R U B I C O N
Resources Limited
ABN 38 115 857 988
A N N U A L
REPORT 2010
ABN 38 115 857 988
CORPORATE DIRECTORY
Directors
Company
Secretary
Principal
Registered
Office
Ian Buchhorn - Non-Executive Chairman
Peter Eaton - Managing Director
Robert S Middlemas - Non-Executive Director
Robert S Middlemas
Level 2, 91 Havelock Street, West Perth
Western Australia 6005
PO Box 534, West Perth
Western Australia 6872
Telephone: (08) 9214 7500
Facsimile: (08) 9214 7575
Email: info@rubiconresources.com.au
Internet: www.rubiconresources.com.au
Auditor
Share
Registry
Butler Settineri (Audit) Pty Ltd
Unit 16, 1st Floor,
100 Railway Road, Subiaco
Western Australia 6008
Security Transfer Registrars Pty Limited
770 Canning Highway, Applecross
Western Australia 6153
Telephone: (08) 9315 2333
Facsimile: (08) 9315 2233
Email: registrar@securitytransfer.com.au
Stock
Exchange
The Company's shares are quoted on the
Australian Stock Exchange.
The Home Exchange is Perth.
ASX Code
RBR - ordinary shares
500km
ABOVE:
ger),
Andrew Ford (Exploration Manager),
Ian Buchhorn, Sam Middlemas
and Peter Eaton
Right: Figure 1 - Rubicon's
Project Locations
FIGURE 1
rations 02
Chairman's Letter 01 Review Of Operations 02
Concise Financial Report 13 Directors’ Report 14 Auditor's Independence Declaration 22
Statement of Comprehensive Income 23 Statement of Financial Position 24 Statement of Changes In Equity 25
Statement of Cashflows 26 Notes to the Financial Statements 27 Directors' Declaration 28 Independent Audit Report 29
Corporate Governance Statement 31 ASX Additional Information 39
\\ Annual Report 2010
CHAIRMAN'S
LETTER
DEAR SHAREHOLDERS,
On behalf of the Board of Directors of Rubicon
Resources Limited, it is with pleasure that I
present the Company’s Annual Report for 2010.
The 2010 year has remained a relatively difficult
year for most junior exploration companies,
with Rubicon and the sector in general affected
by continued limits on capital access and
downward pressure on market capitalisations.
During 2009, as a result of the global financial
crisis, Rubicon restricted self funded
exploration to preserve capital. In early 2010
Rubicon has resumed its focus on aggressive
exploration of its 100% owned project leases,
particularly at Celia, coupled with ongoing
management of the Warburton Joint Venture
project, where exploration is being funded by
Brazilian multinational miner Vale S.A.
The Company retains four joint ventures at the
Yindarlgooda Project with Integra Mining Ltd,
St Barbara Ltd, Dominion Mining Ltd and
Empire Resources Ltd. The Yindarlgooda
joint ventures total $7.9 million of potential
exploration expenditure, with Rubicon
having the option of retaining a 49% interest
in most tenements. While joint venture
activities were somewhat subdued through
2010, it is expected that this activity will
increase going forward.
Following a successful capital raising in late
2009 of approximately $1.0 million, Rubicon
recommenced active exploration activities,
principally on its flagship Celia project. Rubicon
has continued to build on its ground position at
Celia through direct tenement application or
low-cost acquisitions and now holds some
1,200km2 of tenure in this highly prospective
Laverton Tectonic Zone gold belt. The
exploration program, including first pass
reconnaissance drilling is ongoing, but has
already identified significant regolith gold
anomalies at several prospects, where follow
up programs are current. At Warburton,
stratigraphic diamond and aircore drilling was
undertaken, which has led to the proposed
flying of a $0.4 million electromagnetic survey
over the Jackie Junction and Caesar Hill
prospects in late 2010.
Rubicon has continued to review new project
acquisition opportunities, both in Australia and
in other low-risk countries, as well as corporate
opportunities. Rubicon has strengthened its
ability to undertake reviews overseas through
the use of in-country consultancy groups. We
remain confident that this strategy will be
ultimately successful in the acquisition of a high
quality project.
To expand its Western Australian project
portfolio, Rubicon has aggressively monitored
and applied for tenements of technical merit
as they become available. This has allowed
Rubicon to acquire the Wyloo and Bellary
Springs CID iron projects and the Channar BIF
iron project, the Errolls vanadium-iron-PGM
project and the Paddy Well uranium
occurrence (Bellary Springs and Channar are
subject to competing applications). Rubicon
remains in a sound financial position with
sufficient cash reserves to fund ongoing
exploration and acquisition activities through
the 2011 financial year. Your Board remains
convinced that the current strategy of
systematic drill exploration in well mineralised
belts will yield the best opportunity for
success, either by Rubicon solely or through
its joint venture partners. Additionally, the
industry knowledge of the Board facilitates
potential success through acquisition.
I would like to acknkowledge the contribution
of my predecessor, Mr John Shipp, and thank
him for his input over the last three years.
I would also like to thank the Shareholders
for their continued patience and ongoing
support of the Company during difficult
times. You can be assured that the Board
and Management are totally committed to
the ultimate success of the Company.
Ian Buchhorn
Chairman
1
" RUBICON
remains
committed
to creating
shareholder
returns
through
successful
exploration...”
ABOVE: Peter Eaton at
the historic Jackie
Junction at the
Warburton Project
RIGHT: Diamond drilling
at the Lilian Prospect,
Warburton
OPERATIONAL OVERVIEW
(cid:115)(cid:0) Emerging interests in iron projects at
Rubicon remains committed to creating
shareholder returns through successful
exploration on our existing projects or
through the exploration and development of
new opportunities. Rubicon’s strategy
remains to test targets or acquire projects
that we believe have the capacity to become
profitable mining operations.
Rubicon is a mineral exploration company,
currently focussed on gold and copper
exploration in Western Australia. Rubicon
controls some 5,500km² of prospective
tenements in Western Australia (Figure 1).
Rubicon’s project portfolio consists of large
contiguous areas within highly mineralised
provinces. Rubicon’s major project areas of
activity are:
(cid:115)(cid:0) The Celia project in the southern
Laverton Tectonic Zone, where Rubicon
has accumulated 1,200km2 of tenure
around existing gold operations and is
actively exploring for gold and iron.
(cid:115)(cid:0) The Yindarlgooda gold and base
metal project located east of Kalgoorlie
where Rubicon has tenements in its
own right and four separate joint venture
agreements with companies earning an
interest in Rubicon tenure by the potential
expenditure of up to $7.9 million.
(cid:115)(cid:0) The Warburton project in the Western
Musgrave Province, where Rubicon is
managing exploration for copper and
nickel on behalf of a joint venture with
major shareholder Vale S.A, where Vale is
earning an interest.
Wyloo, Channar and Bellary Springs,
iron-vanadium-PGMs at Errolls and
uranium at Paddy Well (Figure 1). All of
these tenements (some under competitive
applications) have been acquired through
aggressive tenement monitoring activities.
Rubicon’s strategy for ultimate exploration
success is to combine the following elements:
(cid:115)(cid:0) Aggressive drilling of first order targets on
Rubicon’s 100% owned projects, currently
focussed on Celia.
(cid:115)(cid:0) Continued acquisition of quality
exploration tenure adjacent to existing
Rubicon projects.
(cid:115)(cid:0) Continued review of alternate funding
arrangements where appropriate, which
has resulted in approximately $11.0 million
in potential joint venture expenditure by
current contributing partners.
(cid:115)(cid:0) Aggressive monitoring program for
new tenement acquisitions in Western
Australia recently put in place, which
has already resulted in the acquisition of
new projects.
(cid:115)(cid:0) Ongoing high commitment to
monitoring and review of other
projects/corporate opportunities in
both Australia and in low-risk countries
overseas. Technical agreements have
been entered into with international
consultancies to aid in this process.
2
\\ Annual Report 2010
REVIEW
OF OPERATIONS
Rubicon’s exploration programs during the year
have comprised:
(cid:115)(cid:0) Continued tenement acquisition, open
file data compilation, aeromagnetic data
purchase and interpretation, soil sampling,
iron ore rock chip sampling, targeting and
a 407-hole initial reconnaissance rotary
airblast (RAB) and aircore drill program of
approximately 18,000 metres at Celia.
(cid:115)(cid:0) Strong drill results for planned follow up
drilling at Celia include 10m @ 1.85g/t
gold at Safari North and 7m @ 0.85g/t
gold at Red October Extended, along
with new first order targets as additional
tenements are granted.
(cid:115)(cid:0) A comprehensive rock chip sampling
program on highly magnetic banded
iron formations (BIFs) at Celia indicating
significant iron grades averaging 31%
in an area with established
transport infrastructure.
(cid:115)(cid:0) Two stratigraphic diamond holes
were completed at Warburton, which
were 50% funded under the Western
Australian Co-funding Government-
Industry Drilling Program. A 62-hole
aircore drill program was also completed.
(cid:115)(cid:0) Altered mafic intrusive was identified
at the Jackie Junction prospect at
Warburton and is considered prospective
for copper-nickel-platinum group metals
(PGM). This prospect, along with the
Caesar Hill prospect, is to be tested by an
airborne Electromagnetic (EM) survey in
late 2010.
(cid:115)(cid:0) Significant exploration activities,
including drilling, by contributing joint
venture partners on the Yindarlgooda
joint ventures.
Rubicon’s exploration expenditure comprised
$2.14 million, including $0.82 million in joint
venture contributions from Vale. The majority of
this expenditure was incurred in the second half
($1.40 million) as exploration programs were
accelerated following the improving world
outlook for commodities, notably gold, copper
and iron.
CORPORATE OVERVIEW
Rubicon listed on 2 February 2007 and has
maintained a relatively tight capital structure
with 94.80 million shares on issue and 9.10
million unlisted options as at the date of this
report. As at 30 June 2010, the Company
retained $2.4 million cash, net of creditors and
joint venture contributions.
In November 2009, Rubicon raised $0.96
million in a Share Purchase Plan through the
issue of 14,554,598 shares at a price of 6.6
cents. The additional funds have been applied
to accelerate exploration programs at Celia and
for the identification and acquisition of new
project opportunities.
3
FIGURE 2
ABOVE: Figure 2 - Celia and
Desdemona Project Tenements,
Geology & Deposits
RIGHT: BIF outcrop at Gap Bore,
Celia Project
4
\\ Annual Report 2010
REVIEW
OF OPERATIONS
CONTINUED…
CELIA PROJECT
Rubicon has a ground holding of approximately
1,200km2 over the southern part of the
Laverton Tectonic Zone, one of Australia’s most
productive gold provinces hosting gold
deposits including Sunrise Dam (+10m oz of
gold), Wallaby (7.1m oz), Granny Smith (2.5m
oz), Safari Bore (0.5m oz) and Red October
(0.3m oz) (Figures 1 & 2). The project leases
also cover part of the ultramafic belt that hosts
the Eucalyptus Bore nickel laterite
mineralisation and includes Rubicon’s Larkins
Find lateritic nickel deposit with an inferred
resource of 5.2 million tonne at 0.8% nickel and
0.08% cobalt. In addition, the Celia project
area has numerous outcropping banded iron
formations (BIFs) that are considered
prospective for magnetite iron mineralisation.
Exploration work on the Celia project to date
has comprised the acquisition and interpretation
of detailed multiclient, government and open
file aeromagnetic, gravity and geology data, a
detailed review of previous exploration and
consolidation of all drilling and surface sampling
data into a database, rock chip sampling of
gold and iron ore targets, soil sampling, target
definition, a heritage survey and a first pass
407 hole reconnaissance RAB and aircore
drill program on gold targets.
Gold Exploration
During the year, compilation of all available
geoscientific and exploration information
resulted in the identification of numerous
under-drilled gold targets. Fourteen of these
targets were ranked as high priority, with the
potential to host mineralisation of similar style
to the Red October, Safari Bore, Butcher
Well, Sunrise Dam and Wallaby gold mines
located adjacent to Rubicon’s tenements
(Figure 2).
An initial reconnaissance drill program
comprising 407 holes for 18,140 metres was
completed to test higher priority gold targets
on granted leases. Drilling was undertaken
at the Gap Bore, Choir Boy, Safari North,
Red October Extended, Camelback, Butcher
Well South, Butcher Well South East and
Sandy King prospects, as well as a
significant program over prospects at
Yilgangi (Figures 2 & 3). Results considered
worthy of follow up drilling are presented
in Table 1.
