AI assistant
IRON BEAR RESOURCES LTD — Interim / Quarterly Report 2015
Jan 28, 2016
65091_rns_2016-01-28_e26e74f0-2fb8-4e6b-aac7-3e72d68db8f4.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
December 2015 Quarterly Report 31 December 2015
29 January 2016
Cape Lambert Resources Limited (ASX: CFE) is a fully funded mineral development company with exposure to iron ore, copper, gold, uranium, manganese, lithium and lead-silverzinc assets in Australia, Europe, Africa and South America.
Australian Securities Exchange Code: CFE
QUARTERLY REPORT – 31 December 2015
Please find attached the Quarterly Activities Report and Appendix 5B for the period ended 31 December 2015.
Yours faithfully Cape Lambert Resources Limited
Tony Sage
Executive Chairman
Ordinary shares 626,686,586
Unlisted Options 7,675,000 ($0.088 exp 18 Dec 2016)
Board of Directors Tony Sage Executive Chairman
Tim Turner Non-executive Director
Jason Brewer Non-executive Director
Melissa Chapman 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 December 2015 Quarterly Report
Page 1 of 12
ASX Announcement Quarterly Report Period Ended 31 December 2015
September
HIGHLIGHTS
-
As at 31 Dec 2015, the Company had approximately A$4.69 million in cash at bank.
-
Further cost reduction completed in Sierra Leone.
-
Cape Lambert signs Farm-In JV Agreement with Argosy on Wee McGregor Project.
-
Update on African Minerals Limited sale of shares in the Company.
-
Annual General Meeting held.
-
Retirement of Mr Ross Levin as Non-Executive Director.
-
Post quarter end, Cape Lambert announced $4m fully underwritten placement
CORPORATE
Strategy and Business Model
Cape Lambert Resources Limited ( ASX: CFE ) ( Cape Lambert or the Company ) is an Australian domiciled, fully funded, mineral development company. Cape Lambert has interests in several exploration and mining companies, providing exposure to iron ore, copper, gold, uranium, manganese, lithium and lead-silver-zinc assets in Australia, Asia, Europe, Africa and South America (refer Figure 1).
Cape Lambert’s strategy is to acquire and invest in undervalued and/or distressed mineral assets and companies ( Projects ) and:
-
improve the value of these Projects, through a hands on approach to management, exploration, evaluation and development; and
-
retain long-term exposure to these Projects through a production royalty and/or equity interest.
Cape Lambert aims to deliver Shareholder value by adding value to these undeveloped Projects. If Projects are converted into cash, the Company intends to follow a policy of distributing surplus cash to Shareholders.
Corporate Structure
Board Restructure
On 26 November 2015, the Company announced the retirement of Mr Ross Levin as NonExecutive Director of the Company with immediate effect.
Capital Management
African Minerals Limited Shareholding
As previously announced, the Company advised Shareholders that administrators had been appointed to manage the affairs, business and property of African Minerals Limited ( AML ). There has been no change in the quarter and AML continues to be a substantial shareholder of the Company with a holding of 105,808,628 shares.
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 2 of 12
ASX Announcement Quarterly Report Period Ended 31 December 2015
September
Investments
Timis Mining Corporation Royalty
The Company wishes to update Shareholders regarding the royalty agreement with Timis Mining Corporation SL Limited and Timis Mining Corporation Limited (collectively Timis Mining ).
As previously announced, Cape Lambert will receive a royalty of US$2 per tonne of iron concentrate ( Royalty ) exported from the Timis Marampa Iron Ore Mine ( Mine ), which is payable on a quarterly basis. The Royalty of US$2 per tonne is payable on production of 24mt from the Mine.
The Mine remains on care and maintenance due to the currently low iron ore price. The payment from Timis Mining to Cape Lambert of US$2,566,420 for the March 2015 quarter royalty also remains unpaid.
Timis Mining Corporation Bridging Finance
The Company would like to provide an update to Shareholder regarding the bridging finance with Timis Mining (refer ASX Announcement 22 October 2014).
