Atlas Iron Ltd . (ATLGF)

[AISI304]

ATLGF: 2017 Annual General Meeting: Chairman’s Address

http://www.atlasiron.com.au/site/PDF/8233_1/Chairman39sAddresstoShareholders

Atlas navigated its way through these somewhat choppy waters to continue its remarkable financial turnaround. Your Company posted a net profit after tax of $48 million compared with the $159 million loss of a year earlier.

The extent of the Company’s vastly improved performance was highlighted by the increase in net
operating cash flow, which rose to $154 million from $31 million the previous year. This strong result enabled Atlas to cut its loan by $79 million to $103 million. It also finished the
year with $81 million cash on hand and a further $20 million in the reserve account.

Atlas’ stronger balance sheet and increased cash flow saw both Standard and Poor’s and Moody’s
upgrade their credit ratings on the Company during the year.