At the Safari North prospect, RCAC063
returned a result of 10m @ 1.85g/t gold.
This intersection occurs in an intermediate
volcanic with quartz veining. The prospect is
open to the south, where weak gold
anomalism was recorded on the next line of
drilling some 1.6km away (Figure 3).
An intercept of 7m @ 0.85g/t gold in
RCAC0106 at the Red October Extended
prospect extends a gold anomalous trend
intersected in historic drilling that is
associated with mineralisation at a granite/
felsic volcanic contact. Drilling on the Gap
Bore prospects focussed on testing mainly
BIF-hosted gold targets, which were either
conceptual targets or were identified in rock
chip sampling. While drilling on the BIFs did
not produce many significant intercepts, a
result of 1m @ 6.71g/t gold (Figure 3) is
adjacent to a major structure and is open in
most directions. At the Choir Boy prospect,
an intercept of 3m @ 2.85g/t gold is located
directly along strike from historic gold
mineralisation. Follow up drilling of these
results, drilling of current targets on
tenements not yet granted and drilling of
new prospect areas will continue in 2010.
Iron Ore Exploration
The Celia project area has numerous BIF
ridges outcropping throughout. The Celia
BIFs have an anomalously high magnetic
intensity in relation to other Eastern
Goldfields BIF occurrences, which is similar
in magnitude to that of the iron deposits of
the Midwest and Southern Cross regions.
The Celia BIFs all lie within 100 kilometres
of the under-utilised Leonora-Esperance rail
line (Figure 2).
A program of rock chip sampling over the
BIF units identified from aeromagnetics has
been completed to test the potential of the
project to host economic magnetite
mineralisation. Approximately 250 samples
have been collected along traverses at
nominal 800m spacing where suitable BIF
outcrops or where more subdued outcrop
may represent a hematite source for the iron.
Average grades of the 250 samples (at a
25% Fe lower cut) are 31.2% iron, 51.3%
SiO2, 0.1% P2O5 and 0.5% Al2O3. These
are excellent results in comparison to other
Western Australian magnetite deposits under
consideration for development. Contiguous
samples have been compiled into 152
composites with sampled (outcrop) widths
ranging between 0.5 and 26.0 metres.
5
TABLE 1
Prospect
Hole
ID
Hole
Type
Northing
(m)
Easting
(m)
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Gap Bore 2
RCRB022
RAB
6738643
435760
11
Gap Bore 3
RCRB059
RAB
6736599
437115
Choir Boy
RCRB072
RAB
6736170
434569
including
Safari North
RCAC0063 Aircore
6746090
443614
RCAC0083 Aircore
6750100
442503
Red October Extended
RCAC0106 Aircore
6765708
439401
0
20
44
44
21
50
39
Butcher Well Southeast
RCAC0129
RAB
6760277
439791
48
12
3
24
47
45
31
58
46
59
1
3
4
3
1
10
8
7
11
6.71
0.34
0.74
2.85
7.76
1.85
0.21
0.85
0.34
ABOVE: Table 1 Celia
Project - Significant
Gold Intersections
RIGHT: Figure 3 - Celia
Project - RAB/Aircore
Drill Locations and
Results
FAR RIGHT: Aircore
drilling at Yilgangi,
Celia Project
FAR RIGHT: Figure 4
Yindarlgooda Project
Geology, Tenements
and Prospects
FIGURE 3
6
\\ Annual Report 2010
REVIEW
OF OPERATIONS
CONTINUED…
FIGURE 4
YINDARLGOODA PROJECT
The Yindarlgooda Project comprises over
1,000km2 of tenure centred 55km east of
Kalgoorlie (Figure 4). The project area contains
gold, VMS base metals and iron occurrences.
Known gold mineralisation within Rubicon tenure
occurs at the Queen Lapage and QE1 prospects
and Rubicon tenements are located adjacent to
the recently-discovered 400,000 ounce Salt
Creek gold deposit.
Rubicon has entered into four separate joint
ventures with Integra Mining Limited, St Barbara
Limited, Dominion Mining Limited and Empire
Resources Limited with collective potential
earn-in commitments of $7.9 million. Rubicon
also retains significant tenure in its own right.
During the year, all of Rubicon’s JV partners
were actively exploring the Yindarlgooda project.
In addition, a number of new tenements were
acquired by Rubicon (Figure 4).
Rocky Dam Joint Venture
(St Barbara Ltd earning 51% or 70%
(at Rubicon’s election))
The Rocky Dam Joint Venture covers
approximately 190km2 of Rubicon tenements
at the northern end of the Yindarlgooda project
(Figure 4), including the Queen Lapage and QE1
gold deposits and the Rocky Dam base metal
prospects. The joint venture commenced in
September 2008. St Barbara may earn a 51%
interest through expenditure of $2.5 million over
three years and at Rubicon’s election, may then
earn an additional 19% by the additional
expenditure of $1.5 million over two further years.
St Barbara completed a 169 hole RAB/aircore
drill program for 10,412 metres, testing the Five
Bob and Big Gold prospect targets (Figure 5).
At the Five Bob prospect, drilling intersected
gold mineralised paleochannel material
associated with the Lake Penny system over
approximately 2.4km, with best results of
4m @ 1.73g/t, 5m @ 1.50g/t and 1m @ 3.55g/t
gold. Some weak bedrock gold anomalism
was also recorded.
Peters Dam Joint Venture
(Integra Mining Ltd earning 51 or 70%
(at Rubicon’s election))
In July 2009, Rubicon entered into the Peters
Dam joint venture with Integra Mining Ltd, over
approximately 200km2 of Rubicon tenements at
the southern end of the Yindarlgooda project
adjacent to Integra’s Salt Creek gold deposit
(Figure 4).
7
Aircore drilling at Lilian
Prospect, Warburton Project
8
\\ Annual Report 2010
REVIEW
OF OPERATIONS
…
YINDARLGOODA PROJECT
(CONTINUED)
Under the terms of the agreement, Integra may
spend $1.5 million over three years to earn a
51% interest in the tenements. At Rubicon’s
election, Integra may then earn an additional
19% by the additional expenditure of $1.0
million over a further two years. Integra is
developing a significant gold mining operation
focused around Salt Creek and any exploration
success in the discovery of a commercial
deposit by Integra on Rubicon’s tenements
could expose Rubicon to the potential for early
mining without a major capital outlay.
Integra undertook field mapping and rock chip
sampling over the prospective Salt Creek
Dolerite to the east of the Salt Creek deposit,
identifying a zone of increased structural
disruption coincident with increased silica and
carbonate alteration, located immediately north
of Rubicon’s Tiger Lily prospect (Figure 4).
A 136-hole 4,740 metre reconnaissance RAB
programme on a nominal 320 x 80 metre grid
was completed over the zone of structural
dislocation and alteration. Best results of 4m
@ 0.5g/t gold were recorded.
Integra also undertook a 6 hole reverse
circulation (RC) drilling program at the Salt
Creek North prospect to follow up regolith
anomalies identified in previous drilling,
including 28m @ 0.53g/t and 16m @ 0.73g/t
gold. Another 5 RC holes were drilled to test
the RAB anomalism discussed above north of
the Tiger Lily prospect. Results are awaited for
this drilling.
Yalla Burra Joint Venture
(Dominion Mining Ltd earning 70%)
In June 2009, Rubicon entered into a joint
venture agreement with Quadrio Resources
Ltd, a wholly owned subsidiary of Dominion
Mining Limited (Dominion), on the Yalla Burra
sub-project tenements (Figure 4).
Under the terms of the agreement, Dominion
has the right to earn a 70% interest in the
tenements by the expenditure of $0.6 million
over a four year period.
During the year, Dominion completed a
comprehensive auger sampling programme
over the tenements. Several discrete gold
anomalous zones coincident with the Kanowna
Shear Zone and the Salt Creek Fault were
tested by a reconnaissance RAB drill program
consisting of 62 holes for 2,072 metres. A best
result of 9m @ 0.08g/t gold, supported by
lower order results, was recorded coincident
with the Kanowna Shear Zone.
Mt McLeay Joint Venture
(Empire Resources Ltd earning 51% to 70%
(at Rubicon’s election))
Rubicon entered into the Mt McLeay Joint
Venture in October 2008 with Bluestar
Resources Ltd, covering Rubicon tenements
to the northwest of the Rocky Dam tenements
(Figure 4). During the year, Bluestar
transferred its interest in the joint venture to
Empire Resources Limited, which owns the
adjacent Penny’s Find gold deposit. Under
the terms of the joint venture, Empire must
spend $0.3 million within 30 months to earn a
51% interest in the tenements. At Rubicon’s
election, Empire may earn an additional 19%
by expenditure of an additional $0.5 million
over a further two years.
Two lines of reconnaissance RAB drilling
(34 holes for 1,418 metres) were completed
and three RC drill holes for 384 metres tested
under existing RAB drilling anomalies, with one
hole testing a coincident copper and magnetic
anomaly. A best result of 1m @ 1.25g/t gold in
the RC drilling was recorded.
DESDEMONA PROJECT
The Desdemona Project now comprises leases
over the Jeedamya volcanogenic massive
sulphide (VMS) prospect and along the
Keith-Kilkenny Fault Zone and the Malcolm
tenements under option to St Barbara Ltd.
(Figure 2). Following a comprehensive data
review, other tenements lacking drill targets
were relinquished during the year.
At the Jeedamya Prospect, Rubicon
conducted new geophysical modelling of
electromagnetic (EM) and ground magnetic
data, which indicated that the interpreted
conductors (which may indicate the presence
of sulphide hosted mineralisation) had not been
adequately tested by previous drilling. This new
interpretation combined with the previously
recognised alteration and base metal
anomalism is very encouraging and deeper
drilling into this anomalous system will be
undertaken in late 2010.
9
FIGURE 5
TOP: Aircore Samples, Lilian
Prospect, Warburton Project
Figure 5 – Warburton Project
Location, Tenements, Geology
& Targets
10
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REVIEW
OF OPERATIONS
CONTINUED…
WARBURTON PROJECT
The Warburton Project comprises
approximately 2,700km2 of exploration
licences within the western Musgrave
Province (Figure 5). Rubicon is managing
exploration on the project, which has
potential for the discovery of world class
stratabound sediment-hosted copper
(e.g. Mt Isa and Michigan Copper belt),
magmatic nickel-copper (e.g. Babel/Nebo,
Voisey’s Bay) and felsic-related gold
mineralisation (e.g. Handpump prospect)
under an Evaluation and Farm-in
Agreement with major Rubicon shareholder;
Vale S.A. (Vale).
Vale is currently spending $3 million over a
three year period on exploration and
potential development. Upon spending $3
million, Vale may exercise an option to enter
into an Exploration Joint Venture Agreement
with Rubicon, thereby earning 51% of the
project. Vale may proceed to a 70% interest
in the project by sole funding exploration
and development studies up to the
commencement of a Bankable Feasibility
Study (BFS) and an additional 5% interest by
sole funding the BFS. Rubicon is managing
the exploration program on behalf of the
joint venture.
During the year, Rubicon completed an
aircore and diamond drilling program at
Warburton. Drilling consisted of a 400 metre
diamond hole at each of the Lilian and
Keeweenaw prospects and aircore drilling
(65 holes for 2,110 metres) at the Lilian,
Keeweenaw, Jackie Junction and Elder
prospects (Figure 5). The diamond drilling
and the previous year’s RC drilling program
were 50% funded by the Western Australian
Co-funding Government-Industry Drilling
Program. Drilling completed was essentially
stratigraphic in nature to test for appropriate
geological environments to host sedimentary
copper mineralisation under recent cover.
The drilling at Lilian, Keeweenaw and
Elder intersected hematite altered
conglomerates, sandstones, siltstones and
mafic volcanics but there was no evidence
of the interpreted reduced sediments
favourable for copper mineralisation
and no mineralisation was recorded.
The drilling at the Jackie Junction Prospect,
located to the north of Warburton, was
targeting a significant magnetic unit located
under sand cover which is interpreted from
magnetics and gravity as Giles Complex
equivalent (Figures 5) with potential for
copper, nickel and PGE mineralisation.
