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Board & Management

Capital Structure

Robert Kennedy

Non-Executive Chairman

Ian Gordon

Managing Director

Ewan Vickery

Non-Executive Director

Kevin Malaxos

Non-Executive Director

A Chartered Accountant and a Director since 14 December 2001. Bob is the Non-Executive Chairman of Ramelius Resources Limited (Director since 1995, Chairman since 2004), Non-Executive Chairman of Maximus Resources Limited (since 2004), Monax Mining Limited (since 2004) and Tychean Resources Limited (since 2006).

Over 25 years of experience in the Australian mining industry in a variety of roles with small, medium and large organisations. Ian was previously the Managing Director/CEO of Australian gold producer, Ramelius Resources Limited.

A corporate and business lawyer with more than 40 years experience. Ewan is a consultant at Minter Ellison and a Director of Maximus Resources Limited (since 2004) and is a member of the Exploration Committee of the South Australian Chamber of Mines and Energy Inc, the International Bar Association Energy and Resources Law Section, and the Australian Institute of Company Directors. Ewan is a past national president of the Australian Mining and Petroleum Law Association.

Over 27 years experience in the resources sector in senior management and executive roles across a suite of commodities including gold, nickel, iron ore, silver, lead, zinc and chromium. Kevin has managed surface and underground mining operations and brings a wealth of experience in project evaluation and development, project approval and Government liaison. Kevin is also Managing Director of ASX listed Maximus Resources Limited.

Shares on Issue 2,769M

Market cap (as at 23/11/15) A$33.2M

Cash at hand (as at 30/09/15) A$3.0M

Enterprise Value A$30.2M

Shareholders (as at 23/11/15)

TIO (NZ) Ltd 19.5%

OCJ Investment (Australia) Pty Ltd 14.5%

Citicorp Nominees Pty Ltd 3.4%

JP Morgan Nominees Australia Ltd 1.8%

Mr Kenneth Martin Keane 1.6%

• Iron ore prices continued to fall significantly during the year - currently trading at almost a 10 year low;

• Flinders share price has broadly tracked movements in the $A Iron Ore Price;

• Since July 2014, Flinders share price has outperformed other Pilbara-focussed Iron Ore companies - producers are more exposed to negative price movement.

  
  

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  FMS BCI AGO ARI FMG Iron Ore 62% FE ($A)

  
  

• PIOP wholly owned by FMS

• Located ~60km NW of Tom Price township;

• Contains a Mineral Resource of 1,042Mt @ 55.6% Fe;

  Details of which were most recently published in the 2015 Annual Report

  
  

• Current Iron Ore pricing makes development of a large 25Mtpa project unfeasible for the foreseeable future;

  
  

• Low levels of funding for new Iron Ore projects reflects the current price environment - the market will not support new projects until there is a turn around in price;

  
  

• Flinders will actively seek potential development opportunities for PIOP but these will need to have a cost base well below the Alliance Agreement.