URANIUM EQUITIES LIMITED
ABN 74 009 799 553
Annual Financial Report 30 June 2016
Corporate directory
Directors
Tim R B Goyder - Chairman
Bryn L Jones - Non-executive Director Richard K Hacker - Non-executive Director
Company Secretary
Kym A Verheyen
Principal Place of Business & Registered Office
Level 2, 1292 Hay Street
WEST PERTH Western Australia 6005 Tel: (+61 8) 9322 3990
Fax: (+61 8) 9322 5800
Web: www.uel.com.au Email: [email protected]
Auditors
HLB Mann Judd Level 4
130 Stirling Street
PERTH Western Australia 6000
Share Registry
Computershare Investor Services Pty Limited Level 5
115 Grenfell Street
ADELAIDE South Australia 5000 Tel: 1300 556 161
Home Exchange
ASX Compliance Pty Ltd Central Park
Level 40
152-158 St Georges Terrace PERTH Western Australia 6000
ASX Code
Share Code: UEQ
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Page
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Operating and Financial Review
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3
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Tenement Schedule
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12
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Directors' report
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13
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Auditor's independence declaration
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24
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Consolidated statement of profit or loss and other comprehensive income
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25
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Consolidated statement of changes in equity
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26
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Consolidated statement of financial position
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28
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Consolidated statement of cash flows
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29
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Notes to the consolidated financial statements
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30
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Directors' declaration
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54
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Independent auditor's report
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55
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ASX additional information
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57
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Business Strategy
The Company will principally continue to explore in Australia's premier uranium district, the Alligator Rivers Uranium Province (ARUP) in the Northern Territory, in the coming year. In addition the Company continues to hold the Rudall River Project in Western Australia.
The ARUP is a world-class uranium province, comparable to the Athabasca Uranium Province in Canada in terms of its uranium endowment and geological setting. The focus of Uranium Equities' (UEQ, the Company) exploration activities in the ARUP is on the discovery of high-grade Alligator Rivers-style, unconformity and structurally controlled uranium deposits within its ~5,000km2 ground position (granted and in application) (Figure 1). The Company has been actively exploring the ARUP region both exclusively and in joint venture with Cameco Australia since 2007, and believes that its consolidated ground position has exceptional potential for discovery. Movements in commodity prices and funding availability may adversely impact the achievement of these objectives.
Figure 1 - UEQ tenure (granted and in application)
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Review of Operations
2.1 Overview
During the year, with limited funds, the Company continued to progress its Nabarlek Project in the ARUP. The Nabarlek Project covers the historical Nabarlek Mining Lease where the Company is targeting structural and geological extensions and repetitions of the high grade Nabarlek orebody. Outside the Nabarlek ML, the Company has identified a number of prospects where drilling has intersected high grade uranium.