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Ramelius Resources Limited 2009 Annual Report

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Ramelius Resources Limited 2009 Annual Report RAMELIUS RESOURCESLIMITED 2009 ANNUAL REPORT CONTENTS Chairman’s Report 01 Ramelius Resources Limited Stock Exchange Chief Executive Officer’s Report 02 ACN 001 717 540 The Company is listed on the Review of Operations 03 ABN 51 001 717 540 Australian Securities Exchange Limited. Native Title 10 The Home Exchange is Adelaide. Corporate Governance Statement 11 Annual General Meeting Glossary of Terms 24 The Annual General Meeting of ASX Codes Photographs & Diagrams 29 Ramelius Resources Limited Shares: RMS Directors’ Report 34 Auditor’s Independence Declaration 46 will be held at Options: RMSOC Income Statement 47 Enterprise House, Balance Sheet 48 136 Greenhill Road, Unley, Statement of Changes in Equity 49 South Australia on Cash Flow Statement 51 Friday 27 November 2009 Notes to the Financial Statements 52 at 11.00 am Adelaide time. Directors’ Declaration 86 Independent Audit Report 87 Shareholder Information 90 Corporate Directory Back Cover Front Cover: Images at Wattle Dam Mine and Burbanks Mill Below: Development adjacent to Emergency Escapeway at Wattle Dam Mine CHAIRMAN’S REPORT Dear Shareholder, It is with pleasure that I present to you the 2009 Annual Report of Ramelius Resources Limited. Significant progress has been made over the past twelve months towards establishing the Company as a high grade underground miner. As at June 30, 2009 the Company was in a strong financial position with cash on hand of $26.7 million. Significant milestones achieved by Ramelius during the year were as follows: • A net profit after income tax expense of $4.97 million for the 2009 financial year; • Completion of the pit cut back at Wattle Dam; Ramelius has also substantially completed the • Production of 16,283 ounces of gold and revenue of rehabilitation of waste dumps from its open pit operations $19.8 million; to a high industry standard. This is an important step • Commencement of the Wattle Dam underground towards ensuring that regulatory and social expectations mine in May, 2009; and are met as the project moves forward. • Substantially completed the rehabilitation of the Wattle Dam Waste Dump. It was also announced during the year that the Company’s founding Managing Director Mr. Joe The financial result of a $4.97 million net profit was an Houldworth would retire. I would like to thank Joe for his excellent result and is the third year that the Company vision and enthusiasm to develop Ramelius into the has achieved this outcome. The result reflects the focus position it is in today. It is also with great pleasure that I that the Company continues to have on low cost acknowledge that Joe will stay on as a Non-Executive operations as the principle driver for its business Director. activities. I would like to thank shareholders for their loyalty and The Company again benefited from the gold overcall at support throughout the year and together with my fellow Wattle Dam. It was planned to produce 5,620 ounces of directors, look forward to being able to deliver high grade gold from the cut back to the open pit, with actual production in 2009/10. production of 16,283 ounces. This is a positive outcome for the mine, as we are about to commence production I also take this opportunity to sincerely thank our from the high grade underground resource. Directors, all our employees and consultants for their efforts throughout the year. In March 2009 the Company selected HWE Mining Pty Limited to undertake the mining of the underground project, and operations commenced in May, 2009 with the first cut of the portal. Significant progress was made by the end of the financial year, with over 253 metres of decline completed in two months. The Company’s Burbanks mill also performed well during Bob Kennedy the year, with over 158,000 tonnes of ore processed and Chairman recoveries above 96 percent. The Burbanks mill has been a significant purchase for the Company, ensuring cash flows are received in a timely manner without being reliant on third party mills. 