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ECLIPSE METALS LIMITED. — Interim / Quarterly Report 2016
Apr 28, 2016
64863_rns_2016-04-28_ec104c36-d05b-449a-b635-8dbadf317388.pdf
Interim / Quarterly Report
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Quarterly Activities Report and Appendix 5B For the Quarter ending 31[st ] March 2016
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HIGHLIGHTS
-
Extension of term granted for EPM 17938, Mary Valley Manganese Project.
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Commenced review of geophysical exploration methods to assist with planning exploration programs on Mary Valley manganese deposits.
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Continuing review of historical data for Devil’s Elbow Uranium Project and adjoining tenements and planning for exploration.
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Negotiations proceeding to secure farm-in and joint venture agreement on Liverpool uranium tenements.
The Board of Eclipse Metals Limited ( the Company ) is pleased to provide the following commentary and Appendix 5B.
CORPORATE ACTIVITY
The main focus during the March 2016 quarter has been to evaluate opportunities which create wealth without materially reducing the balance sheet strength and preserve the Company’s cash reserves.
The Board has been actively seeking a key project interest capable of providing Eclipse with new impetus. The Board has been focused on commencing negotiations with fellow junior and multinational mining and exploration entities with a view to securing a farm-in and joint venture agreement.
A farm-in opportunity for one of the Company’s tenements has been presented that passes its value criteria and the Board will continue to work to further negotiations.
TENEMENT ACTIVITY
NT Uranium Projects
The Devil’s Elbow Project is part of a group of five tenements with a combined area of 1,405sq km wholly situated in West Arnhem Land. The Company’s Liverpool project area is in the sought after Alligator Rivers Uranium field neighbouring senior uranium explorers such as Rio Tinto and Cameco Australia.
The Company has successfully concluded a meeting with Traditional Landowners to seek approval for uranium-gold-palladium exploration and potential mining over ELA’s 27584 and 26244, to progress toward acquiring further consents and agreements. Refer Figure 2 .
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ECLIPSE METALS LIMITED
2
Queensland – Mary Valley Manganese Project
Renewal of tenure for EPM 17938 Amamoor (Mary Valley Manganese Project) in Queensland has been granted.
Investigations are progressing for application of existing and recently developed geophysical procedures to assist with mapping and drilling manganese deposits in the Mary Valley project tenements.
A renewal for EPM 17938 (Amamoor Manganese Project) in Queensland has been granted.
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Figure 1. Eclipse Metals Ltd tenements in Northern Territory and Queensland
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ECLIPSE METALS LIMITED
3
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Figure 2: Location Map showing the Eclipse uranium ground and recent application, highlighted in red, as part of the Liverpool Uranium Project - West Arnhem
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ECLIPSE METALS LIMITED
4
Interest in Granted Mining tenements at the end of the quarter
| Tenement | Project | Commodity | Status | State | Beneficial | Area | Area |
|---|---|---|---|---|---|---|---|
| Name | **Holder ** | Blk km2 |
|||||
| EL 27567 EL 24808 EPM 17672 EPM 17938 EPM 25698 |
Mt Wells Eclipse Mary Valley Amamoor WestMaryValley |
Gold-Base Metals Uranium Manganese Manganese Manganese |
Granted Granted Granted Granted Granted |
NT NT QLD QLD QLD |
Eclipse Metals Pty Ltd Eclipse Metals Pty Ltd Eclipse Metals Pty Ltd Eclipse Metals Pty Ltd EclipseMetalsPtyLtd |
