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IRON BEAR RESOURCES LTD Interim / Quarterly Report 2016

Jan 30, 2017

65091_rns_2017-01-30_cc5dc696-9ae9-4fe2-ad1e-310ad03f5902.pdf

Interim / Quarterly Report

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December 2016 Quarterly Report 31 January 2017

31 January 2017

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 2016

Please find attached the Quarterly Activities Report and Appendix 5B for the period ended 31 December 2016.

Yours faithfully Cape Lambert Resources Limited

Tony Sage

Executive Chairman

Ordinary shares 720,686,586

Unlisted Options 23,500,000 ($0.05 exp 18 Dec 2018)

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 2016 Quarterly Report

Page 1 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

September

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.

Cash Balance

As at 31 December 2016, the Company had approximately A$3.1 million (including FE Limited cash of A$667k which is consolidated in accordance with accounting standards) in cash at bank.

Capital Management

African Minerals Limited Shareholding

The Company previously advised Shareholders that administrators had been appointed to manage the affairs, business and property of African Minerals Limited ( AML ). During the quarter, AML divested their shareholding and no longer hold any shares in Cape Lambert.

Issue of Options

On 15 December 2016, the Company issued 23,500,000 unlisted option at $0.05 each expiring on 31 December 2018 to Gulf Energy International Limited.

Investments

Timis Mining Corporation Royalty

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.

There has been no change during the quarter and the Mine remains on care and maintenance however the Company does note the positive changes in the iron ore price during the period. The payment from Timis Mining to Cape Lambert of US$2,566,420 for the

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 2 of 22

September

ASX Announcement Quarterly Report Period Ended 31 December 2016

March 2015 quarter royalty also remains unpaid. The Company remains in contact with Timis Mining to expeditate a resolution regarding the unpaid amount.

Timis Mining Corporation Bridging Finance

The Company provided Bridging finance of US$8 million to Timis Mining which was 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.

There has been no change during the quarter and repayment of the bridging finance is yet to be received by the Company. The Company remains in contact with Timis Mining to expeditate a resolution regarding the facility.

European Lithium Limited

During the quarter European Lithium Limited ( ASX: EUR ) ( Euro Lithium ) announced a resource upgrade at it’s 100% owned Wolfsberg lithium project which is located in Carinthia, 270 kilometers south of Vienna, Austria ( Wolfsberg ). The Wolfsberg resource upgrade was the required milestone to trigger the issue of Tranche 2 Consideration Shares as part of the original acquisition of 100% of the issued capital of Euorpean Lithium AT (Investments) Limited, a wholly owned subsidiary of Euro Lithium. Consequently, the Company was issued with 16,370,980 shares in Euro Lithium on 23 December 2016 for nil consideration.

Following the issue of these shares, Cape Lambert owns 65,933,920 shares in Euro Lithium (15.26% of the issue capital in Euro Lithium). Based on the current Euro Lithium share price of $0.064 the Companys investment in Euro Lithium is worth approximately A$4.22 million.

Cauldron Energy Limited

The Company’s shareholding in Cauldron Energy Limited ( ASX: CXU ) ( Cauldron ) decreased during the quarter from 18.21% to 16.36% following the issue of shares by Cauldron pursuant to a share placement. Based on the current Cauldron share price of $0.07 the Company’s investment in Cauldron is worth approximately A$3.67 million.

Shareholder Meetings

Annual General Meeting

The Company’s Annual General Meeting ( AGM ) was held 24 November 2016. For more information, refer to the Notice of AGM and results available via the Company’s website.

General Meeting

The Company held a General Meeting ( GM ) on 29 December 2016 where the resolution to remove Tony Sage as Director of the Company was not passed. For more information, refer to the Notice of GM results available via the Company’s website.

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 3 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

September

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.

The Marampa Project remains under care and maintenance and the Company surrendered its exploration licence EL46B/2011 late in 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 remains 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 ] (refer Figure 2). This land package covered the region 70km to the north and south of Marampa and is referred to as the Rokel Iron Ore Project ( Rokel or Rokel Project ).

The Company surrendered all the exploration licences associated with the Rokel Project late in the quarter.

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 ] ( Tenements ).

The Company announced during the March 2016 quarter (refer to ASX announcement of 23 March 2016) that it had executed a sale and purchase agreement with a subsidiary of Newcrest Mining Limited (Newcrest) for the sale of its Tenements.

The Sale remains subject to Newcrest receiving approval from the Minister of Mines for the transfer of the Licences, which is pending the renewal of the tenements to occur. The Company now expects the tenement renewals to be granted in the March 2017 quarter.

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 4 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

September

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 4 granted exploration permits for minerals (EPM’s) at the Wee MacGregor Project located 40 km southeast of Mt Isa in Queensland (refer Figure 3).

The tenements are located within in the Eastern Fold Belt of the Mt Isa inlier. The easternmost 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.

Following the Farm-in agreement executed wih Firebird Pty Ltd ( Firebird ) during the September 2016 quarter, in regards to the Lady Ethleen project (ML2773), Firebird subsequently conducted a small amount of Rotary Air Blast (RAB) drilling totaling 10 holes to a maximum depth of 54m in and around the historic mine void (refer Figure 4). Firebird also commissioned a topographic survey of the project area.

No samples were submitted for conventional assay however grade indications for copper only were obtained with a Niton hand held XRF analyser. All samples were analyzed three times in three different areas of the sample with the resultant average deemed to indicate the sample grade. There were some significant intersections with indicative grades as high as 8.7% Cu from 26m to 27m.

A list of all handheld XRF results is included in Table 1.