This mineralisation style is analogous to
the Babel and Nebo copper-nickel deposits
located approximately 80km to the
southeast of Jackie Junction.
Aircore drilling (38 holes) tested across
the magnetic feature to define lithology
and geochemical indicators. Although
the geology is complex, with drilling
intersecting a range of lithologies, visual
inspection shows that many of the holes
intersected an intrusive mafic unit, often
associated with significant pyrite.
Based on this encouraging result, the joint
venture partners consider that the mafic
units intersected at Jackie Junction
warrant aggressive follow up for copper-
nickel-PGM mineralisation. A contract to
fly a VTEM (Versatile Time Domain
Electromagnetic) survey over the prospect
area has therefore been entered into.
The survey will cover an area of over
200km2, where the recent drilling has
verified mafic intrusive rocks and shallow
cover conditions.
At the same time, the eastern part of the
Caesar Hill Target (Figure 5) will also be
tested with airborne VTEM. The Caesar
Hill target area contains known basal Giles
Complex rocks and has had no on-ground
exploration by Rubicon to date. The
surveys have heritage approval and will be
undertaken in October 2010.
11
ABOVE: Warburton
Landscape
WYLOO CHANNEL IRON
PROJECT
Rubicon applied for E08/2078, located
30km northwest of the Paulsens Gold
deposit and 200km south of Dampier in the
western Pilbara district of Western Australia.
Exploration is targeting Channel Iron
Deposits (CIDs) located along the western
margin of the Hamersley Province.
Significant CID deposits such as at the
Robe River Iron Associates Pannawonica
operations, Bungaroo Creek and Cane
River Valley indicate that these deposits
trend along ancient drainage systems to
the west of the Hamersley outcrops.
Two of these potential drainages are
interpreted to occur under recent alluvial
drainages on E08/2078.
Rubicon has entered into an agreement with
Onslow Resources Ltd to allow Onslow to
mine river shingles from an excised mining
lease within E08/2078. Rubicon will receive
a royalty of $0.50/tonne on all material
mined and will retain rights to all metals
beneath the recent alluvial channel.
At the Paddy Well uranium project,
located 340km east of Carnarvon in the
Gascoyne region of Western Australia,
previous explorers have identified primary
uranium mineralisation in a vein network
system within a chloritic alteration halo,
associated with a surficial secondary
uranium zone. This setting is a classic
East Alligator uranium setting, warranting
detailed exploration follow-up.
Tenements prospective for iron have
also been applied for at the Channar
(outcropping Brockman Iron Formation)
and Bellary Springs (known CID
prospects) projects, located to the south
of Tom Price in the Pilbara district of
Western Australia. Both tenements have
competing applications.
The Bencubbin and Canobie projects
were relinquished during the year and there
was limited work undertaken at Erlistoun.
OTHER PROJECTS
COMPETENT PERSONS STATEMENT
At the Errolls project, Rubicon has
applied for an exploration licence
immediately northwest of the Barrambie
vanadium deposit, located approximately
80km north of Sandstone in Western
Australia. The tenement contains the
interpreted northern extension of the highly
magnetic gabbro complex that hosts the
Barrambie magnetite-vanadium resource
under shallow cover and is considered
prospective for vanadium, magnetite and
platinum group metals (PGMs) (Figure 1).
The information in this report that relates to
Exploration Results is based on information
compiled by Mr Peter Eaton, the Managing
Director of Rubicon Resources Limited, who is a
Member of the Australian Institute of Mining and
Metallurgy. Mr Eaton has sufficient experience that
is relevant to the style of mineralisation and the
activity being reported to qualify as a Competent
Person as defined in the 2004 edition of the
Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves,
and consents to the release of information in the
form and context in which it appears here.
12
\\ Annual Report 2010
CONCISE FINANCIAL REPORT
FOR THE PERIOD ENDED JUNE 30 2010
The concise financial report is an extract from the
full financial report of Rubicon Resources Limited
for the year ended 30 June 2010. The financial
statements and specific disclosures included in the
concise financial report have been derived from the
full financial report of Rubicon Resources Limited, and
cannot be expected to provide as full an understanding
of the financial performance, financial position and
financing and investing activities of the Company as
the full financial report.
Further financial information can be obtained from
Rubicon Resources Limited’s full financial report, a copy
of which, including the independent auditor’s report, is
available to all shareholders on the Company’s website
at www.rubiconresources.com.au and will be sent to
shareholders without charge on request.
13
DIRECTORS'
REPORT
The Directors present their report on Rubicon Resources Limited for the year ended 30 June 2010.
DIRECTORS
The names and details of the Directors of Rubicon Resources Limited during the financial year and until the date of this report are:
Ian Buchhorn – B.Sc (Hons), Dipl. Geosci (Min. Econ), MAusIMM
Non Executive Chairman
Appointed 19 August 2005
Mr Buchhorn is a Mineral Economist and Geologist with more than 30 years experience. He was the founding Managing Director of Heron
Resources Limited for a period of 11 years until early 2007 and now continues as Executive Director Strategy. Mr Buchhorn previously worked
with a number of international mining companies and has worked on nickel, bauxite and industrial mineral mining and exploration, gold and
base metal project generation and corporate evaluations. For the last 24 years Mr Buchhorn has acquired and developed mining projects
throughout the Eastern Goldfields of Western Australian and has operated as a Registered Mine Manager.
During the three year period to the end of the financial year, Mr Buchhorn continues to hold a directorship in Heron Resources Limited
(17 February 1995 to present). He previously held directorships in Polaris Minerals NL (18 September 2006 to 7 January 2010) and Southern
Cross Goldfields Ltd (24 July 2007 to 15 March 2010).
Peter Eaton – B.Sc (Hons), MAusIMM
Managing Director
Appointed 3 July 2006
Mr Eaton is a geologist with more than 30 years of experience in exploration, mining and acquisitions roles in Australia and internationally
(principally in the Asia–Pacific region). Prior to joining Rubicon he was General Manager – Geology and Business Development with Aditya Birla
Minerals Limited. During his tenure there, Mr Eaton was a part of the team that completed a feasibility study on, and commissioned, the Nifty
underground copper mine and completed a $300m capital raising and ASX listing of the company. Mr Eaton previously held senior technical
management positions with WMC Limited, including site–based chief geologist roles and senior regional exploration roles and has also had
significant corporate experience in a number of listed exploration companies, including the previous role of Managing Director.
Sam Middlemas – B.Com. CA. Grad. Dip. Acc.
Non Executive Director and Company Secretary
Appointed 1 February 2010
Mr Middlemas is a chartered accountant with more than 15 years experience in various financial roles with a number of listed public companies
operating in the resources sector. He is the principal of a corporate advisory company which provides financial and company secretarial
services specialising in capital raisings and initial public offerings. Previously Mr Middlemas worked for an international accountancy firm.
His fields of expertise include corporate secretarial practice, financial and management reporting in the mining industry, treasury and cash flow
management and corporate governance. Mr Middlemas was appointed Company Secretary and Chief Financial Officer on 17 July 2006, and
appointed as a Non Executive Director on 1 February 2010.
Mr John Shipp resigned as Non Executive Chairman of the Board on 1 February 2010.
PRINCIPAL ACTIVITIES
The principal activities of the Company during the financial year consisted of mineral exploration and development principally in Western Australia.
There have been no significant changes in these activities during the financial year.
RESULTS OF OPERATIONS
The net loss after income tax for the financial year was $2,622,297 (2009: $3,139,630).
DIVIDENDS
No dividend has been paid since the end of the previous financial year and no dividend is recommended for the current year.
14
\\ Annual Report 2010
REVIEW OF OPERATIONS AND ACTIVITIES
Rubicon is a mineral exploration company, currently focussed on gold and copper exploration in Western Australia. Rubicon controls some
5,300km² of prospective tenements in Western Australia.
Rubicon’s project portfolio consists of large contiguous areas within highly mineralised provinces. Rubicon’s major project areas of activity are:
(cid:115)(cid:0) The Celia project in the southern Laverton Tectonic Zone, where Rubicon has accumulated 1,200km2 of tenure around existing
gold operations and is actively exploring for gold and iron.
(cid:115)(cid:0) The Yindarlgooda gold and base metal project located east of Kalgoorlie where Rubicon has tenements in its own right and four
separate joint venture agreements with companies earning an interest in Rubicon tenure by the potential expenditure of up to
$7.9 million.
(cid:115)(cid:0) The Warburton project in the Western Musgrave Province, where Rubicon is managing exploration for copper and nickel on behalf
of a joint venture with major shareholder Vale S.A, where Vale is earning an interest.
(cid:115)(cid:0) Emerging interests in iron projects at Wyloo, Channar and Bellary Springs, iron-vanadium-PGMs at Errolls and uranium at
Paddy Well. All of these tenements (some under competitive applications) have been acquired through aggressive tenement
monitoring activities.
Rubicon’s strategy for ultimate exploration success is to combine the following elements:
(cid:115)(cid:0) Aggressive drilling of first order targets on Rubicon’s 100% owned projects, currently focussed on Celia.
(cid:115)(cid:0) Continued acquisition of quality exploration tenure adjacent to existing Rubicon projects.
(cid:115)(cid:0) Continued review of alternate funding arrangements where appropriate, which has resulted in approximately $11.0 million in
potential joint venture expenditure by current contributing partners.
(cid:115)(cid:0) Aggressive monitoring program for new tenement acquisitions in Western Australia recently put in place, which has already
resulted in the acquisition of new projects.
(cid:115)(cid:0) Ongoing high commitment to monitoring and review of other projects/corporate opportunities in both Australia and in low-risk
countries overseas. Technical agreements have been entered into with international consultancies to aid in this process.
Rubicon’s exploration programs during the year have comprised:
(cid:115)(cid:0) Continued tenement acquisition, open file data compilation, aeromagnetic data purchase and interpretation, soil sampling, iron ore
rock chip sampling, targeting and a 407-hole initial reconnaissance rotary airblast (RAB) and aircore drill program of approximately
18,000 metres at Celia.
(cid:115)(cid:0) Strong drill results for planned follow up drilling at Celia include 10m @ 1.85g/t gold at Safari North and 7m @ 0.85g/t gold at Red
October Extended, along with new first order targets as additional tenements are granted.
(cid:115)(cid:0) A comprehensive rock chip sampling program on highly magnetic banded iron formations (BIFs) at Celia indicating significant iron
grades averaging 31% in an area with established transport infrastructure.
(cid:115)(cid:0) Two stratigraphic diamond holes were completed at Warburton, which were 50% funded under the Western Australian Co-funding
Government-Industry Drilling Program. A 62-hole aircore drill program was also completed.
(cid:115)(cid:0) Altered mafic intrusive was identified at the Jackie Junction prospect at Warburton and is considered prospective for copper-
nickel-platinum group metals (PGM). This prospect, along with the Caesar Hill prospect, is to be tested by an airborne
Electromagnetic (EM) survey in late 2010.
(cid:115)(cid:0) Significant exploration activities, including drilling, by contributing joint venture partners on the Yindarlgooda joint ventures.
Rubicon’s exploration expenditure comprised $2.14 million, including $0.82 million in joint venture contributions from Vale. The majority of this
expenditure was incurred in the second half ($1.40 million) as exploration programs were accelerated following the improving world outlook for
commodities, notably gold, copper and iron.
15
DIRECTORS'
REPORT
CONTINUED…
CORPORATE AND FINANCIAL POSITION
As at 30 June 2010 the Company had cash reserves of $2.6 million.
BUSINESS STRATEGIES AND PROSPECTS
The Company currently has the following business strategies and prospects over the medium to long term:
i) Seek to increase the value of the Company’s mineral assets located in Western Australia through exploration success;
ii) Undertake exploration activities on its existing Projects; and
iii) Continue to examine new mineral opportunities, with particular focus on advanced projects with the potential to deliver early cash
flow opportunities.
RISK MANAGEMENT
The Board is responsible for the oversight of the Company’s risk management and control framework. Responsibility for control and risk
management is delegated to the appropriate level of management with the Managing Director having ultimate responsibility to the Board for
the risk management and control framework.
Areas of significant business risk to the Company are highlighted in the Business Plan presented to the Board by the Managing Director
each year.
Arrangements put in place by the Board to monitor risk management include monthly reporting to the Board in respect of operations and the
financial position of the Company.