5 27 54 4 10 |
16 84 167 12 31 |
| TOTAL 310 |
Exploration Licences Application at the end of the quarter
| Tenement | Project | Commodity | Status | State | Beneficial | Area | Area |
|---|---|---|---|---|---|---|---|
| Name | **Holder ** | Blk km2 |
|||||
| ELA 24623 | Eclipse | Uranium | Application | NT | EclipseMetalsLtd | 305 | 915 |
| ELA 24624 | Eclipse | Uranium | Application | NT | EclipseMetalsLtd | 476 | 1,428 |
| ELA 24627 | Eclipse | Uranium | Application | NT | EclipseMetalsLtd | 500 | 1,550 |
| ELA 24861 | LakeMackay | Uranium | Application | NT | EclipseMetalsLtd | 50 | 150 |
| ELA 25666 | MtPozieres | Uranium | Application | NT | EclipseMetalsLtd | 229 | 733 |
| ELA 26193 | Liverpool 1 | Uranium | Application | NT | EclipseMetalsLtd | 240 | 768 |
| ELA 26244 | Liverpool 2 | Uranium | Application | NT | EclipseMetalsLtd | 50 | 160 |
| ELA 26259 | South Alligator 1 | Uranium | Application | NT | EclipseMetalsLtd | 202 | 646 |
| ELA 26260 | South Alligator 2 | Uranium | Application | NT | EclipseMetalsLtd | 274 | 877 |
| ELA 26487 | Yuendi | Uranium-Copper | Application | NT | EclipseMetalsLtd | 320 | 992 |
| ELA 26283 | MtTheo | Uranium | Application | NT | EclipseMetalsLtd | 260 | 806 |
| ELA 27130 | FlyingFox | Uranium | Application | NT | EclipseMetalsLtd | 482 | 1,494 |
| ELA 27549 | Liverpool3 | Uranium | Application | NT | EclipseMetalsLtd | 51 | 163 |
| ELA 27584 | Devil'sElbow | Uranium | Application | NT | EclipseMetalsLtd | 30 | 96 |
| ELA 27703 | Gumadeer | Uranium | Application | NT | EclipseMetalsLtd | 3 | 10 |
| ELA30165 | Liverpool 4 | Uranium | Application | NT | EclipseMetalsLtd | 68 | 218 |
| Total Area 11,006 |
For further information please contact:
Carl Popal
Executive Chairman
T: +61 8 9480 0420
The information in this report that relates to Exploration Results together with any related assessments and interpretations is based on information compiled by Mr Rodney Dale, a NonExecutive Director of Eclipse Metals Limited. Mr Dale is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
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
| Name of entity | |
|---|---|
| Eclipse Metals Limited | |
| ABN 85 142 366 541 |
Quarter ended(“currentquarter”) 31 March 2016 |
| 85 142 366 541 | 31 March 2016 |
Consolidated statement of cash flows
| Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows |
Current quarter $A’000 |
Year to date (9 months) $A’000 |
|---|---|---|
| - (30) - - (71) - - - - - |
- (44) - - (250) - - - - - |
|
| (101) | (294) | |
| Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects1 (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (refundable deposit) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward) |
- - - - - - - - - |
- - - - - - - - - |
| - | - | |
| (101) | (294) |
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| 1.13 Total operating and investing cash flows (brought forward) |
(101) | (294) |
|---|---|---|
| Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc.1 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 1.20 Other (share issue cost) Other (R&D refund) Net financing cash flows |
30 - - - - - - |
490 - - - - (4) - |
| 30 | 486 | |
| Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter |
(71) 494 - |
192 231 - |
| 423 | 423 |
Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities
| 1.23 1.24 |
Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10 |
Current quarter $A'000 |
|---|---|---|
| 8 | ||
| - | ||
| 1.25 | Explanation necessaryfor an understandingof the transactions | |
| N/A |
Non-cash financing and investing activities
-
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A
-
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
N/A
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Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Financing facilities available
Add notes as necessary for an understanding of the position.
