Annual Financial Report – period ended 30 Jun...

AIM Release 

28 August 2017

BASE RESOURCES LIMITED
Annual Financial Report – period ended 30 June 2017

Base Resources Limited (ASX & AIM: BSE) (“Base Resources” or the “Company”) is pleased to provide the following extracts from the company’s Annual Financial Report for the year ended 30 June 2017.

1.  Review of Operations.

2.  Market Developments and Outlook

3.  Review of Financial Performance.

4.  Consolidated Statement of Profit or Loss and Other Comprehensive Income.

5.  Consolidated Statement of Financial Position.

6.  Consolidated Statement of Changes in Equity.

7.  Consolidated Statement of Cash Flows.

These extracts should be read with reference to the notes contained in the full version of the Annual Financial Report, a copy of which is available from the Company’s website:  www.baseresources.com.au.

All figures are reported in Australian dollars unless otherwise stated.

Highlights

Highlights from Base Resources’ full year results for the reporting period to 30 June 2017 are as follows:

$ million	FY2017	FY2016	% Change
Kwale Operation Sales Revenue	215.5	169.0	+28%
Kwale Operation EBITDA	115.9	68.0	+70%
Group EBITDA	109.7	60.6	+81%
Net Profit / (loss) for the year	21.0	(20.9)	+200%
Reduction in Net Debt	76.0	47.5	+60%
Net Debt outstanding at year end	(128.2)	(204.2)	-37%

[*Net Debt consists of the outstanding balance of debt facilities less cash less restricted cash held in the debt service reserve account.]

• Record sales volumes of 501,676 tonnes of ilmenite (FY2016: 480,538 tonnes), 91,991 tonnes of rutile (FY2016: 85,536 tonnes), 34,566 tonnes of zircon (FY2016: 33,062 tonnes) and 9,501 tonnes of zircon low grade (FY2016: Nil).
• Sales revenue was $215.5 million (FY2016: $169.0 million), achieving an average price of product sold (rutile, ilmenite, zircon and zircon low grade) of $338 per tonne, or US$255 per tonne, (FY2016: $282 per tonne or US$205 per tonne) with the main driver being the rising ilmenite price.
• Total cost of goods sold increased to $88.6 million (FY2016: $86.6 million) due to the 6% increase in sales volume, with underlying costs remaining steady at an average cost of $139 per tonne, or US$105 per tonne of product sold, (FY2016: $144 per tonne or US$105 per tonne).  The continued focus on cost management achieved a slight reduction in operating costs per tonne produced to $114 per tonne, or US$86 per tonne, (FY2016: $121 per tonne or US$88 per tonne).
• The Kwale Operation achieved a revenue to cost of sales ratio of 2.4:1, comfortably positioning it in the first quartile of mineral sands producers.
• Improved sales volumes, commodity prices and a continued focus on cost management has delivered an 81% increase in Group EBITDA of $109.7 million (FY2016: $60.6 million).
• Cash flow from operations was $100.2 million (FY2016: $78.6 million). 
• Free cash flow of $68.8 million contributed to the significant reduction in net debt of $76.0 million, bringing net debt to $128.2 million (US$98.5 million) at year end.
• Repayments of $11.6 million (US$8.2 million) were made against the Taurus Debt Facility during the reporting period, reducing the outstanding balance to US$11.8 million. The Taurus Debt Facility was subsequently retired in July 2017 (refer to the market release on 18 July 2017).

1.            Review of Operations

Base Resources operates the 100% owned Kwale Operation in Kenya, which commenced production in late 2013.  The Kwale Operation is located 10 kilometres inland from the Kenyan coast and 50 kilometres south of Mombasa, the principal port facility for East Africa.

During the reporting period, mining operations successfully commissioned a 400 tonnes per hour (“tph”) Hydraulic Mining Unit (“HMU”) to more efficiently mine the thinner, lower grade perimeter blocks, while the existing dozer trap mining unit (“DMU”) continued to mine the higher grade central ore blocks.  As a result of the dual mining unit strategy, the volume of low grade ore mined increased and the blended average ore grade dropped to 7.09% heavy mineral (“HM”) (8.31% HM in the comparative period).  Mining volumes were consequently increased from 9.2Mt in the comparative period to 11.0 million tonnes (“Mt”) in the reporting period to compensate for the lower ore grade.

