BASE RESOURCES LIMITED - Half-year Report

AIM Release 

23 February 2018

BASE RESOURCES LIMITED
Interim Financial Report – period ended 31 December 2017

Base Resources Limited (ASX & AIM: BSE) (Base Resources) is pleased to provide the following extracts from the company’s Interim Financial Report for the six month ended 31 December 2017.

1.  Review of Operations

2.  Market Developments and Outlook

3.  Review of Financial Performance

4.  Consolidated Statement of Profit or Loss and Other Comprehensive Income

5.  Consolidated Statement of Financial Position

6.  Consolidated Statement of Changes in Equity

7.  Consolidated Statement of Cash Flows

These extracts should be read with reference to the notes contained in the full version of the Interim Financial Report, a copy of which is available from the Company’s website:  www.baseresources.com.au.

Highlights

Highlights from Base Resources’ interim financial results for the six month period ended 31 December 2017 are as follows:

A$ million[1]	Six months to 31 December 2017 (reporting period)	Six months to 31 December 2016 (comparative period)	% Change
Kwale Operation Sales Revenue	115.9	90.6	+28%
Kwale Operation EBITDA	72.4	46.8	+55%
Group EBITDA	69.3	44.0	+58%
Net Profit / (loss)	21.5	3.8	+466%
Reduction in Net Debt (during the six-month period)[2]	44.1	24.5	+80%
Net Debt outstanding at end of period[2]	(84.1)	(179.7)	-53%

[Note 1:  All figures reported in Australian dollars unless otherwise stated.  Note 2:  Net Debt consists of the outstanding balance of debt facilities less cash less restricted cash held in the debt service reserve account.]

• Sales volumes: 225,814 tonnes of ilmenite (comparative period: 236,488 tonnes), 37,971 tonnes of rutile (comparative period: 42,796 tonnes), 17,427 tonnes of zircon (comparative period: 17,957 tonnes) and 3,287 tonnes of zircon low grade (comparative period: 3,397 tonnes).  Sales volumes were lower than the comparative period, despite higher production volumes, solely due to the timing of shipments. 
• Sales revenue: A$115.9 million (comparative period: A$90.6 million), achieving an average price of product sold (rutile, ilmenite, zircon and zircon low grade) of A$407 per tonne, or US$317 per tonne, (comparative period: A$302 per tonne or US$227 per tonne) with the main drivers being higher ilmenite and zircon prices.
• Costs: Underlying costs remained steady at an average cost of A$131, or US$102, per tonne of product sold (comparative period: A$130, or US$98, per tonne).  Reflecting the 5% decrease in sales volume, total cost of goods sold decreased by 5% to A$37.2 million (comparative period: A$39.0 million).
• Revenue to cash cost ratio: The Kwale Operation achieved a revenue to cost of sales ratio of 2.8:1, comfortably positioning it in the first quartile of mineral sands producers.
• Group EBITDA: A$69.3 million, representing a 58% increase (comparative period: A$44.0 million) on the back of improving commodity prices and a continued tight focus on cost management.
• Cash flow from operations: A$73.5 million (comparative period: A$45.1 million). 
• Capital investment: Cash flows used in investing activities increased to A$21.4 million (comparative period: A$3.0 million) due to the Kwale Phase 2 mine optimisation project commencing during the reporting period and on track for completion of construction in the June quarter of 2018.
• Reduction in net debt: A$44.1 million (comparative period: A$24.5 million), bringing net debt to A$84.1 million (US$65.6 million) at the end of the reporting period.

1. Review of Operations

Base Resources operates the 100% owned Kwale Operation in Kenya, which commenced production in late 2013.  The Kwale Operation is located 10 kilometres inland from the Kenyan coast and 50 kilometres south of Mombasa, the principal port facility for East Africa.

During the reporting period, the staged increase in the Hydraulic Mining Unit (HMU) production progressed according to plan, with the HMU successfully increasing from 400 tonnes per hour (tph) to 800tph and resulting in increased HMU mining volume of 2.4 million tonnes compared with 1.4 million tonnes in the six months to 30 June 2017 (prior period) and 0.8 million tonnes in the comparative period. The increase in HMU capacity has commensurately reduced the demand on the existing Dozer Trap Mining Unit (DMU) with tonnes mined falling to 3.5 million compared with 4.2 million in the prior period and 4.6 million in the comparative period. Mined ore grade remained consistent with the prior period (7.6%) as mining proceeded around the north-western fringes of the Central Dune orebody and was higher than the comparative period (6.6%) as the HMU was initially implemented in lower grade blocks.

