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IRON BEAR RESOURCES LTD Interim / Quarterly Report 2013

Oct 29, 2013

65091_rns_2013-10-29_bdf9e9b8-050d-4443-a23a-954528f6414c.pdf

Interim / Quarterly Report

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September 2013 Quarterly Report 30 October 2013

30 October 2013

QUARTERLY REPORT – 30 September 2013

Please find attached the Quarterly Activities Report and Appendix 5B for the period ended 30 September 2013.

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

Yours faithfully Cape Lambert Resources Limited

Ordinary shares 676,191,942

Unlisted Options 10,765,000 ($0.29 exp 22 Nov 2013)

Tony Sage Executive Chairman

Board of Directors

Tony Sage Executive Chairman Tim Turner Non-executive Director Brian Maher Non-executive Director Ross Levin Non-executive Director Claire Tolcon Company Secretary

Key Projects and Interests

Marampa Iron Ore Project Pinnacle Group Assets

Cape Lambert Contact

Tony Sage Executive Chairman

Eloise von Puttkammer Investor Relations

Phone: +61 8 9380 9555 Email: [email protected]

Australian Enquiries

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

UK Enquiries

Tavistock Communications Emily Fenton / Jos Simson Phone: +44 (0)207 920 3150 Mobile: +44 (0)7899 870 450

www.capelam.com.au

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

HIGHLIGHTS

Corporate

  • At 30 September 2013, the Company had approximately A$20.71 million in cash at bank.

  • The Company completed the sale of Cape Lambert Leichhardt Pty Ltd, the holder of the Leichhardt Copper Project in Queensland for A$14.75 million plus transitional funding from 1 May 2013 until sale completion. An additional A$5.6 million, being for environmental and cash bonds is due for release to the Company in the December 2013 quarter.

  • Metallurgical Corporation of China Limited (“MCC”) were ordered by the arbitrator to pay the disputed amount of A$80 million into an escrow account in the joint names of the Company and MCC pending the determination of the substantive dispute.

Projects

Marampa Iron Ore Project

  • Large Scale Mining Licence application finalised and will be lodged with the authorities in the December 2013 quarter.

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

CORPORATE

Strategy and Business Model

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

Through strategic acquisitions and subscriptions to convertible notes the Company has exposure to iron ore, copper, gold, uranium and phosphate assets in Australia, Greece, Africa and South America (refer Figure 1).

The Company’s strategy is to acquire and invest in undervalued and/or distressed mineral assets and companies (“Assets”), and to add value to those Assets through a hands on approach to management, exploration and evaluation. This will enable the Assets to be converted into cash at a multiple and to retain exposure to the Assets through a production royalty and/or equity interest. As Assets are converted into cash, the Company intends to follow a policy of distributing surplus cash to Shareholders.

Capital Management

On Market Buy-Back

During the quarter, the Company continued with its on market share buy-back of up to 10% of the Company’s fully paid ordinary shares (“Shares”) within the 12 months from 18 December 2012 (refer ASX Announcement dated 18 December 2012). Shares bought back by the Company are subsequently cancelled.

Canaccord Genuity (Australia) Limited has been appointed by the Company to act as broker to the on market share buy-back.

During the quarter, the Company bought back 3,750,000 Shares for total consideration of A$557,440.87. As at 29 October 2013, there are 55,511,856 Shares remaining that may be bought back under this facility.

Asset Divestment

Leichhardt Copper Project

During the quarter, the Company completed the sale of its wholly owned subsidiary Cape Lambert Leichhardt Pty Ltd, the holder of the Leichhardt Copper Project (“Leichhardt Project”) (“Transaction”).

Pursuant to the terms of the Transaction, the Company received a total consideration of A$14.75 million plus costs incurred in operating the Leichhardt Project from 1 May 2013 until completion of the Transaction. Additionally, the Company will have A$5.6 million of environmental and cash bonds relating to the Leichhardt Project returned to it in the December 2013 quarter.

The Company has agreed to provide transitional management services for approximately 4 months, post completion of the Transaction. The transitional management requirement is expected to end late in the December 2013 quarter. The costs for these management services are re-charged to the new owner.

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

Legal Action and Disputes

ATO Notice of Amended Tax Assessment and Associated Penalty Notice

The dispute with the Australian Taxation office, as reported in detail in previous Quarterly Reports, remains with nothing substantive further to report at this time.

MCC Legal Action

On 8 September 2010, Cape Lambert announced that it had commenced legal action against MCC Australia Sanjin Mining Pty Ltd (“MCC Sanjin”), and its parent company Metallurgical Corporation of China Limited (collectively “MCC”) to recover the final A$80 million payment from the sale of the Cape Lambert magnetite project in mid-2008 pursuant to an agreement between the parties (“MCC Agreement”). In accordance with the terms of the MCC Agreement, Cape Lambert received payments totalling A$320 million in 2008, with the final payment due on the grant of mining approvals, or if MCC has not used its reasonable endeavours to procure the mining approvals within two years.

