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Annual Report 08 | 09 Corporate Directory ANNUAL REPORT 08 | 09 CORPORATE DIRECTORY ALLIED GOLD LIMITED Auditors Nominated Advisor (UK) ABN 86 104 855 067 BDO Kendalls Audit & Assurance Beaumont Cornish Limited (WA) Pty Ltd 5th Floor, 10-12 Copthall Ave 128 Hay Street London EC2R 7DE Directors Subiaco WA 6008 Mark Victor Caruso UK Broker Executive Chairman Share registry Mirabaud Securities Limited Computershare Investor Serivces Pty Ltd 21 St JamesÕ Square Gregory Hugh Steemson Level 2, London SW1Y 4JP Non-executive Director Reserve Bank Building United Kingdom 45 St Georges Terrace Anthony Carmel Lowrie Perth, Western Australia Non-executive Director UK Share Registrars WA 6000 Computershare Investor Services Plc Frank Terranova PO Box 82 Executive Director Solicitors The Pavillions Steinpres Paganin Bridgwater Road Montague House Level 4, Bristol, BS99 7NH Non-executive Director Next Building, 16 Milligan Street United Kingdom Perth, Western Australia CONTENTS Company Secretary WA 6000 Mr Peter Torre Stock Exchange Listing Registered Office The company is listed on the Australian Stock Exchange Limited and LondonÕs Alternative Unit B9, 431 Roberts Road, Investment Market under the trading code Subiaco, ALD and AGLD respectively. Western Australia, 6008. Telephone : +617 3252 5911 Facsimile: +61 7 3252 3552 E-mail: [email protected] Web: www.alliedgold.com.au @kkhdcFnkcAnnual Report 2009 @kkhdcFnkcAnnual Report 2009 EXECUTIVE CHAIRMAN’S REPORT Executive Chairman’s Report / 1 Dear Shareholders, by Barrick Gold Corporation pursuant to its exploration alliance with Allied Gold. These Significant developments in 08/09 / 3 I am pleased to present to you Allied Gold encouraging exploration results conÞrm our LimitedÕs Annual Report for 2009. About Allied Gold / 4 belief in the potential for the discovery of The Allied Gold approach / 4 After the excitement of the 2008 Þnancial large-scale deposits of gold and other base year that marked the commencement of gold metals on Allied GoldÕs other holdings in the An attractive investment proposition / 4 production from Allied GoldÕs ßagship Simberi Tabar Islands precinct. Gold Project, the year in review was a period of Simberi Oxide Gold Project / 6 Based on these continued exploration successes, consolidation in which the foundations for the Location / 7 we are assessing the economics and timing of a next phase of Allied GoldÕs transformation into a potential oxide plant expansion from 2.2Mtpa Project history / 9 signiÞcant regional gold producer were laid. to approximately 3.0Mtpa. It is anticipated that, Overview of process plant operation / 10 In June 2009 Allied Gold celebrated the if approved, this expansion would increase oxide th Operating performance / 11 production of the 100,000 ounce of gold production towards 100,000 ounces per year. from the Simberi Gold Project. In the year Allied Gold has also commissioned a pre Gold sales and hedging programme / 11 under review gold production reached 72,609 feasibility study to assess the economics and ounces. This was a pleasing achievement given Sustainable development / 12 viability of mining and processing sulphide the unseasonably heavy rainfalls, with in excess Our people / 12 ore on Simberi Island. The sulphide expansion of 6 meters of rainfall in the six months to 30 project has the potential to increase annual gold Health and safety / 12 June 2009 alone, which have impacted mining production by between 70,000 and 100,000 activities throughout the 2009 calendar year. Environment / 13 ounces. Combined with existing production Working with communities / 13 The acceleration of Allied GoldÕs exploration capacity of 80,000 ounces and the oxide program yielded signiÞcant results with the expansion project, this would transform Allied Project development / 14 announcement in June 2009 of an increase in Gold into a signiÞcant regional gold producer Exploration / 27 Gold Reserves to 1.1 million ounces, equating with annual gold production of approximately to a remaining mine life in excess of 10 years on 200,000 ounces. Looking forward / 39 current production capacity, and an increase in In addition to the oxide and sulphide expansion Allied Gold outlook / 39 Gold Resource to 4.7 million ounces with 10.1 projects, external consultants have been million ounces of contained silver. The increased Financial report / 40 engaged to undertake an independent Gold Reserves and Gold Resource together assessment in relation to debottlenecking and with the more recent exceptional drill results at optimisation of the existing process plant. the Pigibo and Pigiput prospects highlight the Early indications are that the recommendations signiÞcant potential of Allied GoldÕs holdings in arising from this assessment will lead to the Tabar Islands. signiÞcant