Announcement PDF 2017 ANNUAL REPORT CONTENTS CHAIRMAN’S LETTER 3 REVIEW OF OPERATIONS 4 EXPLORATION 7 PROPOSED FY18 PROGRAMS 12 DIRECTORS’ REPORT 15 CORPORATE GOVERNANCE STATEMENT 30 DIRECTORS’ DECLARATION 36 INDEPENDENT AUDITOR’S REPORT 37 AUDITOR’S INDEPENDENCE DECLARATION 42 FINANCIAL REPORT 43 CONSOLIDATED INCOME STATEMENT 44 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 45 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 46 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 47 CONSOLIDATED STATEMENT OF CASH FLOWS 48 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 49 ADDITIONAL SHAREHOLDER INFORMATION 71 SCHEDULE OF TENEMENTS 73 RESOURCES AND RESERVES 75 COMPETENT PERSON The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by John Hicks. Mr Hicks is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Hicks is General Manager Exploration and a full-time employee of Panoramic Resources Limited (Panoramic). Mr Hicks is also a shareholder and holder of performance rights in Panoramic. Under a Management Agreement between Panoramic and Horizon Gold Limited (Horizon) dated 21 October 2016, Mr Hicks is authorised to report on Horizon Mineral Resources. The aforementioned has sufficient experience that is relevant to the style of mineralisation and type of target/deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012 Edition). Mr Hicks consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. ABOUT THE COMPANY Horizon Gold Limited (ASX:HRN) (Horizon or Company) is an exploration company focused on its 100% owned Gum Creek Gold Project in Western Australia. The Gum Creek Gold Project hosts JORC 2012 Mineral Resources of 17.3 million tonnes averaging 2.25g/t gold for 1.25 million ounces of gold. It is located within a well-endowed gold region that hosts multi-million ounce deposits including Big Bell, Wiluna, Mt Magnet, Meekatharra and Agnew/Lawlers. Horizon believes there are multiple high priority drill targets and plans to undertake ongoing exploration and development studies with the aim of becoming a stand-alone gold producer. The Company had $11.62 million in cash as at 30 June 2017. The audited financial statements in this report cover the consolidated entity consisting of Horizon Gold Limited and its subsidiary. The financial statements in this report are presented in Australian dollars. Horizon Gold Limited is a Company limited by shares, incorporated and domiciled in Australia. Its registered office is: Horizon Gold Limited ABN 27 614 175 923 Level 9 553 Hay Street Perth WA 6000 2017 ANNUAL REPORT | PAGE 2 LETTER FROM THE CHAIRMAN Dear Shareholder The Company listed on the ASX in late December 2016 after the simultaneous acquisition of the Gum Creek Gold Project from Panoramic Resources Limited and raising $15 million for exploration and development studies. The Gum Creek Gold Project is located 640km north east of Perth and provides both exploration and potential development opportunities in a historically proven gold province. The Project has previously produced over one million ounces of gold and currently hosts JORC 2012 Mineral Resources of 17.3 million tonnes averaging 2.25g/t gold containing 1.25 million ounces of gold. Having been an operating mine, the Project benefits from having substantial infrastructure on site including a 110 person camp, operational airstrip, tailings storage facilities, an extensive road network and a 600,000tpa processing plant (not operational). The Company’s stated objectives are to: • undertake extensional and infill drilling to grow the known resources and lift defined resources into higher-confidence JORC categories; • undertake regional exploration targeting new gold discoveries outside of the known resources; and • carry out development studies (including but not limited to metallurgical and processing investigations) on the free milling and refractory mineralisation. Horizon started on-ground exploration activities in January 2017. The initial focus of exploration was the follow-up evaluation of the fourteen priority regional targets outline in the Company Prospectus dated 21 October 2016. In addition to this, reverse circulation (RC) drilling was completed at Heron South and on five priority induced polarisation (IP) targets identified along the Wilsons Shear. The drilling at Heron South was successful, intersecting mineralisation in six of the seven holes. Importantly, the high-grade intercept at the southern end of Heron South indicates that there is further potential to extend the depth and strike length of the gold mineralisation. Additionally, mineralisation previously intersected in the central part of the prospect remains open below ~350mRL. Based on these early results, further drilling is proposed to test the southern and depth extensions to Heron South. Six holes were drilled along the Wilsons Shear Zone on five