EMPLOYEES
The Company has 8 employees as at 30 June 2010 (2009: 5 employees).
EARNINGS/LOSS PER SHARE
Basic loss per share
Diluted loss per share
2010
CENTS
(2.94)
(2.94)
2009
CENTS
(3.92)
(3.92)
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
In the opinion of the Directors there were no significant changes in the state of affairs of the Company that occurred during the financial year
under review.
OPTIONS OVER UNISSUED CAPITAL
Unlisted Options
During the financial year there were no options issued to Directors.
During the financial year the Company granted the following unlisted options over unissued ordinary shares to the following Key Management
Personal and other employees. All employee options were issued for Nil consideration:
16
\\ Annual Report 2010
ISSUED TO
NUMBER OF
OPTIONS
GRANTED
EXERCISE
PRICE
VALUE PER
OPTION AT
GRANT DATE
VALUE OF
OPTIONS
GRANTED
EXPIRY
DATE
Other Employees
2,600,000
14 cents each
2.89 cents
$75,140
13 January 2014
Since 30 June 2010 and up until the date of this report there have been no further options issued.
Unlisted Options
As at the date of this report unissued ordinary shares of the Company under option are:
NUMBER OF OPTIONS
ON ISSUE
EXERCISE PRICE
2,600,000
2,900,000
1,000,000
1,300,000
1,300,000
14 cents each
25 cents each
25 cents each
30 cents each
40 cents each
EXPIRY DATE
13 January 2014
7 November 2010
31 December 2011
7 November 2010
7 November 2010
The above options represent unissued ordinary shares of the Company under option as at the date of this report. These unlisted options do
not entitle the holder to participate in any share issue of the Company.
The holders of unlisted options are not entitled to any voting rights until the options are exercised into ordinary shares.
The names of all persons who currently hold options granted are entered in a register kept by the Company pursuant to Section 168(1) of the
Corporations Act 2001 and the register may be inspected free of charge.
No person entitled to exercise any option has or had, by virtue of the option, a right to participate in any share issue of any other body corporate.
CORPORATE STRUCTURE
Rubicon Resources Limited (ACN 115 857 988) is a company limited by shares that was incorporated on 19 August 2005 and is domiciled in Australia.
EVENTS SUBSEQUENT TO BALANCE DATE
There has not arisen since the end of the financial year any item, transaction or event of a material and unusual nature likely, in the opinion of the
Directors of the Company to affect substantially the operations of the Company, the results of those operations or the state of affairs of the
Company in subsequent financial years.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Likely developments in the operations of the Company are included elsewhere in this Annual Report. Disclosure of any further information
has not been included in this report because, in the reasonable opinion of the Directors, to do so would be likely to prejudice the business
activities of the Company.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Company holds various exploration licences to regulate its exploration activities in Australia. These licences include conditions and
regulations with respect to the rehabilitation of areas disturbed during the course of its exploration activities. So far as the Directors are
aware there has been no known breach of the Company’s licence conditions and all exploration activities comply with relevant
environmental regulations.
17
DIRECTORS'
REPORT
CONTINUED…
INFORMATION ON DIRECTORS
As at the date of this report the Directors’ interests in shares and unlisted options of the Company are as follows:
DIRECTOR
Ian Buchhorn
Peter Eaton
Sam Middlemas
TITLE
Non-Executive Chairman
Appointed on 19 August 2005
Managing Director
Appointed on 3 July 2006
Non-Executive Director
Appointed on 1 February 2010
DIRECTORS’ MEETINGS
DIRECTORS’
INTERESTS IN
ORDINARY SHARES
DIRECTORS’
INTERESTS IN
UNLISTED OPTIONS
6,976,064
1,100,000
881,368
250,000
4,000,000
1,000,000
The number of meetings of the Company’s Directors held in the period each Director held office during the financial year and the numbers of
meetings attended by each Director were:
DIRECTOR
I Buchhorn
P Eaton
S Middlemas
J Shipp
BOARD OF DIRECTORS’ MEETINGS
MEETINGS ATTENDED
MEETINGS HELD
WHILE A DIRECTOR
11
11
5
6
11
11
5
6
REMUNERATION REPORT
Recommendation 8.1 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (2nd edition)
states that the Board should establish a Remuneration Committee. The Board has formed the view that given the number of Directors on the
Board, this function could be performed just as effectively with full Board participation. Accordingly it was resolved that there would be no
separate Board sub-committee for remuneration purposes.
This report details the amount and nature of remuneration of each Director of the Company and executive officers of the Company during
the year.
Overview of Remuneration Policy
The Board of Directors is responsible for determining and reviewing compensation arrangements for the Directors and the executive team.
The broad remuneration policy is to ensure that remuneration properly reflects the relevant person’s duties and responsibilities, and that the
remuneration is competitive in attracting, retaining and motivating people of the highest quality. The Board believes that the best way to achieve
this objective is to provide the Managing Director and the executive team with a remuneration package consisting of a fixed and variable
component that together reflects the person’s responsibilities, duties and personal performance. An equity based remuneration arrangement
for the Board and the executive team is in place. The remuneration policy is to provide a fixed remuneration component and a specific equity
related component, with no performance conditions. The Board believes that this remuneration policy is appropriate given the stage of
development of the Company and the activities which it undertakes and is appropriate in aligning Director and executive objectives with
shareholder and business objectives.
The remuneration policy in regard to setting the terms and conditions for the Managing Director has been developed by the Board taking into
account market conditions and comparable salary levels for companies of a similar size and operating in similar sectors.
Directors receive a superannuation guarantee contribution required by the government, which is currently 9% per annum and do not
receive any other retirement benefit. Some individuals, however, have chosen to sacrifice part or all of their salary to increase payments
towards superannuation.
18
\\ Annual Report 2010
All remuneration paid to Directors is valued at cost to the Company and expensed. Options are valued using either the Black-Scholes
methodology or the Binomial model. In accordance with current accounting policy the value of these options is expensed over the relevant
vesting period.
Non-Executive Directors
The Board policy is to remunerate Non-Executive Directors at market rates for comparable companies for time, commitment and
responsibilities. The Board determines payments to the Non-Executive Directors and reviews their remuneration annually, based on market
practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be
paid to Non-Executive Directors is subject to approval by shareholders at a General Meeting. The annual aggregate amount of remuneration
paid to Non-Executive Directors was approved by shareholders on 7 November 2006 and is not to exceed $200,000 per annum. Actual
remuneration paid to the Company’s Non-Executive Directors is disclosed below. Remuneration fees for Non-Executive Directors are not linked
to the performance of the Company. However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold
shares in the Company and have all received options.
Managing Director and Senior Management
The remuneration of the Managing Director is dictated by his executive service agreement.
The Company aims to reward executives with a level of remuneration commensurate with their position and responsibilities within the Company
so as to:
(cid:115)(cid:0) Reward executives for Company and individual performance against targets set by reference to appropriate benchmarks;
(cid:115)(cid:0)
(cid:115)(cid:0)
Reward executives in line with the strategic goals and performance of the Company; and
Ensure that total remuneration is competitive by market standards.
Structure
Remuneration consists of the following key elements:
(cid:115)(cid:0) Fixed remuneration; and
(cid:115)(cid:0)
Issuance of unlisted options
Fixed Remuneration
Fixed remuneration consists of base remuneration (which is calculated on a total cost basis including any employee benefits e.g. motor vehicles)
as well as employer contributions to superannuation funds.
The level of fixed remuneration is set so as to provide a base level of remuneration which is both appropriate to the position and is competitive
in the market.
Remuneration packages for the staff who report directly to the Managing Director are based on the recommendation of the Managing Director,
subject to the approval of the Board in the annual budget setting process.
Service Agreement
The Managing Director, Mr Peter Eaton, is employed under contract. The current Service Agreement commenced on 26 June 2006.
Under the terms of the present contract:
(cid:115)(cid:0) The Service Agreement has no fixed term.
(cid:115)(cid:0) Mr Eaton may resign from his position and thus terminate the contract by giving three months written notice. On resignation any
options that have not yet vested will lapse.
(cid:115)(cid:0) The Company may terminate the contract by providing three months written notice or provide payment in lieu of notice by the
Company. Any options that have vested, or will vest during the notice period will be available for exercise, whilst the options that
have not yet vested will be forfeited.
(cid:115)(cid:0) The Company may terminate the contract at any time without notice if serious misconduct has occurred. Where termination with
cause occurs, the Managing Director is only entitled to that portion of remuneration which is fixed, and only up to the date of
termination. On termination with cause, any unvested options will immediately lapse.
(cid:115)(cid:0)
If the Managing Director and the Company agree to terminate the contract by mutual consent, or if the Managing Director is
removed, or if the Company enters into a deed of arrangement with creditors, placed under the control of receivers or is in breach
of regulations, the Company will pay a sum to the Managing Director up to a maximum of twelve months pro rata of base salary.
19
DIRECTORS'
REPORT
CONTINUED…
Details of the nature and amount of each element of the emoluments of each Director and Executive Officer of Rubicon Resources Limited paid/
accrued during the year are as follows:
PRIMARY
POST
EMPLOYMENT
EQUITY
COMPENSATION
BASE
SALARY/
FEES
$
MOTOR
VEHICLE/
BONUS
$
SUPERANNUATION
CONTRIBUTIONS
$
OPTIONS
$
TOTAL
$
2009/2010
DIRECTORS
I Buchhorn – Chairman
45,335
-
P Eaton – Managing Director
193,948
9,346
S Middlemas – Non Executive (i)
J Shipp – Retired Chairman (ii)
10,000
16,098
EXECUTIVES
S Middlemas (i) Company Secretary
57,882
A Ford – Exploration Manager (iii)
109,154
K Cassidy – Exploration Manager (iv)
107,284
2008/2009
DIRECTORS
J Shipp – Chairman
-
-
-
-
-
-
-
P Eaton – Managing Director
189,118
9,346
I Buchhorn – Non-Executive
-
EXECUTIVES
S Middlemas (i) Company Secretary
51,477
-
-
K Cassidy – Exploration Manager
174,561
17,500
3,363
50,000
-
35,246
-
9,824
4,236
63,358
55,754
35,000
-
15,710
-
-
-
-
48,698
253,294
10,000
51,344
28,900
86,782
28,900
147,878
-
-
-
-
-
-
111,520
63,358
254,218
35,000
51,477
207,771
(i)
Mr Middlemas was appointed a Non executive director on 1 February 2010 – all fees as a director and company secretary were paid to Sparkling
Investments Pty Ltd.
(ii) Mr Shipp retired as Chairman on 1 February 2010
(iii) Mr Ford was appointed Exploration Manager on 23 November 2009
(iv) Mr Cassidy resigned from the Company on 9 October 2009
Other than the Directors and executive officers disclosed above there were no other executive officers who received emoluments during the
financial year ended 30 June 2010.
20
\\ Annual Report 2010
INDEMNIFYING OFFICERS AND AUDITOR
During the year the Company paid an insurance premium to insure certain officers of the Company. The officers of the Company covered by
the insurance policy include the Directors named in this report.
The Directors and Officers Liability insurance provides cover against all costs and expenses that may be incurred in defending civil or criminal
proceedings that fall within the scope of the indemnity and that may be brought against the officers in their capacity as officers of the Company.
The insurance policy does not contain details of the premium paid in respect of individual officers of the Company. Disclosure of the nature of
the liability cover and the amount of the premium is subject to a confidentiality clause under the insurance policy.
The Company has not provided any insurance for an auditor of the Company.
Share-based compensation
The terms and conditions of each grant of options affecting remuneration in this or future reporting periods are as follows:
GRANTED
TERMS & CONDITIONS FOR EACH GRANT
NUMBER
DATE OF
GRANT
DATE OF
VESTING
OPTION
VALUE ($)
EXERCISE
PRICE ($)
EXPIRY
DATE
Sam Middlemas
1,000,000
13 Jan 2010
13 Jan 2010
Andrew Ford
1,000,000
13 Jan 2010
13 Jan 2010
0.029
0.029
0.14
0.14
13 Jan 2014
13 Jan 2014
There were no amounts payable on the issue of the options, and there are no performance conditions attached. All options previously issued
are now fully vested and are exercisable at any time subject to employment being maintained. When exercisable, each option is convertible into
one ordinary share of Rubicon Resources Limited.