Mining and WCP Performance	2017	2016
Ore mined (tonnes)	11,014,939	9,202,554
Heavy mineral (HM) %	7.09%	8.31%
WCP Heavy mineral concentrate production (tonnes)	708,404	734,431

The Kwale Operation is designed to process ore to recover three separate products – rutile, ilmenite and zircon.  Ore is received at the wet concentrator plant (“WCP”) from the mining units via a slurry pipeline.  The WCP removes slimes, concentrates the valuable heavy minerals (rutile, ilmenite and zircon) with a number of gravity separation steps and rejects most of the non-valuable, lighter gangue minerals to produce a heavy mineral concentrate (“HMC”).  The HMC, containing approximately 90% heavy minerals, is then processed in the mineral separation plant (“MSP”).  The MSP cleans and separates the rutile, ilmenite and zircon minerals into finished products for sale.

Despite the increase in mining volume, production of HMC fell to 708,404 tonnes, lower than the prior period’s 734,431 tonnes due to the lower mined ore grade.  The HMC stockpile was drawn down during the year to 83,632 tonnes (139,364 tonnes at 30 June 2016) due to the lower HMC production and increased MSP throughput.

To exploit the increase in MSP throughput achieved and counter declining ore grades expected from mid-2018 onwards, in May 2017, following completion of the definitive feasibility study, the board approved implementation of the Kwale Phase 2 (“KP2”) project.  The objective of the KP2 project is to maximise HMC feed to the MSP, and therefore final production volumes, by increasing mining rates as ore grade declines.  This will be achieved through increasing the hydraulic mining capacity to three 800tph HMU’s, with the existing DMU gradually phased out, lifting the combined mining rate to 2,400tph (1,476tph in the reporting period).  WCP and tails management will be upgraded in parallel to accommodate the higher mining rates.

MSP Performance	2017	2016
MSP feed (tonnes of heavy mineral concentrate)	764,171	709,443
MSP feed rate (tph)	91	85
MSP recovery %
Ilmenite	100%	104%
Rutile	97%	101%
Zircon	73%	69%
Production (tonnes)
Ilmenite	467,359	455,870
Rutile	90,625	85,654
Zircon	34,228	31,389
Zircon low grade	10,210	-

On-going optimisation of the MSP has continued to yield higher throughput rates with an average of 91tph achieved for the reporting period (85tph in the comparative period), increasing total MSP feed to 764,171 tonnes (709,443 tonnes in the comparative period) and resulting in record production levels for all products during the reporting period. 

Ilmenite production continued at above design capacity, achieving production of 467,359 tonnes (455,870 tonnes in the comparative period), primarily due to the increased MSP feed.  The higher feed was partially offset by the proportionally lower ilmenite content of low grade ore and lower average ilmenite recoveries of 100% (104% in the comparative period).

Rutile production increased to 90,625 tonnes in the reporting period (85,654 tonnes in the comparative period).  Lower average recoveries of 97% (101% in the comparative period) were offset by the higher MSP feed and the proportionally higher rutile content of low grade ore mined during the reporting period.

Zircon production increased to 34,228 tonnes for the reporting period (31,389 tonnes in the comparative period) due to the higher MSP feed and higher average zircon recoveries of 73% (69% in the comparative period).

In addition to primary zircon, during the reporting period the Kwale Operation produced a lower grade zircon product (“zircon low grade”) from the re-processing of run-of-production and stockpiled zircon circuit tails into a zircon rich concentrate.  Sales of this zircon low grade product have realised 70-80% of the value of each contained tonne of zircon.  Reported zircon low grade represents the volume of zircon contained in the concentrate.  When combined with primary zircon recoveries, the production of zircon low grade has effectively lifted total zircon recoveries well above the design target of 78%.

With no serious injuries occurring during the period under review, Kwale Operations lost time injury (“LTI”) frequency rate remains at zero.  Base Resources’ employees and contractors have now worked 9.7 million man-hours LTI free, with the last LTI recorded in February 2014.

Marketing and sales	2017	2016
Sales (tonnes)
Ilmenite	501,676	480,538
Rutile	91,991	85,536
Zircon	34,566	33,062
Zircon low grade	9,501	-

Base Resources has a number of off-take agreements across each of its three products with some of the world’s largest consumers of titanium dioxide minerals and zircon products, including a cornerstone agreement with Chemours for the majority of our rutile production.  These agreements provide off-take security for the Kwale Operation, and contain firm minimum annual offtake volumes.  All sale values are derived from prevailing market prices, based on agreed price indices or periodic price negotiations, with some agreements offering downside protection in the form of floor prices. 