Legal proceedings were instigated in the Supreme Court of Western Australia after discussions between MCC and Cape Lambert to resolve the non-payment proved unsuccessful.

In August 2012, the Court made orders, inter alia, for the dispute to be determined by an arbitrator in Singapore and for the Company to propose (such proposal to be consented to by the MCC parties) that the dispute between the Company and MCC China (in respect to the payment of A$80 million into an escrow account pending determination of the primary dispute) be heard and determined by the arbitrator prior to the hearing of the disputes between the Company and MCC Sanjin.

During the quarter the arbitrator ordered that MCC China pay the disputed amount of A$80 million into an escrow account in the joint names of the Company and MCC pending the determination of the substantive dispute. Subsequent to the order made by the arbitrator, the appointed escrow agent advised that they were unable to open the account and resigned from their appointment. The Company has taken immediate steps to identify a replacement escrow agent. Upon this appointment, the replacement escrow agent will be asked to take steps to open the escrow account and require that MCC deposit the sum of A$80 million into the account.

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

PROJECTS

Marampa (100% interest)

Marampa is an iron ore project at development and permitting stage, and is located 90 km northeast of Freetown, Sierra Leone, West Africa (“Marampa” or “Marampa Project”) (refer Figure 2). Marampa comprises two granted exploration licences (EL46A/2011 – 239.18 km[2] and EL46B/2011 – 66.00 km[2 ] (formerly EL46/2011 – 305.18 km[2] )) held by Marampa Iron Ore (SL) Limited, which is indirectly, a wholly owned subsidiary of Cape Lambert.

Marampa has a total JORC Mineral Resource of 681 million tonnes (“Mt”) at 28.2% Fe (above a cut-off grade of 15% Fe) covering four deposits (Gafal, Matukia, Mafuri and Rotret) (refer ASX Announcement 7 July 2011).

An Infrastructure Agreement with African Minerals Limited (AIM: AML) (“AML” or “African Minerals”) (and their subsidiaries) provides Marampa with access rights to export 2 Mwtpa (wet - equivalent to 1.8 Mtpa dry) of concentrate via the recently refurbished and currently operational Pepel rail and port infrastructure (refer ASX Announcement 16 April 2012). Additionally, AML has an option to purchase 2Mwtpa of Marampa concentrate at mine gate for the first 3 years of production.

Exploration

No further exploration activities occurred on the Marampa Project during the quarter. Backfilling of exploration pits opened in the Robelor area was completed.

Sample Dispatch

A total of 10 samples were collected from exploration pits opened at the Robelor Prospect. All were prepared at the onsite laboratory and dispatched to Ultratrace in Perth for assaying.

A proposal to utilise an African based laboratory for assaying instead of shipping samples to Perth is being investigated.

Assays Received

Results from assays received are provided in Table 1. Significant assays returned during the quarter were all from pit sampling (vertical channel samples) at the Robelor prospect and include:

  • MPPT052: 2.6 m @ 36.2% Fe

  • MPPT055: 2.9 m @ 35.3% Fe  MPPT056: 2.5 m @ 36.0% Fe

Topographic Surveying

Topographic surveying over the proposed tailing storage facilities was completed and surveying has moved to cover the proposed process plant site.

Rail and Port Agreement with African Minerals Limited

In December 2012, African Minerals Limited (“AML”) announced that it would no longer be building a port at Tagrin, but rather expanding its existing Pepel infrastructure. As a result of

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

this, a revision to the binding infrastructure agreement between the Company’s wholly owned subsidiaries Marampa Iron Ore (SL) Limited, Marampa Iron Ore Limited and AML together with its majority owned subsidiary African Railway & Port Services (SL) Limited (refer ASX Announcement 16 April 2012) was necessary and is now in the final stages of negotiation.

Mining Licence

Marampa finalised its Large Scale Mining Licence application late in the quarter, and expects to lodge this with the National Minerals Authority in the December 2013 quarter.

Dempsey Resources (100% interest)

Dempsey Resources holds the Kukuna Iron Ore Project located in Sierra Leone (“Kukuna Project” or “Kukuna”).

The Project is located 120 km northeast of Freetown in the northwest of Sierra Leone and consists of one exploration licence (EL22/2012) covering 68 km[2] (refer Figure 2). The licence is located 70 km due north of the Marampa Project and the Pepel Infrastructure and comprises rocks that correlate with the Marampa Group stratigraphy known to host specular hematite mineralisation.

Exploration

No exploration activities occurred during the quarter. Work commenced on making the existing open trenches safe.

Tenement Status

An application for the second renewal of EL22/2012 (the Kukuna licence) was prepared and submitted to the Ministry of Mineral Resources and approval is awaited.

Pinnacle (100% interest)

Pinnacle holds the Sandenia Iron Ore Project (“Sandenia Project” or “Sandenia”) located 290 km east of Conakry in the central south of the Republic of Guinea. The Project is comprised of a single tenement (A2013/110/DGMI/CMPD) covering approximately 298 km[2] following a recent tenement reduction in size by 51% in accordance with statutory requirements. The Sandenia permit contains Banded Iron Formation (“BIF”) prospective for iron mineralisation, similar to that hosting the 6.16 Bt Kalia deposit owned by Bellzone Mining plc located on the contiguous permit to the north.

