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RAREX LIMITED — Interim / Quarterly Report 2019
Oct 30, 2018
65681_rns_2018-10-30_7b4ea76c-7745-4a7b-852c-c1f56c5d3eb2.pdf
Interim / Quarterly Report
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ASX / MEDIA ANNOUNCEMENT
31 October 2018
QUARTERLY ACTIVITIES AND CASHFLOW REPORTS FOR QUARTER ENDED 30 SEPTEMBER 2018
HIGHLIGHTS
-
Clancy completes Stage 1 of the Moroccan licence acquisition by acquiring an initial 20% interest in Atlas Managem S.A.R.L, which holds three Moroccan licences adjacent to the famous Bou Azzer Cobalt Mine.
-
Clancy, at its sole discretion, can acquire further interests of up to 100% of Atlas Managem.
-
The Bou Azzer Cobalt Mine is famous for being a primary cobalt producer and highquality cobalt cathode and has been in operation since the 1930’s.
-
Clancy aims to commence diamond drilling on the Moroccan licences in November 2018.
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Clancy to acquire 100% of additional new cobalt licence, recently granted by Moroccan authorities, located next to the world famous Bou Azzer Cobalt mine in Morocco to increase land package the subject of General Meeting to be held August 2018.
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$750,000 raised (before costs) to progress Clancy’s Moroccan activities.
COBALT PROJECT, MOROCCO
Clancy Exploration Limited (ASX: CLY) ( Clancy or the Company ) announced on 25 October 2018 that further to the announcement of 10 April 2018 and the shareholder meeting of 3 August 2018, it has completed stage 1 of its acquisition of Atlas Managem S.A.R.L ( Atlas Managem ) by acquiring 20% of the fully paid issued capital in Atlas Managem ( 20% Interest ). All details of the acquisition have been previously disclosed, and no new terms have been incorporated.
In consideration for the 20% Interest, Clancy has issued 130,000,000 fully paid ordinary shares ( Stage 1 Shares ) and paid US$175,000 to the vendors of Atlas Managem. The Stage 1 Shares were issued subject to the shareholder approval received on 3 August 2018.
In order to register the acquisition of the 20% Interest, Clancy has filed documents with the Moroccan tax office. Clancy understands that the registration of such an interest generally takes around 2 weeks and does not anticipate any issues with the registration process.
Clancy can acquire up to a 100% indirect interest in the 3 licences in Morocco through a staged acquisition of Atlas Managem ( Acquisition ). The Company is also pleased to confirm the transition of Mr David Lenigas in to the Executive Chairman role as previously announced. For full details of the Acquisition (including Mr Lenigas’s new appointment terms) see the Company’s ASX announcement dated 10 April 2018.
Each of the licences (highlighted in “red” in Figure 1) is 16 km[2] in size, 2 of which (the Bou Amzil and
Clancy Exploration Limited www.clancyexploration.com
Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
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Tizi Belhaj licences) are located immediately to the west and adjacent to the famous Bou Azzer Cobalt Mine. The third licence (the Imdere licence) is located approximately 20 km northwest of Bou Azzer.
In addition, the Company advises that it anticipates closing the transaction to acquire 100% of the licence area highlighted in “blue” in Figure 1 soon, as per the Company’s ASX announcement dated 23 July 2018.
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Figure 1: Location of the 3 Moroccan licences the subject of the Acquisition (red outline) and the additional newly granted licence (blue shading).
The adjacent Bou Azzer Cobalt Mine has Co-Ni Arsenide deposits with Au & Ag and is currently one of the world’s only operating primary cobalt mines with:
- More than 50 deposits in the district, mined over 75 years with production of over 100kt of cobalt, 1,000’s of tonnes of silver and tens of tonnes of gold;
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
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- Current production of ~2ktpa of cobalt at an estimated head grade of 1.3% cobalt and up to ~3-4 g/t gold, total current resources and reserves of 17,800 tonnes of cobalt.[1]
Information on the Bou Azzer Cobalt Mine is available on Managem’s website at www.managemgroup.com.
The Company will now accelerate its activities on site during the coming quarter as the Company plans its maiden drill program.
HONG KONG GOLD PROJECT, PILBARA REGION, WESTERN AUSTRALIA
Subsequent to the end of the quarter, Clancy announced it had entered into a binding Letter of Intent ( LOI ) with Canadian listed Pacton Gold Inc ( Pacton ) which, on closing and subject to certain conditions, will provide for Pacton to acquire a 70% equity interest in Clancy’s Hong Kong Project in the Pilbara (Exploration Licence E47/3566 covering 40.15 km[2] ).
Under the transaction, Pacton will pay a total consideration of CAD$1.7 million (AUD$1.85m[2] ) comprising:
-
CAD$25,000 non-refundable deposit.
-
CAD$175,000 at completion.
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Clancy receiving CAD$1,500,000 worth of Pacton shares based on a 10 day VWAP on as of 11 October 2018.
Upon completion of the acquisition, Pacton and Clancy will enter into a joint venture, with Pacton acting as operator of the Hong Kong Project. A minimum of CAD$500,000 must be spent by Pacton on Hong Kong within two years of completion of the transaction. Clancy will be free carried with respect to joint venture expenditure until a decision to mine is made unanimously by both parties.
