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FOCUS MINERALS LTD — Interim / Quarterly Report 2016
Apr 28, 2016
64932_rns_2016-04-28_48882589-e3c5-46bc-b1da-7a1620822d71.pdf
Interim / Quarterly Report
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Quarterly Activities Report to 31 March 2016
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ASX ANNOUNCEMENT
29 April 2016
Focus Minerals Ltd (ASX:FML) Quarterly Activities Report for January – March 2016
Corporate Activity During The Quarter
Financial Position Remains Strong
Focus Minerals Ltd (“Focus” or “the Company”) continues to have the strongest cash balance of any gold explorer listed on the ASX, with $72.2M in cash and equivalents at 31 March 2016 (31 December $73.9m).
| Cash at Bank and Deposits | $55.9M |
|---|---|
| Cash held onbond | $16.3M |
| Total Cash and Equivalents | $72.2M |
The Company’s 2015 Full Year Statutory Accounts were released to the market on 31 March, they highlighted the significant efficiencies achieved during the year: Direct exploration expenditure accounted for more than $8 million of the Company’s net cash burn of $11 million during 2015.
Annual General Meeting
Focus’ AGM will be held in Perth on 20 May. For further information, please refer to the material sent to each shareholder, or the ASX release of 18 April.
Exploration Activity During The Quarter
The Company’s exploration program continues to prioritise the discovery of additional high grade gold at Laverton and Coolgardie; with the former searching for new large scale deposits and the latter targeting high grade ore to supplement existing resources to enable a profitable restart of operations. An update on progress on both projects was released on 29 April, a summary of the activities in the March Quarter can be found below.
Coolgardie Gold Project
Activities during March Quarter
During the Quarter, Focus has continued its aggressive exploration at Coolgardie, completing 34 RC holes for 6,816m at Bonnie Vale (7 RC holes for 1,362m) and Greater Tindals (21 RC holes for 4,080m at Possum and 6 RC holes for 1,374m at Undaunted/Lady Charlotte). Results were generally encouraging for all prospect areas (refer to ASX release dated 29 April), with highlights including:
-
Bonnie Vale:
-
BONC119 1m @ 15.05g/t Au from 272m
-
BONCD070 1m @ 10.30g/t Au from 97m (RC pre-collar for a diamond tail completed after the end of the quarter)
-
Possum:
-
TND16015 1m @ 13.00g/t Au from 110m
Quarterly Activities Report To 31 March 2016
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-
TND16021 1m @ 7.19g/t Au from 125m
-
TND16024 1m @ 8.99g/t Au from 33m
-
7m @ 10.92g/t Au from 66m (incl. 1m @ 45.90g/t Au from 71m)
-
TND16026 1m @ 19.80g/t Au from 212m
-
TND16037 1m @ 11.65g/t Au from 172m
At Bonnie Vale, drilling focussed on testing down-dip extensions of the Quarry Reef and along-strike extensions of the Westralia Reef, with results from both areas suggesting that mineralisation extends up to 50m away from known mineralisation. Drilling at Greater Tindals focussed on testing extensions to known mineralised systems, and a new discovery was made at Possum South along an approximately 700m strike length south from the historic open pit.
In addition to RC drilling, Focus completed an approximately 7.5 line km 2D seismic survey at Tindals with the aim of imaging known mineralised structures at depth and identifying potential deep targets in the district. Results were received and interpretation work is ongoing.
Planned Activities – June Quarter
Follow-up drilling is planned for both Bonnie Vale and Greater Tindals.
Bonnie Vale
Additional drilling is planned to follow up on the encouraging results at Westralia to continue following the system along strike. Depending on results from diamond drilling, additional infill drilling will be planned at Quarry Reef with the goal of expanding the Mineral Resource.