IP targets. All six holes intersected sulphide mineralisation where predicted by the IP targeting. While no significant gold assays were returned from the sulphide zones intersected, the drilling of these five IP targets has demonstrated the technical effectiveness of the IP method in locating sulphide mineralisation in this geological environment. More highly ranked Wilsons Shear Zone IP targets lying to the south of Wilsons will be tested in FY2018. The follow-up evaluation of the fourteen priority regional targets has been completed from which twenty prospect areas were identified for RC and aircore drill testing. Drilling of these prospect areas, which form the basis of the FY2018 Regional Exploration Program, commenced in August 2017. The initial program consists of 6,000m of RC and 13,000m of aircore drilling. Priority prospect areas include: • eleven IP targets along the Wilsons Shear Zone; • extensions to the Psi mineralisation; and • de-magnetised BIF targets with characteristics to the Psi Prospect. similar On behalf of the Directors, I would like to thank the team at Somers and Partners for their assistance during the IPO process and for underwriting the capital raising. Thanks also to Zeta Resources Limited and the Panoramic shareholders who participated in the IPO and to all the new Horizon shareholders for their support. While news flow was limited during the early stages of the follow up exploration programs, activities have ramped up recently and FY2018 promises to be a busy year for Horizon. We look forward to providing you with frequent updates in relation to the exploration activities and discovering more gold at Gum Creek. Yours sincerely Peter Harold Non-Executive Chairman PAGE 3 | 2017 ANNUAL REPORT REVIEW OF OPERATIONS Project Overview The Gum Creek Gold Project is approximately 640 kilometres north-east of Perth, and 90 kilometres from the nearest town of Sandstone (Figure 1). The Project hosts JORC 2012 Mineral Resources of 17.3 million tonnes averaging 2.25g/t gold containing 1.25 million ounces of gold (Table 1) and is located within a wellendowed gold region that hosts multi-million ounce deposits at Big Bell, Wiluna, Mt Magnet, Meekatharra and Agnew/Lawlers. Table 1: Mineral Resources at the Gum Creek Gold Project at 30 June 2017 Resource Resource Cut-off Mineralisation Date grade Indicated Inferred Total Contained Type (g/t Gold (oz) Tonnes Au) Au Tonnes (g/t) Au Tonnes (g/t) Au (g/t) Open Pit Resources Swan OC Jun-15 0.7 Free Milling 2,250,000 2.57 990,000 2.36 3,240,000 2.51 261,100 Heron South Aug-16 0.5 Refractory 1,135,000 2.20 2,000 1.32 1,137,000 2.20 80,400 Howards Jul-13 0.4 Free Milling 5,255,000 1.07 716,000 1.01 5,971,000 1.06 204,000 Specimen Well Aug-16 0.5 Free Milling 361,000 2.00 361,000 2.00 23,200 Toedter Aug-16 0.5 Free Milling 690,000 1.54 690,000 1.54 34,200 Shiraz Jul-13 0.4 Refractory 2,476,000 0.84 440,000 0.76 2,916,000 0.83 77,600 207,000 8.71 77,000 11.25 284,000 9.40 85,800 Underground Resources Swan UG Jun-15 4.0/6.0 Free Milling Swift UG Jun-15 6.0 Free Milling 46,000 10.25 46,000 10.25 15,200 Kingfisher UG Aug-16 3.5 Free Milling 391,000 6.14 391,000 6.14 77,200 Wilsons UG Jul-13 1.0 Refractory Total 2,131,000 5.33 136,000 5.97 2,267,000 5.37 391,500 13,454,000 2.17 3,849,000 2.53 17,303,000 2.25 1,250,100 Gold was first discovered in the area at Jonesville (now part of the Swan Bitter deposit) in 1926, with first recorded gold production in 1931. Modern mining operations commenced in the 1980’s and ceased in 2005 when the gold price was approximately A$550/ oz. In that time, in excess of one million ounces of gold was produced from more than twenty open pits and in underground mines, with the main gold-producing areas being Swan-Swift, Kingfisher, Omega and Montague. Due to its previous operational status, the Project benefits from substantial legacy infrastructure remaining on site including a 110 person camp, operational airstrip, tailings storage facilities, and an extensive road network. The camp and associated infrastructure provides accommodation facilities for the care and maintenance staff and exploration crews in close proximity to their activities. A 600,000tpa processing plant is also located on site, however, due 2017 ANNUAL REPORT | PAGE 4 to its age and condition, significant capital investment on refurbishment would be required to return the plant to operating condition. Gum Creek REVIEW OF OPERATIONS Regional Geology The Project covers most of the Gum Creek Greenstone Belt, situated within the Southern Cross Province of the Youanmi Terrane, a part of the Archaean Yilgarn craton in Western Australia. The Gum Creek Greenstone Belt forms a lensoid, broadly sinusoidal structure about 110km long and 24km wide, dominated by volcanic and sedimentary sequences and surrounded by intrusive granitoids which contain rafts of greenstones. The