In the reporting period, Base Resources sold more than 635,000 tonnes of product from the Kwale Operation, with shipments being made to a combination of customers with existing offtake agreements, regular customers buying on a spot basis and casual spot customers. 

The Company continues to build its market presence in China – the world’s largest ilmenite market – with over 500,000 tonnes ilmenite sold into the Chinese market during the reporting period.  Solid relationships with major Chinese ilmenite consumers have ensured regular sales through a mix of shorter term contracts (one to three-year duration) and spot sales. 

2.            Market Developments and Outlook

Titanium Dioxide

Ilmenite and rutile are primarily used as feedstock for the production of titanium dioxide (“TiO₂“) pigment, with a small percentage also used in the production of titanium metal and fluxes for welding rods and wire.  TiO₂ is the most widely used white pigment because of its non-toxicity, brightness and very high refractive index.  It is an essential component of consumer products such as paint, plastics and paper.  Pigment demand is therefore the main driver of ilmenite and rutile pricing.

Global consumption of pigment has maintained a long-term average growth rate closely correlated to global GDP, or approximately 3% per annum.  However, volatility in the global economy in recent years has created significant fluctuations in this growth rate, manifesting in big swings in inventory levels throughout the entire pigment supply chain.  Excess pigment inventories in the downstream supply chain were finally exhausted by the end of the 2016 financial year, resulting in a significant tightening of the market. 

The TiO₂ pigment industry continued to strengthen through the reporting period resulting in price improvement and strong demand for TiO₂ feedstock.  Pigment inventory levels have fallen below normal levels and pigment plants have moved to maximise their utilisation rates.  Global pigment producers announced a series of price increases over the course of the reporting period, with further pigment price increases secured during the early part of the 2018 financial year.

The ilmenite feedstock market became heavily constrained as demand from the Chinese pigment industry increased rapidly and supply of ilmenite from various major sources was limited.  A struggling iron ore price has suppressed ilmenite production in China as most Chinese ilmenite production is a by-product of iron ore mining.  In addition, widespread environmental compliance inspections in the main ilmenite producing region of China (Panzhihua) during the first half of the reporting period led to temporary and permanent closures of a number of operations.  Supply of ilmenite from a major producing region in India (Tamil Nadu) has been suspended since the December 2016 quarter, as a result of political issues.  A combination of these factors resulted in ilmenite prices increasing strongly throughout the reporting period.  Prices for Base Resources’ ilmenite increased by over 250% between May 2016 and June 2017.

The rapidly increasing price drove an influx of ilmenite imports into China through the first half of calendar year 2017, which, when combined with increasing Chinese domestic ilmenite production, resulted in mounting pressure on prices towards the end of the reporting period.  Chinese domestic ilmenite prices retreated through June 2017 and this has led to discounting of imported ilmenite prices in the early stages of the 2018 financial year.  However, a further round of environmental compliance inspections again appears to be restricting production of Chinese domestic ilmenite and by the end of July 2017, there were signs that the Chinese domestic ilmenite price had stabilised.

Conditions for rutile continued to tighten through the course of the year.  Inventory levels and some excess production capacity resulted in only modest price improvement through the latter part of the reporting period but conditions look positive for solid price gains in financial year 2018.

In the absence of substantial new feedstock supply coming online, the titanium dioxide feedstock market is expected to remain in structural supply deficit, providing an opportunity for continued price strength in both ilmenite and rutile over the coming years.  

Zircon

Zircon has a range of end-uses, the largest of which is in the production of ceramic tiles, which accounts for more than 50% of global zircon consumption.  Milled zircon enables ceramic tile manufacturers to achieve brilliant opacity, whiteness and brightness in their products.  Zircon’s unique properties include heat and wear resistance, stability, opacity, hardness and strength.  These properties mean it is also sought after for other applications such as refractories, foundries and specialty chemicals.

Demand growth for zircon is closely linked to growth in global construction and increasing urbanisation in the developing world.  These growth factors have improved over the past year or two resulting in steady demand for zircon.  A sharp decline in zircon market prices in the second half of the 2016 financial year led to a fall in production and the excess stocks were consumed by downstream users in the first half of the reporting period.  Limited inventory of zircon, combined with the strategy of major producers to manage supply to match demand, resulted in a rapidly tightening market and by the December quarter of the reporting period, prices began to increase for the first time since 2012.  Firm demand and restricted supply has resulted in zircon prices continuing to improve through the remainder of the reporting period and contracts for the early part of the 2018 financial year have seen further strong gains.

