chairmans address

The Chairman's Address below has given be renewed hope!

Dear Shareholder
With a total cash balance of more than A$76 million, an aligned Board of Directors with international,
resource, merger and acquisition experience, a knowledgeable management team and a strategic plan to
move forward with the merger or acquisition of a near term producer, Moly Mines is poised to move
forward from a year of change, into a year of definition.
2013 was a year of strategic change and alignment for the Company. Against the backdrop of fluctuating
iron ore prices and an uncertain market, we significantly de-risked the Company in June of 2013 with the
Mine Gate Sale of our Spinifex Ridge Iron Ore Project “Spinifex Ridge”, a small scale project with a short
mine life and relatively high costs, to Mineral Resources Limited (“MRL”). . The Company sought to gain
value upfront from the operation. On 1 July 2013, the mine gate sale came into effect with MRL and the
Company realised an upfront purchase price of $A34.7 million. A remaining final payment will be
completed once the economic life of the Spinifex Ridge Mine has been exhausted. This final payment is
subject to adjustments to reflect the quantity and quality of iron ore mined during the term of the mine
gate sale agreement.
Cost savings initiatives have been an ongoing priority. In 2013 we made significant staff reductions.
More overhead reductions and a review of our ongoing commitments will continue into 2014.
In the fourth quarter of 2013, we paid down our debt with our majority shareholder Hanlong Mining Pty
Ltd. and in doing so reduced the overall interest rate on our debt balance from 10% to 7% further
reducing future costs.
Our primary focus has been and continues to be on the merger and acquisition of low risk, robust,
advanced staged gold and copper projects internationally, with strong cash flow generation potential.
Our secondary strategy to target a limited number of high quality “drill ready” exploration opportunities,
in low to medium risk mining jurisdictions and multiple commodities on a deal by deal basis.
Our management team and Board have been dedicated to reviewing and prioritizing targets that fit
strategically with the future growth of the Company.
In view of the continuing low molybdenum prices and the outlook for A$/US$ exchange rate, the Spinifex
Ridge Molybdenum/Copper Project remains on care and maintenance for the time being. The Company
does not expect to develop this project in the foreseeable future.
The Company is not currently undertaking any exploration activity.
We would like to thank those that are no longer with the Company for their valuable contributions during
their time with the Company. We would also like to thank our current Board, management team and staff,
for their dedication and support to the Company during 2013.
Finally, we would like to thank our shareholders for their support and patience. Your Board and the
management team are committed to creating greater shareholder value in 2014.