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DIRECTORS’ REPORTDirector and other Key Management Personnel DetailsThe following persons acted as Directors of the companyduring the financial year:D J Cloke (Non-executive Director and appointedActing Chairman 20th January 2010)M R Billing (Non-executive Chairman)Resigned 13th January, 2010N W Gardner (Managing Director)G J Bubner (Non-executive Director)P C Lockyer (Non-executive Director)Appointed 1st June, 2010M K Ashton (Non-executive Director)The following persons are Key Management Personnel ofthe Company:J F Fabray (Exploration Manager)R L Howard (Project Manager – Iron Ore)Appointed 23rd November 2009B G Sando (Supervising Geologist)C J Gaughan (Senior Project Geologist)L Ackroyd (Chief Financial Officer / CompanySecretaryRelationship between the Remuneration Policy andCompany PerformancesThere is no link between the consolidated entity’sperformance and the setting of remuneration except asdiscussed below in relation to options granted to directorsand key management personnel. No bonuses have beenpaid by the consolidated entity during the year.Remuneration PhilosophyThe performance of the consolidated entity relies on thequality of its Directors and other key managementpersonnel and therefore the consolidated entity mustattract, motivate and retain appropriately qualifiedindustry personnel.The consolidated entity embodies the following principleswithin its remuneration framework:• provide industry competitive rewards to attract andretain high calibre Directors and key managementpersonnel;• link executive rewards to shareholder value (by thegranting of options); and• ensure total remuneration is competitive by marketstandards.Performance is measured through the monitoring ofachievement goals set by the Directors from time to timewhich include, but are not limited to, financial budgets,exploration work carried out and other key strategicoutcomes.Compensation PolicyDue to its size, the consolidated entity does not have aremuneration committee. The compensation of executivesand non-executive Directors is reviewed by the Boardwith the exclusion of the Director concerned. Thecompensation of other key management personnel isreviewed by the Board.The Board assesses the appropriateness of the natureand amount of remuneration of such persons on a periodicbasis by reference to relevant employment marketconditions with the overall objective of ensuring maximumshareholder benefit from retention of high quality directorsand other key management personnel. External adviceon remuneration matters is sought whenever the Boarddeems it necessary.Performance ConditionsPerformance conditions are determined by the Directorsin consultation with the Managing Director. The Directorshave determined that after consideration of industrypractice in circumstances where recognition of soundachievement should not only be recognised but alsowarrants further incentive, the Board considers thegranting of non-listed options to Directors and other keymanagement personnel as responsible practice.22