Copyright © 2009, Standard & Poor's. All rights reserved.
| Admiral Bay Resources Inc. |
| Annual Report: |
| Income Statement: As of Jul. 31 Thou. US Dollar | 2008 | 2007 |
| Net revenues | 5,695 | 3,464 |
| Cost & exps. | 5,654 | 5,433 |
| Interest income | 35 | 10 |
| Fgn. currency transl. | 3 | (47) |
| Depr. & amort. | 1,609 | 958 |
| Interest exp. | 5,415 | 2,506 |
| Other expenses | 1,286 | |
| Net income | (8,231) | (5,376) |
| Share earns. basic | ($0.11) | ($0.07) |
| Share earns. diluted | ($0.11) | ($0.07) |
| Balance Sheet: As of Jul. 31 Thou. US Dollar | 2008 | 2007 |
| Assets: | ||
| Cash & equiv. | 462 | 20 |
| Receivables, net | 2,345 | 816 |
| Prepaid expenses | 70 | 29 |
| Tot. curr assets | 2,877 | 865 |
| Net property | 48,013 | 43,993 |
| DERIVATIVE INSTRUMENTS | 118 | |
| Defr. financing exps. | 1,872 | |
| Defr. transaction costs | 50 | |
| Total assets | 51,008 | 46,780 |
| Liabilities: | ||
| Curr. debt mat. | 3,714 | 2,231 |
| Accts. pay. & accruals | 3,068 | 3,096 |
| Tot. curr. liabs. | 6,782 | 5,327 |
| DERIVATIVE INSTRUMENTS | 1,215 | |
| Long-term debt | 25,979 | 16,169 |
| Asset retirement obligs. | 613 | 467 |
| Com. stk. n.p. | 41,094 | 39,876 |
| Warrants | 1,281 | |
| Paid-in cap. | 11,612 | 9,794 |
| Fgn. currency transl. | (614) | (614) |
| Retained earns. | (35,673) | (25,520) |
| Total shareholders' equity | 16,419 | 24,817 |
| Total liabs. | 51,008 | 46,780 |
|
NOTE: Effective July 31, 2006, the Company changed its reporting currency from Canadian dollars to United States dollars. |
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