Corporate statement 
ATH Resourcs plc (“ATH”) operates surface coal mines 
and through its recently acquired subsidiary, ATH Ogden, 
operates a coal recovery, land remediation and 
regeneration business. ATH is the third largest coal 
producer in the UK and supplies coal to the electricity 
supply, industrial and house coal markets.
Throughout the development, mining and reclamation 
process, ATH focuses on the restoration and rehabilitation 
of the sites and land is returned to various uses including 
agriculture, forestry, nature conservation and other forms 
of development.
ATH Resources plc became a public company in  
June 2004 when the Company was listed on AIM.  
The Company intends to grow organically and will  
pursue suitable complementary acquisitions which 
meet strict, pre determined criteria.
 IFC Corporate statement
  Group operations
 01  Highlights
 02  Chairman’s statement
 04  Chief executive’s statement
 08  Financial review
 10  Board of directors
 12  Directors’ report
 14  Corporate governance report
 15  Remuneration committee report
 17  Independent auditors’ report
 18  Consolidated proﬁt and loss account
 19  Consolidated balance sheet
 20  Company balance sheet
 21  Consolidated cash ﬂow statement
 22  Accounting policies
 24  Notes to the ﬁnancial statements
 33  Notice of annual general meeting
 35  Form of proxy
 IBC  Corporate information 
 IBC Company diary 2007
Annual report and ﬁnancial statements 2006
Aardvark House 
Sidings Court 
Doncaster DN4 5NU
Tel:  +44 (0)1302 760462 
Fax:  +44 (0)1302 760463 
Web:  www.ath.co.uk
ATH’s commitment to environmental issues is reﬂected in this annual report which 
has been printed on Revive Silk, a recycled paper stock. It contains 75% de-inked 
post consumer waste and 25% combination mill broke and virgin ﬁbres. 
This document was printed by Beacon Press using their environmental print 
technology which minimises the impact of printing on the environment. All energy 
used comes from renewable sources, vegetable based inks have been used and 
85% of all waste associated with this production has been recycled. The printer is 
a Carbon Neutral
®
 company. 
Both the printer and the paper mill are registered to ISO 14001. 
ATH Resources plc Annual report and ﬁnancial statements 2006
_1cover.indd   1 12/12/2006   11:50:40 Corporate statement 
ATH Resources plc (“ATH”) operates surface coal mines 
and through its recently acquired subsidiary, ATH Ogden, 
operates a coal recovery, land remediation and 
regeneration business. ATH is the third largest coal 
producer in the UK and supplies coal to the electricity 
supply, industrial and house coal markets.
Throughout the development, mining and reclamation 
process, ATH focuses on the restoration and rehabilitation 
of the sites and land is returned to various uses including 
agriculture, forestry, nature conservation and other forms 
of development.
ATH Resources plc became a public company in  
June 2004 when the Company was listed on AIM.  
The Company intends to grow organically and will  
pursue suitable complementary acquisitions which 
meet strict, pre determined criteria.
 IFC Corporate statement
  Group operations
 01  Highlights
 02  Chairman’s statement
 04  Chief executive’s statement
 08  Financial review
 10  Board of directors
 12  Directors’ report
 14  Corporate governance report
 15  Remuneration committee report
 17  Independent auditors’ report
 18  Consolidated proﬁt and loss account
 19  Consolidated balance sheet
 20  Company balance sheet
 21  Consolidated cash ﬂow statement
 22  Accounting policies
 24  Notes to the ﬁnancial statements
 33  Notice of annual general meeting
 35  Form of proxy
 IBC  Corporate information 
 IBC Company diary 2007
Annual report and ﬁnancial statements 2006
Aardvark House 
Sidings Court 
Doncaster DN4 5NU
Tel:  +44 (0)1302 760462 
Fax:  +44 (0)1302 760463 
Web:  www.ath.co.uk
ATH’s commitment to environmental issues is reﬂected in this annual report which 
has been printed on Revive Silk, a recycled paper stock. It contains 75% de-inked 
post consumer waste and 25% combination mill broke and virgin ﬁbres. 
This document was printed by Beacon Press using their environmental print 
technology which minimises the impact of printing on the environment. All energy 
used comes from renewable sources, vegetable based inks have been used and 
85% of all waste associated with this production has been recycled. The printer is 
a Carbon Neutral
®
 company. 
Both the printer and the paper mill are registered to ISO 14001. 
ATH Resources plc Annual report and ﬁnancial statements 2006
_1cover.indd   1 12/12/2006   11:50:40 Group operations
Head Ofﬁce
Location: Doncaster
The Group’s head office is located in a 
new office building close to the town centre 
in Doncaster. Being only one and a half hours 
from London by train Doncaster is an ideal 
base from which to administer the Group 
whilst enabling regular contact with our 
major power station customers, who are 
located in Yorkshire and Nottinghamshire, as 
well as being able to conveniently meet with 
our other stakeholders based in London.
Garleffan 
Location: New Cumnock, East Ayrshire 
Garleffan was acquired as an operational site 
in November 2003 and required a turnaround 
in the site design and plant fleet. This was 
achieved during 2004 and the site continued 
in production until June 2006 when it entered 
restoration. The award winning restoration 
plan will provide a habitat to attract 
Peregrine falcons. 
Grievehill 
Location: Adjacent Garleffan
The Grievehill site was acquired, together  
with Glenmuckloch, from Scottish Coal as  
a fully permitted site in 2005. The site lies 
adjacent to the Garleffan site and utilises  
the infrastructure already established for 
processing and transporting coal to market  
via the Group’s rail head at Crowbandsgate.
The site entered production in September  
2005 for 24 months and will produce  
1.8 million tonnes.
Glenmuckloch
 Location: 5 miles east of New Cumnock, 
East Ayrshire
Glenmuckloch was acquired in June 2005 
along with the Grievehill site from Scottish 
Coal. Grievehill is a fully permitted site and 
entered production in 2006 with a four and a 
half year production life. There are some 
3.2 million tonnes of coal reserves at 
Glenmuckloch which will be transported to 
Crowbandsgate via a 12km conveyor. 
Laigh Glenmuir
Location: 1 mile north of Garleffan
This site, which was granted planning 
permission in October 2005, contains 
some 0.5 million tonnes of coal which will 
be transported to market via the Garleffan 
site. The site entered production in 2006 
for two and a half years. 
Muir Dean 
Location: Cross Gates, Fife
The Muir Dean site, which is subject to an 
appeal to the Scottish Executive following 
the unreasonable refusal of the planning 
application, lies in some 180 hectares 
of mixed farming and woodland. The 
proposed site will produce some 2.3 million 
tonnes of coal over four and a half years with 
production due to commence in 2007.
Crowbandsgate
Location: New Cumnock
The Group’s railhead at Crowbandsgate 
is used to dispatch coal to our power station 
customers. The railhead can handle up 
to 30 trains per week. Each train can carry 
some 1,400 tonnes of coal in 20 wagons. 
ATH Ogden
Location: Grimethorpe
ATH Ogden is currently undertaking a 
reclamation scheme at the former New Park 
Springs colliery tip at Grimethorpe. Working 
under contract for Renaissance South Yorkshire 
(Yorkshire Forward) the scheme is part of the 
Government’s National Coalfields Programme 
which assists former coalfield communities 
across England by creating new employment, 
homes, leisure facilities and public space. 
ATH Ogden are removing coal from the derelict 
colliery spoil heap and restoring the tip to a new 
safe and stable profile which when complete 
will provide public access to areas of open 
space with a diverse range of habitats. 
Skares Road 
Location: Cumnock, East Ayrshire
The Skares Road site was the Group’s first 
opencast coal site and was acquired as a 
project buyout by the current management  
team in 1998. Covering some 600 hectares 
the site has produced over 5.2 million  
tonnes and is anticipated to continue in 
production until 2008. The site has been 
worked in a number of areas and has been 
progressively restored to mixed grazing  
and woodlands. To date some 25,000  
trees have been planted. 
Skares Road 
Garleffan
Laigh Glenmuir 
Muir Dean 
Grievehill 
Glenmuckloch 
Crowbandsgate 
Doncaster
Head ofﬁce
Grimethorpe 
Registered ofﬁce
Aardvark House
Sidings Court
Doncaster DN4 5NU
Company number
4928463
Bankers
Royal Bank of Scotland
2 Whitehall Quay
Leeds LS1 4HR
Solicitors
Eversheds LLP
Cloth Hall Court
Inﬁrmary Street
Leeds LS1 2JB
Auditors
Baker Tilly
2 Whitehall Quay
Leeds LS1 4HG
Nominated adviser and broker
Seymour Pierce Limited
Bucklersbury House
3 Queen Victoria Street
London EC4N 8EL
Financial PR advisors
Abchurch Communications Limited
100 Cannon Street
London EC4N 6EU
Registrar
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Corporate information
Company diary 2007
 8  January 2007 Annual General Meeting
12  January 2007 Final dividend paid
 1  April 2007 Half year end
12  June 2007 Interim results and dividend declared
27  June 2007 Ordinary shares go ex-dividend
20  July 2007 Interim dividend paid
30  September 2007 Financial year end
 5  December 2007 Preliminary results and dividend declared
21  December 2007 Ordinary shares go ex-dividend
_1cover.indd   2 12/12/2006   11:52:27 Group operations
Head Ofﬁce
Location: Doncaster
The Group’s head office is located in a 
new office building close to the town centre 
in Doncaster. Being only one and a half hours 
from London by train Doncaster is an ideal 
base from which to administer the Group 
whilst enabling regular contact with our 
major power station customers, who are 
located in Yorkshire and Nottinghamshire, as 
well as being able to conveniently meet with 
our other stakeholders based in London.
Garleffan 
Location: New Cumnock, East Ayrshire 
Garleffan was acquired as an operational site 
in November 2003 and required a turnaround 
in the site design and plant fleet. This was 
achieved during 2004 and the site continued 
in production until June 2006 when it entered 
restoration. The award winning restoration 
plan will provide a habitat to attract 
Peregrine falcons. 
Grievehill 
Location: Adjacent Garleffan
The Grievehill site was acquired, together  
with Glenmuckloch, from Scottish Coal as  
a fully permitted site in 2005. The site lies 
adjacent to the Garleffan site and utilises  
the infrastructure already established for 
processing and transporting coal to market  
via the Group’s rail head at Crowbandsgate.
The site entered production in September  
2005 for 24 months and will produce  
1.8 million tonnes.
Glenmuckloch
 Location: 5 miles east of New Cumnock, 
East Ayrshire
Glenmuckloch was acquired in June 2005 
along with the Grievehill site from Scottish 
Coal. Grievehill is a fully permitted site and 
entered production in 2006 with a four and a 
half year production life. There are some 
3.2 million tonnes of coal reserves at 
Glenmuckloch which will be transported to 
Crowbandsgate via a 12km conveyor. 
Laigh Glenmuir
Location: 1 mile north of Garleffan
This site, which was granted planning 
permission in October 2005, contains 
some 0.5 million tonnes of coal which will 
be transported to market via the Garleffan 
site. The site entered production in 2006 
for two and a half years. 
Muir Dean 
Location: Cross Gates, Fife
The Muir Dean site, which is subject to an 
appeal to the Scottish Executive following 
the unreasonable refusal of the planning 
application, lies in some 180 hectares 
of mixed farming and woodland. The 
proposed site will produce some 2.3 million 
tonnes of coal over four and a half years with 
production due to commence in 2007.
Crowbandsgate
Location: New Cumnock
The Group’s railhead at Crowbandsgate 
is used to dispatch coal to our power station 
customers. The railhead can handle up 
to 30 trains per week. Each train can carry 
some 1,400 tonnes of coal in 20 wagons. 
ATH Ogden
Location: Grimethorpe
ATH Ogden is currently undertaking a 
reclamation scheme at the former New Park 
Springs colliery tip at Grimethorpe. Working 
under contract for Renaissance South Yorkshire 
(Yorkshire Forward) the scheme is part of the 
Government’s National Coalfields Programme 
which assists former coalfield communities 
across England by creating new employment, 
homes, leisure facilities and public space. 
ATH Ogden are removing coal from the derelict 
colliery spoil heap and restoring the tip to a new 
safe and stable profile which when complete 
will provide public access to areas of open 
space with a diverse range of habitats. 
Skares Road 
Location: Cumnock, East Ayrshire
The Skares Road site was the Group’s first 
opencast coal site and was acquired as a 
project buyout by the current management  
team in 1998. Covering some 600 hectares 
the site has produced over 5.2 million  
tonnes and is anticipated to continue in 
production until 2008. The site has been 
worked in a number of areas and has been 
progressively restored to mixed grazing  
and woodlands. To date some 25,000  
trees have been planted. 
Skares Road 
Garleffan
Laigh Glenmuir 
Muir Dean 
Grievehill 
Glenmuckloch 
Crowbandsgate 
Doncaster
Head ofﬁce
Grimethorpe 
Registered ofﬁce
Aardvark House
Sidings Court
Doncaster DN4 5NU
Company number
4928463
Bankers
Royal Bank of Scotland
2 Whitehall Quay
Leeds LS1 4HR
Solicitors
Eversheds LLP
Cloth Hall Court
Inﬁrmary Street
Leeds LS1 2JB
Auditors
Baker Tilly
2 Whitehall Quay
Leeds LS1 4HG
Nominated adviser and broker
Seymour Pierce Limited
Bucklersbury House
3 Queen Victoria Street
London EC4N 8EL
Financial PR advisors
Abchurch Communications Limited
100 Cannon Street
London EC4N 6EU
Registrar
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Corporate information
Company diary 2007
 8  January 2007 Annual General Meeting
12  January 2007 Final dividend paid
 1  April 2007 Half year end
12  June 2007 Interim results and dividend declared
27  June 2007 Ordinary shares go ex-dividend
20  July 2007 Interim dividend paid
30  September 2007 Financial year end
 5  December 2007 Preliminary results and dividend declared
21  December 2007 Ordinary shares go ex-dividend
_1cover.indd   2 12/12/2006   11:52:27 01 ATH Resources plc Annual report and ﬁnancial statements 2006
October 2005: Planning application submitted for a new 
2m tonne site at Muir Dean. 
January 2006: Laigh Glenmuir site granted planning permission.
February 2006: Three new appointments made to the 
development team including a new Development Director.
April 2006: Two new sales contracts entered into for the 
supply of up to 1.5m tonnes.
May 2006: Completed £9.5m acquisition of A Ogden & 
Sons Limited.
May 2006: Change of planning conditions for Grievehill 
submitted for a further 370,000 tonnes of coal to be extracted 
from within the current site.
August 2006: Commencement on site at Glenmuckloch.
September 2006: Commencement on site at Laigh Glenmuir.
September 2006: Appointment of Group Finance  
Director announced.
September 2006: Promotion of Alastair Black to Managing 
Director of surface mining business.
2004 2005 2006
1.3 1.5 1.8
Sales Volumes (mt)
2004 2005 2006
24 27 30
Sales price (£/t)
2004 2005 2006
0.44 11.49 12.62
EPS (p)
Highlights
NB
2004 – 44 week period
2005 – 53 week period
2006 – 52 week period
_1_ATH_2006arf.indd   1 12/12/2006   11:52:45 ATH Resources plc Annual report and ﬁnancial statements 2006 02
Business progress
When ATH achieved its listing on AIM in 2004 
its stated objectives were to grow the business 
organically and by acquisition.
It is therefore pleasing to report that during the 
course of the year the Group moved ahead 
signiﬁcantly on both of these fronts.
In May 2006 the Group completed its ﬁrst major 
acquisition since achieving its listing on AIM 
with the purchase of A Ogden & Sons Limited. 
The business, now renamed ATH Ogden, 
consists of a coal recovery, land remediation 
and regeneration business. It is believed that 
ATH Ogden is the only company in the UK that 
can reduce the cost of regenerating former 
colliery sites by extracting coal from the old tips.
As such the acquisition complements the existing 
operations of the Group whist opening up the 
potential for future surface mining sites and 
reclamation projects in England where ATH Ogden 
has historically operated.
Secondly, the Group’s development team, 
which was strengthened during the year with 
the appointment of a new Development Director, 
has driven forwards with a number of planning 
applications. The Group’s reserves at the year end 
were 7.9m tonnes. 
“ Another year of progress in delivering 
sustained growth to our shareholders which 
is reﬂected in an increase in the full year  
dividend of 3%.”
01.  Plant maintenance is undertaken by both manufacturer supplied and in house 
ﬁtters within purpose built ﬁtting shops.
02.  Site restoration is undertaken throughout the site’s life and is returned to mixed 
grazing habitat and forestry when complete. 
03.  Coal is loaded onto trains by Caterpillar 966 loading shovels. A 1,400 tonne train 
consisting of 20 wagons is loaded in around 90 minutes.
Chairman’s statement
01
_1_ATH_2006arf.indd   2 12/12/2006   11:53:20 03 ATH Resources plc Annual report and ﬁnancial statements 2006
Board of Directors
There have been a number of changes to 
the Board of Directors during the past year.
Firstly, Mike T od one of the three founding 
Directors stood down from the main Board due 
to ill health in June 2006. Mike was instrumental 
in establishing the original business in 1998 
and has been a driving force behind the 
development of the Group since then. He will 
continue in a part time role with the Group and 
the Board is grateful for his contribution over 
the last eight years.
As part of refocusing the Board the Group 
has recruited Steven Beaumont as Group Finance 
Director. Steven joins the Group from United Utilities 
where he was Commercial Director and will replace 
Richard Croston who will continue in his role as 
Finance Director of our trading subsidiaries and 
Group Company Secretary. Alistair Black has been 
promoted to Managing Director of the surface 
mining business.
Strategy
The Group will continue to develop organically 
and it is pleasing to note that our pipeline of internally 
developed projects is growing month on month. 
Other opportunities to increase market share will 
be exploited as they arise as the Group seeks 
to achieve a leading position in surface mining 
in the UK.
The Government’s report on the Energy Review: 
“The Energy Challenge”, published on 11 July 2006, 
did not produce any great surprises although it did, 
for the ﬁrst time, acknowledge the role of coal 
in the overall balance required for a sustainable 
energy policy. This was in the wake of last winter 
when coal ﬁred generation produced over 50% 
of the UK’s electricity. The review has also 
established a Coal Forum at which the difﬁculties 
of the planning system will be discussed.
The Group believes this is an important step forward 
in recognising the importance that UK produced 
coal has in providing essential energy supplies 
whilst assisting in managing the dependence 
on imported energy in ensuring that the UK 
has a secure supply of energy.
For the energy industry and in particular the coal 
sector the Group is actively lobbying for changes 
to the planning system so that an emphasis 
on security of supply has to be considered 
in the determination of planning applications. 
The Group is well set to deliver the results 
our shareholders expect from a mature industry 
and looks forward in 2007 to pursuing our target 
of further sustained growth.
David Port
Non-executive Chairman
 Derek Moir
 Site Manager, Skares Road
 Derek joined ATH Resources as a Site Engineer in 1998.  
 Since then he has been promoted ﬁrstly to Disposal Point  
  Manager, responsible for the quality control of the coal 
processing and coordinating dispatch of coal to customers,  
and more recently to Site Manager. Derek is responsible for  
the day to day running of the site. 
“ Being given the opportunity to develop 
alongside the growth in the Company 
has been very rewarding.”
02 03
_1_ATH_2006arf.indd   3 12/12/2006   11:54:08 ATH Resources plc Annual report and ﬁnancial statements 2006 04
Operational review
The surface mining business has continued 
to perform in line with expectations.
Skares Road moved into a new area of operation 
in October 2005 which, although higher in operational 
stripping ratio, yields good quality coal and mitigates 
the overall restoration cost. This site, which initially 
was to have been a 3m tonne ﬁve year site will 
now end up producing some 6m tonnes worked 
over ten years.
The Garleffan site ceased production in June 2006 
and has since moved into restoration. The site 
will be restored over the coming two years 
to produce a wetland and protected nesting 
ground. The restoration plan has won the 
Coal Authority’s annual Environmental Award.
Grievehill was granted an extension of 0.4m 
tonnes during the year which will keep the site 
in production until September 2007. A further 
1.0m tonne extension is to be applied for in the 
near future.
“ The acquisition of ATH Ogden has provided 
the Group with a suitable complementary 
diversiﬁcation from our core surface mining 
activity and we will endeavour to derive added 
value from this over the coming year.” 
04.  The former colliery tip at Grimethorpe is being processed to recover coal 
whilst at the same time restoring the site to public access park land.
05.  A team of development engineers are based at the Group’s head ofﬁce 
in Doncaster. They work on all aspects of site identiﬁcation, planning and 
design using a 3D CAD system.
06.  Coal at Glenmuckloch is being stockpiled ahead of the completion of 
the conveyor.
Chief executive’s statement
04
_1_ATH_2006arf.indd   4 12/12/2006   11:54:40 05 ATH Resources plc Annual report and ﬁnancial statements 2006
Glenmuckloch was opened up successfully during 
the autumn and has been producing coal to plan. 
Dispatch of coal from the site is awaiting the 
completion of a 12 km conveyor which is to link 
the three sites of Glenmuckloch, Grievehill 
and Laigh Glenmuir to the Group’s railhead 
at Crowbandsgate. Whilst the commencement 
of construction of this conveyor was delayed 
in obtaining the necessary consents, the Group’s 
performance through the construction phase 
has been outstanding.
The conveyor, which is in the ﬁnal stages 
of commissioning and beneﬁts from a freight 
facility grant from the Scottish Executive, will 
be the longest over land conveyor in Europe. 
This investment will deliver a more efﬁcient 
operation in moving coal from the mine to 
disposal point and at the same time reduce 
the impact to the environment by removing  
54,500 lorry journeys and saving some 1.9m 
lorry miles per annum.
Laigh Glenmuir, which was granted planning 
permission in January 2006, entered production 
in the autumn and has been successfully 
established ahead of the winter. The Group 
expects that the site will operate for two and a 
half years with a yield of some 0.5m tonnes.
Overall the surface mines have performed 
well during the past twelve months assisted 
by the close monitoring of costs, including fuel 
which we successfully hedged, and investment 
in new plant to complement the existing ﬂeet.
The ATH Ogden regeneration business has 
been successfully integrated into the Group. 
The business has been performing ahead 
of expectations at the time of acquisition. 
Operational, technical and administrative 
beneﬁts have been realised including the 
improvement of recovery through the coal 
washing process at the surface mines. 
ATH Ogdens’ expertise in land regeneration 
will be applied to new projects over the next 
few years.
Development projects
As previously announced the Group increased 
the size of the Development team during the 
year. The team has been focused on pursuing 
a number of projects which are expected to 
increase Group reserves year on year. In addition 
an extensive exercise has been undertaken during 
the year to “desk top” review prospective sites 
and these are being incorporated into a ﬁve year 
development plan.
Sites for development by both the surface mining 
and ATH Ogden businesses are currently being 
evaluated and the Group expects to make two 
planning applications for new schemes in the 
next year.
Planning permission for Laigh Glenmuir and 
an extension at Grievehill were received during 
the year. However, it was regrettable that the 
planning application submitted for the Muir Dean 
site was turned down by Fife Council. The decision 
will be the subject of an appeal and the Group 
remains conﬁdent of a successful outcome 
given the recommendation from the Council 
ofﬁcers and the lack of substance in the 
Councillors’ objections.
  Robert Haskell
 Project Manager, Head Ofﬁce
 Robert has worked for the Company for over ﬁve years. His role  
 in the Development Department is to ﬁnd, evaluate and project  
 manage new sites through the planning process. 
“ It’s exciting to see an outline scheme for 
a site that I have identiﬁed to become an 
operating coal mine.”
05 06
_1_ATH_2006arf.indd   5 12/12/2006   11:55:28 ATH Resources plc Annual report and ﬁnancial statements 2006 06
Chief executive’s statement continued
Development projects continued
Progress in developing the Group’s reserves 
in France has been slow. The Commentry 
Concession application is presently awaiting 
the Minister for Energy’s determination in Paris. 
However it is believed that all of the requirements 
of the application have been met. On the Bertholene 
Concession, drilling has been delayed by land 
access issues but it is believed that these will 
be overcome shortly.
Reserves of recoverable coal (proven and 
probable) were 7.9m tonnes as at 1 October 2006, 
as detailed in the adjacent table. After allowing 
for the extraction of 1.8m tonnes in the year 
and 0.5m tonnes which arose from the purchase 
of ATH Ogden, 1.1m tonnes was generated 
through the granting of planning permissions for 
extensions to existing sites and re-engineering 
sites to increase recoverable coal. The Group’s 
pipeline of projects is expected to see continuing 
replacement of reserves over the coming years. 
Market
The market for coal has remained buoyant 
during the last twelve months and shows no 
sign of falling due to high international prices. 
Although the recent weakening of the dollar 
has mitigated the high international prices, 
07 07
07.  Tyre management is closely controlled with predetermined tyre changes in order 
to optimise tyre life.
08.  Delivery of the ﬁrst of two Komatsu PC3000 excavators took place in August 2006 
and has been a welcome addition to the muck shifting operation proving to be 
a reliable and capable machine. 
09.  Each site is surveyed weekly to determine the progress made and to measure 
the efﬁciency of the coal recovery process.
Coal reserves
At 1 October 2006
    At 1 October 2006
    Proven  Probable  Total 
Site    Tonnes  Tonnes  Tonnes
Skares Road   710,000  —  710,000
Grievehill   750,000  — 750,000
Glenmuckloch   3,200,000  —  3,200,000
Laigh Glenmuir   500,000  —  500,000
Muir Dean   —  2,275,000  2,275,000
Total surface mining   5,160,000  2,275,000  7,435,000
ATH Ogden – Grimethorpe   490,000  —  490,000
Total   5,650,000  2,275,000  7,925,000
*  The information in this report relating to exploration results, mineral resources or mineral reserves is based 
on information compiled by Mr Peter Morgan a full time employee of the Company, who is a fellow of the 
Institute of Materials, Minerals and Mining. Mr Morgan has sufﬁcient experience which is relevant to the style 
of mineralisation and type of deposit under consideration. He has reviewed and consents to the inclusion in 
the report of the matters based on his information in the form and context in which it appears. A glossary of 
terms is available on our website – www.ath.co.uk.
08
_1_ATH_2006arf.indd   6 12/12/2006   11:56:03 07 ATH Resources plc Annual report and ﬁnancial statements 2006
the long term trends would still indicate a period 
of relatively high prices with more than one third 
of the UK coal burn being supplied from Russia, 
which is at the top of the price curve.
Demand for coal in the UK for electricity 
generation has been growing steadily during 
the last ten years from 47m tonnes in 1997 to 
over 52m tonnes in 2005. This has been on the 
back of year on year increases in electricity 
generation, coupled with the rapid rise in oil and 
consequently gas prices, enabling coal ﬁred 
generation to earn a greater proportion of the 
electricity generation mix at 34% in 2005.
However, with the decline in deep mined coal 
production, over 68% of the UK’s requirements 
are now imported, whilst the balancing 32% 
was split roughly evenly between deep mined 
and opencast coal in 2005. Accordingly there 
is good scope for increasing the Group’s share 
of the market.
The Group has a portfolio of sales contracts 
with the Electricity Supply Industry (“ESI”) which 
are for different periods of time and at the year 
end had cover for 4.3m tonnes running out to 
March 2010.
The Group remains conﬁdent in the market for 
coal for the foreseeable future.
Staff
It was with much regret that Mike Tod 
tendered his resignation from the Board of 
ATH Resources plc due to ill health. Although 
he has made a good recovery Mike has decided 
to scale back his workload and will continue 
to be employed within the Group on a part 
time basis.
I would like to pay my personal thanks to Mike 
whose help and support was vital in launching 
ATH Resources in 1998 and making it the 
successful Company it is today.
Staff recruitment and training is vital to the 
success of any company but particularly so 
to one which operates in such a potentially 
dangerous industry. Over recent years the 
Group has invested heavily in staff development 
and we were granted training centre status 