margins of the belt are typically dominated by contact-metamorphosed basalts and banded iron formations. A geological map of the belt is shown in Figure 2. Figure 1. Location of the Project and selected other gold projects in the region Five main styles of mineralisation are recognised in the area: • Quartz-carbonate (±pyrite, pyrrhotite, galena and sphalerite) veins. Typically free milling and locally high grade (>20g/t Au). Form complex conjugate vein arrays associated with brittle dilational openings developed along major shears within competent mafic host rocks. Carbonate-sulphide wall-rock alteration is common about mineralised zones and extensive supergene enrichment often overlies the primary mineralisation zones. Deposits of this type represent the dominant mineralisation type at Gum Creek and include Swan Bitter, Swift, Kingfisher and Wyooda/Thangoo. • Ductile shear hosted mineralisation – arsenopyrite dominant. Fine grained gold associated with sulphide rich, intense biotite-sericite altered narrow ductile shear zones. Gold grades are typically in the range 5-10g/t Au. Arsenopyrite and pyrrhotite are the dominant sulphides with most gold locked within the arsenopyrite. Examples of this style of mineralisation are the refractory deposits of Wilsons, Heron South, Snook and Camel Bore. • Ductile shear hosted mineralisation – pyrite dominant. Fine grained gold associated with sulphide poor, broad ductile shear zones developed within mafic host rocks. Shearing typically defined by weak biotite alteration, up to 1% fine pyrite and a sparse network of thin (1-3mm thick) quartz veins. Gold grades are typically in the range 0.5–1.5g/t Au and the mineralisation is free milling. The Howards deposit is representative of this mineralisation style. • BIF hosted mineralisation. Quartz-pyrrhotite veining and pyrrhotite replacement of magnetite meso-bands form narrow steep-plunging shoots of limited length and width, but extending to depth. This mineralisation style occurs in fold hinges within banded iron formation marginal to major north-south shear zones, and is similar to the Hill 50 mineralisation at Mt Magnet. Grades are typically 1-10g/t Au and the mineralisation is free milling. The Omega deposit is of this style. • Quartz veins. Sulphide poor, sheeted and anastomosing quartz veins and lenses developed in shears straddling granodiorite contacts within the Gum Creek Greenstone Belt. Grades are typically 1-5g/t Au. The Montague deposits, which are free milling, represent this style of mineralisation. PAGE 5 | 2017 ANNUAL REPORT REVIEW OF OPERATIONS Figure 2: Regional geology of the Gum Creek Greenstone Belt Exploration and Development Strategy The Company’s strategy for the Gum Creek Gold Project comprises three key objectives: • • undertake extensional and infill drilling to grow the known resources and lift defined resources into higher-confidence JORC categories; undertake regional exploration targeting new gold discoveries outside of the known resources; and 2017 ANNUAL REPORT | PAGE 6 • carry out development studies (including, but not limited to metallurgical and processing investigations) on the free milling and refractory mineralisation. Importantly, Horizon has identified multiple drill targets and possible resource extension opportunities at the Project which could grow the existing resource inventory. EXPLORATION Exploration Strategy Horizon commenced exploration activities on the Gum Creek Gold Project in January 2017. The Company’s exploration strategy is to undertake extensional and infill drilling to grow the known resources and convert defined resources into higher-confidence JORC categories as well as undertaking regional exploration activities targeting new gold discoveries outside of the known resources. FY2017 HIGHLIGHTS • • • • Completion of an RC drill program at Heron South; Initial RC drill testing of five IP targets identified along the Wilsons Shear; Completion of follow-up geological surveys of the fourteen high-priority targets; and The commencement of RC and aircore drill programs to test twenty new prospects. Exploration Programs The previous owner of Gum Creek, Panoramic Resources Limited (Panoramic), assembled fully integrated, high quality, belt scale geological, geophysical and geochemical datasets. From these datasets, Horizon identified fourteen high priority regional targets (labelled T1 to T14 in Figure 3) for follow-up exploration. These fourteen regional targets form the basis for the Company’s regional exploration program and since listing on the ASX in late December 2016, the focus has been on the evaluation of these regional targets through a staged exploration program, which included: • 2,600 line kilometres of airborne magnetic and spectrometer surveying; • 263 line kilometres of electro-magnetic VTEM surveying; • 53 moving loop EM (MLEM) profiles