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BURLEY MINERALS LTD — Capital/Financing Update 2021
Oct 31, 2021
64583_rns_2021-10-31_8b6808ee-08a2-4c11-8d05-c269693b9e14.pdf
Capital/Financing Update
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ASX Announcement
29 October 2021
Addendum to Quarterly Activities and Cashflow Report
Recently listed Western Australian Iron and Base Metals explorer, Burley Minerals Ltd ( Burley or the Company ) (ASX: BUR ) gives notice In accordance with Listing Rule 5.3.4, as the September 2021 quarter was in a period covered by a ‘use of funds’ statement in the IPO Prospectus, below is a comparison of the Company’s actual expenditure to 30 September 2021 against the estimated expenditure in the ‘use of funds’ statement in the Prospectus (differences are primarily due the Company only being three months into its planned two-year expenditure program):
| Use of funds | Per IPO Prospectus | Actual expenditure up to 30 |
|---|---|---|
| (2-year period) | Sept 2021 | |
| $ | $ | |
| Exploration of Yerecoin | 2,266,200 | 55,839 |
| magnetite deposits | ||
| Exploration of Yerecoin Ni-Cu- | 927,350 | 55,952 |
| PGE Project | ||
| Acquisition and stamp duty | 536,815 | 199,000 |
| General working capital | 2,074,258 | |
| • Administration | 245,760 | |
| • New projects | 38,211 | |
| Estimated expenses of the | 664,215 | 483,802 |
| Offer | ||
| Total | 6,468,838 | 1,078,564 |
ENDS
This announcement has been authorised for release by the Board of Burley Minerals Limited.
ABN 44 645 324 992 PO BOX 369, WEST PERTH WA 6872 +61 8 9322 6283 ASX: BUR [email protected] www.burleyminerals.com.au
For further information, please contact: Bryan Dixon Gary Powell Non-Executive Chairman Managing Director Burley Minerals Limited Burley Minerals Limited +61 (8) 3228 6283 +61 (8) 3228 6283 [email protected] [email protected]
About Burley Minerals
Burley Minerals Ltd is an ASX-listed Iron Ore and Base Metals explorer. The Company completed a successful listing of the Company on the Australian Securities Exchange on 7th July 2021. The Company’s flagship project is the Yerecoin Project is located approximately 120km to the northeast of Perth, Western Australian and has a JORC 2012 compliant Mineral Resource of 246.7Mt capability of producing a concentrate at >68% Fe. Various studies completed by previous tenement operators, include various production scenarios as well as evaluation of infrastructure solutions. Burley has now commenced a Preliminary Feasibility Study on the magnetite minerals resources.
In addition to the development potential of the Yerecoin Magnetite deposits, there has been some very
recent exploration successes within the Jimperding Metamorphic Belt, including Chalice Mining’s Gonneville discovery. Given these recent exploration successes, and the knowledge that Co-bearing Ni-Cu sulphides have previously been identified within Yerecoin’s ultramafic rocks, Burley believes the geological setting and prospectivity of the Yerecoin Project are analogous to the Julimar-Gonneville discovery setting and represent an opportunity for the discovery of Ni-Cu-PGE mineralisation.
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