Table 1 – Handheld XRF Results
Hole_id Xcollar Ycollar RL Dip Azi EOH From To Cu%
BLE001 392252 7685322 408 45 153 54 0 1 0.05
BLE001 392252 7685322 408 45 153 54 1 2 0.05
BLE001 392252 7685322 408 45 153 54 2 3 0.05
BLE001 392252 7685322 408 45 153 54 3 4 0.05
BLE001 392252 7685322 408 45 153 54 4 5 0.05
BLE001 392252 7685322 408 45 153 54 5 6 0.05
BLE001 392252 7685322 408 45 153 54 6 7 0.05
BLE001 392252 7685322 408 45 153 54 7 8 0.05
BLE001 392252 7685322 408 45 153 54 8 9 0.05
BLE001 392252 7685322 408 45 153 54 9 10 0.05
BLE001 392252 7685322 408 45 153 54 10 11 0.12
BLE001 392252 7685322 408 45 153 54 11 12 0.36
BLE001 392252 7685322 408 45 153 54 12 13 0.11
BLE001 392252 7685322 408 45 153 54 13 14 0.1
BLE001 392252 7685322 408 45 153 54 14 15 0.05
BLE001 392252 7685322 408 45 153 54 15 16 0.05
BLE001 392252 7685322 408 45 153 54 16 17 0.05
BLE001 392252 7685322 408 45 153 54 17 18 0.05
BLE001 392252 7685322 408 45 153 54 18 19 0.32

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 5 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

September
Table 1 – Handheld XRF Results
Hole_id Xcollar Ycollar RL Dip Azi EOH From To Cu%
BLE001 392252 7685322 408 45 153 54 19 20 0.63
BLE001 392252 7685322 408 45 153 54 20 21 1.1
BLE001 392252 7685322 408 45 153 54 21 22 0.62
BLE001 392252 7685322 408 45 153 54 22 23 0.05
BLE001 392252 7685322 408 45 153 54 23 24 0.21
BLE001 392252 7685322 408 45 153 54 24 25 0.99
BLE001 392252 7685322 408 45 153 54 25 26 0.53
BLE001 392252 7685322 408 45 153 54 26 27 0.12
BLE001 392252 7685322 408 45 153 54 27 28 0.05
BLE001 392252 7685322 408 45 153 54 28 29 0.44
BLE001 392252 7685322 408 45 153 54 29 30 0.41
BLE001 392252 7685322 408 45 153 54 30 31 2.83
BLE001 392252 7685322 408 45 153 54 31 32 2.94
BLE001 392252 7685322 408 45 153 54 32 33 2.94
BLE001 392252 7685322 408 45 153 54 33 34 2.97
BLE001 392252 7685322 408 45 153 54 34 35 2.99
BLE001 392252 7685322 408 45 153 54 35 36 2.21
BLE001 392252 7685322 408 45 153 54 36 37 0.87
BLE001 392252 7685322 408 45 153 54 37 38 0.64
BLE001 392252 7685322 408 45 153 54 38 39 1.86
BLE001 392252 7685322 408 45 153 54 39 40 0.79
BLE001 392252 7685322 408 45 153 54 40 41 2.74
BLE001 392252 7685322 408 45 153 54 41 42 1.91
BLE001 392252 7685322 408 45 153 54 42 43 0.9
BLE001 392252 7685322 408 45 153 54 43 44 0.71
BLE001 392252 7685322 408 45 153 54 44 45 0.64
BLE001 392252 7685322 408 45 153 54 45 46 0.3
BLE001 392252 7685322 408 45 153 54 46 47 0.3
BLE001 392252 7685322 408 45 153 54 47 48 0.3
BLE002 392252 7685322 408 45 153 54 48 49 -99
BLE002 392252 7685322 408 45 153 54 49 50 -99
BLE002 392252 7685322 408 45 153 54 50 51 -99
BLE002 392252 7685322 408 45 153 54 51 52 -99
BLE002 392252 7685322 408 45 153 54 52 53 -99
BLE002 392252 7685322 408 45 153 54 53 54 -99
BLE002 392253 7685322 408 45 129 20 0 1 0.18
BLE002 392253 7685322 408 45 129 20 1 2 0.13
BLE002 392253 7685322 408 45 129 20 2 3 0.12
BLE002 392253 7685322 408 45 129 20 3 4 0.12
BLE002 392253 7685322 408 45 129 20 4 5 0.14
BLE002 392253 7685322 408 45 129 20 5 6 0.16
BLE002 392253 7685322 408 45 129 20 6 7 0.34
BLE002 392253 7685322 408 45 129 20 7 8 0.25
BLE002 392253 7685322 408 45 129 20 8 9 0.41
BLE002 392253 7685322 408 45 129 20 9 10 0.56
BLE002 392253 7685322 408 45 129 20 10 11 0.66
BLE002 392253 7685322 408 45 129 20 11 12 0.27
BLE002 392253 7685322 408 45 129 20 12 13 0.15
BLE002 392253 7685322 408 45 129 20 13 14 0.87
BLE002 392253 7685322 408 45 129 20 14 15 0.68
BLE002 392253 7685322 408 45 129 20 15 16 0.59

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 6 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

September
Table 1 – Handheld XRF Results
Hole_id Xcollar Ycollar RL Dip Azi EOH From To Cu%
BLE002 392253 7685322 408 45 129 20 16 17 0.49
BLE002 392253 7685322 408 45 129 20 17 18 1.22
BLE002 392253 7685322 408 45 129 20 18 19 7.93
BLE002 392253 7685322 408 45 129 20 19 20 4.3
BLE003 392252 7685326 408 45 108 21 0 1 0.05
BLE003 392252 7685326 408 45 108 21 1 2 0.05
BLE003 392252 7685326 408 45 108 21 2 3 0.05
BLE003 392252 7685326 408 45 108 21 3 4 0.05
BLE003 392252 7685326 408 45 108 21 4 5 0.05
BLE003 392252 7685326 408 45 108 21 5 6 0.05
BLE003 392252 7685326 408 45 108 21 6 7 0.29
BLE003 392252 7685326 408 45 108 21 7 8 0.47
BLE003 392252 7685326 408 45 108 21 8 9 0.84
BLE003 392252 7685326 408 45 108 21 9 10 0.93
BLE003 392252 7685326 408 45 108 21 10 11 1.68
BLE003 392252 7685326 408 45 108 21 11 12 1.63
BLE003 392252 7685326 408 45 108 21 12 13 0.63
BLE003 392252 7685326 408 45 108 21 13 14 0.48
BLE003 392252 7685326 408 45 108 21 14 15 1.23
BLE003 392252 7685326 408 45 108 21 15 16 0.34
BLE003 392252 7685326 408 45 108 21 16 17 0.23
BLE003 392252 7685326 408 45 108 21 17 18 0.3
BLE003 392252 7685326 408 45 108 21 18 19 0.63
BLE003 392252 7685326 408 45 108 21 19 20 2.61
BLE003 392252 7685326 408 45 108 21 20 21 0.68
BLE004 392252 7685326 408 45 88 28 0 1 0.17
BLE004 392252 7685326 408 45 88 28 1 2 0.05
BLE004 392252 7685326 408 45 88 28 2 3 0.05
BLE004 392252 7685326 408 45 88 28 3 4 0.05
BLE004 392252 7685326 408 45 88 28 4 5 0.05
BLE004 392252 7685326 408 45 88 28 5 6 0.05
BLE004 392252 7685326 408 45 88 28 6 7 0.11
BLE004 392252 7685326 408 45 88 28 7 8 0.16
BLE004 392252 7685326 408 45 88 28 8 9 0.14
BLE004 392252 7685326 408 45 88 28 9 10 0.4
BLE004 392252 7685326 408 45 88 28 10 11 0.62
BLE004 392252 7685326 408 45 88 28 11 12 0.34
BLE004 392252 7685326 408 45 88 28 12 13 0.16
BLE004 392252 7685326 408 45 88 28 13 14 0.12
BLE004 392252 7685326 408 45 88 28 14 15 0.1
BLE004 392252 7685326 408 45 88 28 15 16 0.2
BLE004 392252 7685326 408 45 88 28 16 17 0.15
BLE004 392252 7685326 408 45 88 28 17 18 1.28
BLE004 392252 7685326 408 45 88 28 18 19 0.25
BLE004 392252 7685326 408 45 88 28 19 20 0.32
BLE004 392252 7685326 408 45 88 28 20 21 0.46
BLE004 392252 7685326 408 45 88 28 21 22 0.23
BLE004 392252 7685326 408 45 88 28 22 23 0.28
BLE004 392252 7685326 408 45 88 28 23 24 0.41
BLE004 392252 7685326 408 45 88 28 24 25 3.82
BLE004 392252 7685326 408 45 88 28 25 26 1.81

