2015 Annual Report to Shareholders
On behalf of our Board of Directors, I am pleased to present the Annual Report of Zamia Metals Limited for the year ended 30 June 2015.
The 2015 year has been one of falling bulk commodity prices, however, the gold price has continued to rise with the falling Australian dollar to well over A$1,600 per ounce. The reduction in minerals activity has helped ease the cost pressures for miners and explorers and has addressed some of the comparative competiveness issues in Australia.
Whilst the risk appetite for investment in Australian explorers generally has been restrained, Zamia is extremely fortunate in having two large shareholders who are also on our board of directors, Mr Chen Qiang and Dr Deng Jiniu. I am grateful for their financial support, which has enabled the Company to continue fieldwork during the year.
Our exploration targets remain much as for last year: porphyry-related copper-gold-molybdenum deposits and epithermal gold deposits in central Queensland. A particular focus has been the former Belyando gold mine. Our geological team has carried out substantial work on compiling and interpreting the old geological data and merging it with newly-acquired data. This has assisted the Company in forming a better understanding of the nature of the Belyando deposit and siting further exploration drill holes. The very promising results of this work have been reported during the year.
Exploration is a high-risk activity where success comes with patient and careful collection and analysis of data. Zamia Metals has been well served by an excellent geological team that has continued to identify and assess targets in the Zamia Metals exploration portfolio.
This has been a difficult year for the Company and I wish to thank my predecessor Mr Richard (Dick) Keevers for his great and tireless work for the Company and, in particular, his grasp of the geological importance of our target areas and his guidance of our geological team.
As a result of the downturn in the mining industry, we have "trimmed the sails" to reduce costs so that the company can survive and continue its exploration for the benefit of all shareholders.
I also wish to thank my fellow directors for their support during the year and also for the staff of Zamia for their great contribution.
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About Zamia Metals Limited
Zamia Metals Limited (ASX:ZGM) is an Australian mineral exploration company, targeting the Clermont district of central Queensland, a known gold and emerging porphyry mineral province. Numerous targets for gold, copper and molybdenum have been identified by geochemical and geophysical surveys. The Clermont district is highly prospective for gold, copper and other metals including molybdenum. The Belyando Gold Project is Zamia's flagship project – potentially a porphyry-style gold deposit including historic Belyando Gold Mine
Zamia Metals Limited