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2005 Annual Report

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2005 Annual Report Annual Report 2005 Corporate Directory DIRECTORS AUDITORS Craig Leslie Readhead BJuris LLB Butler Settineri Chartered Accountants Chairman (Non Executive) 35-37 Havelock Street 46-50 Kings Park Road WEST PERTH WA 6005 WEST PERTH WA 6005 SOLICITOR TO THE COMPANY Ian James Buchhorn BSc (Hons), Dipl Geosci, MAusIMM Pullinger Readhead Lucas Managing Director (Executive) 46-50 Kings Park Road WEST PERTH WA 6005 21 Close Way KALGOORLIE WA 6430 BANKERS Norman Mathew Longworth BSc (Hons), MAusIMM Exploration Director (Executive) Challenge Bank 230-236 Hannan Street 21 Close Way KALGOORLIE WA 6430 KALGOORLIE WA 6430 Allan Trench PhD, BSc (Hons), MBA (Oxford), MAusIMM SHARE REGISTRY Director (non Executive) Security Transfer Registrars Pty Ltd 21 Close Way 770 Canning Highway KALGOORLIE WA 6430 APPLECROSS WA 6153 Telephone: +618 9315 0933 COMPANY SECRETARY Facsimile: +618 9315 2233 Sarah Helen Calvert BBus (Acc), ASA Email: [email protected] Company Secretary 21 Close Way ABN KALGOORLIE WA 6430 30 068 263 098 REGISTERED AND PRINCIPAL OFFICE STOCK EXCHANGE 21 Close Way PO Box 1280 Australian Stock Exchange Limited KALGOORLIE WA 6430 2 The Esplanade PERTH WA 6000 Telephone: +618 9091 9253 Facsimile: +618 9091 9256 Email: [email protected] ASX CODE Website: http://www.heronresources.com.au HRR Table of Contents 1.0 CHAIRMAN’S REVIEW 2 2.0 OPERATIONS REVIEW 4 3.0 CORPORATE PROFILE 18 4.0 DIRECTORS’ REPORT 24 5.0 FINANCIAL STATEMENTS 31 STATEMENTS OF FINANCIAL PERFORMANCE 31 STATEMENTS OF FINANCIAL POSITION 32 STATEMENTS OF CASH FLOW 33 NOTES TO & FORMING PART OF THE ACCOUNTS 34 DIRECTORS’ DECLARATION 52 Front Cover painting by Barbara Graham, for the book Thukurrpa Yilpanha wiya yamathi Tjapirnku. 6.0 INDEPENDENT AUDIT REPORT 53 The Dreamtime story of why the Goanna and the Lizard are no 7.0 SHAREHOLDER INFORMATION 54 longer friends today. 8.0 STATEMENT OF MINERAL RESOURCES 57 © Wangkanyi Ngurra Tjurta (WNT). 9.0 INTEREST IN MINING TENEMENTS 58 This story is reproduced through the Heron Resources 2005 10.0 GLOSSARY 71 Annual Report pages 5 to 17 with the kind permission of Wangkanyi Ngurra Tjurta language centre, Kalgoorlie WA. Heron Resources Limited Highlights DIRECTORS Craig Leslie Readhead CHAIRMAN (NON EXECUTIVE) Ian James Buchhorn MANAGING DIRECTOR (EXECUTIVE) Norman Mathew Longworth EXPLORATION DIRECTOR (EXECUTIVE) Allan Trench DIRECTOR (NON EXECUTIVE) 2005 HAS SEEN INCO JOIN WITH HERON TO DEVELOP THE KALGOORLIE NICKEL PROJECT, with consequent market recognition moving Heron’s market capitalisation from A$20m to A$100m. Heron and Inco are committed to moving towards commissioning the Kalgoorlie Nickel Project, as Feasibility Study milestones are met. • Project Funding: The Kalgoorlie Nickel Project (KNP) is a potential 50,000 tonnes per annum or greater nickel producer, over a 25 year or greater mine life. ➢ Inco sole funds all Feasibility Studies (estimated cost A$90 million) and must procure all project debt funding to earn a 60% interest in the KNP. ➢ Significantly, Inco loans Heron all but 4.5% of the equity funding, which Heron repays from 80% of its future portion of positive cash flow. This means Heron’s equity in the project is not diluted. The KNP funding pathway is in place, subject to positive Feasibility Study outcomes. • Resources: The KNP Leach Feed Grade (LFG) target is 120 million tonne at 1.5% Nickel. This is a significant world nickel target, with grades comparable to or exceeding existing nickel laterite operations. ➢ Heron completed systematic Reverse Circulation drilling at all potential resource areas during 2005, to evaluate screen upgrade of Run-of-Mine mineralisation at a pilot facility in Perth. Target leach feed grades of 1.5% Nickel were returned from bulk drill samples. ➢ Development is focussed on the Goongarrie-Siberia siliceous mineralisation, where the independent JORC-compliant resource on 100%-owned Heron tenements is 357 million tonne at 0.7% Nickel. The KNP resource risk is minimal. • Processing: Inco’s Feasibility Study for the KNP will evaluate processing flow-sheets utilising proven components operating successfully in established Pressure Acid Leach (PAL) plants elsewhere in the world. The KNP processing risk is quantified and is minimal, particularly in view of the Inco technical input. • Location and Infrastructure: The KNP has a premium location and infrastructure: ➢ Plant location is likely to be adjacent to Heron’s Goongarrie resource 80km northwest of Kalgoorlie. ➢ Excellent regional infrastructure, with natural gas pipeline, road, rail and ports within the KNP operations area (the region produces and exports 15% of the World’s nickel and has additional capacity). ➢ Political stability, minimal sovereign risk. ➢ Stable, skilled mining work force, with the ability to have a residential work force for the KNP with lower staff turnover and Intellectual Property better maintained within the site work force. ➢ Stable tailings management, which is the KNP’s greatest advantage over wet tropical laterite