Announcement PDF Lithium Universe LIMITED 2023 A N N U A L R E P O R T COMPANY PROFILE ABOUT LITHIUM UNIVERSE LIMITED Led by Iggy Tan, a pioneer in the lithium industry, Lithium Universe (ASX: LU7) has assembled a formidable team of experts boasting extensive experience in lithium project development, construction, and commissioning. This accomplished team primarily comprises former executives from Galaxy Resources, renowned for their successful execution of projects such as the Mt Cattlin Spodumene Concentrator in Western Australia and the Jiangsu Lithium Carbonate Refinery in China. Com Leveraging this wealth of expertise, LU7's esteemed team, often referred to as the "Dream Team," is dedicated to bridging the significant gap in downstream lithium processing within North America. The company's strategic vision involves the construction of a 16,000 tpa Lithium Carbonate Refinery in Quebec, Canada, as the key phase of its ambitious plan. In addition, the company is making rapid strides towards completing a Definitive Feasibility Study (DFS) for the standalone and centralized spodumene concentrator, further solidifying its presence in the emerging lithium district of Quebec. In addition to its groundbreaking refinery project, Lithium Universe has strategically acquired multiple promising lithium and Rare Earth Elements (REE) exploration assets. These assets are strategically located in tier 1 mining jurisdictions across Canada and Australia, for its Quebec Lithium Carbonate Refinery Project, underscoring its commitment to delivering exceptional results with precision and efficiency. OUR VISION To develop a comprehensive mine-to-battery-grade lithium carbonate strategy within Québec, positioning not only LU7 but also Canada as a pivotal supplier of lithium to the global market. LITHIUM UNIVERSE LIMITED I ASX: LU7 I ANNUAL REPORT 2023 CHAIRMAN’S REPORT Dear Fellow Shareholders, I am pleased to present the annual report for the 2023 financial year and provide a summary of the excellent progress in 2023 and the exciting opportunities that are ahead of the Company in 2024. The construction of lithium projects globally is encountering significant delays. This is exacerbated by a scarcity of experienced explorers, posing a formidable challenge to the industry's capacity to satisfy the escalating demand for lithium, a critical component in the renewable energy and electric vehicle markets. At Lithium Universe, our strategy extends beyond mere exploration. Our focus is on rapidly establishing a vertically integrated lithium project in Canada, specifically through the development of the Apollo Lithium Project in James Bay, Québec. Our vision is ambitious: to develop a comprehensive mine-to-battery-grade lithium carbonate strategy within Québec, positioning not only LU7 but also Canada as a pivotal supplier of lithium to the global market. This strategy is underpinned by the establishment of the Québec Lithium Processing Hub (QLPH) in Québec, Canada. The QLPH is envisioned to feature a multi-purpose independent concentrator with a processing capacity of 1 million metric tonnes per annum, feeding into a lithium carbonate refinery capable of producing 16,000 tonnes per annum of battery-grade lithium carbonate. This integrated approach is designed to emulate the proven success of benchmark operations such as the Mt Cattlin Spodumene Operation and the Jiangsu Lithium Carbonate Plant, thereby minimising startup and operational risks. A critical component of our strategy involves the assembly of the 'Lithium Dream Team' - a group of seasoned lithium industry experts with unparalleled expertise in both extraction and downstream operations. The North American continent is on the cusp of a significant expansion in cathode and battery project capacity, with approximately 900 gigawatts of projects under consideration. This translates to a projected demand for 800,000 tonnes per annum of lithium chemicals - a demand that currently outstrips the planned capacity for lithium refining in North America. LU7's strategy to establish the QLPH not only aims to bridge this gap but also to reposition the conversion process closer to the supply chains of major North American players, moving away from the current reliance on Chinese refineries. In 2024, the Company announced that it had successfully executed an option agreement (Option Agreement) to acquire a commercial property strategically located within the Bécancour Waterfront Industrial Park (BWIP), hosting Nemaska Lithium’s Hydroxide facility, General Motors (GM) and Korea-based POSCO Chemicals’ cathode active material (CAM) factory and the Ford/EcoPro BM cathode factory. The execution of the Option Agreement for the Site is another important step in the Company’s fast-tracking strategy to become a producer of lithium in