Ambre Energy Limited Annual Report 30 June 2012 Lr

annualreportfinancial year ended 30 June 2012

Ambre Energy Limited

About Ambre EnergyAmbre Energy Limited is an unlisted public company headquartered in Brisbane, Australia, with operating and non-operating mining assets, and port infrastructure assets, located in the USA.

The company’s US operations currently produce more than 3Mt of thermal coal per year from their western US coal mines, with output sold domestically to power utilities.

Ambre is planning to extend the scale of its coal mining operations and commence the export of coal to power utilities located in Asia through its own port facilities in the US Pacific Northwest: Millennium Bulk Terminals (MBT) in Washington State (62% owned by Ambre), and the Morrow Pacific project (MPP) at Port of Morrow and Port Westward in Oregon (100% owned by Ambre).

Ambre is also assessing development opportunities at Port of Corpus Christi in Texas.

Through its Ambre Fuels subsidiary, the company is progressing plans to capitalise on the versatility of coal and its ability to be converted to liquid fuels for transportation.

Ambre Energy business structure

Other activities

Oil ShaleAmbre Fuels

LimitedAustralian coal

exploration

Ambre Energy Limited

Ambre Energy North America, Inc.

International coal marketing and trading

US coal export infrastructure

Millennium Bulk Terminals - Longview (62%)

Morrow Pacific project (100%)

Gulf States Bulk Terminal (100%)

US coal production

Decker mine (50%)

Black Butte mine (50%)

Big Horn deposit (100%)

Rosebud deposit (100%)

CONTENTSDirectors’ Report .............................................................................................. 4

Directors ......................................................................................................... 4

Company Secretary ........................................................................................ 6

Principal activities ............................................................................................ 7

Review of operations and assets ..................................................................... 8

Operating results (Corporate and financial position) ....................................... 14

Significant changes in the state of affairs ...................................................... 14

Events arising after balance sheet date ......................................................... 15

Likely developments ...................................................................................... 16

Directors’ meetings ....................................................................................... 16

Dividends ...................................................................................................... 16

Share options ................................................................................................ 16

Unissued shares under option ....................................................................... 17

Shares issued during or since the end of the year as a result of exercise ....... 18

Environmental legislation ............................................................................... 18

Indemnifications of officers and auditors ........................................................ 18

Proceedings on behalf of a company ............................................................ 18

Auditor’s independence declaration ............................................................... 18

Auditor’s independence declaration ............................................................. 19

Financial report ............................................................................................... 20

Consolidated statement of comprehensive income ................................... 21

Consolidated statement of financial position .............................................. 22

Consolidated statement of cash flows ......................................................... 23

Consolidated statement of changes in equity ............................................. 24

Notes to the financial statements ................................................................. 25

Directors’ declaration .................................................................................... 75

Independent auditor’s report ......................................................................... 76

Corporate directory ........................................................................................ 80

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DirectorsThe following persons were directors of the Parent entity during the whole of the period and up to the date of this report, unless otherwise noted:

Terry O’Reilly BCom, MBA, MApplied Finance, CPA, FAICD, FAIM

Chairman

Appointed: 23 January 2012 Chairman of Nomination and Remuneration Committee Member of Audit and Risk Management Committee

Terry O’Reilly has extensive board, chief executive and senior executive experience after working principally in the resources, energy and manufacturing sectors in Australia and internationally.

Terry has served as managing director of: Conzinc Asia, based in Singapore; Pacific Coal, based in Brisbane; and Coal and Allied Industries, based in Sydney. He has also served on the boards of the Port Waratah and Dalrymple Bay coal terminals.

With a commerce degree and MBA from Melbourne University, and a Masters in Applied Finance from Macquarie University, Terry is a Certified Practicing Accountant, a Fellow of the Australian Institute of Company Directors and a Fellow of the Australian Institute of Management.

Terry has served as Chairman of the Australian Coal Association, Queensland Coal Operators, the NSW Minerals Council, and the World Coal Institute Promotions Committee and was President of the Australia Philippines Business Council.

On the board of Macarthur Coal from October 2008 to October 2011, he served on the Audit and Special Projects committees and as Chairman of the Nomination and Remuneration Committee. Terry is a non-executive director with Thomas & Coffey Limited.

Edek Choros MSc (Geol), BE (Mining)

Chief Executive Officer and Managing Director

Appointed: 17 June 2005

Edek Choros founded Ambre Energy in June 2005. With more than 20 years of geological and engineering experience, Edek has an innate ability to identify and develop new project opportunities.

Before forming Ambre Energy, Edek established and sold the Millennium Coal Project in Queensland’s Bowen Basin. His experience developing innovative and profitable ventures ensures Ambre Energy continues to attract investment and international interest.

Edek gained his qualifications as a geologist and mining engineer in Krakow, Poland, before moving to Australia in 1989. He worked for the Electricity Trust of South Australia and as a private consultant in the coal mining industry before establishing Millennium Coal.

DIRECTORS’ REPORT

The directors of Ambre Energy Limited present their report, together with the financial statements of the consolidated group, being Ambre Energy Limited (the Parent) and its controlled entities (the Group), for the financial year ended 30 June 2012.

AMBRE ENERGY LIMITEDANNUAL REPORT FINANCIAL YEAR ENDED 30 JUNE 2012

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Michael Mewing BEc

Executive Director, Coal Business Development and Marketing

Appointed: 14 April 2008

Michael Mewing joined the board of Ambre Energy in April 2008 as Non-Executive Chairman and assumed a full-time executive role in September 2008.