Exploration

Field mapping and sampling to investigate potential hosts for gold mineralisation alongside iron mineralisation continued throughout the quarter as weather permitted. Access was limited to many of the target sites due to excessive rainfall during the period.

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

Sample Dispatch

There are 117 samples awaiting multi element (including gold) analysis (ICP-MS). Once all samples have been processed through the in-house sample preparation facility at Lunsar, they will be dispatched for assay.

Tenement Status

The tenement licence renewal was received during the quarter.

Metal Exploration Limited (100% interest)

Metal Exploration (Mauritius) Limited, a wholly owned subsidiary of Cape Lambert, holds 17 granted exploration licences and 1 application in Sierra Leone covering approximately 2,386 km[2] . This land package covers the region 70 km to the north and south of Marampa and is referred to as the Rokel Iron Ore Project (“Rokel” or “Rokel Project”). Rocks from the Marampa Group (“Rokotolon Formation”) exist throughout the licences, much the same as the Marampa Project and are known to host specularite schist bearing units.

The Rokel Project is prospective for discovery of hematite schist deposits geologically similar to those at Marampa and is located proximal to the existing Pepel Infrastructure (refer Figure 2). Regional mapping and geophysics has identified a number of prospective areas which are progressively being followed up with targeted exploration.

Exploration

Exploration was focused on tenements in the south east of the group (refer Figure 3) targeting mineralisation expected to be associated with an interpreted thrust fault contact between basement granite and gneiss units, and the Marampa Group. As the majority of activity has been in this area, and to facilitate future exploration, a field office has been set up in the vicinity at Mile 91, approximately 45 km as the crow flies south east of Lunsar.

Mapping and rock chip sampling was ongoing and is commented on by prospect (where active) below.

Magbosi Prospect (EL23/2011)

A geological map has been prepared consolidating the identified lithologies from mapping activities to date and the location of rock chip samples that have been collected. A total of 38 samples were collected from quartz veins and submitted to Ultratrace in Perth for gold and multi element analysis and a further 6 samples were collected and sent for iron analysis.

Mawanka Prospect (EL21/2011)

Reconnaissance mapping was undertaken targeting iron hosted lithologies. Significant outcrop and float of specular hematite schist (“ SQS”) was observed and a geological map has been compiled (refer Figure 4).

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

Sampling

A total of 129 samples from the Rokel group were prepared through the in house sample preparation facility in Lunsar and dispatched to Ultratrace in Perth for analysis. Some samples were submitted for gold and multi element analysis and some were for iron analysis.

Significant Assays

A total of 120 assays from various Rokel prospects were received during the quarter with the significant assays listed below. No significant gold results were recorded. A complete table of assays received is included in Tables 2 and 3.

  • Lankono Pit LAPT002:

  • Lankono Pit LAPT006:

  • Lankono Pit LAPT010:

  • Lankono Pit LAPT011B:

  • 1.1 m @ 35.8% Fe

  • 1.5 m @ 33.2% Fe

  • 1.0 m @ 30.9% Fe

  • 0.8 m @ 30.7% Fe

  • Lankono rock chip LAGR001: 41.9% Fe

  • Lankono rock chip LAGR004: 50.1% Fe

  • Lankono rock chip LAGR005:

  • Magbosi rock chip MBGR001:

  • 40.2% Fe

  • 40.6% Fe

  • Magbosi rock chip MBGR002: 45.6% Fe

  • Magbosi rock chip MBGR003: 43.9% Fe

  • Magbosi rock chip MBGR004: 42.3% Fe

Tenement Status

An application for a new exploration licence (Sumbuya) has been submitted to the Ministry of Mineral Resources covering the area between Yaya and Kambia East currently not held (refer Figure 3).

Australis Exploration Limited (100% interest) (“Australis”)

Australis holds a portfolio of mineral rights, tenements and subsidiaries which presently comprise:

  • Four granted Exploration Licences totalling approximately 1,465 km[2] in the east of the Northern Territory, considered prospective for rock phosphate;

  • Three granted Exploration Permit Minerals (“EPM”) in North Queensland over 1,903 km[2] , prospective for rock phosphate mineralisation; and

  • 100% of Mojo Mining Pty Ltd, (“Mojo Project” or “Mojo”), which holds 10 granted EPM’s (8 under application for renewal) totalling approximately 838 km[2] , centred on the township of Boulia, Queensland and prospective for large Mt Isa style base metal mineralisation beneath cover sediment.

Company management has elected to relinquish all Mojo tenements and all Australis tenements in Queensland and the Northern Territory (except 1 sub-block in Queensland

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

which is under application). Relinquishment reports for all tenements will be completed during the December 2013 quarter.