by City and Guilds in May 2006 which allows 
the Group to train employees to Level 2 NVQ 
in plant operations. ATH is the only provider 
of accredited training speciﬁc to the surface 
mining industry.
A positive health and safety environment is a priority 
to the Group with all accidents being reported to 
the Board. The Group strives to be a leader in 
the sector and to this end has been working in 
conjunction with the Health & Safety Executive 
to measure health and safety performance. 
This year has been an extremely busy period for 
the Group, in which there has been a continued 
strong operational performance and additions to 
the reserve base. This has been complemented 
by the successful acquisition of ATH Ogden. I am 
very grateful to all of the staff who have helped 
achieve these goals and the Group looks forward 
to building on these successes in 2007.
Tom Allchurch
Chief Executive
 Derek McMurdo
 Site Engineer, Skares Road
  Derek’s role includes surveying the site to determine the 
amount of work performed each week as well as calculating 
coal recoveries. He is also involved in the site design process. 
“ All of us are encouraged to work 
as part of a team.” 
09
_1_ATH_2006arf.indd   7 12/12/2006   11:56:39 ATH Resources plc Annual report and ﬁnancial statements 2006 08
Summary of ﬁnancial review
Turnover: £54.1m (2005: £39.1m)
EBITDA: £19.2m (2005: £11.4m)
PBIT: £8.6m (2005: £6.4m)
Final dividend: 7.89p (2005: 7.56p)
Total dividend: 11.25p (2005: 10.92p)
EPS: 12.62p (2005: 11.34p)
The results are presented for the 52 week period 
to 1 October 2006 and are compared against 
a 53 week trading period to 2 October 2005.
Turnover
T urnover for the year was £54.1m (2005: £39.1m) 
on sales of 1.8 million tonnes (2005: 1.5 million 
tonnes), with an average price of £30 per tonne 
(2005: £27 per tonne). 
Following the renegotiation of the Group’s 
portfolio of ESI contracts during 2005, together 
with current market prices, the Group has seen 
year on year improvements in the average sales 
price. This additional margin allows for the 
working of reserves which would historically not 
have been economically viable and accordingly 
the full beneﬁt of this uplift in sales price does 
not ﬂow directly through to an increase in 
operating margin.
Proﬁt before interest and tax
Proﬁt before interest and tax was £8.6m 
(2005: £6.4m) whilst earnings before interest, 
tax, depreciation and amortisation was £19.2m 
(2005: £11.4m).
Whilst the average cost of gas oil during the year 
was above the Group’s budgeted level the impact 
upon earnings was mitigated through the targeting 
of fuel efﬁciencies and close monitoring of usage. 
Subsequent to the year end the price has fallen 
and the Group has taken advantage and ﬁxed 
a signiﬁcant proportion of its requirement for the 
coming year. 
10.  The 12km overland conveyor will link the Glenmuckloch, Grievehill and 
Laigh Glenmuir sites to the Group’s railhead and will be the longest in Europe.
11.  Each site has an administration function which looks after all aspects of the site 
from employee welfare to supplier ordering and head ofﬁce reporting. 
12.  Water is closely managed to ensure all suspended soil particles picked up on 
site are removed prior to discharge to the local water courses.
Financial review
“ The year saw turnover increase by 38% from 
both additional sales volumes (up by 20%) 
and improved average prices (up by 11%). 
With the working of higher ratio areas, made 
economically viable by the improved sales 
prices, PBIT improved by 34%.”
10
_1_ATH_2006arf.indd   8 12/12/2006   11:57:08 09 ATH Resources plc Annual report and ﬁnancial statements 2006
Interest
Interest charges of £1.0m (2005: £0.7m) were 
incurred in the year. Of these charges £0.6m 
(2005: £0.4m) were in respect of hire purchase 
agreements, £Nil (2005: £0.2m) was in respect 
of the unwinding of the discount of the ﬁnal void 
provision (which is not a cash ﬂow item) and 
the remaining £0.4m (2005: £0.1m) related to 
bank interest.
The Group manages its exposure to interest 
rates by acquiring plant on ﬁxed rate hire 
purchase agreements which have an average 
rate of interest of 5% (2005: 5%).
Tax
The effective rate of tax was 34% (2005: 34%) 
compared with a standard rate of tax of 30% 
whilst the underlying rate of corporation tax in 
the year was 20% (2005: 11%). The difference 
between the two rates being primarily deferred 
tax arising on the capital expenditure incurred 
in the year and the timing difference between 
the relief being given in the form of capital 
allowances and expenditure deducted as 
depreciation in the proﬁt and loss account.
Dividends and earnings per share
The Board is recommending a ﬁnal dividend 
of 7.89p per share (2005: 7.56p), subject to 
members’ approval at the Annual General 
Meeting (“ AGM”) payable on 12 January 2007 
to members on the share register as at 
22 December 2006, making a total dividend 
of 11.25p per share (2005: 10.92p), an increase 
of 3%. Under current accounting rules the 
proposed dividend at 1 October 2006 has not 
been accrued in the ﬁnancial statements.
Earnings per share for the year were 12.62p 
(2005: 11.49p) and 12.45p (2005: 11.49p) 
on a diluted basis.
Balance sheet
Investment in new plant and equipment during 
the year amounted to £21.9m (2005: £9.8m) and 
included 57 items of new plant. These included 
two PC3000 Komatsu excavators, 15 Caterpillar 
777 dump trucks, 13 Caterpillar 735 coal trucks 
and three Caterpillar D9 bulldozers.
The acquisition of ATH Ogden, which was 
completed during the year, gave rise to goodwill 
of £6.0m on net consideration (after taking into 
account of cash left on the balance sheet) 
of £9.5m. Goodwill is charged to proﬁt over 
ten years.
Cash ﬂow
Net cash inﬂow from operating activities was 
£17.6m (2005: £8.6m). Net debt amounted to 
£31.4m (2005: £14.3m) due to the additions to 
the plant ﬂeet which were acquired via ﬁxed rate 
hire purchase agreements.
International Financial Reporting Standards 
(“IFRS”)
The Group’s IFRS implementation programme is 
at an early stage, as compliance with IFRS is not 
required until the year ending September 2008, 
with comparative information for 2007, so at this 
stage it is not possible to say what the impact 
upon earnings will be.
However, the key areas of potential impact 
identiﬁed so far are noted below:
IFRS 2 – Share based payments
Under this standard, which becomes applicable 
in the UK for the year ending September 2007, 
the Group is required to recognise a cost for 
share based payments (share options) based 
upon the fair value of the award at the time of 
granting and this cost is recognised over the 
vesting period of the awards. The fair value is 
to be measured using an option pricing model.
IFRS 3 – Business combinations
This standard will require the goodwill arising 
upon consolidation of the Group to cease being 
charged to proﬁt. Instead the goodwill balance 
will be subject to an annual impairment test.
Steven Beaumont
Finance Director
 Colleen McCulloch
 Site Administrator, Skares Road
  Colleen joined the Company as Site Administrator in 2006. 
She is responsible for the site ofﬁce at Skares Road and works 
closely with all of the site personnel as well as with head ofﬁce. 
“ I enjoy my role as it is very varied and I have 
contact with people across the whole Company.”
11 12
_1_ATH_2006arf.indd   9 12/12/2006   11:57:56 ATH Resources plc Annual report and ﬁnancial statements 2006 10
Board of directors
01. David Port
Non-executive Chairman
David Port qualiﬁed as a chartered management accountant 
whilst with National Freight Company Limited (now Exel plc) 
where he rose to become Group Chief Accountant 
and Divisional Finance Director. Following three years 
at Northern Foods Plc as Finance Director of the dairy 
division he joined British Fuels Limited as Finance Director 
and rose to Chief Executive and Chairman leading 
the management buyout from British Coal during the 
privatisation process and disposing of the business 
proﬁtably in a trade sale in 1997. From 1997 to 2001 
David was Executive Chairman of Sylvan International 
Limited, a £200m turnover timber business with 
operations in France. David is currently Chairman 
of Petrol Express Limited, Non-executive Director 
of Global Natural Gas Limited, Global Natural 
Energy Plc and Leach Colour Limited. David has 
been Non-executive Chairman of the Group since 
its establishment in 1998.
02. Tom Allchurch
Chief Executive
Tom Allchurch is a graduate mining engineer and 
has spent his entire career in the development and 
operation of opencast coal mines. Tom initially trained 
as a Site Engineer with Shand Mining Limited, a contractor 
to British Coal, before joining Bayford Mining Limited, 
a smaller private mining company, in 1986. In 1991 T om 
joined Rackwood Colliery Company Limited as Projects 
Manager and was responsible for the development 
of a number of UK and French projects including 
Skares Road. Tom left Rackwood in 1998 leading the 
management team in acquiring the rights to operate 
(and subsequently acquire) the Skares Road mine. T om 
was Chairman of the coal industry trade association, 
the Confederation of UK Coal Producers, in 2001 
and 2002. From 1998 Tom was Managing Director 
of the Group and became Chief Executive when the 
Company listed on AIM.
03. John Hodgson
Marketing Director
John Hodgson commenced his career with the 
National Coal Board in 1964 as a chemist in the 
scientiﬁc department from where he progressed to 
Assistant Regional Marketing and Preparation Ofﬁcer 
in 1975. In 1981 John joined Burnett & Hallamshire 
Fuels plc as Production Director responsible for the 
production and marketing of coal from twelve coal 
washing operations. In 1984 John transferred to 
Rushcliffe Fuels Limited and was Managing Director 
from 1989 to 1993. John joined British Fuels in 1993 
as General Manager of the International and Sourcing 
Division, responsible for sourcing the entire company’s 
solid fuel requirements. John joined the Group in 1998 
as its Marketing Director.
04. Steven Beaumont
Finance Director
Steven Beaumont is a chartered accountant having 
previously worked for Arthur Andersen and Deloitte 
Haskins and Sells. Steven joined the Board in 
October 2006. Prior to joining ATH, he spent the 
majority of his career with United Utilities where, 
since 2001, he held the senior positions of both 
Finance Director, and then Commercial Director of 
United Utilities’ North West Division. As Commercial 
Director he managed over 1,000 people responsible 
for the investment delivery programme, front line 
network customer service, commercial activities, 
supply chain, legal, and business services. He was 
Group Financial Controller from 1998 to 2001.  
01 02
03 04
_1_ATH_2006arf.indd   10 12/12/2006   11:58:33 11 ATH Resources plc Annual report and ﬁnancial statements 2006
05. Alistair Black
Operations Director
Alistair Black commenced his training as a Site 
Engineer with Coal Contractors Limited in 1986, 
progressing to Site Manager of the Roughcastle 
North site in 1994. In 1996 Alistair joined Rackwood 
as Regional Production Manager responsible for two 
opencast and one underground mine in Scotland. 
Alistair joined the Group in 1998 as Operations 
Manager for the Skares Road mine and became 
Operations Director in 2000. Alistair gained his MBA 
from Heriot Watt University in 1999. He is also the 
Health and Safety Director for the Group.
06. Vaughan Williams
Non-executive Director
Vaughan Williams has a degree in politics from Exeter 
University. Vaughan spent four years at British Steel 
from 1968 to 1972 before joining a predecessor 
company of BHP Minerals Europe Limited as Coal 
Sales Manager, later promoted to Director responsible 
for coal sales in Europe, CIS, the Middle East and 
Africa. Vaughan then moved to BHP Coal Australia 
Pty Limited in 1986 as Manager of their marketing 
operations. After returning from Australia, Vaughan 
became Deputy Managing Director at BHP Minerals 
Europe Limited in 1988 and subsequently Managing 
Director in 1990. Vaughan then became Vice President 
Marketing at BHP Billiton Diamonds Inc in 2000 where 
he remained until 2003. He joined the Group in 2004.
07. Ivana Ridler
Non-executive Director
Ivana Ridler is the representative of The Alchemy Plan 
on the Board. Ivana has been an Investment Executive 
at Alchemy Partners since 2001. Previously with Bear 
Stearns in London and New York, Ivana worked in the 
mergers and acquisitions team. She holds a masters 
degree in Business Administration and Economics from 
the University of St Gallen, Switzerland. The Alchemy Plan 
is entitled to appoint a Director to the Board for as long 
as it retains an interest in 10% or more of the Company’s 
issued share capital.
08. Richard Croston
Company secretary
Richard Croston qualiﬁed as a chartered accountant 
in 1992 with Price Waterhouse and worked in their audit 
department. Richard had periods of secondment to 
clients including British Gas Energy Centres Limited 
and Debenhams plc as a Financial Accountant and 
Beverley Building Society as Financial Controller. 
Richard joined the Group in 1998 as Financial Controller 
and has been Finance Director of the Group since 
2000. Following the recruitment of Steven Beaumont 
in October 2006, Richard is now the Finance Director 
of the Group’s trading subsidiaries and Company 
Secretary to the Group.
05
06
07
08
_1_ATH_2006arf.indd   11 12/12/2006   11:59:19 ATH Resources plc Annual report and ﬁnancial statements 2006 12
The Directors submit their report and the audited ﬁnancial statements of ATH Resources plc for the year ended 1 October 2006.
Principal activities
The principal activity of the Company is that of a holding company. The principal activity of the Group is the operation of surface coal mines 
and subsequent sale to UK electricity generators, industrial and domestic customers. The Group operates under the title of ATH Resources.
Review of developments and future prospects
The Group’s trading performance for the year was in line with Directors’ expectations and is discussed in greater detail in the Chief Executive’s 
Statement. The acquisition of A Ogden & Sons Limited, which was completed on 18 May 2006, has been successfully integrated into the business 
and is performing ahead of expectations at the time of purchase. The Directors are pleased with the progress made in opening up the Glenmuckloch 
and Laigh Glenmuir sites and of the future trading prospects of the Group.
Statement of Directors’ responsibilities
The Directors are responsible for preparing the Annual Report and the ﬁnancial statements in accordance with applicable law and United Kingdom 
Generally Accepted Accounting Practice. Company law requires the Directors to prepare ﬁnancial statements for each ﬁnancial year which give a true 
and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of affairs of the Company and the Group and 
of the proﬁt or loss of the Group for that period. In preparing those ﬁnancial statements, the Directors are required to:
 select suitable accounting policies and then apply them consistently;
 make judgements and estimates that are reasonable and prudent; 
  state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the 
ﬁnancial statements; and
 prepare the ﬁnancial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the ﬁnancial position of the 
Company and to enable them to ensure that the ﬁnancial statements comply with the requirements of the Companies Act 1985. They are responsible 
for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The Directors in ofﬁce during the period under review and their interests in the ordinary shares of the Company were:
        2006  2005 
        Number  Number
D C Port       279,959  338,076
T J Allchurch       1,749,181  2,112,296
M T W Tod (resigned 23 June 2006)       166,216  1,408,312
J K Hodgson       514,542  621,356
R A Croston       349,947  422,595
A Black       420,106  507,316
V M F Williams       1,866  1,866
I Ridler       —  —
At 1 October 2006, I Ridler had a beneﬁcial interest in 7,546,059 (2005: 7,546,059) ordinary shares of the Company through the Alchemy Investment Plan 
Co-investment Scheme.
Substantial shareholdings
The Company has been informed that on 1 December 2006 the following shareholders held substantial holdings in the issued ordinary shares 
of the Company:
        Number of  Holding 
        ordinary shares  %
Alchemy Partners Nominees Limited       7,546,059  19
AXA Framlington Extra Income Fund       3,650,000  9
Artemis Income Fund       3,649,050  9
Rathbone Income Fund       2,644,999  6
Artemis High Income Fund       1,956,097  5
T J Allchurch       1,749,181  4
Shires Income plc       1,250,000  3
Gartmore UK Equity Income Fund       1,225,014  3
Directors’ report
_1_ATH_2006arb.indd   1 12/12/2006   11:49:16 13 ATH Resources plc Annual report and ﬁnancial statements 2006
Statement as to disclosure of information to auditors
The Directors who were in ofﬁce on the date of approval of these ﬁnancial statements have conﬁrmed, as far as they are aware, that there is no relevant 
audit information of which the auditors are unaware. Each of the Directors have conﬁrmed that they have taken all the steps that they ought to have 
taken as Directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.
Key performance indicators
The Board monitors the Group’s progress and ﬁnancial performance on a regular basis. Performance is assessed against budget using ﬁnancial 
and non-ﬁnancial measures. The following are the most signiﬁcant Key Performance Indicators (“KPIs”) used by the Group:
         2006 2005
Sales price – revenue earned per tonne of coal sold (£)       30 27
Cost price – operating cost per tonne of coal sold (£)       22 20
Coal reserves – the volume of coal which is classed as permitted or probable reserves (million tonnes)   7.9 8.1
Health and safety – number of reportable accidents (number)       6 3
Environmental incidents – breaches of environmental legislation (number)      — —
Return on capital employed – proﬁt before interest and tax divided by capital employed (%)    14 15
Principal risks and uncertainties facing the Group
Replacement of production
The Group’s operations have a ﬁnite life due to the geology of each site and will become exhausted at some point in the future. Production is replaced 
through the development or acquisition of new sites.
Exploration and development
The exploration for, and development of, coal deposits involves signiﬁcant risks, which are managed through the combination of careful evaluation, experience 
and knowledge. Not all properties which are explored are ultimately developed into producing mines. There can be no guarantee that estimates of quantities 
and qualities made will be realised or that appropriate consents will be granted. With all mining operations there is uncertainty and therefore risks 
associated with operating parameters and costs. 
General mining and processing risks
The Group’s operations are subject to all of the hazards and risks normally encountered in the exploration, development and production of coal. 
Appropriate levels of site investigation are undertaken to minimise the risk but these risks could include unusual and unexpected geological formations, 
geo-technical instability, ﬂooding and other conditions involved in the extraction of material.
Volatility of price of coal
The market price of coal is volatile and is affected by numerous factors which are beyond the Group’s control. These include international supply 
and demand, the level of consumer product demand, international economic trends, currency exchange rate ﬂuctuations, the level of interest rates, 
the rate of inﬂation, the cost of freight, global or regional political events and international events as well as a range of other market forces. This volatility 
is managed through the entering into of long term, ﬁxed price, supply agreements with electricity generating companies.
Environmental issues
The Group’s activities and the markets in which it operates are subject to environmental regulation. Such regulations typically cover a wide variety 
of matters including prevention of waste, pollution and protection of the environment. The risk is managed by daily inspections of all operations with 
a potential to cause environmental breaches and by careful design of the operations to mitigate any potential risk.
Health and safety
The Group’s activities are and will continue to be subject to health and safety standards and regulations. Failure to comply with such requirements may 
result in ﬁnes, penalties, and/or litigation. Risks assessments are carried out by management as well as retaining the services of external risk consultants 
to identify any potential risks and ensure safe methods of working.
Financial instruments
Details relating to ﬁnancial instruments are given in the Corporate Governance Report on page 14.
Payment policy
It is the Group’s policy to pay suppliers in accordance with agreed terms, provided the supplier has also complied with agreed terms and conditions. 
At 1 October 2006, the trade creditors of the Group represented 50 days (2005: 51 days) of purchases.
Auditors
A resolution to re-appoint Baker Tilly as auditors will be proposed at the AGM.
By order of the Board
R A Croston
Secretary
5 December 2006
_1_ATH_2006arb.indd   2 12/12/2006   11:49:17 ATH Resources plc Annual report and ﬁnancial statements 2006 14
Introduction
Although the rules of AIM do not require the Company to comply with the Combined Code on Corporate Governance (“the Code”), the Company fully 
supports the principles set out in the Code and will attempt to comply wherever possible, given both the size and resources available to the Company. 
Details are provided below of how the Company applies the Code.
The Board
The Board of Directors comprises ﬁve Executive Directors, two independent Non-executive Directors, one of whom is the Chairman, and an 
Alchemy Plan nominated Non-executive Director.
The Board generally meets each month and receives a Board pack comprising individual reports from each of the Executive Directors together with 
any other material deemed necessary for the Board to discharge its duties. It is the Board’s responsibility for formulating, reviewing and approving 
the Group’s strategy, budgets, major items of expenditure and acquisitions.
During the year to 1 October 2006 the Board met a total of ten times.
Board Committees
The Board has established three committees; Audit, Remuneration and Nominations, all having written terms of delegated responsibilities.
Audit Committee
The Audit Committee comprises the three Non-executive Directors and is scheduled to meet twice a year. It is the Audit Committee’s role to provide 
formal and transparent arrangements for considering how to apply the ﬁnancial reporting and internal control requirements of the Code, whilst maintaining 
an appropriate relationship with the independent auditors of the Group. In order to comply with the requirement of the Code that at least one member 
has relevant ﬁnancial experience, the Chairman of the Board sits on the Audit Committee.
During the year to 1 October 2006 the Audit Committee met on two occasions.
Remuneration Committee
The Remuneration Committee comprises the three Non-executive Directors and the Chief Executive and meets at least once a year, normally in June. 
It is the Remuneration Committee’s role to establish a formal and transparent policy on Executive remuneration and to set remuneration packages for 
individual Directors.
During the year to 1 October 2006 the Remuneration Committee met on three occasions.
Nominations Committee
The Nominations Committee comprises the three Non-executive Directors and the Chief Executive and meets as required to consider and make 
recommendations on the appointment of Directors to the Board.
Shareholder relations
The Company meets with its institutional shareholders and analysts as appropriate and encourages communication with private shareholders via the 
AGM. In addition, the Company uses the Annual Report and Accounts, Interim Statement and web site (www.ath.co.uk) to provide further information 
to shareholders.
The Board considers Vaughan Williams to be the Senior Independent Director.
Internal control and risk management
The Board is responsible for the system of internal control and for reviewing its effectiveness. Such systems are designed to manage rather than 
eliminate risks and can provide only reasonable and not absolute assurance against material misstatement or loss. Each year, on behalf of the Board, 
the Audit Committee reviews the effectiveness of these systems. This is achieved primarily by considering the risks potentially affecting the Group and 
discussions with the external auditors.
The Group does not currently have an internal audit function due to the small size of the administrative function, which amounts to six people, and the 
high level of Director review and authorisation of transactions.
A comprehensive budgeting process is completed once a year and is reviewed and approved by the Board. The Group’s results, as compared against 
budget, are reported to the Board on a monthly basis and discussed in detail at each meeting of the Board.
The Group maintains appropriate insurance cover in respect of legal actions against the Directors as well as against material loss or claims against the 
Group and reviews the adequacy of the cover regularly.
Financial instruments
Currency risks
The Group does not have any exposure to currency risk as all of the Group’s business is conducted within the UK.
Interest rate risk
The Group uses ﬁxed rate hire purchase agreements in order to hedge its interest rate risk.
Price risk
The Group uses a mixture of short term and ﬁxed price long term contracts with suppliers and customers to manage its exposure to variation 
in market prices.
Credit risk
The Group trades predominantly with long standing customers, the nature of these relationships assist management in controlling its credit risk in 
addition to the normal credit management. In addition the Group carries credit insurance against material loss from the failure of a customer to pay.
Liquidity
Management control and monitor the Group’s cash ﬂow on a regular basis, including forecasting future cash ﬂows.
Corporate governance report
_1_ATH_2006arb.indd   3 12/12/2006   11:49:17 15 ATH Resources plc Annual report and ﬁnancial statements 2006
Introduction
Companies trading on AIM are not required to provide a formal remuneration report. However, in line with current best practice this report provides 
information to enable a greater level of understanding as to how Directors’ remuneration is determined.
The Remuneration Committee of the Board is responsible for considering Directors’ remuneration packages and makes its recommendations to the 
Board. The Committee comprises the three Non-executive Directors and meets at least once a year, normally in June.
Remuneration policy
Remuneration packages are designed to be competitive and to reward above average performance. Executive Directors receive salary, fully ﬁnanced 
Company car, death in service beneﬁt, critical illness and medical cover, pension contribution, annual bonuses and share options.
Service contracts
The Executive Directors have service agreements with the Company dated 28 November 2003 for an initial twelve months, thereafter subject to 
termination upon twelve months’ notice being given by either party.
Pensions
The Group does not have a pension scheme, instead makes contributions to Executive Directors’ personal pension schemes of 12.5% of annual salary.
Non-executive Directors
The Non-executive Directors entered into Letters of Appointment dated 12 May 2004. Both D C Port and V M F Williams were appointed for an initial 
three year term, which can be terminated upon six months’ notice being given by either party. They receive a fee of £51,886 and £20,755 respectively. 
I Ridler is The Alchemy Plan nominated Non-executive Director. The Group pays an annual fee of £20,580 to Alchemy Partners in respect of this 
appointment. Fees and expenses of £23,239 (2005: £23,077) were paid to Alchemy Partners in the year. If the Alchemy Plan’s shareholding in the 
Company falls below 10% of the issued share capital the right to appoint ceases.
Directors’ remuneration
Details of Directors’ remuneration are set out below:
       Sub-total   2006 2005 
    Salary Beneﬁts Bonus  emoluments  Pension Total Total 
    £ £ £ £ £ £ £
Executive Directors
T J Allchurch   155,659 16,504 5,407 177,570 19,457 197,027 202,266
M T W Tod (resigned 23 June 2006)   77,250 5,817 2,575 85,642 9,656 95,298 135,031
J K Hodgson   78,625 13,890 1,442 93,957 9,828 103,785 103,937
R A Croston   77,110 10,899 2,163 90,172 9,639 99,811 100,815
A Black   82,412 14,032 2,524 98,968 10,302 109,270 101,185
Non-executive Directors
D C Port   51,886 — — 51,886 — 51,886 50,375
V M F Williams   20,755 — — 20,755 — 20,755 20,150
I Ridler   — — — — — — —
Total   543,697 61,142 14,111 618,950 58,882 677,832 713,759
Performance incentives
The Group operates an annual cash bonus scheme and grants share options.
The annual bonus scheme provides for a maximum bonus of 30% of salary to be paid by reference to: achievement of a Group earnings target (10%); 
surpassing the earnings target (10%) and individual personal targets (10%).
The Company has the following share incentive arrangements:
  an Inland Revenue Approved Executive Share Option Scheme (“Approved Scheme”);
  an Unapproved Executive Share Option Scheme (“Unapproved Scheme”); and
  a Long Term Incentive Plan (“LTIP”) (together “the Schemes”).
None of the option shares or LTIP require payment to be made by participants to receive the beneﬁt of an option.
Remuneration committee report
_1_ATH_2006arb.indd   4 12/12/2006   11:49:17 ATH Resources plc Annual report and ﬁnancial statements 2006 16
Directors’ interests in share options
The options and awards have been granted pursuant to the Schemes to the following Directors:
  Number of share options Performance period Exercisable
       