| 3.1 Loan facilities 3.2 Credit standby arrangements |
Amount available $A’000 |
Amount used $A’000 |
|---|---|---|
| - | - |
|
| - | - |
Estimated cash outflows for next quarter
| 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration |
$A’000 |
|---|---|
| 50 | |
| - | |
| - | |
| 50 | |
| Total | 100 |
Reconciliation of cash
| 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’000 |
| 5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) |
423 | 493 |
| - | - | |
| - | - | |
| - | - | |
| Total: cash at end of quarter(item 1.22) | 423 | 493 |
Changes in interests in mining tenements and petroleum tenements
| 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements and petroleum tenements acquired or increased |
Tenement reference and location |
Nature of interest (note (2)) |
Interest at beginning ofquarter |
Interest at end of quarter |
|---|---|---|---|---|
| N/A | N/A | N/A | N/A |
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Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
6.3 Interests in mining tenements at end of the quarter
| Location | Project Name | Tenement # | Ownership | Titleholder |
|---|---|---|---|---|
| Northern Territory | Mt Wells | EL 27567 | 100% | Eclipse Metals Ltd |
| Northern Territory | Eclipse | EL 24808 | 100% | Eclipse Metals Ltd |
| Queensland | Mary Valley | EPM 17672 | 87.38% | Walla Mines Pty Ltd |
| Queensland | Amamoor | EPM 17938 | 87.38% | Walla Mines Pty Ltd |
| Queensland | West Mary Valley | EPM25698 | 87.38% | Walla Mines Pty Ltd |
| Northern Territory | Eclipse | ELA 24623 | 100% | Eclipse Metals Ltd |
| Northern Territory | Eclipse | ELA 24624 | 100% | Eclipse Metals Ltd |
| Northern Territory | Eclipse | ELA 24627 | 100% | Eclipse Metals Ltd |
| Northern Territory | Lake Mackay | ELA 24861 | 100% | Eclipse Metals Ltd |
| Northern Territory | Mt Pozieres | ELA 25666 | 100% | Eclipse Metals Ltd |
| Northern Territory | Liverpool 1 | ELA 26193 | 100% | Eclipse Metals Ltd |
| Northern Territory | Liverpool 2 | ELA 26244 | 100% | Eclipse Metals Ltd |
| Northern Territory | South Alligator 1 | ELA 26259 | 100% | Eclipse Metals Ltd |
| Northern Territory | South Alligator 2 | ELA 26260 | 100% | Eclipse Metals Ltd |
| Northern Territory | Mt Theo | ELA 26283 | 100% | Eclipse Metals Ltd |
| Northern Territory | Yuendi | ELA 26487 | 100% | Eclipse Metals Ltd |
| Northern Territory | Flying Fox | ELA 27130 | 100% | Eclipse Metals Ltd |
| Northern Territory | Liverpool 3 | ELA 27549 | 100% | Eclipse Metals Ltd |
| Northern Territory | Devil’s Elbow | ELA 27584 | 100% | Eclipse Metals Ltd |
| Northern Territory | Gumadeer | ELA 27703 | 100% | Eclipse Metals Ltd |
| Northern Territory | Liverpool 4 | ELA 30165 | 100% | Eclipse Metals Ltd |
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.
| 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 |
Total number | Number quoted | Issue price per security (see note 3) (cents) |
Amount paid up per security (see note 3) (cents) |
|---|---|---|---|---|
| 964,616,948 | 964,616,948 |
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Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
| 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs |
78,766,667 | 78,766,667 | 0.005 | 0.00 |
|---|---|---|---|---|
| 7.5 ~~+~~Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted |
||||
| 7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter |
103,023,813 | - | Exercise price 6 cents |
Expiry date 30/11/16 |
| 7.11 Debentures (totals only) |
||||
| 7.12 Unsecured notes(totals only) |
Compliance statement
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1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
-
2 This statement does give a true and fair view of the matters disclosed.
Sign here: Date: 29 April 2016 Print name: Eryn Kestel Company Secretary
Notes
- 1 The quarterly report provides a basis for informing the market how the entity’s 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.
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
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2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of 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.
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3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .
-
4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
-
5 Accounting Standards ASX will accept, for example, the use of International 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.
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