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CODE : HRR.AX
ISIN : AU000000HRR6
AUSTRALIA
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AUSTRALIA (HRR.AX)
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Last updated on : 12/1/2010

Annual Report 2016

1,

Heron Resources Limited

Corporate Directory

ABN 30 068 263 098

DIRECTORS

Chairman (Non-Executive)

Stephen Dennis BCom, LL.B., GDipAppFin (Finsia), CFTP

Managing Director (Executive)

Wayne Taylor BE (Min.), MBA, MAusIMM

Director (Executive)

Ian Buchhorn BSc (Hons), Dipl Geosci (Min Econ), MAusIMM

Director (Non-Executive) Borden Putnam III MSc, RPG Director (Non-Executive)

Fiona Robertson MA (Oxon), MAusIMM, FAICD

Director (Non-Executive)

Mark Sawyer LL.B. (appointed 19 August 2015)

COMPANY SECRETARY

Simon Smith B.Bus, CA

REGISTERED OFFICE (head office) and Address for Correspondence Level 7, 191 Clarence Street Sydney 2000 New South Wales Telephone: +61 2 9119 8111 Perth Office

Level 1, 7 Havelock St

WEST PERTH 6005 Western Australia Telephone: +61 8 6500 9200 Woodlawn Site Office

619 Collector Road, Tarago 2580 New South Wales

Email: [email protected]

Website: www.heronresources.com.au

AUDITOR

Ernst & Young

200 George St

SYDNEY 2000 New South Wales

BANKERS

Westpac Bank

230-236 Hannan Street

Kalgoorlie 6430 Western Australia

SHARE REGISTRY

Security Transfer Australia Pty Ltd

770 Canning Highway

Applecross 6153 Western Australia Telephone: +61 8 9315 2333

Facsimile: +61 8 9315 2233

Email: [email protected]

TMX Equity Transfer Services Inc. 200 University Avenue, Suite 400 Toronto, Ontario M5H 4H1

Tel: (416) 361-0152

Email: [email protected]

SOLICITORS TO THE COMPANY

Allion Legal Pty Ltd

50 Kings Park Road, West Perth 6005 Western Australia

Resources Legal Pty Ltd

1A Rosemead Rd, Hornsby 2077 New South Wales

Peterson & Company, LLP

390 Bay Street, Suite 806, Toronto, Ontario M5H 2Y2

STOCK EXCHANGE

Australian Securities Exchange Limited

2 The Esplanade, Perth 6000 Western Australia

ASX CODE HRR

Toronto Stock Exchange

TMX Group Ltd

The Exchange Tower, 130 King Street West Toronto, Ontario M5X 1J2

TSX CODE HER

INDUSTRY CLASSIFICATION

GICS classification code is 15104020 Diversified Metals and Mining

ISIN AU000 000 HRR6

Cover: Aerial of Woodlawn Zinc Copper Project looking south.

Highlights for FY2016

  • Successful completion of the Woodlawn Feasibility Study (FS) with the 'Starter Case' providing:

    • Robust economics - Post Tax NPV A$207M, Post Tax IRR 32%, Payback 2.3 years

    • Mineral Reserves providing a 9.3 year mine life

    • Steady state production base of 40ktpa Zn, 10ktpa Cu, 12ktpa Pb

    • Development timing that meets the forecasted strong zinc market

  • Woodlawn development funding process commenced and targeted construction start 2017

  • Exploration results continue to highlight the discovery potential of the Woodlawn mineralised system with shallow extensions identified at G Lens and northern extensions at B Lens

  • Commencement of the spin-out of non-Woodlawn assets into Ardea Resources. Targeting an in-specie distribution of Ardea shares to Heron shareholders

  • Completion of A$6.8M placement to Greenstone Resources, becoming Heron's largest shareholder

  • Improved Zinc market supported by supply demand fundamentals with forecasters projecting further strength in the near to medium term

  • Heron remains well funded with A$22.8M in cash and $A1.7M in investments as at June 30 2016

Heron Resources Limited - Annual Report 2016 - Page 1

Forward Looking Statements

This report contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this report. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management's expectations with respect to, among other things, the timing and amount of funding required to execute the Company's exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company's properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company's ability to raise funding privately or on a public market in the future, the Company's future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expect", "intend", "may" and similar expressions have been used to identify such forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this report is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forwardlooking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

Page 2 - Heron Resources Limited - Annual Report 2016

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