Michael was President of Ambre Energy’s US subsidiary, Ambre Energy North America, from December 2008 to December 2010 and is now an executive director based in Brisbane. His primary responsibilities include strategic development and coal trading and marketing.

Instrumental in progressing Ambre Energy’s US acquisition and development program, Michael joined Ambre Energy with 30 years of experience in the international energy field, working in New South Wales, Queensland, Japan, Indonesia and the USA. He has held commercial, marketing and business development roles with BP Oil, BP Coal, Rio Tinto, PT Berau Coal and Millennium Coal.

Michael van Baarle BCom, LLB

Executive Director, Corporate Development

Appointed: 3 April 2007

Michael van Baarle has been an executive director of Ambre Energy Limited since 2006, shortly after the company’s inception. In that time, he has assisted with business and corporate development, which has seen Ambre grow from a small coal exploration and technology business starting out in Brisbane to a global resources group that employs and manages over 460 personnel.

Michael’s role has included raising capital in Australia and internationally, attending to the legal and corporate requirements involved in various acquisitions, including US technology and mining companies and port assets, managing communication with shareholders and other stakeholders, and overseeing corporate development generally. Prior to this time, Michael was a solicitor for 20 years, mainly in private practice in Brisbane. He is a graduate of the University of Queensland with degrees in law and commerce.

David Usasz BCom, FCA

Non-Executive Director

Appointed: 1 February 2009 Chairman of the board during the financial year to 23 January 2012 Chairman of Audit and Risk Management Committee Member of Nomination and Remuneration Committee

David Usasz is an expert in financial and strategic affairs with 31 years of service at PricewaterhouseCoopers, including 20 years as a partner. Throughout his career, David has advised businesses in both government and the private sector on management issues around success and growth.

David gained extensive experience in corporate finance with a focus on tax, and mergers and acquisitions. Three years working in Hong Kong, coupled with extensive travel to Japan, Taiwan, Jakarta and Singapore, gives David a strong understanding of Asian markets and investors.

David is currently a non-executive director of the public listed corporations Cromwell Group and Queensland Mining Corporation, of unlisted company URBIS Pty Ltd, and of the government owned corporation Queensland Investment Corporation Limited.

David’s diversified interests and networks are boosted by former directorship of the Australian Rugby Union Limited (2005–2007) and honorary positions held with the Princess Alexandra Hospital Research Foundation and the Australia Taiwan Business Council.

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Jayson Newitt BSc, MBA


Appointed: 1 December 2010 Member of Nomination and Remuneration Committee

Jayson Newitt holds a Bachelor of Science from Brigham Young University and received a Master of Business Administration degree from the Marriott School of Management (BYU).

Jayson is co-founder and managing director of Ritchie Opportunity Fund I, a private equity and investment fund with investment allocations in energy, manufacturing and healthcare, based in Salt Lake City, Utah. He is also a principal of The Ritchie Group, a private equity company with investments and projects across a diversified industry base, across two countries and across nine US states.

Jayson has substantial experience in project management, real estate, healthcare and private equity projects as a manager, limited partner, investor and board member.

Dr Ross Bhappu BSc, MSc, PhD (Mineral Econ.)


Appointed: 16 November 2011 Member of Audit and Risk Management Committee

Since 2005, Ross has been a partner with Resource Capital Funds, a series of private equity funds investing in the mining and minerals industry. From 2001 until 2005, he was vice-president/principal of Resource Capital Funds.

Since 2010, Ross has served as chairman of the board of Molycorp Inc. and since 2008 has been on the board of directors of EMED Mining Public Ltd, a copper mining company. He has been a director of Traxys SA, a metal trading and distribution company, since 2007.

From July 2002 until November 2007, Ross served on the board of directors of copper mining company Constellation Copper Corporation, and from November 2005 until September 2006 on the board of gold mining company Anglo Asian Mining.

Ross has experience in constructing and operating complex mining and processing operations, as well as mining-related merger and acquisition activities. He has worked for Newmont Mining Corporation, GTN Copper Corporation and Cyprus Minerals Company.

John MasseyNon-Executive Director

Appointed: 18 July 2011 Resigned: 28 February 2012

Company SecretaryNeil McGregor BMus, MMus, MBA

Appointed: 15 March 2012

Neil McGregor joined Ambre Energy in August 2008. He has held the position of Company Secretary for Ambre Fuels Limited since September 2011 and was appointed as Company Secretary and GM Corporate Communications for Ambre Energy Limited in March 2012. Neil holds a Masters of Business Administration and is currently studying for a Graduate Diploma in Applied Corporate Governance.


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Principal activitiesAmbre Energy is building a thermal coal export business in the United States and is engaged in the following principal activities:

a) Operating a US bulk commodities terminal and developing three port infrastructure projects for US thermal coal export

b) Operating two US thermal coal mines

c) Marketing US coal to domestic and international customers.