01 CHIEF EXECUTIVE OFFICER’S REPORT Dear Shareholder, The past year has been a year of consolidated production and development for the Company. The open pit cut back was expected to be completed by the end of 2008, but mining was slowed due to hard mining conditions and the large number of ore tonnes extracted. The pit did however produce over 16,000 ounces of gold, which was approximately three times that expected. This outcome, whilst not taken for granted, was in line with results from the original pit. The pit cut back was designed to provide access to fresh rock in which the portal and decline could be established. The pit was completed in April 2009 and the underground portal and decline were established in the Regional exploration continued during the year, with western wall of the pit in May 2009. The Company significant results at the Golden Orb and 8500N selected HWE Mining Pty Limited as its primary prospects. These results will be followed up in the underground contractor and to date this arrangement 2009/10 year. Several new projects were reviewed dur- has been very successful. ing the year, with none meeting the Company’s criteria of acquiring projects with potential for low cost production. The underground mine is expected to be one of Australia’s highest grade underground mines, producing The Company is now entering an exciting time where it is an expected base case 68,000 ounces of gold up to finally gaining access to the high grade zone at Wattle November 2010. First development ore should be milled Dam. It is also a time where the Company will begin to in November 2009 and high grade stoping ore from look for growth opportunities; both through exploration January 2010. At this time the mine will be in full and acquisition. production. I would like to take this opportunity to thank the Ramelius Deep exploration drilling continues below the current team and our contractors for their dedication to getting mine plan, with the current drilling defining the mine the job done well in the 2009 year. I would also like to geology and visible gold up to 300 metres below surface. thank my fellow directors for their continued support and During the year, diamond drilling intersected a significant guidance. result of 5.5 metres at 148 g/t gold below the current mine plan. This and other deeper results will be followed up with drilling from underground in early 2010. Ian Gordon Chief Executive Officer 02 REVIEW OF OPERATIONS Financial Highlights • Sales revenue of $19.8 million from gold sales of 15,393 ounces at an average price of A$1,288 per ounce. • Net profit after tax of $4.97 million (up from $0.61 million in 2008) • $17.9 million additional capital raised during the year • Cash at the end of the financial year of $26.7 million. Revenue from gold sales of $19.8 million was up 33.8% Additional capital totalling $17.9 million was raised from from the previous year and reflects a stronger average a $13.4 million placement of shares to institutional and gold price during the current year of A$1,288 per ounce. sophisticated investors and an issue of $4.5 million of shares to shareholders under the Company’s Share Consolidated net profit after tax was $4,973,356. Purchase Plan at $0.53 per share. At 30 June 2009 the Company had no debt and held cash assets of $26.7 million. 03 REVIEW OF OPERATIONS Operational Highlights • Completion of the pit cut back at Wattle Dam in April 2009 • Production of 16,283 ounces of gold from the pit cut back • Commencement of high grade underground mine in May 2009 MINING AND MILLING OPERATIONS Milling A total of 151,697 tonnes of ore was processed during The Wattle Dam Gold mine is located approximately the 2009 financial year at the Company’s gold treatment 25km south-west of Kambalda in the Eastern Goldfields plant at Burbanks, near Coolgardie. The mill performed of Western Australia. The gold resource at Wattle Dam is well during the year, treating ore at capacity since hosted in sheared ultramafic rocks and has been drilled September 2008. to a vertical depth of over 200 metres. The mine commenced production in March 2006 and as at 30 June 2009, two phases of mining had been Production Statistics – Unit Mined Grade g/t completed. A cut back to the open pit was completed in 2009 Financial Year gold April 2009 to establish access to fresh rock for the Ore processed tonnes 151,697 3.59 underground portal. Recovery % 96 Gold Production* oz 16,283 The Company appointed HWE Mining Pty Limited as its underground contractor in March 2009. The underground Gold Production* kg 506.4 mine at Wattle Dam was commenced in May 2009 with * Includes G.I.C. recovered the portal cut and by the end of June 2009, the decline was advanced by 253 metres (refer Figure 1 on page 29). Rehabilitation Mining During the year, the Company completed a substantial During the 2009 financial year a total of 158,038 tonnes rehabilitation program over the open pit waste dump, of ore was mined from the pit cut back at a grade of 3.34 including slope design, top soil replacement and grams per tonne gold. In May 2009 the portal was vegetation spreading (refer Figure 3 on page 30). established at a depth of 75 metres below surface into the west side of the pit (refer Figure 2 on page 29). The At the date of this report, the underground mine was well underground decline and cross cuts will intersect the top advanced, with ore development commencing in of the ore body at a depth of 99 metres below surface, September 2009 and full production expected by immediately below the north western edge of the open pit.
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