Mt Anketell Pty Ltd (100% interest)

Mt Anketell Pty Ltd is a wholly owned subsidiary of Cape Lambert. The company holds a single exploration licence (E47/1493) covering 56.9 km[2] in the northern Pilbara region of Western Australia, which is prospective for niche iron and gold mineralisation associated with the Nickol River precinct. The company has recently received a 2 year extension of the licence term.

Based on significant geochemical gold results identified on surrounding tenements and projected strike extensions of the source lithology into the Mt Anketell ground, a proposal was submitted to the Department of Mines and Petroleum to conduct auger geochemical sampling over the Nickol River prospect. Ministerial consent has recently been granted and the company is awaiting receipt of formal POW approval.

Competent Person:

The contents of this Report relating to Exploration Results are based on information compiled by Dennis Kruger, a Member of the Australasian Institute of Mining and Metallurgy. Mr Kruger 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 Kruger consents to the inclusion in this report of the matters compiled by him in the form and context in which they appear.

Competent Person:

The contents of this Report relating to Mineral Resources and Ore Reserves are based on information compiled by Olaf Frederickson, a Member of the Australasian Institute of Mining and Metallurgy. Mr Frederickson 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 Frederickson consents to the inclusion in this report of the matters compiled by him in the form and context in which they appear.

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

Figure 1: Group Structure October 2013

(ASX: CFE) (ASX: CFE) (ASX: CFE) (ASX: CFE) (ASX: CFE)
Exploration Projects Investments in Listed Entities
Marampa Iron Ore Project
CFE 100%
Sierra Leone
International Goldfields Limited (ASX: IGS)
25.8% interest
Gold(Australia/ Cote d'Ivoire/ Brazil)
Kukuna Iron Ore Project
CFE - 100%
Sierra Leone		 Fe Limited (ASX: FEL)
19.9% interest
Iron Ore, Gold, Nickel(Yilgarn, Australia)
Sandenia Iron Ore Project
CFE - 100%
Guinea
Kupang Resources Limited (ASX: KPR)
11.8% interest
Manganese(West Timor)
Rokel Iron Ore Project
CFE - 100%
Sierra Leone
Glory Resources Limited (ASX: GLY)
16.4% interest
Gold(Greece)
Australis Rock Phosphate Project
CFE - 100%
Qld, Australia		 Latin Resources Limited (ASX: LRS)
11.1% interest
Iron Ore, Gold, Copper(Peru)
Mt Anketell Iron Ore Project
CFE - 100%
WA, Australia
OGL Resources Limited (ASX: OGL)
$1.0m cnote
Cote D'ivoire Gold Project
CFE - 100%
Cote D'Ivoire		 Cauldron Energy Limited (ASX: CXU)
21.05% interest
Uranium (Australia / Argentina)
$0.66m cnote
Gabon Iron Ore Project
CFE - 20%
Gabon
Global Strategic Metals NL (ASX: GSZ)
19.5% interest
Lithium (Austria)
$1.0m cnote
$0.35m cnote***
  • Converting note announced on 15 July 2013

** Convertible note announced on 24 September 2013

Cape Lambert Resources Limited September 2013 Quarterly Report

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

Figure 2: Cape Lambert West African Iron Ore Interests

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Cape Lambert Resources Limited September 2013 Quarterly Report

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September

Figure 3: Location Map of Rokel Prospects

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Cape Lambert Resources Limited September 2013 Quarterly Report

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ASX Announcement
Quarterly Report
Period Ended 30 Sept 2013
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Figure 4: Mawanka Prospect Mapped Lithologies

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Cape Lambert Resources Limited
September 2013 Quarterly Report
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Page 14 of 20

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

Table 1: Robelor Pit Sample Results

Sample Details Sample Details Sample Details Sample Details Sample Details Sample Details Intersection Intersection Head Assay Head Assay Head Assay Head Assay Head Assay Head Assay
Hole ID Prospect Easting Northing RL Dip Azimuth E.O.H
m		 From
m		 To
m		 Fe
%		 Al2O3
%		 SiO2
%		 P
%		 S
%		 LOI
%
WGS84 Zone 28N
m		 Degrees
MPPT051 Robelor 775774
974093
69		 -90
0		 3.2 0
0.5
0.5
3.2		 25.9
11.5
41.6
0.03
0.03
7.6
31.9
11.1
35.5
0.03
0.02
5.6
MPPT052 Robelor 776030
973593
75		 -90
0		 2.6 0
2.6
0
2.7		 36.2
10.2
30.1
0.04
0.02
5.7
24.2
14.8
40.7
0.03
0.03
7.8
MPPT053 Robelor 776847
969998
68		 -90
0		 3.2 2.7
3.2
0
1.9		 20.8
14.5
46.6
0.03
0.02
6.9
11.2
12.8
62.2
0.03
0.02
7.1
MPPT055 Robelor 775474
974504
65		 -90
0		 2.9 0
0.7
0.7
2.9		 34.0
9.2
33.7
0.09
0.02
6.4
36.6
9.7
30.4
0.06
0.02
5.2
MPPT056 Robelor 775220
974916
75		 -90
0		 2.5 0
0.4		 32.5
7.9
37.6
0.06
0.03
6.7
39.6
9.5
26.3
0.03
0.02
5.5
0.4
2.5

Lower cut-off 15% Fe, Hole collars surveyed by DGPS,

Chemical analysis by X-Ray Fluorescence Spectrometry (XRF) by Ultra Trace Limited at Canning Vale Laboratory, Perth Australia.