Bridging finance of US$8 million is repayable to the Company in October 2015 and incurs interest of 3 month US LIBOR (London interbank offered rate) + 6%. The principal and interest was due to be repaid to Cape Lambert in one payment on 21 October 2015 and could be extended by the parties on mutually agreed terms.
Repayment of the bridging finance is yet to be received by the Company. Cape Lambert is in communication with Timis Mining to understand when it is anticipated that the Mine will recommence production and be in a position to repay the bridging finance.
Fully Underwritten Placement
Subsequent to the quarter end, the Company announced the that it had entered into an underwriting agreement with Gulf Energy International Limited ( Gulf ) for the placement of approximately 94 million shares at 4.25c per share to raise $4m (before expenses) (refer ASX Announcement 11 and 12 January 2016) ( Underwriting Agreement ).
The placement will be with sophisticated investors in the United Kingdom or Europe and has a proposed closing date of 11 February 2016, being 30 days from execution of the Underwriting Agreement, and a settlement date of 26 February 2016. In accordance with the Underwriting Agreement, and subject to shareholder approval, Gulf will be issued one option for every four shares subscribed to under the placement to be issued with an exercise price of 5c exercisable on or before 31 December 2018.
The Underwriting Agreement contains a number of indemnities, representations and warranties that are considered standard for an agreement of this type. It also contains termination provisions whereby Gulf has the right to terminate the Underwriting Agreement if the S&P 200 falls more than 10% at any time from execution of the Underwriting Agreement up to the date of closing as well as a number of other termination events common to agreements of this type.
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 3 of 12
September
ASX Announcement Quarterly Report Period Ended 31 December 2015
Cauldron Energy Limited
The Company owns a 15.84% interest in Cauldron Energy Limited ( ASX: CXU ) ( Cauldron ). During the quarter, Cauldron announced that current drilling has significantly extended the strike length of mineralization as well as announcing a mineral resource upgrade at it’s Benett Well project.
FE Limited
Cape Lambert owns a 57.74% interest in FE Limited ( ASX: FEL ) ( FEL ). On 30 September 2015, FEL announced that it had signed a binding conditional terms sheet to acquire 100% of Cardinal House Group Pty Ltd who is a provider of online social gaming products and real money gambling platforms. The transaction is progressing and expected to complete in March 2016.
PROJECTS
Marampa (100% interest)
Marampa is an iron ore project at the development stage, and is located 90 km northeast of Freetown, Sierra Leone, West Africa ( Marampa or Marampa Project ) (refer Figure 2). Marampa comprises one granted mining licence (ML05/2014) comprising 79.40km[2] and two granted exploration licences (EL46A/2011 – 159.78 km[2] and EL46B/2011 – 66.00km[2 ] (formerly EL46/2011 – 305.18km[2] )) held by Marampa Iron Ore (SL) Limited, which is indirectly, a wholly owned subsidiary of Cape Lambert.
No exploration activities occurred during the quarter. The Company completed further cost reduction measures at Marampa during the quarter.
Dempsey Resources (100% interest)
Dempsey Resources holds the Kukuna Iron Ore Project located in Sierra Leone ( Kukuna or Kukuna Project ).
The Project is located 120 km northeast of Freetown in the northwest of Sierra Leone and consists of one exploration licence (EL22/2012) covering 68km[2] (refer Figure 2). The licence is located 70km 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.
The Kukuna Project is currently under care and maintenance.
Metal Exploration Limited (100% interest)
Metal Exploration (Mauritius) Limited, a wholly owned subsidiary of Cape Lambert, holds 15 granted exploration licences and one application in Sierra Leone covering approximately 1,688km[2] . This land package covers the region 70km 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 exist throughout the licence areas, 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
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 4 of 12
September
ASX Announcement Quarterly Report Period Ended 31 December 2015
Figure 2). Regional mapping and geophysics has identified a number of prospective areas to be followed up with future targeted exploration.
The Rokel Project is currently under care and maintenance.