  Exercise  2 October   1 October    Performance 
  price 2005 Granted 2006 from to target from to
T J Allchurch
Approved £1.49 20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36  335,000 — 335,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 88,003 — 88,003 1 Oct 04 30 Sep 07 44.20 30 Sep 08 28 Sep 15
LTIP £0.00 335,000 — 335,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 88,003 — 88,003 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total  866,140 — 866,140
M T W Tod
Approved £1.49  20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36 220,000 — 220,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 58,669  — 58,669 1 Oct 04 30 Sep 07 44.20 30 Sep 08 28 Sep 15
LTIP £0.00 240,000 — 240,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 58,669  — 58,669 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total  597,472 — 597,472
J K Hodgson
Approved £1.49 20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36 150,000 — 150,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 41,068 — 41,068 1 Oct 04 30 Sep 07 44.20 30 Sep 08 28 Sep 15
LTIP £0.00 170,000 — 170,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 41,068 — 41,068 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total  422,270 — 422,270
R A Croston
Approved £1.49 20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36 150,000 — 150,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 41,068 — 41,068 1 Oct 04 30 Sep 07 44.20 30 Sep 08 28 Sep 15
LTIP £0.00 170,000 — 170,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 41,068 — 41,068 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total  422,270 — 422,270
A Black
Approved £1.49 20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36 150,000 — 150,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 41,068 — 41,068 1 Oct 04 30 Sep 07 44.20 30 Sep 08 28 Sep 15
LTIP £0.00 170,000 — 170,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 41,068  — 41,068 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total  422,270 — 422,270
The performance target is cumulative pre-tax earnings per share. 
Remuneration committee report continued
_1_ATH_2006arb.indd   5 12/12/2006   11:49:17 17 ATH Resources plc Annual report and ﬁnancial statements 2006
We have audited the ﬁnancial statements on pages 18 to 32. 
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work 
has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and 
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the 
Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report and the ﬁnancial statements in accordance with applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the ﬁnancial statements in accordance with relevant legal and regulatory requirements and International Standards on 
Auditing (UK and Ireland).
We report to you our opinion as to whether the ﬁnancial statements give a true and fair view and are properly prepared in accordance with the 
Companies Act 1985. We also report to you whether in our opinion the information given in the Directors’ Report is consistent with the ﬁnancial 
statements. The information given in the Directors’ Report includes that speciﬁc information presented in the Chairman’s Statement, the Chief 
Executive’s Statement, the Financial Review, the Corporate Governance Report and the Remuneration Committee Report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and 
explanations we require for our audit, or if information speciﬁed by law regarding Directors’ remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent with the audited ﬁnancial statements. This other 
information comprises only the Chairman’s Statement, the Chief Executive’s Statement, the Financial Review and the Directors’ Report. We consider 
the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the ﬁnancial statements. 
Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit 
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the ﬁnancial statements. It also includes an assessment 
of the signiﬁcant estimates and judgements made by the Directors in the preparation of the ﬁnancial statements, and of whether the accounting policies 
are appropriate to the Group’s and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with 
sufﬁcient evidence to give reasonable assurance that the ﬁnancial statements are free from material misstatement, whether caused by fraud or other 
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the ﬁnancial statements.
Opinion
In our opinion: 
  the ﬁnancial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state 
of the Group’s and parent company’s affairs as at 1 October 2006 and of the Group’s proﬁt for the year then ended and have been properly 
prepared in accordance with the Companies Act 1985; and
 the information given in the Directors’ Report is consistent with the ﬁnancial statements.
Baker Tilly
Registered Auditor
Chartered Accountants
2 Whitehall Quay
Leeds LS1 4HG
5 December 2006
Independent auditors’ report
to the members of ATH Resources plc
_1_ATH_2006arb.indd   6 12/12/2006   11:49:17 ATH Resources plc Annual report and ﬁnancial statements 2006 18
  2006 
      
