Microsoft Word - Gippsland - Full Year IFRS Financial Report 2015 - FINAL
ARROWHEAD RESOURCES
LIMITED
(formerly Gippsland Limited) ABN 31 004 766 376
ANNUAL REPORT 2015
Arrowhead Resources Limited Annual Report 2015
CONTENTS
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Corporate Directory
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3
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Chairman's Report
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4
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Review of Operations
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5
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Financial Statements
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8
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Directors' Report
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10
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Auditor's Independence Declaration
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21
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Consolidated Statement of Profit or Loss and Other Comprehensive Income
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22
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Consolidated Statement of Financial Position
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23
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Consolidated Statement of Cash Flows
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24
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Consolidated Statement of Changes in Equity
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25
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Notes to the Financial Statements
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26
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Directors' Declaration
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61
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Independent Auditor's Report
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62
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ASX Additional Information
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64
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Corporate Governance Statement
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66
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Arrowhead Resources Limited Annual Report 2015
CORPORATE DIRECTORY
DIRECTORS Michael Rosenstreich - Chairman Rowan Caren - Executive Director John Kenny - Non-Executive Director
COMPANY SECRETARY Rowan Caren REGISTERED OFFICE Suite 3, 11 Sheppard Way
Marmion WA 6020 Australia
POSTAL ADDRESS PO Box 2277
Marmion WA 6020 Australia
TELEPHONE +61 8 6102 2609
EMAIL [email protected] WEBSITE www.gippslandltd.com
AUDITORS Deloitte Touche Tohmatsu
Level 14, Woodside Plaza 240 St. George's Terrace Perth WA 6000
Australia
SOLICITORS Steinepreis Paganin
Level 4, The Read Buildings 16 Milligan Street
Perth WA 6000 Australia
Gowlings (UK) LLP
15th Floor, 125 Old Broad Street London EC2N 1AR
United Kingdom
SHARE REGISTRY
WEBSITE PHONE NUMBER
Security Transfer Registrars Pty Ltd Suite 1, 770 Canning Hwy
Applecross WA 6153 Australia www.securitytransfer.com.au
+61 8 9315 2333
PO BOX 535
Applecross WA 6953 Australia
AUSTRALIAN STOCK EXCHANGE The Company's securities are quoted on the official list of the ASX Ltd (ASX),
the home exchange being: The ASX (Perth) Ltd
2 The Esplanade
Perth WA 6000 Australia
ASX CODE AR1
FRANKFURT STOCK EXCHANGE
(DEUTSCHE BÖRSE)
The Company's securities are quoted on the Frankfurt Stock Exchange Börsenplatz 4
60313 Frankfurt / Main Germany
FSE CODE GIX
Arrowhead Resources Limited Annual Report 2015
CHAIRMAN'S REPORT
Dear Shareholders
Without doubt the past year has been extremely difficult for all stakeholders following the apparent expropriation of the Company's 50% interest in the Abu Dabbab tantalum-Tin-feldspar project (the Project) in Egypt, by an arm of the Egyptian Government. The effective loss of our key asset required the Board to act decisively and implement tough measures on creditors, shareholders and employees to restructure its significant debt position and then seek to relaunch the Company to acquire a new mineral project.
My fellow directors and I are now looking to the future as we commence the recapitalisation of the Company to raise sufficient funds to complete the debt restructure program and enable the Company to identify, assess and secure a new exploration or mining project. As well, we will pursue our compensation claims against the Government of Egypt for the loss of the Project, but realistically the future of the Company cannot be built around a possibly protracted legal process in offshore jurisdictions that we do not control. This is why it was considered necessary to restructure, recapitalise and refocus the Company on a new business strategy as a means to rebuild shareholder value.
I would like to acknowledge the co-operation, patience and support of my fellow directors, former employees, creditors and shareholders which has enabled the Company to progress through this challenging process. Subject to the completion of the proposed underwritten rights issue we very much look forward to providing what we plan to be positive updates on our quest for a new mining or exploration project.
Yours sincerely,
Mike Rosenstreich
Chairman
Arrowhead Resources Limited Annual Report 2015