This transaction is subject to Pacton obtaining final acceptance of the transaction from the TSX Venture Exchange, any approvals required by law being obtained and the Exploration Licence being in good standing.
The transaction is also conditional on the parties entering into a formal sale and joint venture agreement within 45 days of the date of the LOI, failing which either party may terminate the LOI.
CORPORATE ACTIVITIES
The Company announced on 14 August 2018 that it had received firm commitments to raise $750,000 (before costs) via a placement ( Placement ) of 250,000,000 ordinary shares at an issue price of $0.003 each ( Placement Shares ).
The Placement was made to both new and existing domestic and international institutional and sophisticated investors, and the Company is pleased to welcome new investors to its register.
1 ASX news release by Blackstone Minerals dated 27 March 2018 – Investor Presentation – Goldman Sachs Battery Day
2 Total consideration valued on exchange rate of 1.09
Clancy Exploration Limited www.clancyexploration.com
Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
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The subscribers to the Placement received 1 free attaching option for every 2 Placement Shares subscribed ( Attaching Options ). The Attaching Options are in the same class as the Company’s existing quoted options exercisable at $0.004 each on or before 9 May 2019.
Forward-looking Statements and Disclaimer
Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Clancy, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to Clancy's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
COMPETENT PERSONS’ STATEMENTS
The information in this document that relates to Exploration Results and Exploration Targets in respect of the Cobalt Licenses in Morocco was reported by the Company in announcements released to ASX on 10 April 2018, 20 April 2018 and 25 June 2018. The Company confirms that it is not aware of any new information or data that materially affects these Exploration Results and Exploration Targets.
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
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Appendix 1: Clancy Exploration Limited Interests in Mining Tenements
The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 30 September 2018.
| Austrian Tenement Schedule – Leogang - Clancy First Priority | Austrian Tenement Schedule – Leogang - Clancy First Priority | Austrian Tenement Schedule – Leogang - Clancy First Priority | Austrian Tenement Schedule – Leogang - Clancy First Priority | ||
|---|---|---|---|---|---|
| Designation | Reference | Coordinates in Metres | Cadastral Municipalities | ||
| Meridian | Y | X | Centre in the Cadastral Municipality |
Other Cadastral Municipality Concerned |
|
| 51/17/S(CLY-LEOG-003) | M 31 | -48.300,37 | 5.255.801,08 | Schwarzleo | |
| 56/17/S(CLY-LEOG-008) | M 31 | -47.598,54 | 5.255.801,08 | Schwarzleo | Sonnberg,Pirzbichl |
| 57/17/S(CLY-LEOG-009) | M 31 | -48.999,02 | 5.255.797,89 | Schwarzleo | Grießen |
| 58/17/S(CLY-LEOG-010) | M 31 | -49.698,06 | 5.255.794,71 | Schwarzleo | Grießen |
| 64/17/S(CLY-LEOG-016) | M 31 | -50.400,13 | 5.255.799,19 | Schwarzleo | Grießen |
| 68/17/S(CLY-LEOG-020) | M 31 | -51.093,42 | 5.255.793,06 | Grießen | |
| 71/17/S(CLY-LEOG-023) | M 31 | -51.798,97 | 5.255.793,05 | Grießen | |
| 74/17/S(CLY-LEOG-026) | M 31 | -52.498,40 | 5.255.799,19 | Grießen | Hoch filzen |
| 78/17/S(CLY-LEOG-030) | M 31 | -52.492,26 | 5.254.596,68 | Schwarzleo | |
| 79/17/S(CLY-LEOG-031) | M 31 | -52.492,26 | 5.253.394,16 | Schwarzleo | Saalbach |