   Continuing   2005 
   operations  Acquisition Total Total 
  Notes £ £ £ £
Turnover 1 48,238,409 5,887,683 54,126,092 39,102,920
Cost of sales  (37,431,604) (3,038,771) (40,470,375) (30,076,981)
Gross proﬁt  10,806,805 2,848,912 13,655,717 9,025,939
Administrative expenses  (4,415,524) (679,481) (5,095,005) (3,575,507)
Other operating income  18,109 — 18,109 7,018
Operating proﬁt 2 6,409,390 2,169,431 8,578,821 5,457,450
Proﬁt on disposal of ﬁxed assets  28,151 — 28,151 968,327
Proﬁt on ordinary activities  
before interest  6,437,541 2,169,431 8,606,972 6,425,777
Interest receivable 3   65,424 14,445
Interest payable and similar charges 4   (1,049,563) (712,927)
Proﬁt on ordinary activities  
before taxation    7,622,833 5,727,295
Tax on proﬁt on ordinary activities 6   (2,614,378) (1,930,222)
Proﬁt on ordinary activities  
after taxation 19   5,008,455 3,797,073
Basic earnings per share 7   12.62p 11.49p
Diluted earnings per share 7   12.45p 11.49p
The proﬁt on ordinary activities before taxation arises from the Group’s continuing operations.
There are no recognised gains or losses other than as stated in the proﬁt and loss account.
Consolidated proﬁt and loss account
for the year ended 1 October 2006
_1_ATH_2006arb.indd   7 12/12/2006   11:49:17 19 ATH Resources plc Annual report and ﬁnancial statements 2006
  2006 2005
     
