CLASSIC MINERALS LTD — Interim / Quarterly Report 2016

Jul 27, 2016

Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013

Name of entity

Classic Minerals Limited

ABN

77 119 484 016

Quarter ended ("current quarter") 30 June 2016

Consolidated statement of cash flows

		Current quarter	Year to date
Cash flows related to operating activities		\$A'ooo	$(12$ months)
			\$A'ooo
1.1	Receipts from debtors
1.2	Payments for (a) exploration & evaluation	(94)	(437)
	(b) development
	(c) production
	(d) administration	(219)	(595)
1.3	Dividends received
1.4	Interest and other items of a similar nature		$\mathbf{1}$
	received
1.5	Interest and other costs of finance paid	(122)	(511)
1.6	Income taxes paid
1.7	Other (provide details if material) R&D Tax		1,242
	Rebate for 2014/15 received in December
	2015 (*: nett of Tax Agent's Fee)
	Net Operating Cash Flows	(435)
			(300)
	Cash flows related to investing activities
1.8	Payment for purchases of: (a) prospects
	(b) equity investments
	(c) other fixed assets		(3)
1.9	Proceeds from sale of: (a) prospects
	(b) mining interest	100	600
	(c) other fixed assets
1.10	Loans to other entities
1.11	Loans repaid by other entities
1.12	Other (provide details if material)		(29)
		100	568
	Net investing cash flows
1.13	Total operating and investing cash flows (carried forward)	(335)	268

• See chapter 19 for defined terms.

Total operating and investing cash flows	(335)	268
		20
Proceeds from the issue of Convertible Note		1,000
		582
		(1,854)
Other (Expenses relating to Capital Raisings)
		(252)
Net increase (decrease) in cash held	(292)	16
Cash at beginning of quarter/year to date		40
Exchange rate adjustments to item 1.20
	56	56
	(brought forward) Cash flows related to financing activities Proceeds from the issue of options, etc. Proceeds from the issue of shares Proceeds from borrowings Repayment of borrowings Dividends paid Net financing cash flows Cash at end of quarter	153 (no) 43 348

Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities

		Current quarter A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	37
1.24	Aggregate amount of loans to the parties included in item 1.10	$\qquad \qquad$

Explanation necessary for an understanding of the transactions $1.25$

1.23 includes fees and salaries for executive and non-executive directors (\$36,866).

Non-cash financing and investing activities

Details of financing and investing transactions which have had a material effect on $2.1$ consolidated assets and liabilities but did not involve cash flows

Details of outlays made by other entities to establish or increase their share in projects in $2.2$ which the reporting entity has an interest

None

⁺ See chapter 19 for defined terms.

Financing facilities available
Add notes as necessary for an understanding of the position.

		Amount available A'000	Amount used A'000
3.1	Loan facilities		Nil
3.2	Credit standby arrangements	Ni	Nil

Estimated cash outflows for next quarter

		\$A'ooo
4.1	Exploration and evaluation	20
4.2	Development
4.3	Production
4.4	Administration	20
	Total	40

Reconciliation of cash

	Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A'$ 000	Previous quarter \$A'ooo
5.1	Cash on hand and at bank	56	348
5.2	Deposits at call
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	56	348

⁺ See chapter 19 for defined terms.

Changes in interests in mining tenements and petroleum tenements

		Tenement	Nature of interest	Interest at	Interest at
		reference	(note (2))	beginning	end of
		and		of quarter	quarter
		location
6.1	Interests in mining	M 57 /619	Reducing(: This tenement	$100\%$	*:Refer to
	tenements and		is the subject of a		Comments
	petroleum tenements		Sale of Mining
	relinquished, reduced		Interest agreement
	or lapsed		(ASK)
			Announcement
			dated 31 March
			2016). Under the
			Terms of this
			Agreement Classic
			will continue to be
			the legal and
			beneficial owner
			of the tenement.
6.2	Interests in mining	E69/3337	Tenement Application	Nil	100%
	tenements and		approved
	petroleum tenements
	acquired or increased

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference
	+ securities (description)
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3	+Ordinary securities	325,467,635	325,467,635	\$0.20

⁺ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

7.4	Changes during quarter (a) Increases through issues	1,000,000	1,000,000
	(b) Decreases through returns of capital, buy- backs (c) Escrow release
7.5	+Convertible	\$1,000,000		\$0.03
	debt
	securities
	(description)
7.6	Changes during quarter
	(a) Increases
	through issues
	(b) Decreases
	through
	securities
	matured, converted
7.7	Options	$\overline{\phantom{a}}$
	(description and
	conversion
	factor)
7.8	Issued during		÷
	quarter
7.9	Exercised		÷
	during quarter
7.10	Expired during quarter
7.11	Debentures
	(totals only)
7.12	Unsecured
	notes (totals
	only)

Compliance statement

• This statement has been prepared under accounting policies which comply with $\,1$ accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
• This statement does / does not* (delete one) give a true and fair view of the $\overline{2}$ matters disclosed.

⁺ See chapter 19 for defined terms.

Appendix $5B$ Mining exploration entity and oil and gas exploration entity quarterly report

Sign here:		Date:.28 July 2016
	(Company Secretary)

Print name:

....................................... Jeffrey Nurse

Notes

• The quarterly report provides a basis for informing the market how the entity's $\mathbf{1}$ activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• The "Nature of interest" (items 6.1 and 6.2) includes options in respect of $\overline{2}$ interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• Issued and quoted securities The issue price and amount paid up is not $\overline{\mathbf{3}}$ required in items 7.1 and 7.3 for fully paid securities.
• The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of $\overline{4}$ Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
• Accounting Standards ASX will accept, for example, the use of International 5 Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

⁺ See chapter 19 for defined terms.