AUDITORS’ INDEPENDENCE DECLARATION
Section 370C of the Corporations Act 2001 requires the Company’s auditors Butler Settineri (Audit) Pty Ltd, to provide the Directors of the
Company with an Independence Declaration in relation to the audit of the financial report. This Independence Declaration is attached and forms
part of this Directors’ Report.
NON-AUDIT SERVICES
The external auditors have not undertaken any non-audit work during the financial year.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the
Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company
was not party to any such proceedings during the year.
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of the Company support and have
adhered to the principles of corporate governance. The Company’s corporate governance statement is contained in the Annual Report.
DATED at Perth this 29th day of September 2010.
Signed in accordance with a resolution of the Directors.
P Eaton
Managing Director
21
AUDITORS’
INDEPENDENCE DECLARATION
As lead auditor for the audit of Rubicon Resources Limited for the year ended 30 June 2010,
I declare that, to the best of my knowledge and belief, there have been:
a) No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
b) No contraventions of any applicable code of professional conduct in relation to the audit.
BUTLER SETTINERI (AUDIT) PTY LTD
LUCY P GARDNER
Director
Perth
Date: 29 September 2010
22
\\ Annual Report 2010
STATEMENT
OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2010
THE COMPANY
2010
$
2009
$
Other income
132,892
297,421
Employee expenses
Non-Executive Directors’ fees
Insurance expenses
Company Secretarial fees
Corporate expenses
Depreciation
Rent
Recruitment
Employee costs recharged to capitalised exploration
Expense of share-based payments
Exploration Written off
Other expenses
Loss before income tax
Income tax
828,128
110,040
22,470
57,882
70,122
56,523
101,764
42,087
(753,003)
75,140
2,039,920
104,116
2,622,297
-
Net loss attributable to members of the Company
2,622,297
Other Comprehensive Loss net of tax
Total Comprehensive Loss
-
2,622,297
962,365
98,671
27,991
51,477
89,021
60,149
87,953
180
(852,336)
3,190
2,805,348
103,042
3,139,630
-
3,139,630
-
3,139,630
Basic earnings/(loss) per share (cents per share)
(2.94) cents
(3.92) cents
Diluted earnings/(loss) per share (cents per share)
(2.94) cents
(3.92) cents
The above Statement of Comprehensive Income should be read in conjunction with the
accompanying notes.
23
STATEMENT
OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2010
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other receivables
Other assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment and motor vehicles
Capitalised mineral exploration expenditure
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Provisions
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Share Option Reserve
Accumulated losses
TOTAL EQUITY
2010
$
2009
$
2,640,356
25,399
19,883
2,685,638
59,421
3,479,375
3,538,796
6,224,434
292,278
98,114
390,392
390,392
3,294,255
6,785
14,768
3,315,808
105,757
4,202,256
4,308,013
7,623,821
129,264
86,458
215,722
215,722
5,834,042
7,408,099
12,841,596
439,490
(7,447,044)
5,834,042
11,868,496
364,350
(4,824,747)
7,408,099
The above Statement of Financial Position should be read in conjunction with the accompanying notes.
24
\\ Annual Report 2010
STATEMENT
OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2010
CONTRIBUTED
EQUITY
SHARE BASED
PAYMENT
RESERVE
LOSSES
TOTAL
BALANCE AT 1 JULY 2008
11,868,496
TOTAL COMPREHENSIVE LOSS
TRANSACTIONS WITH OWNERS IN THEIR
CAPACITY AS OWNERS
Directors and Employees options
BALANCE AT 30 JUNE 2009
TOTAL COMPREHENSIVE LOSS
TRANSACTIONS WITH OWNERS IN THEIR
CAPACITY AS OWNERS
Shares issued during the year
Directors and Employees options
BALANCE AT 30 JUNE 2010
-
-
11,868,496
-
973,100
-
12,841,596
361,160
-
3,190
364,350
-
-
75,140
439,490
(1,685,117)
(3,139,630)
10,544,539
(3,139,630)
-
(4,824,747)
(2,622,297)
3,190
7,408,099
(2,622,297)
-
-
973,100
75,140
(7,447,044)
5,834,042
The above statements of changes in equity should be read in conjunction with the accompanying notes.
25
STATEMENT
OF CASHFLOWS
FOR THE YEAR ENDED 30 JUNE 2010
Cash flows from operating activities
Interest received
Payments to suppliers and employees (inclusive of
goods and services tax)
Net cash used in operating activities
2010
$
132,892
(613,650)
(480,758)
2009
$
247,421
(555,609)
(308,188)
Cash flows from investing activities
Payments for exploration and evaluation
(1,947,416)
(2,452,637)
Funds received from sale of exploration tenement
Funds received from joint venture partners
Payments for plant and equipment and motor vehicles
-
823,862
(10,187)
50,000
409,604
(1,262)
Net cash used in investing activities
(1,133,741)
(1,994,295)
Cash flows from financing activities
Proceeds from the issue of shares
Net cash provided by financing activities
Net decrease in cash held
Cash at the beginning of the financial year
Cash at the end of the financial year
960,600
960,600
(653,899)
3,294,255
2,640,356
-
-
(2,302,483)
5,596,738
3,294,255
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.
26
\\ Annual Report 2010
NOTES
TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
1.
BASIS OF PREPARATION
The concise financial report has been prepared in accordance with the Corporations Act 2001 and Accounting Standard AASB 1039 ‘Concise
Financial Reports’. The concise financial report including the financial statements and specific disclosures included in the concise financial
report has been derived from the full financial report of Rubicon Resources Limited (“Rubicon” or “Company”).
Rubicon Resources Limited is a company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on
the official list of the Australian Stock Exchange. The financial statements are presented in Australian dollars which is the Company’s
functional currency.
2.
SALES REVENUE
The Company had no sales revenue.
3.
DIVIDENDS
There were no dividends paid or payable during the financial year.
4.
SEGMENT INFORMATION
The Company operates predominantly in one segment involved in the mineral exploration and development industry. Geographically the
Company is domiciled and operates in one segment being Australia.
5.
EVENTS SUBSEQUENT TO BALANCE DATE
There has not arisen since the end of the financial year any item, transaction or event of a material and unusual nature likely, in the opinion of the
Directors of the Company to affect substantially the operations of the Company, the results of those operations or the state of affairs of the
Company in subsequent financial years.
27
DIRECTORS'
DECLARATION
The directors declare that in their opinion, the concise financial report of Rubicon Resources Limited for the year ended 30 June 2010 as set
out on pages 14 to 27 complies with Accounting Standard AASB 1039: Concise Financial Reports.
The concise financial report is an extract from the full financial report for the year ended 30 June 2010. The financial statements and specific
disclosures included in the concise financial report have been derived from the full financial report.
The concise financial report cannot be expected to provide as full an understanding of the financial performance, financial position and financing
and investing activities of the Company as the full financial report which is available on request.
This declaration is made in accordance with a resolution of directors.
P Eaton
Managing Director
29 September 2010
28
\\ Annual Report 2010
INDEPENDENT AUDIT
REPORT
TO THE MEMBERS OF RUBICON RESOURCES LIMITED
Report on the Concise Financial Report
The accompanying concise financial report of Rubicon Resources Limited comprises the statement
of financial position as at 30 June 2010, the statements of comprehensive income, changes in
equity and cash flows for the year then ended and related notes, derived from the audited financial
report of Rubicon Resources Limited for the year ended 30 June 2010. The concise financial report
does not contain all the disclosures required by Australian Accounting Standards.
Directors’ Responsibility for the Concise Financial Report
The directors are responsible for the preparation and presentation of the concise financial report in
accordance with Australian Accounting Standard AASB 1039: Concise Financial Reports, and the
Corporations Act 2001. This responsibility includes establishing and maintaining internal control
relevant to the preparation of the concise financial report; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on the concise financial report based on our audit
procedures. We have conducted an independent audit, in accordance with Australian Auditing
Standards, of the financial report of Rubicon Resources Limited for the year ended 30 June 2010.
Our audit report on the financial report for the year was signed on 29 September 2010 and was not
subject to any modification. The Australian Auditing Standards require that we comply with relevant
ethical requirements relating to audit engagements and plan and perform the audit to obtain
reasonable assurance whether the financial report is free from material misstatement.
Our procedures in respect of the concise financial report included testing that the information included
in the concise financial report is derived from, and is consistent with, the financial report for the year,
and examination on a test basis, of evidence supporting the amounts, discussion and analysis, and
other disclosures which were not directly derived from the financial report for the year. These
procedures have been undertaken to form an opinion whether, in all material respects, the concise
financial report complies with Accounting Standards AASB 1039: Concise Financial Reports.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations
Act 2001.
29
INDEPENDENT AUDIT
REPORT
CONTINUED…
Auditor’s Opinion
In our opinion, the concise financial report of Rubicon Resources Limited for the year ended 30 June
2010 complies with Australian Accounting Standard AASB 1039: Concise Financial Reports.
Report on the Remuneration Report
We have audited the Remuneration Report included on pages 18 to 21 of the directors’ report for
the year ended 30 June 2010.
The directors of the company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001.
Our responsibility is to express an opinion on the Remuneration Report, based on our audit
conducted in accordance with Australian Auditing Standards.
Auditor’s Opinion
In our opinion the Remuneration Report of Rubicon Resources Limited for the year ended 30 June
2010, complies with section 300A of the Corporations Act 2001.
BUTLER SETTINERI (AUDIT) PTY LTD
LUCY P GARDNER
Director
Perth
Date: 29 September 2010
30
\\ Annual Report 2010
CORPORATE GOVERNANCE
STATEMENT
This statement outlines the main corporate governance practices in place during the financial year, which comply with the ASX
Corporate Governance Council recommendations unless otherwise stated. A copy can be found on the Company website at
www.rubiconresources.com.au.
1.
BOARD OF DIRECTORS
1.1
ROLE OF THE BOARD AND MANAGEMENT - ASX PRINCIPLE 1
The Board of Rubicon Resources Limited is responsible for its corporate governance, that is, the system by which the Company is managed.
In governing the Company, the Directors must act in the best interests of the Company as a whole. It is the role of senior management to
manage the Company in accordance with the direction and delegations of the Board and the responsibility of the Board to oversee the activities
of management in carrying out these delegated duties.
In carrying out its governance role, the main task of the Board is to drive the performance of the Company. The Board must also ensure that
the Company complies with all of its contractual, statutory and any other legal obligations, including the requirements of any regulatory body.
The Board has the final responsibility for the successful operations of the Company. In addition, the Board is responsible for identifying areas of
significant business risk and ensuring arrangements are in place to adequately manage those risks.
To assist the Board to carry out its functions, it has developed a Code of Conduct to guide the Directors and key executives in the performance
of their roles. The Code of Conduct is detailed in Section 3.1 of this Statement.
The Board is responsible for ensuring that the Company is managed in such a way to best achieve this desired result. Given the size of the
Company’s exploration and development activities, the Board currently undertakes an active, not passive, role.
The Board is responsible for ensuring that the Company is managed in such a way to best achieve this desired result. Given the size of the
Company’s exploration and development activities, the Board currently undertakes an active, not passive role.
The Board is responsible for evaluating and setting the strategic directions for the Company, establishing goals for management and monitoring
the achievement of these goals. The Managing Director is responsible to the Board for the day-to-day management of the Company.
The Board has sole responsibility for the following:
(cid:115)(cid:0) Appointing and removing the Managing Director and any other executive director and approving their remuneration;
(cid:115)(cid:0) Appointing and removing the Company Secretary/Chief Financial Officer and approving their remuneration;
(cid:115)(cid:0) Determining the strategic direction of the Company and measuring the performance of management against approved strategies;
(cid:115)(cid:0) Reviewing the adequacy of resources for management to properly carry out approved strategies and business plans;
(cid:115)(cid:0) Adopting operating and exploration expenditure budgets at the commencement of each financial year and monitoring the progress by
both financial and non-financial key performance indicators;
(cid:115)(cid:0) Monitoring the Company’s medium term capital and cash flow requirements;
(cid:115)(cid:0) Approving and monitoring financial and other reporting to regulatory bodies, shareholders and other organisations;
(cid:115)(cid:0) Determining that satisfactory arrangements are in place for auditing the Company’s financial affairs;
(cid:115)(cid:0) Reviewing and ratifying systems of risk management and internal compliance and control, codes of conduct and compliance with
legislative requirements; and
(cid:115)(cid:0) Ensuring that policies and compliance systems consistent with the Company’s objectives and best practice are in place and that the
Company and its officers act legally, ethically and responsibly on all matters.