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 7 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

September
Table 1 – Handheld XRF Results
Hole_id Xcollar Ycollar RL Dip Azi EOH From To Cu%
BLE004 392252 7685326 408 45 88 28 26 27 2.46
BLE004 392252 7685326 408 45 88 28 27 28 2.24
BLE005 392253 7685333 407 45 88 42 0 1 0.49
BLE005 392253 7685333 407 45 88 42 1 2 0.05
BLE005 392253 7685333 407 45 88 42 2 3 0.05
BLE005 392253 7685333 407 45 88 42 3 4 0.05
BLE005 392253 7685333 407 45 88 42 4 5 0.05
BLE005 392253 7685333 407 45 88 42 5 6 0.05
BLE005 392253 7685333 407 45 88 42 6 7 0.25
BLE005 392253 7685333 407 45 88 42 7 8 0.26
BLE005 392253 7685333 407 45 88 42 8 9 0.23
BLE005 392253 7685333 407 45 88 42 9 10 0.45
BLE005 392253 7685333 407 45 88 42 10 11 1.07
BLE005 392253 7685333 407 45 88 42 11 12 0.27
BLE005 392253 7685333 407 45 88 42 12 13 0.15
BLE005 392253 7685333 407 45 88 42 13 14 0.64
BLE005 392253 7685333 407 45 88 42 14 15 2.45
BLE005 392253 7685333 407 45 88 42 15 16 0.22
BLE005 392253 7685333 407 45 88 42 16 17 0.37
BLE005 392253 7685333 407 45 88 42 17 18 0.63
BLE005 392253 7685333 407 45 88 42 18 19 0.35
BLE005 392253 7685333 407 45 88 42 19 20 0.32
BLE005 392253 7685333 407 45 88 42 20 21 0.25
BLE005 392253 7685333 407 45 88 42 21 22 1.35
BLE005 392253 7685333 407 45 88 42 22 23 1.63
BLE005 392253 7685333 407 45 88 42 23 24 1.01
BLE005 392253 7685333 407 45 88 42 24 25 2.64
BLE005 392253 7685333 407 45 88 42 25 26 1.77
BLE005 392253 7685333 407 45 88 42 26 27 8.7
BLE005 392253 7685333 407 45 88 42 27 28 5.07
BLE005 392253 7685333 407 45 88 42 28 29 1.34
BLE005 392253 7685333 407 45 88 42 29 30 0.87
BLE005 392253 7685333 407 45 88 42 30 31 1.4
BLE005 392253 7685333 407 45 88 42 31 32 0.59
BLE005 392253 7685333 407 45 88 42 32 33 0.47
BLE005 392253 7685333 407 45 88 42 33 34 0.33
BLE005 392253 7685333 407 45 88 42 34 35 4.57
BLE005 392253 7685333 407 45 88 42 35 36 1.18
BLE005 392253 7685333 407 45 88 42 36 37 1.19
BLE005 392253 7685333 407 45 88 42 37 38 0.96
BLE005 392253 7685333 407 45 88 42 38 39 1.07
BLE005 392253 7685333 407 45 88 42 39 40 0.57
BLE005 392253 7685333 407 45 88 42 40 41 0.5
BLE005 392253 7685333 407 45 88 42 41 42 0.3
BLE006 392267 7685346 399 45 76 30 0 1 0.5
BLE006 392267 7685346 399 45 76 30 1 2 0.23
BLE006 392267 7685346 399 45 76 30 2 3 0.45
BLE006 392267 7685346 399 45 76 30 3 4 0.73
BLE006 392267 7685346 399 45 76 30 4 5 0.66
BLE006 392267 7685346 399 45 76 30 5 6 0.6
BLE006 392267 7685346 399 45 76 30 6 7 1.86

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 8 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

