ABN 46 091 118 044
Annual Report for the year ended 30 June 2017 Flinders Mines Limited Annual Report - 30 June 2017 Contents PageCorporate Directory 3
Chairman's Report 4
Directors' Report 5
Auditors Independence report 15
Financial Statements 16
Directors' Declaration 39
Independent auditor's report to the members 40
Additional Information 43
Corporate Governance Statement 45
Interest in Mining Tenements 46
Mineral Resources and Ore Reserves Information 47
Corporate DirectoryBoard of Directors
Neil Warburton Independent Non-Executive Chairman David McAdam Interim Executive Director
Robert Kennedy Independent Non-Executive Director Michael Wolley Non-Executive Director
Evan Davies Non-Executive Director
Company Secretary
Shannon Coates
Registered Office 45 Ventnor Avenue West Perth WA 6005
Telephone: 08 9389 4483 Email: info@flindersmines.com
Website: www.flindersmines.com
Flinders Mines Limited Corporate Directory
30 June 2017
Share Registry
Computershare Investor Services Pty Ltd Level 11, 172 St Georges Terrace
Perth WA 6000
Telephone: 08 9323 2000
Website: www.computershare.com.au
Auditors
Grant Thornton Audit Pty Ltd Level 3, 170 Frome Street
Adelaide SA 5000
Securities Exchange Listing
Shares in Flinders Mines Limited are quoted on the Australian Securities Exchange under trading code FMS.
Flinders Mines Limited Chairman's Report
Chairman's ReportDear Shareholders,
The financial year ending 30 June 2017 was a year of significant change for the company and a year where we were able to define a strategic development pathway for the Pilbara Iron Ore Project ("PIOP") asset. After TIO (NZ) Limited, a wholly owned subsidiary of Todd Corporation, taking a controlling interest in Flinders Mines Limited in August 2016, the company restructured the board of directors in October 2016. The new board commissioned a detailed strategic review of the company with a focus on the development constraints and options for the PIOP asset. This review was conducted in the first quarter of CY17 and the strategic review concluded that:
the potential of the PIOP to be an economic asset;
the economic development of the asset being dependent on the development of a financeable infrastructure solution; and,
the requirement for an asset maturation phase to further define the project's commercial viability ahead of any pre-feasibility study.
The commencement of this asset maturation work was funded through a non-renounceable Rights Issue capital raise that was available equally on a pro rata basis to all shareholders. With approximately 60% of the shareholders (based on shares held) taking up their rights, a total of approximately $9.5m (before costs) was raised. This has enabled the commencement of the field work and the results of this work are scheduled for release in the first quarter of CY18.
During the year the company relocated its corporate office from Adelaide to Perth to better align the operations with relevant iron ore market advisors, consultants and technical skills.
The company looks forward to completion of the asset maturation work and being able to better define the quantity and quality of the PIOP resource in order to inform an accurate basis for further feasibility work.
Neil Warburton Chairman
Perth, Western Australia 14 September 2017
Flinders Mines Limited published this content on 15 September 2017 and is solely responsible for the information contained herein.
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