Cape Lambert Resources Limited September 2013 Quarterly Report

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September

Table 2: Rokel Pit and Trench Results – Part A

Sample Details Sample Details Sample Details Sample Details Sample Details **Intersection ** **Intersection ** Head Assay Head Assay Head Assay Head Assay Head Assay Head Assay
Hole_ID Prospect Easting
Northing		 RL Dip Azi EOH
m		 From
m		 To
m		 Fe
%		 Al2O3
%		 SiO2
%		 P
%		 S
%		 LOI
%
WGS84 Zone 28N
m		 Degrees
LAPT002
LAPT003
LAPT004
LAPT005
LAPT006
LAPT007
LAPT008
LAPT009
LAPT009A
LAPT010
LAPT011
LAPT011A
LAPT011B		 Lankono
Lankono
Lankono
Lankono
Lankono
Lankono
Lankono
Lankono
Lankono
Lankono
Lankono
Lankono
Lankono		 765621
958355
55
765903
959350
55
765765
958077
69
765838
959260
52
765938
959370
48
765606
958445
47
765710
958034
51
765623
957958
51
765620
957960
48
765786
958079
60
765206
958003
43
765210
958007
48
765205
958003
48		 -90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0		 1.1
3
3
3
1.6
2.5
3
3
3
1.5
3.01
3
3		 0
1.1
0
2.1
2.1
3
0
1.9
1.9
3
0
2
2
3
0
1
1
1.5
0
1.6
1.6
2.5
0
2
2
3
0
0.7
0.7
2.5
2.5
3
0
1.3
1.3
3
0
0.5
0.5
1
0
0.3
0.3
1.5
3
3.01
0
1.3
1.3
2.3
2.3
3
0
0.7		 35.8
6.5
36.8
0.02
0.02
4.3
28.3
11.2
40.4
0.03
0.02
5.9
16.5
16.0
50.3
0.02
0.02
6.9
22.2
15.4
42.2
0.05
0.05
8.8
9.9
18.4
56.9
0.03
0.03
7.6
19.8
16.2
46.2
0.03
0.03
8.3
32.3
8.4
40.3
0.04
0.01
4.3
22.9
11.6
46.9
0.04
0.04
7.4
43.5
7.9
23.3
0.04
0.03
5.6
3.3
10.8
78.3
0.01
0.01
5.0
9.8
14.8
62.7
0.01
0.02
6.8
17.2
16.4
48.3
0.03
0.05
8.6
4.3
20.1
62.9
0.01
0.01
6.8
25.5
13.2
40.9
0.03
0.04
7.5
25.4
11.2
46.0
0.01
0.02
4.7
7.5
15.0
66.5
0.02
0.02
5.7
25.9
11.2
44.4
0.02
0.03
5.6
27.9
9.5
44.6
0.01
0.02
3.5
24.1
10.1
46.1
0.08
0.04
7.5
37.8
9.8
26.7
0.08
0.05
5.8
11.2
12.2
64.0
0.02
0.02
6.5
27.9
9.6
44.6
0.02
0.02
4.9
42.2
4.0
29.5
0.04
0.02
2.6
22.2
11.0
50.7
0.02
0.02
5.5
33.4
8.3
38.6
0.02
0.01
4.1
14.1
12.0
60.4
0.02
0.01
5.3
12.3
12.2
62.8
0.02
0.02
6.1
30.7
8.4
39.9
0.03
0.02
5.0
0.7
1.5