for a total 51.5 line kilometres of surveying; and • 95 dipole dipole induced polarisation (IP) profiles for 203.8 line kilometres of surveying, most of which (58 profiles and 91.5 line kilometres), was completed along a 20km section of the Wilsons Shear between Camel Bore and to the southern tenement boundary of E57/676. This phase of exploration resulted in twenty prospect areas (Figure 4) being identified for follow-up reverse circulation (RC) and aircore drill testing which forms the basis of the FY2018 Regional Exploration Program. Figure 3: Grey-scale Total Magnetic Intensity image of the Gum Creek Gold Project, showing priority regional exploration target areas (project tenure as at the date of the Prospectus) PAGE 7 | 2017 ANNUAL REPORT EXPLORATION Figure 4: Colour gravity image showing prospect areas targets proposed for drilling in FY2018 (project tenure as at the date of the Prospectus) 2017 ANNUAL REPORT | PAGE 8 EXPLORATION Heron South At Heron South, seven infill resource holes (HRC537 HRC543) were completed for a total of 1,223 drill metres (Figure 5). All holes, except for HRC538, intersected the mineralised Heron South structure close to the nominated target depth. Best results returned were: • 3m @ 6.00g/t Au in HRC539 from 88.0 metres; • 4m @ 5.00g/t Au in HRC540 from 99.0 metres; and • 4m @ 4.27g/t Au in HRC541 from 127.0 metres. In addition to the intercepts returned for the main mineralised structure at Heron South, several holes reported mineralised intercepts in nearby subsidiary structures. A high-grade intercept in HRC542 (1m @ 9.37g/t Au) at the southern end of Heron South indicates that there is further potential to extend the depth and strike length of gold mineralisation. Importantly, mineralisation previously intersected in the central part of the prospect remains open below ~350mRL. Based on these early results, further drilling is planned in FY2018 to test the southern and depth extensions to Heron South. Figure 5: Infill RC Drill results at Heron South Drilling at Gum Creek PAGE 9 | 2017 ANNUAL REPORT EXPLORATION Wilsons Shear Zone Along the Wilsons Shear Zone, six RC holes were completed on five IP targets (TTRC416 - TTRC417 and TTRC420 - TTRC423) for a total of 1,272 drill metres (Figure 6). All six holes intersected sulphide mineralisation where predicted by the IP targeting. However, the sulphide zones were typically located within the Wilsons Dolerite and were dominated by pyrite, whereas the high-grade gold mineralisation at Wilsons is dominantly arsenopyrite-pyrrhotite rich and located immediately below the eastern footwall contact of the Wilsons Dolerite within the underlying strongly sheared mafic sediments. While no significant gold assays were returned from the sulphide zones intersected, the drilling demonstrated the technical effectiveness of the IP method in locating sulphide mineralisation in this geological environment. All remaining highly ranked Wilsons Shear Zone IP targets will be tested as part of the FY2018 drill program to test the twenty prospect areas shown in Figure 4. Figure 6: Gravity image showing Wilsons Shear IP survey lines and drilling completed in April 2017 2017 ANNUAL REPORT | PAGE 10 DEVELOPMENT STUDIES Background Scoping-level studies for both free-milling and refractory mineralisation were completed by Panoramic Resources Limited between 2012 and 2016. As a result of these studies, a significant body of data and knowledge has been accumulated on the technical and permitting aspects of the Project. The Company will use these Scoping Studies as the basis for further work on possible development options for the free milling and refractory mineralisation at Gum Creek. Strategy The development strategy at Gum Creek is to: • Conduct optimisation studies on free milling material to identify areas for possible reductions in mining and processing operating and capital costs; • Undertake further metallurgical test work to confirm the suitability of Wilsons refractory mineralisation to treatment by a moderate temperature and pressure oxidation process; and • Develop and optimise a pressure oxidation flowsheet, ensure repeatability and scalability and determine sufficient information for detailed design and costing. Work Completed in FY2017 The Company engaged independent engineers to provide a high-level cost estimate to refurbish the existing 600,000tpa carbon and leach processing plant, as a potentially low capital route to return Gum Creek to production. Refurbishment costs were estimated at between $15 million and $20 million. This compares with the estimated cost of a new 800,000tpa CIL processing plant (including three stages of crushing, a single ball mill, gravity circuit, cyanide leach, elution circuit and gold room) of $36 million, as reported by Panoramic in March 2016. The current phase of studies assessing a Wilsonsonly refractory