CORPORATE DIRECTORY
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Directors
Mr Craig Williams - Non-Executive Chairman Mr Matthew Yates - CEO & Managing Director Mr Alastair Morrison - Non-Executive Director Mr Michael Klessens - Non-Executive Director Mr Robert Rigo - Non-Executive Director
CFO & Company Secretary
Mr Luke Watson
Registered and Principal Office Ground Floor, 516 Hay Street Subiaco WA 6008
PO Box 2152
Subiaco WA 6904
Contact Details www.orecorp.com.au Telephone: +61 8 9381 9997
Fax: +61 8 9381 9996
Share Register
Computershare Investor Services Pty Ltd Level 2, 45 St Georges Terrace
Perth WA 6000
Telephone: 1300 850 505
International: +61 8 9323 2000
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Stock Exchange Listing
Australian Securities Exchange ('ASX') Level 40, Central Park
152-158 St Georges Terrace Perth WA 6000
ASX Code: ORR - Ordinary Shares
Solicitors
Allen & Overy LLP
Level 27, Exchange Plaza 2 The Esplanade
Perth WA 6000
Auditor
Deloitte Touche Tohmatsu Tower 2, Brookfield Place 123 St Georges Terrace Perth WA 6000
Bankers
Westpac Limited
Level 13, 109 St Georges Terrace
Perth WA 6000
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OreCorp Tanzania Limited Staff - Nyanzaga Camp Site
CONTENTS
LETTER FROM THE CEO 1
COMPANY PROFILE 2
ORECORP'S VISION 2
PROJECT OVERVIEW 2
DIRECTORS' REPORT 20
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 40
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 41
CONSOLIDATED STATEMENT OF CASH FLOWS 42
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 43
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 45
DIRECTORS' DECLARATION 77
INDEPENDENT AUDITOR'S REPORT 78
AUDITOR'S INDEPENDENCE DECLARATION 80
CORPORATE GOVERNANCE STATEMENT 81
ASX ADDITIONAL INFORMATION 82
DISCLAIMER/FORWARD LOOKING STATEMENTS 89
JORC 2012 COMPLIANCE STATEMENTS 90
OreCorp's Liaison Officer, John Bwana, with the Kainingu Hamlet
LETTER FROM THE CEO
2016 has been an extremely successful and rewarding year as OreCorp made considerable progress in its transition from explorer to emerging gold producer following the acquisition of its Joint Venture (JV) interest in the Nyanzaga Gold Project (Nyanzaga or Project) in September 2015.
A number of key Project milestones were achieved by the Company during a still somewhat challenging period for commodities and in particular junior mining companies. This progress has been facilitated by a significant cash position, a shareholder base that now includes a number of globally recognised institutional shareholders and the hard work and dedication of the Company's employees and consultants.
The completion of the Scoping Study for Nyanzaga confirmed the outstanding potential of the Project, updated the Project's Mineral Resource Estimate to 29.8Mt @ 3.5g/t gold for 3.3Moz gold and indicated its capacity to potentially operate with strong cash margins. As a result, the Company moved immediately into Pre-Feasibility Study (PFS) phase, five months ahead of the JV schedule. The PFS is well advanced, currently on budget and targeting completion in Q1 2017.
Additionally, positive advancements have been made in the regional exploration targeting within the broader Nyanzaga Project area.
In Mauritania, a reconnaissance diamond drilling program at the Akjoujt South Project was completed. Significant nickel-copper mineralisation was intersected at shallow depths over broad widths and significant strike length in four of the six holes drilled. A recent ground magnetic survey identified two areas of anomalism within the Anomaly 5 intrusive and a trenching program to test these areas has commenced.
The Company completed a A$16.2m capital raising in June, allowing it to finish the year with A$17.3 million cash. The capital raising strengthened the Company's institutional shareholder base and provides funds to advance both the Nyanzaga feasibility studies in Tanzania and accelerate exploration activities at Akjoujt South in Mauritania.
The Board believes that with the Nyanzaga Project and its strong balance sheet, OreCorp is well placed to achieve its strategic objective of becoming a gold producer and is looking forward to further advancing both the Nyanzaga and Akjoujt South Projects during 2017.
On behalf of the Board, I would like to thank all our stakeholders for their support over the past year and look forward to sharing our mutual success in the future.
Matthew Yates
CEO & Managing Director
OreCorp Limited ANNUAL REPORT 2016 1