Further information on these principal activities is provided in the table below:

US coal export infrastructure development, bulk commodities terminal operation and domestic thermal coal production

Principal activities of the US bulk commodities terminal operation and coal export infrastructure development business

+ Jointly with Arch Coal, Inc., operating Millennium Bulk Terminals-Longview (MBTL), a bulk commodities terminal on the Columbia River in Washington State, USA

+ Ongoing clean-up of environmental issues at the MBTL site resulting from its former use as an aluminum smelter

+ Development activities to build a coal export terminal in two stages at MBTL. Principal activities during the year included preliminary engineering, permitting and communications

+ Progressing the Morrow Pacific project (MPP), a proposed coal barging and transhipping operation involving two industrial sites on the Columbia River in Oregon, USA. Principal MPP development activities during the year included preliminary engineering, permitting and communications

+ Assessing Ambre Energy’s coal export terminal development options on a 14.5 acre site at the Port of Corpus Christi, Texas, USA, over which Ambre Energy has an effective 30 year lease

Principal activities of the International coal marketing and trading business

+ Marketing US thermal coal to Asian customers and securing offtake agreements to supply US thermal coal from Ambre Energy co-owned mines and third party mines to South Korean power generators Korea South East Power Co. Ltd. (KOSEP) and Korea Southern Power Co. Ltd. (KOSPO)

Principal activities of the US thermal coal production and domestic coal marketing business

+ Acquiring a 50% interest in the Decker Coal Mine in Montana and the Black Butte Coal Mine in Wyoming, and 100% ownership of the formerly operated Big Horn and Rosebud deposits in Wyoming, USA

+ Fulfilling operator and marketing responsibilities for the Decker and Black Butte mines in accordance with the respective joint venture management agreements to meet safety, environmental and contractual obligations

Activities of additional units within the Ambre Energy group

Ambre Fuels Limited

+ Investigating potential sites for coal-to-liquids projects in Australia and the USA + Progressing research and development programmes for the alternative production of transport fuels from coal

Oil Shale + Managing Ambre Energy’s 38,000 acres of oil shale leases in Utah, USA + Drilling for resource delineation and permitting for bulk sample extraction to carry out testing at a future date

Australian coal exploration + Managing exploration programs and tenement administration for Ambre Energy’s Australian coal exploration permits

in South East Queensland, Australia

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Review of operations and assetsThe following review of operations and assets provides further detail on the separate businesses in the Ambre Energy group:

US coal export: port infrastructure, coal production and coal marketing

US bulk commodities terminal operation and coal export infrastructure developmentAmbre Energy’s infrastructure business is responsible for operating and implementing expansion projects at the jointly-owned Millennium Bulk Terminals (Washington State, USA), the wholly-owned Morrow Pacific project (Oregon, USA) and the proposed Gulf States Bulk Terminal (Texas, USA).

Millennium Bulk Terminals-Longview

Millennium Bulk Terminals-Longview (MBTL) is a bulk materials port on the Columbia River in Washington State, USA.

Ambre Energy owns 62 per cent of MBTL, with the remaining 38 per cent owned by Arch Coal, Inc. The site operated as an aluminum smelter from 1941 through 2000. Since 1968, the dock has been used to import alumina and materials for smelting.

A significant works program to maintain and upgrade the existing facilities is underway, including clean-up projects related to decades of aluminum smelting. The works have improved the safety and condition of the site for staff while addressing government requirements and community expectations. On 16 February 2012, MBTL purchased the 20 acre Barlow Point property adjacent to the site for future environmental mitigation.

Since the company began in January 2011, MBTL has registered one loss time injury and no environmental citations. MBTL annually handles approximately 300,000 to 350,000 metric tons of alumina for Alcoa and 100,000 metric tons of coal for the neighbouring Weyerhaeuser paper mill. The company employed an average of 30 people on site during the reporting period, led by Ken Miller, who replaced Joe Cannon as Chief Executive Officer in August 2011.

MBTL submitted permit applications on 23 February 2012 seeking approval to build a coal export facility at its Longview site. If approved, the US$450 million first stage will result in a coal export terminal with approximately 25 million metric tons per annum (Mtpa) capacity. The second stage, projected to cost US$200 million, will take total export capacity to approximately 44Mtpa.

The proposed new terminal facilities will include a rail yard to house trains arriving from western US coal mines, and two new docks to create a modern and efficient port capable of receiving, stockpiling, blending and loading coal for export. At full build-out, two vessels per day are anticipated to depart for offshore markets.


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Morrow Pacific project

The Morrow Pacific project is a proposed coal barging and transshipping operation involving two industrial sites on the Columbia River, in Oregon, USA.

At the publicly owned Port of Morrow located 272 miles up the Columbia River near Boardman, Oregon, a wholly-owned Ambre Energy subsidiary will construct the Coyote Island Terminal. The terminal will be capable of unloading coal from incoming trains using the Port of Morrow’s existing rail loop. The coal will be stored in covered warehouses before being barged 219 miles downriver to a second site at Port Westward.

This site is an existing dock at the Port Westward Industrial Park, also located on the Oregon side of the Columbia River and approximately 50 miles from the Pacific Ocean. It is capable of receiving ocean-going vessels up to Panamax class. The coal in the barges arriving from Coyote Island Terminal will be transloaded directly onto ships berthed at the Port Westward dock. The ships will be loaded via a state-of-the-art, fully enclosed, floating transloading facility.

The Union Pacific transcontinental rail line, also historically used by BNSF Railway, provides the Port of Morrow with a rail link to coal mines in Montana, Wyoming, Colorado and Utah, including Ambre Energy’s co-owned mining operations at Decker and Black Butte.

Permits to build a barge loading terminal at the Port of Morrow were lodged in February 2012 and in May 2012, the United States Army Corps of Engineers (USACE) completed a 60-day comment period. In August 2012, Anderson Perry & Associates, Inc., a civil engineering, surveying and natural resource firm completed an Environmental Review (ER) of the Morrow Pacific project. The ER looks at the potential environmental, economic and social impact that the project would have regionally. The ER was submitted to USACE and the Oregon Department of State Lands as part of the Section10 Fill/Removal permitting process. In September 2012, USACE ruled that the project at the Port of Morrow would be subject to an Environmental Assessment.

Initially, Ambre Energy anticipates shipping 3.5 million metric tons of coal per year from 2014 to countries such as Japan, South Korea and Taiwan. Full operational and permitted capacity is expected to be 8 million metric tons annually, subject to necessary approvals.

