Annual Report 2011 - Syrah Resources Ltd

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Review of Operations Continued Lyndhurst Project (Continued) The lateral extent of LHZ5 is 0.25km 2 in area and increases in dimension with depth; therefore it presents significant scale and upside should the body prove to be mineralised. Syrah looks forward to Zurich activating drilling programs to test these anomalies in the forthcoming year. Ethiopia In June 2011 signed a Term Sheet to acquire Aramis Resources Ltd, an Australian registered company that has a joint venture covering 2,000km 2 of granted exploration licences in Ethiopia. Unfortunately during due diligence, several adverse matters arose and Syrah elected not to complete the Aramis transaction. Occupational Health and Safety No injuries were sustained by employees or contractors during the course of the Company’s activities during the year. Schedule of mining and exploration tenements as at 30 June 2011 Project Name Locality Tenement Equity Lyndhurst South Australia Exploration Licence 3522 50% Lyndhurst South South Australia Exploration Licence 3550 50% 4
Syrah Resources Limited Directors' report 30 June 2011 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Syrah Resources Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled for the year ended 30 June 2011. Directors The following persons were directors of Syrah Resources Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Mr Tom Eadie (Chairman) Mr Alistair Campbell (Managing Director) Mr Terry Lees (Non Executive Director) Principal activities During the financial year the principal continuing activities of the consolidated entity consisted of: ● Exploration and evaluation of mineral resources ● Application for exploration licenses in Saudi Arabia Dividends There were no dividends paid or declared during the current or previous financial year. Review of operations The loss for the consolidated entity after providing for income tax amounted to $985,744 (30 June 2010: $1,352,909). Refer to separate detailed review of operations preceding this Director's Report. Financial Position The net assets of the Company have decreased to $1,987,974 as at 30 June 2011. The major movements were due to expenditure on exploration and evaluation of mineral projects both capitalised and written off. The Group's working capital at 30 June 2011, being current assets less current liabilities was $1,057,799 compared with working capital of $1,516,974 in 2010. The Directors believe the Group is in a strong and stable position to expand and grow its current operations. Significant changes in the state of affairs During the year the company had the following significant changes in affairs: (i) issued 5,175,000 shares raising $521,640 net of costs (ii) incorporated Syrah Resources Saudi Arabia LLC, a Saudi Arabian registered subsidiary (iii) signed a term sheet with Aramis Resources Limited to acquire an 80% interest in three large Ethiopian gold exploration projects. There were no other significant changes in the state of affairs of the consolidated entity during the financial year. Matters subsequent to the end of the financial year On 4 July 2011, the Company issued 1,000,000 ordinary fully paid shares upon the exercise of 1,000,000 $0.04 options raising $40,000. On 8 September 2011, the Company advised that the deal announced on 23 June 2011 in relation to the acquisition of Aramis Resources Ltd and its associated joint venture in Ethiopia will not proceed. No other matter or circumstance has arisen since 30 June 2011 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. 5
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Annual Report 2011 - Syrah Resources Ltd

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