The Board’s role and the Company’s corporate governance practices are being continually reviewed and improved as the Company’s
business develops.
The Board convenes regular meetings with such frequency as is sufficient to appropriately discharge its responsibilities.
The Board, may from time to time, delegate some of its responsibilities listed above to its senior management team.
The Managing Director is responsible for running the affairs of the Company under delegated authority from the Board and implementing the
policies and strategy set by the Board. In carrying out his responsibilities the Managing Director must report to the Board in a timely manner
and ensure all reports to the Board present a true and fair view of the Company’s operational results and financial position.
The role of management is to support the Managing Director and implement the running of the general operations and financial business of the
Company, in accordance with the delegated authority of the Board.
31
CORPORATE GOVERNANCE
STATEMENT
CONTINUED…
1.2
COMPOSITION OF THE BOARD - ASX PRINCIPLE 2
To add value to the Company, the Board has been formed so that it has effective composition, size and commitment to adequately discharge
its responsibilities and duties. The names of the Directors and their qualifications and experience are disclosed in the Directors’ Report.
Directors are appointed based on the specific professional qualifications, corporate experience, resource industry knowledge and experience,
public company management experience and technical and operational skills required by the Company at this time.
The Company’s Board changed during the year with the resignation of the Company’s Independent Non Executive Chairman, Mr John Shipp,
on 1 February 2010. Mr Sam Middlemas, the Company Secretary, was appointed a Non Executive Director until a suitable replacement could
be appointed, which has not occurred at the date of this Statement. As a consequence, the board comprised one Executive (Managing
Director) and two non Executive Directors. The Company recognises the importance of Non-Executive Directors and the external perspective
and advice that Non Executive Directors can offer.
None of the Board members meet the independence criteria under the ASX Corporate Governance Council Recommendations 2.1, as all
Directors are either executives, substantial shareholders or have been consultants to the Company within the last three years. The Board views
shareholdings of Directors as important, although this is outside the ASX Recommendations criteria for independence, as it believes it more
correctly aligns the Board with shareholder interests. In addition, the Non Executive Chairman Ian Buchhorn, does not meet the ASX Corporate
Governance Council Recommendation 2.2 as he is not an independent director.
At present the Board considers that the Company is not currently of a size, nor are its affairs of such complexity to justify the expense of the
appointment of additional independent Non-Executive Directors. The existing Directors provide the necessary diversity of qualifications, skill and
experience and bring quality and independent judgement to all relevant issues.
If the Company’s activities increase in size, nature and scope, the size of the Board will be reviewed and the optimum number of directors
required for the Board to properly perform its responsibilities and functions will be re-assessed.
The Board acknowledges that a greater proportion of independent Non Executive Directors is desirable over the longer term and will be seeking
to demonstrate that it is monitoring the Board’s composition as required.
The membership of the Board, its activities and composition is subject to periodic review. The criteria for determining the identification and
appointment of a suitable candidate for the Board shall include the quality of the individual’s background, experience and achievement,
compatibility with other Board members, credibility within the Company’s scope of activities, intellectual ability to contribute to Board duties
and physical ability to undertake Board duties and responsibilities.
Directors are initially appointed by the full Board subject to election by shareholders at the next Annual General Meeting. Under the Company’s
Constitution the tenure of Directors (other than Managing Director) is subject to re-appointment by shareholders not later than the third
anniversary following their last appointment. Subject to the requirements of the Corporations Act 2001, the Board does not subscribe to
the principle of retirement age and there is no maximum period of service as a Director. A Managing Director may be appointed for any period
and on any terms the Directors think fit and, subject to the terms of any agreement entered into, the Board may revoke any appointment.
1.3
RESPONSIBILITIES OF THE BOARD - ASX PRINCIPLE 1
In general, the Board is responsible for, and has the authority to determine, all matters relating to the policies, practices, management and
operations of the Company. It is required to do all things that may be necessary to be done in order to carry out the objectives of the Company.
Without intending to limit this general role of the Board, the principal functions and responsibilities of the Board include the following:
1. Leadership of the Company - overseeing the Company and establishing codes that reflect the values of the Company and guide the
conduct of the Board, management and employees.
2. Strategy Formulation - working with senior management to set and review the overall strategy and goals for the Company and ensuring
that there are policies in place to govern the operation of the Company.
3. Overseeing Planning Activities - overseeing the development of the Company’s strategic plans (including exploration programmes and
initiatives) and approving such plans as well as the annual budget.
4. Shareholder Liaison - ensuring effective communications with shareholders through an appropriate communications policy and
promoting participation at general meetings of the Company.
5. Monitoring, Compliance and Risk Management - overseeing the Company’s risk management, compliance, control and accountability
systems and monitoring and directing the operational and financial performance of the Company.
6. Company Finances - approving expenses in excess of those approved in the annual budget and approving and monitoring acquisitions,
divestitures and financial and other reporting.
32
\\ Annual Report 2010
7. Human Resources - appointing, and, where appropriate, removing the Managing Director as well as reviewing the performance of the
Managing Director and monitoring the performance of senior management in their implementation of the Company’s strategy.
8. Ensuring the Health, Safety and Well-Being of Employees - in conjunction with the senior management team, developing, overseeing
and reviewing the effectiveness of the Company’s occupational health and safety systems to ensure the well-being of all employees.
9. Delegation of Authority - delegating appropriate powers to the Managing Director to ensure the effective day-to-day management of the
Company and establishing and determining the powers and functions of the Committees of the Board.
1.4
BOARD POLICIES - ASX PRINCIPLE 3
1.4.1 Conflicts of Interest
Directors must:
(cid:115)(cid:0) disclose to the Board actual or potential conflicts of interest that may or might reasonably be thought to exist between the interests of
the Director and the interests of any other parties in carrying out the activities of the Company; and
(cid:115)(cid:0)
if requested by the Board, within seven days or such further period as may be permitted, take such necessary and reasonable steps to
remove any conflict of interest.
If a Director cannot or is unwilling to remove a conflict of interest then the Director must, as per the Corporations Act 2001, absent himself from
the room when discussion and/or voting occurs on matters about which the conflict relates.
1.4.2 Commitments
Each member of the Board is committed to spending sufficient time to enable them to carry out their duties as a Director of the Company.
1.4.3 Confidentiality
In accordance with legal requirements and agreed ethical standards, Directors and key executives of the Company have agreed to keep
confidential, information received in the course of the exercise of their duties and will not disclose non-public information except where
disclosure is authorised or legally mandated.
1.4.4
Independent Professional Advice
The Board collectively and each Director has the right to seek independent professional advice at the Company’s expense, up to specified
limits, to assist them to carry out their responsibilities.
1.4.5 Related Party Transactions
Related party transactions include any financial transaction between a Director and the Company. Unless there is an exemption under the
Corporations Act 2001 from the requirement to obtain shareholder approval for the related party transaction, the Board cannot approve
the transaction.
1.4.6 Trading in the Company Shares
The Company’s share trading policy imposes basic trading restrictions on all employees of the Company with ‘inside information’, and additional
trading restrictions on the Directors of the Company.
‘Inside information’ is information that:
(cid:115)(cid:0)
(cid:115)(cid:0)
is not generally available; and
if it were generally available, it would, or would be likely to influence investors in deciding whether to buy or sell the Company’s
securities.
If an employee possesses inside information, the person must not:
trade in the Company’s securities;
(cid:115)(cid:0)
(cid:115)(cid:0) advise others or procure others to trade in the Company’s securities; or
(cid:115)(cid:0) pass on the inside information to others – including colleagues, family or friends – knowing (or where the employee or Director
should have reasonably known) that the other persons will use that information to trade in, or procure someone else to trade in,
the Company’s securities.
This prohibition applies regardless of how the employee or Director learns the information (e.g. even if the employee or Director overhears it or is
told in a social setting).
33
CORPORATE GOVERNANCE
STATEMENT
CONTINUED…
1.4.6 Trading in the Company Shares (CONTINUED...)
In addition to the above, Directors must notify the Company Secretary as soon as practicable, but not later than 2 business days, after they
have bought or sold the Company’s securities or exercised options. In accordance with the provisions of the Corporations Act 2001 and the
ASX Listing Rules, the Company on behalf of the Directors must advise the ASX of any transactions conducted by them in the securities of
the Company.
Breaches of this policy will be subject to disciplinary action, which may include termination of employment.
1.4.7 Attestations by Managing Director and Company Secretary
In accordance with the Board’s policy, the Managing Director and the Company Secretary/Chief Financial Officer made the attestations
recommended by the ASX Corporate Governance Council as to the Company’s financial condition prior to the Board signing this Annual Report.
2.
BOARD COMMITTEES
The Board considers that the Company is not currently of a size, nor are its affairs of such complexity to justify the formation of separate or
special committees at this time. The Board as a whole is able to address the governance aspects of the full scope of the Company’s activities
and to ensure that it adheres to appropriate ethical standards.
The Board has however established a framework for the management of the Company including a system of internal controls, a business risk
management process and the establishment of appropriate ethical standards.
The full Board currently holds meetings at such times as may be necessary to address any general or specific matters as required.
If the Company’s activities increase in size, scope and nature, the appointment of separate or special committee’s will be reviewed by the Board
and implemented if appropriate.
2.1
AUDIT COMMITTEE - ASX PRINCIPLE 4
The Company does not have an audit committee. While this is a departure from ASX Corporate Governance Council Recommendations 4.1
and 4.2, it provides a more efficient mechanism based on the size of the Board and the complexity of the Company.
In the absence of an audit committee, the Board sets aside time at two Board meetings during the year to meet with the auditors and to deal
with the issues and responsibilities usually delegated to the audit committee so as to ensure the integrity of the financial statements of the
Company and the independence of the external auditor.
The Board in its entirety reviews the audited annual financial statements and the audit reviewed half-yearly financial statements and any reports
which accompany published financial statements.
The Board in its entirety considers the appointment of the external auditor and reviews the appointment of the external auditor, their
independence, the audit fee and any questions of resignation or dismissal.
The Board is also responsible for establishing policies on risk oversight and management.
2.2
REMUNERATION COMMITTEE - ASX PRINCIPLE 9
The Company does not have a remuneration committee because it would not be a more efficient mechanism than the full Board for focusing
the Company on specific issues.
The responsibilities of the Board in its entirety include setting policies for senior officers’ remuneration, setting the terms and conditions of
employment for the Managing Director, reviewing the Rubicon Resources Limited Employee Share Option Plan, reviewing superannuation
arrangements, reviewing the remuneration of Non-Executive Directors and undertaking an annual review of the Managing Director’s
performance, including, setting with the Managing Director goals for the coming year and reviewing progress in achieving those goals.
The Company is committed to remunerating its executives in a manner that is market competitive and consistent with best practice as well as
supporting the interests of shareholders.
There is no scheme to provide retirement benefits, other than statutory superannuation, to Non-Executive Directors.
For a full discussion of the Company’s remuneration philosophy and framework and the remuneration received by Directors in the current period
please refer to the Remuneration Report, which is contained within the Directors’ Report.
34
\\ Annual Report 2010
2.3
NOMINATION COMMITTEE - ASX PRINCIPLE 2
The Company does not have a nomination committee. While this is a departure from ASX Corporate Governance Council Recommendation
2.4, it provides a more efficient mechanism based on the size and complexity of the Company.
The responsibilities of the Board in its entirety include devising criteria for Board membership, regularly reviewing the need for various skills and
experience on the Board and identifying specific individuals for nomination as Directors for review by the Board. The Board also oversees
management succession plans including the Managing Director and his direct reports, and evaluates the Board’s performance and makes
recommendations for the appointment and removal of Directors.
Directors are appointed based on the specific governance skills required by the Company. Given the size of the Company and the business
that it operates, the Company aims at all times to have at least one Director with experience in the mining and exploration industry, appropriate
to the Company’s market. In addition, Directors should have the relevant blend of personal experience in:
(cid:115)(cid:0) accounting and financial management;
legal skills; and
(cid:115)(cid:0)
(cid:115)(cid:0) Managing Director – appropriate business experience.