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Gulf States Bulk Terminal

Ambre Energy holds an effective 30-year lease on a 14.5 acre site at the Port of Corpus Christi (PoCC), Texas, USA. Port of Corpus Christi is the sixth largest in the US and is equipped to handle a broad range of cargo, including petroleum, ore, minerals, grain, chemicals and liquid bulk.

The lease provides Ambre Energy with the opportunity to develop a storage site to receive and ship coal through the port’s joint facilities. Existing port air emissions permits allow immediate coal shipment up to 1.5 million metric tons. Ambre Energy is investigating options for utilising and increasing this tonnage.

A development at the Port of Corpus Christi would allow Ambre Energy to access South American and European markets for thermal coal.

International coal marketing and tradingAmbre Energy’s international coal marketing and trading business sources, markets and sells high quality US thermal coal to customers predominantly in the Asia-Pacific market.

Total coal demand from Asia until 2030 is forecast to grow at 6.7% per year – 1.3 billion additional metric tons of coal. The US is currently a minor supplier of thermal coal into the Pacific export market, accounting for only 8 million of Asia’s 650 million metric tons of thermal coal demand.

As export facilities are commissioned on the US north-west coast, western US coal producers will increase their share of the Asian market. Ambre Energy believes its port developments, the Morrow Pacific project and Millennium Bulk Terminals-Longview, will be among the first projects to be permitted and developed.

Ambre Energy’s international coal marketing and trading business will optimise sales from its current operations and underpin the potential development of the company’s new projects. The marketing business will also seek to buy coal from other western US producers and export through Ambre Energy’s wholly and jointly owned export infrastructure, once commissioned. The primary markets will be South Korea, Japan and Taiwan – the markets geographically closest to the US west coast.

New sales will build on Ambre Energy’s current 10-year coal supply agreements with two South Korean companies: Korea South East Power Co. Ltd. (KOSEP) and Korea Southern Power Co. Ltd. (KOSPO). In May 2012, KOSEP entered into an agreement to purchase up to 3 million metric tons of coal each year from Ambre Energy for 10 years and in June 2012, KOSPO agreed to purchase up to 2 million metric tons from Ambre Energy for 10 years, worth over A$3.5 billion at market prices at the date of signing. The agreements with KOSEP and KOSPO will commence from commissioning of Ambre Energy’s first US coal export terminal.

Within the US, Ambre Energy’s marketing focuses on expanding sales to current and new customers for its jointly held Decker and Black Butte mines. Across 30 years of operation, both mines have established an excellent reputation for reliable and consistent supply.


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US thermal coal productionIn November 2011, Ambre Energy acquired 50 per cent of the Decker Coal Mine in Montana and the Black Butte Coal Mine in Wyoming, USA, through its subsidiary KCP, Inc. The company also secured total ownership of two former Wyoming mines with significant remaining coal resources, Big Horn and Rosebud, with a view to re-opening Big Horn.

Ambre Energy’s thermal coal production business fulfills operating and marketing responsibilities for the company’s co-owned Decker and Black Butte mines, and is also responsible for developing the Big Horn and Rosebud deposits.

Decker Coal Mine

The Decker Coal Mine is in the north-west of the Powder River Basin. Located within Montana’s Big Horn County, the mine has two mine areas: East Decker and West Decker. Since operations began in the 1970s, Decker has produced approximately 300 million metric tons of coal. Coal is presently sold to the US domestic market.

Ownership of the Decker Coal Mine is a 50/50 joint venture between Ambre Energy and Cloud Peak Energy (through respective subsidiaries), with Ambre Energy responsible for mine operations and coal marketing.

Ambre Energy has operated the Decker Coal Mine since acquisition on 14 November 2011. From acquisition date to 30 June 2012, one loss time injury and zero significant environmental breaches have occurred.

The Decker mine is serviced by BNSF Railway and in the year to 30 June 2012, the mine produced approximately 2,684,129 metric tons of coal. An independent JORC-compliant assessment completed in April 2012 indicates resources of 868.2 million metric tons and reserves of 138.2 million metric tons remain at the Decker mine1.

Black Butte Coal Mine

Black Butte Coal Mine is in the Green River Basin in Sweetwater County, south-west Wyoming, USA. The mine is a 50/50 joint venture between Ambre Energy and Anadarko Petroleum Corporation (APC). As with the Decker mine, Ambre Energy operates the mine and is responsible for marketing.

Ambre Energy has operated the Black Butte mine since acquisition of its 50% interest on 14 November 2011. From acquisition date to 30 June 2012, one loss time injury and zero significant environmental breaches have occurred.

The mine – a combination of dragline and truck and shovel stripping – targets production of about 3.2 million metric tons of coal each year. It is serviced by Union Pacific Railroad and the existing rail loop can support throughput of 14.5 million metric tons per annum.

An independent JORC-compliant assessment completed in April 2012 indicates resources of 124.6 million metric tons and reserves of 95.9 million metric tons remain at Black Butte mine2.

Along with supplying the existing domestic market, Ambre Energy is working towards exporting coal from Black Butte to the international market.

