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2020 Annual General Meeting- Chairman’s Address
Resource Generation Limited
Registration number ACN 059 950 337
(Incorporated and registered in Australia)
ISIN: AU000000RES1
Share Code on the ASX: RES
Share Code on the JSE: RSG
(“Resgen” or the “Company”)
29 January 2021
2020 Annual General Meeting
Chairman’s Address
2020 was a year of mixed fortunes for our Company. We started the year enthusiastically
determined to reach Project Financial Close and confident in finalising the Boikarabelo Mine
construction work program. We were exceptionally disappointed in October 2020 to report that our
objective of reaching Financial Close by calendar year end would not be achieved as a result of
the Industrial Development Corporation of South Africa withdrawing from the Funding Syndicate
on short notice.
The delay in reaching Financial Close necessitated that we seek short term funding alternatives
including requesting Noble Group to extend repayment of their Working Capital Facility to enable
the Company to explore other opportunities to achieve Financial Close.
In this regard, Noble Group has continued to support the Company by agreeing to provide access
to additional short-term working capital, based on an austerity budget, through to the end of
February 2021. This allowed the Company time to address the solvency challenge and to evaluate
alternatives to progress development of the Project.
In November 2020, Noble Group, as secured creditor, appointed Macquarie Advisory and Capital
Markets as its Financial Advisor to work with the Company in a strategic review process to identify
alternative capital structure options for development of our Project.
A number of interested parties both locally in South Africa and abroad have been identified through
this process with a shortlist for more in-depth engagement prepared in early 2021. The strategic
review process is now expected to extend well past 28 February 2021. Consequently, to enable
progression of the strategic review process, the Company is currently focused on securing
additional working capital along with negotiating further extensions to deferred Project related
contractor payments.
I take this opportunity to thank our Shareholders for their continued patience whilst we navigate
the current difficulties, Noble Group for its continued support, the Board of Resgen for their
unwavering support and agreement to provide their role on a pro bono basis and our Management
team for their resilience and hard work.
Resource Generation Limited (ACN 059 950 337)
c/o Level 1, 17 Station Road, Indooroopilly, QLD 4068
GPO Box 126, Albion QLD 4010. Phone +27 (012) 345 1057 Fax +27 (012) 345 5314
www.resgen.com.au
Lulamile Xate
Chairman
For further information please contact:
Mike Meintjes, Company Secretary on mmeintjes@resgen.com.au or +61 413 706 143
Media enquiries:
South Africa: Marion Brower/ Charmane Russell on +27 11 880 3924
JSE Sponsor:
Deloitte & Touche Sponsor Services (Pty) Limited
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Date: 29-01-2021 08:36:00
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