SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS SIGNIFICANT EVENTS AFTER THE BALANCE DATE LIKELY DEVELOPMENTS AND EXPECTED RESULTS 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. 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. 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. 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: ENVIRONMENTAL REGULATION AND PERFORMANCE SHARE OPTIONS Unissued shares Shares issued as a result of exercising options No fines were imposed and no prosecutions were instituted by a regulatory body during the period. 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. No options were exercised during the financial year. •  Continued focus on environmental management; and •  Continuous review and improvement of our environmental management systems across all projects. 27  DIRECTORS’ REPORT