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EXTRACT RESOURCES LIMITED ABN 61 057 337 952
AND CONTROLLED ENTITIES
CHAIRMAN’S REPORT
3
2006/07 was a dynamic year of productivity and progress for Extract Resources. Continuing
exploration successes with uranium projects in Namibia have resulted from significant efforts at all
levels of the organisation. This exploration success has largely driven the need to put in place major
corporate initiatives designed to provide the Company with a solid foundation for its next substantial
growth phase.
Initiatives completed during the year include:-
�� the raising of capital to fund the accelerating uranium exploration programmes;
�� the acquisition of all interests in the uranium properties to give the group 100% ownership of all
its uranium projects;
�� the restructuring of shares to position the Company for access to a greater proportion of capital
from international sources;
�� the successful closure and preparation of gold operations for sale to ensure a company-wide
focus on the significantly higher value uranium projects;
�� the conversion and payout of interest bearing liabilities to leave the group virtually debt free; and
�� the appointment of new board members and staff; and the establishment of field and corporate
offices in Namibia.
Further initiatives are expected to be completed throughout the current year including the completion of
a scoping study for the Husab - Ida dome uranium project, the divestment of all gold assets and the
listing of the Company’s shares jointly on the TSX.
It is anticipated that the TSX listing will be a platform for access to capital markets substantially larger
than that available through the Australian market, with a greater appetite for, and knowledge of, the
uranium mining sector, in which Extract is now well entrenched.
Significant increases in value and market recognition of the Company is likely to be achieved over the
coming 12 months as we look to complete an initial resource estimate early in the New Year. This
estimate, whilst based on a fraction of the targeted areas, is expected to provide the Company with the
confidence to proceed to the next stages of development - the first of these being a feasibility study
anticipated to commence in 2008.
On-going and accelerating resource definition works are expected to provide resource upgrades as we
progress. Other news will be eagerly awaited from further exploration and testing at the highly
potential targets of Rossing South and Hildenhof.