Quebec, Canada. In conclusion, despite the challenges presented by construction delays and a shortage of experienced personnel in the lithium exploration sector, LU7 is poised to lead the way in establishing a resilient, vertically integrated lithium supply chain in Canada. Our initiatives, are set to redefine the lithium industry landscape in North America. I wish to extend my sincere gratitude for your continued support and belief in our vision. We are on the brink of a transformative era for Lithium Universe, and I look forward to sharing our progress and successes with you in the months ahead. BOARD OF DIRECTORS Mr Ignatius (Iggy) Kim-Seng Tan - Non-Executive Chairman Mr. Iggy Tan, a trailblazer in the modern Lithium industry, spearheaded Galaxy Resources Limited (Galaxy), leading strategic projects like the Mt Catlin Spodumene Project and the Jiangsu Lithium Carbonate project, which contributed to the company's remarkable growth from less than A$10 million to A$2.5 billion by its merger with Orocobre Limited in August 2021. With over 30 years of chemical and mining experience and holding executive roles in various ASX-listed companies, Mr Tan currently leads as CEO and Managing Director of Altech Batteries Limited. Mr Patrick Scallan - Non-Executive Director Mr. Patrick Scallan brings extensive expertise to the LU7 Board, with over 25 years of management experience at the world-renowned Greenbushes Mine, the largest lithium hard rock mine globally. He oversaw significant expansions, increasing annual output from 200,000 to 1,400,000 tonnes per annum, and holds specialized knowledge in hard rock mining and spodumene concentrating, along with strong community relationship management skills, evidenced by his tenure as a shire councillor for nearly 20 years and receiving the Order of Australia Medal for his contributions. Com Dr Jingyuan Liu - Non-Executive Director Dr. Jingyuan Liu is a distinguished figure in the lithium industry, renowned for his expertise and leadership. With over 30 years of experience spanning various sectors, including minerals processing and chemicals, he has held key positions in notable projects globally, such as overseeing construction at Galaxy Resources Limited and advising on lithium projects like the Tianqi Lithium Hydroxide Plant. Currently serving as the Chief Technology Officer for Altech Batteries Limited, he focuses on advancing high-capacity silicon anode lithium-ion battery technology. Mr Gernot Abl - Executive Director Mr. Gernot Abl, a seasoned Managing Director with extensive experience in business management, operations, and investment across rapidly growing industries, led Esports Mogul Limited, following over 15 years of corporate experience and roles. With a background in Law and Commerce, including Honors in Finance and Accounting from the University of Western Australia, Mr. Abl currently holds directorships for various startup companies, providing corporate advisory, project management, and commercial negotiation services. Mr Fadi Diab - Non-Executive Director Mr. Fadi Diab was the former Head of Global Payroll at Commonwealth Bank of Australia where he managed the global payroll team who are responsible for 55,000 employees across 15 countries. Mr Diab is an accomplished Senior Executive recognised for leveraging strong team leadership and development to drive forward progress. Mr Diab has a Bachelor of Business, Human Resource Management, Industrial Relations from the University of Western Sydney and a Masters of Business Management from University of Technology Sydney. LITHIUM UNIVERSE LIMITED I ASX: LU7 I ANNUAL REPORT 2023 LITHIUM CONVERSION GAP The East Coast of North America is primed for a surge in battery manufacturing, with over 20 major manufacturers gearing up to deploy an estimated 900GW of battery capacity by 2028. By 2030, Georgia, Kentucky, and Michigan are expected to lead electric vehicle (EV) battery production in the United States, supported by states such as Kansas, North Carolina, Ohio, and Tennessee, collectively aiming to manufacture between 97 and 136 gigawatt hours of EV batteries annually. This expansion, projected to require an investment exceeding $40 billion, is forecasted to propel North America's EV battery manufacturing capacity from 55 gigawatt-hours in 2021 to nearly 1,000 gigawatt-hours by 2030, positioning the U.S. as a significant global competitor in the EV market. Concurrently, Canada's strategic investments in battery plants, in collaboration with key industry players, seek to fortify the country's auto sector, potentially generating 250,000 jobs and contributing $48 billion annually to the economy by 2030. Com QUEBEC, CANADA QUEBEC, CANADA 2026 - 30 GWh 2025 -165 GWh 45 ktpa ONTARIO, CANADA Quebec Canada 2027 -165 GWh INDIANA MIGHIGAN 2026 - 30 GWh Quebec City 