September
Table 1 – Handheld XRF Results
Hole_id Xcollar Ycollar RL Dip Azi EOH From To Cu%
BLE006 392267 7685346 399 45 76 30 7 8 2.4
BLE006 392267 7685346 399 45 76 30 8 9 0.73
BLE006 392267 7685346 399 45 76 30 9 10 6.18
BLE006 392267 7685346 399 45 76 30 10 11 5.15
BLE006 392267 7685346 399 45 76 30 11 12 1.52
BLE006 392267 7685346 399 45 76 30 12 13 1.05
BLE006 392267 7685346 399 45 76 30 13 14 0.73
BLE006 392267 7685346 399 45 76 30 14 15 1.23
BLE006 392267 7685346 399 45 76 30 15 16 1.07
BLE006 392267 7685346 399 45 76 30 16 17 1.45
BLE006 392267 7685346 399 45 76 30 17 18 0.86
BLE006 392267 7685346 399 45 76 30 18 19 0.86
BLE006 392267 7685346 399 45 76 30 19 20 0.78
BLE006 392267 7685346 399 45 76 30 20 21 0.67
BLE006 392267 7685346 399 45 76 30 21 22 0.86
BLE006 392267 7685346 399 45 76 30 22 23 0.88
BLE006 392267 7685346 399 45 76 30 23 24 0.74
BLE006 392267 7685346 399 45 76 30 24 25 0.24
BLE006 392267 7685346 399 45 76 30 25 26 0.24
BLE006 392267 7685346 399 45 76 30 26 27 0.2
BLE006 392267 7685346 399 45 76 30 27 28 0.24
BLE006 392267 7685346 399 45 76 30 28 29 0.19
BLE006 392267 7685346 399 45 76 30 29 30 0.15
BLE007 392266 7685346 399 45 42 42 0 1 0.45
BLE007 392266 7685346 399 45 42 42 1 2 0.24
BLE007 392266 7685346 399 45 42 42 2 3 0.66
BLE007 392266 7685346 399 45 42 42 3 4 0.53
BLE007 392266 7685346 399 45 42 42 4 5 0.93
BLE007 392266 7685346 399 45 42 42 5 6 0.69
BLE007 392266 7685346 399 45 42 42 6 7 2.43
BLE007 392266 7685346 399 45 42 42 7 8 2.16
BLE007 392266 7685346 399 45 42 42 8 9 1.63
BLE007 392266 7685346 399 45 42 42 9 10 1.67
BLE007 392266 7685346 399 45 42 42 10 11 0.7
BLE007 392266 7685346 399 45 42 42 11 12 0.69
BLE007 392266 7685346 399 45 42 42 12 13 0.41
BLE007 392266 7685346 399 45 42 42 13 14 0.58
BLE007 392266 7685346 399 45 42 42 14 15 0.93
BLE007 392266 7685346 399 45 42 42 15 16 2.46
BLE007 392266 7685346 399 45 42 42 16 17 0.37
BLE007 392266 7685346 399 45 42 42 17 18 0.87
BLE007 392266 7685346 399 45 42 42 18 19 0.94
BLE007 392266 7685346 399 45 42 42 19 20 1.07
BLE007 392266 7685346 399 45 42 42 20 21 0.9
BLE007 392266 7685346 399 45 42 42 21 22 0.99
BLE007 392266 7685346 399 45 42 42 22 23 0.63
BLE007 392266 7685346 399 45 42 42 23 24 0.37
BLE007 392266 7685346 399 45 42 42 24 25 0.29
BLE007 392266 7685346 399 45 42 42 25 26 0.2
BLE007 392266 7685346 399 45 42 42 26 27 0.25
BLE007 392266 7685346 399 45 42 42 27 28 0.3

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 9 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

September
Table 1 – Handheld XRF Results
Hole_id Xcollar Ycollar RL Dip Azi EOH From To Cu%
BLE007 392266 7685346 399 45 42 42 28 29 0.05
BLE007 392266 7685346 399 45 42 42 29 30 0.23
BLE007 392266 7685346 399 45 42 42 30 31 0.14
BLE007 392266 7685346 399 45 42 42 31 32 0.11
BLE007 392266 7685346 399 45 42 42 32 33 0.22
BLE007 392266 7685346 399 45 42 42 33 34 0.19
BLE007 392266 7685346 399 45 42 42 34 35 0.38
BLE007 392266 7685346 399 45 42 42 35 36 0.22
BLE007 392266 7685346 399 45 42 42 36 37 0.26
BLE007 392266 7685346 399 45 42 42 37 38 0.34
BLE007 392266 7685346 399 45 42 42 38 39 0.25
BLE007 392266 7685346 399 45 42 42 39 40 0.25
BLE007 392266 7685346 399 45 42 42 40 41 0.17
BLE007 392266 7685346 399 45 42 42 41 42 0.12
BLE008 392231 7685365 389 55 73 52 0 1 0.05
BLE008 392231 7685365 389 55 73 52 1 2 0.16
BLE008 392231 7685365 389 55 73 52 2 3 0.14
BLE008 392231 7685365 389 55 73 52 3 4 0.12
BLE008 392231 7685365 389 55 73 52 4 5 0.12
BLE008 392231 7685365 389 55 73 52 5 6 0.11
BLE008 392231 7685365 389 55 73 52 6 7 0.11
BLE008 392231 7685365 389 55 73 52 7 8 0.13
BLE008 392231 7685365 389 55 73 52 8 9 0.13
BLE008 392231 7685365 389 55 73 52 9 10 0.11
BLE008 392231 7685365 389 55 73 52 10 11 0.11
BLE008 392231 7685365 389 55 73 52 11 12 0.11
BLE008 392231 7685365 389 55 73 52 12 13 0.13
BLE008 392231 7685365 389 55 73 52 13 14 0.12
BLE008 392231 7685365 389 55 73 52 14 15 0.11
BLE008 392231 7685365 389 55 73 52 15 16 0.15
BLE008 392231 7685365 389 55 73 52 16 17 0.13
BLE008 392231 7685365 389 55 73 52 17 18 0.12
BLE008 392231 7685365 389 55 73 52 18 19 0.15
BLE008 392231 7685365 389 55 73 52 19 20 0.19
BLE008 392231 7685365 389 55 73 52 20 21 0.2
BLE008 392231 7685365 389 55 73 52 21 22 0.22
BLE008 392231 7685365 389 55 73 52 22 23 0.34
BLE008 392231 7685365 389 55 73 52 23 24 0.33
BLE008 392231 7685365 389 55 73 52 24 25 0.28
BLE008 392231 7685365 389 55 73 52 25 26 0.2
BLE008 392231 7685365 389 55 73 52 26 27 0.41
BLE008 392231 7685365 389 55 73 52 27 28 0.46
BLE008 392231 7685365 389 55 73 52 28 29 0.62
BLE008 392231 7685365 389 55 73 52 29 30 2.42
BLE008 392231 7685365 389 55 73 52 30 31 1.4
BLE008 392231 7685365 389 55 73 52 31 32 0.88
BLE008 392231 7685365 389 55 73 52 32 33 0.67
BLE008 392231 7685365 389 55 73 52 33 34 0.93
BLE008 392231 7685365 389 55 73 52 34 35 1.88
BLE008 392231 7685365 389 55 73 52 35 36 0.57
BLE008 392231 7685365 389 55 73 52 36 37 0.49

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 10 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