  Notes £ £ £ £
Fixed assets
Goodwill 8  7,169,554  1,610,576
T angible ﬁxed assets 9  65,143,153  44,341,421
Investments 10  501  1
    72,313,208  45,951,998
Current assets
Stocks 11 6,762,206  5,271,594
Debtors 12 8,795,546  8,171,118
   15,557,752  13,442,712
Creditors: amounts falling due 
within one year 13 (28,554,586)  (12,524,624)
Net current (liabilities)/assets   (12,996,834)  918,088
Total assets less current liabilities   59,316,374  46,870,086
Creditors: amounts falling due 
after more than one year 14  (16,601,748)  (8,339,464)
Provisions for liabilities and charges 16  (12,947,880)  (9,437,793)
Net assets   29,766,746  29,092,829
 
Capital and reserves
Called up share capital 17  198,468  198,468
Share premium account 18  27,341,084  27,341,084
Proﬁt and loss account 19  2,227,194  1,553,277
Equity shareholders’ funds 21  29,766,746  29,092,829
The ﬁnancial statements on pages 18 to 32 were approved by the Board of Directors and authorised for issue on 5 December 2006 and are signed on 
its behalf by:
T J Allchurch
Director
Consolidated balance sheet
as at 1 October 2006
_1_ATH_2006arb.indd   8 12/12/2006   11:49:18 ATH Resources plc Annual report and ﬁnancial statements 2006 20
  2006 2005
     
  Notes £ £ £ £
Fixed assets
Investments 10  5,907,002  5,907,002
Current assets
Debtors: due greater than one year 12 50,266,215  20,718,650
Cash at bank  1,285,043  914,030
   51,551,258  21,632,680
Creditors: amounts falling due  
within one year 13 (4,100,000)  — 
Net current assets   47,451,258  21,632,680
Total assets less current liabilities   53,358,260  27,539,682
Creditors: amounts falling due  
after more than one year 14  (22,686,755)  —
Net assets   30,671,505  27,539,682
 
Capital and reserves
Called up share capital 17  198,468  198,468
Share premium account 18  27,341,084  27,341,084
Proﬁt and loss account 19  3,131,823  130
Equity shareholders’ funds 21  30,671,505  27,539,682
The ﬁnancial statements on pages 18 to 32 were approved by the Board of Directors and authorised for issue on 5 December 2006 and are signed on 
its behalf by:
T J Allchurch
Director
Company balance sheet
at at 1 October 2006
_1_ATH_2006arb.indd   9 12/12/2006   11:49:18 21 ATH Resources plc Annual report and ﬁnancial statements 2006
  2006 2005
     
