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ASX:RAU
Chairman’s AddressRepublic Gold25 November 2013
Good Morning Ladies and Gentlemen
My name is Raymond Shorrocks, I am the Chairman of Republic Gold Limited and will be chairing this meeting.
Prior to our CEO Mark Gillie’s presentation I would like to make a few comments.
The 2012/13 year has been transforming for the shareholders of Republic Gold limited. Due to the ever increasing turmoil in Bolivia and a reluctance by the international equity markets to support the Gold project in Bolivia, the Board decided the best outcome for shareholders was to sell the Amayapampa asset. Your Directors had put an enormous amount of effort in to the project but country risk and international markets meant it was impossible to continue. The sale to Lion Gold Corp. proved to be a wise move and the subsequent sale of their shares meant we received 10-15% above the sale price. Lion Gold’s current share price is now substantially lower.
The Board moved quickly and purchase a promising Gold portfolio in Mozambique for cash and shares from African Stellar, Mark will speak more on the progress of the project. I have personally visited the site and am comfortable with the progress made….however we would always like to move faster! All licences and permits have been obtained and we look forward to an exciting 2013/14 year.
Republic has the benefit of a strong balance sheet post the underwriting of the 31 October option exercise. We are thankful to our underwriters as they provided over 90% of the capital post the issue.
Your Directors are currently evaluating the best way forward and the future strategies for the company. Meanwhile, the Mozambique exploration licences will continue to be evaluated and explored with the view that the optimum value will be extracted for shareholders.
On behalf of the Directors thank you for your continued support.
.Ray Shorrocks
Chairman
Registered OfficeLevel 3., 70 Pitt StreetSydney NSW 2000ACN 106 399 311P +61 2 9220 9500F +61 2 9220 [email protected]
DirectorsRay Shorrocks ChairmanMark Gillie Managing Director and CEODr David King Non-executive DirectorPeter Wicks Non-executive Director
Company SecretaryNick Geddes Australian Company Secretaries Pty LtdLevel 3, 70 Pitt StreetGPO Box 4231Sydney NSW 2001Australia
ContactsRepublic Gold(02) 9220 [email protected] ShorrocksP +61 9220 9500Mark GillieP+27 82 888 9977
