Good Morning Ladies and Gentlemen,
Welcome to the 2014 Annual General Meeting of
As I outlined in the Chairman's Review in the Annual Report, 2013 has been a year of remarkable achievement for the Company. That progress will continue with the proposed corporate restructure which I will speak about in a moment.
The fact that our exploration success and new discoveries have not been rewarded by way of an improved share price is primarily a reflection of the investment uncertainties inherent in a challenging market environment and the subsequent risk aversion of many investors. Our time will come. Resources are cyclical by their very nature and we believe that 2013 was the low water mark, in terms of the cycle, and that the tide is beginning to rise. It is of little comfort to us all, but many of our exploration peers have suffered the same fate.
The most significant event in 2013 was the acquisition of an initial 93.91% interest in
In relation to the exploration effort through our Joint Venture with SUGEC, results have been very encouraging with a gold-bearing structure of 1.55km in strike length being identified at in the Rocky River-Uralla goldfield. Drill intersections including 13.9m at 1.45g/t of gold and 11.8g/t of silver were encountered. Results from SUGEC's exploration work at Martin's Shaft have been similarly encouraging with several targets being identified that will be the focus of further exploration in the forthcoming year.
This year the Board recognised that the recent positive developments were not being properly reflected in the share price. Part of this was outside our control, as I mentioned, but it was also partly due to diversity of our interests and the complicated corporate structure in relation to our SUGEC Joint Venture. We needed to address these issues and we have, through proposing a new corporate restructure.
The corporate restructure proposal, to bring all the SUGEC JV areas under the
1. A much simpler corporate structure,
2. Streamline overheads and reduce costs,
3. Provide funding flexibility, and
4. Deliver a single focus approach to projects and assets
This should allow capital markets to more easily value the assets and unlock some of the unrecognised value in each area of focus.
Following what we believe will be a successful IPO of
On behalf of the Board I would like to thank you for your continuing support as we look forward to another exciting year for the Company. We look forward to sharing that success with you.
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