  Notes £ £ £ £
Net cash ﬂow from operating activities 24a  17,601,108  8,611,996
Returns on investment and servicing 
of ﬁnance 
Interest received  65,424  14,445
Interest paid  (423,332)  (389,385)
Interest element of ﬁnance leases  (626,231)  (323,542)
    (984,139)  (698,482)
Taxation paid   (640,781)  (665,460)
Capital expenditure
Payments to acquire tangible  
ﬁxed assets  (7,838,182)  (21,220,773)
Receipts from sales of tangible  
ﬁxed assets  376,286  2,119,550
Acquisition 24e
Cash acquired with subsidiary  22,321,143  —
Purchase of business  (25,944,052)  (3,125,000)
    (11,084,805)  (22,226,223)
Equity dividends paid   (4,334,538)  (2,333,997)
Cash ﬂow before ﬁnancing   556,845  (17,312,166)
Financing   
Issue of ordinary shares  —  15,989,286
New secured loan  5,500,000  625,724
Repayment of secured loan  (1,793,239)  (44,500)
Capital element of ﬁnance  
lease payments  (5,459,931)  (3,424,770)
    (1,753,170)  13,145,740
Decrease in cash 24c  (1,196,325)  (4,166,426)
Consolidated cash ﬂow statement
for the year ended 1 October 2006
_1_ATH_2006arb.indd   10 12/12/2006   11:49:18 ATH Resources plc Annual report and ﬁnancial statements 2006 22
Basis of accounting
The ﬁnancial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards.
Basis of preparation
The Group has net current liabilities of £12,996,834. The Group meets its day to day working capital requirements through an overdraft facility which 
is repayable on demand.
The Directors have prepared cash ﬂow projections for the coming twelve months which show that the margin of cash requirements is within the Group’s 
existing borrowing facilities. On the basis of this cash ﬂow information the Directors consider that the Group will continue to operate within the facility 
currently and anticipated to be available to the Group. On this basis, the Directors consider it is appropriate to prepare the ﬁnancial statements on 
the going concern basis. The ﬁnancial statements do not include any adjustments that would result from this not being the case.
Accounting period
The Company has drawn up its accounts for the 52 week period to 1 October 2006 (53 week period to 2 October 2005).
Consolidation
The accounts consolidate the accounts of the Company and all of its subsidiary undertakings other than as stated below.
The accounts do not consolidate the results of the French subsidiary, Société des Ressources Minières du Massif Central (“SRMMC”), as it is not 
material for the purposes of giving a true and fair view (note 10).
Aardvark TMC Limited (“Aardvark”) has 20,000 ‘B’ ordinary shares, subscribed at nominal value of 1p each, in addition to the ordinary shares wholly 
owned by ATH Resources plc.
The ‘B’ ordinary shares only carry the rights to receive a one off dividend in the event that Aardvark TFC Limited or SRMMC (Aardvark’s subsidiary and 
sub-subsidiary) are awarded damages in respect of existing and future litigation against the French State. The ‘B’ ordinary shares carry no voting rights 
or rights to receive any other dividend. As a result the ‘B’ ordinary shares are not accounted for as a minority interest as it is not material for the purposes 
of giving a true and fair view.
The Company has not presented its own proﬁt and loss account, as permitted by Section 230(4) of the Companies Act 1985.
Mine development costs
The costs of prospecting and identifying new sites are expensed until such time that a prospective site is considered by the Board to be economically 
viable and that there is a high degree of probability and commitment that the site will be worked. Costs then incurred in preparing and developing sites 
are capitalised up to the start of production. Upon commencement of production, depreciation is charged on a tonnage basis.
Goodwill
Consolidated goodwill, being the excess consideration over the fair values of the assets acquired on the purchase of subsidiary undertakings, 
is capitalised and charged to proﬁt over ten years.
Tangible ﬁxed assets
Depreciation is provided on cost in annual instalments over the estimated useful life of assets which are reviewed annually. The rates of depreciation are 
as follows:
Freehold land Not depreciated 
Freehold buildings Depreciated to their estimated residual value over their estimated remaining economic lives – 20 years 
Mine purchase and development Tonnage basis over the estimated total recoverable reserve 
Plant and machinery 10 – 50%
Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
Accounting policies
_1_ATH_2006arb.indd   11 12/12/2006   11:49:18 23 ATH Resources plc Annual report and ﬁnancial statements 2006
Finance leases and hire purchase contracts
T angible assets acquired under ﬁnance leases and hire purchase contracts are capitalised at the estimated fair value at the date of inception of each 
lease or contract. The total ﬁnance charges are allocated over the period of the lease in such a way as to give a reasonably constant charge on the 
outstanding liability.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the beneﬁts and risks of ownership remain with the lessor are charged against proﬁts 
on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or 
events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing 
differences are differences between the Group’s taxable proﬁts and its results as stated in the ﬁnancial statements that arise from the inclusion of gains 
and losses in tax assessments in periods different from those in which they are recognised in the ﬁnancial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based 
on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
Pension contributions
The Group does not operate a pension scheme for the beneﬁt of its employees but instead makes contributions to their personal pension policies. 
The contributions due for the period are charged to the proﬁt and loss account.
Final void provisions
Following the conclusion of coal extraction the ﬁnal working void of a surface coal site must be back ﬁlled. The total cost of this operation is 
recognised as a provision on site commissioning when the obligation arises. The amount provided represents the present value of the expected costs. 
Costs are charged to the provision as incurred and the unwinding of the discount, being the difference between the present value and the total cost 
of the provision, is included in the interest charge for the period. An asset is created for an amount equivalent to the initial provision. This is charged 
to the proﬁt and loss account on a tonnage basis over the estimated life of the recoverable reserves.
Turnover
Turnover represents the invoiced value, net of Value Added Tax, of goods sold to customers.
Employee share schemes
The Company operates a number of share based incentives as outlined in the Remuneration Committee’s Report. The cost of awards to employees, 
being the difference between the market price at the date of award and the amount of consideration due, is recognised over the period of the 
employee’s related performance where there is a reasonable expectation that the performance criteria will be met.
Financial instruments
Income and expenditure arising on ﬁnancial instruments are recognised on an accruals basis and credited or charged to the proﬁt and loss account 
in the ﬁnancial period to which they relate.
_1_ATH_2006arb.indd   12 12/12/2006   11:49:18 ATH Resources plc Annual report and ﬁnancial statements 2006 24
1 Turnover and segmental reporting
The Group’s turnover was derived from its principal activity undertaken wholly within the UK.
2 Operating proﬁt
     2006 2005 
     £ £
Operating proﬁt is stated after charging:
Depreciation of tangible assets – owned assets   6,925,263 2,651,746
  – leased assets   3,299,220 2,091,908
Amortisation of goodwill arising on consolidation    395,696 197,208
Rentals under operating leases – plant and machinery   355,268 625,720
  – land and buildings   — 17,600
Auditors’ remuneration  – audit    37,500 25,000
  – tax    15,500 10,000
  – corporate ﬁnance   2,700 17,800
  – 2006 –  Acquisition of A Ogden & Sons Limited (£12,000 charged  
to acquisition ﬁnance)   — —
  – 2005 – Open offer (£41,857 charged to share premium)  — —
3 Interest receivable
     2006 2005 
     £ £
Other interest receivable    65,424 14,445
4 Interest payable and similar charges
     2006 2005 
     £ £
Bank overdraft and loan interest    423,332 129,745
Finance leases and hire purchase contracts interest   626,231 363,517
Final void provision discount    — 219,665
     1,049,563 712,927
5 Employees
     2006 2005 
Staff costs during the year (including Directors)    £ £
Wages and salaries    9,541,457 6,631,630
Social security costs    955,310 694,710
Pension costs    147,620 87,059
     10,644,387 7,413,399
     2006 2005 
Average number of employees    No. No.
Ofﬁce and management    43 24
Production    236 173
     279 197
Notes to the ﬁnancial statements 
for the year ended 1 October 2006 
_1_ATH_2006arb.indd   13 12/12/2006   11:49:19 25 ATH Resources plc Annual report and ﬁnancial statements 2006
5 Employees continued
     2006 2005 
Directors’ emoluments    £ £
Directors’ emoluments    618,950 655,826
Pension contributions    58,882 57,933
     677,832 713,759
     2006 2005 
Highest paid Director    £ £
Emoluments    177,570 183,375
Pension contributions    19,457 18,891
     197,027 202,266
6 Taxation
     2006 2005 
Group    £ £
Corporation tax:
Current year    1,491,141 641,060
Prior year    71,594 (91,309)
Deferred taxation    1,051,643 1,380,471
     2,614,378 1,930,222
The tax assessed for the year is lower than the standard rate of corporation tax as explained below:
     2006 2005 
Group    £ £
Proﬁt on ordinary activities before taxation    7,622,833 5,727,295
Proﬁt on ordinary activities multiplied by standard rate of tax for the period of 30%  2,286,850 1,718,189
Effect of expenses not allowable for tax purposes   356,617 117,220
Effect of depreciation in excess of capital allowances   (1,134,776) (1,182,208)
Effect of short term timing differences    (17,550) (12,141)
Total current tax    1,491,141 641,060
7 Earnings per share
Basic earnings per share is calculated on proﬁt after tax of £5,008,455 (2005: £3,797,073) and a weighted average number of shares of 39,693,568 
(2005: 33,033,394). The diluted earnings per share takes account of share options outstanding to employees as set out below:
     2006 2005 
Group    £ £
Weighted average number of shares in issue    39,693,568 33,033,394
Weighted average number of dilutive share options   550,714 —
T otal number of shares for calculating diluted earnings per share   40,244,282 33,033,394
_1_ATH_2006arb.indd   14 12/12/2006   11:49:19 ATH Resources plc Annual report and ﬁnancial statements 2006 26
8 Goodwill
Group     £
Cost
2 October 2005     1,972,128
Additions (note 24e)     5,954,674
1 October 2006     7,926,802
Amortisation
2 October 2005     361,552
Charge in the year     395,696
1 October 2006     757,248
Net book value
1 October 2006     7,169,554
2 October 2005     1,610,576
9 Tangible ﬁxed assets
   Freehold  Mine  
   land and  purchase and  Plant and 
   buildings  development machinery Total  
Group  £ £ £ £
Cost
2 October 2005  2,282,559 36,064,927 17,022,994 55,370,480
Recognised in the year  — 3,420,000 — 3,420,000
Subsidiary acquired  — — 3,443,536 3,443,536
Additions  978,785 2,618,913 21,945,558 25,543,256
Disposals  — (4,095,000) (636,970) (4,731,970)
1 October 2006  3,261,344 38,008,840 41,775,118 83,045,302
Depreciation
2 October 2005  — 8,578,910 2,450,149 11,029,059
Charge in the year  28,806 6,260,888 3,934,789 10,224,483
Disposals  — (3,062,558) (288,835) (3,351,393)
1 October 2006  28,806 11,777,240 6,096,103 17,902,149
Net book value
1 October 2006  3,232,538 26,231,600 35,679,015 65,143,153
2 October 2005  2,282,559 27,486,017 14,572,845 44,341,421
Finance leases and hire purchase contracts
Depreciation charge  — — 3,299,220 3,299,220
Net book value  — — 27,642,933 27,642,933
Notes to the ﬁnancial statements continued
for the year ended 1 October 2006 
_1_ATH_2006arb.indd   15 12/12/2006   11:49:19 27 ATH Resources plc Annual report and ﬁnancial statements 2006
10 Investments
     Group  Company  
Investments in subsidiary undertakings    £ £
Cost
2 October 2005 and 1 October 2006    1 5,907,002
Other investments
Cost
2 October 2005    — —
Subsidiary acquired    500 —
1 October 2006    500 —
    Proportion  
  Country of Type of   of voting Proportion of  Nature of  
  registration shares rights held shareholding business
Name of company directly owned
Aardvark TMC Limited England Ordinary 100% 100% Opencast coal mining
ATH Garleffan Limited England Ordinary 100% 100% Opencast coal mining
ATH Regeneration Limited England Ordinary 100% 100% Intermediary 
      holding company
Held by subsidiary
A Ogden & Sons Limited England Ordinary 100% 100% Land remediation
Aardvark TFC Limited England Ordinary 100% 100% Intermediary  
      holding company
Société des Ressources Minières  
du Massif Central (“SRMMC”) France Ordinary 100% 100% Coal prospecting
Aardvark TMC Limited has 20,000 ‘B’ ordinary shares, subscribed at nominal value of 1p each, in addition to the ordinary shares wholly owned 
by ATH Resources Limited.
The ‘B’ ordinary shares carry the rights only to receive a one off dividend in the event that its subsidiary, Aardvark TFC Limited or its subsidiary, 
is awarded damages in respect of the existing and future litigation against the French State. The ‘B’ ordinary shares carry no voting rights or rights 
to receive any other dividend. As a result the ‘B’ ordinary shares are not accounted for as a minority interest.
Aardvark TFC Limited had share capital and reserves at 1 October 2006 of £1 (2005: £1).
SRMMC share capital and reserves at 31 December 2005 were €102,116 and the Company incurred a loss of €54,379 during that year. The Group 
provided funding to the Company of £44,280 (2005: £122,646) during the year to 1 October 2006, which has been charged to proﬁt. There were no 
balances owing at the balance sheet date.
Aardvark TFC Limited and SRMMC are not consolidated in the accounts as they are not considered material for the purposes of giving a true and fair view.
11 Stocks
  2006 2005
     