| 80/17/S(CLY-LEOG-032) | M 31 | -52.841,97 | 5.254.001,55 | Schwarzleo | Saalbach |
| 81/17/S (CLY-LEOG-033) | M 31 | -52.848,10 | 5.255.197,93 | Schwarzleo | Grießen, Hoch filzen, Fieberbrunn |
| 82/17/S(CLY-LEOG-034) | M 31 | -53.203,95 | 5.253.400,29 | Schwarzleo | Saalbach |
| 83/17/S(CLY-LEOG-035) | M 31 | -53.191,68 | 5.254.596,68 | Schwarzleo | Fieberbrunn |
| 84/17/S(CLY-LEOG-036) | M 31 | -53.547,53 | 5.254.001,56 | Schwarzleo | Fieberbrunn,Saalbach |
| 85/17/S(CLY-LEOG-037) | M 31 | -53.541,39 | 5.255.191,80 | Fieberbrunn | |
| 86/17/S(CLY-LEOG-038) | M 31 | -53.205,07 | 5.255.798,61 | Fieberbrunn | Hoch filzen |
| 87/17/S(CLY-LEOG-039) | M 31 | -53.900,65 | 5.254.602,23 | Fieberbrunn | |
| 88/17/S(CLY-LEOG-040) | M 31 | -54.253,07 | 5.255.195,78 | Fieberbrunn | |
| 89/17/S(CLY-LEOG-041) | M 31 | -53.890,53 | 5.255.792,75 | Fieberbrunn | |
| 90/17/S(CLY-LEOG-042) | M 31 | -53.897,23 | 5.253.400,97 | Fieberbrunn | Saalbach |
| 91/17/S(CLY-LEOG-043) | M 31 | -54.252,31 | 5.253.997,24 | Fieberbrunn | |
| 92/17/S(CLY-LEOG-044) | M 31 | -54.593,99 | 5.254.600,21 | Fieberbrunn | |
| 93/17/S(CLY-LEOG-045) | M 31 | -54.593,99 | 5.255.799,44 | Fieberbrunn | |
| 94/17/S(CLY-LEOG-046) | M 31 | -54.942,37 | 5.253.990,54 | Fieberbrunn | |
| 95/17/S(CLY-LEOG-047) | M 31 | -54.600,69 | 5.253.400,97 | Fieberbrunn | Saalbach |
| 96/17/S(CLY-LEOG-048) | M 31 | -54.949,08 | 5.255.203,18 | Fieberbrunn | |
| 98/17/S(CLY-LEOG-050) | M 31 | -55.290,76 | 5.255.799,44 | Fieberbrunn | |
| 99/17/S(CLY-LEOG-051) | M 31 | -55.297,46 | 5.253.400,97 | Fieberbrunn | Saalbach |
| 101/17/S(CLY-LEOG-053) | M 31 | -55.652,54 | 5.255.196,48 | Fieberbrunn | |
| 103/17/S(CLY-LEOG-055) | M 31 | -56.000,92 | 5.253.400,97 | Fieberbrunn | |
| 104/17/S(CLY-LEOG-056) | M 31 | -56.000,92 | 5.255.799,45 | Fieberbrunn | |
| 105/17/S(CLY-LEOG-057) | M 31 | -56.349,30 | 5.255.203,18 | Fieberbrunn | |
| 106/17/S(CLY-LEOG-058) | M 31 | -55.659,24 | 5.256.402,41 | Fieberbrunn | |
| 107/17/S(CLY-LEOG-059) | M 31 | -54.949,07 | 5.256.395,71 | Fieberbrunn | |
| 108/17/S(CLY-LEOG-060) | M 31 | -56.342,60 | 5.256.395,71 | Fieberbrunn | |
| 109/17/S(CLY-LEOG-061) | M 31 | -56.690,98 | 5.255.792,75 | Fieberbrunn | |
| 110/17/S(CLY-LEOG-062) | M 31 | -56.697,68 | 5.254.600,21 | Fieberbrunn | |
| 111/17/S(CLY-LEOG-063) | M 31 | -57.052,77 | 5.256.395,72 | Fieberbrunn | |
| 112/17/S(CLY-LEOG-064) | M 31 | -57.052,76 | 5.255.209,88 | Fieberbrunn | |
| 114/17/S(CLY-LEOG-066) | M 31 | -57.401,15 | 5.255.799,44 | Fieberbrunn | |
| 115/17/S(CLY-LEOG-067) | M 31 | -57.401,15 | 5.254.606,91 | Fieberbrunn | |
| 116/17/S(CLY-LEOG-068) | M 31 | -56.697,68 | 5.256.998,68 | Fieberbrunn | |
| 117/17/S(CLY-LEOG-069) | M 31 | -57.749,53 | 5.256.395,71 | Fieberbrunn | |
| 118/17/S(CLY-LEOG-070) | M 31 | -57.749,53 | 5.255.203,18 | Fieberbrunn |
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
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| 119/17/S(CLY-LEOG-071) | M 31 | -57.052,76 | 5.253.997,24 | Fieberbrunn | |
|---|---|---|---|---|---|
| 120/17/S(CLY-LEOG-072) | M 31 | -57.401,14 | 5.256.998,68 | Fieberbrunn | |
| 121/17/S(CLY-LEOG-073) | M 31 | -58.097,91 | 5.256.998,68 | Fieberbrunn | |
| 122/17/S(CLY-LEOG-074) | M 31 | -58.459,69 | 5.256.395,71 | Fieberbrunn | |
| 123/17/S(CLY-LEOG-075) | M 31 | -58.091,21 | 5.255.799,44 | Fieberbrunn | |
| 124/17/S(CLY-LEOG-076) | M 31 | -58.452,99 | 5.255.196,47 | Fieberbrunn | |
| 125/17/S(CLY-LEOG-077) | M 31 | -58.801,37 | 5.255.799,45 | Fieberbrunn | |
| 126/17/S(CLY-LEOG-078) | M 31 | -58.097,91 | 5.254.600,20 | Fieberbrunn | |
| 127/17/S(CLY-LEOG-079) | M 31 | -59.143,06 | 5.255.203,17 | Fieberbrunn | |
