## SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS 

Total consolidated equity increased to $263,953,921 from $201,866,069, an increase of $62,087,853. The movement was largely as a result of the increase in profits from the Renison Tin Project and the sale of Jabiru Metals Limited and Aragon Resources Limited shares. 

## SIGNIFICANT EVENTS AFTER THE BALANCE DATE 

On 16 June 2011 the Company announced its intention to conduct an on-market buy-back of up to 10% of its issued capital over a twelve month period commencing on 1 July 2011. As at the date of this report the Company had acquired 25,208,407 shares for a total value of $5,740,356.48 and an average price of $0.228 per share. 

## LIKELY DEVELOPMENTS AND EXPECTED RESULTS 

It is expected that the Consolidated Entity will continue its exploration, mining, processing, production and marketing of tin concentrate in Australia, and will continue its exploration and development of its nickel and phosphate projects. These are described in more detail in the Review of Operations above. 

Further information regarding likely developments in the operations of the Consolidated Entity and the expected results from those operations in future financial years has not been included in this report because, in the opinion of your directors, its disclosure would prejudice the interests of the Consolidated Entity. 

## ENVIRONMENTAL REGULATION AND PERFORMANCE 

The Consolidated Entity’s activities are subject to the relevant environmental protection legislation (Commonwealth and State legislation) at its projects. The Consolidated Entity believes that sound environmental practice is not only a management obligation but the responsibility of every employee and contractor. 

During the period our achievements in the environmental area included: 

• Continued focus on environmental management; and 

• Continuous review and improvement of our environmental management systems across all projects. 

No fines were imposed and no prosecutions were instituted by a regulatory body during the period. 

## SHARE OPTIONS 

## Unissued shares 

As at the date of this report, there were 7,575,000 unissued ordinary shares under option (8,275,000 at reporting date), refer to note 29(e) for further details. 

There are no participating rights or entitlements inherent in the options and option holders are not entitled to participate in new issues of capital or bonus issues offered or made to shareholders during the currency of the options. 

## Shares issued as a result of exercising options 

No options were exercised during the financial year. 

