ANNUAL GENERAL MEETING CHAIRMAN’S ADDRESS 22 JUNE 2010
FINANCIAL RESULTS 2010 PLUS PRIOR THREE YEARS 31 January 31 January 31 January 31 January Results for the 2007 2008 2009 2010 Year Ended $M $M $M $M $M $M $M $M Revenue and 0.3 0.6 46.8 98.2 other income other income Profit/(loss) after tax 10.8 (4.9) 11.1 55.6 Earnings per share 4.9 (2.0) 3.0 12.7 – diluted (cents) 2
NET ASSETS 2010 PLUS PRIOR THREE YEARS N t A Net Assets ($m) t ($ ) 200.0 175.0 163.8 150.0 125.0 100.0 84.2 75.0 55.2 50.0 38.7 25.0 0.0 2007 2007 2008 2008 2009 2009 2010 2010 3
ANNUAL GENERAL MEETING 2010 RESOLUTIONS RESOLUTION 1 That the Remuneration Report in the 2010 Annual Report of the Company be adopted That the Remuneration Report in the 2010 Annual Report of the Company be adopted. RESOLUTION 2 That Mr Ronald Belz is elected as a Director of the Company. f C RESOLUTION 3 That the Hon. Dean Brown is elected as a Director of the Company. RESOLUTION 4 That, for the purpose of ASX Listing Rule 7.4 and for all other purposes, the allotment and issue of 62,319,495 fully paid, ordinary shares in the capital of the Company (Placement Shares) at a price of $0.40 (forty cents) per Placement Share for the purposes, and on the terms and p $ ( y ) p p p , conditions, set out in the Notice convening this Meeting, is hereby ratified and approved. 4
ANNUAL GENERAL MEETING MANAGING DIRECTORS PRESENTATION 22 JUNE 2010
DISCLAIMER This presentation should not be relied upon as a representation of any matter that a potential investor or their adviser should consider in evaluating the Company. Potential investors must make their own independent assessment and investigation of the matters contained herein and should not rely on any statement or the adequacy or accuracy of the information provided The Company and its related bodies corporate or any of its directors agents officers or employees information provided. The Company and its related bodies corporate or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements or representations contained in the presentation, and they do not accept any liability whatsoever (including in negligence) for any information, representation or statement made in or omitted from this presentation. This presentation may contain forward looking statements that are subject to risk factors associated with copper gold This presentation may contain forward looking statements that are subject to risk factors associated with copper, gold, other minerals and gas businesses. Based on currently available information, the Company believes that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial titi i t l i k h i l i k l i l ti fi l d l t d l t i d fi i l market conditions in various countries and regions, interest and foreign exchange rates, availability of capital, political risks, project delay or advancement, approvals and cost estimates. Comments in relation to exploration targets, exploration potential and resource potential referenced in this document have been made based on both historical and company technical data at hand of the time of writing It is important to note have been made based on both historical and company technical data at hand of the time of writing. It is important to note that these targets are conceptual in nature as there has been insufficient exploration to date to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. Interested parties should form their own view on these exploration targets. Investors should undertake their own analysis and obtain independent advice before investing in HGO shares Investors should undertake their own analysis and obtain independent advice before investing in HGO shares. All references to dollars, cents or $ in this presentation refer to Australian currency unless otherwise stated. 6
COMPETENT PERSONS STATEMENT The information in this report that relates to Exploration Results at the Kanmantoo Copper Mines is based on information compiled by Mr Richard Bradey, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Bradey is the Kanmantoo Project Geology Manager for Hillgrove Resources and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘A stralasian Code for Reporting of E ploration Res lts Mineral Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Exploration Results announced by Hillgrove Resources Limited and InterMet Resources Limited is based on information compiled by Mr Adam Freeman who is a Member of The Australasian Institute of Resources Limited is based on information compiled by Mr Adam Freeman, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Freeman is the Exploration Manager of Hillgrove Resources and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Freeman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mineral Resource estimates is based on information compiled by Mr Paul Payne, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Runge Limited and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Ore Reserve estimates is based on information compiled by Mr Geoff Davidson, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Davidson is a principal consultant with Snowdens Mining Consultants and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Davidson p g p consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 1
KEY ASSETS 2010 AUSTRALIAN MINER WITH ASIAN GROWTH PIPELINE MINING ❙ Kanmantoo: oxide copper heap leach - 100% DEVELOPMENT ❙ Kanmantoo Copper/Gold Mine: 2.4MTpa → 2.7MTpa - 100% EXPLORATION ❙ Bird’s Head, Indonesia: copper/gold and gold - 80% ❙ Sumba, Indonesia: gold - 80% ❙ Kanmantoo, SA: copper/gold, silver/ lead, zinc - 100% ❙ Wheal Ellen, SA: silver/lead/zinc/gold - 100% ❙ Cocata / Coulta, SA: uranium - 100% ❙ Watson, SA: uranium - 50% ❙ Munderra: base metals - 100% ❙ Mt. Lucy, FNQ: magnetite - 100% initially 8
METALS OUTLOOK 2010 COPPER ON THE MOVE THE RIGHT COMMODITIES AT THE RIGHT TIME MACQUARIE BANK COMMODITIES, 9 JUN 2009 “ Looking further out, in our view, copper has the best fundamentals of any of the base metals and best fundamentals of any of the base metals, and should go into an economic upturn with low stocks, limited idle capacity and a lack of committed new projects. Over the 2011/12 period, copper could easily be as tight as it was at the height of the recent bull market.” FRASER INSTITUTE 2009 FRASER INSTITUTE 2009 “ Commodity shortages could hinder recovery, the world may face a shortage of raw materials and skyrocketing skyrocketing commodity commodity prices prices as as the the world world economy moves past the recession and into renewed growth.” 9
EL4401 KANMANTOO COPPER MINES SNAPSHOT 10
KANMANTOO COPPER MINES 2010 11
KANMANTOO COPPER MINES RESOURCES / RESERVES Total (0.25% Cu Cut Off Grade Model) Tonnes Cu Au Ag Cu Metal Au Ag Type Kt % g/t g/t Tonnes Ounces Ounces Oxide 1,125 0.8 0.2 3.3 8,600 6,900 121,000 Transitional 1,620 0.8 0.2 2.9 12,200 9,600 152,000 Fresh 29,447 0.9 0.2 3.2 271,500 174,600 3,040,700 Total 32,192 0.9 0.2 3.2 292,200 191,100 3,313,600 Total Ore Reserve stands at 14.8MT at 0.85% copper, 1.7g/t gold and 3.1g/t silver for contained metal of 125k tonnes copper, 81k ounces gold and 1.5M ounces silver pp g Category Tonnes Cu Au Ag Mt % g g/t g/t g Proved 2.3 0.87 0.13 3.2 Probable 12.5 0.84 0.18 3.1 Ore Reserve 14.8 0.85 0.17 3.1 12
KANMANTOO COPPER MINES ORE BODY 13
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