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A B N 4 8 1 2 2 3 0 1 8 4 8 ANNUAL GENERAL MEETING The annual meeting will be held as follows: Venue ADELAIDE PAVILION VEALE GARDENS CNR SOUTH TERRACE AND PEACOCK ROAD ADELAIDE SA 5000 Date FRIDAY 28 NOVEMBER 2008 Time 11.00 AM CONTENTS Page Chairman’s Report 1 Managing Director’s Report 2 Review of Exploration Projects 4 Construction materials 4 Gold and Base Metals 12 Uranium – Rare Earth Elements 19 Schedule of Tenements 26 Corporate Governance Statement 27 Financial Report 31 Directors’ Declaration 69 Independent Auditor’s Report 70 Shareholders’ Information 72 Corporate Directory 75
W E S T E R N D E S E R T R E S O U R C E S L I M I T E D A B N 4 8 1 2 2 3 0 1 8 4 8 CHAIRMAN’S REPORT Dear fellow shareholders, At our annual general meeting in November 2007, I promised shareholders an interesting year with plenty of activity. I am pleased to report that we have been able to follow through with that promise and your company is now well placed compared with many others in our industry. Our first priority, following listing in July 2007, was to establish a sound team to carry out our exploration activities and under the leadership of John Fabray our exploration manager we have done that. John and his team have approached the exploration challenge with gusto and those activities are discussed later in this annual report. In April 2008 we announced the acquisition of a substantial shareholding in Thor Mining PLC (Thor). Subsequently the directors of Thor invited myself, along with Norm Gardner and Mick Ashton, to join the board. The principle asset of Thor is the Molyhil, molybdenum and tungsten project, north east of Alice Springs in the Northern Territory. This project has progressed through feasibility studies and an off-take agreement has been signed with CITIC Australia Commodity Trading Pty Ltd, a subsidiary of CITIC Australia Trading Limited which commits CITIC to take 100% of the Molybdenum and Tungsten concentrates to be produced from the Molyhil Project. Thor is currently seeking finance to commence construction activities. In July of this year Mr Alastair Mackie resigned as a director of the Company. Mr Mackie was a founding director of the company and was responsible for identifying a number of the projects which made up our initial portfolio. His contribution was significant and we wish him well in his future endeavours. Since then Mick Ashton has accepted an invitation to join the board as a non-executive director after previously serving as alternate. We welcome Mr Ashton’s experience and insight. While it is expected that difficult trading conditions on world stock markets may persist in the near term, the potential of the Company’s projects, particularly the Roper Bar iron ore project is exciting. Metal prices, while retracting from record highs are still at historically high levels. With the funding by IMEA and the agreement for a continuous 12 month drilling program we believe that there are significant opportunities for improvement in shareholder wealth from your investment in Western Desert Resources Limited in the next year. In conclusion the directors and I gratefully acknowledge the efforts of our small band of employees, contractors and consultants who continue to assist in exploration and evaluation, where the goal is world class discoveries of iron ore, and other metals used in the construction industry as well as gold, uranium, and base metals. Your directors and management have energetically sought to add new quality projects to the exploration portfolio. This has resulted in the acquisition of iron ore tenements at Roper Bar along with manganese and other precious and base metal projects. The Roper Bar iron ore project in particular has the potential to be a world class iron ore project and has attracted significant funding via a joint venture farm-in from ITOCHU Minerals and Energy of Australia Pty Ltd (IMEA). Mick Billing Chairman 1
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WESTERN DESERT RESOURCES LIMITED AB
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Government grants receivable as com
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Consolidated Company 2008 2007 2008
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16 KEY MANAGEMENT PERSONNEL COMPENS
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20 FINANCIAL INSTRUMENTS b) Financi
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DIRECTORS’ DECLARATION The direct
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Independence Report on the Remunera
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