Cote D’Ivoire (100% interest)
Metals Exploration Cote D’Ivoire SA Limited is a wholly owned subsidiary of Cape Lambert Resources. The Company holds three tenements in the highly prospective Birimian Gold Belt of Cote D’Ivoire. The tenements are named Boundiali North (400km[2] ), Katiola (400km[2] ) and Bouake (400km[2] ) for a total land position of 1,200km[2 ] (refer Figure 3).
The tenements all contain, or are adjacent to, Birimian Greenstones and metasediments and have significant structural characteristics known to host high tenor gold mineralisation in the district. The Birimian Group is broadly divided into phyllites, tuffs and greywackes of the Lower Birimian (Type 2 metasediments), and various basaltic to andesitic lavas and volcanoclastics of the Upper Birimian (Type 1 Greenstone metavolcanics). Spatial distribution of gold mineralisation appears to be governed by north to northeast trending belts of metavolcanic rocks, ranging from 15km to 40km in width, associated with the Upper Birimian.
The Birimain Gold Belt is host to numerous multi-million ounce gold deposits including the Morila (7 Moz), Syama (7 Moz) and Tongon (4 Moz) deposits. Almost without exception, these major gold deposits are located at or close to the margins of the metavolcanic belts, adjacent to the strongly deformed contacts between the Upper and Lower Birimian sequences as seen to exist within the Company’s granted tenements.
All three tenements are highly prospective and have the potential to host multi-million ounce gold deposits (refer to ASX announcement of 30 April 2013). The Company lodged the licence renewal documents for all three tenements during the quarter.
Discussions continued with a major international explorer regarding the potential purchase of the three tenements.
Mining International Pty Ltd (100% Interest)
Mining International Pty Ltd ( Mining International ), is a wholly owned subsidiary of Cape Lambert. The Company holds tenure to 4 mining leases (which were excluded from the sale of the Leichhardt Copper Project) and 3 granted exploration permits for minerals (EPM’s) (which were acquired from Caeneus Minerals Limited in 2014) at the Wee MacGregor Project located 40 km southeast of Mt Isa in Queensland (refer Figure 5). One EPM application that was pending grant was granted during the quarter.
The tenements are located within in the Eastern Fold Belt of the Mt Isa inlier (Figure 7). The eastern-most tenements are located in the Mary Kathleen Zone/Wonga Subprovince. The western group of tenements are located in the Kalkadoon Leichhardt Belt. These areas are prospective for a variety of deposit types, most notably structurally controlled epigenetic copper and gold deposits.
The Wee MacGregor tenements can be classed as brownfields exploration as several copper occurrences and historical workings occur within the tenement boundaries. In addition, there are numerous under-explored geochemical and geophysical anomalies defined by previous explorers.
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 5 of 12
ASX Announcement Quarterly Report Period Ended 31 December 2015
September
Cape Lambert announced during the quarter that it had executed a Farm-in Joint Venture Agreement with Argosy Minerals Limited ( Argosy )(ASX: AGY) for its tenements ML 2504, ML 2773 and ML 90098. Argosy subsequently announced a maiden JORC inferred resource of 1.65Mt @ 1.6% Cu during the quarter (refer Argosy ASX announcement dated 9 December 2015).