operation using fine grinding and mild pressure oxidation were completed in the June 2017 quarter. In-house capital and operating financial modelling and an order-of-magnitude “Refractory Processing Options Study” by GR Engineering Pty Ltd were completed as part of these studies. The modelling shows that despite competitive operating costs, the Project’s production target derived from the current Wilsons Mineral Resource is too small to justify the upfront capital outlay at the current A$ spot gold price. As an alternative to on-site refractory processing, the Company sought and received indicative terms for the sale of a gold concentrate to a Chinese buyer. Sale of a flotation concentrate has the benefit of lower capital cost and less processing risk, due to the omission of the refractory processing circuit. The study of this alternative route-to-market will continue during FY2018. In FY2017, Horizon spent $2.4 million on exploration and project evaluation related activities. PAGE 11 | 2017 ANNUAL REPORT PROPOSED FY2018 PROGRAMS Exploration The twenty prospect areas (Figure 7) identified for follow-up drill testing form the basis of the FY2018 Regional Exploration Program. The program commenced in August 2017 and the following drilling is planned: • 6,000m of RC drilling; and • 13,000m of aircore drilling. Priority targets include: • Wilsons Shear Zone – twenty one RC holes for 2,800m to test eleven IP and MLEM targets • Psi Prospect – structurally controlled BIF-hosted mineralisation, thirteen RC holes for 1,300m (Figure 8) • “Mt Magnet” style targets - demagnetised BIF targets with similar characteristics to Psi, seven holes for 1,000m on four prospects Figure 7: High resolution grey-scale Total Magnetic Intensity image of the Gum Creek Greenstone Belt, showing prospect areas proposed for drilling in FY2018 (project tenure as at the date of the Prospectus). 2017 ANNUAL REPORT | PAGE 12 PROPOSED FY2018 PROGRAMS Figure 8: PSI Long Section showing thirteen planned RC holes to test depth extensions and infill Development Studies Given that exploration drilling is currently high priority for Horizon, development studies will be scaled back during FY2018 and consists of the following work streams: Free milling • Studies and testwork on heap leaching of freemilling mineralisation at Swan-Swift. Refractory • Toll treatment/sale of a gold concentrate remains an option and dialogue with potential customers will be maintained. Development studies will be ongoing throughout FY2018. The Company continues to investigate the technical and commercial viability of processing the ~700,000oz of free milling resources hosted within the tenement package. Studies will focus on identifying the lowest capital cost approach to returning the Project to production, including existing plant refurbishment, new plant construction and/or heap leach alternatives. Toll treatment/sale of a gold concentrate remains an option for the refractory resources and dialogue with potential customers will be maintained. Stand-alone refractory studies are currently on hold however these could be recommenced should ongoing exploration activities increase refractory mineral resources or the A$ gold price rise. PAGE 13 | 2017 ANNUAL REPORT PIPELINE OF OPPORTUNITIES Gum Creek provides an exciting gold exploration and development opportunity. Our existing Mineral Resource base of 1.25 million ounces of gold is located within a well-endowed gold region that hosts multimillion ounce deposits. Horizon is well placed to grow its existing resource base through a targeted exploration approach which has already identified new prospect areas in addition to potential extensions to existing mineralisation. With a solid balance sheet, Horizon is well placed to systematically test priority targets for new mineralisation, look for extensions to existing mineralisation and continue to study potential development opportunities for both free-milling and refractory mineralisation. A STRONG PROSPECT PIPELINE 2017 ANNUAL REPORT | PAGE 14 DIRECTORS’ REPORT 2017 ANNUAL REPORT | PAGE 15 PAGE 15 | 2017 ANNUAL REPORT Directors' report 30 June 2017 The directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Horizon Gold Limited (“Company” or “Horizon”) and the entity it controlled at the end of, or during, the year ended 30 June 2017. Directors The names and details of the Company’s directors in office during the financial year and until the date of this report are as follows (directors were in office for the entire period unless otherwise stated): Peter J Harold (Non-Executive Chairman) B.AppSc(Chem), AFAICD Appointed 10 August 2016. Non-Executive Chairman since 31 August 2016 Peter is a process engineer with over 30 years corporate experience in the minerals industry, specialising in financing, marketing, business development and general corporate activities. Peter