| 128/17/S(CLY-LEOG-080) | M 31 | -56.697,68 | 5.253.400,97 | Fieberbrunn | |
| 129/17/S(CLY-LEOG-081) | M 31 | -57.394,45 | 5.253.400,97 | Fieberbrunn | |
| 130/17/S(CLY-LEOG-082) | M 31 | -57.749,52 | 5.253.997,24 | Fieberbrunn | |
| 131/17/S(CLY-LEOG-083) | M 31 | -58.091,21 | 5.253.400,97 | Fieberbrunn | |
| 132/17/S(CLY-LEOG-084) | M 31 | -58.446,29 | 5.253.997,24 | Fieberbrunn | |
| 133/17/S(CLY-LEOG-085) | M 31 | -58.801,37 | 5.254.593,51 | Fieberbrunn | |
| 134/17/S(CLY-LEOG-086) | M 31 | -59.149,75 | 5.253.997,24 | Fieberbrunn | |
| 135/17/S(CLY-LEOG-087) | M 31 | -59.498,13 | 5.254.600,21 | Fieberbrunn | |
| 136/17/S(CLY-LEOG-088) | M 31 | -58.801,37 | 5.253.400,97 | Fieberbrunn | |
| 137/17/S(CLY-LEOG-089) | M 31 | -59.498,13 | 5.253.400,97 | Fieberbrunn | Aurach |
| 138/17/S(CLY-LEOG-090) | M 31 | -59.853,22 | 5.253.997,24 | Fieberbrunn | Aurach |
| 139/17/S(CLY-LEOG-091) | M 31 | -59.853,22 | 5.255.203,17 | Fieberbrunn | |
| 140/17/S(CLY-LEOG-092) | M 31 | -59.498,14 | 5.255.799,44 | Fieberbrunn | |
| 141/17/S(CLY-LEOG-093) | M 31 | -55.653,82 | 5.252.803,35 | Fieberbrunn | Saalbach |
| 142/17/S(CLY-LEOG-094) | M 31 | -56.338,36 | 5.252.803,34 | Fieberbrunn | |
| 143/17/S(CLY-LEOG-095) | M 31 | -52.843,60 | 5.256.382,17 | Hochfilzen | Grießen |
| 144/17/S(CLY-LEOG-096) | M 31 | -52.145,01 | 5.256.394,15 | Hochfilzen | Grießen |
| 145/17/S(CLY-LEOG-097) | M 31 | -54.947,60 | 5.252.798,07 | Fieberbrunn | Saalbach |
| 146/17/S(CLY-LEOG-098) | M 31 | -56.000,44 | 5.257.001,49 | Fieberbrunn | |
| 147/17/S(CLY-LEOG-099) | M 31 | -58.450,18 | 5.257.599,58 | Fieberbrunn | |
| 148/17/S(CLY-LEOG-1OO) | M 31 | -57.749,83 | 5.257.599,58 | Fieberbrunn |
| Austrian Tenement Schedule – Kitzbuhel - Clancy First Priority | Austrian Tenement Schedule – Kitzbuhel - Clancy First Priority | Austrian Tenement Schedule – Kitzbuhel - Clancy First Priority | Austrian Tenement Schedule – Kitzbuhel - Clancy First Priority | ||
|---|---|---|---|---|---|
| Designation | Reference | Coordinates in Metres | Cadastral Municipalities | ||
| Meridian | Y | X | Centre in the Cadastral Municipality |
Other Cadastral Municipality Concerned |
|
| 38/17/T(CLY- KITZ-001) | M 31 | -58.798,58 | 5.257.006,95 | Fieberbrunn | |
| 39/17/T(CLY- KITZ -002) | M 31 | -59.153,61 | 5.256.407,82 | Fieberbrunn | |
| 40/17/T(CLY- KITZ -003) | M 31 | -59.153,61 | 5.257.598,68 | Fieberbrunn | |
| 41/17/T(CLY- KITZ -004) | M 31 | -59.501,26 | 5.256.999,55 | Fieberbrunn | |
| 42/17/T(CLY- KITZ-005) | M 31 | -59.501,26 | 5.258.197,80 | Fieberbrunn | |
| 43/17/T(CLY- KITZ-006) | M 31 | -59.856,29 | 5.257.598,68 | Fieberbrunn | |
| 44/17/T(CLY- KITZ -007) | M 31 | -59.856,29 | 5.258.811,73 | Fieberbrunn | |
| 45/17/T(CLY- KITZ -008) | M 31 | -59.161,01 | 5.258.804,33 | Fieberbrunn | |
| 46/17/T(CLY- KITZ -009) | M 31 | -60.203,94 | 5.258.197,80 | Fieberbrunn | |
| 47/17/T(CLY- KITZ-010) | M 31 | -60.211,33 | 5.256.999,55 | Fieberbrunn | |
| 48/17/T(CLY- KITZ -011) | M 31 | -59.863,69 | 5.256.407,82 | Fieberbrunn | |
| 49/17/T(CLY- KITZ-012) | M 31 | -60.551,58 | 5.257.598,68 | Fieberbrunn | |
| 50/17/T(CLY- KITZ-013) | M 31 | -60.551,58 | 5.258.804,32 | Fieberbrunn | |
| 51/17/T(CLY- KITZ-014) | M 31 | -60.203,94 | 5.259.403,46 | Fieberbrunn | |
| 52/17/T(CLY- KITZ -015) | M 31 | -59.501,26 | 5.259.403,46 | Fieberbrunn | |
| 53/17/T(CLY- KITZ -016) | M 31 | -60.914,02 | 5.258.197,81 | Fieberbrunn | |
| 54/17/T(CLY- KITZ -017) | M 31 | -61.254,26 | 5.258.804,32 | Fieberbrunn | |
| 55/17/T(CLY- KITZ -018) | M 31 | -60.914,02 | 5.259.403,45 | Fieberbrunn | |
| 56/17/T(CLY- KITZ-019) | M 31 | -60.194,72 | 5.255.800,21 | Fieberbrunn | |
