Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

IRON BEAR RESOURCES LTD Interim / Quarterly Report 2010

Apr 29, 2010

65091_rns_2010-04-29_4043704a-7057-4f18-a087-08db5f5cf94d.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

ASX Announcement Quarterly Report Period Ending 31 March 2010.

30 April 2010

The Company Announcements Office ASX Limited

Via E Lodgement

QUARTERLY OPERATIONS REPORT AND APPENDIX 5B FOR PERIOD ENDING 31 MARCH 2010.

Yours faithfully CAPE LAMBERT RESOURCES LIMITED

Tony Sage Executive Chairman

Cape Lambert Resources Limited ABN 71 095 047 920 PO Box 144, West Perth Western Australia 6872 [email protected] Phone: +61 8 9380 9555 Facsimile: +61 8 9380 9666 www.capelam.com.au

Cape Lambert is an Australian domiciled, mineral investment company. Its current investment portfolio is geographically diverse and consists of mineral assets and interests in mining and exploration companies.

The Company continues to focus on investment in early stage resource projects and companies, primarily in iron ore, copper and gold. Its "hands on" approach is geared to add value and position assets for development and/or sale.

The Board and management exhibit a strong track record of delivering shareholder value.

Australian Securities Exchange Code: CFE

Ordinary shares 625,759,256

Unlisted options (30 June 2010) 8,350,000

Board of Directors

Tony Sage Executive Chairman Tim Turner Non-executive Director Brian Maher Non-executive Director Ross Levin Non-executive Director

Eloise von Puttkammer Company Secretary

Key Projects and Interests

Marampa Iron Ore Project Pinnacle Group Assets Sappes Gold Project DMC Mining Limited Corvette Resources Limited

Cape Lambert Contact Tony Sage Executive Chairman Phone: +61 8 9380 9555

Australian Enquiries

Professional Public Relations David Tasker Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Email: [email protected]

UK Enquiries

Conduit Public Relations Jos Simson Phone: +44 (0)20 7429 6603 Mobile: +44 (0)7899 870 450

HIGHLIGHTS

  • The Company had approximately \$52 million in cash at the bank on 29 April 2010.
  • Conditional sale agreement signed with Hong Kong listed company China Sci-Tech Holdings Limited, for the sale of the Company's 100% interest in the Lady Annie Project. Total consideration for the sale is A\$135 million, with a A\$5 million deposit paid and held in escrow until completion occurs. Following successful completion of the sale, expected on or before 31 May 2010, Cape Lambert expects to return between A\$0.08 and A\$0.10 per share to Shareholders.
  • 100% of the Marampa Iron Ore Project ("Marampa") acquired following Shareholder approval in January 2010.
  • First drill results received from diamond drilling at the Gafal West and Matukia at Marampa showed several significant, shallow intersections of specular hematite schist mineralisation. A recently completed ground gravity geophysics survey has identified 3 new targets north of Matukia.
  • Permitting of Sappes Gold Project commenced to enhance monetisation multiple. Feasibility study being updated to enable Preliminary Environmental Impact Study to be filed with government.
  • A A\$0.40 per share, off market takeover offer for DMC Mining ("DMC") was launched, and was subsequently increased to A\$0.46 per share. Cape Lambert already holds 36.2% in DMC.
  • Cape Lambert converted its \$2.4 million convertible note in Africa Uranium Limited ("Africa Uranium") which subsequently divested of its major asset to Oklo Uranium Limited ("Oklo"). The scrip consideration paid by Oklo was passed on by Africa Uranium to its shareholders, resulting in Cape Lambert now holding approximately 5.2% of Oklo. The Company also received 25,000,000 unlisted, 2 year Oklo options at a strike price of A\$0.055 as part of the transaction.

.

CORPORATE

Strategy and Business Model

Cape Lambert Resources Limited ("Cape Lambert" or the "Company") (ASX: CFE) is an Australian domiciled, cashed–up resources and investment company, with interests in a number of resource projects and companies.

Through acquisitions in its own right and the acquisition of CopperCo Limited's assets, and subscriptions to convertible notes, the Company has exposure to iron ore, copper, gold, uranium, phosphate, lead-silver-zinc and vanadium assets in Australia, Africa and South America (refer Figure 1).

The Company's strategy is to acquire and invest in undervalued and distressed mineral assets and companies ("Assets"), and to add value to those Assets through a hands on approach to management, exploration and evaluation to enable the Assets to be monetised at a multiple. As Assets are monetised, the Board of the Company intends to follow a policy of distributing surplus cash to Shareholders.