is the Managing Director of Panoramic Resources Limited and has led Panoramic’s executive team since the listing of Panoramic on the ASX in September 2001. Peter has overseen the development of the Savannah Nickel Project, recommencement of mining at the Lanfranchi Nickel Project and the purchase of the Gum Creek Gold Project. Prior to founding Panoramic, Peter held various senior management positions with Shell Australia, Australian Consolidated Minerals Limited, Normandy Mining Limited, MPI Mines Limited and the Gutnick network of companies. During the past three years, Peter has also served as a director of the following listed companies: • Panoramic Resources Limited (Managing Director from 16 March 2001)* • Pacifico Minerals Limited (Non-Executive Director from 19 August 2013)* • Peak Resources Limited (Non-Executive Chairman from 1 December 2015)* * Denotes current directorship Peter J Venn (Non-Executive Director) BSc (Geo)(Hons), MAIG, MAICD Appointed 31 August 2016 Peter Venn is a Geologist with over 30 years of experience and achievement in the global resources sector. After commencing his career in the WA Goldfields as a consultant, he held senior and executive roles with Resolute Mining Limited in Africa and Australia for more than 20 years. Peter has established and led highly successful teams and has been closely involved in the exploration, acquisition, evaluation and development of more than ten gold mines, including; Syama, Golden Pride, Obotan in Africa and Ravenswood, Chalice, Higginsville, Marymia and Mertondale in Australia. During the past three years, Peter has not served as a director of any listed companies. Paul W Bennett (Non-Executive Director) MBA, MAusIMM, MAICD Appointed 31 August 2016 Paul Bennett is a Mining Engineer with an MBA who has extensive experience in the operation, development and financing of resource companies and projects over a 20 year period. Paul has worked in technical, management and business development roles for Newcrest, Western Metals and Panoramic Resources and holds a WA First Class Mine Manager’s Certificate. For nine years, Paul was a senior executive at RMB Resources, the resources investment banking business of Rand Merchant Bank (RMB). During Paul’s time at RMB, he specialised in the provision of equity, quasi-equity/mezzanine and debt financing for small to mid-sized resource companies across a wide variety of commodities and jurisdictions. During the past three years, Paul has not served as a director of any listed companies. Geoffrey J Rogers B Juris, LLB Appointed as a director on 10 August 2016. Resigned on 31 August 2016. Geoffrey Rogers is a Corporate and Resources Lawyer who has practiced in the legal profession for more than 30 years. Geoff was appointed as a director on incorporation of the Company and resigned as a director prior to the initial public offer (IPO) and listing of the Company on the Australian Securities Exchange (ASX). Terry J Strong BEng Hons (Mining) Appointed as a director on 10 August 2016. Resigned on 31 August 2016 Terry Strong is Mining Engineer with over 20 years in operational and management roles within the mining industry. Terry was appointed as a director on incorporation of the Company and resigned as a director of the Company prior to the initial public offer (IPO) and listing of the Company on the Australian Securities Exchange (ASX). 2017 ANNUAL REPORT | PAGE 16 Directors' report 30 June 2017 Company Secretary Trevor R Eton B.A (Hons)(Econ), PostGradDip (Man), AFAIM Appointed 10 August 2016 Trevor Eton is an Accountant with over 30 years of experience in corporate finance within the minerals industry. Trevor commenced his association with Panoramic Resources Limited in 2003 as Chief Financial Officer and Company Secretary following 10 years with MPI Mines Limited as Group Financial Officer and Company Secretary. Trevor also worked for North Kalgurli Mines Limited, Metals Exploration Limited and Australian Consolidated Minerals Limited in various corporate finance roles from the mid 1980’s. During the past three years, Trevor has not served as a director of any listed companies. Alternate Company Secretary Timothy James Shervington B.Bus (Fin. Acc.), MICS Appointed 31 August 2016 Meetings of Directors The number of meetings of directors held during the year ended 30 June 2017 and the number of meetings attended by each director during the year are as follows: Number of Meetings Available to Attend Number of Meetings Attended Total number of meetings held during the year 7 - Peter J Harold 7 7 Peter J Venn 5 5 Paul W Bennett 5 5 Geoffrey J Rogers 2 2 Terry J Strong 2 2 Committee Membership Due to the size of the Board, there are currently no separate committees of the Board as at the date of this report. For a further explanation, refer to the Company’s 2017 Corporate Governance Statement. Direc