2025 - 33 GWh 2024 - 50 GWh SEE INSERT However, the industry faces a critical challenge in establishing a reliable supply chain, particularly regarding access to lithium converters in North America, aiming to reduce dependence on Chinese companies for both commercial and national security reasons. Presently, Chinese dominance in the global market for lithium converters presents a hurdle, prompting efforts in both Canada and the United States to mitigate Chinese involvement. The scarcity of independent lithium converters planned for construction in North America underscores a significant gap in lithium conversion and processing capacity, despite the strategic plans for battery manufacturing expansion. To address this gap, the Lithium Universe strategy proposes leveraging expertise in constructing such converters utilizing the expertise of the Lithium Dream team. 2025 - 25 GWh Montreal TENESSEE Torronto OHIO 2024 - 45 GWh 35 GWh 2024 - 20 GWh 2025 – 40 GWh 2026 - 45 GWh 50 GWh 2025 - 86 GWh & 2025 - 23 GWh SOUTH CAROLINA 2025 – 40 GWh SOUTH CAROLINA TEXAS 199 GWh & 2025 – 50 GWh KENTUCKY GEORGIA 2025 – 35 GWh & 2025 – 30 GWh 2025 – 86 GWh 22 GWh 2026 - 30 GWh 2025 - 100 GWh 2025 – 30 GWh QUEBEC LITHIUM PROCESSING HUB (QLPH) MINE TO BATTERY GRADE LITHIUM CARBONATE STRATEGY The delay in lithium project construction, coupled with a scarcity of experienced explorers, hampered the industry's ability to meet rising demand; our focus wasn't solely on exploration but on expediently establishing a vertically integrated lithium project in Canada. Lithium Universe owned the Apollo Lithium Project in James Bay, Québec. The Company had a vision to develop a mine-to-battery-grade lithium carbonate strategy in Québec, Canada. Com As part of this vertically integrated strategy, we had a broader vision to promote collaborative growth among lithium junior exploration companies operating in the James Bay area and position Canada as a major supplier of lithium to the global market. In pursuit of this goal, we were establishing the Québec Lithium Processing Hub (QLPH) in Québec, Canada. It was envisaged that the QLPH would consist of a multi-purpose independent concentrator (QLPH Concentrator) with a processing capacity of 1 million metric tonnes per annum (Mtpa), which would supply a batterygrade lithium carbonate refinery (QLPH Lithium Carbonate Refinery) capable of producing 16,000 tonnes per annum (tpa). The QLPH concentrator and Li Carbonate plant aimed to replicate the proven success of the Mt Cattlin Spodumene Operation and Jiangsu Lithium Carbonate plant to minimize startup and operational risks. The Company's strategy involved assembling a seasoned team of lithium experts renowned for rapidly delivering successful projects—the 'Lithium Dream Team' boasting extensive expertise in both hard rock lithium extraction and downstream operations, all within a single company. Partner Mine Partner Mine ROM ROM QLPH Concentrator 1Mtpa Spod Conc 140,000tpa QLPH Lithium Carbonate Plant External Concentrate Battery Grade Lithium Carbonate 16,000 tpa Canadian US Battery Plants LITHIUM UNIVERSE LIMITED I ASX: LU7 I ANNUAL REPORT 2023 QLPH CONCENTRATOR ENGINEERING STUDY Lithium Universe Limited is pleased to report the outstanding progress of the Engineering Study by Primero Group Limited (Primero) on the Company’s Québec Lithium Processing Hub (QLPH) stand-alone multi-purpose concentrator. The Concentrator is rated at 1 Mtpa processing rate with an assumed feed grade of 1.1% Li2O. The output is expected to be around 140,000 tpa of spodumene concentrate at a grade of around 5.5% Li2O to maximise recoveries. The finalized design flow sheet outlines a four-stage crushing process to generate crushed ore ranging from 0.85mm to 6mm in size. Any crusher fines smaller than 0.85mm identified by the screens will undergo processing in a dedicated flotation unit. The spodumene recovered from this process will undergo drying and then be blended with the final spodumene concentrate. Additionally, any mica present in the crushed ore will undergo removal using a reflux classifier. Com Subsequently, the material will be split into two streams: one less than 3mm and the other greater than 3mm. Both streams will be directed through two-stage dense media separation units. The less than 3mm stream will undergo mica removal via a reflux classifier at the initial stage. The recovered spodumene from both streams will be combined through blending and stored in a dedicated storage shed. To ensure functionality in the Québec climate, the entire plant will be winterized. See below for final flow sheet. The design closely resembles that of the Mt Cattlin plant, except for the inclusion of the flotation unit. This addition aims to create a more resilient plant capable of processing various types of ore