Greater Tindals
Possum Prospect - The following additional drilling is being planned for Possum:
-
Step-out drilling to the south to continue delineating the extent of the mineralised system
-
Follow-up drilling testing the extent of high-grade mineralisation around the Possum Pit (e.g. TND16024 1m @ 45.90g/t Au)
-
In-fill drilling to increase the confidence in the identified mineralised system with the potential aim of delineating an Inferred Mineral Resource
Brilliant – The following additional drilling is being planned for Brilliant:
-
A four hole diamond drill programme (of around 1,000m) testing for deeper extensions to known lodes.
-
RC drilling on the western side of the Brilliant Pit to further investigate the potential for footwall lodes around Brilliant.
-
In-fill drilling to the northeast of Brilliant following up on encouraging results from the current programme with the goal of growing the current Mineral Resource.
Lady Charlotte/Undaunted – Additional drilling is being planned for Lady Charlotte/Undaunted to continue testing the strike extent of the system before making decisions on any in-fill drilling.
2
Quarterly Activities Report To 31 March 2016
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Laverton Gold Project
Activities during March Quarter
During the March 2016 quarter, 19 reverse circulation holes (KARC169 to KARC187) were drilled on the Karridale Project for a total of 3,838m. The holes were drilled as part of a 25 hole programme that was concluded after the end of the quarter. Full details of the holes are included in the recent update released to the ASX on 29 April.
The drilling provided limited 40m spaced (collar positions) drilling around the historic Karridale and Boomerang underground mines as well as 80m spaced drilling to test for links between the Karridale and Boomerang zones.
Best results were 2m @ 29.40g/t Au from 168m in hole KARD176 and 7m @ 8.98g/t Au from 150m in hole KARC173. A full summary of intersections is provided in the ASX release mentioned above.
Results are still being interpreted prior to further drilling commencing.
Planned Activities – June Quarter
Further RC drilling is planned at Karridale pending compilation of results. Should the RC drilling meet the Company’s expectations, deeper diamond core drilling will re-commence.
A new geological interpretation of the Lancefield project will drive an RC drill exploration programme in the second half of 2016. Untested extensions to historic drilling will be tested at Lancefield itself as well as other targets. The Lancefield mine (which is currently suspended) has produced over a million ounces of gold since 1902. The current Mineral Resource at Lancefield is 2.8Mt @ 6.6g/t Au for 596,000 ounces (see Focus’ Annual Report released 18 April).
Tenement list held at 31 March 2016
| Laverton Gold Project | ||
|---|---|---|
| Tenement Description | Tenement Numbers | Percentage Interest |
| BARRICK | E38/1642 | 100% |
| BARRICK | E38/1725 | 100% |
| BARRICK | E38/2032 | 100% |
| BARRICK | L38/0092 | 100% |