September
Table 1 – Handheld XRF Results
Hole_id Xcollar Ycollar RL Dip Azi EOH From To Cu%
BLE008 392231 7685365 389 55 73 52 37 38 0.64
BLE008 392231 7685365 389 55 73 52 38 39 0.31
BLE008 392231 7685365 389 55 73 52 39 40 0.24
BLE008 392231 7685365 389 55 73 52 40 41 0.77
BLE008 392231 7685365 389 55 73 52 41 42 0.22
BLE008 392231 7685365 389 55 73 52 42 43 0.12
BLE008 392231 7685365 389 55 73 52 43 44 0.21
BLE008 392231 7685365 389 55 73 52 44 45 0.19
BLE008 392231 7685365 389 55 73 52 45 46 0.25
BLE008 392231 7685365 389 55 73 52 46 47 0.23
BLE008 392231 7685365 389 55 73 52 47 48 0.23
BLE008 392231 7685365 389 55 73 52 48 49 0.2
BLE008 392231 7685365 389 55 73 52 49 50 0.31
BLE008 392231 7685365 389 55 73 52 50 51 0.25
BLE008 392231 7685365 389 55 73 52 51 52 0.31
BLE009 392248 7685298 401 45 153 28 0 1 0.67
BLE009 392248 7685298 401 45 153 28 1 2 1.14
BLE009 392248 7685298 401 45 153 28 2 3 0.4
BLE009 392248 7685298 401 45 153 28 3 4 0.32
BLE009 392248 7685298 401 45 153 28 4 5 0.33
BLE009 392248 7685298 401 45 153 28 5 6 0.25
BLE009 392248 7685298 401 45 153 28 6 7 0.2
BLE009 392248 7685298 401 45 153 28 7 8 0.25
BLE009 392248 7685298 401 45 153 28 8 9 0.27
BLE009 392248 7685298 401 45 153 28 9 10 0.21
BLE009 392248 7685298 401 45 153 28 10 11 0.25
BLE009 392248 7685298 401 45 153 28 11 12 0.26
BLE009 392248 7685298 401 45 153 28 12 13 0.39
BLE009 392248 7685298 401 45 153 28 13 14 0.37
BLE009 392248 7685298 401 45 153 28 14 15 0.52
BLE009 392248 7685298 401 45 153 28 15 16 0.26
BLE009 392248 7685298 401 45 153 28 16 17 0.19
BLE009 392248 7685298 401 45 153 28 17 18 0.2
BLE009 392248 7685298 401 45 153 28 18 19 0.42
BLE009 392248 7685298 401 45 153 28 19 20 1.5
BLE009 392248 7685298 401 45 153 28 20 21 0.65
BLE009 392248 7685298 401 45 153 28 21 22 0.32
BLE009 392248 7685298 401 45 153 28 22 23 0.22
BLE009 392248 7685298 401 45 153 28 23 24 0.18
BLE009 392248 7685298 401 45 153 28 24 25 0.2
BLE009 392248 7685298 401 45 153 28 25 26 0.31
BLE009 392248 7685298 401 45 153 28 26 27 0.42
BLE009 392248 7685298 401 45 153 28 27 28 0.33
BLE010 392237 7685308 399 45 165 42 0 1 0.28
BLE010 392237 7685308 399 45 165 42 1 2 0.21
BLE010 392237 7685308 399 45 165 42 2 3 0.2
BLE010 392237 7685308 399 45 165 42 3 4 0.13
BLE010 392237 7685308 399 45 165 42 4 5 0.14
BLE010 392237 7685308 399 45 165 42 5 6 0.13
BLE010 392237 7685308 399 45 165 42 6 7 0.14
BLE010 392237 7685308 399 45 165 42 7 8 0.14

Cape Lambert Resources Limited December 2016 Quarterly Report

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ASX Announcement Quarterly Report Period Ended 31 December 2016

September
Table 1 – Handheld XRF Results
Hole_id Xcollar Ycollar RL Dip Azi EOH From To Cu%
BLE010 392237 7685308 399 45 165 42 8 9 0.34
BLE010 392237 7685308 399 45 165 42 9 10 0.17
BLE010 392237 7685308 399 45 165 42 10 11 0.15
BLE010 392237 7685308 399 45 165 42 11 12 0.12
BLE010 392237 7685308 399 45 165 42 12 13 0.23
BLE010 392237 7685308 399 45 165 42 13 14 0.22
BLE010 392237 7685308 399 45 165 42 14 15 0.12
BLE010 392237 7685308 399 45 165 42 15 16 0.18
BLE010 392237 7685308 399 45 165 42 16 17 0.15
BLE010 392237 7685308 399 45 165 42 17 18 0.19
BLE010 392237 7685308 399 45 165 42 18 19 0.22
BLE010 392237 7685308 399 45 165 42 19 20 0.24
BLE010 392237 7685308 399 45 165 42 20 21 0.33
BLE010 392237 7685308 399 45 165 42 21 22 0.45
BLE010 392237 7685308 399 45 165 42 22 23 0.2
BLE010 392237 7685308 399 45 165 42 23 24 0.29
BLE010 392237 7685308 399 45 165 42 24 25 0.49
BLE010 392237 7685308 399 45 165 42 25 26 0.28
BLE010 392237 7685308 399 45 165 42 26 27 1.56
BLE010 392237 7685308 399 45 165 42 27 28 0.88
BLE010 392237 7685308 399 45 165 42 28 29 1.76
BLE010 392237 7685308 399 45 165 42 29 30 0.83
BLE010 392237 7685308 399 45 165 42 30 31 0.66
BLE010 392237 7685308 399 45 165 42 31 32 1.09
BLE010 392237 7685308 399 45 165 42 32 33 0.96
BLE010 392237 7685308 399 45 165 42 33 34 0.58
BLE010 392237 7685308 399 45 165 42 34 35 1.62
BLE010 392237 7685308 399 45 165 42 35 36 1.07
BLE010 392237 7685308 399 45 165 42 36 37 0.55
BLE010 392237 7685308 399 45 165 42 37 38 0.66
BLE010 392237 7685308 399 45 165 42 38 39 0.71
BLE010 392237 7685308 399 45 165 42 39 40 0.64
BLE010 392237 7685308 399 45 165 42 40 41 0.9
BLE010 392237 7685308 399 45 165 42 41 42 0.55

Competent Person:

The contents of this Report relating to Exploration Results and Mineral Resources 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 2012 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 December 2016 Quarterly Report