Mining and WCP Performance	Six months to Dec 2017	Six months to Jun 2017	Six months to Dec 2016
Ore mined (tonnes)	5,906,079	5,640,432	5,374,507
Heavy mineral (HM) %	7.61%	7.59%	6.56%
WCP Heavy mineral concentrate produced (tonnes)	435,305	391,953	316,451

The Kwale Operation is designed to process ore to recover three separate products – rutile, ilmenite and zircon.  Ore is received at the wet concentrator plant (WCP) from the mining units via a slurry pipeline. The WCP removes slimes, concentrates the valuable heavy minerals (rutile, ilmenite and zircon) with a number of gravity separation steps and rejects most of the non-valuable, lighter gangue minerals to produce a heavy mineral concentrate (HMC). The HMC, containing approximately 90% heavy minerals, is then processed in the mineral separation plant (MSP). The MSP cleans and separates the rutile, ilmenite and zircon minerals into finished products for sale.

The increase in mining volume and improved ore grade resulted in production of HMC increasing to 435,305 tonnes, higher than the prior period’s 391,953 tonnes and the comparative period’s 316,451 tonnes. The HMC stockpile increased to 137,741 tonnes at 31 December 2017 (83,632 tonnes at 30 June 2017), due to the high HMC production and steady MSP throughput. Current HMC inventory is more than sufficient to ensure uninterrupted MSP feed during the final implementation of the Kwale Phase 2 (KP2) Project, where a one month shut of the WCP is scheduled in the March quarter to tie in plant modifications and equipment upgrades. 

MSP Performance	Six months to Dec 2017	Six months to Jun 2017	Six months to Dec 2016
MSP feed (tonnes of heavy mineral concentrate)	381,297	379,246	384,925
MSP feed rate (tph)	91	91	92
MSP recovery % [3]
Ilmenite	100%	101%	100%
Rutile	100%	99%	96%
Zircon	77%	73%	73%
Production (tonnes)
Ilmenite	238,585	231,732	235,627
Rutile	45,587	45,869	44,756
Zircon	18,705	16,587	17,641
Zircon low grade	1,425	5,500	4,710

[Note 3:   The presence of altered ilmenite species that are not defined as either “rutile” or “ilmenite” in the Resource but are recovered in the production of both, results in calculated recoveries above 100% being achievable for both products]

The MSP has continued to yield high throughput rates with an average of 91tph achieved for the reporting period (91tph in the prior period) and total MSP feed remaining steady at 381,297 tonnes (379,246 tonnes in the prior period). 

Ilmenite production continued at above design capacity, achieving production of 238,585 tonnes (231,732 tonnes in the prior period), primarily due to slightly higher contained ilmenite in the MSP feed. This was partially offset by the lower average ilmenite recoveries of 100% (101% in the prior period).

Rutile production remained steady at 45,587 tonnes in the reporting period (45,869 tonnes in the prior period).

Zircon production increased to 18,705 tonnes for the reporting period (16,587 tonnes in the prior period) due to higher average zircon recoveries of 77% (73% in the prior period).

In addition to primary zircon, in July 2016, Kwale Operations commenced production of a lower grade zircon product (zircon low grade) from the re-processing of run-of-production and stockpiled zircon circuit tails into a zircon rich concentrate. Sales of this zircon low grade product have realised 70-80% of the value of each contained tonne of zircon. Reported zircon low grade represents the volume of zircon contained in the concentrate. When combined with primary zircon recoveries, the production of zircon low grade has effectively lifted total zircon recoveries well above the design target of 78%. During the reporting period the zircon tails feed stockpile was fully depleted, and no further zircon low grade will be produced in the 2018 financial year.

With no serious injuries occurring during the reporting period, Kwale Operations lost time injury (LTI) frequency rate remains at zero.  The Company’s employees and contractors have now worked 11.0 million man-hours LTI free, with the last LTI recorded in February 2014.

Marketing and sales	Six months to Dec 2017	Six months to Jun 2017	Six months to Dec 2016
Sales (tonnes)
Ilmenite	225,814	265,188	236,488
Rutile	37,971	49,195	42,796
Zircon	17,427	16,609	17,957
Zircon low grade	3,287	6,104	3,397

Base Resources has a number of off-take agreements across each of its three products with some of the world’s largest consumers of titanium dioxide minerals and zircon products, including a cornerstone agreement with Chemours for the majority of our rutile production. These agreements provide off-take security for the Kwale Operation and contain firm minimum annual offtake volumes.  All sale values are derived from prevailing market prices, based on agreed price indices or periodic price negotiations. 