| BARRICK | L38/0101 | 100% |
| BARRICK | M38/0037 | 100% |
| BARRICK | M38/0038 | 100% |
| BARRICK | M38/0049 | 100% |
| BARRICK | M38/0101 | 100% |
| BARRICK | M38/0159 | 100% |
| BARRICK | M38/0342 | 100% |
| BARRICK | M38/0363 | 100% |
| BARRICK | M38/0364 | 100% |
| BARRICK | M38/0535 | 100% |
| BARRICK | M38/0693 | 100% |
| BARRICK | P38/3500 | 100% |
| BARRICK | P38/3501 | 100% |
| BARRICK | P38/3667 | 100% |
3
Quarterly Activities Report To 31 March 2016
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| BARRICK | P38/3671 | 100% |
|---|---|---|
| BLACK SWAN JV | E38/1869 | 100% |
| BLACKSWANJV | P38/3608 | 100% |
| BURTVILLE | E38/3050 | 100% |
| BURTVILLE | E38/3051 | 100% |
| BURTVILLE | E38/3088 | 0% (Under Application) |
| BURTVILLE | G38/0033 | 100% |
| CENTRAL LAVERTON | E38/1349 | 100% |
| CENTRAL LAVERTON | E38/1861 | 100% |
| CENTRAL LAVERTON | E38/1864 | 100% |
| CENTRAL LAVERTON | E38/2143 | 100% |
| CENTRAL LAVERTON | G38/0020 | 100% |
| CENTRAL LAVERTON | M38/0264 | 100% |
| CENTRAL LAVERTON | M38/0318 | 100% |
| CENTRAL LAVERTON | M38/0376 | 100% |
| CENTRAL LAVERTON | M38/0377 | 100% |
| CENTRAL LAVERTON | M38/0387 | 100% |
| CENTRAL LAVERTON | M38/0401 | 100% |
| CENTRAL LAVERTON | M38/0507 | 100% |
| CENTRAL LAVERTON | M38/1032 | 100% |
| CENTRAL LAVERTON | M38/1042 | 100% |
| CENTRAL LAVERTON | P38/3691 | 100% |
| CENTRAL LAVERTON | P38/3692 | 100% |
| EAST LAVERTON | M38/0008 | 100% |
| EAST LAVERTON | M38/0261 | 100% |
| EAST LAVERTON | P38/3611 | 100% |
| EAST LAVERTON | P38/3612 | 100% |
| INFRASTRUCTURE | G38/0024 | 100% |
| INFRASTRUCTURE | G38/0025 | 100% |
| INFRASTRUCTURE | L38/0034 | 100% |
| INFRASTRUCTURE | L38/0052 | 100% |
| INFRASTRUCTURE | L38/0053 | 100% |
| INFRASTRUCTURE | L38/0054 | 100% |
| INFRASTRUCTURE | L38/0055 | 100% |
| INFRASTRUCTURE | L38/0056 | 100% |
| INFRASTRUCTURE | L38/0057 | 100% |
| INFRASTRUCTURE | L38/0063 | 100% |
| INFRASTRUCTURE | L38/0075 | 100% |
| INFRASTRUCTURE | L38/0076 | 100% |
| INFRASTRUCTURE | L38/0078 | 100% |
| INFRASTRUCTURE | L38/0108 | 100% |
| INFRASTRUCTURE | L38/0120 | 100% |
| INFRASTRUCTURE | L38/0152 | 100% |
| INFRASTRUCTURE | L38/0153 | 100% |
| INFRASTRUCTURE | L38/0160 | 100% |
| INFRASTRUCTURE | L38/0163 | 100% |
| INFRASTRUCTURE | L38/0164 | 100% |
| INFRASTRUCTURE | L38/0165 | 100% |
| INFRASTRUCTURE | L38/0166 | 100% |
| INFRASTRUCTURE | L38/0173 | 100% |
| INFRASTRUCTURE | L38/0177 | 100% |
| INFRASTRUCTURE | L38/0179 | 100% |
| INFRASTRUCTURE | L38/0183 | 100% |
| INFRASTRUCTURE | L39/0124 | 100% |
| INFRASTRUCTURE | L39/0214 | 100% |
4
Quarterly Activities Report To 31 March 2016
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| JASPER HILLS | M39/0138 | 100% |
|---|---|---|
| JASPER HILLS | M39/0139 | 100% |
| JASPER HILLS | M39/0185 | 100% |
| JASPER HILLS | M39/0262 | 100% |
| LAVERTON | L38/0231 | 100% |
| LAVERTON | P38/4091 | 100% |
| LAVERTON | P38/4099 | 100% |
| LAVERTON | P38/4100 | 100% |
| LAVERTON | P38/4102 | 100% |
| LAVERTON | P38/4163 | 100% |