Cape Lambert Resources Limited September 2013 Quarterly Report

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September

Table 2: Rokel Pit and Trench Results – Part B

Sample Details Sample Details Sample Details Sample Details Sample Details **Intersection ** **Intersection ** Head Assay Head Assay Head Assay Head Assay Head Assay Head Assay
Hole_ID Prospect Easting
Northing		 RL Dip Azi EOH
m		 From
m		 To
m		 Fe
%		 Al2O3
%		 SiO2
%		 P
%		 S
%		 LOI
%
WGS84 Zone 28N
m		 Degrees
LAPT012
LAPT013
LAPT014
LAPT015
LAPT016
KAPT024
KAPT025
KAPT026
KAPT027
KAPT028
KAPT029
KAPTV001		 Lankono
Lankono
Lankono
Lankono
Lankono
Karina
Karina
Karina
Karina
Karina
Karina
Karina		 765623
957801
60
765354
958180
67
765333
958161
57
765228
958004
46
765353
958164
63
771600
977428
71
771600
977378
67
777100
971995
76
777531
971200
74
774773
975597
72
773545
976410
71
770879
977485
72		 -90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0
-90
0		 3
0.7
3
2.7
2.4
2.6
3
2
3.1
2.7
3
3		 0
0.4
0.4
1.9
1.9
3
0
0.7
0
0.6
0.6
1.2
1.2
3
0
1.2
1.2
2.7
0
2
0
0.7
0.7
2.6
0
1.8
1.8
2.6
0
2
0
3.1
0
1.4
1.4
2.7
0
1.4
1.4
2.7
0
2		 25.6
10.3
45.3
0.05
0.03
5.8
29.7
10.0
40.6
0.05
0.01
3.9
26.2
8.4
47.4
0.12
0.00
2.9
22.1
13.1
45.1
0.06
0.05
8.9
14.9
12.3
56.9
0.03
0.02
8.0
28.6
11.5
40.0
0.02
0.02
6.1
7.7
18.1
61.5
0.02
0.01
6.8
8.7
13.1
66.2
0.03
0.02
6.8
4.0
17.2
67.2
0.02
0.01
6.8
3.7
10.3
77.7
0.02
0.01
5.2
26.1
9.3
45.0
0.03
0.02
6.6
24.3
15.1
40.3
0.02
0.02
7.3
21.2
16.2
42.4
0.03
0.03
8.6
16.2
19.2
46.2
0.02
0.02
7.7
36.8
11.4
27.7
0.02
0.02
6.3
18.5
17.1
45.9
0.02
0.02
7.3
23.9
12.6
44.4
0.02
0.02
6.7
27.8
11.6
40.8
0.01
0.01
4.8
23.3
11.5
46.2
0.05
0.02
7.4
16.4
19.0
45.6
0.04
0.02
7.3
38.2
10.8
26.1
0.06
0.03
7.2
17.8
15.9
48.6
0.05
0.03
6.8
2
3

Cape Lambert Resources Limited September 2013 Quarterly Report

Page 17 of 20

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

September

Table 2: Rokel Pit and Trench Results – Part C

Sample Details Sample Details Sample Details Sample Details Sample Details **Intersection ** **Intersection ** Head Assay Head Assay Head Assay Head Assay Head Assay Head Assay
Hole_ID Prospect Easting
Northing		 RL Dip Azi EOH
m		 From
m		 To
m		 Fe
%		 Al2O3
%		 SiO2
%		 P
%		 S
%		 LOI
%
WGS84 Zone 28N
m		 Degrees
KATR001 Karina 770869
977485
72		 0
90		 44.5 0
2
2
4
4
6
6
8
8
10
10
12
12
14
14
16
16
18
18
20
20
22
22
24
24
26
26
28
28
30
30
32
32
34
34
36
36
38
38
40
40
42		 14.1
18.1
50.2
0.03
0.02
6.3
12.1
19.3
51.8
0.02
0.02
6.3
11.8
18.2
54.6
0.02
0.03
6.8
16.5
18.9
46.4
0.03
0.03
7.3
14.6
18.7
49.8
0.05
0.03
7.5
14.1
16.0
54.4
0.02
0.03
6.5
13.5
14.4
57.9
0.02
0.03
5.8
12.3
18.2
53.9
0.02
0.03
6.9
11.9
18.6
53.8
0.02
0.03
6.8
12.8
17.0
55.2
0.02
0.03
6.6
16.4
17.6
48.5
0.03
0.03
6.7
17.8
16.4
47.4
0.03
0.04
6.7
18.8
17.3
45.3
0.03
0.04
7.8
18.0
17.8
45.3
0.03
0.04
7.6
22.4
16.5
41.1
0.04
0.05
8.4
25.9
15.1
35.7
0.23
0.05
8.8
18.6
16.9
45.1
0.03
0.04
6.7
15.7
18.0
48.2
0.03
0.03
6.6
21.0
15.5
43.6
0.10
0.05
7.6
22.1
11.2
47.9
0.20
0.05
7.2
30.6
13.1
32.8
0.19
0.04
7.9
23.3
13.3
43.9
0.07
0.03
7.1
42
44.5

Lower cut-off 15% Fe,

Hole collars surveyed by DGPS,

Chemical analysis by X-Ray Fluorescence Spectrometry (XRF) by Ultra Trace Limited at Canning Vale Laboratory, Perth Australia.