Acquisitions

DMC Mining (36.2% interest)

During the quarter, Cape Lambert announced that it intended to make an off market, takeover offer of A\$0.40 per share for all the shares in DMC Mining Limited (ASX: DMM) ("DMC"). The Bidder's Statement was dispatched to DMC Shareholders on 23 April 2010, and the bid was increased to A\$0.46 per share on 27 April 2010.

Leichhardt Copper Project (acquiring 100% interest)

The Leichhardt Copper Project, which is currently on care and maintenance, is located approximately 100km northeast of Mt Isa in the highly prospective Mt Isa Inlier and comprises;

  • The Leichhardt process plant at Mt Cuthbert a heap leach, solvent extraction and electrowinning facility with installed capacity of 9,000 tpa of copper cathode,
  • A package of 42 granted tenements of approximately 760km2 located within the highly prospective Mt Isa Inlier,
  • A further 600km2 of tenement applications, also located within the Mt Isa Inlier,
  • The established Mt Watson oxide, open pit located approximately 30km north of the Leichhardt process plant, and
  • Mineral resources at Leichhardt, Mighty Atom Group, Hidden Treasure, Ned Kelly and Mt Cuthbert, together with advanced exploration prospects at Mt Earl and Prospector.

Matrix reported in its 2008 Annual Report to shareholders1 , total mineral resources of 10 million tonnes at 0.9% copper for 94,000 tonnes of contained copper metal.

The acquisition, which is subject to satisfaction of a number of conditions, is anticipated to complete in the June 2010 quarter.

1 Refer page 29 of Matrix Metals Limited (ASX: MRX) 2008 Annual Report to shareholders released to ASX on 28 October 2008.

Convertible Notes

Conversions

Africa Uranium

During the quarter, the Company elected to convert its \$2.4m note in Africa Uranium into ordinary shares. Africa Uranium subsequently divested of its major asset to Oklo (ASX: OKU) . The scrip consideration paid by Oklo was passed on by Africa Uranium to its shareholders resulting in the Company now holding approximately 5.2% of Oklo. The Company also received 25,000,000 unlisted options in Oklo with an exercise price of A\$0.055 and term of 2 years as part of the transaction.

Subscriptions

No convertible notes were subscribed for during the quarter.

Divestment

Lady Annie Project (selling down 100%)

On 3 February 2010, the Company announced that it had withdrawn the Q Copper Australia Limited Initial Public Offering, due to the adverse market conditions at that time.

On 12 March 2010, the Company announced it had entered into a conditional sale agreement with Hong Kong listed company China Sci-Tech Holdings Limited ("CST"), for the sale of the Lady Annie Project ("Lady Annie") for a total consideration of A\$135 million. The consideration is payable as follows:

Deposit A\$5 million (now paid and held in escrow)
Completion payment A\$125 million payable on completion
First Milestone payment A\$2.5 million payable upon the production of
the first 10,000 tonnes of copper cathode from
Lady Annie
Second Milestone
payment
A\$2.5 million payable upon the delineation of
additional
ore
reserves
containing
25,000
tonnes of copper metal (i.e. above and beyond
the existing ore reserve)

Completion of the sale is conditional on a number of matters including CST receiving Foreign Investment Review Board approval (which was received on 30 March 2010), CST shareholder approval and other regulatory approvals and third party consents.

In addition to the total consideration, CST will reimburse Cape Lambert agreed care and maintenance expenditure incurred at Lady Annie during the sale period (up to \$3 million). At completion, the Company will also receive approximately A\$13 million of cash back from the release of environmental and other bonds relating to Lady Annie.

The sale of Lady Annie is expected to complete on or before 31 May 2010, at which time Cape Lambert will be in a position to finalise its plans regarding a partially franked dividend payment to Shareholders of between A\$0.08 and A\$0.10 per share.

PROJ ECTS

Marampa Iron Ore Project (100% interest and Manager) ("Marampa")

Marampa is a brownfields hematite iron ore project at exploration stage, located 90km north east of Freetown, Sierra Leone, West Africa (refer Figure 2). Six drill targets prospective for hematite schist mineralisation have been identified to date with drilling in progress at Gafal West and Matukia (refer Figure 3).