3.            Review of Financial Performance

Base Resources recorded its maiden profit after tax of $21.0 million for the reporting period, compared with a loss of $20.9 million in the comparative period, primarily due to higher sales revenues.

	2017			2016
	Kwale Operation	Other operations	Total	Kwale Operation	Other operations	Total
	$000s	$000s	$000s	$000s	$000s	$000s
Sales Revenue	215,495	-	215,495	169,039	-	169,039
Cost of goods sold excluding depreciation & amortisation:
Operating costs	(68,735)	-	(68,735)	(69,647)	-	(69,647)
Changes in inventories of concentrate and finished product	(5,033)		(5,033)	(5,066)		(5,066)
Royalties expense	(14,782)	-	(14,782)	(11,845)	-	(11,845)
Total cost of goods sold (i)	(88,550)	-	(88,550)	(86,558)	-	(86,558)
Corporate & external affairs	(5,238)	(5,617)	(10,855)	(4,309)	(6,840)	(11,149)
Community development	(3,588)	-	(3,588)	(3,921)	-	(3,921)
Selling & distribution costs	(2,690)	-	(2,690)	(4,114)	-	(4,114)
Other income / (expenses)	468	(590)	(122)	(2,151)	(580)	(2,731)
EBITDA (i)	115,897	(6,207)	109,690	67,986	(7,420)	60,566
Depreciation & amortisation	(49,567)	(64)	(49,631)	(47,062)	(127)	(47,189)
EBIT (i)	66,330	(6,271)	60,059	20,924	(7,547)	13,377
Net financing expenses	(25,568)	(5,655)	(31,223)	(27,247)	(7,009)	(34,256)
Income tax expense	(7,805)	-	(7,805)	(40)	-	(40)
NPAT (i)	32,957	(11,926)	21,031	(6,363)	(14,556)	(20,919)

Note (i) Base Resources’ financial results are reported under International Financial Reporting Standards (IFRS). These Financial Statements include certain non-IFRS measures including EBITDA, EBIT and NPAT. These measures are presented to enable understanding of the underlying performance of the Group and have not been audited.

Sales revenue was $215.5 million for the reporting period (comparative period: $169.0 million), achieving an average price of product sold (rutile, ilmenite, zircon and zircon low grade) of $338 or US$255 per tonne ($282 or US$205 per tonne in the comparative period), with the main driver being the rising ilmenite price.  Total cost of goods sold, excluding depreciation and amortisation, was $88.6 million for the reporting period (comparative period: $86.6 million) at an average cost of $139 or US$105 per tonne of product sold ($144 or US$105 per tonne in the comparative period).  Operating cost per tonne produced remained steady at $114 or US$86 per tonne for the reporting period ($121 or US$88 per tonne in the comparative period).

With an achieved revenue to cost of sales ratio of 2.4 (comparative period: 2.0), the Company remains well positioned in the upper quartile of mineral sands producers.

Improved sales volumes, commodity prices and a continued focus on cost management has delivered a Kwale Operations EBITDA for the reporting period of $115.9 million ($68.0 million in the comparative period) and a Group EBITDA of $109.7 million ($60.6 million in the comparative period).

A net profit after tax of $33.0 million was recorded by Kwale Operations (loss of $6.4 million in the comparative period) and $21.0 million for the Group (comparative period: loss of $20.9 million).  Earnings per share for the Group was 2.85 cents per share (comparative period: loss per share 3.41 cents).

Cash flow from operations was $100.2 million for the reporting period ($78.6 million in the comparative period), slightly lower than Group EBITDA due to working capital movements.

Surplus cash generated by Kwale Operations may be distributed (a “Cash Sweep”), in equal parts, as early repayment of the Kwale Operations Debt Facility (“Kwale Facility”) and to the Australian parent entity, Base Resources Limited, on six-monthly intervals as permitted by the terms of the Kwale Facility.  In July 2016 and January 2017, Cash Sweeps of US$10.8 million and US$14.6 million respectively were distributed from the Kwale Operation.  Half of the combined Cash Sweeps (US$12.7 million) went towards mandatory early repayment of the Kwale Facility, with the other half distributed up to Base Resources. 