In the reporting period, Base Resources sold more than 280,000 tonnes of product from the Kwale Operation, with shipments being made to a combination of customers with existing offtake agreements, regular customers buying on a spot basis and casual spot customers. 

Base Resources has maintained its strong market presence in China – the world’s largest ilmenite market – with over 225,000 tonnes of ilmenite sold into the Chinese market during the reporting period.  Solid relationships with major Chinese ilmenite consumers have ensured regular sales through a mix of shorter term contracts (one to three-year duration) and spot sales.

2. Market Developments and Outlook

Titanium Dioxide

Ilmenite and rutile are primarily used as feedstock for the production of titanium dioxide (TiO₂) pigment, with a small percentage also used in the production of titanium metal and fluxes for welding rods and wire.  TiO₂ is the most widely used white pigment because of its non-toxicity, brightness and very high refractive index. It is an essential component of consumer products such as paint, plastics and paper. Pigment demand is therefore a major driver of ilmenite and rutile pricing.

Global consumption of pigment has maintained a long-term average growth rate closely correlated to global GDP, at approximately 3% per annum.  However, volatility in the global economy in recent years has created significant fluctuations in this growth rate, manifesting in big swings in inventory levels throughout the entire pigment supply chain.  Excess pigment inventories in the downstream supply chain were finally exhausted by the end of the 2016 financial year, resulting in a significant tightening of the market.

The global TiO₂ pigment industry remained buoyant through the reporting period.  High plant utilisation rates and low inventory levels among the major western pigment producers have continued to support a strong pigment pricing environment.  Chinese pigment prices stabilised following some volatility through the first half of the reporting period.  Restrictions to Chinese pigment production, caused by government environmental inspections and a gas shortage, helped underpin pigment prices and off-set the impact of the usual seasonal slowdown in pigment demand through the northern hemisphere winter.

Chinese domestic ilmenite production has gradually increased through the reporting period following a sharp decrease in July and August on the back of central government environmental inspections.  This has been offset by decreasing foreign ilmenite supply into China from Vietnam as export quotas from the Vietnamese government were exhausted and the ongoing ban on production and export of ilmenite from Tamil Nadu in India.  As a result, the price of ilmenite sales to Chinese customers has been volatile throughout the reporting period, with prices softening towards the end of the period due to the restricted pigment production and seasonal slowdown. 

The combination of increased Chinese production, a possible increase in Vietnamese ilmenite supply following granting of new export quotas, (although actual volume increase will be heavily dependent on the economic viability of mines) and the seasonally weak demand is restraining prices of ilmenite sales to China in the short term.  Ilmenite demand for pigment production is expected to increase as the Chinese gas shortages ease and the seasonal demand picks up in the northern hemisphere spring.

A supply deficit in the high-grade feedstock sector (which includes rutile), driven mostly by the strength in the western chloride pigment sector, is resulting in continued upward price momentum.  It is expected that this will translate into price gains as offtake contracts are renewed in 2018 for bulk rutile and chloride slag sales to large mainstream customers.

In the absence of substantial new feedstock supply coming online, the titanium dioxide feedstock market is expected to remain in structural supply deficit, providing an opportunity for continued price strength in both ilmenite and rutile over the coming years.  

Zircon

Zircon has a range of end-uses, the largest of which is in the production of ceramic tiles, which accounts for more than 50% of global zircon consumption. Milled zircon enables ceramic tile manufacturers to achieve brilliant opacity, whiteness and brightness in their products. Zircon’s unique properties include heat and wear resistance, stability, opacity, hardness and strength, making it sought after for other applications such as refractories, foundries and specialty chemicals.

Demand growth for zircon is closely linked to growth in global construction and increasing urbanisation in the developing world.  These factors have improved in line with the acceleration of global economic growth over the past two years resulting in steady demand growth for zircon.  A significant draw down of inventories of zircon throughout the supply chain, along with constraints on global production, have resulted in a rapidly tightening market and sharp increases in zircon prices since 2016.  Ongoing firm demand and restricted supply is expected to lead to further price improvement in zircon through the remainder of financial year 2018.