Page 12 of 22

September

ASX Announcement Quarterly Report Period Ended 31 December 2016

Figure 1: Group Structure December 2016

(ASX: CFE)

Exploration Projects Investments in Listed Entities Marampa Iron Ore Project International Goldfields Limited (ASX: IGS) CFE - 100% 20.39% interest Sierra Leone Gold (Australia / Cote d'Ivoire / Brazil) Kukuna Iron Ore Project Fe Limited (ASX: FEL) CFE 44.69% interest Sierra Leone Iron Ore, Gold, Nickel (Yilgarn, Australia) Wee MacGregor Copper Project Cauldron Energy Limited (ASX: CXU) CFE - 100% 16.36% interest Australia Uranium (Australia / Argentina) European Lithium Limited (ASX: EUR) 15.26% interest Lithium (Austria)

Cape Lambert Resources Limited December 2016 Quarterly Report

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ASX Announcement Quarterly Report Period Ended 31 December 2016

September

Figure 2: Cape Lambert West African Iron Ore Interests

==> picture [454 x 430] intentionally omitted <==

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 14 of 22

==> picture [569 x 69] intentionally omitted <==

Figure 3: Wee MacGregor Project Location

==> picture [433 x 626] intentionally omitted <==

Cape Lambert Resources Limited December 2016 Quarterly Report Page

15 of 22

ASX Announcement Quarterly Report Period Ended 31 December 2016

Figure 4: Location plan of drillholes at Lady Ethleen

==> picture [433 x 336] intentionally omitted <==

Cape Lambert Resources Limited December 2016 Quarterly Report

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ASX Announcement Quarterly Report Period Ended 31 December 2016

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 the
quarter		 Disposed
interest
during the
quarter		 Interest
at the
end of
quarter
Marampa Project - EL 46A/2011 Lunsar - Sierra Leone - - 100%
Marampa Project - EL 46B/2011 Lunsar - Sierra Leone - 100% 0%
Marampa Project – ML 05/2014 Lunsar - Sierra Leone - - 100%
Rokel Project - EL 11/2011 Gbahama – Sierra Leone - 100% 0%
Rokel Project - EL 13/2011 Gbinti – Sierra Leone - 100% 0%
Rokel Project - EL 15/2011 Lankono – Sierra Leone - 100% 0%
Rokel Project - EL 16/2011 Makonkari – Sierra Leone - 100% 0%
Rokel Project - EL 17/2011 Karina – Sierra Leone - 100% 0%
Rokel Project - EL 18/2011 Kukuna North – Sierra Leone - 100% 0%
Rokel Project - EL 19/2011 Lankono North – Sierra Leone - 100% 0%
Rokel Project - EL 20/2011 Marampa East – Sierra Leone - 100% 0%
Rokel Project - EL 21/2011 Mawanka – Sierra Leone - 100% 0%
Rokel Project - EL 22/2011 Kambia East – Sierra Leone - 100% 0%
Rokel Project - EL 23/2011 Magbosi – Sierra Leone - 100% 0%
Rokel Project - EL 24/2011 Gbangbama – Sierra Leone - 100% 0%
Rokel Project - EL 25/2011 Gbinti West – Sierra Leone - 100% 0%
Kukuna Project - EL 22/2012 Kukuna – Sierra Leone - - 100%
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%
ML 90098 Wee MacGregor - Queensland - - 100%
ML 2504 Wee MacGregor - Queensland - - 100%
ML 2771 Wee MacGregor - Queensland - - 100%
ML 2773 Wee MacGregor - Queensland - - 100%
  • pending transfer to a subsidiary of Newcrest Mining Limited

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 2016 Quarterly Report

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ASX Announcement Quarterly Report Period Ended 31 December 2016

JORC Code, 2012 Edition – Table 1 Lady Ethleen

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (eg cut channels, random chips, or specific Rotary Air Blast (RAB) drilling was used to obtain samples on
techniques specialised industry standard measurement tools appropriate to the minerals 1m intervals.
under investigation, such as down hole gamma sondes, or handheld XRF Samples were taken at the end of each meter drilled with a
instruments, etc). These examples should not be taken as limiting the broad shovel directly from the cuttings pile around the collar of the
meaning of sampling. hole.
Include reference to measures taken to ensure sample representivity and the Approximately a three quarter filled 10 liter bucket of sample
appropriate calibration of any measurement tools or systems used. was taken and passed through a riffle splitter to reduce the
Aspects of the determination of mineralisation that are Material to the Public size.
Report. Final samples were collected in calico bags.
In cases where ‘industry standard’ work has been done this would be Remaining drill cuttings around the collar were then removed
relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m prior to the next meter being drilled.
samples from which 3 kg was pulverised to produce a 30 g charge for fire Samples were analysed in the field with a Niton handheld
assay’). In other cases more explanation may be required, such as where XRF gun.
there is coarse gold that has inherent sampling problems. Unusual
commodities or mineralisation types (eg submarine nodules) may warrant
disclosure of detailed information.		 Three readings were taken through the calico bags for each
sample and the average taken to be the accepted indicated
grade.
Drilling Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, Approximately 6 inch rotary air blast drilling was used.
techniques auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or other type, whether core is
_oriented and if so, by what method, etc). _
Drill sample Method of recording and assessing core and chip sample recoveries and Holes were drilled and sampled meter by meter with a pause
recovery results assessed. between each meter for sampling.
Measures taken to maximise sample recovery and ensure representative Holes were cleaned each meter and all excess cuttings were
nature of the samples. removed from around the collar after samples were taken for
Whether a relationship exists between sample recovery and grade and each meter.
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.