| 57/17/T(CLY- KITZ-020) | M 31 | -60.553,37 | 5.255.200,49 | Fieberbrunn | |
| 58/17/T(CLY- KITZ-021) | M 31 | -60.553,38 | 5.256.399,93 | Fieberbrunn |
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
==> picture [279 x 66] intentionally omitted <==
| 59/17/T(CLY- KITZ-022) | M 31 | -60.894,40 | 5.255.800,22 | Fieberbrunn | |
|---|---|---|---|---|---|
| 60/17/T(CLY- KZTZ-023) | M 31 | -60.194,72 | 5.254.600,76 | Fieberbrunn | Aurach |
| 61/17/T(CLY- KITZ-024) | M 31 | -60.900,28 | 5.254.600,77 | Fieberbrunn | Aurach |
| 62/17/T(CLY-KITZ-025) | M 31 | -61.247,17 | 5.255.200,49 | Fieberbrunn | Aurach |
| 63/17/T(CLY-KITZ-026) | M 31 | -60.553,38 | 5.254.001,04 | Fieberbrunn | Aurach |
| 64/17/T(CLY-KITZ-027) | M 31 | -61.599,95 | 5.254.594,89 | Fieberbrunn | Aurach |
| 65/17/T(CLY-KITZ-028) | M 31 | -61.594,07 | 5.255.800,21 | Fieberbrunn | |
| 66/17/T(CLY-KITZ-029) | M 31 | -61.247,17 | 5.256.394,06 | Fieberbrunn | |
| 67/17/T(CLY-KITZ-030) | M 31 | -61.952,73 | 5.256.399,93 | Fieberbrunn | |
| 68/17/T(CLY-KITZ-031) | M 31 | -61.946,85 | 5.255.200,49 | Fieberbrunn | Aurach |
| 69/17/T(CLY-KITZ-032) | M 31 | -62.299,63 | 5.255.800,21 | Fieberbrunn | Aurach |
| 70/17/T(CLY-KITZ-033) | M 31 | -62.299,62 | 5.254.600,76 | Aurach | |
| 71/17/T(CLY-KITZ-034) | M 31 | -61.594,07 | 5.258.199,11 | Fieberbrunn | |
| 72/17/T(CLY-KITZ-035) | M 31 | -61.594,07 | 5.259.392,67 | Fieberbrunn | |
| 73/17/T(CLY-KITZ-036) | M 31 | -61.946,85 | 5.258.798,83 | Fieberbrunn | |
| 74/17/T(CLY-KITZ-037) | M 31 | -61.247,17 | 5.257.593,50 | Fieberbrunn | |
| 75/17/T(CLY-KITZ-038) | M 31 | -60.900,27 | 5.256.999,66 | Fieberbrunn | |
| 76/17/T(CLY-KITZ-039) | M 31 | -61.599,95 | 5.256.999,66 | Fieberbrunn | |
| 77/17/T(CLY-KITZ-040) | M 31 | -61.952,73 | 5.257.593,50 | Fieberbrunn | |
| 78/17/T(CLY-KITZ-041) | M 31 | -62.299,62 | 5.256.999,66 | Kitzbühel Land | Fieberbrunn |
| 79/17/T(CLY-KITZ-042) | M 31 | -62.652,41 | 5.257.599,38 | Kitzbühel Land | Fieberbrunn |
| 80/17/T(CLY-KITZ-043) | M 31 | -62.293,75 | 5.258.199,10 | Fieberbrunn | |
| 81/17/T(CLY-KITZ-044) | M 31 | -62.652,41 | 5.258.792,95 | Fieberbrunn | |
| 82/17/T(CLY-KITZ-045) | M 31 | -62.299,63 | 5.259.398,55 | Fieberbrunn | |
| 83/17/T(CLY-KITZ-046) | M 31 | -62.993,42 | 5.258.199,10 | Kitzbühel Land | Fieberbrunn |
| 84/17/T(CLY-KITZ-047) | M 31 | -62.999,30 | 5.256.999,66 | Kitzbühel Land | |
| 85/17/T(CLY-KITZ-048) | M 31 | -63.352,08 | 5.257.599,38 | Kitzbühel Land | Fieberbrunn |
| 86/17/T(CLY-KITZ-049) | M 31 | -63.352,08 | 5.258.798,82 | Kitzbühel Land | Fieberbrunn |
| 87/17/T(CLY-KITZ-050) | M 31 | -63.005,18 | 5.259.398,55 | Fieberbrunn | |
| 88/17/T(CLY-KITZ-051) | M 31 | -62.650,00 | 5.256.400,26 | Kitzbühel Land | Fieberbrunn,Aurach |
| 89/17/T(CLY-KITZ-052) | M 31 | -62.649,99 | 5.255.202,51 | Aurach | |
| 90/17/T(CLY-KITZ-053) | M 31 | -63.008,02 | 5.254.597,13 | Aurach | |
| 91/17/T(CLY-KITZ-054) | M 31 | -63.001,50 | 5.255.801,38 | Kitzbühel Land | Aurach |
| 92/17/T(CLY-KITZ-055) | M 31 | -63.340,00 | 5.255.196,00 | Aurach | |
| 93/17/T(CLY-KITZ-056) | M 31 | -63.691,52 | 5.254.597,13 | Aurach | |
| 94/17/T(CLY-KITZ-057) | M 31 | -64.049,54 | 5.255.202,51 | Kitzbühel Land | Aurach |
| 95/17/T(CLY-KITZ-058) | M 31 | -64.401,05 | 5.254.597,13 | Aurach | |
| 96/17/T(CLY-KITZ-059) | M 31 | -64.746,05 | 5.255.202,51 | Kitzbühel Land | Aurach |
| 97/17/T(CLY-KITZ-060) | M 31 | -63.691,52 | 5.255.801,38 | Kitzbühel Land | Aurach |
| 98/17/T(CLY-KITZ-061) | M 31 | -63.340,00 | 5.256.393,75 | Kitzbühel Land | Aurach |
| 99/17/T(CLY-KITZ-062) | M 31 | -64.043,03 | 5.256.400,26 | Kitzbühel Land | |
