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SECURITIES EXCHANGE ANNOUNCEMENT
27 November 2015
2015 ANNUAL GENERAL MEETING - CHAIRMAN'S ADDRESS
Welcome to today's Annual General Meeting of the Shareholders of Gindalbie Metals Ltd.
The resources sector has faced another tough year with the prices for commodities forcing adjustments across the industry with companies modifying operations to remain profitable and reviewing capital spending.
Karara has significantly increased production and at times operated in excess of the design capacity, however the sale price of iron ore has resulted in continuing losses on the project.
Over the last year Gindalbie has focused on supporting Karara and reducing our operating costs to a minimum. We are now in a position to leverage the cash we hold and focus on new opportunities in the resource market.
We recently announced the appointment of Mr Chris Stevens into the role of our Business Development Manager and he is currently acting CEO of the Company.
The 2015 financial year has been a year with many challenges and your management and Board continue to work to protect your interests in Gindalbie.
I thank Mr Tang Fuping, Mr Yu Wanyuan and Mr Chen Ping who all retired as Directors. Their support has seen Karara survive.
I also acknowledge the very valuable input and support from Mr Michael O'Neill who was on the Board of Gindalbie for 9 years. Mr O'Neill passed away in October and will be missed by his colleges and friends at Gindalbie.
The current Directors Mr Li Ge, Mr Anlin Shao, Mr Paul Hallam and Mr Robin Marshall have all made important contributions to Gindalbie over the year and I thank them for their input.
In conclusion, and most importantly, I take this opportunity to thank you, our shareholders, for your forbearance and assure you that we are continuing to work hard on your behalf.
ENDS
On behalf of: Mr Keith Jones Chairman
Ms Rebecca Moylan
Chief Financial Officer and Company Secretary Telephone: +61 8 9480 8700 www.gindalbie.com.au
Level 9, London House 216 St Georges Tce Perth Western Australia, 6000
PO Box 7200, Cloisters Square, PERTH Western Australia 6850 W: www.gindalbie.com.au
T: +61-8 9480 8700
F: +61-8 9480 8799
E: [email protected]
ASX: GBG
Issued Shares: 1.49B