| LAVERTON-MONEY | M38/0547 | 100% |
| LAVERTON-MONEY | P38/3504 | 100% |
| LAVERTON-MONEY | P38/3505 | 100% |
| LAVERTON-MONEY | P38/3506 | 100% |
| MEROLIAJV | M38/0073 | 91% |
| MEROLIA JV | M38/0089 | 91% |
| MT WELD | E38/2862 | 100% |
| MT WELD | E38/2872 | 100% |
| MT WELD | E38/2873 | 100% |
| WEST LAVERTON | M38/0143 | 100% |
| WEST LAVERTON | M38/0236 | 100% |
| WEST LAVERTON | M38/0270 | 100% |
| WEST LAVERTON | M38/0345 | 100% |
| WEST LAVERTON | M38/1187 | 100% |
| Coolgardie Gold Project | ||
|---|---|---|
| Tenement Description | Tenement Numbers | Percentage Interest |
| BAYLEYS | G15/0007 | 100% |
| BAYLEYS | M15/0630 | 100% |
| BAYLEYS | M15/1433 | 100% |
| BAYLEYS | M15/1788 | 100% |
| BAYLEYS | P15/4912 | 100% |
| BAYLEYS | P15/5717 | 100% |
| BONNIE VALE | M15/0277 | 100% |
| BONNIE VALE | M15/0365 | 100% |
| BONNIE VALE | M15/0595 | 100% |
| BONNIE VALE | M15/0662 | 100% |
| BONNIE VALE | M15/0711 | 100% |
| BONNIE VALE | M15/0770 | 100% |
| BONNIE VALE | M15/0852 | 100% |
| BONNIE VALE | M15/0857 | 100% |
| BONNIE VALE | M15/0877 | 100% |
| BONNIE VALE | M15/0981 | 100% |
| BONNIE VALE | M15/1384 | 100% |
| BONNIE VALE | M15/1444 | 100% |
| BONNIE VALE | M15/1760 | 100% |
| BONNIE VALE | P15/5155 | 100% |
| BONNIE VALE | P15/5156 | 100% |
| BONNIE VALE | P15/5158 | 100% |
| BONNIE VALE | P15/5159 | 100% |
| BONNIE VALE | P15/5190 | 100% |
| BONNIE VALE | P15/5238 | 100% |
| BONNIE VALE | P15/5253 | 100% |
5
Quarterly Activities Report To 31 March 2016
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| BONNIE VALE | P15/5254 | 100% |
|---|---|---|
| BONNIE VALE | P15/5255 | 100% |
| BONNIE VALE | P15/5704 | 0% (Under Application) |
| BONNIE VALE | P15/5713 | 100% |
| BONNIE VALE | P15/5714 | 100% |
| BURBANKS | P15/6027 | 0% (Under Application) |
| BURBANKS | P15/5939 | 0% (Under Application) |
| COOLGARDIE | P15/5946 | 100% |
| COOLGARDIE | P15/5949 | 100% |
| COOLGARDIE | P15/5995 | 0% (Under Application) |
| COOLGARDIE | P15/6002 | 0% (Under Application) |
| COOLGARDIE | P15/6006 | 0% (Under Application) |
| GUNGA | M15/1341 | 100% |
| GUNGA | M15/1357 | 100% |
| GUNGA | M15/1358 | 100% |
| GUNGA | M15/1359 | 100% |
| GUNGA | P15/5256 | 100% |
| GUNGA | P15/5702 | 0% (Under Application) |
| GUNGA | P15/5703 | 0% (Under Application) |
| LAKE COWAN | E15/0986 | 100% |
| LONDONDERRY | P15/5963 | 0% (Under Application) |
| LONDONDERRY | P15/5964 | 0% (Under Application) |
| LONDONDERRY | P15/5965 | 0% (Under Application) |
| LONDONDERRY | P15/5966 | 0% (Under Application) |
| LONDONDERRY | P15/5967 | 0% (Under Application) |
| LONDONDERRY | P15/5968 | 0% (Under Application) |
| LONDONDERRY | P15/5969 | 100% |
| LONDONDERRY | P15/5970 | 100% |
| LONDONDERRY | P15/5971 | 0% (Under Application) |
| LONDONDERRY | P15/5972 | 0% (Under Application) |
| LORD BOB | M15/0385 | 100% |
| LORD BOB | M15/0664 | 100% |
| LORD BOB | M15/1789 | 100% |
| LORD BOB | P15/4829 | 100% |
| LORD BOB | P15/4916 | 100% |
| LORD BOB | P15/4917 | 100% |
| LORD BOB | P15/4950 | 100% |
| LORD BOB | P15/4951 | 100% |