   Group Company Group Company 
   £ £ £ £
Coal stocks  1,702,713 — 1,737,945 —
Work in progress  4,201,306 — 3,447,969 —
Other stocks  858,187 — 85,680 —
   6,762,206 — 5,271,594 —
_1_ATH_2006arb.indd   16 12/12/2006   11:49:19 ATH Resources plc Annual report and ﬁnancial statements 2006 28
12 Debtors
  2006 2005
     
   Group Company Group Company 
   £ £ £ £
Amounts due from subsidiary undertakings  — 50,266,215 — 20,718,650
Trade debtors  8,257,113 — 7,864,483 —
Prepayments and accrued income  240,159 — 296,872 —
Other debtors  298,274 — 9,763 —
   8,795,546 50,266,215 8,171,118 20,718,650
13 Creditors: amounts falling due within one year
  2006 2005
     
   Group Company Group Company 
   £ £ £ £
Bank loan (note 14)  4,172,000 4,100,000 122,000 —
Bank overdraft  2,837,555 — 1,641,230 —
Finance leases and hire purchase contracts (note 14) 7,837,544 — 4,197,924 —
Trade creditors  5,776,946 — 4,635,343 —
Corporation tax  5,109,823 — 219,435 —
Other taxation and social security  385,330 — 564,168 —
Other creditors  136,281 — 121,354 —
Deferred consideration (note 24e)  1,000,000 — — —
Accruals and deferred income  1,299,107 — 1,023,170 —
   28,554,586 4,100,000 12,524,624 —
14 Creditors: amounts falling due after more than one year
  2006 2005
     
   Group Company Group Company 
   £ £ £ £
Bank loan  510,485 — 853,724 —
Finance leases and hire purchase contracts  16,091,263 — 7,485,740 —
Amounts due to subsidiary undertaking  — 22,686,755 — —
   16,601,748 22,686,755 8,339,464 —
Amounts included above are repayable over varying periods by monthly instalments as follows:
  Bank loan Finance leases and hire purchase contracts
     
   2006 2005 2006 2005 
   £ £ £ £
Within one year  4,172,000 122,000 7,837,544 4,197,924
More than one year but not more than two years  122,000 122,000 6,392,629 2,568,024
More than two years but not more than ﬁve years 366,000 366,000 9,698,634 4,917,716
Five years or more  22,485 365,724 — —
   4,682,485 975,724 23,928,807 11,683,664
The bank loan is secured by a ﬁxed charge over certain assets of the Group. The Company is party to a cross guarantee with its subsidiary undertakings 
in respect of bank loans and overdrafts held by Group companies which are secured by debentures over the assets of the Group. Obligations under 
ﬁnance leases and hire purchase contracts are secured on the related assets.
Notes to the ﬁnancial statements continued
for the year ended 1 October 2006 
_1_ATH_2006arb.indd   17 12/12/2006   11:49:19 29 ATH Resources plc Annual report and ﬁnancial statements 2006
15 Financial instruments
The Group’s ﬁnancial instruments comprise bank loans, cash and ﬁnance leases and hire purchase contracts. The purpose of these ﬁnancial instruments 
is to ﬁnance the Group’s operations. All are considered to be stated at fair value. Short term debtors and creditors have been omitted from all disclosures.
It is, and has been throughout the period under review, the Group’s policy that no trading in ﬁnancial instruments shall be undertaken. The main risk 
arising from the Group’s ﬁnancial instruments is interest rate risk.
The bank loan is secured by a ﬁxed charge over certain assets of the Group. The bank loan is repayable over eight years and bears interest based 
on the bank’s base rate plus 1% (2005: base rate plus 1%).
Finance leases and hire purchase contracts are secured on the speciﬁc asset to which the agreement relates and are on fund rate terms. The weighted 
average interest rate is 5% (2005: 5%).
16 Provisions for liabilities and charges
  Group
   Final void  Deferred 
   provision  tax Total  Company 
   £ £ £  £
2 October 2005  8,728,630 709,163 9,437,793 —
Subsidiary acquired  629,841 167,000 796,841 —
Disposals  (1,032,442) — (1,032,442) —
Created in the year  3,420,000 — 3,420,000 —
(Released)/charged to proﬁt and loss  (493,449) 1,051,643 558,194 —
Utilised in the year  (232,506) — (232,506) —
1 October 2006  11,020,074 1,927,806 12,947,880 —
Deferred tax comprises:
     2006 2005 
     £ £
Capital allowances in excess of depreciation    1,972,548 691,384
Other timing differences    (44,742) 17,779
     1,927,806 709,163
17 Called up share capital
  2006 2005
     
Ordinary shares of 0.5p each  Number £ Number £
Authorised  200,000,000 1,000,000 200,000,000 1,000,000
Called up and fully paid  39,693,568 198,468 39,693,568 198,468
18 Share premium account
     Group  Company 
     £ £
2 October 2005 and 1 October 2006    27,341,084 27,341,084
19 Proﬁt and loss account
     Group  Company 
     £ £
2 October 2005    1,553,277 130
Proﬁt on ordinary activities after taxation    5,008,455 7,566,361
Dividends paid    (4,334,538) (4,334,538)
1 October 2006    2,227,194 3,131,823
_1_ATH_2006arb.indd   18 12/12/2006   11:49:19 ATH Resources plc Annual report and ﬁnancial statements 2006 30
20 Equity dividends
Declared and paid during the ﬁnancial year:
     2006 2005 
     £ £
Final dividend for the year ended 2 October 2005: 7.56p per share (2004: 3.36p per share)  3,000,834 1,000,293
Interim dividend for the year ended 1 October 2006: 3.36p per share (2005: 3.36p per share)  1,333,704 1,333,704
     4,334,538 2,333,997
Proposed after the balance sheet date and not recognised as a liability
Final dividend for the year ended 1 October 2006: 7.89p per share (2005: 7.56p per share)  3,131,823 3,000,834
21 Reconciliation of movement in shareholders’ funds
  2006 2005
     
   Group Company Group Company 
   £ £ £ £
Issue of ordinary shares  — — 15,989,286 15,989,286
Proﬁt for the year  5,008,455 7,566,361 3,797,073 2,714,166
Dividends paid  (4,334,538) (4,334,538) (2,333,997) (2,333,997)
Net increase in shareholders’ funds  673,917 3,131,823 17,452,362 16,369,455
Opening shareholders’ funds  29,092,829 27,539,682 11,640,467 11,170,227
Closing shareholders’ funds  29,766,746 30,671,505 29,092,829 27,539,682
22 Operating lease commitments
At 1 October 2006 the Group was committed to making the following payments during the next year in respect of operating leases:
     2006 2005 
     £ £
Plant and machinery:
Leases which expire within one year    — 34,232
Leases which expire between two and ﬁve years    104,966 72,283
23 Capital commitments
At 1 October 2006 the Group was committed to acquiring plant and machinery:
     2006 2005 
     £ £
Contracted but not provided    9,948,900 20,816,658
Notes to the ﬁnancial statements continued
for the year ended 1 October 2006 
_1_ATH_2006arb.indd   19 12/12/2006   11:49:19 31 ATH Resources plc Annual report and ﬁnancial statements 2006
24 Cash ﬂows
a Reconciliation of operating proﬁt to net cash inﬂow from operating activities 
     2006 2005 
     £ £
Operating proﬁt    8,578,821 5,457,450
Depreciation and amortisation    10,620,179 4,940,862
Other movements in ﬁxed assets    — (2,246,874)
Increase in stocks    (746,290) (263,753)
Decrease/(increase) in debtors    2,118,021 (3,504,489)
(Decrease)/increase in creditors and provisions    (2,969,623) 4,228,800
Net cash ﬂow from operating activities    17,601,108 8,611,996
b Analysis of net debt
   2 October  Cash Other 1 October 
   2005  ﬂow movements 2006  
   £ £ £ £
Cash at bank  (1,641,230) (1,196,325) — (2,837,555)
Debt due within one year  (122,000) (4,050,000) — (4,172,000)
Debt due beyond one year  (853,724) 343,239 — (510,485)
Finance leases and hire purchase contracts  (11,683,664) 5,459,931 (17,705,074) (23,928,807)
    1,753,170  
   (14,300,618) 556,845 (17,705,074) (31,448,847)
c Reconciliation of net cash inﬂow to movement in net debt
     2006 2005 
     £ £
Decrease in cash    (1,196,325) (4,166,426)
Cash ﬂow from changes in debt    1,753,170 2,843,546
Change in net debt resulting from cash ﬂows    556,845 (1,322,880)
New ﬁnance leases and hire purchase contracts    (17,705,074) (9,803,930)
Movement in net debt in year    (17,148,229) (11,126,810)
Net debt at 2 October 2005    (14,300,618) (3,173,808)
Net debt at 1 October 2006    (31,448,847) (14,300,618)
d Other movements in net debt
During the year the Group entered into ﬁnance leases and hire purchase contracts arrangements in respect of assets with a total capital value at the 
inception of the agreements of £17,705,074 (2005: £9,803,930).
_1_ATH_2006arb.indd   20 12/12/2006   11:49:19 ATH Resources plc Annual report and ﬁnancial statements 2006 32
24 Cash ﬂows continued
e Acquisition of subsidiary
On 18 May 2006, ATH Regeneration Limited, a wholly owned subsidiary, acquired the whole of the issued share capital of A Ogden & Sons Limited 
for a total consideration of £25,944,052.
      2006 
      £
Net assets acquired (fair value)
Tangible ﬁxed assets     3,443,536
Investments     500
Stocks     744,322
Debtors     3,102,449
Cash     22,321,143
Creditors     (8,785,824)
Provisions     (836,748)
      19,989,378
Goodwill (note 8)     5,954,674
      25,944,052
      2006 
      £
Satisﬁed by:
Cash (including costs)     24,944,052
Deferred (note 13)     1,000,000
Total consideration     25,944,052
The fair value of the net assets acquired equates to book value immediately prior to acquisition.
The last audited accounts for A Ogden & Sons Limited prior to acquisition for the year ended 31 December 2005 show a proﬁt after tax of £3,326,593. 
For the subsequent period until acquisition by the Group, the results of the business extracted from its unaudited management accounts show turnover 
of £4,738,763, proﬁt on disposal of ﬁxed assets of £12,629,702, proﬁt before tax of £14,640,687, tax of £4,406,125 and proﬁt after tax of £10,234,562. 
There were no recognised gains or losses other than the proﬁt for the period. 
25 Related party transactions
During the year, the Group paid Alchemy Partners LLP £23,239 (2005: £23,077) for the services of I Ridler, Non-executive Director of the Company. 
No balances were owed to Alchemy Partners LLP at 1 October 2006.
Notes to the ﬁnancial statements continued
for the year ended 1 October 2006 
_1_ATH_2006arb.indd   21 12/12/2006   11:49:19 33 ATH Resources plc Annual report and ﬁnancial statements 2006
Notice is hereby given that the Annual General Meeting (“AGM”) of ATH Resources plc (the “Company”) will be held on Monday 8 January 2007, 
at 11.00 am at the ofﬁces of Eversheds LLP Solicitors, Cloth Hall Court, Inﬁrmary Street, Leeds LS1 2JB for the following purposes:
Ordinary business
T o consider and, if thought ﬁt, pass the following ordinary resolutions:
1.  T o receive and adopt the ﬁnancial statements of the Company for the year ended 1 October 2006, together with the Directors’ Report.
2.  T o declare a ﬁnal dividend for the year ended 1 October 2006 of 7.89p per ordinary share of 0.5p each in the capital of the Company to be paid 
on 12 January 2007 to members whose names appear on the register of members at the close of business on 22 December 2006.
3.  T o re-elect D C Port as a Director who retires by rotation in accordance with Article 111 of the Company’s Articles of Association and, being eligible, 
offers himself for re-election.
4.  T o re-elect I Ridler as a Director who retires by rotation in accordance with Article 111 of the Company’s Articles of Association and, being eligible, 
offers herself for re-election.
5.  T o elect S Beaumont as a Director.
6.  T o re-appoint Baker Tilly as auditors of the Company to hold ofﬁce until the conclusion of the next AGM at which ﬁnancial statements are laid before 
the Company and to authorise the Directors to ﬁx their remuneration.
7.  T o receive and approve the Remuneration Committee Report.
Special business
T o consider and, if thought ﬁt, pass the following resolutions which will be proposed as to Resolution 8 as an Ordinary Resolution and as 
to Resolutions 9 and 10 as Special Resolutions:
8.  THAT , subject to and in accordance with Article 16 of the Articles of Association of the Company, the Directors be and they hereby are generally 
and unconditionally authorised for the purposes of Section 80 of the Companies Act 1985 (the “ Act”) (in substitution for any existing authority to allot 
relevant securities (within the meaning of Section 80 of the Act)) to exercise all powers of the Company to allot, grant options over offer or otherwise 
deal with or dispose of relevant securities up to an aggregate nominal value of £66,156, being approximately one third of the current issued share 
capital of the Company, provided that this authority shall expire 15 months from the date of this resolution or at the conclusion of the next AGM 
of the Company in 2008 whichever is earlier unless previously renewed, varied or revoked by the Company in General Meeting, except that the 
Company may before such expiry make an offer or agreement which would or might require relevant securities of the Company to be allotted after 
such expiry and the Directors may allot relevant securities in pursuance of that offer or agreement as if the authority conferred by this Resolution 
had not expired.
9.  THAT , subject to the passing of Resolution 8 as set out in this Notice of AGM and in accordance with Article 17 of the Articles of Association of the 
Company the Directors be and hereby are generally empowered pursuant to Section 95 of the Act to allot equity securities (in substitution for any 
existing authority to allot equity securities (within the meaning of Section 94 of the Act)) for cash, pursuant to the authority conferred by Resolution 8 as 
set out in this Notice of AGM, as if Section 89(1) of the Act did not apply to such allotment, provided that this power shall be limited to the allotment 
of equity securities:
 (a)  in connection with or pursuant to an offer by way of a rights issue, open offer or other pre-emptive offer in favour of ordinary shareholders in 
proportion as nearly as practicable (but subject to such exclusions or other arrangements as the Directors may deem necessary or desirable 
to deal with fractional entitlements or legal or practical problems under the laws of, or the requirements of, any regulatory body or any stock 
exchange in, any territory) to the respective number of ordinary shares held by them; and
 (b)  to the allotment (otherwise than pursuant to sub-paragraph (a) above) of equity securities up to an aggregate nominal value of £9,923;
  and such power shall expire 15 months from the date of this Resolution or at the conclusion of the AGM of the Company to be held in 2008, 
whichever is earlier, save that the Company may before such expiry make an offer or agreement which would or might require equity securities 
to be allotted after such expiry and the Directors may allot equity securities in pursuance of such an offer or agreement as if the power conferred 
hereby had not expired.
Notice of annual general meeting
_1_ATH_2006arb.indd   22 12/12/2006   11:49:20 ATH Resources plc Annual report and ﬁnancial statements 2006 34
Special business continued
10.  THAT , the Company be generally and unconditionally authorised pursuant to Article 9 of the Articles of Association of the Company and pursuant 
to Section 166 of the Act to make market purchases (as deﬁned in Section 163 of the Act) of ordinary shares of 0.5p each in the capital of the 
Company provided that:
 10.1  the maximum number of shares hereby authorised to be purchased is 1,984,678 (being approximately 5% of the current issued ordinary share 
capital of the Company);
 10.2  the minimum price which may be paid for such shares is 0.5p per ordinary share being the nominal value thereof;
 10.3  the maximum price (exclusive of expenses) which may be paid for such shares shall not be more than 105% of the average of the middle 
market quotation for ordinary shares of 0.5p each in the capital of the Company for these shares taken from the listing of the Alternative 
Investment Market of the London Stock Exchange plc over the ﬁve business days immediately preceding the day on which the contract 
for purchase is made; and
 10.4  the authority shall expire 15 months from the date of this resolution or at the conclusion of the next AGM of the Company in 2008 whichever 
is earlier provided that the Company may before such expiry make a contract to purchase its own shares which would or might be executed 
wholly or partly after such expiry and the Company may make a purchase of its own shares in pursuance of such contract as if the authority 
conferred hereby had not expired.
By order of the Board
R A Croston
Company Secretary
5 December 2006
 