During the reporting period, US$39.3 million of the Kwale Facility was paid down through a combination of scheduled debt repayments and Cash Sweeps, reducing the outstanding Kwale Facility debt to US$141.2 million.

Prior to final maturity, under the terms of the Taurus Debt Facility (“Taurus Facility”) held by Base Resources, repayments are only required to be made from the proceeds of Kwale Operations Cash Sweeps received by Base Resources.  Of the US$5.4 million Cash Sweep received by Base Resources in July 2016, a mandatory 50% (US$2.7 million) was applied towards repayment of the Taurus Facility.

In October 2016, Base Resources extended the maturity date of the Taurus Facility from 31 December 2016 to 30 September 2017.  The extension of the Taurus Facility final maturity date removed the need to secure external funding to repay the balance that would otherwise have been due on 31 December 2016.  As part of the extension, the mandatory proportion of Kwale Operations Cash Sweeps to be applied towards progressive repayment of the Taurus Facility increased from 50% to 75%.  All other terms of the Taurus Facility remained unchanged, including the interest rate of 10% on the outstanding balance.

In January 2017, US$7.3 million was received by Base Resources from the proceeds of the Kwale Operations Cash Sweep and a mandatory 75% (US$5.5 million) was applied towards repayment of the Taurus Facility, thereby reducing the outstanding debt to US$11.8 million.

Total debt outstanding at 30 June 2017 was $199.0 million (US$153.0 million) compared with $270.3 million (US$200.5 million) at 30 June 2016.  The Company’s net debt position, once cash and restricted cash are incorporated, at 30 June 2017 was $128.2 million (US$98.5 million) compared with $204.2 million (US$151.5 million) at 30 June 2016.

4.            Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 30 June 2017

		2017	2016
	Note	$000s	$000s
Sales revenue	1	215,495	169,039
Cost of sales	1	(138,117)	(133,620)
Profit from operations		77,378	35,419
Corporate and external affairs		(10,919)	(11,276)
Community development costs		(3,588)	(3,921)
Selling and distribution costs		(2,690)	(4,114)
Other expenses		(122)	(2,731)
Profit before financing costs and income tax		60,059	13,377
Financing costs	1	(31,223)	(34,256)
Profit / (loss) before income tax		28,836	(20,879)
Income tax expense	3	(7,805)	(40)
Net profit / (loss) for the year		21,031	(20,919)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences - foreign operations		(6,516)	5,336
Total other comprehensive (loss) / income for the year		(6,516)	5,336
Total comprehensive income / (loss) for the year		14,515	(15,583)
Net Earnings / (loss) per share		Cents	Cents
Basic earnings / (loss) per share (cents per share)	2	2.85	(3.41)
Diluted earnings / (loss) per share (cents per share)	2	2.63	(3.41)

The notes contained in the full version of the Annual Financial Report form part of these consolidated financial statements, a copy of which is available from the company’s website:  www.baseresources.com.au.

5.            Consolidated Statement of Financial Position as at 30 June 2017

		30 June 2017	30 June 2016
	Note	$000s	$000s
Current assets
Cash and cash equivalents		36,790	36,295
Restricted cash	5	34,042	29,761
Trade and other receivables	6	57,317	43,544
Inventories	7	24,090	27,962
Other current assets		5,891	5,826
Total current assets		158,130	143,388
Non-current assets
Capitalised exploration and evaluation		2,652	1,487
Property, plant and equipment	8	334,634	390,304
Total non-current assets		337,286	391,791
Total assets		495,416	535,179
Current liabilities
Trade and other payables	9	26,926	24,953
Borrowings	10	77,034	61,816
Provisions	11	1,696	1,173
Deferred revenue		1,084	1,123
Other liabilities		841	887
Total current liabilities		107,581	89,952
Non-current liabilities
Borrowings	10	114,633	196,291
Provisions	11	28,907	28,973
Deferred tax liability	3	7,606	-
Deferred revenue		1,897	3,089
Total non-current liabilities		153,043	228,353
Total liabilities		260,624	318,305
Net assets		234,792	216,874
Equity
Issued capital	12	225,298	223,548
Reserves		48,246	54,780
Accumulated losses		(38,752)	(61,454)
Total equity		234,792	216,874

The notes contained in the full version of the Annual Financial Report form part of these consolidated financial statements, a copy of which is available from the company’s website:  www.baseresources.com.au.