Cape Lambert Resources Limited September 2013 Quarterly Report

Page 18 of 20

September

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

Table 3: Rokel Rock Chip Grab Sample Results – Part A

Sample Prospect Northing Easting RL
m		 Fe
%		 Al2O3
%		 SiO2
%		 P
%		 S
%		 LOI
%		 MgO
%		 TiO2
%		 MnO
%		 CaO
%		 K2O
%		 Au
_ppm _		 Ni
_ppm _		 Pb
_ppm _		 Cu
_ppm _		 As
_ppm _		 Cr
_ppm _
WGS84 Zone 28N
LAGR004
LAGR005
LAGR006
LAGR007
MBGR001
MBGR002
MBGR003
MBGR004
MBGR005
MBGR006
MBGR007
MBGR008
MBGR009
MBGR010
MBGR011
MBGR012
MBGR013
MBGR014
MBGR015		 Lankono
Lankono
Lankono
Lankono
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi		 958185
765354
958232
765401
958232
765401
950777
765765
934982
771740
935000
771719
935005
771700
934979
771745
938188
769696
943220
765814
942418
772367
944710
773077
943567
774766
943372
774470
942310
774226
937862
787164
937881
775394
935538
780797
936638
780597		 60
74
74
69
63
63
66
60
53
40
53
57
48
57
51
91
62
62
65		 50.1
6.0
16.7
0.073
0.019
4.8
0.04
0.29
0.09
0.02
0.05
40.2
7.5
28.8
0.041
0.023
5.1
0.08
0.26
0.03
0.02
0.11
38.1
7.7
31.6
0.034
0.023
5.3
0.07
0.27
0.03
0.02
0.14
32.6
10.6
34.3
0.078
0.038
7.1
0.16
0.32
0.04
0.02
0.42
40.6
0.9
37.0
0.068
0.009
3.5
0.03
0.11
0.03
-0.01
0.01
45.6
3.9
27.3
0.041
0.012
2.8
0.02
0.55
0.07
0.01
0.01
43.9
0.7
35.5
0.041
0.004
0.8
0.03
0.10
0.02
-0.01
0.00
42.3
1.1
34.1
0.035
0.008
3.5
0.03
0.16
0.03
0.02
0.01
9.8
14.2
49.3
0.054
0.008
2.3
6.85
1.31
0.20
8.86
0.52
29.8
0.7
49.7
0.104
0.012
1.1
2.02
0.03
0.06
1.21
0.59
3.8
0.13
0.03
-0.001
50
3
34
0.2
20
0.8
0.002
0.005
0.003
22
-1
2
0.2
30
1.0
0.016
0.01
-0.001
20
2
5
0.4
25
2.3
0.064
0.01
0.001
41
5
18
0.2
30
3.5
0.004
0.005
-0.001
1210
-1
16
1.6
1170
4.1
0.052
0.09
0.001
80
3
134
1
25
0.4
0.008
0.005
-0.001
17
14
4
-0.2
10
1.7
0.1
0.025
-0.001
17
3
33
-0.2
15
1.3
0.032
0.005
-0.001
10
4
6
-0.2
20
2.8
0.084
0.005
-0.001
47
2
13
-0.2
50
MBGR016 Magbosi 935510
781180		 69

Cape Lambert Resources Limited September 2013 Quarterly Report

Page 19 of 20

September

ASX Announcement Quarterly Report Period Ended 30 Sept 2013

Table 3: Rokel Rock Chip Grab Sample Results – Part B

Sample Prospect Northing Easting RL
m		 Fe
%		 Al2O3
%		 SiO2
%		 P
%		 S
%		 LOI
%		 MgO
%		 TiO2
%		 MnO
%		 CaO
%		 K2O
%		 Au
_ppm _		 Ni
_ppm _		 Pb
_ppm _		 Cu
_ppm _		 As
_ppm _		 Cr
_ppm _
WGS84 Zone 28N
MBGR017
MBGR018
MBGR019
MBGR020
MBGR021
MBGR022
MBGR023
MBGR024
MBGR025
MBGR026
MBGR027
MBGR028
MBGR029
MBGR030
MBGR031
MBGR032
MBGR033
MBGR034
MBGR035
MBGR036
MBGR037
MBGR038
MBGR039
MBGR040
MBGR041
MBGR042
MBGR043		 Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi
Magbosi		 938361
938548
941528
941460
942705
944218
941440
942784
942784
937474
957497
942696
942754
934064
934082
942070
941970
942240
944690
944971
943495
943502
943488
943982
942046
942033
942050		 786271
773600
768095
768180
766879
767987
777995
781370
781363
786843
786780
766862
784617
777458
777468
777116
777175
785923
775903
776256
775294
775770
775805
776396
776149
776149
776136		 80
51
67
47
64
57
59
57
69
89
93
64
66
62
62
60
62
69
58
133
49
50
54
60
59
54
55		 1.7
0.022
0.005
-0.001
11
7
16
-0.2
10
2.7
0.06
0.06
-0.001
33
4
42
-0.2
25
0.7
0.012
0.005
0.005
20
-1
4
-0.2
35
1.8
0.044
0.02
-0.001
14
1
32
-0.2
10
1.5
0.038
0.015
-0.001
13
-1
13
-0.2
15
1.5
0.03
0.01
-0.001
12
1
8
-0.2
20
3.9
0.092
0.055
-0.001
22
2
18
-0.2
25
0.4
0.026
-
-0.001
5
31
2
-0.2
5
0.6
0.006
0.005
-0.001
2
9
2
-0.2
15
0.7
0.04
0.005
0.001
7
13
3
-0.2
10
3.6
0.07
0.11
-0.001
28
-1
72
0.2
20
2.3
0.046
0.015
-0.001
20
2
10
0.2
15
0.7
0.01
0.005
0.001
6
23
7
-0.2
10
1.4
0.046
0.005
-0.001
5
37
4
0.4
10
1.4
0.056
0.005
0.001
6
33
7
0.2
5
3.1
0.136
0.025
-0.001
28
4
20
-0.2
15
1.6
0.078
0.015
-0.001
15
3
10
-0.2
10
0.9
0.014
0.01
-0.001
16
6
10
-0.2
10
1.2
0.012
0.005
0.001
11
15
2
0.2
5
12.1
0.018
0.02
-0.001
5
5
77
0.4
25
0.8
-
0.005
-0.001
3
1
2
0.2
10
0.8
0.01
0.005
-0.001
8
9
2
0.2
5
1.5
0.04
0.005
-0.001
7
9
27
0.2
5
3.2
0.044
0.07
0.003
70
2
121
0.8
25
0.8
0.014
0.015
0.001
20
8
28
0.2
20
0.8
0.016
0.02
-0.001
4
7
5
0.2
5
0.8
0.01
0.005
-0.001
11
4
7
-0.2
10
0.8
0.016
0.01
-0.001
12
18
3
-0.2
10
MBGR044 Magbosi 942246 785901 70