| 100/17/T(CLY-KITZ-063) | M 31 | -64.401,05 | 5.255.801,38 | Kitzbühel Land | |
| 101/17/T(CLY-KITZ-064) | M 31 | -65.097,57 | 5.255.801,38 | Kitzbühel Land | Aurach |
| 102/17/T(CLY-KITZ-065) | M 31 | -65.097,56 | 5.254.597,13 | Aurach | |
| 103/17/T(CLY-KITZ-066) | M 31 | -65.442,57 | 5.255.196,00 | Kitzbühel Land | Aurach |
| 104/17/T(CLY-KITZ-067) | M 31 | -64.739,54 | 5.256.393,75 | Kitzbühel Land | |
| 105/17/T(CLY-KITZ-068) | M 31 | -65.442,57 | 5.256.400,25 | Kitzbühel Land | Aurach |
| 106/17/T(CLY-KITZ-069) | M 31 | -65.800,59 | 5.255.801,38 | Kitzbühel Land | Aurach |
| 107/17/T(CLY-KITZ-070) | M 31 | -66.145,60 | 5.256.400,26 | Kitzbühel Land | |
| 108/17/T(CLY-KITZ-071) | M 31 | -63.702,89 | 5.256.997,52 | Kitzbühel Land | |
| 109/17/T(CLY-KITZ-072) | M 31 | -64.402,07 | 5.257.002,51 | Kitzbühel Land | |
| 110/17/T(CLY-KITZ-073) | M 31 | -65.106,24 | 5.256.997,51 | Kitzbühel Land | |
| 111/17/T(CLY-KITZ-074) | M 31 | -64.052,48 | 5.257.596,81 | Kitzbühel Land | |
| 112/17/T(CLY-KITZ-075) | M 31 | -64.751,66 | 5.257.596,80 | Kitzbühel Land | |
| 113/17/T(CLY-KITZ-076) | M 31 | -63.702,89 | 5.258.206,09 | Kitzbühel Land | |
| 114/17/T(CLY-KITZ-077) | M 31 | -64.402,06 | 5.258.201,09 | Kitzbühel Land | |
| 115/17/T(CLY-KITZ-078) | M 31 | -65.450,83 | 5.257.596,81 | Kitzbühel Land |
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
==> picture [279 x 66] intentionally omitted <==
| 116/17/T(CLY-KITZ-079) | M 31 | -65.101,24 | 5.258.201,10 | Kitzbühel Land | |
|---|---|---|---|---|---|
| 117/17/T(CLY-KITZ-080) | M 31 | -64.052,48 | 5.258.805,38 | Kitzbühel Land | |
| 118/17/T(CLY-KITZ-081) | M 31 | -64.756,65 | 5.258.800,39 | Kitzbühel Land | |
| 119/17/T(CLY-KITZ-082) | M 31 | -65.450,83 | 5.258.800,39 | St. Johann in Tirol | Kitzbühel Land |
| 121/17/T(CLY-KITZ-084) | M 31 | -63.698,46 | 5.259.399,70 | Kitzbühel Land | Fieberbrunn |
| 122/17/T(CLY-KITZ-085) | M 31 | -64.401,43 | 5.259.399,70 | St. Johann in Tirol | Kitzbühel Land |
| 123/17/T(CLY-KITZ-086) | M 31 | -65.100,16 | 5.259.399,70 | St. Johann in Tirol | Kitzbühel Land |
| 124/17/T(CLY-KITZ-087) | M 31 | -64.049,95 | 5.260.001,03 | St. Johann in Tirol | Kitzbühel Land,Fieberbrunn |
| 125/17/T(CLY-KITZ-088) | M 31 | -64.748,68 | 5.260.001,03 | St. Johann in Tirol | |
| 126/17/T(CLY-KITZ-089) | M 31 | -65.455,89 | 5.260.001,03 | St. Johann in Tirol | |
| 127/17/T(CLY-KITZ-090) | M 31 | -64.401,43 | 5.260.606,61 | St. Johann in Tirol | |
| 128/17/T(CLY-KITZ-091) | M 31 | -65.104,40 | 5.260.602,37 | St. Johann in Tirol | |
| 129/17/T(CLY-KITZ-092) | M 31 | -65.798,89 | 5.260.606,60 | St. Johann in Tirol | |
| 130/17/T(CLY-KITZ-093) | M 31 | -65.807,36 | 5.259.399,70 | St. Johann in Tirol | Kitzbühel Land |
| 131/17/T(CLY-KITZ-094) | M 31 | -65.450,97 | 5.261.204,52 | St. Johann in Tirol | |
| 132/17/T(CLY-KITZ-095) | M 31 | -66.148,70 | 5.261.202,29 | St. Johann in Tirol | |
| 133/17/T(CLY-KITZ-096) | M 31 | -66.150,93 | 5.260.003,62 | St. Johann in Tirol | |
| 135/17/T(CLY-KITZ-098) | M 31 | -65.801,79 | 5.257.002,86 | Kitzbühel Land | |
| 137/17/T(CLY-KITZ-100) | M 31 | -60.203,85 | 5.253.403,67 | Aurach |
| Austrian Tenement Schedule – Leogang - Clancy Second Priority in at least 50% of the licence area | Austrian Tenement Schedule – Leogang - Clancy Second Priority in at least 50% of the licence area | Austrian Tenement Schedule – Leogang - Clancy Second Priority in at least 50% of the licence area | Austrian Tenement Schedule – Leogang - Clancy Second Priority in at least 50% of the licence area | Austrian Tenement Schedule – Leogang - Clancy Second Priority in at least 50% of the licence area | Austrian Tenement Schedule – Leogang - Clancy Second Priority in at least 50% of the licence area |