Gafal West

Assay results for the first campaign of diamond drilling completed in December 2009 at Gafal West were received during the quarter. Eight of the 9 diamond drill holes at Gafal West intersected medium to coarse-grained (0.5mm – 3mm) specular hematite with minor disseminated magnetite in quartz-albite-mica schist ("Specular Hematite Schist") from surface to depths of >300m. Significant assay results (refer ASX announcement 28 January 2010 for details) included:

  • MPDD007: 160m at 31.8% Fe from 110m;
  • MPDD008: 138m at 32.7% Fe from 238m; and
  • MPDD010: 96m at 26.1% Fe from 0m;

This initial drilling showed the Specular Hematite Schist was open up-plunge to the north and along strike. Follow-up diamond drilling of the projected shallower Specular Hematite Schist both up-plunge and along strike commenced in February 2010. Five holes were completed for a total advance of 1,556m during the quarter.

Matukia

A first pass diamond drilling program was completed at Matukia in February 2010. A total of 11 holes for 2,698m were drilled on 200m and 400m spaced cross sections covering a strike length of 1.2km. This drilling has identified 3 units of Specular Hematite Schist in the south and one unit in the central and north areas. The units extend from surface to 250m depth, dip subvertically and vary from 40 to 100m thick.

Assay results were received for the first batch of 9 holes from this program during the quarter. Significant results (refer ASX announcement dated 21 April 2010 for details) included:

  • MPDD015: 132m at 34% Fe from 0m;
  • MPDD016: 81.2m at 36% Fe from 32.8m, and
  • MPDD017: 98m at 33% Fe from 152m.

Follow up reverse circulation and diamond resource delineation drilling will commence in the June 2010 quarter.

Regional Exploration

Regional mapping and geophysics in 2009 defined 6 drill targets at Marampa (which includes the Gafal West and Matukia prospects) and also identified further prospective trends under cover north of the Matukia and Makambo prospects respectively.

A ground gravity geophysical survey was undertaken during the quarter by Fugro Ground Geophysics Pty Ltd along this prospective stratigraphy. This survey has defined three new gravity anomalies located 4km north of Matukia (refer Figure 3). The northern most anomaly lies

along strike and south of the Makambo prospect where Specular Hematite Schist was mapped during reconnaissance in 2009.

A trial induced polarization ("IP") ground geophysical survey was completed by SAGAX Afrique SA across the Gafal West, Matukia, Rotret and Mafuri prospects during the quarter. This trial showed that IP resistivity and chargeability successfully maps specular hematite schist mineralisation beneath shallow cover, and provides more detailed resolution of boundaries and dips than other geophysical methods. Additional IP survey lines over potential extensions to existing prospects and over the targets identified by the ground gravity survey will be carried out during the June 2010 quarter.

Metallurgical Testwork

Bateman Engineering Pty Ltd was engaged to design and manage a metallurgical test work program on the defined mineralisation types at Gafal West and Matukia. The aim of this test work is to confirm and optimise the proposed multi-stage wet, high intensity magnetic separation process flowsheet. Testing of drill core will commence early next quarter.

Infrastructure

The refurbishment of rail and port infrastructure moved a step closer during the quarter, with AIM listed African Minerals Ltd ("AML") announcing a conditional strategic agreement with China Railways Material Commercial Corporation, which will provide funding for the refurbishment of the Pepel port and Pepel to Marampa railway ("Pepel Infrastructure") (refer Figure 2). As part of Cape Lambert's investment in Marampa, the Company has access and ownership rights to the Pepel Infrastructure on commercial terms, which are currently being agreed.

Sappes Gold Project (100% interest) ("Sappes")

Sappes is a gold development project located in north eastern Greece approximately 30km northwest of the Aegean Sea port city of Alexandropoulos (refer Figure 4), on a 20.1km2 mining lease granted until 2023.

The Sappes development is based around the high-grade, underground Viper Deposit and an open pit nearby at the St Demetrios deposit. A feasibility study was completed in 2003 by Kvaerner Engineering and Construction UK Ltd and later updated in 2006.

The Company's strategy is to commence the permitting of Sappes for operations to enable its sale with a significant portion of the permitting discount removed. Full permitting is expected to take in the order of 24-36 months, with minimum expenditure related to the updating of the feasibility study and environmental impact studies.

Work commenced during the quarter on updating the feasibility study. Consultants engaged for this work include:

  • Australian Mining Consultants mining;
  • Lycopodium Minerals Pty Ltd process plant and related infrastructure;
  • Scott Wilson tailings storage facility; and
  • Echmes Ltd environmental

Updating of the feasibility study is targeted for completion during the June 2010 quarter. This information will then be used to update the Preliminary Environmental Impact Study ("PEIS"). Lodgment of the PEIS is targeted for the September 2010 quarter, which will mark completion of the first key step in the permitting process.