Hole collars surveyed by DGPS

Chemical analysis by X-Ray Fluorescence Spectrometry (XRF) and ICP-MS by Ultra Trace Limited at Canning Vale Laboratory, Perth Australia.

Cape Lambert Resources Limited September 2013 Quarterly Report

Page 20 of 20

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

Cape Lambert Resources Limited

ABN Quarter ended (“current quarter”) 71 095 047 920 30 September 2013

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
(3 months)
$A’000
-
(2,765)
-
-
(1,748)
-
284
(27)
-
123		 -
(2,765)
-
-
(1,748)
-
284
(27)
-
123
(4,133) (4,133)
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
(d) controlled entity
1.10
Loans to other entities
1.11
Loans repaid by other entities
1.12
Other: Cash backing security for
performance / other bonds & bank
guarantees released
Other: Payment of transaction related and
business development costs
Net investing cash flows
1.13
Total operating and investing cash flows
(carried forward)		 -
(582)
(28)
-
-
-
11,504
(2,216)
500
8
(818)		 -
(582)
(28)
-
-
-
11,504
(2,216)
500
8
(818)
8,368 8,368
4,235 4,235
  • See chapter 19 for defined terms.

01/05/2013 Appendix 5B Page 1

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

1.13
Total operating and investing cash flows
(brought forward)		 4,235 4,235
Cash flows related to financing activities
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: On-market buy back
Net financing cash flows		 -
-
-
-
-
(557)		 -
-
-
-
-
(557)
(557) (557)
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		 3,678
17,034
(5)		 3,678
17,034
(5)
20,706 20,706

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
214
-
1.25 Explanation necessaryfor an understandingof the transactions
$214,000 (excluding GST) payment of executive and non-executive director fees.

Non-cash financing and investing activities

2.1
2.2		 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
Details of outlays made by other entities to establish or increase their share in projects in
which the reportingentityhas an interest
N/A
  • See chapter 19 for defined terms.

Appendix 5B Page 2

01/05/2013

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.

Amount available Amount used
$A’000 $A’000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -

Estimated cash outflows for next quarter

4.1
4.2
4.3
4.4		 Exploration and evaluation
Development
Production
Administration		 $A’000
3,340
-
-
1,628
Total 4,968

  • 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 (provide details)		 706 4,034
20,000 13,000
- -
- -
Total: cash at end of quarter(item 1.22) 20,706 17,034
  • See chapter 19 for defined terms.

01/05/2013 Appendix 5B Page 3

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

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
Cape Lambert Leichhardt
Pty Ltd
EPM9867
EPM11025
EPM11090
EPM11387
EPM14282
EPM14622
EPM15005
EPM15251
EPM16991
EPM16998
EPM17688
EPM17903
EPM17905
EPM17908
EPM17912
EPM17916
MDL75
MDL76
MDL77
MDL78
MDL88
ML2492
ML2494
ML2514
ML2515
ML2635
ML2705
ML2706
ML2708
ML2715
ML2747
ML2748
ML7520
ML90066
ML90090
ML90091
ML90092
ML90101
ML90137
ML90141
ML90142
ML90154		 Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold		 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
N/A
  • See chapter 19 for defined terms.

Appendix 5B Page 4

01/05/2013

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		 - -
7.3
+Ordinary
securities
7.4
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital, buy-
backs		 675,941,942 675,941,942
-
(3,750,000)		 -
(3,750,000)
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		 10,765,000 10,765,000 Exercise price
$0.29		 Expiry date
22 Nov 2013
- -
- -
- -
7.11
Debentures
(totals only)		 - -
  • See chapter 19 for defined terms.

01/05/2013 Appendix 5B Page 5

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

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 /does not* (delete one) give a true and fair view of the matters disclosed.

Sign here: ........................................... (Company secretary)

Date: 30 October 2013

Print name: Claire Tolcon

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.

== == == == ==

  • See chapter 19 for defined terms.

Appendix 5B Page 6

01/05/2013

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