from the James Bay, Québec region, enhancing its capacity to handle a broader range of ore types and ensuring robustness in operations. QLPH REFINERY ENGINEERING STUDY Lithium Universe Limited reported the excellent progress of the Engineering Study by Hatch Ltd (Hatch) on the Company’s Québec Lithium Processing Hub (QLPH) multipurpose battery-grade lithium carbonate refinery. The Refinery is rated at 16,000 tpa with an assumed feed grade of spodumene at or around 5.5% Li2O. The final lithium carbonate product should be at least 99.5% and 99.9% grade. Target plant availability is 84% and target overall recovery rate for lithium is 85%. Anhydrous sodium sulphate will be produced as a co-product from the process and will be sold in bulk to commodity agents. The alumina-silicate residue from the leached spodumene will be sold to the cement industry. The finalised design flow sheet illustrates how the front end loader operation and belt conveyors feed spodumene concentrate from the stockpile area to the calciner. The concentrate is calcined at 1080°C in a direct fired rotary kiln to convert the alpha spodumene to the leachable beta spodumene. The calcining kiln off-gases will pass through a cyclone and an electrostatic precipitator to comply with environmental emissions limits. The hot calcine is indirectly cooled and dry-milled to less than 300 µm. After storage in a surge bin, the beta spodumene is mixed with concentrated sulphuric acid and roasted at 250°C in an indirectly heated kiln. The sulphating kiln off-gases will be cleaned in a wet scrubber to meet site environmental emissions limits. The sulphated spodumene is cooled and fed to the leach circuit. The combined leached solids and precipitated impurities are thickened prior to being filtered in a belt filter. The filtrate is combined with the thickener overflow and passed through a polishing sand filter and an ion exchange column to remove residual calcium, magnesium and other multivalent cations before the lithium carbonate area. The solution entering the lithium carbonate production area is heated and then reacted with a hot sodium carbonate solution in a single crystalliser operating at 95°C. The coarse crystals from the crystalliser are thickened before passing to the centrifuge circuit. Raw lithium carbonate is further purified to battery grade using the carbonation process. After slurried in demin water, soluble lithium bi-carbonate is formed from the bubbling of carbon dioxide gas. The solution is filtered, and lithium carbonate is re-crystalised when the solution is heated using injected steam. Carbon dioxide gas is re-generated which is recycled to the front end of the purification process. Battery-grade lithium carbonate is centrifuged and dried in an indirect-fired kiln at 120°C. The dry coarse lithium carbonate is air milled to less than 6 µm in a microniser and then pneumatically conveyed to the storage bins and bagging stations. Sodium sulphate is produced as a by-product from the vacuum evaporative crystallisation of the morther liquor. A bi-product, sodium sulphate, is used in the textile industry. The design closely resembles that of the Jiangsu Lithium Carbonate Plant but is more robust and capable of processing various types of concentrate from Canada and around the world. LITHIUM UNIVERSE LIMITED I ASX: LU7 I ANNUAL REPORT 2023 APOLLO LITHIUM PROJECT EXPLORATION Lithium Universe's integration of Artificial Intelligence (AI) into its exploration strategy at the Apollo Lithium Project, through collaboration with Canada's KorrAI Technologies, has significantly improved field exploration efficiency. Leveraging AI has resulted in the identification of 448 priority targets primarily comprising Lithium-Caesium-Tantalum minerals on the Apollo property. Subsequently, these targets were refined to 28 specific areas for field mapping and sampling, demonstrating the effectiveness of predictive AI in expediting exploration processes. This innovative approach, tested in James Bay, has facilitated a threephase expedited exploration strategy, promising to streamline discovery and evaluation processes in this eagerly anticipated project. The commencement of exploration activities at the flagship Apollo Lithium Project saw immediate collaboration with Laurentia Exploration Inc., encompassing an extensive pre-work program including permitting and high-resolution airborne magnetic surveys. A 14-day, 5596 line Km Hi-Resolution Airborne Magnetic (AMAG) Survey conducted by Geo Data Solutions (GDS) revealed structural geophysics analyses indicating the potential for LCT pegmatitic dykes along distinct regional and local scale structural corridors. Furthermore, a focused summer/fall field mapping and sampling campaign, guided by KorrAI interpretations, covered significant portions of the 240 km2 