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 6 of 12
September
ASX Announcement Quarterly Report Period Ended 31 December 2015
Figure 1: Group Structure December 2015
(ASX: CFE)
Exploration Projects Investments in Listed Entities Marampa Iron Ore Project International Goldfields Limited (ASX: IGS) CFE - 100% 21.44% interest Sierra Leone Gold (Australia / Cote d'Ivoire / Brazil) Rokel Iron Ore Project Fe Limited (ASX: FEL) CFE - 100% 57.74% interest Sierra Leone Iron Ore, Gold, Nickel (Yilgarn, Australia) Kukuna Iron Ore Project Cauldron Energy Limited (ASX: CXU) CFE 15.84% interest Sierra Leone Uranium (Australia / Argentina) Cote D'ivoire Gold Project European Lithium* CFE - 100% Lithium (Austria) Cote D'Ivoire Wee McGregor Copper Project CFE - 100% Australia Gabon Iron Ore Project CFE - 20% Gabon
*Currently undergoing capital raising
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 7 of 12
ASX Announcement Quarterly Report Period Ended 31 December 2015
September
Figure 2: Cape Lambert West African Iron Ore Interests
==> picture [454 x 430] intentionally omitted <==
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 8 of 12
ASX Announcement Quarterly Report Period Ended 31 December 2015
September
Figure 3: Cote D’IvoireTenements
==> picture [522 x 387] intentionally omitted <==
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 9 of 12
ASX Announcement Quarterly Report Period Ended 31 December 2015
Figure 4: Rokel Projects Location Map
==> picture [433 x 609] intentionally omitted <==
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 10 of 12
ASX Announcement Quarterly Report Period Ended 31 December 2015
Figure 5: Wee MacGregor Project Location
==> picture [425 x 615] intentionally omitted <==
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 11 of 12
September
ASX Announcement Quarterly Report Period Ended 31 December 2015
Appendix 1: Tenement Status
The mining tenements held at the end of each quarter, acquired and disposed of during the quarter and their location:
| Tenement reference | Project & Location | Acquired interest during thequarter |
Disposed interest during thequarter |
Interest at the end of quarter |
|---|---|---|---|---|
| Marampa Project - EL 46A/2011 | Lunsar - Sierra Leone | - | - | 100% |
| Marampa Project - EL 46B/2011 | Lunsar - Sierra Leone | - | - | 100% |
| Rokel Project - EL 08/2012 | Yaya – Sierra Leone | - | - | 100% |
| Rokel Project - EL 09/2012 | Kukuna South – Sierra Leone | - | - | 100% |
| Rokel Project - EL 11/2011 | Gbahama – Sierra Leone | - | - | 100% |
| Rokel Project - EL 13/2011 | Gbinti – Sierra Leone | - | - | 100% |
| Rokel Project - EL 15/2011 | Lankono – Sierra Leone | - | - | 100% |
| Rokel Project - EL 16/2011 | Makonkari – Sierra Leone | - | - | 100% |
| Rokel Project - EL 17/2011 | Karina – Sierra Leone | - | - | 100% |
| Rokel Project - EL 18/2011 | Kukuna North – Sierra Leone | - | - | 100% |
| Rokel Project - EL 19/2011 | Lankono North – Sierra Leone | - | - | 100% |
| Rokel Project - EL 20/2011 | Marampa East – Sierra Leone | - | - | 100% |
| Rokel Project - EL 21/2011 | Mawanka – Sierra Leone | - | - | 100% |
| Rokel Project - EL 22/2011 | Kambia East – Sierra Leone | - | - | 100% |
| Rokel Project - EL 23/2011 | Magbosi – Sierra Leone | - | - | 100% |
| Rokel Project - EL 24/2011 | Gbangbama – Sierra Leone | - | - | 100% |
| Rokel Project - EL 25/2011 | Gbinti West – Sierra Leone | - | - | 100% |
| Kukuna Project - EL 22/2012 | Kukuna – Sierra Leone | - | - | 100% |
| Sandenia Project – No. A2013/110/DIGM/CPDM |
Sandenia – Guinea | - | 100% | 0% |
| Cote D’Ivoire Projects - EL 284 | Katiola - Cote D’Ivorie | - | - | 100% |
| Cote D’Ivoire Projects - EL 285 | Boundiali North – Cote D’Ivorie |
- | - | 100% |
| Cote D’Ivoire Projects - EL 286 | Bouake – Cote D’Ivorie | - | - | 100% |
| EPM 17449 | Wee MacGregor - Queensland | - | - | 100% |
| EPM 17907 | Wee MacGregor - Queensland | - | - | 100% |
| EPM 17910 | Wee MacGregor - Queensland | - | - | 100% |
| EPM 25860 | Wee MacGregor - Queensland | 100% | - | 100% |
| ML 90098 | Wee MacGregor - Queensland | - | - | 100% |
| ML 2504 | Wee MacGregor - Queensland | - | - | 100% |
| ML 2771 | Wee MacGregor - Queensland | - | - | 100% |
| ML 2773 | Wee MacGregor - Queensland | - | - | 100% |
There were no mining tenements with beneficial interest earned/lost in farm-in/farm-out agreements at the end of the quarter.
