sheppard is a Member of The Australasian Institute of Mining and Metallurgy, No. 105998. Mr Sheppard has reviewed the Report to which this Consent Statement applies. Mr Sheppard is a full time employee of Straits Resources Limited.
Mr Sheppard has disclosed to the reporting company the full nature of the relationship between himself and the company, including any issue that could be perceived by investors as a conflict of interest. Specifically Mr Sheppard has rights to 14,612,764 shares in Straits Resources Limited. Title to 9,741,842 shares has vested with the remainder to vest when a range of conditions have been satisfied as defined in an Employee Share Acquisition Plan - these conditions have not been met at this time. Mr Sheppard verifies that the Ore Reserve sections of this Report is based on and fairly and accurately reflects in the form and context in which it appears, the information in his supporting documentation relating to Ore Reserves. With respect to the sections of this report for which Mr Sheppard is responsible - Ore Reserve estimates - Mr Sheppard consents to the release of the Mineral Resources and Ore Reserves Statements as at 30 June 2015 by the Directors of Straits Resources Limited.
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