Apollo permit. Soil sampling programs were also conducted to analyze lithium concentrations, providing insights into underlying geology. These efforts have identified high-priority targets, such as the major east-west trending fault shear corridor feature, with the potential to host spodumene mineralization. LITHIUM INVENTORY & OPPORTUNITIES Apollo Lithium Project (80%) - CANADA Commanding a land position spanning over 240 km2, Apollo is located in the same greenstone belt and only 29km south-east of the Corvette Lithium Project owned by Patriot Battery Metals. Patriot's most successful drill result was a remarkable 156m at 2.12% Li2O at CV5. Similarly, 28km to the east, Winsome Resources Limited recently announced drilling hits of 107m at 1.34% Li2O from 2.3 m (AD-22-005) at their Adina Project. Apollo has 17 pegmatite outcrops reported on the tenement package. Given the exceptional results from these neighbouring projects, the Apollo Lithium Project has the potential to be equally successful. Margot Lithium Project Close to Frontier Lithium Apollo Lithium Project Close to Patriot & Winsome Resources Adina West & South Project Close to Winsome Resources Voyager Rare Earth Project Close to ABx Clay Rare Earth Com Adina South & Adina West Lithium Project (80%) - CANADA The project is situated in close proximity to the Adina discovery, which is owned by Winsome Resources. The Adina Project has produced a visual pegmatite intersection of over 160m in drills, lying beneath outcropping 4.89% Li2O. Recently, Winsome Resources reported successful drilling results, with AD-22005 yielding 107m at 1.34% Li2O from 2.3m at their Adina Project. The Adina South and Adina West Lithium Project boasts one of the largest prospective land holdings near Winsome Resources Limited. Aerial satellite images have revealed similar pegmatite occurrences at the surface. Margot Lake Lithium Project (80%) - CANADA The Margot Lake project is located in north-western Ontario, in the premium lithium mineral district of Ontario’s Great Lakes region. The project is situated 16km southeast of Frontier Lithium’s (TSX-V: FL) PAK Deposit, which contains 9.3Mt at 2.0% Li2O, and 18km away from Frontier’s Spark Deposit, which contains 32.5Mt at 1.4% Li2O. The tenement contains nine confirmed and mapped pegmatites and is located in a highly competitive district due to recent major discoveries of lithium. LITHIUM UNIVERSE LIMITED I ASX: LU7 I ANNUAL REPORT 2023 Lefroy Lithium Project Close to Bald Hill and Mt Marion Lithium Mine Lefroy Lithium Project (100%) - AUSTRALIA Lefroy is in the mineral-rich Goldfields region of Western Australia. This strategically located project is in close proximity to the Bald Hill Lithium Mine. The Bald Hill mine has a resource of 26.5Mt at 1% Li2O. The Lefroy project is also located near the Mt. Marion Lithium Mine, which is owned by Mineral Resources. Mt. Marion produces 900,000 tonnes of mixed-grade spodumene concentrate annually and is approximately 60km from the Lefroy project. Voyager Rare Earth Project (80%) - AUSTRALIA The Voyager project north tenements are positioned between ABx Group tenures, where clay-hosted rare earth elements (REE) and niobium have been discovered and hold resources of 27Mt. These areas are analogous with Ionic Adsorption Clay (IAC) deposits that have produced REE in southern China using simple leaching. CORPORATE INFORMATION Lithium Universe Limited ABN: 22 148 878 782 Registered Head Office (Australia) Suite 9, 295 Rokeby Road Subiaco, Western Australia 6008 Registered Office (Canada) 500 Place d’Armes, Suite 1800 MONTREAL, QUEBEC, H2Y 2W2 Share Registry (Australia) Automic Pty Ltd Level 2, 191 St Georges Terrace PERTH WA 6000 Home Exchange Australian Securities Exchange Limited Exchange Plaza, 2 The Esplanade PERTH WA 6000 ASX Code: LU7 Auditor Moore Australia Audit (VIC) Level 44, 600 Burke Street MELBOURNE VIC 3000 Directors Mr Ignatius (Iggy) Kim-Seng Tan (Non-Executive Chairman) Mr Gernot Abl (Executive Director) Mr Fadi Diab (Non-Executive Director) Mr Jingyuan Liu (Non-Executive Director) Mr Patrick Scallan (Non-Executive Director) Joint Company Secretaries Mr Vincent Fayad Mr Kurt Laney Chief Executive Officer Alexander Hanly Chief Financial Officer John Sobolewski Lithium Universe Interactive Investor Hub Engage with Lithium Universe directly by asking questions, watching video summaries and seeing what other shareholders have to say about this, as well as past announcements, at our Investor Hub https://investorhub.lithiumuniverse.com/ FORWARD-LOOKING The Company wishes to remind investors that the presence of pegmatite does not necessarily equate to spodumene mineralization. Also that the presence of pegmatite and spodumene mineralization on nearby tenements does not necessarily equate to the occurrence on Lithium Universe Limited's tenements. This announcement contains forward-looking statements which are identified by words such as 'anticipates', 'forecasts', 'may', 'will', 'could', 'believes', 'estimates', 'targets', 'expects', 'plan' or 'intends' and other similar words that involve risks and uncertainties. Indications of, and guidelines or outlook on, future earnings, distributions or financial position or performance and targets, estimates and assumptions in respect of production, prices, operating costs, results, capital expenditures, reserves and resources are also forward looking statements. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions and estimates regarding future events and actions that, while considered reasonable as at the date of this announcement and are expected to take place, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of our Company, the Directors and management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and readers are cautioned not to place undue reliance on these forward-looking statements. These forward looking statements are subject to various risk factors that could cause actual events or results to differ materially from the events or results estimated, expressed or anticipated in these statements. COMPETENT PERSON The information in this announcement which relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr. Hugues Guérin Tremblay, Exploration Manager – Canada and President of Laurentia Exploration Inc and Mr. Justin Rivers, Head of Geology – Lithium Universe Ltd. Mr Tremblay (P.Geo) is duly registered with the Ordres des Géologues du Québec (OGQ) as a geologist, member #1584, and a member of the Quebec Mineral Exploration Association (AEMO) and the Prospectors and Developers Association of Canada (PDAC). Mr. Tremblay has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person (CP) as defined in the JORC, 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and has read the definition of "qualified person" (QP) set out in National instrument 43-101 ("Nl 43-101') and certify that by reason of education, affiliation with a professional association (as defined in Nl 43-101) and past relevant work experience, fulfills the requirements to be a "qualified person" for the purposes of Nl 43-101'. Mr. Rivers is a member of and Chartered Professional with the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Rivers has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person (CP) as defined in the JORC, 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Both Mr Tremblay and Mr. Rivers consent to the inclusion in this release of the matters based on the information in the form and context in which they appear. Lithium Universe LIMITED 2023 ANNUAL REPORT LITHIUM UNIVERSE LIMITED (FORMERLY MOGUL GAMES GROUP LTD) AND CONTROLLED ENTITIES ABN: 22 148 878 782 Contents Consolidated Financial Statements Page Corporate Directory .................................................................................................................................................... 3 Chairman’s Letter to Shareholders ............................................................................................................................ 4 Review of Operations and Tenements ....................................................................................................................... 5 Corporate Governance Statement.............................................................................................................................. 15 Directors’ Report......................................................................................................................................................... 16 Auditors Independence Declaration ........................................................................................................................... 33 Consolidated Statement of Profit or Loss and Other Comprehensive Income ........................................................... 34 Consolidated Statement of Financial Positon ............................................................................................................. 36 Consolidated Statement of Cashflows........................................................................................................................ 37 Consolidated Statement of Changes in Equity ........................................................................................................... 38 Notes to the Financial Statements.............................................................................................................................. 39 Directors' Declaration ................................................................................................................................................. 73 Independent