Australis Exploration Pty Ltd (100% interest) ("Australis")

Australis holds a portfolio of mineral rights, tenements and subsidiaries (refer Figure 5), which presently comprises:

  • The exclusive rights to explore for and retain any value associated with rock phosphate on the tenements held by Cape Lambert Lady Annie Exploration Pty Ltd ("CLLAE") ("Lady Annie Phosphate Rights");
  • 15 granted Exploration Licences totaling 21,010km2 in the eastern Northern Territory;
  • 41 applications for Exploration Permits totaling 20,608km2 in north west Queensland, and
  • 100% of Mojo Mining Pty Ltd, which holds 15 granted Exploration Permits totaling 4,557km2 , located 150km south of Mt Isa.

The CLLAE tenements cover part of the Lady Annie, Lady Jane and Galah Creek rock phosphate deposits. These deposits were discovered during the late 1960's and early 1970's and are hosted in the Cambrian Beetle Creek Formation, which is part of the Georgina Basin. The Lady Annie and Lady Jane deposits are located in an outlier 10km east of the present margin of the Georgina Basin. The East Galah Creek deposit lies adjacent to the D-Tree deposit, presently being explored by Legend International Holdings Inc.

Current work on the Lady Annie Phosphate Rights is focused on compiling and evaluating available historical and recent exploration information.

Five grassroots rock phosphate targets have been identified on the granted Northern Territory licences. These lie along the northern margin of the Georgina Basin and on a basement high, <50km from the Wonarah rock phosphate project being developed by Minemakers Limited.

A consultant geophysicist is presently undertaking a prospectivity assessment of the Northern Territory and Queensland tenement packages to generate and prioritise targets.

Lady Annie Project (100% interest) ("Lady Annie")

Lady Annie, located approximately 120km north of Mt Isa, Queensland (refer Figure 5), remained on care and maintenance during the quarter.

Tenements

EPM 16243 was granted on 11 January 2010. The grant of EPM 16243 covers the conditional surrenders of EPM 14697 and EPM 14384.

Exploration

Drilling commenced at the Mt Kelly mining area during the quarter, with a total of 29 reverse circulation holes completed for a total advance of 2018m. Assaying of the drill samples is pending completion of the sale.

Geological mapping at the Lady Maggie prospect commenced late in the quarter.

Copper Sales

The final 12.3 tonnes of cathode was sold during the quarter, realising US\$74,633 (which includes a weight adjustment from previous sales).

Plan of Operations

A replacement Plan of Operations ("PoO") was approved by the Department of Environment and Resource Management, which extends the care and maintenance PoO to 31 July 2010. Preparation of the operational PoO, required for recommencement of production, continues and is expected to be finalised in the June 2010 quarter.

Cape Lambert South Project (100% interest) ("Cape Lambert South")

Cape Lambert South comprises exploration licence E47/1493 covering 56.9km2 located in the coastal Pilbara region of Western Australia. The southern block of the licence hosts magnetite banded iron formation deposits, which represent the southern extension of the magnetite project owned by China Metallurgical Group Corporation.

Competent Person:

The contents of this report relating to exploration and mineral resources are based on information compiled by Kim Bischoff, a Member of the Australasian Institute of Mining and Metallurgy. Mr Bischoff is a consultant to Cape Lambert and has sufficient experience relevant to the style of mineralisation and the deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Bischoff consents to the inclusion in this report of the matters compiled by him in the form and context in which they appear.

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

CAPE LAMBERT RESOURCES LTD

ABN Quarter ended ("current quarter")
71 095 047 920 31 March 2010

Year to date

Current quarter

Consolidated statement of cash flows

Cash flows related to operating activities \$A'000 (9 months)
\$A'000
1.1 Receipts from product sales and related debtors 82 6,514
1.2 Payments for
(a) exploration and evaluation (4,391) (9,109)
(b) development - -
(c) production & care & maintenance costs (1,184) (4,539)
(d) administration (4,627) (9,793)
1.3 Dividends received - -
1.4 Interest and similar items received 659 3,508
1.5 Interest and other costs of finance paid (218) (317)
1.6 Income taxes paid - -
1.7 Other: other income received - -
Net Operating Cash Flows (9,679) (13,736)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a)prospects - -
(b)equity investments (2,859) (10,307)
(c) other fixed assets (143) (967)
1.9 Proceeds from sale of:
(a)prospects - -
(b)equity investments
(c)other fixed assets
25,437
-
27,515
-
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other : Payment for Convertible Notes - (5,900)
Other: Purchase of interest in controlled entity - (1,092)
Other:
Cash
balances
acquired
through
acquisition of controlled entities - 736
Other: Proceeds from sale of associate interest 2,424 3,011
Other: Cash backing security required for
performance / other bonds & bank guarantees - (5,476)
Other: Restricted cash balances released 375 3,617
Other: Payment of transaction related costs (292) (3,712)
Other: Payment of stamp duty (2,932) (5,608)
Net investing cash flows 22,010 1,817