Cape Lambert Resources Limited December 2016 Quarterly Report

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ASX Announcement Quarterly Report Period Ended 31 December 2016

Criteria JORC Code explanation Commentary
Logging Whether core and chip samples have been geologically and geotechnically Chip samples were logged in a preliminary fashion, ie
logged to a level of detail to support appropriate Mineral Resource estimation, identifying visible copper mineralization, quartz content etc.
mining studies and metallurgical studies. Logging was qualitative and conducted on each meter.
Whether logging is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography.
The total length andpercentage of the relevant intersections logged.
Sub- If core, whether cut or sawn and whether quarter, half or all core taken. All samples were dry and passed through a riffle splitter for
sampling If non-core, whether riffled, tube sampled, rotary split, etc and whether volume reduction.
techniques sampled wet or dry.
and sample
preparation		 For all sample types, the nature, quality and appropriateness of the sample
preparation technique.
Quality control procedures adopted for all sub-sampling stages to maximise
representivity of samples.
Measures taken to ensure that the sampling is representative of the in situ
material collected, including for instance results for field duplicate/second-half
sampling.
Whether sample sizes are appropriate to the grain size of the material being
sampled.
Quality of The nature, quality and appropriateness of the assaying and laboratory Samples were not assayed in a lab.
assay data procedures used and whether the technique is considered partial or total. Indiciative grades were obtained with the use of a Niton
and For geophysical tools, spectrometers, handheld XRF instruments, etc, the handheld XRF gun.
laboratory
tests		 parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.		 Three readings were taken through the calico bags for each
sample and the average taken to be the accepted indicated
Nature of quality control procedures adopted (eg standards, blanks, grade.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) andprecision have been established.
Verification The verification of significant intersections by either independent or alternative
No verification work has been conducted.
of sampling company personnel.
and The use of twinned holes.
assaying Documentation of primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
Location of Accuracy and quality of surveys used to locate drill holes (collar and down- Drillholes were located with handheld GPS.
data points hole surveys), trenches, mine workings and other locations used in Mineral
Resource estimation.
Specification of thegrid system used.

Cape Lambert Resources Limited December 2016 Quarterly Report

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ASX Announcement
Quarterly Report
Period Ended 31 December 2016
Criteria
JORC Code explanation
Commentary
Quality and adequacy of topographic control.
Data
spacing and
distribution
Data spacing for reporting of Exploration Results.
Whether the data spacing and distribution is sufficient to establish the degree
of geological and grade continuity appropriate for the Mineral Resource and
Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied.
Drillholes were on an irregular grid and orientation designed
to intersect a curved and dipping mineralized body.
Holes were designed to verify historic data and provide some
infill information.
The data is not suitable for resource estimation above the
level of inferred.
No sample compositing was done.
Orientation
of data in
relation to
geological
structure
Whether the orientation of sampling achieves unbiased sampling of possible
structures and the extent to which this is known, considering the deposit type.
If the relationship between the drilling orientation and the orientation of key
mineralised structures is considered to have introduced a sampling bias, this
should be assessed and reported if material.
Drillholes were on an irregular grid and orientation designed
to intersect a curved and dipping mineralized body.
Sample
security
The measures taken to ensure sample security.
Sample chain of custody was maintained by the geologist
throughout delivery to their place of storage.
Audits or
reviews
The results of any audits or reviews of sampling techniques and data.
No audits or reviews have been done.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral Type, reference name/number, location and ownership including agreements Work was conducted on ML 2773 in Mount Isa district of
tenement or material issues with third parties such as joint ventures, partnerships, northwestern Queensland.
and land overriding royalties, native title interests, historical sites, wilderness or national The tenement is held by Mining International Pty Ltd and is
tenure status park and environmental settings. the subject of a farm in agreement with Firebird Minerals Pty
The security of the tenure held at the time of reporting along with any known Ltd.
impediments to obtaining a licence to operate in the area. The tenure is a mining licence, has and environmental
authority, and a native title and heritage agreement with the
Kalkadoon people.
Exploration Acknowledgment and appraisal of exploration by other parties. There has been some historic exploration some dating back
done by to early1900’s bya number of companies such as

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ASX Announcement
Quarterly Report
Period Ended 31 December 2016
Criteria
JORC Code explanation
Commentary
other parties
Carpentaria Exploration.
Geology
Deposit type, geological setting and style of mineralisation.
On eschelon shear hosted copper lode bounded by a massive
quartz hanging wall within a weathered amphibolite host.
Drill hole
Information
A summary of all information material to the understanding of the exploration
results including a tabulation of the following information for all Material drill
holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
If the exclusion of this information is justified on the basis that the information is
not Material and this exclusion does not detract from the understanding of the
report, the Competent Person should clearly explain why this is the case.
See attached table.
Data
aggregation
methods
In reporting Exploration Results, weighting averaging techniques, maximum
and/or minimum grade truncations (eg cutting of high grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high grade results and
longer lengths of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be
clearly stated.
The indicative assay results are the average of three readings
from different parts of the sample.
Relationship
between
mineralisatio
n widths and
intercept
lengths
These relationships are particularly important in the reporting of Exploration
Results.
If the geometry of the mineralisation with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should be
a clear statement to this effect (eg ‘down hole length, true width not known’).
Down hole length and true width un-certain.
Diagrams
Appropriate maps and sections (with scales) and tabulations of intercepts
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
See attached location plan.

Cape Lambert Resources Limited December 2016 Quarterly Report

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ASX Announcement
Quarterly Report
Period Ended 31 December 2016
Criteria
JORC Code explanation
Commentary
Balanced
reporting
Where comprehensive reporting of all Exploration Results is not practicable,
representative reporting of both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration Results.
All results have been reported
Other
substantive
exploration
data
Other exploration data, if meaningful and material, should be reported including
(but not limited to): geological observations; geophysical survey results;
geochemical survey results; bulk samples – size and method of treatment;
metallurgical test results; bulk density, groundwater, geotechnical and rock
characteristics; potential deleterious or contaminating substances.
N/A
Further work
The nature and scale of planned further work (eg tests for lateral extensions or
depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions, including the
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
Further infill drilling may be conducted if deemed necessary.

Section 3 Estimation and Reporting of Mineral Resources – NOT APPLICABLE

Section 4 Estimation and Reporting of Ore Reserves – NOT APPLICABLE

Section 5 Estimation and Reporting of Diamonds and Other Gemstones - NOT APPLICABLE

Cape Lambert Resources Limited December 2016 Quarterly Report

Page 22 of 22

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

Name of entity

Cape Lambert Resources Limited

ABN

Quarter ended (“current quarter”)

71 095 047 920

31 December 2016

Consolidated statement of cash flows Current quarter
$A’000		 Year to date
(6 months)
$A’000
1.
Cash flows from operating activities
1.1
Receipts from customers
1.2
Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs
(e) administration and corporate costs
1.3
Dividends received (see note 3)
1.4
Interest received
1.5
Interest and other costs of finance paid
1.6
Income taxes paid
1.7
Research and development refunds
1.8
Other (FEL: Recovery of reverse-takeover
transaction costs)
1.9
Net cash from / (used in) operating
activities		 -
(640)
-
-
(78)
(841)
-
11
-
-
-
100		 -
(1,285)
-
-
(161)
(1,834)
-
25
-
-
-
100
(1,448) (3,155)
2.
Cash flows from investing activities
2.1
Payments to acquire:
(a) property, plant and equipment
(b) tenements (see item 10)
(c) investments		 -
-
(38)		 -
-
(280)
  • See chapter 19 for defined terms. 01/09/2016