1 The Resources estimate is based on information compiled by Ms Gwen Stefani, who is a Member of the Australasian Institute of Mining and Metallurgy (230564). Ms Gwen Stefani is Principal Geologist of Palaris Mining Pty Ltd. She has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity she is undertaking 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. Ms Stefani has over 10 years experience in exploration and mining of coal deposits. Ms Gwen Stefani consents to the inclusion of this Resource Estimate in reports disclosed by the Company in the form in which it appears.The Reserves estimate is based on information compiled by Mr David Lennard, who is a Member of the Australasian Institute of Mining and Metallurgy (229742). Mr David Lennard is General Manager, Open Cut of Palaris Mining Pty Ltd. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking 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. Mr Lennard has over 20 years experience in the estimation, assessment, evaluation and economic extraction of Coal Reserves. He consents to the inclusion of this Reserve Estimate in reports disclosed by the Company in the form in which it appears.This estimation of Coal Reserves has been undertaken by a team of people in the Palaris Mining office and in co-operation with technical staff employed by Ambre Energy Limited. Mr David Lennard is satisfied that the work of the other contributors is acceptable, and Mr David Lennard accepts responsibility and accountability for the whole of the Coal Reserve estimate documentation under the Code.

2 The Resources estimate is based on information compiled by Mr Brad Willis, who is a Member of the Australasian Institute of Mining and Metallurgy (205328). Mr Willis is General Manager – Geological Services of Palaris Mining Pty Ltd. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking 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. Mr Willis has over 14 years experience in exploration and mining of coal deposits. Mr Willis consents to the inclusion of this Resource Estimate in reports disclosed by the Company in the form in which it appears.The Reserves estimate is based on information compiled by Mr Dave Lennard, who is a Member of the Australasian Institute of Mining and Metallurgy (229742). Mr Lennard is General Manager Open Cut Services, of Palaris Mining Pty Ltd. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking 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. Mr Lennard has over 30 years experience in the estimation, assessment, evaluation and economic extraction of Coal Reserves. Mr Lennard consents to the inclusion of this Reserve Estimate in reports disclosed by the Company in the form in which it appears.This estimation of Coal Reserves has been undertaken by a team of people in the Palaris office and in co-operation with technical staff employed by Ambre Energy Limited. Mr Lennard is satisfied that the work of the other contributors is acceptable and Mr Lennard accepts responsibility and accountability for the whole of the Coal Reserve estimate documentation under the Code.

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Rosebud deposit

Rosebud Coal Mine – located north of Hanna, in the Hanna Basin, Carbon County, Wyoming – opened in 1955 and operated until the early 1990s. The mine produced approximately 2.7 million metric tons per year at the height of its productivity in the 1970s. Today, the mine is nearly fully reclaimed and no coal production occurs.

As with the Big Horn deposit, there are significant remaining resources available at Rosebud. Developing these deposits is a potential future option for Ambre Energy.

Big Horn deposit

Located in the Northern Powder River Basin in Sheridan County, Wyoming, a mine operated at the Big Horn site from 1944 until 2000, producing up to 4.1 million metric tons of coal per year at its peak.

While the Big Horn deposit is not currently being mined, it has significant remaining resources.

Additional Ambre Energy group activitiesAmbre Fuels Limited

Ambre Fuels Limited, a wholly-owned subsidiary of Ambre Energy, is developing projects and technologies in Australia and the USA to convert coal into transport fuels. An independent board directs Ambre Fuels Limited, with separate chief executive officers for the US and Australian operations.

Ambre Fuels is investigating sites in Wyoming, Montana, Colorado and Texas to identify the location of the company’s first US coal-to-liquids project, while working with US research partners to investigate alternative methods for fuel production.

In Australia, Ambre Fuels Limited has for some years been proposing a project to use feedstock from the Felton North coal deposit located near Pittsworth, Queensland, to produce unleaded petrol and LPG for domestic consumption (ambreCTL). However, the newly-elected Queensland Government has indicated that it does not support open cut mining in the general area of the project. The Queensland Government is undertaking a regional planning process for the Darling Downs region, which aims to resolve land use conflicts such as those arising between agricultural and mining activities. The outcome of this process is expected to be announced in 2013. In the meantime, Ambre Fuels retains two operating farms at Felton and a regional office at nearby Pittsworth.


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Research and development

During the financial year, Ambre Fuels pursued the development and application of the following technologies:

+ Coal gasification to produce liquid fuels such as methanol, unleaded petrol, LPG and next-generation fuels such as DME + Catalyst for syngas conversion + Converting biomass and municipal waste to alternative fuels + Co-firing biomass and coal + Lignin-to-fuels conversion technologies + Coal liquefaction (dissolving coal).

Oil shale

Ambre Energy is the largest private owner of oil shale leases in Utah, USA, with 38,000 acres across 18 mineral leases and in-place resources of 8.7 billion metric tons containing 5.5 billion in-situ barrels of oil.

Approximately 1 billion in-situ barrels of this oil are contained in shale resources occurring at less than 500ft of cover, with the majority of near-surface resources well placed for surface mining techniques3.

Ambre continued its work on the definition of the resource with further drilling and applied for (and was awarded) a small mining permit to extract a bulk sample for further testing at a future date.

Australian coal exploration

Ambre Energy holds coal exploration permits over approximately 783km2 in Queensland, located roughly between Millmerran, Pittsworth and Warwick. This area includes around 20km2 attributed to the project ambreCTL. The area also includes the 303.90 million tonne JORC-compliant4 Mount Molar deposit, approximately 40 kilometres south-west of Toowoomba. A drilling program was completed at Mount Molar in February/March 2012 consisting of nine holes. The purpose of the programme was to drill around the extent of the known resource to identify regional trends.

These exploration permits are located within the region currently under review as part of the Queensland Government’s statutory regional planning process. The impact of this planning process on Ambre Energy’s exploration permits is likely to be disclosed in 2013.