3. Review of Financial Performance

Base Resources recorded a profit after tax of A$21.5 million for the six-month reporting period, compared with A$3.8 million in the comparative period, primarily due to higher sales revenues.  

	Six months to 31 December 2017			Six months to 31 December 2016
	Kwale Operations	Other operations	Total	Kwale Operations	Other operations	Total
	A$000s	A$000s	A$000s	A$000s	A$000s	A$000s
Sales Revenue	115,905	-	115,905	90,646	-	90,646
Cost of goods sold excluding depreciation & amortisation:
Operating costs	(35,502)	-	(35,502)	(32,500)	-	(32,500)
Changes in inventories of concentrate and finished product	6,340	-	6,340	(339)	-	(339)
Royalties expense	(7,995)	-	(7,995)	(6,165)	-	(6,165)
Total cost of goods sold [4]	(37,157)	-	(37,157)	(39,004)	-	(39,004)
Corporate & external affairs	(2,393)	(2,499)	(4,892)	(2,410)	(2,693)	(5,103)
Community development	(1,311)	-	(1,311)	(1,303)	-	(1,303)
Selling & distribution costs	(2,522)	-	(2,522)	(1,478)	-	(1,478)
Other income / (expenses)	(141)	(590)	(731)	325	(108)	217
EBITDA [4]	72,381	(3,089)	69,292	46,776	(2,801)	43,975
Depreciation & amortisation	(30,146)	(27)	(30,173)	(23,467)	(45)	(23,512)
EBIT [4]	42,235	(3,116)	39,119	23,309	(2,846)	20,463
Net financing expenses	(9,929)	(1,819)	(11,748)	(12,509)	(4,122)	(16,631)
Income tax expense	(5,877)	-	(5,877)	-	-	-
NPAT [4]	26,429	(4,935)	21,494	10,800	(6,968)	3,832

[Note 4:   Base Resources’ financial results are reported under International Financial Reporting Standards (IFRS). These Financial Statements include certain non-IFRS measures including EBITDA, EBIT and NPAT. These measures are presented to enable understanding of the underlying performance of the Group and have not been audited/reviewed]

Sales revenue was A$115.9 million for the reporting period (comparative period: A$90.6 million), achieving an average price of product sold (rutile, ilmenite, zircon and zircon low grade) of A$407 or US$317 per tonne (A$302 or US$227 per tonne in the comparative period), with the main driver being the rising ilmenite and zircon prices.  Total cost of goods sold, excluding depreciation and amortisation, was A$37.2 million for the reporting period (comparative period: A$39.0 million) at an average cost of A$131 or US$102 per tonne of product sold (A$130 or US$98 per tonne in the comparative period).  Operating cost per tonne produced was higher at A$117 or US$91 per tonne for the reporting period (A$107 or US$81 per tonne in the comparative period), due to higher unit electricity costs and mobile equipment maintenance as the fleet ages.

With an achieved revenue to cost of sales ratio of 2.8 in the reporting period (2.3 in the comparative period), the Company remains well positioned in the upper quartile of mineral sands producers.

Improved commodity prices and a continued focus on cost management has delivered a Kwale Operations EBITDA for the reporting period of A$72.4 million (A$46.8 million in the comparative period) and a Group EBITDA of A$69.3 million (A$44.0 million in the comparative period).

Depreciation and amortisation has increased for the reporting period to A$30.1 million (A$23.5 million in the comparative period), due to a reduction in the Kwale Operations expected mine life following the approval of the Kwale Phase 2 project implementation, which will significantly increase future mining rates.

A net profit after tax of A$26.4 million was recorded by Kwale Operations (A$10.8 million in the comparative period) and A$21.5 million for the Group (A$3.8 million in the comparative period). Earnings per share for the Group was 2.89 cents per share (0.52 cents per share in the comparative period).

Cash flow from operations was A$73.5 million for the reporting period (A$45.1 million in the comparative period), slightly higher than Group EBITDA due to working capital movements.

In July 2017, following approval from the Kwale Operations Debt Facility (Kwale Facility) lenders to waive their entitlement to sweep 50% of the operations surplus cash in July 2017 (a ‘cash sweep’), US$14.8 million was distributed up to Base Resources. Base Resources applied US$11.8 million of the cash sweep to retire the Taurus Debt Facility.