|---|---|---|---|---|---|
| Designation | Reference | Coordinates in Metres | Cadastral Municipalities | ||
| Meridian | Y | X | Centre in the Cadastral Municipality |
Other Cadastral Municipality Concerned |
|
| 49/17/S(CLY-LEOG-001) | M 31 | -47.949,45 | 5.255.194,95 | Schwarzleo | Sonnberg |
| 50/17/S(CLY-LEOG-002) | M 31 | -48.648,10 | 5.255.198,14 | Schwarzleo | |
| 52/17/S(CLY-LEOG-004) | M 31 | -48.297,18 | 5.254.598,39 | Schwarzleo | |
| 53/17/S(CLY-LEOG-005) | M 31 | -48.999,02 | 5.254.598,39 | Schwarzleo | |
| 54/17/S(CLY-LEOG-006) | M 31 | -48.644,91 | 5.253.995,45 | Schwarzleo | |
| 55/17/S(CLY-LEOG-007) | M 31 | -49.349,93 | 5.253.995,45 | Schwarzleo | |
| 59/17/S(CLY-LEOG-011) | M 31 | -49.348,40 | 5.255.197,62 | Schwarzleo | |
| 60/17/S(CLY-LEOG-012) | M 31 | -49.693,80 | 5.254.599,97 | Schwarzleo | |
| 61/17/S(CLY-LEOG-013) | M 31 | -50.046,95 | 5.255.201,50 | Schwarzleo | Grießen |
| 62/17/S(CLY-LEOG-014) | M 31 | -50.050,42 | 5.254.001,55 | Schwarzleo | |
| 63/17/S(CLY-LEOG-015) | M 31 | -50.393,99 | 5.254.596,68 | Schwarzleo | |
| 65/17/S(CLY-LEOG-017) | M 31 | -50.755,97 | 5.255.191,80 | Schwarzleo | Grießen |
| 66/17/S(CLY-LEOG-018) | M 31 | -50.749,84 | 5.254.001,56 | Schwarzleo | |
| 67/17/S(CLY-LEOG-019) | M 31 | -51.093,42 | 5.254.596,68 | Schwarzleo | |
| 69/17/S(CLY-LEOG-021) | M 31 | -51.449,26 | 5.254.001,56 | Schwarzleo | |
| 70/17/S(CLY-LEOG-022) | M 31 | -51.449,26 | 5.255.191,79 | Schwarzleo | Grießen |
| 72/17/S(CLY-LEOG-024) | M 31 | -51.798,98 | 5.254.596,67 | Schwarzleo | |
| 73/17/S(CLY-LEOG-025) | M 31 | -52.142,55 | 5.255.197,93 | Schwarzleo | Grießen |
| 75/17/S(CLY-LEOG-027) | M 31 | -51.099,55 | 5.253.400,30 | Schwarzleo | |
| 76/17/S(CLY-LEOG-028) | M 31 | -51.792,84 | 5.253.394,16 | Schwarzleo | |
| 77/17/S(CLY-LEOG-029) | M 31 | -52.142,55 | 5.254.001,56 | Schwarzleo | |
| 97/17/S(CLY-LEOG-049) | M 31 | -55.290,75 | 5.254.600,21 | Fieberbrunn | |
| 100/17/S(CLY-LEOG-052) | M 31 | -55.652,54 | 5.253.997,24 | Fieberbrunn | |
| 102/17/S(CLY-LEOG-054) | M 31 | -55.994,22 | 5.254.600,21 | Fieberbrunn | |
| 113/17/S(CLY-LEOG-065) | M 31 | -56.349,30 | 5.253.997,24 | Fieberbrunn |
| Austrian Tenement Schedule – Kitzbuhel - Clancy Second Priority in at least 50% of licence area | Austrian Tenement Schedule – Kitzbuhel - Clancy Second Priority in at least 50% of licence area | Austrian Tenement Schedule – Kitzbuhel - Clancy Second Priority in at least 50% of licence area | Austrian Tenement Schedule – Kitzbuhel - Clancy Second Priority in at least 50% of licence area | Austrian Tenement Schedule – Kitzbuhel - Clancy Second Priority in at least 50% of licence area | Austrian Tenement Schedule – Kitzbuhel - Clancy Second Priority in at least 50% of licence area |
|---|---|---|---|---|---|
| Designation | Reference | Coordinates in Metres | Cadastral Municipalities | ||
| Meridian | Y | X | Centre in the Cadastral Municipality |
Other Cadastral Municipality Concerned |
|
| 120/17/T(CLY-KITZ-083) | M 31 | -65.800,42 | 5.258.201,09 | Kitzbühel Land | |
| Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 |
==> picture [279 x 66] intentionally omitted <==
134/17/T (CLY-KITZ-097) M 31 -66.153,17 5.258.802,72 St. Johann in Tirol Kitzbühel Land 136/17/T (CLY-KITZ-099) M 31 -66.153,31 5.257.600,01 Kitzbühel Land
==> picture [23 x 27] intentionally omitted <==
Australian Tenement Schedule
| Australian Tenement Schedule | Australian Tenement Schedule | Australian Tenement Schedule | Australian Tenement Schedule | Australian Tenement Schedule | Australian Tenement Schedule | Australian Tenement Schedule |
