Annual Report 2011 - Syrah Resources Ltd

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Syrah Resources Limited Directors' report 30 June 2011 Name: Title: Agreement commenced: Details: Mr T Lees Exploration Director 1 April 2009 (i) Mr Lees may resign from his position and thus terminate this contract by giving 30 days written notice. (ii) The Company may terminate this employment agreement by providing 3 months written notice. (iii) The Company may terminate the contract at any time without notice if serious misconduct has occurred. (iv) On termination of the agreement, Mr Lees will be entitled to be paid those outstanding amounts owing to him up until the termination date. Key management personnel have no entitlement to termination payments in the event of removal for misconduct. D Share-based compensation Issue of shares There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2011. Options The terms and conditions of each grant of options affecting remuneration in this financial year or future reporting years are as follows: Grant date Vesting date and exercisable date Expiry date Fair value per option Exercise price at grant date 17 January 2011 17 January 2011 17 January 2015 $0.17 $0.074 Options granted carry no dividend or voting rights. 12
Syrah Resources Limited Directors' report 30 June 2011 Details of options over ordinary shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2011 are set out below: Name M Ware Number of options granted Number of options vested during the year during the year 2011 2010 2011 2010 400,000 - - - Employee share option plan Syrah Resources Limited operates an ownership-based scheme for executives and senior employees of the consolidated entity. In accordance with the provisions of the plan, as approved by shareholders at a previous annual general meeting, executives and senior employees may be granted options to purchase parcels of ordinary shares at an exercise price determined by the Board. Each employee share option converts into one ordinary share of Syrah Resources Limited on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. The number of options granted is determined by the Board. The purpose of the plan is to provide eligible employees with an incentive to remain with the Company and to improve the longer term performance of the Company and its return to shareholders. It is intended that the plan will enable the Company to retain and attract skilled and experienced employees and provide them with the motivation to make the Company more successful. E Additional information The earnings of the consolidated entity for the five years to 30 June 2011 are summarised below: 2007 * 2008 2009 2010 2011 $ $ $ $ $ Revenue Net profit/(loss) before tax Net profit/(loss) after tax - 209,712 117,293 68,872 48,219 - (1,295,354) (1,623,563) (1,352,909) (985,744) - (1,295,354) (1,623,563) (1,352,909) (985,744) * Syrah Resources Ltd officially listed on the Australian Securities Exchange on 11 September 2007. The factors that are considered to affect total shareholders return (TSR) are summarised below: 2007 * 2008 2009 2010 2011 Share price at start of year Share price at end of year Basic earnings per share (cents per share) Diluted earnings per share (cents per share) - 0.18 0.09 0.03 0.10 - 0.09 0.03 0.10 0.12 - (4.99) (5.41) (4.18) (2.76) - (4.99) (5.02) (4.18) (2.76) * Syrah Resources Ltd officially listed on the Australian Securities Exchange on 11 September 2007. This concludes the remuneration report, which has been audited. 13
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Page 3 and 4: Letter from the Chairman Dear Share
Page 5 and 6: Saudi Arabia Syrah holds 26 Explora
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