3 Ambre Energy Oil Shale Resource Determination Report, Norwest Corporation, August 2011

4 The Resources estimate is based on information compiled by Gwen Stefani, who is a Member of the Australasian Institute of Mining and metallurgy (230564). Gwen Stefani is Principal Geologist of Palaris Mining Pty Ltd. She has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity she is undertaking 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. Gwen Stefani has over 10 years experience in exploration and mining of coal deposits. Gwen Stefani consents to the inclusion of this Resource Estimate in reports disclosed by the Company in the form in which it appears.

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Impairment provisions and write-offs

In accordance with Australian accounting standards, an assessment of the Ambre Energy consolidated Group assets (tangible and intangible) was conducted to determine potential impairment losses. Due to external and internal factors, including those outlined under the preceding sections on Ambre Fuels Limited and Australian coal exploration, indicators of impairment losses were deemed to exist for certain assets. Impairment losses totalling $10,856,938 have been recognised and the affected assets below were written down to the best estimate of their recoverable amount as at 30 June 2012:

+ Coal exploration assets in the Felton and Mount Molar areas in Queensland + An option to purchase land adjacent to the site of the proposed project ambreCTL + Property purchased by entities of the consolidated group at Felton, which have been revalued by an independent valuer + Intangible assets including patents related to oil shale retorting technology.

Operating results (Corporate and financial position)The net accounting loss for the Consolidated Entity for the year ended 30 June 2012 was $62,759,000 (2011: $23,129,000). Main contributing factors to the increased accounting loss for the period include impairment charges relating primarily to the write down of Queensland coal exploration assets totalling $10,857,000 (2011: nil), the loss contributed by joint ventures $10,105,000 (2011: nil) and the non-cash financing and share based payment expenses of $16,664,000 (2011: $1,920,000).

Cash flow (negative) from operations was $26,366,000 (2011: $19,248,000).

Significant changes in the state of affairs During the reporting period, the following significant changes in the state of affairs occurred:

+ Ambre Energy subsidiary, KCP, Inc., acquired a 50% ownership stake in the Decker Coal Company in southern Montana and the Black Butte Coal Company in Wyoming, including operating and marketing responsibilities for both mining operations. Additionally, the acquisition includes 100% ownership of the remaining resources of the Big Horn Coal Company and Rosebud Coal Sales Company, both in Wyoming. The transaction closed on 14 November 2011 and post-closing conditions were satisfied on 28 November 2011. For further details on the assets acquired, refer to ‘US thermal coal production’ on pages 11-12.

+ Negotiations with South Korean power generators Korea South East Power Co. Ltd. (KOSEP) and Korea Southern Power Co. Ltd. (KOSPO) resulted in offtake agreements to supply US thermal coal from Ambre Energy co-owned mines and third party mines. KOSEP entered into an agreement with Ambre Energy to purchase up to 3 million metric tons of coal each year for 10 years and KOSPO agreed to purchase up to 2 million metric tons from Ambre Energy for 10 years.

+ Permit applications were lodged by Millennium Bulk Terminals-Longview for approval to build a coal export terminal in two stages at the MBTL site. See page 8 for further information.

+ Permit applications were lodged seeking approval to build a coal storage and barge loading terminal at the Port of Morrow, Oregon, as part of the Morrow Pacific project. In August 2012, Ambre Energy subsidiary Coyote Island Terminal, LLC (CIT) submitted an Environmental Review to USACE which investigates the potential environmental, economic and social impact that the coal barging terminal would have on the Port of Morrow region. In September 2012, CIT was informed that USACE will move forward with an Environmental Assessment of works proposed at the Port of Morrow.

+ In February 2012, Ambre Energy appointed CBA Equities Limited, RBC Capital Markets and RBS Morgans Corporate Limited as Joint Lead Managers to assist the company prepare for listing on the Australian Securities Exchange. The company and its advisors completed much of the due diligence work in the first half of 2012 that is required for listing. Prior to the proposed listing window, the Ambre Energy board decided to postpone the event for the following key reasons:

+ Deterioration of global capital markets + Reduction of international thermal coal spot prices + Litigation arising between Ambre Energy and Cloud Peak at the jointly-owned Decker Mine in Montana.

+ Ambre CTL Limited, the Company’s wholly-owned subsidiary progressing the coal-to-liquids project ambreCTL in Queensland, Australia, changed its name to Ambre Fuels Limited on 26 March 2012.

+ Ambre Fuels Limited was informed by the Queensland Government in August 2012 that its Australian coal-to-liquids project, ambreCTL, would not be declared a significant project for which an environmental impact statement is required. The Queensland Premier also stated in documents made public that an LNP Government does not and will not support open cut coal mining in the general area of ambreCTL.

+ Certain assets in the Ambre Energy group were subject to impairment write offs to the value of $10,856,938.


14

+ Raised approximately $89 million in share capital and $44 million through the issue of redeemable convertible notes and a debt facility.

+ On 9 July 2012, the 50% joint venture owner of the Decker Coal Mine, Western Minerals LLC, filed a Complaint and Jury Demand with the US District Court in Billings, Montana. The defendants named in the Complaint were KCP, Inc., Ambre Energy North America, Inc. (AENA) and Ambre Energy Limited. KCP and AENA filed an Answer and Counterclaim on 30 July 2012, which Counterclaim also added Cloud Peak Energy, Inc. as a defendant. Western Minerals and Cloud Peak filed a Response and Jury Demand to Counterclaims and Third Party Claims on 10 September 2012.

+ On 5 December 2012, a subsidiary of Ambre Energy Limited entered into an agreement with a CPE subsidiary to purchase CPE’s indirect 50% joint venture share in the Decker Coal Company and related assets, including entitlement to certain royalties payable by Decker. The purchase consideration for the Decker interests included a cash payment of A$57million if paid by closing (scheduled for first quarter of 2013). Alternatively Ambre Energy will issue CPE with a promissory note for A$64 million payable at a later date.