competitors. The KNP sovereign risk is minimal, WA being a prime location for major resource development. The operating Cawse, and commissioning Ravensthorpe and Goro nickel laterite projects provide a “blue print” for the on-going development of the KNP: • The KNP ore feed is a siliceous limonite oxide laterite similar to that of the Ravensthorpe and Cawse nickel operations, and the KNP limonite mineralisation style is comparable to Goro. • Siliceous mineralisation is well suited to low cost bulk mining followed by fine screening to achieve a 1.5% Nickel LFG. This upgrade characteristic is a key economic driver of the KNP. Securing Inco as the KNP technical and funding partner means Heron has attained a key project milestone during 2005. The KNP joint venture structure allows a mid-cap A$100 million company such as Heron to be the 40% partner of an A$10 billion company such as Inco in an A$1.4 billion Project. This clearly is an excellent outcome for Heron and its Shareholders. Annual Report 2005 1 1.0 Chairman’s Review Figure 1: Eastern Goldfields Project Locations LEGEND Kalgoorlie Nickel Project tenements (includes Sphere of Influence tenements) Other Heron tenements Heron retains pre-emptive nickel-laterite rights WESTERN AUSTRALIA Balladonia Oil Shale-Uranium tenements Regent gold/base-metal tenements Kimberley Ochre Iron-ore tenements Onslow Iron-Sands Warburton Copper Kalgoorlie Perth Balladonia 2 Heron Resources Limited It is with pleasure that I present the tenth Annual Report of Heron Resources Limited (Heron). In examining our ten reports since listing in August 1996, it is rewarding to see the continual growth of our asset base with time, and to see the strategic targets we set with our first nickel laterite discovery back in 1997 steadily and systematically achieved. Without doubt, 2005 has been a great move forward for Heron, the year in which our business plan delivered outstanding growth for Shareholders. My Chairman’s Review last year concluded with: “The objective during 2005 is to form alliances with world majors as potential nickel development partners to assist with the Feasibility Studies required to commission the Kalgoorlie Nickel Project”. I am pleased to report that this objective was achieved, through introducing Inco Limited of Canada as our feasibility, and if warranted, development partner for the Kalgoorlie Nickel Project (KNP). A clear pathway through to production is available. Feasibility Study • Selection of the KNP Partner In June 2004, Heron established its platform for the KNP development through completing independent resource estimation and an independent scoping study, which confirmed the KNP could support a viable nickel project. In August 2004, Heron commenced assembling a data room compiling the 400,000 metres of drilling completed by Heron and previous tenement holders since 1997, and the 300 legal agreements entered into to assemble the KNP assets. Following selection of a short-list comprised of World Top 10 nickel companies, the data was made available in October 2004, and negotiations commenced with two preferred partners in February 2005. This process culminated with Inco executing a binding Letter of Intent on 25 March 2005, and finally a Definitive Agreement on 30 July 2005. The process has been comprehensive, and has required great stamina on the part of the Board to negotiate and document what is by necessity a complex agreement, able to stand as a framework for a A$1.4 billion or greater project with a mine-life to exceed 25 years. • Confirmation of Screen Upgrade to generate 1.5% Nickel Leach Feed Grades The favourable screen upgrade characteristics of the KNP mineralisation were verified during Heron’s 2005 RC drilling. Screening studies to date suggest Run-of-Mine low grade siliceous mineralisation will upgrade through low cost screening to deliver 1.5% Nickel into the plant. The initial focus of Inco in its Feasibility Studies will be to complete the Step 1 wide diameter diamond drilling. Inco will use this bulk material to evaluate through an independent metallurgist whether plant-scale screen upgrade to 1.5% Nickel is achievable. This is our key milestone for 2006, and if successful, will establish the KNP as a world class project. Corporate On 8 April 2005, World number 3 nickel company BHP Billiton Limited purchased 15.9 million Heron Shares and is now our third largest Shareholder. On 15 April 2005, World number 2 nickel company Inco Limited acquired 16.5 million Heron Shares through a placement, and is now our second largest Shareholder. We welcome Inco and BHP Billiton to Heron, and would like to think of this as a clear and positive endorsement of the mineral assets held by Heron. As Shareholders, you should be most encouraged by their corporate presence. Heron’s planned corporate activity is to divest its non-nickel assets through three separate public listed vehicles. • Ochre Resources Limited, proposed sale of our iron ore mineral resource tenements in the Pilbara and Koolyanobbing iron ore mining centres to listed company Echelon Resources Limited.
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