Annual Report 2011 - Syrah Resources Ltd
Annual Report 2011 - Syrah Resources Ltd
Annual Report 2011 - Syrah Resources Ltd
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<strong>Syrah</strong> <strong>Resources</strong> Limited<br />
Directors' report<br />
30 June <strong>2011</strong><br />
The directors present their report, together with the financial statements, on the consolidated entity (referred to<br />
hereafter as the 'consolidated entity') consisting of <strong>Syrah</strong> <strong>Resources</strong> Limited (referred to hereafter as the 'company' or<br />
'parent entity') and the entities it controlled for the year ended 30 June <strong>2011</strong>.<br />
Directors<br />
The following persons were directors of <strong>Syrah</strong> <strong>Resources</strong> Limited during the whole of the financial year and up to the<br />
date of this report, unless otherwise stated:<br />
Mr Tom Eadie (Chairman)<br />
Mr Alistair Campbell (Managing Director)<br />
Mr Terry Lees (Non Executive Director)<br />
Principal activities<br />
During the financial year the principal continuing activities of the consolidated entity consisted of:<br />
● Exploration and evaluation of mineral resources<br />
● Application for exploration licenses in Saudi Arabia<br />
Dividends<br />
There were no dividends paid or declared during the current or previous financial year.<br />
Review of operations<br />
The loss for the consolidated entity after providing for income tax amounted to $985,744 (30 June 2010: $1,352,909).<br />
Refer to separate detailed review of operations preceding this Director's <strong>Report</strong>.<br />
Financial Position<br />
The net assets of the Company have decreased to $1,987,974 as at 30 June <strong>2011</strong>. The major movements were due<br />
to expenditure on exploration and evaluation of mineral projects both capitalised and written off.<br />
The Group's working capital at 30 June <strong>2011</strong>, being current assets less current liabilities was $1,057,799 compared<br />
with working capital of $1,516,974 in 2010.<br />
The Directors believe the Group is in a strong and stable position to expand and grow its current operations.<br />
Significant changes in the state of affairs<br />
During the year the company had the following significant changes in affairs:<br />
(i) issued 5,175,000 shares raising $521,640 net of costs<br />
(ii) incorporated <strong>Syrah</strong> <strong>Resources</strong> Saudi Arabia LLC, a Saudi Arabian registered subsidiary<br />
(iii) signed a term sheet with Aramis <strong>Resources</strong> Limited to acquire an 80% interest in three large Ethiopian gold<br />
exploration projects.<br />
There were no other significant changes in the state of affairs of the consolidated entity during the financial year.<br />
Matters subsequent to the end of the financial year<br />
On 4 July <strong>2011</strong>, the Company issued 1,000,000 ordinary fully paid shares upon the exercise of 1,000,000 $0.04<br />
options raising $40,000.<br />
On 8 September <strong>2011</strong>, the Company advised that the deal announced on 23 June <strong>2011</strong> in relation to the acquisition of<br />
Aramis <strong>Resources</strong> <strong>Ltd</strong> and its associated joint venture in Ethiopia will not proceed.<br />
No other matter or circumstance has arisen since 30 June <strong>2011</strong> that has significantly affected, or may significantly<br />
affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in<br />
future financial years.<br />
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