2017 Annual Report —
GB Energy Limited is proud to release our annual report for the financial year ended 30 June 2017.
During the financial year, GB Energy Limited (the Company) increased operational tempo following a period of cautious financial management.
The Company appointed Mr Nick Burn BSc (Hons) MBA MAIG as Exploration Manager and Executive Director to lead our exploration efforts. Founding Director, largest shareholder and Executive Chairman Mr Graeme Kirke also resigned during the financial year. The Board thanks Mr Kirke for his leadership and unwavering support over the years. Exploration during the year included drilling for copper-gold-uranium in South Australia; testing of lithium and potash brine potential in South Australian salt lakes; and commencement of a regional nickel-copper-platinum group elements (Ni-Cu- PGE) campaign in the Northern Territory.
The Company also devoted significant resources to the review of new opportunities. This resulted in the signing of a binding Term Sheet with Kalia Holdings Pty Ltd (Kalia) and its shareholders for an option to acquire 72.29% (and potentially 100%) of the shares in Kalia (the Kalia Option). Kalia holds contractual rights to explore for minerals and develop mines in the Tinputz district of North Bougainville, Papua New Guinea which is prospective for gold, copper and other minerals. Bougainville is one of the last undeveloped mineralised provinces of the world and is an ideal setting for porphyry coppergold and associated epithermal gold mineralisation. Shareholders voted in favour of this significant transaction at the General Meeting held on 21 August 2017.
A subsidiary of the Company also lodged three Exclusive Prospecting Licence applications over the Bitterwasser lithium clay project in Namibia. These applications are contested and there is no guarantee GBX will be awarded the licences. The Company raised $543,573 via an equity placement (tranche 1) associated with the Kalia transaction during the financial year.
The 2016 Annual Report was released on 22 September 2016 and the 2016 Annual General Meeting was held on 25 November 2016 with all resolutions passed.