Cape Lambert Resources Limited December 2015 Quarterly Report
Page 12 of 12
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 71 095 047 920
Quarter ended (“current quarter”) 31 December 2015
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 & evaluation² (b) development (c) production (d) administration¹ 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 (6 months) $A’000 |
|---|---|---|
| - (1,264) - - (1,308) - 20 - - 91 |
- (2,833) - - (2,560) - 52 - - 245 |
|
| (2,461) | (5,096) | |
| 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: Repayment of convertible notes Other: Payment of transaction related and business development costs Net investing cash flows |
- - 78 - - - - - 40 - - |
- (30) - - 201 - - - 40 157 (68) |
| 118 | 300 | |
| 1.13 Total operating and investing cash flows |
(2,343) | (4,796) |
| Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares |
- - |
- - |
- 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
| 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other: FEL Converting Loan Note² Net financing cash flows |
- - - 29 |
- - - 431 |
|---|---|---|
| 29 | 431 | |
| 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 |
(2,314) 7,026 (22) |
(4,365) 9,034 21 |
| 4,690 | 4,690 |
¹ Includes FE Ltd cash movements given CFE owns 57.74% of FE Ltd
² Year to date includes proceeds from FE Ltd converting loan note ($431k before expenses), the current quarter includes a reclassification of broker fees associated with the loan note and the year to date figures have been corrected as this was incorrectly reported against exploration & evaluation in September
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 |
|---|---|---|
| 210 | ||
| - | ||
| 1.25 | Explanation necessaryfor an understandingof the transactions | |
| $210,000 (excluding GST) payment of executive and non-executive director fees. |
Non-cash financing and investing activities
-
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A
-
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest N/A
-
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 |
|---|---|---|
| 1,100 | ||
| - | ||
| - | ||
| 1,000 | ||
| Total | 2,100 |
-
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) |
4,690 | 7,026 |
| - | - | |
| - | - | |
| - | - | |
| Total: cash at end of quarter(item 1.22) | 4,690 | 7,026 |
- 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
| Tenement reference and location Nature of interest (note(2)) Interest at beginning ofquarter Interest at end of quarter 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 2013/110/digm/cpdm Expired 100% 0% 6.2 Interests in mining tenements and petroleum tenements acquired or increased EPM25860 Granted 0% 100% 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. |
Tenement reference and location Nature of interest (note(2)) Interest at beginning ofquarter Interest at end of quarter 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 2013/110/digm/cpdm Expired 100% 0% 6.2 Interests in mining tenements and petroleum tenements acquired or increased EPM25860 Granted 0% 100% 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. |
Tenement reference and location Nature of interest (note(2)) Interest at beginning ofquarter Interest at end of quarter 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 2013/110/digm/cpdm Expired 100% 0% 6.2 Interests in mining tenements and petroleum tenements acquired or increased EPM25860 Granted 0% 100% 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. |
Tenement reference and location Nature of interest (note(2)) Interest at beginning ofquarter Interest at end of quarter 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 2013/110/digm/cpdm Expired 100% 0% 6.2 Interests in mining tenements and petroleum tenements acquired or increased EPM25860 Granted 0% 100% 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. |
Tenement reference and location Nature of interest (note(2)) Interest at beginning ofquarter Interest at end of quarter 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 2013/110/digm/cpdm Expired 100% 0% 6.2 Interests in mining tenements and petroleum tenements acquired or increased EPM25860 Granted 0% 100% 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 |
626,686,586 | 626,686,586 | ||
| - - |
- - |
|||
| 7.5 +Convertible debt securities (description) |
- | - |
- 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
| 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/Cancell ed during quarter |
7,675,000 | 7,675,000 | Exercise price $0.088 |
Expiry date 18 Dec 2016 |
| - | - | - | - | |
| - | - | - | - | |
| 1,250,000 | 1,250,000 | $0.088 | 18 Dec 2016 | |
| 7.11 Debentures (totals only) |
- | - | ||
| 7.12 Unsecured notes(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
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: 29 January 2016
Print name: Melissa Chapman
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