|---|---|---|---|---|---|---|
| State | Project | Lease No | Clancy interest | Area(km2) | Note | |
| WA | HongKong | EL 47/3566* | 100% | 40.0 | ||
| NSW | Condobolin | EL 7748 | 100% | 89.3 | ||
| NSW | Genaren | EL 7927 | 100% | 95.4 | ||
| NSW | Cundumbul | EL 6661 | 100% | 69.3 | ||
| NSW | Fairholme | EL 6552 | 100% | 54.5 | ||
| NSW | Fairholme | EL 6915 | 100% | 114.7 | ||
| NSW | Orange East | EL 8442 | 100% | 40.2 | Alkane earning60% | |
| NSW | Trundle | EL 8222 | 100% | 167.2 | ||
| NSW | Jemalong | EL 8502 | 100% | 91.6 |
There were no mining interests acquired or disposed of during the quarter.
==> picture [23 x 27] intentionally omitted <==
Subsequent to the end of the quarter, the Company completed Stage 1 of a staged acquisition of Atlas Managem SARL giving the Company a 20% interest in its 3 exploration licences in Morocco.
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
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, 01/05/13, 01/09/16
Name of entity
Clancy Exploration Limited
| Clancy Exploration Limited | |
|---|---|
| ABN 65 105 578 756 |
Quarter ended (“current quarter”) |
| 65 105 578 756 | 30 September 2018 |
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 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 (provide details if material) 1.9 Net cash from / (used in) operating activities |
(174) (46) (130) 1 |
(174) (46) (130) 1 |
| (349) | (349) |
| 2. | Cash flows from investing activities |
|---|---|
| 2.1 | Payments to acquire: |
| (a) property, plant and equipment | |
| (b) tenements (see item 10) | |
| (c) investments | |
| (d) other non-current assets |
- See chapter 19 for defined terms
1 September 2016
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 (3 months) $A’000 |
|---|---|---|
| 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 – deposit paid for EL3842226 2.6 Net cash from / (used in) investing activities |
(35) | (35) |
| (35) | (35) | |
| 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 |
750 (52) |
750 (52) |
| 698 | 698 | |
| 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 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 |
470 (349) (35) 698 - |
470 (349) (35) 698 - |
| 784 | 784 |
- See chapter 19 for defined terms 1 September 2016
Page 2
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| 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) #Excludes $130,000 of restricted cash. |
784 | 470 |
| 784# | 470# | |
| Current quarter $A'000 |
||
| 65 | ||
| - |
| 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 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 |
- See chapter 19 for defined terms 1 September 2016
Page 3
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
| 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 |
|
|---|---|---|---|
| 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 – Stage 1 payment for Moroccan tenements 9.7 Total estimated cash outflows |
256 - - 102 78 247 |
| 683 |
| 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 |
||||
| 10.2 Interests in mining tenements and petroleum tenements acquired or increased |
- See chapter 19 for defined terms 1 September 2016
Page 4
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
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:
Date: 31 October 2018
…………………………………
Company Secretary
Print name: Oonagh Malone
Notes
-
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.
-
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.
-
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.
-
See chapter 19 for defined terms 1 September 2016
Page 5