2016 Annual Report —
GB Energy Limited is proud to release our annual report for the financial year ended 30 June 2016.
During the financial year GB Energy Limited (the Company) continued exploration of its portfolio of uranium and Iron Oxide Coper-Gold-Uranium (IOCGU) properties in South Australia. After a period of cautious financial management a higher risk setting was adopted and a more aggressive approach to exploration asset acquisition taken.
During the year in review there were several Board changes with the departure of Mr Patrick Glovac and the appointment of Dr David Detata. The Board thanks Mr Glovac for his contribution during his time on the Board and welcomes Dr David Detata. Management was strengthened with the addition of resources industry veteran James Allchurch as lead consultant. A significant amount of resources were applied to the review and analysis of opportunities. Opportunities reviewed were both resources and non-resources based with detailed due diligence carried out on several resulting in the entering into an option to acquire a large scale Lithium clay project in Namibia.
No capital was raised during the year.
The 2015 Annual Report was released on 29 September 2015 and the Annual General Meeting was held on 18 November 2015 with all resolutions passed on a show of hands.