| LORD BOB | P15/4952 | 100% |
| LORD BOB | P15/4953 | 100% |
| LORD BOB | P15/4956 | 100% |
| LORD BOB | P15/5550 | 100% |
| LORD BOB | P15/5712 | 0% (Under Application) |
| LORD BOB | P15/5731 | 100% |
| LORD BOB | P15/5733 | 100% |
| LORD BOB | P15/5735 | 100% |
| ML - BAYLEYS | L15/0034 | 100% |
| ML-BAYLEYS | L15/0122 | 100% |
| ML-BAYLEYS | L15/0161 | 100% |
| ML - BAYLEYS | L15/0164 | 100% |
| ML-BAYLEYS | L15/0186 | 100% |
| ML - BONNIEVALE | L15/0126 | 100% |
| ML-BONNIEVALE | L15/0127 | 100% |
| ML - BONNIEVALE | L15/0130 | 100% |
| ML - BONNIEVALE | L15/0200 | 100% |
6
Quarterly Activities Report To 31 March 2016
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| ML-BONNIEVALE | L15/0211 | 100% |
|---|---|---|
| ML-GUNGA | L15/0088 | 100% |
| ML -GUNGA | L15/0090 | 100% |
| ML-GUNGA | L15/0095 | 100% |
| ML -GUNGA | L15/0096 | 100% |
| ML-GUNGA | L15/0114 | 100% |
| ML -GUNGA | L15/0116 | 100% |
| ML-GUNGA | L15/0119 | 100% |
| ML-GUNGA | L15/0283 | 100% |
| ML - LORD BOB | L15/0051 | 100% |
| ML-LORD BOB | L15/0059 | 100% |
| ML - LORD BOB | L15/0063 | 100% |
| ML-LORD BOB | L15/0077 | 100% |
| ML - LORD BOB | L15/0078 | 100% |
| ML-MOUNT | L15/0343 | 0% (Under application-Sold to Lukah) |
| ML-NEPEAN | L15/0027 | 100% |
| ML - NEPEAN | L15/0028 | 100% |
| ML-NEPEAN | L15/0179 | 100% |
| ML - NEPEAN | L15/0193 | 100% |
| ML-NEPEAN | L15/0194 | 100% |
| ML - NEPEAN | L15/0294 | 100% |
| ML-NORRIS | L15/0071 | 100% |
| ML-NORRIS | L15/0168 | 100% |
| ML-NORRIS | L15/0169 | 100% |
| ML-NORRIS | L15/0170 | 100% |
| ML - NORRIS | L15/0171 | 100% |
| ML-NORRIS | L15/0172 | 100% |
| ML-NORRIS | L15/0173 | 100% |
| ML-NORRIS | L15/0174 | 100% |
| ML-NORRIS | L15/0175 | 100% |
| ML-THREE MILE HILL | L15/0042 | 100% |
| ML-THREE MILE HILL | L15/0123 | 100% |
| ML - THREE MILE HILL | L15/0177 | 100% |
| NEPEAN | M15/0709 | 100% |
| NEPEAN | M15/1809 | 100% |
| NEPEAN | P15/5519 | 100% |
| NEPEAN | P15/5574 | 100% |
| NEPEAN | P15/5575 | 100% |
| NEPEAN | P15/5576 | 100% |
| NEPEAN | P15/5625 | 100% |
| NEPEAN | P15/5626 | 100% |
| NEPEAN | P15/5629 | 100% |
| NEPEAN | P15/5738 | 100% |
| NEPEAN | P15/5739 | 100% |
| NEPEAN | P15/5740 | 100% |
| NEPEAN | P15/5741 | 100% |
| NEPEAN | P15/5742 | 100% |
| NEPEAN | P15/5743 | 100% |
| NEPEAN | P15/5749 | 100% |
| NEPEAN | P15/5750 | 100% |
| NORRIS | M15/0384 | 100% |
| NORRIS | M15/0391 | 100% |
| NORRIS | M15/0515 | 100% |
| NORRIS | M15/0761 | 100% |
| NORRIS | M15/0791 | 100% |
7
Quarterly Activities Report To 31 March 2016
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| NORRIS | M15/0871 | 100% |
|---|---|---|
| NORRIS | M15/1153 | 100% |
| NORRIS | M15/1422 | 100% |
| NORRIS | M15/1793 | 100% |
| NORRIS | P15/5241 | 100% |
| NORRIS | P15/5522 | 100% |
| NORRIS | P15/5527 | 100% |
| NORRIS | P15/5528 | 100% |
| NORRIS | P15/5729 | 100% |
| NORRIS | P15/5730 | 100% |
| NORRIS | P15/5732 | 100% |
| NORRIS | P15/5734 | 100% |
| NORRIS | P15/5736 | 100% |
| NORRIS | P15/5756 | 100% |
| NORRIS | P15/5807 | 100% |
| THREE MILE HILL | M15/0150 | 100% |