+ On 10 December 2012 Ambre and Resource Capital Funds (RCF) agreed to amend, restate, modify, extend and continue their existing loan agreement. Under the amended agreement RCF have made available to Ambre Energy North America, Inc. a senior, secured, non-revolving, convertible loan in the amount of USD$50 million, of which USD $20 million is currently unused.

+ On 5 December 2012, the board of directors resolved to change the financial year end for the Ambre Energy group to 31 December. Therefore, the next financial period will be for the six months ending 31 December 2012.

Events arising after balance sheet dateFor details on the following events arising after balance sheet date, refer to the section ‘significant changes in the state of affairs’ on pages 14-15:

+ Permit application developments relating to the Morrow Pacific project + Initiation and settlement of litigation involving entities within the Ambre Energy group + Extension of a loan facility from RCF to Ambre Energy + Significant project declaration determination for the Ambre Fuels Limited Australian coal-to-liquids project, ambreCTL + Change of financial year end for the Ambre Energy group.

Otherwise, there has not been any other matter or circumstance that has significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial years.

15

Likely developmentsInformation on likely developments in the group’s operations and the expected results have not been included in this report because the directors believe it would likely result in unreasonable prejudice to the group.

Directors’ meetingsThe number of meetings of the company’s board of directors held during the year ended 30 June 2012, and the number of meetings attended by each director was as follows:

Meetings of committees

Full meetings of directors

Audit and Risk Management Committee

Nomination and Remuneration

Committee

Total – 9 Total – 4 Total – 6

Number Attended

Number eligible

to attend

Number Attended

Number eligible

to attend

Number Attended

Number eligible

to attend

T O’Reilly Non-Executive 5 5 1 1 2 2

E Choros Executive 9 9 3 3 4 4

M Mewing Executive 9 9 2 3 2 3

SMJ van Baarle Executive 9 9 n/a n/a n/a n/a

D Usasz Non-Executive 9 9 4 4 6 6

J Newitt Non-Executive 9 9 3 3 6 6

R Bhappu Non-Executive 7 7 2 2 2 2

J Massey Non-Executive 3 3 2 2 3 3

DividendsThe directors declare that no amount has been paid or declared by way of a dividend since the start of the financial year. The directors do not recommend the payment of a dividend in respect of the financial year.

Share options

Share options granted to directors and executivesOptions granted to directors and executives over unissued ordinary shares in Ambre Energy Limited during the financial year include:

Directors and executives

Number of options granted

Number of ordinary shares under option

Issue price Options expiry date

E Choros 30,000,000 30,000,000 $2.47 31 Dec 2016

Terry O’Reilly 1,600,000 1,600,000 $1.80 31 Dec 2016

M Mewing 4,000,000 4,000,000 $1.25 31 Dec 2015

SMJ van Baarle 4,000,000 4,000,000 $1.25 31 Dec 2015

R Bhappu (RCF Management, LLC)

200,000 200,000 $1.10 31 Dec 2015

J Newitt 200,000 200,000 $1.10 31 Dec 2015

E King 4,000,000 4,000,000 $1.10 31 Dec 2015

G Booth 1,500,000 1,500,000 $1.25 31 Dec 2015


16

Unissued shares under optionUnissued ordinary shares in Ambre Energy Limited under option at the date of this report are:

Date options granted Number of ordinary shares under option

Exercise Price of option

Expiry date of options

26 June 2008 2,000,000 $0.48 31 December 201230 June 2008 800,000 $0.48 31 December 20121 September 2008 4,100,000 $0.48 31 December 20124 September 2008 320,000 $0.48 31 December 201229 September 2008 200,000 $0.48 31 December 201230 September 2008 800,000 $0.48 31 December 20121 October 2008 750,000 $0.48 31 December 20126 November 2008 200,000 $0.48 31 December 201328 January 2009 100,000 $0.48 31 December 20121 February 2009 1,950,000 $0.48 31 December 20137 May 2009 400,000 $0.48 31 December 20127 May 2009 1,100,000 $0.48 31 May 20147 May 2009 100,000 $0.48 31 December 201427 January 2010 400,000 $0.48 31 December 20131 February 2010 100,000 $0.48 31 December 20121 February 2010 100,000 $0.48 31 December 20131 March 2010 1,100,000 $0.48 31 December 201515 March 2010 200,000 $0.48 31 December 201420 April 2010 1,000,000 $0.60 31 December 201420 April 2010 1,600,000 $0.60 31 December 201530 April 2010 2,100,000 $0.60 31 December 201530 April 2010 50,000 $0.48 31 December 201430 April 2010 50,000 $0.48 31 December 201430 April 2010 100,000 $0.48 31 December 20143 May 2010 1,000,000 $0.48 31 December 201510 May 2010 500,000 $0.48 31 December 201520 May 2010 100,000 $0.48 31 December 201220 May 2010 1,000,000 $0.60 31 December 20151 July 2010 1,200,000 $0.48 31 December 20151 October 2010 1,000,000 $0.48 31 December 201521 October 2010 100,000 $0.60 31 December 201522 October 2010 100,000 $0.60 31 December 20151 November 2010 200,000 $0.60 31 December 201522 November 2010 600,000 $0.60 31 December 20151 December 2010 300,000 $0.60 31 December 20151 May 2011 250,000 $1.00 31 December 201511 May 2011 500,000 $1.25 31 December 201516 June 2011 250,000 $1.25 31 December 201516 June 2011 500,000 $1.00 31 December 201518 July 2011 300,000 $1.25 31 December 20158 August 2011 400,000 $1.10 31 December 201516 August 2011 100,000 $0.60 31 December 20151 October 2011 600,000 $1.10 31 December 201524 October 2011 200,000 $1.10 31 December 20151 November 2011 500,000 $1.25 31 December 201514 November 2011 6,250,000 $1.00 14 November 201416 November 2011 5,400,000 $1.10 31 December 201516 November 2011 11,000,000 $1.25 31 December 201525 November 2011 200,000 $1.25 31 December 20145 December 2011 500,000 $1.10 31 December 201531 December 2011 6,250,000 $1.00 31 December 201423 January 2012 1,600,000 $1.80 31 December 20167 March 2012 100,000 $1.80 31 December 20151 April 2012 12,500,000 $1.00 1 April 201527 April 2012 950,000 $1.50 31 December 201630 April 2012 100,000 $1.25 31 December 201514 May 2012 30,000,000 $2.47 31 December 201614 May 2012 500,000 $1.80 31 December 201628 May 2012 850,000 $1.50 31 December 20166 June 2012 200,000 $1.50 31 December 20161 November 2012 500,000 $1.50 31 December 2016Total 106,220,000

