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South Australian Uranium Energy for the World

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South Australian Uranium Energy for the World marathon resources limited annual report 2009 For personal use only For personal use only This report is printed on paper consisting of 100% post consumer waste, made with a carbon neutral manufacturing process. 02 04 08 16 Chairman’s Directors Review Directors Corporate Address of Operations Report Governance Statement 18 19 22 Auditors Independent Financial Independence Audit Statements Declaration Report 26 46 48 Notes to Shareholder Corporate Financial Information Directory Statements SOUTH AUSTRALIAN URANIUM ENERGY FOR THE WORLD For personal use only Annual Report 2009 | ACN 107 531 822 Marathon Resources LTD 1 CHAIRMAN’S ADDRESS This is the sixth Annual Report to shareholders of Marathon acknowledged that a greater expectation is required from Resources Limited (“Marathon”) and on behalf of your Board us as an explorer in the uranium industry. The major Policy of Directors I have pleasure in presenting to you a summary Paper we presented to shareholders and stakeholders in of activities undertaken by the Company in 2008/2009. August 2008 outlined the assessment of risk associated with uranium. Therefore, exploration activities in the The past year has seen the Company’s operations divided Paralana Mineral System on EL3258 will have mandatory into two parts: safety measures for the planning and implementation of (i) the first involved the rectification of our Mt Gee uranium exploration work as required for all operators in South project site (EL3258) following the suspension of the Australia. company’s drilling program by Primary Industries and In particular, the disposal of low-level radioactive materials Resources South Australia (PIRSA) in January 2008; and and mining samples and other loose materials and rubbish (ii) the second comprised Marathon embarking on a program must be done strictly in accordance with the requirements of of continuing exploration activities in South Australia and the appropriate authorities. Victoria, and the Directors’ Review of Operations later There were two major findings in the Policy Paper which are in this report contains the details of those activities. The fundamental to Marathon’s sustainable development. principal activity in the second half of the year related to low impact, non-ground disturbing exploration at Mt Gee. The first is that the company needs to adhere to the broad implications of its activities and integrate the short and In respect of the first part, Marathon’s Rectification Plan was long term expectations regarding economic, social and approved by PIRSA in August 2008, with work commencing environmental factors. Marathon believes that uranium is on 17 November 2008 and taking five weeks to be completed. a necessary resource for global energy needs, and equally Most importantly, PIRSA advised on 28 April 2009 that the the highest levels of stewardship and safeguards must works undertaken by Marathon had been carried out in apply at all times. Further, Marathon believes that mining, accordance with the approved plan and subsequent seeding conservation and eco-tourism can be compatible if proper of rehabilitated sites was also completed satisfactorily. and sustainable protection is given and best-practice The Minister for Mineral Resources Development confirmed principles adopted. in the South Australian Parliament on 28 April 2009 that In order to communicate the vision of sustainable PIRSA, in consultation with the Environmental Protection development from exploration through to the potential of Authority (EPA), was satisfied that the rectification works mining uranium, Marathon will consult in a transparent had been completed in accordance with the approved and inclusive manner. On one hand, the interests of those Rectification Plan. The Minister advised Parliament that involved in conservation and eco-tourism are respected and radiation surveys prior to excavation to post rectification the company expects to engage in comprehensive debate works confirmed that radiation levels at EL3258 had not when environmental impact studies are released. On the changed. other hand, Marathon believes the resources in EL3258 As a company, we thoroughly addressed the issues are of national significance worthy of further study and surrounding the previous drilling program and our review, and of such size and scale that they can contribute operational procedures at the time. Shareholders are considerably to Australia’s national wealth. conscious of the nature of the scrutiny on us and the analysis The second relates to the culture of the Company, and the we did to accept responsibility for our actions. Policy Paper dealt with changes necessary in all Board, My comments last year were that these events had a management and operational conduct to ensure we deliver profound effect on us but I am confident that we are on our own and your expectations. Our operating protocols retrieving our reputation. Marathon is committed to realising necessarily extend to employees and contractors engaged by a vision of sustainability that addresses key stakeholder us so that we communicate and monitor in the best possible issues and demonstrates industry leading practice. way. I refer particularly to those parts of the Directors’ Review of There is no doubt that this financial year has witnessed a Operations which deal with indigenous relations, research, downturn in economic activity. Increased competition for water and power studies and community engagement. outside services will produce better practices and reduce Marathon co-sponsored the Yarnballa Aboriginal Cultural environmental risks associated with better induction and Festival in October 2008 and we provided playground training. Sustainable development requires us to enforce equipment for Iga Warta, an indigenous community in the accountability on all our people and we are confident that northern Flinders Ranges, in South Australia. no compromise will be given in the management of our The Native Title Consent Determination presided over by changed procedures and protocols. theFor personal use only Federal Court in March 2009 in the North Flinders was Addressing Parliament on 28 April 2009, the Minister for an historic event and we were proud to witness the event – Mineral Resources Development said: invited by the Adnyamathanha Traditional Lands Association “The Northern Flinders Ranges has high scenic, - which was a landmark decision for the Adnyamathanha environmental and eco-tourism values but equally high people. prospectivity for copper, gold, uranium and other metals. Marathon recognises the environmental sensitivity of the The area is also recognised for having high prospectivity for North Flinders region, and more importantly, we have development of geothermal energy. 2 Marathon Resources LTD Annual Report 2009 | ACN 107 531 822 “The challenge for Marathon Resources, in fact for all agreements with selected overseas stakeholders, and open explorers in this region, is to show how the mineral and market sales of a proportion of our production, combine to energy resource can be extracted from this region in a give Marathon shareholders the most profitable result for manner that preserves these environmental and scenic the future. values.” Board and Executive Management I endorse those remarks. The past year has been one of consolidation, and a The second part of the year’s operations principally related very cohesive effort, from an unchanged Board. After to additional work undertaken on EL3258. A great deal implementing the changes outlined in August 2008, the of geophysical data from previous surveys undertaken Directors have been committed to delivering the vision for by Marathon and other companies before us, has been the Company. Our staff has worked diligently to complete reprocessed and we have a better understanding of, and the Rectification Plan at Mt Gee, and the result is a confidence in, the mineralised systems. focussed, professional and determined group of people who The Company completed extensive ground gravity surveys, understands and fully embraces our change in culture. sediment and stream sampling and has recently completed I am very pleased to report that Dr John G (Shad) Linley was helicopter magnetic and radiometric surveys. appointed Chief Executive Officer and Managing Director on All work conducted has been in accordance with PIRSA 10 June 2009. As I reported last year when Dr Linley became directions so that our exploration has been contained to a non-executive director in June 2008, he had extensive low impact, non-ground disturbing activity as further infill corporate and resources experience which will be of great drilling is not yet permitted. value to the company. Marathon advised shareholders on 30 April 2009 of the Not only does he have previous experience in South Australia potential resource extension potential areas on EL3258, and – he gained his PhD from the University of Adelaide and confirmed that at this early stage of exploration we already later worked on the first stage at Roxby Downs in the 1980s have the fifth largest undeveloped uranium deposit in - as CEO of Sun Metals Corporation, he was instrumental Australia, and the second largest in South Australia. in the design, construction and commissioning of its world class zinc plant in an environmentally sensitive location in The South Australian Government’s position continues to be Queensland. This expertise was recognised by the Board one of support for the mining industry. Large resources have as essential for the transition of Marathon
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