| THREE MILE HILL | M15/0154 | 100% |
| THREE MILE HILL | M15/0636 | 100% |
| THREE MILE HILL | M15/0645 | 100% |
| THREE MILE HILL | M15/0781 | 100% |
| THREE MILE HILL | M15/0827 | 100% |
| THREE MILE HILL | M15/1432 | 100% |
| THREE MILE HILL | M15/1434 | 100% |
| THREE MILE HILL | P15/4913 | 100% |
| THREE MILE HILL | P15/4926 | 100% |
| TINDALS | M15/0023 | 100% |
| TINDALS | M15/0237 | 100% |
| TINDALS | M15/0410 | 100% |
| TINDALS | M15/0411 | 100% |
| TINDALS | M15/0412 | 100% |
| TINDALS | M15/0646 | 100% |
| TINDALS | M15/0660 | 100% |
| TINDALS | M15/0675 | 100% |
| TINDALS | M15/0958 | 100% |
| TINDALS | M15/0966 | 100% |
| TINDALS | M15/1114 | 100% |
| TINDALS | M15/1262 | 100% |
| TINDALS | M15/1293 | 100% |
| TINDALS | M15/1294 | 100% |
| TINDALS | M15/1461 | 100% |
| TINDALS | P15/4933 | 100% |
| TINDALS | P15/4934 | 100% |
| TINDALS | P15/4935 | 100% |
| TINDALS | P15/4941 | 100% |
| TINDALS | P15/4943 | 100% |
| TINDALS | P15/4945 | 100% |
| TINDALS | P15/4947 | 100% |
| TINDALS | P15/5046 | 100% |
| TINDALS | P15/5048 | 100% |
| TINDALS | P15/5464 | 100% |
8
Quarterly Activities Report To 31 March 2016
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For further information please contact:
Dane Etheridge
Company Secretary and GM Business Development Focus Minerals Ltd Phone: +61 8 9215 7888
Focus Minerals Limited - Focus owns two large gold projects in Western Australia’s Eastern Goldfields. The company is the largest landholder in the Coolgardie Gold Belt, where it owns the 1.2Mtpa processing plant at Three Mile Hill. 250km to the northeast Focus has the Laverton Gold Project which comprises a significant portfolio of highly prospective tenure. Focus also owns the 1.45Mtpa Barnicoat mill in Laverton which has been on care and maintenance since 2009.
Forward Looking Statements
This release contains certain “forward looking statements”. Forward-looking statements can be identified by the use of ‘forward-looking’ terminology, including, without limitation, the terms ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘predicts’, ‘intends’, ‘plans’, ‘propose’, ‘goals’, ‘targets’, ‘aims’, ‘outlook’, ‘guidance’, ‘forecasts’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future, assumptions which may or may not prove correct, and may be beyond Focus’ ability to control or predict which may cause the actual results or performance of Focus to be materially different from the results or performance expressed or implied by such forward-looking statements. Forward-looking statements are based on assumptions and contingencies and are not guarantees or predictions of future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved. Similarly, no representation is given that the assumptions upon which forward-looking statements may be based are reasonable. Forward-looking statements speak only as at the date of this document and Focus disclaims any obligations or undertakings to release any update of, or revisions to, any forward-looking statements in this document.