3.
ETHICAL STANDARDS
The Board acknowledges the need for continued maintenance of the highest standard of corporate governance practice and ethical conduct
by all Directors and employees of the Company.
3.1
CODE OF CONDUCT FOR DIRECTORS AND KEY EXECUTIVES - ASX PRINCIPLE 3
The Board has adopted a Code of Conduct for Directors and key executives to promote ethical and responsible decision-making. The code is
based on a code of conduct for Directors prepared by the Australian Institute of Company Directors.
In accordance with legal requirements and agreed ethical standards, Directors and key executives of the Company:
(cid:115)(cid:0) will act honestly, in good faith and in the best interests of the whole Company;
(cid:115)(cid:0) owe a fiduciary duty to the Company as a whole;
(cid:115)(cid:0) have a duty to use due care and diligence in fulfilling the functions of office and exercising the powers attached to that office;
(cid:115)(cid:0) will undertake diligent analysis of all proposals placed before the Board;
(cid:115)(cid:0) will act with a level of skill expected from directors and key executives of a publicly listed company;
(cid:115)(cid:0) will use the powers of office for a proper purpose, in the best interests of the Company as a whole;
(cid:115)(cid:0) will demonstrate commercial reasonableness in decision making;
(cid:115)(cid:0) will not make improper use of information acquired as Directors and key executives;
(cid:115)(cid:0) will not disclose non-public information except where disclosure is authorised or legally mandated;
(cid:115)(cid:0) will keep confidential, information received in the course of the exercise of their duties and such information remains the property of
the Company from which it was obtained and it is improper to disclose it, or allow it to be disclosed, unless that disclosure has been
authorised by the person from whom the information is provided, or is required by law;
(cid:115)(cid:0) will not take improper advantage of the position of Director or use the position for personal gain or to compete with the Company;
(cid:115)(cid:0) will not take advantage of Company property or use such property for personal gain or to compete with the Company;
(cid:115)(cid:0) will protect and ensure the efficient use of the Company’s assets for legitimate business purposes;
(cid:115)(cid:0) will not allow personal interests, or the interests of any associated person, to conflict with the interests of the Company;
(cid:115)(cid:0) have an obligation to be independent in judgment and actions, and Directors will take all reasonable steps to be satisfied as to the
soundness of all decisions of the Board;
(cid:115)(cid:0) will make reasonable enquiries to ensure that the Company is operating efficiently, effectively and legally towards achieving its goals;
(cid:115)(cid:0) will not engage in conduct likely to bring discredit upon the Company;
(cid:115)(cid:0) will encourage fair dealing by all employees with the Company’s suppliers, competitors and other employees;
(cid:115)(cid:0) will encourage the reporting of unlawful/unethical behaviour and actively promote ethical behaviour and protection for those who report
violations in good faith;
(cid:115)(cid:0) will give their specific expertise generously to the Company;
(cid:115)(cid:0) have an obligation, at all times, to comply with the spirit, as well as the letter of the law and with the principles of this Code.
35
CORPORATE GOVERNANCE
STATEMENT
CONTINUED…
3.2
CODE OF ETHICS AND CONDUCT - ASX PRINCIPLE 3
The Company has implemented a Code of Ethics and Conduct, which provides guidelines aimed at maintaining high ethical standards,
corporate behavior and accountability within the Company.
All Directors and employees are expected to:
(cid:115)(cid:0)
(cid:115)(cid:0)
respect the law and act in accordance with it;
respect confidentiality and not misuse Company information, assets or facilities;
value and maintain professionalism;
(cid:115)(cid:0)
(cid:115)(cid:0) avoid real or perceived conflicts of interest;
(cid:115)(cid:0) act in the best interests of shareholders;
(cid:115)(cid:0) by their actions contribute to the Company’s reputation as a good corporate citizen which seeks the respect of the community
and environment in which it operates;
(cid:115)(cid:0) perform their duties in ways that minimise environmental impacts and maximise workplace safety;
(cid:115)(cid:0) exercise fairness, courtesy, respect, consideration and sensitivity in all dealings within their workplace and with customers, suppliers and
the public generally; and
(cid:115)(cid:0) act with honesty, integrity, decency and responsibility at all times.
An employee that breaches the Code of Ethics and Conduct may face disciplinary action. If an employee suspects that a breach of the Code
of Ethics and Conduct has occurred or will occur, he or she must advise that breach to management. No employee will be disadvantaged or
prejudiced if he or she reports in good faith a suspected breach. All reports will be acted upon and kept confidential.
As part of its commitment to recognising the legitimate interests of stakeholders, the Company has established the Code of Ethics and
Conduct to guide compliance with legal and other obligations to legitimate stakeholders. These stakeholders include employees, government
authorities, creditors and the community as whole. This Code includes the following:
Responsibilities to Shareholders and the Financial Community Generally - ASX Principle 10
The Company complies with the spirit as well as the letter of all laws and regulations that govern shareholders’ rights. The Company has
processes in place designed to ensure the truthful and factual presentation of the Company’s financial position and prepares and maintains its
accounts fairly and accurately in accordance with the generally accepted accounting and financial reporting standards.
Employment Practices
The Company endeavours to provide a safe workplace in which there is equal opportunity for all employees at all levels of the Company.
The Company does not tolerate the offering or acceptance of bribes or the misuse of the Company’s assets or resources.
Responsibilities to the Community
As part of the community the Company:
(cid:115)(cid:0)
is committed to conducting its business in accordance with applicable environmental laws and regulations and encourages all
employees to have regard for the environment when carrying out their jobs;
(cid:115)(cid:0) encourages all employees to engage in activities beneficial to their local community; and
(cid:115)(cid:0)
supports community charities.
The Company supports the Indigenous Community:
(cid:115)(cid:0)
is committed to conducting its business in accordance with applicable heritage laws and regulations and encourages all employees to
have regard for the specific rights of indigenous communities when carrying out their jobs; and
(cid:115)(cid:0) encourages all employees to engage in activities beneficial to the indigenous community.
Responsibility to the Individual
The Company is committed to keeping private information, which has been provided by employees and investors confidential and protecting it
from uses other than those for which it was provided.
Conflicts of Interest
Employees and Directors must avoid conflicts as well as the appearance of conflicts between their personal interests and the interests
of the Company.
36
\\ Annual Report 2010
How the Company Monitors and Ensures Compliance with its Code
The Board, management and all employees of the Company are committed to implementing this Code of Ethics and Conduct and each
individual is accountable for such compliance.
Disciplinary measures may be imposed for violating the Code.
4.
DISCLOSURE OF INFORMATION
4.1
CONTINUOUS DISCLOSURE TO ASX - ASX PRINCIPLE 5
Rubicon provides updates on the changes in its circumstances as and when they occur by continuous disclosure in compliance with the ASX
Listing Rules, press releases, investor presentations and making all announcements and corporate information available on the Company’s
web site.
The continuous disclosure policy requires all executives and Directors to inform the Managing Director or in their absence the Company
Secretary of any potentially material information as soon as practicable after they become aware of that information.
Information is material if it is likely that the information would influence investors who commonly acquire securities on ASX in deciding whether to
buy, sell or hold the Company’s securities.
Information is not material and need not be disclosed if:
(a) A reasonable person would not expect the information to be disclosed or it is material but due to a specific valid commercial
reason is not to be disclosed; and
(b) The information is confidential; or
(c) One of the following applies:
i.
It would breach a law or regulation to disclose the information;
ii. The information concerns an incomplete proposal or negotiation;
iii. The information comprises matters of supposition or is insufficiently definite to warrant disclosure;
iv. The information is generated for internal management purposes;
v. The information is a trade secret;
vi. It would breach a material term of an agreement, to which the Company is a party, to disclose the information;
vii. It would harm the Company’s potential application or possible patent application; or
viii. The information is scientific data that release of which may benefit the Company’s potential competitors.
The Managing Director is responsible for interpreting and monitoring the Company’s disclosure policy and where necessary informing the
Board. The Company Secretary is responsible for all communications with ASX.
4.2
COMMUNICATION WITH SHAREHOLDERS - ASX PRINCIPLE 6
The Company places considerable importance on effective communications with shareholders.
The Company’s communication strategy requires communication with shareholders and other stakeholders in an open, regular and timely
manner so that the market has sufficient information to make informed investment decisions on the operations and results of the Company.
The strategy provides for the use of systems that ensure a regular and timely release of information about the Company to be provided to
shareholders. Mechanisms employed include:
(cid:115)(cid:0) Announcements lodged with ASX;
(cid:115)(cid:0) ASX Quarterly Reports;
(cid:115)(cid:0) Half Yearly Report and Annual Report; and
(cid:115)(cid:0) Presentations at the Annual General Meeting/General Meetings.
The Board encourages the full participation of shareholders at the Annual General Meeting to ensure a high level of accountability and
understanding of the Company’s strategy and goals.
The Company also posts all reports, ASX and media releases and copies of significant business presentations on the Company’s website.
37
CORPORATE GOVERNANCE
STATEMENT
CONTINUED…
5.
RISK MANAGEMENT
5.1
IDENTIFICATION OF RISK - ASX PRINCIPLE 7
The Board is responsible for the oversight of the Company’s risk management and control framework. Responsibility for control and risk
management is delegated to the appropriate level of management within the Company with the Managing Director and Company Secretary
having ultimate responsibility to the Board for the risk management and control framework.
Areas of significant business risk to the Company are highlighted in the Business Plan presented to the Board by the Managing Director
each year.
Arrangements put in place by the Board to monitor risk management include monthly reporting to the Board in respect of operations and the
financial position of the Company.
5.2
INTEGRITY OF FINANCIAL REPORTING - ASX PRINCIPLE 7
The Company’s Managing Director and Company Secretary report in writing to the Board that:
(cid:115)(cid:0)
(cid:115)(cid:0)
(cid:115)(cid:0)
the financial statements of the Company for each half and full year present a true and fair view, in all material aspects, of the Company’s
financial condition and operational results and are in accordance with accounting standards;
the above statement is founded on a sound system of risk management and internal compliance and control which implements the
policies adopted by the Board; and
the Company’s risk management and internal compliance and control framework is operating efficiently and effectively in all
material respects.
5.3
AUDIT AND ROLE OF AUDITOR - ASX PRINCIPLE 6
The Company’s auditor is required to attend the Annual General Meeting and be available to answer shareholder questions about the conduct
of the audit and the preparation and content of the auditor’s report.
6.
PERFORMANCE REVIEW - ASX PRINCIPLE 8
The Board has adopted a self-evaluation process to measure its own performance during each financial year. This process includes a review in
relation to the composition and skills mix of the Directors of the Company.
Arrangements put in place by the Board to monitor the performance of the Company’s executives include:
(cid:115)(cid:0) a review by the Board of the Company’s financial performance; and
(cid:115)(cid:0) annual performance appraisal meetings incorporating analysis of key performance indicators with each individual to ensure that the level
of reward is aligned with respective responsibilities and individual contributions made to the success of the Company.
