URANIUM RESOURCES PLC Pages | |
Directors, Secretary and Advisers | 1 |
Managing Director's Statement | 2 - 4 |
Strategic Report | 5 - 7 |
Directors' Report | 8 - 11 |
Independent Auditors' Report | 12 - 13 |
Consolidated Statement of Comprehensive Income | 14 |
Consolidated Statement of Financial Position | 15 |
Company Statement of Financial Position | 16 |
Consolidated and Company Statement of Changes in Equity | 17 |
Consolidated Statement of Cash Flows | 18 |
Company Statement of Cash Flows | 19 |
Notes to the Financial Statements | 20 - 35 |
Viacheslav Mikhailovich Medvedev (Non-Executive Director) Sergey Yurievich Alekhin (Non-Executive Director)
Mark Purits (Non-Executive Director, Chairman)
131 Finsbury Pavement London
EC2A 1NT
London EC2A 2HB
4 Thomas More Square London E1W 1YW
P.O. Box 82 The Pavilions Bridgwater Road Bristol BS99 7NH
Level 27
1 Churchill Place London E14 5HP
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URANIUM RESOURCES PLCThe Company is a uranium explorer with its principal focus on the Mtonya Project and various exploration prospects within the Project area ('Mtonya' or 'the Project') in the United Republic of Tanzania. The Mtonya Project area hosts roll-front uranium mineralisation and is expected to be amenable to in-situ recovery ('ISR'), the most cost-effective and environmentally acceptable method of uranium extraction.
In May 2013, the Company announced a maiden uranium resource for its flagship Mtonya project. The Project achieved this major milestone in one of the most challenging times for the uranium industry as uncertainty caused by the Fukushima event continues to persist.
Mtonya is currently on care and maintenance, however, during the reporting period, the Company continued to evaluate its exploration/development strategy, including corporate transactions, in order to advance and realise Mtonya's value.
The Company's Board believes that Mtonya has the potential to become a world-class uranium deposit and that the Company will benefit from increased global demand for uranium in the future, if world's leading economies seek to increase their power supplies in an efficient and safe way.
Further to developing a maiden resource at Mtonya, the Company entered into a loan agreement with Estes Limited ('Estes'), its cornerstone investor and strong supporter of the Project, in February 2015. This agreement provides the Company with a US$0.2 million bridge funding as we explore the opportunities to finance a new drilling programme with the objective of expanding the deposit's footprint. The previous US$1 million and US$0.3 million loans from Estes were extended till 31 March 2016.
Uranium Resources remains committed to its strategy of building a leading uranium exploration and development company focussed on projects which are amendable to ISR. The Company continues to identify and assess new resource opportunities which complement its investment criteria.
The Company's 100%-owned flagship Mtonya project is located approximately 60 km south of the significant Mkuju River deposit, which is owned by ARMZ and operated by Uranium One, and has an indicated and measured resource of 93.3 Mlb U3O8 grading 257 ppm U3O8.
The Company's exploration model is based on the well-founded premise that the neighbouring Mkuju River project to the north of Mtonya is a small segment of a regional mineralised roll-front feature, most of which has no surface exposure.
The Company believes that the Mkuju River is part of a regional roll-front that was eroded after being uplifted along a regional normal fault, forming narrow, thin, and disconnected pods and lenses of uranium ore that are dominated by secondary uranium minerals such as metaautunite and metauranocircite. The near- surface uranium mineralisation at Mtonya remains a valid exploration target, but its significance is viewed as a lesser priority in contrast with deeper mineralisation that may yield a high class uranium deposit, which is amenable to ISR.
The completion of the 26,485 m resource-definition drilling programme in 2012 allowed the Company to delineate a maiden CIM-compliant Inferred Resource of 2.014 Mlb U3O8 grading 255 ppm U3O8. On a 250x50 m grid the resource drilling remains fairly coarse and significant upside potential remains untested along strike of the roll-front feature and at depth. Volumetrically, only 1/6 of prospective lithologies have been systematically drilled at Mtonya.
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