Competent Person’s Statement
The information in this announcement that relates to Exploration Results is based on information compiled by Michael Guo (P Geo) who is a member of the Association of Professional Geoscientists of Ontario, Canada, which is a Recognised Professional Organisation (RPO). Mr Guo is employed by Focus Minerals Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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”. Mr Guo consents to the inclusion in this announcement of the matters based on the information compiled by him in the form and context in which it appears.
END QUARTERLY ACTIVITY STATEMENT
9
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
Focus Minerals Ltd
ABN 56005470799
Quarter ended (“current Quarter”) 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 (e) royalties (f) Mine Rehabilitation Fund 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) (a) Leasing Net Operating Cash Flows |
Current Quarter $A’000 |
Year to date (three months) $A’000 |
|---|---|---|
| - (1,255) - - (559) (34) - - 144 (66) - 40 |
- (1,255) - - (559) (34) - - 144 (66) - 40 |
|
| (1,730) | (1,730) | |
| 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) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward) |
- - (13) - - - - - - |
- - (13) - - - - - - |
| (13) | (13) | |
| (1,743) | (1,743) | |
| 1.13 Total operating and investing cash flows (brought forward) |
(1,743) | (1,743) |
| Cash flows related to financing activities |
Appendix 5B
Mining exploration entity and oil and gas exploration entity Quarterly report
| 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows |
- - - - - - |
- - - - - - |
|---|---|---|
| - | - | |
| 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 of Quarter |
(1,743) 73,941 |
(1,743) 73,941 |
| 72,198 | 72,198 |
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 - Aggregate amount of payments to the parties included in item 1.2 - Aggregate amount of loans to the parties included in item 1.10
-
1.23 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10
-
1.25 Explanation necessary for an understanding of the transactions
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 Nil
-
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
Nil
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 |
|---|---|---|
| 20 | 15 |
11
Appendix 5B Mining exploration entity and oil and gas exploration entity Quarterly report
Estimated cash outflows for next Quarter
| 4.1 4.2 4.3 4.4 |
Exploration and evaluation Development Production Administration |
$A’000 |
|---|---|---|
| 1,800 | ||
| - | ||
| - | ||
| 650 | ||
| Total | 2,450 |
-
4.1 Exploration and evaluation
-
4.2 Development
-
4.3 Production
-
4.4 Administration
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 (Environmental Bonds) |
55,867 | 57,610 |
| - | - | |
| - | - | |
| 16,331 | 16,331 | |
| Total: cash at end of Quarter(item 1.22) | 72,198 | 73,941 |
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 |
|---|---|---|---|---|
| E38/2873 Mt Weld P15/5969 Ngalbain P15/5970 Ngalbain |
Granted Granted Granted |
0% 0% 0% |
100% 100% 100% |
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Appendix 5B Mining exploration entity and oil and gas exploration entity Quarterly report
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 note3) (cents) |
Amount paid up per security (see note3) (cents) |
|
|---|---|---|---|---|
| 7.1 Preference +securities (description) 7.2 Changes during Quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions |
N/A | |||
| N/A | ||||
| 7.3 +Ordinary securities 7.4 Changes during Quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs |
182,748,565 | 182,748,565 | ||
| - | ||||
| 7.5 +Convertible debt securities (description) 7.6 Changes during Quarter (a) Increases through issues (b) Decreases through securities matured, converted |
N/A | |||
| - | ||||
| 7.7 Options (description and conversion factor) |
13
Appendix 5B
Mining exploration entity and oil and gas exploration entity Quarterly report
| 7.8 Issued during Quarter 7.9 Exercised during Quarter 7.10 Expired during Quarter |
||||
|---|---|---|---|---|
| 350,000 | Exercise price 250 cents |
Expiry date 28 Feb 2016 |
||
| 7.11 Debentures (totals only) |
||||
| 7.12 Unsecured notes(totals only) |
Compliance statement
-
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 (Company secretary)
Print name: Dane Etheridge
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.
-
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.
-
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.
14