38
\\ Annual Report 2010
ASX
ADDITIONAL INFORMATION
SUMMARY OF MINING TENEMENTS
SUB-
PROJECT
TENEMENT
ID
NATURE
OF
INTEREST
DATE
GRANTED
SUB-
PROJECT
TENEMENT
ID
NATURE
OF
INTEREST
DATE
GRANTED
YINDARLGOODA PROJECT
YINDARLGOODA PROJECT (CONTINUED)
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Yindarlgooda
Mt Monger
Mt Monger
Mt Monger
E25/00445
E25/00392
E25/00455
E25/00456
E25/00153
E25/00154
E26/00147
E27/00330
E27/00430
E27/00431
E27/00425
E27/00426
E27/00443
E27/00449
P28/01213
E25/00422
E25/00433
E25/00434
Madoonia Downs
E28/01984
Peter Dam JV
Peter Dam JV
Peter Dam JV
Peter Dam JV
Peter Dam JV
Peter Dam JV
Peter Dam JV
Peter Dam JV
Peter Dam JV
Yalla Burra JV
Yalla Burra JV
Mt McLeay JV
Mt McLeay JV
Mt McLeay JV
Mt McLeay JV
Mt McLeay JV
E15/00869
E25/00303
E25/00307
E25/00313
E25/00319
E25/00376
E25/00379
E25/00390
E25/00391
E15/00918
E15/01028
P27/01711
P27/01748
P27/01749
P27/01954
P27/01979
1
1
1
1
1
1
1
3
1
1
1
1
1
1
1
1
1
1
1
2a
2a
2a
1a
2a
1a
1a
1a
1a
1a
1a
2a
2a
2a
2a
1a
Pending
29-Dec-2009
Pending
Pending
Pending
Pending
Pending
9-Feb-2009
Pending
Pending
8-Sep-2010
8-Sep-2010
Pending
Pending
Pending
Mt McLeay JV
Rocky Dam JV
Rocky Dam JV
Rocky Dam JV
Rocky Dam JV
Rocky Dam JV
Rocky Dam JV
Rocky Dam JV
P27/02006
E25/00273
E25/00316
E25/00326
E25/00335
E25/00355
E27/00291
E27/00337
Rocky Dam JV
M25/00344
Rocky Dam JV
M27/00344 - 345
Rocky Dam JV
M27/00466
Rocky Dam JV
Rocky Dam JV
Rocky Dam JV
Rocky Dam JV
P25/01777
P25/01992
P27/01575
P27/01576
24-May-2010
Rocky Dam JV
P27/01924 - 1927
1a
2a
1a
1a
2a
2a
2a
2a
1a
2a
2a
1a
1a
2a
2a
1a
2a
Pending
Pending
27-Jul-2010
21-Dec-2005
20-Apr-2005
21-Jun-2005
23-Mar-2006
21-Feb-2006
30-Jan-2009
22-Dec-2009
10-Nov-2009
10-Nov-2009
2-Mar-2007
12-Aug-2008
28-May-2008
28-May-2008
28-May-2008
19-Feb-2009
29-Oct-2009
Rocky Dam JV
P27/01947 - 1949
CELIA PROJECT
Laverton Tectonic
E38/02221
Laverton Tectonic
E38/02222
Laverton Tectonic
E38/02224
Laverton Tectonic
E38/02267
Laverton Tectonic
E38/02304
Laverton Tectonic
E38/02306
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Howe
Mt Howe
Mt Howe
Mt Howe
Mt Howe
Mt Howe
Mt Celia
E31/00925 - 927
E31/00937 - 938
E31/00941
E39/01370
E39/00831
E39/00883
E39/01132
E39/01182
E39/01248
E39/01317
E39/01278
1
1
1
1
1
1
1
1
1
1
1
3
1
1
1
1
1
Pending
23-Mar-2006
8-Aug-2006
1-Nov-2006
26-Feb-2007
10-Nov-2009
28-Apr-2006
26-Feb-2007
Pending
Pending
Pending
5-Feb-2004
28-Jan-2009
5-Feb-2004
5-Feb-2004
23-Apr-2008
22-Sep-2008
23-Mar-2010
1-Sep-2009
17-Aug-2010
9-Feb-2010
26-Mar-2010
17-Aug-10
Pending
Pending
Pending
24-Feb-2009
7-Sep-2006
4-May-2007
27-Oct-2006
16-Oct-2007
13-Aug-2007
16-Jun-2008
14-May-2008
Nature of Interest Notes
1. Tenements 100% owned by Rubicon Resources Ltd
1a. Tenements 100% owned by Rubicon Resources Ltd - subject to joint venture or option
1b. Tenements 100% owned by Rubicon Resources Ltd - contested application
2. Tenements 100% owned by Rubicon Resources Limited, nickel exploration and mining rights owned by Heron Resources Limited
2a. Tenements 100% owned by Rubicon Resources Limited, nickel exploration and mining rights owned by Heron Resources Limited - subject to joint venture or
option over non-nickel rights
3. Tenements 100% owned by Heron Resources Limited or its subsidiaries; Rubicon Resources Limited has all non-nickel exploration and mining rights
39
ASX
ADDITIONAL INFORMATION
CONTINUED…
SUMMARY OF MINING TENEMENTS CONTINUED…
SUB-
PROJECT
TENEMENT
ID
NATURE
OF
INTEREST
DATE
GRANTED
SUB-
PROJECT
TENEMENT
ID
NATURE
OF
INTEREST
DATE
GRANTED
CELIA PROJECT (CONTINUED)
DESDEMONA PROJECT (CONTINUED)
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Mt Celia
Butchers Well
Butchers Well
Butchers Well
Yilgangi
Yilgangi
Yilgangi
Yilgangi
Apollo Hill
Apollo Hill
Apollo Hill
Kookynie
E39/01363
E39/01369
E39/01430
E39/01444
E39/01460
E39/01462
E39/01478
E39/01486
E39/01487
E39/01488
E39/01489
E39/01504
E39/01515
E39/01537
E39/01539
E39/01548
E39/01557 - 1558
E39/01560 - 1561
E39/01576
E39/01580
P39/04899 -4901
P39/04887
P39/04935
P39/04977
P39/05028
P39/05035 - 5036
E39/01403
E39/01409
E39/01410
E31/00721
E31/00814
P31/01815
P31/01832 - 1834
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
DESDEMONA PROJECT
E39/01101
E39/01405
E39/01406
E40/00195
1
1
1
1
18-Sep-2008
5-Sep-2008
23-Sep-2009
29-Oct-2009
5-Jan-2010
8-Feb-2010
26-Feb-2010
27-May-2010
9-Mar-2010
27-May-2010
25-Mar-2010
27-Jul-2010
27-Jul-2010
Pending
Pending
Pending
Pending
Pending
Pending
Pending
27-Mar-2009
25-Nov-2008
9-Jan-2009
23-Jul-2009
1-Dec-2009
24-Dec-2009
23-Jul-2009
23-Jul-2009
23-Jul-2009
23-Nov-2006
25-Nov-2008
28-May-2008
28-Aug-2008
9-Feb-2006
23-Jul-2009
23-Jul-2009
20-Apr-2006
Kookynie
Kookynie
Yerilla
Yerilla
Yerilla
Yerilla
Yerilla
Yerilla
E40/00200
E40/00293
E31/00684
E39/01120
E39/01139
E39/01228
P31/01752 - 1753
P31/01756
Malcolm Option
P37/07540 - 7545
Malcolm Option
P37/07546 - 7548
Malcolm Option
Malcolm Option
P37/07549
P37/07550
Malcolm Option
P37/07551 - 7552
Malcolm Option
P37/07553
Malcolm Option
P37/07554 - 7557
1
1
3
3
3
3
3
3
2a
1a
2a
1a
2a
1a
2a
3-May-2006
Pending
11-Apr-2007
3-Oct-2006
12-Oct-2006
29-Jun-2007
11-Jan-2007
11-Jan-2007
27-Mar-2009
27-Mar-2009
27-Mar-2009
27-Mar-2009
27-Mar-2009
27-Mar-2009
27-Mar-2009
ERLISTOUN PROJECT
Erlistoun
E38/01911
1
1-Nov-2007
WARBURTON PROJECT
Caesar Hill
Warburton
Warburton
Warburton
Warburton
Warburton
Warburton
Warburton
Warburton
E69/02253
E69/02192
E69/02252
E69/02582
E69/02656
E69/02129
E69/02443
E69/02577
E69/02578
1a
1a
1a
1a
1a
1a
1a
1a
1a
19-Jul-2007
14-Apr-2008
12-Jun-2007
22-Apr-2010
Pending
17-Sep-2008
17-Sep-2008
25-Mar-2010
Pending
WYLOO PROJECT
Wyloo
E08/02078
1
Pending
CHANNAR PROJECT
Channar
E52/02598
1b
Pending
ERROLLS PROJECT
Errolls
E57/00837
1
Pending
PADDY WELL PROJECT
Paddy Well
E09/01796
1
Pending
BELLARY SPRINGS PROJECT
Bellary Springs
E47/2412
1b
Pending
Nature of Interest Notes
1. Tenements 100% owned by Rubicon Resources Ltd
1a. Tenements 100% owned by Rubicon Resources Ltd - subject to joint venture or option
1b. Tenements 100% owned by Rubicon Resources Ltd - contested application
2. Tenements 100% owned by Rubicon Resources Limited, nickel exploration and mining rights owned by Heron Resources Limited
2a. Tenements 100% owned by Rubicon Resources Limited, nickel exploration and mining rights owned by Heron Resources Limited - subject to joint venture or
option over non-nickel rights
3. Tenements 100% owned by Heron Resources Limited or its subsidiaries; Rubicon Resources Limited has all non-nickel exploration and mining rights
40
\\ Annual Report 2010
Pursuant to the Listing Requirements of the Australian Stock Exchange Limited, the shareholder information set out below was applicable as
at 28 September 2010.
A.
DISTRIBUTION OF EQUITY SECURITIES
Analysis of numbers of shareholders by size of holding:
DISTRIBUTION
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
More than 100,000
Totals
NUMBER OF
SHAREHOLDERS
241
375
253
739
173
1,781
There were 869 holders of less than a marketable parcel of ordinary shares.
B.
SUBSTANTIAL SHAREHOLDERS
An extract of the Company’s Register of Substantial Shareholders (who holds 5% or more of the issued capital) is set out below.
SHAREHOLDER NAME
ISSUED ORDINARY SHARES
IJ Buchhorn and related entities
CVRD Australia EA Pty Ltd and associates
NUMBER OF
SHARES
PERCENTAGE OF
SHARES
6,976,064
6,423,995
7.36%
6.78%
41
ASX
ADDITIONAL INFORMATION
CONTINUED…
C.
TWENTY LARGEST SHAREHOLDERS
The names of the twenty largest holders of quoted shares are listed below:
SHAREHOLDER NAME
Kurana Pty Ltd (Buchhorn Unit Fund)
CVRD Australia EA Pty Ltd
Vale Australia EA Pty Ltd
Masen Properties Pty Ltd
MBM Corporation Pty Ltd
Bruce Barker (Barker Retirement Fund)
National Nominees Limited
Hazurn Pty Ltd (Buchhorn S/F)
Citicorp Nominees Pty Ltd
Kimbriki Nominees Pty Ltd
Eaton, Peter Charles and Teresa (Eaton S/F)
Paso Holdings Pty Ltd
Raul Used (Raul Used Fam A/C)
Kavalex Pty Ltd
Peter Crisp Pty Ltd (Crisp S/F )
Hollywell Investments Pty Ltd
Rita Marian Brooks (Brooks S/F)
Sambaitow Pty Ltd
Oliver Dupuy (Enerjee S/F)
Annette Mizon (Bobbin S/F)
D.
UNQUOTED OPTIONS
OPTIONS
Unlisted options exercisable at 14 cents each by 13 January 2014
Unlisted options exercisable at 25 cents each by 7 November 2010
Unlisted options exercisable at 25 cents each by 31 December 2011
Unlisted options exercisable at 30 cents each by 7 November 2010
Unlisted options exercisable at 40 cents each by 7 November 2010
LISTED ORDINARY SHARES
NUMBER
PERCENTAGE
QUOTED
4,687,537
4,000,000
2,423,995
2,010,000
1,736,983
1,555,753
1,548,771
1,480,906
1,432,827
1,107,947
1,100,000
1,023,626
1,000,000
1,000,000
963,743
905,000
853,218
827,272
800,000
751,515
4.94%
4.22%
2.56%
2.12%
1.83%
1.64%
1.63%
1.56%
1.51%
1.17%
1.16%
1.08%
1.05%
1.05%
1.02%
0.95%
0.90%
0.87%
0.84%
0.79%
31,209,093
32.89%
NUMBER
OF OPTIONS
2,600,000
2,900,000
1,000,000
1,300,000
1,300,000
9,100,000
E.
VOTING RIGHTS
In accordance with the Company’s Constitution, voting rights in respect of ordinary shares are on a show of hands whereby each member
present in person or by proxy shall have one vote and upon a poll each share shall have one vote.
42
\\ Annual Report 2010
ABOVE: Looking south
from Gap Bore BIF Ridge,
Celia Project
BELOW: Iron Sampling,
Celia Project
R U B I C O N
Resources Limited
Level 2, 91 Havelock Street, West Perth
Western Australia 6005
PO Box 534, West Perth
Western Australia 6872
Telephone: (08) 9214 7500
Facsimile:
(08) 9214 7575
Email: info@rubiconresources.com.au
www.rubiconresources.com.au