operating efÞciencies with a Further exploration success was experienced commensurate reduction in cash costs per with the identiÞcation of potentially large ounce of gold produced. copper gold porphyry mineralisation at Banesa @kkhdcFnkcAnnual Report 2009 0 EXECUTIVE CHAIRMAN’S REPORT (continued) Whilst there has been much to acknowledge I would like to thank my fellow Board members during the year, the employees of Allied Gold for their continued signiÞcant contributions and the members of the local communities were to the ongoing success and development saddened by the tragic loss of one of AlliedÕs Allied Gold. In particular I would like welcome employees following injuries sustained during Montague House and Frank Terranova to the routine drilling activities. This tragic incident Board following their appointments during reminded all of us that our employees work in the year. a potentially dangerous environment and has The 2010 Þnancial year shapes as a pivotal further strengthened our resolve to ensure that year in completing the transformation of Allied we provide a safe working environment for all of Gold Limited from an emerging gold producer our employees and contractors. into a signiÞcant regional gold producer. The ongoing operational and exploration Ongoing exploration success and the oxide successes that have been achieved by the and sulphide expansion projects provide for Simberi project to date would not have been signiÞcant organic growth in gold production. possible without the ongoing support and Sector consolidation and Allied GoldÕs record in commitment of our employees, the local delivering projects provide opportunities within communities of Simberi and the various levels the sector that may ultimately complement its of the Papua New Guinea government, all of strong organic growth proÞle. It is with some whom have made signiÞcant contributions to conÞdence and anticipation that I look forward the progress of the project. to reporting back to you next year on the outcome of this transformation. I would also like to thank the shareholders of Allied Gold for their continued support of Yours faithfully. the project. During an unprecedented global Þnancial crisis that saw a severe tightening of liquidity in the international Þnancial markets, Allied Gold was able to raise in excess of $30 million through a private placement to sophisticated investors. These funds were applied in part towards the early repayment of Allied GoldÕs project Þnancing facility Mark Caruso some 21 months ahead of schedule. The Executive Chairman liquidity provided by the capital raising and the repayment of the project Þnance debt has also provided Allied Gold with the ßexibility to accelerate the delivery of gold into the hedge book. At 30 June 2009, total committed hedging of 54,583 ounces represents less than one yearÕs production. 1 @kkhdcFnkcAnnual Report 2009 SIGNIFICANT DEVELOPMENTS IN 2008 /2009 The past year has seen Allied achieve a number of significant milestones that mark its transition from an emerging producer to a significant regional gold producer. Major developments in the 2008/2009 year included: ¥ In June 2009 the 100,000th ounce of gold ¥ In February 2009, Allied Gold successfully was produced at AlliedÕs Simberi Island Gold raised $30.7 million through a placement of Oxide Project since the commencement of shares with sophisticated investors adding production in February 2008. additional quality institutional investors to its share register. ¥ Allied announced a 45% increase in total Simberi Island Measured, Indicated and ¥ The GroupÕs USD25 million project Þnancing Inferred Resources to 4.7 million ounces facility was retired 21 months ahead of of gold and 10 million ounces of silver, schedule. comprising oxide gold resources of 1.4 million ¥ The GroupÕs hedge book was restructured ounces and sulphide gold resources of to reduce its duration by approximately 12 3.3 million ounces. months. Further pre-deliveries into the hedge ¥ Allied announced an extension of 437,000 book have reduced the residual hedge book to ounces to its Ore Reserve extending the less than 55,000 ounces as at 30 June 2009. remaining mine life to over ten years. ¥ A Sulphide pre-feasibility study was commenced with a view to underpinning an expansion of the production proÞle by up to 100,000 ounces per annum by December 2011. ¥ In accordance with its AUD$20 million farm- in to AlliedÕs exploration licence over Big Tabar and Tatau Islands, Barrick Gold commenced exploration activities in August 2008. ¥ In August 2008, Allied successfully raised $10.5 million through a placement of shares with sophisticated investors, including its joint venture partner Barrick Gold Corporation. @kkhdcFnkcAnnual Report 2009 2 ABOUT ALLIED GOLD AN ATTRACTIVE INVESTMENT
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