+ See chapter 19 for defined terms.

1.13 Total operating and investing cash flows
(carried forward)
12,331 (11,919)
1.14
1.15
1.16
1.17
1.18
1.19
Cash flows related to financing activities
Proceeds from issues of shares, options, etc.
Proceeds from sale of forfeited shares
Proceeds from borrowings
Repayment of borrowings
Dividends paid
Other
-
-
146
(262)
-
-
-
-
794
(15,533)
-
-
Net financing cash flows (116) (14,739)
Net (decrease) in cash held 12,215 (26,658)
1.20
1.21
Cash at beginning of quarter/year to date
Exchange rate adjustments to item 1.20
35,185
-
74,058
-
1.22 Cash at end of quarter 47,400 47,400

Payments to directors of the entity and associates of the directors Payments to 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 1.2 171
1.24 Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions \$170,500 payment for executive and non-executive salaries; \$121 payment for accounting fees to entity related to non-executive director.

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

In November 2009, 3,976,729 shares were issued as consideration for the purchase of Mojo Minerals Limited which holds tenements in the southern block of Mt Isa, Queensland.

24,569,934 shares were issued to African Minerals Limited in December 2009 as part consideration for the acquisition of 65% of Marampa Iron Ore Limited.

32,592,789 shares were issued to African Minerals Limited in January 2010 as the final consideration for the acquisition of 100% of Marampa Iron Ore Limited. Marampa Iron Ore Limited holds the Marampa iron ore project located in Sierra Leone.

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

+ 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 - -
3.2 Credit standby arrangements - -

Estimated cash outflows for next quarter

Total 1,500
4.2 Development -
4.1 Exploration and evaluation 1,500
\$A'000

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 46,668 43,598
5.2 Deposits at call 732 703
5.3
Bank overdraft
- -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 47,400 44,301

Changes in interests in mining tenements

Tenement
reference
Nature of interest
(note (2))
Interest at
beginning
of quarter
Interest at
end of
quarter
6.1 Interests in mining
tenements relinquished,
reduced or lapsed
Refer attached schedule
6.2 Interests in mining
tenements acquired or
increased
Refer attached schedule

+ See chapter 19 for defined terms.

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 565,166,467 565,166,467
securities
7.4 Changes during
quarter
(a) Increases 32,592,789 N/A* N/A N/A
through issues
(b) Decreases
through returns of
capital, buy-backs
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
28,000,000 - Exercise price
30.9 cents
Expiry date
31 October 2010
conversion factor) 8,350,000 - 43.2 cents 30 June 2010
7.8 Issued during
quarter
7.9 Exercised during
quarter
7.10 Expired during
quarter
7.11 Debentures
7.12 (totals only)
Unsecured notes
(totals only)

* Escrowed therefore not quoted

+ See chapter 19 for defined terms.

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 4).
  • 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ................................................................. Date: 30 April 2010 Company secretary

Print name: Eloise von Puttkammer

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 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, 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 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
  • 5 Accounting Standards ASX will accept, for example, the use of International Accounting 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.

Tenement reference Nature of interest
(note (2))
Interest at
beginning of
quarter
Interest at
end of
quarter
E70/2504 Cape Lambert Resources
Ltd – Jubuk
Expired 100% -
EPM14384 Cape Lambert Lady Annie
Pty Ltd - Lady Maggie
Surrendered 100% -
EPM14697 Cape Lambert Lady Annie
Pty Ltd - Lady Agnes
Surrendered 100% -
EPM16243 Cape Lambert Lady Annie
Pty Ltd - Mount Kelly
West
Granted - 100%
EPM16529 Cape Lambert Lady Annie
Pty Ltd - Lady Annie
North
Granted - 100%

Appendix for item 6.2: Interests in mining tenements acquired or increased

+ See chapter 19 for defined terms.