In October 2017, the Group established a US$25.0 million (subsequently increased to US$30 million) corporate Revolving Credit Facility (RCF) to provide the Group with additional funding flexibility. In accordance with the terms of the RCF, In December 2017, Base Resources utilised US$7.4 million of the RCF to repay the Kwale Facility lenders waived portion of the July 2017 cash sweep.

During the reporting period, US$28.3 million of the Kwale Operations Debt Facility (Kwale Facility) was paid down through a combination of scheduled repayments and supplementary repayments, from the proceeds of the RCF, reducing the outstanding Kwale Facility to US$112.8 million.

Total debt outstanding at 31 December 2017 was A$154.1 million (US$120.3 million) reduced from A$199.0 million at 30 June 2017 (US$153.0 million). The Company’s net debt position at 31 December 2017 reduced to A$84.1 million (US$65.6 million), from A$128.2 million (US$98.5 million) at 30 June 2017. Net debt at 31 December excludes A$15.5 million of restricted cash proceeds received prior to completion of the A$100.0 million share offer announced on 19 December 2017 and held at period end.

After Balance Date Events

Subsequent to the end of the reporting period, in January 2018, in accordance with the terms of the Kwale Facility, a cash sweep of US$12.5 million was distributed from Kwale Operations. Half of the cash sweep (US$6.25 million) went towards mandatory repayment of the Kwale Facility, with the other half distributed to the parent entity, Base Resources. The outstanding Kwale Facility debt after this repayment was US$106.6 million (A$136.6 million). Total debt outstanding has been reduced to US$114.0 million (A$146.1 million).

Subsequent to the end of the reporting period, in January 2018, the Company completed the US$75 million acquisition of an initial 85% interest in the wholly owned Mauritian subsidiaries of World Titane Holdings Ltd (World Titane), which between them hold a 100% interest in the Toliara Sands Project in Madagascar (held through wholly owned subsidiaries in Madagascar). Base Resources will acquire the remaining 15% interest, with a further US$17.0 million payable on achievement of key milestones, as the project advances towards mine development. The acquisition was funded by the issue of 380,381,075 shares at a price of A$0.255 per share, raising funds of A$97.0 million, completed in January 2018.

4. Consolidated Statement of Profit or Loss and Other Comprehensive Income

		6 months to 31 December 2017	6 months to  31 December 2016
	Note	A$000s	A$000s
Sales revenue		115,905	90,646
Cost of sales	2	(67,303)	(62,471)
Profit from operations		48,602	28,175
Corporate and external affairs		(4,919)	(5,148)
Community development costs		(1,311)	(1,303)
Selling and distribution costs		(2,522)	(1,478)
Other (expenses) / income		(731)	217
Profit before financing income and income tax		39,119	20,643
Financing costs	3	(11,748)	(16,631)
Profit before income tax		27,371	3,832
Income tax expense		(5,877)	-
Net profit after tax for the period		21,494	3,832
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences - foreign operations		(3,208)	6,239
Total other comprehensive income for the period		(3,208)	6,239
Total comprehensive income for the period		18,286	10,071
Net Earnings per share		Cents	Cents
Basic earnings per share (cents per share)		2.89	0.52
Diluted earnings per share (cents per share)		2.69	0.48

The notes contained in the full version of the Interim Financial Report form part of these consolidated financial statements, a copy of which is available from the company’s website:  www.baseresources.com.au.

5. Consolidated Statement of Financial Position

		31 December 2017	30 June 2017
	Note	A$000s	A$000s
Current assets
Cash and cash equivalents		30,524	36,790
Restricted cash	4	55,024	34,042
Trade and other receivables	5	42,438	57,317
Inventories	6	33,959	24,090
Other current assets		6,480	5,891
Total current assets		168,425	158,130
Non-current assets
Property, plant and equipment	7	320,931	334,634
Capitalised exploration and evaluation		2,780	2,652
Total non-current assets		323,711	337,286
Total assets		492,136	495,416
Current liabilities
Trade and other payables	4	43,365	26,926
Borrowings	8	68,483	77,034
Provisions		1,759	1,696
Deferred revenue		1,068	1,084
Other liabilities		826	841
Total current liabilities		115,501	107,581
Non-current liabilities
Borrowings	8	79,283	114,633
Provisions		28,752	28,907
Deferred tax liability		13,218	7,606
Deferred revenue		1,334	1,897
Total non-current liabilities		122,587	153,043
Total liabilities		238,088	260,624
Net assets		254,048	234,792
Equity
Issued capital	9	225,992	225,298
Reserves		44,604	48,246
Accumulated losses		(16,548)	(38,752)
Total equity		254,048	234,792

The notes contained in the full version of the Interim Financial Report form part of these consolidated financial statements, a copy of which is available from the company’s website:  www.baseresources.com.au.

