Birimian Limited
(formerly Birimian Gold Limited)
ACN 113 931 105
Annual Report 30 June 2016
Birimian Limited
CONTENTS
Page No
Corporate Directory 1
Chairman's Letter 2
Managing Directors' Report 3
Tenement Schedule 8
Directors' Report 9
Corporate Governance Statement 18
Consolidated Statement of Profit or Loss and Other Comprehensive Income 19
Consolidated Statement of Financial Position 20
Consolidated Statement of Cash Flows 21
Consolidated Statement of Changes in Equity 22
Notes to the Financial Statements 23
Directors' Declaration 51
Auditor's Independence Declaration 52
Independent Audit Report 53
Additional ASX Information 56
CORPORATE DIRECTORY
Directors
Mr. Winton Willesee (Non Executive Chairman) Mr. Kevin Joyce (Managing Director)
Mr. Hugh Bresser (Non Executive Director)
Company Secretary
Ms. Beverley Nichols
Registered Office and Principal Place of Business
Suite 9
5 Centro Avenue
Subiaco WA 6008 Australia
Telephone: (+61 8) 9286 3045
Facsimile: (+61 8) 9226 2027
Share Register
Computershare Investor Services Pty Ltd Level 11
172 St Georges Terrace Perth WA 6000 Australia Telephone: 1300 787 272
International: (61 8) 9323 2000
Facsimile: (61 8) 9323 2033
Stock Exchange Listing
Birimian Limited shares are listed on the Australian Securities Exchange, the home branch being Perth.
ASX Code: BGS
Auditors
Grant Thornton Audit Pty Ltd Level 1
10 Kings Park Road West Perth WA 6005
Chairman's Letter
Dear Shareholder,
It is my pleasure to present to you Birimian's Annual Report for the year ending 30 June 2016.
Over the course of the past year, your company has been very active and successful in diversifying its asset base. Whilst we still retain our very attractive gold projects portfolio, it is the acquisition of the Bougouni Lithium Project in Mali that has all the early hallmarks of a company-maker.
Having acquired Bougouni in February 2016, we have since made excellent progress in proving its potential as a high-grade, bulk tonnage lithium project. Focusing on the Goulamina deposit, representing only a fraction of Bougouni's total 250 km2 area, we commenced our maiden drilling programme in May 2016. Since then, we have drilled over 50 holes totalling in excess of 5,000 metres, resulting in a string of very impressive assay
results. These confirm wide and high-grade mineralisation across two broad zones, with both remaining open along strike and at depth. This bodes extremely well for the maiden JORC resource at Goulamina, expected in October 2016, which we believe will ultimately demonstrate one of the highest-grade, undeveloped, hard rock lithium deposits in the world today. We look forward to announcing further progress, with a scoping study expected before Christmas this year.
Following shareholder approval received in June 2016, we changed our name to "Birimian Limited" to better reflect this diversity of our operations.
Whilst our focus has been firmly on lithium, we believe that there remains considerable value and commercialisation opportunities for these assets, and in particular, the Massigui Project in Mali in the near term. With the gold price having performed strongly in 2016, we are in a favourable position to add shareholder value without slowing down progress at Bougouni.
As a company, the future remains bright for Birimian. Our exposure to two of the best performing commodities of recent times, lithium and gold, as well as the Board and management's experience and expertise to advance our key assets, has well positioned your company for further growth in the year ahead.
Finally, I would like to thank our shareholders who have supported the company through our diversification journey - our two placements and rights issue over the past year received excellent take-up, and have placed us in a strong financial position to fund further development. Also, I must thank our staff and management, as well as my fellow Directors, whose efforts and hard work have enabled the company to grow quickly in FY2016, and have set us up for further success in the coming years.
Winton Willesee
Non-Executive Chairman