6.            Consolidated Statement of Changes in Equity for the Year Ended 30 June 2017

	Issued capital	Accumulated losses	Share  based payment reserve	Foreign currency translation reserve	Total
	$000s	$000s	$000s	$000s	$000s
Balance at 1 July 2015	214,131	(42,319)	7,037	42,669	221,518
Loss for the year	-	(20,919)	-	-	(20,919)
Other comprehensive income	-	-	-	5,336	5,336
Total comprehensive income for the year	-	(20,919)	-	5,336	(15,583)
Transactions with owners, recognised directly in equity
Shares issued during the year, net of costs	9,417	-	-	-	9,417
Share based payments	-	1,784	(262)	-	1,522
Balance at 30 June 2016	223,548	(61,454)	6,775	48,005	216,874
Balance at 1 July 2016	223,548	(61,454)	6,775	48,005	216,874
Profit for the year	-	21,031	-	-	21,031
Other comprehensive income	-	-	-	(6,516)	(6,516)
Total comprehensive income for the year	-	21,031	-	(6,516)	14,515
Transactions with owners, recognised directly in equity
Shares issued during the year, net of costs	1,750	-	-	-	1,750
Share based payments	-	1,671	(18)	-	1,653
Balance at 30 June 2017	225,298	(38,752)	6,757	41,489	234,792

The notes contained in the full version of the Annual Financial Report form part of these consolidated financial statements, a copy of which is available from the company’s website:  www.baseresources.com.au.

7.            Consolidated Statement of Cash Flows for the Year Ended 30 June 2017

		2017	2016
	Note	$000s	$000s
Cash flows from operating activities
Receipts from customers		201,420	170,765
Payments in the course of operations		(101,198)	(92,061)
Other		(42)	(96)
Net cash from operating activities	17	100,180	78,608
Cash flows from investing activities
Purchase of property, plant and equipment		(8,474)	(4,884)
Payments for exploration and evaluation		(1,217)	(13)
Other		375	(174)
Net cash used in investing activities		(9,316)	(5,071)
Cash flows from financing activities
Proceeds from issue of shares		-	10,100
Payment of share issue costs		-	(683)
Repayment of borrowings		(61,849)	(31,680)
Net payments to restricted cash		(5,320)	(23,230)
Payments for debt service costs and re-scheduling fees		(22,018)	(34,632)
Net cash used in financing activities		(89,187)	(80,125)
Net increase / (decrease) in cash held		1,677	(6,588)
Cash at beginning of year		36,295	40,906
Effect of exchange fluctuations on cash held		(1,182)	1,977
Cash at end of year		36,790	36,295

The notes contained in the full version of the Annual Financial Report form part of these consolidated financial statements, a copy of which is available from the company’s website:  www.baseresources.com.au.

ENDS.

CORPORATE PROFILE

Directors
Keith Spence (Non-Executive Chairman)
Tim Carstens (Managing Director)
Colin Bwye (Executive Director)
Sam Willis (Non-Executive Director)
Michael Anderson (Non-Executive Director)
Michael Stirzaker (Non-Executive Director)
Malcolm Macpherson (Non-Executive Director)

Company Secretary
Chadwick Poletti

NOMINATED ADVISOR & BROKERS
RFC Ambrian Limited
As Nominated Adviser:
Andrew Thomson / Stephen Allen
Phone: [phone]
As Joint Broker:
Jonathan Williams
Phone: [phone]

Numis Securities Limited
As Joint Broker:
John Prior / James Black / Paul Gillam
Phone:  [phone]

SHARE REGISTRY:  ASX
Computershare Investor Services Pty Limited
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PERTH WA 6000
Enquiries: 1300 850 505 / [phone]
www.computershare.com.au

SHARE REGISTRY:  AIM
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
BRISTOL BS99 6ZZ
Enquiries: [phone]
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AUSTRALIAN MEDIA RELATIONS
Cannings Purple
Annette Ellis / Andrew Rowell
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[e-mail]
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UK MEDIA RELATIONS
Tavistock Communications
Jos Simson / Emily Fenton
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KENYA MEDIA RELATIONS
Africapractice (East Africa)
Evelyn Njoroge / Joan Kimani
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Email:[e-mail]

PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
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Phone: [phone]
Fax: [phone]