6. Consolidated Statement of Changes in Equity

	Issued capital	Accumulated losses	Share based payment reserve	Foreign currency translation reserve	Total
	A$000s	A$000s	A$000s	A$000s	A$000s
Balance at 1 July 2016	223,548	(61,454)	6,775	48,005	216,874
Profit for the period	-	3,832	-	-	3,832
Other comprehensive income	-	-	-	6,239	6,239
Total comprehensive income for the period	-	3,832	-	6,239	10,071
Transactions with owners, recognised directly in equity
Shares issued during the period, net of costs	1,750	-	-	-	1,750
Share based payments	-	1,671	(851)	-	820
Balance at 31 December 2016	225,298	(55,951)	5,924	54,244	229,515
Balance at 1 July 2017	225,298	(38,752)	6,757	41,489	234,792
Profit for the period	-	21,494	-	-	21,494
Other comprehensive income	-	-	-	(3,208)	(3,208)
Total comprehensive income for the period	-	21,494	-	(3,208)	18,286
Transactions with owners, recognised directly in equity
Share based payments	694	710	(434)	-	970
Balance at 31 December 2017	225,992	(16,548)	6,323	38,281	254,048

The notes contained in the full version of the Interim Financial Report form part of these consolidated financial statements, a copy of which is available from the company’s website:  www.baseresources.com.au.

7. Consolidated Statement of Cash Flows

		6 months to 31 December 2017	6 months to 31 December 2016
	Note	A$000s	A$000s
Cash flows from operating activities
Receipts from customers		128,269	91,447
Payments in the course of operations		(54,760)	(46,340)
Other		(54)	(28)
Net cash from operating activities		73,455	45,079
Cash flows from investing activities
Purchase of property, plant and equipment		(21,733)	(2,849)
Other		332	(135)
Net cash used in investing activities		(21,401)	(2,984)
Cash flows from financing activities
Proceeds from borrowings		9,608	-
Repayment of borrowings		(51,658)	(32,383)
Transfers (to) / from restricted cash		(6,014)	4,830
Payment of debt service costs		(9,489)	(11,205)
Net cash used in financing activities		(57,553)	(38,758)
Net (decrease) / increase in cash held		(5,499)	3,337
Cash at beginning of period		36,790	36,295
Effect of exchange fluctuations on cash held		(767)	801
Cash at end of period		30,524	40,433

The notes contained in the full version of the Interim Financial Report form part of these consolidated financial statements, a copy of which is available from the company’s website:  www.baseresources.com.au.

ENDS.

CORPORATE PROFILE

Directors
Keith Spence (Non-Executive Chairman)
Tim Carstens (Managing Director)
Colin Bwye (Executive Director)
Sam Willis (Non-Executive Director)
Michael Stirzaker (Non-Executive Director)
Malcolm Macpherson (Non-Executive Director)
Diane Radley (Non-Executive Director)

Company Secretary
Chadwick Poletti

NOMINATED ADVISOR & BROKERS
RFC Ambrian Limited
As Nominated Adviser:
Andrew Thomson / Stephen Allen
Phone: [phone]
As Joint Broker:
Jonathan Williams
Phone: [phone]

Numis Securities Limited
As Joint Broker:
John Prior / James Black / Paul Gillam
Phone:  [phone]

SHARE REGISTRY:  ASX
Computershare Investor Services Pty Limited
Level 11, 172 St Georges Terrace
PERTH WA 6000
Enquiries: 1300 850 505 / [phone]
www.computershare.com.au

SHARE REGISTRY:  AIM
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
BRISTOL BS99 6ZZ
Enquiries: [phone]
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AUSTRALIAN MEDIA RELATIONS
Cannings Purple
Annette Ellis / Andrew Rowell
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[e-mail]
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UK MEDIA RELATIONS
Tavistock Communications
Jos Simson / Barnaby Hayward
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KENYA MEDIA RELATIONS
Africapractice (East Africa)
Evelyn Njoroge / James Njuguna/Joan Kimani
Phone: [phone]
Email: [e-mail]

PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email:  [e-mail]
Phone: [phone]
Fax: [phone]

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