Appendix 5B Page 1

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

Consolidated statement of cash flows Current quarter
$A’000		 Year to date
(6 months)
$A’000
(d) other non-current assets
2.2
Proceeds from the disposal of:
(a) property, plant and equipment
(b) tenements (see item 10)
(c) investments
(d) other non-current assets
2.3
Cash flows from loans to other entities
2.4
Dividends received (see note 3)
2.5
Other (provide details if material)
2.6
Net cash from / (used in) investing
activities		 -
8
-
99
-
-
-
-		 -
41
-
335
-
-
-
-
69 96
3.
Cash flows from financing activities
3.1
Proceeds from issues of shares
3.2
Proceeds from issue of convertible notes
3.3
Proceeds from exercise of share options
3.4
Transaction costs related to issues of
shares, convertible notes or options
3.5
Proceeds from borrowings
3.6
Repayment of borrowings
3.7
Transaction costs related to loans and
borrowings
3.8
Dividends paid
3.9
Other (provide details if material)
3.10
Net cash from / (used in) financing
activities		 700
-
-
(38)
-
-
-
-
(66)		 700
-
-
(38)
-
-
-
-
(66)
596 596
4.
Net increase / (decrease) in cash and
cash equivalents for the period		 (783) (2,463)
4.1
Cash and cash equivalents at beginning of
period
4.2
Net cash from / (used in) operating
activities (item 1.9 above)		 3,936
(1,448)		 5,615
(3,155)
  • See chapter 19 for defined terms. Appendix 5B Page 2

01/09/2016

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows Current quarter
$A’000		 Year to date
(6 months)
$A’000
4.3
Net cash from / (used in) investing
activities (item 2.6 above)
4.4
Net cash from / (used in) financing
activities (item 3.10 above)
4.5
Effect of movement in exchange rates on
cash held
4.6
Cash and cash equivalents at end of
period		 69
596
(34)		 96
596
(33)
3,119 3,119
5.
Reconciliation of cash and cash
equivalents
at the end of the quarter (as shown in the
consolidated statement of cash flows) to
the related items in the accounts		 Current quarter
$A’000		 Previous quarter
$A’000
5.1
Bank balances
5.2
Call deposits
5.3
Bank overdrafts
5.4
Other (provide details)
5.5
Cash and cash equivalents at end of
quarter (should equal item 4.6 above)		 3,119
-
-
-		 3,936
-
-
-
3,119 3,936

Includes the consolidation of FE Limited (per the audited accounts) which has a current quarter closing cash balance of A$667k.

6. Payments to directors of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to these parties included in 213
item 1.2
6.2 Aggregate amount of cash flow from loans to these parties -
included in item 2.3
6.3 Include below any explanation necessary to understand the transactions included in
items 6.1 and 6.2

Director payments are inclusive of GST and exclude the reimbursement of expenses

Excluding payments to Directors of FE Limited

  • See chapter 19 for defined terms. 01/09/2016

Appendix 5B Page 3

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

7. Payments to related entities of the entity and their Current quarter
associates $A'000
7.1 Aggregate amount of payments to these parties included in 165
item 1.2
7.2 Aggregate amount of cash flow from loans to these parties -
included in item 2.3
7.3 Include below any explanation necessary to understand the transactions included in
items 7.1 and 7.2

Payments included in item 7.1 are inclusive of GST and relates to payments to director-related parties for office occupancy and corporate hospitality costs.

Excluding payments to related entities of FE Limited

8.
Financing facilities available
Add notes as necessary for an understanding of the
position
Total facility amount
at quarter end
$A’000
Amount drawn at
quarter end
$A’000
8.1
Loan facilities
-
-
8.2
Credit standby arrangements
-
-
8.3
Other (please specify)
-
-
8.4
Include below a description of each facility above, including the lender, interest rate and
whether it is secured or unsecured. If any additional facilities have been entered into or
are proposed to be entered into after quarter end, include details of those facilities as well.		 Total facility amount
at quarter end
$A’000		 Amount drawn at
quarter end
$A’000
- -
- -
- -

Not applicable

9.
Estimated cash outflows for next quarter		 $A’000
9.1
Exploration and evaluation
9.2
Development
9.3
Production
9.4
Staff costs
9.5
Administration and corporate costs
9.6
Other (provide details if material)
9.7
Total estimated cash outflows		 519
-
-
100
763
-
1,382

Excluding the estimated cash outflows of FE Limited

  • See chapter 19 for defined terms. Appendix 5B Page 4

01/09/2016

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

10.
Changes in
tenements
(items 2.1(b) and
2.2(b) above)		 Tenement reference and
location		 Nature of
interest		 Interest at
beginning
of quarter		 Interest
at end of
quarter
10.1
Interests in
mining
tenements and
petroleum
tenements
lapsed,
relinquished or
reduced		 Marampa - EL 46B/2011
Rokel – EL 11/2011
Rokel – EL 13/2011
Rokel – EL 15/2011
Rokel – EL 16/2011
Rokel – EL 17/2011
Rokel – EL 18/2011
Rokel – EL 19/2011
Rokel – EL 20/2011
Rokel – EL 21/2011
Rokel – EL 22/2011
Rokel – EL 23/2011
Rokel – EL 24/2011
Rokel – EL 25/2011		 Surrendered
Surrendered
Surrendered
Surrendered
Surrendered
Surrendered
Surrendered
Surrendered
Surrendered
Surrendered
Surrendered
Surrendered
Surrendered
Surrendered		 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%		 0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
10.2
Interests in
mining
tenements and
petroleum
tenements
acquired or
increased		 - - - -

Compliance statement

  • 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

  • 2 This statement gives a true and fair view of the matters disclosed.

Sign here:

............................................................ Company Secretary

Date: 31 January 2017

Print name: Melissa Chapman

  • See chapter 19 for defined terms. 01/09/2016

Appendix 5B Page 5

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

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 that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

  2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, 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. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

  3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

  4. See chapter 19 for defined terms. Appendix 5B Page 6

01/09/2016

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