17

Shares issued during or since the end of the year as a result of exerciseDuring or since the end of the financial year, Ambre Energy Limited issued ordinary shares as a result of the exercise of options as follows (there were no amounts unpaid on the shares issued):

Date options granted Issue price of shares Number of ordinary shares issued as a result of exercise

19 March 2007 $0.20 3,000,000

19 April 2007 $0.20 500,000

19 April 2007 $0.20 500,000

18 March 2008 $0.48 1,000,000

Total 5,000,000

Environmental legislationThe group’s operations are subject to various environmental laws and regulations under the relevant government‘s legislation. Full compliance with these laws and regulations is regarded as a minimum standard for all operations to achieve.

Instances of environmental non–compliance by an operation are identified either by external compliance audits or inspections by relevant government authorities.

There have been no significant breaches by the group during the financial year.

Indemnifications of officers and auditorsDuring the financial year the company’s parent entity, Ambre Energy Limited, paid a premium in respect of a contract insuring the directors of the company (as named on pages 4–6), the company secretary, and all executive officers of the company and of any related body corporate against a liability incurred as such a director, secretary or executive officer to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.

Directors’ Deeds

During and since the end of the financial year, Ambre Energy Limited entered into a Deed of Indemnity, Insurance and Access (Directors’ Deeds) with current directors of the parent. These Deeds formalise the arrangements between the company and the directors as to indemnities, insurance and access to board records. Under each Deed the company indemnifies the director to the extent permitted by law against any liability (including liability for legal defence costs) incurred by the director as an officer of the company or any operating company or while acting at the request of the company or any operating company as an officer of a non-controlled entity.

Proceedings on behalf of a companyNo person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to 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 part of those proceedings.

Auditor’s independence declarationThe auditor’s independence declaration for the year ended 30 June 2012 has been received and can be found on page 19 of the annual report.

The report is made in accordance with a resolution of the directors.

Edward (Edek) Choros Director 12 December 2012


18

AUDITOR’S INDEPENDENCE DECLARATION

19

FINANCIAL REPORTConsolidated statement of comprehensive income ............................................ 21

Consolidated statement of financial position ...................................................... 22

Consolidated statement of cash flows ............................................................... 23

Consolidated statement of changes in equity ..................................................... 24

Notes to the financial statements ....................................................................... 25

20AMBRE ENERGY LIMITEDANNUAL REPORT FINANCIAL YEAR ENDED 30 JUNE 2012

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*6!/''7/8'%/&97


DIRECTORS’ DECLARATION for the year ended 30 June 2012

The directors of the Company declare that:

1. the consolidated financial statements and notes of Ambre Energy Limited are in accordance with the Corporations Act 2001 and

a) comply with the Australian Accounting Standards which as stated in note 1 to the financial statements, constitutes compliance with the international financial reporting standards (IFRS); and

b) give a true and fair view of the financial position as at 30 June 2012 and of the performance for the year ended on that date of the company and consolidated group; and

2. in the directors’ opinion there are reasonable grounds to believe that Ambre Energy Limited will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the board of directors.

Edward (Edek) Choros Director 12 December 2012

75

INDEPENDENT AUDITOR’S REPORT


77


www.ambreenergy.com

CORPORATE DIRECTORYAmbre Energy Limited ACN 114 812 074

Directors

Terry O’Reilly David UsaszEdek ChorosMichael MewingMichael van BaarleJayson NewittRoss Bhappu

Company Secretary

Neil McGregor

Principal registered office of Australia

Level 27 AMP Place, 10 Eagle Street Brisbane QLD 4000, Australia

TEL +61 (0)7 3009 9180 FAX +61 (0)7 3009 9181 EMAIL [email protected] WEB www.ambreenergy.com

Principal registered office in the United States

Ambre Energy North America, Inc. 170 South Main Street, Suite 700 Salt Lake City, UT 84101

TEL +1 801 539 3788 FAX +1 801 539 3789

Share registry

Computershare Investor Services Pty Limited GPO Box 2975 Melbourne Victoria 3001

TEL (within Australia) 1300 850 505 (outside Australia) +61 3 9415 4000 FAX +61 3 9473 2500 WEB www.computershare.com.au

Auditor

Grant Thornton Audit Pty Ltd

Date post:	01-Nov-2014
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Ambre Energy Limited Annual Report 30 June 2012 Lr

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