Notes
1.  Any member entitled to attend and vote at the AGM is entitled to appoint one or more proxies (who need not be a member of the Company) 
to attend and, on a poll, vote instead of that member. Completion and return of a form of proxy will not preclude a member from attending and 
voting at the meeting in person, should he subsequently decide to do so.
2.  In order to be valid, any form of proxy, power of attorney or other authority under which it is signed, or a notarial certiﬁed or ofﬁce copy of such power 
or authority, must be lodged at the ofﬁces of the Company’s registrars, Capita registrars, Proxy Department, The Registry, 34 Beckenham Road, 
Beckenham, Kent BR3 4TU, not later than 48 hours before the time of the meeting or of any adjournment of the meeting.
3.  As permitted by Regulation 41 of the Uncertiﬁcated Securities Regulations 2001, shareholders who hold shares in uncertiﬁcated form must be 
entered on the Company’s share register at 11.00 am on 5 January 2007 in order to be entitled to attend and vote at the AGM. Such shareholders 
may only cast votes in respect of shares held at such time. Changes to entries on the relevant register after that time shall be disregarded in 
determining the rights of any person to attend or vote at the meeting.
4.  Copies of the service contracts of each of the Directors, and the register of Directors’ interests in shares of the Company kept pursuant to Section 325 
of the Act, will be available for inspection at the registered ofﬁce of the Company during usual business hours on any weekday (Saturdays and public 
holidays excluded) from the date of this notice until the date of the AGM and at the place of the AGM from at least 15 minutes prior to and until the 
conclusion of the AGM.
5.  CREST users should note that they can lodge their proxy vote for the meeting through the CREST Proxy Voting System. For further instructions, 
users should refer to the CREST User Manual. Any CREST Sponsored Member should contact their CREST Sponsor.
Notice of annual general meeting continued
_1_ATH_2006arb.indd   23 12/12/2006   11:49:20 35 ATH Resources plc Annual report and ﬁnancial statements 2006
I/We (block capitals)
of
being a member/members of ATH Resources plc hereby appoint the Chairman of the meeting*
as my/our proxy to vote for me/us on my/our behalf at the AGM of the Company to be held on Monday 8 January 2007 and at every adjournment thereof.
I/We direct the proxy to vote on the resolutions set out in the notice convening the AGM as follows:
Please indicate how you wish your proxy to vote by placing a tick in the appropriate space. Unless otherwise indicated, the proxy will exercise his/her 
discretion as to how he/she votes and whether or not he/she abstains from voting.
 RESOLUTION FOR AGAINST
 1.  Ordinary – To receive and adopt the ﬁnancial statements for the year ended 1 October 2006,  
together with the Directors’ Report.
 2. Ordinary – To declare a ﬁnal dividend for the year ended 1 October 2006.
 3. Ordinary – To re-elect D C Port as a Director.
 4. Ordinary – To re-elect I Ridler as a Director.
 5. Ordinary – To elect S Beaumont as a Director.
 6.  Ordinary – To re-appoint Baker Tilly as auditors of the Company and to authorise the Directors  
to ﬁx their remuneration.
 7. Ordinary – To receive and approve the Remuneration Committee Report.
 8. Ordinary – To authorise the Directors to allot shares.
 9. Special – To disapply pre-emption rights.
 10. Special – To authorise the Company to buy its own shares.
Signed: 
Dated: 
*  If you wish to appoint some other person as your proxy, please insert their name and address here, delete the words “Chairman of the meeting” and initial the alteration. 
The proxy need not be a member of the Company.
Notes
1.  In order to be valid, this form of proxy and any power of attorney or other authority under which it is signed, or a notarial certiﬁed or ofﬁce copy 
of such power or authority, must be lodged at the ofﬁces of the Company’s registrars, Capita Registrars, Proxy Department, The Registry, 
34 Beckenham Road, Beckenham, Kent BR3 4TU, not later than 48 hours before the time appointed for the meeting, or any adjournment of 
the meeting.
2.  In the case of joint holders, the signature of any one of them is sufﬁcient but the vote of the ﬁrst named on the register of members will be 
accepted to the exclusion of other joint holders.
3.  In the case of a corporation, this form must be executed either under a common seal or under the hand of an ofﬁcer or attorney duly authorised 
in writing.
4.  If no speciﬁc voting directions are given, your proxy may vote or abstain from voting as he/she thinks ﬁt on the resolution and any other business 
conducted at the meeting.
5. Any alterations made to this form of proxy should be initialled.
6.  CREST users should note that they can lodge their proxy votes for the meeting through the CREST Proxy Voting System. For further instructions, 
users should refer to the CREST User Manual. Any CREST Sponsored Members should contact their CREST sponsor.
7.  Any member entitled to attend and vote at the AGM is entitled to appoint one or more proxies and, on a poll, to vote instead of that member. 
The proxy need not be a member of the Company.
8. Completion and return of the form of proxy will not preclude a member from attending the meeting and voting in person if he/she so chooses.
9.  As permitted by Regulation 41 of the Uncertiﬁcated Securities Regulations 2001, shareholders who hold shares in uncertiﬁcated form must be 
entered on the Company’s share register at 11.00 am on 5 January 2007 in order to be entitled to attend and vote at the AGM. Such shareholders 
may only cast votes in respect of shares held at such time.
Form of proxy 
For use at the Annual General Meeting to be held at 11.00 am on Monday 8 January 2007
_1_ATH_2006arb.indd   24 12/12/2006   11:49:20 business reply style
Business Reply
Licence Number
MB 122
Capita Registrars
Proxy Department
PO Box 25
Beckenham
Kent BR3 4BR
ﬁrst fold
Second fold
Third fold
_1_ATH_2006arb.indd   25 12/12/2006   11:49:21 Group operations
Doncaster
Head ofﬁce
Grimethorpe 
Registered ofﬁce
Aardvark House
Sidings Court
Doncaster DN4 5NU
Company number
4928463
Bankers
Royal Bank of Scotland
2 Whitehall Quay
Leeds LS1 4HR
Solicitors
Eversheds LLP
Cloth Hall Court
Inﬁrmary Street
Leeds LS1 2JB
Auditors
Baker Tilly
2 Whitehall Quay
Leeds LS1 4HG
Nominated adviser and broker
Seymour Pierce Limited
Bucklersbury House
3 Queen Victoria Street
London EC4N 8EL
Financial PR advisors
Abchurch Communications Limited
100 Cannon Street
London EC4N 6EU
Registrar
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Corporate information
Company diary 2007
 8  January 2007 Annual General Meeting
12  January 2007 Final dividend paid
 1  April 2007 Half year end
12  June 2007 Interim results and dividend declared
27  June 2007 Ordinary shares go ex-dividend
20  July 2007 Interim dividend paid
30  September 2007 Financial year end
 5  December 2007 Preliminary results and dividend declared
21  December 2007 Ordinary shares go ex-dividend
_1cover.indd   2 12/12/2006   11:52:27 Annual report and ﬁnancial statements 2006
Aardvark House 
Sidings Court 
Doncaster DN4 5NU
Tel:  +44 (0)1302 760462 
Fax:  +44 (0)1302 760463 
Web:  www.ath.co.uk
ATH’s commitment to environmental issues is reﬂected in this annual report which 
has been printed on Revive Silk, a recycled paper stock. It contains 75% de-inked 
post consumer waste and 25% combination mill broke and virgin ﬁbres. 
This document was printed by Beacon Press using their environmental print 
technology which minimises the impact of printing on the environment. All energy 
used comes from renewable sources, vegetable based inks have been used and 
85% of all waste associated with this production has been recycled. The printer is 
a Carbon Neutral
®
 company. 
Both the printer and the paper mill are registered to ISO 14001. 
ATH Resources plc Annual report and ﬁnancial statements 2006
_1cover.indd   1 12/12/2006   11:50:40