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RAREX LIMITED Interim / Quarterly Report 2019
65681_rns_2019-01-31_f91575b7-35dc-4bc8-a1d3-8c34503681d5.pdf
Interim / Quarterly Report
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ASX / MEDIA ANNOUNCEMENT 31 January 2019
QUARTERLY ACTIVITIES AND CASHFLOW REPORTS FOR QUARTER ENDED 31 DECEMBER 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.
- Experienced in country team now in place.
- Joint venture agreement completed with Pacton Gold Inc. over the Hong Kong Gold Project.
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 60,000,000 fully paid ordinary shares and paid US$175,000 to the vendors of Atlas Managem and issued with 70,000,000 fully paid ordinary shares to Cocam Pty Ltd, an entity which held an option to acquire Atlas Managem (together with the 60,000,000 shares, the Stage 1 Shares). The Stage 1 Shares were issued subject to the shareholder approval received on 3 August 2018.
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 is 16 km2 in size, 2 of which (the Bou Amzil and 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.
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;
• 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.
In addition, the Company has also lodged a transfer with the government with respect to a 100% interest over additional ground known as the Bou Amzil Extension which is pending completion (ASX: 23 July 2018).
During the quarter, the Company established a local office in Morocco and recruited an experienced in country team to manage exploration and local administration activities. The team has commenced on site activities including boundary surveying, mapping of the licence areas and scouting locations for future drill program. Desktop activities have included a review of the GIS database and commencement of a review and reinterpretation of the geophysics.
HONG KONG GOLD PROJECT, PILBARA REGION, WESTERN AUSTRALIA
On 11 October 2018, Clancy announced it had entered into a binding Letter of Intent 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 km2 ).
Under the transaction, Pacton will pay a total consideration of CAD$1.7 million comprising:
- CAD$25,000 non-refundable deposit.
- CAD$175,000 at completion.
- Clancy receiving CAD$1,500,000 worth of Pacton shares based on a 10 day VWAP on as of 11 October 2018 resulting in the issue of 3,780,613 shares to Clancy.
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.
On 26 November 2018, Clancy announced the formal Tenement Sale and Purchase Agreement (Agreement) was signed and further advised on 7 December 2018 that the TSX Venture Exchange had accepted the Agreement for filing, being the final condition precedent under the Agreement.
CORPORATE ACTIVITIES
The annual general meeting of shareholders was held on 30 November 2018 and all resolutions put to the meeting were passed on a show of hands.
On 29 October 2018, Clancy advised the appointment of Automic Registry Services to act as the Company's share registry.
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 1 ASX news release by Blackstone Minerals dated 27 March 2018 – Investor Presentation – Goldman Sachs Battery Day
During December 2018, Clancy sold the net smelter royalties (NSRs) granted to the Company over the Myall Project, Wellington North Project, Parkes East Project and Moorefield Projects to Magmatic Resources Limited. The NSRs ranged from 2.0 – 2.5% royalty payable out of gross revenue, minus allowable charges related to production. No production has commenced on the projects to date.
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.
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 31 December 2018.
| Austrian Tenement Schedule – Leogang - Clancy First Priority | ||||
|---|---|---|---|---|
| Designation | Reference | Cadastral Municipalities | ||
| Meridian | Centre in the Cadastral | Other Cadastral Municipality | ||
| Municipality | Concerned | |||
| 51/17/S (CLY-LEOG-003) | M 31 | Schwarzleo | ||
| 56/17/S (CLY-LEOG-008) | M 31 | Schwarzleo | Sonnberg, Pirzbichl | |
| 57/17/S (CLY-LEOG-009) | M 31 | Schwarzleo | Grießen | |
| 58/17/S (CLY-LEOG-010) | M 31 | Schwarzleo | Grießen | |
| 64/17/S (CLY-LEOG-016) | M 31 | Schwarzleo | Grießen | |
| 68/17/S (CLY-LEOG-020) | M 31 | Grießen | ||
| 71/17/S (CLY-LEOG-023) | M 31 | Grießen | ||
| 74/17/S (CLY-LEOG-026) | M 31 | Grießen | Hoch filzen | |
| 78/17/S (CLY-LEOG-030) | M 31 | Schwarzleo | ||
| 79/17/S (CLY-LEOG-031) | M 31 | Schwarzleo | Saalbach | |
| 80/17/S (CLY-LEOG-032) | M 31 | Schwarzleo | Saalbach | |
| 81/17/S (CLY-LEOG-033) | M 31 | Schwarzleo | Grießen, Hoch filzen, Fieberbrunn | |
| 82/17/S (CLY-LEOG-034) | M 31 | Schwarzleo | Saalbach | |
| 83/17/S (CLY-LEOG-035) | M 31 | Schwarzleo | Fieberbrunn | |
| 84/17/S (CLY-LEOG-036) | M 31 | Schwarzleo | Fieberbrunn, Saalbach | |
| 85/17/S (CLY-LEOG-037) | M 31 | Fieberbrunn | ||
| 86/17/S (CLY-LEOG-038) | M 31 | Fieberbrunn | Hoch filzen | |
| 87/17/S (CLY-LEOG-039) | M 31 | Fieberbrunn | ||
| 88/17/S (CLY-LEOG-040) | M 31 | Fieberbrunn | ||
| 89/17/S (CLY-LEOG-041) | M 31 | Fieberbrunn | ||
| 90/17/S (CLY-LEOG-042) | M 31 | Fieberbrunn | Saalbach | |
| 91/17/S (CLY-LEOG-043) | M 31 | Fieberbrunn | ||
| 92/17/S (CLY-LEOG-044) | M 31 | Fieberbrunn | ||
| 93/17/S (CLY-LEOG-045) | M 31 | Fieberbrunn | ||
| 94/17/S (CLY-LEOG-046) | M 31 | Fieberbrunn | ||
| 95/17/S (CLY-LEOG-047) | M 31 | Fieberbrunn | Saalbach | |
| 96/17/S (CLY-LEOG-048) | M 31 | Fieberbrunn | ||
| 98/17/S (CLY-LEOG-050) | M 31 | Fieberbrunn | ||
| 99/17/S (CLY-LEOG-051) | M 31 | Fieberbrunn | Saalbach | |
| 101/17/S (CLY-LEOG-053) | M 31 | Fieberbrunn | ||
| 103/17/S (CLY-LEOG-055) | M 31 | Fieberbrunn | ||
| 104/17/S (CLY-LEOG-056) | M 31 | Fieberbrunn | ||
| 105/17/S (CLY-LEOG-057) | M 31 | Fieberbrunn | ||
| 106/17/S (CLY-LEOG-058) | M 31 | Fieberbrunn | ||
| 107/17/S (CLY-LEOG-059) | M 31 | Fieberbrunn | ||
| 108/17/S (CLY-LEOG-060) | M 31 | Fieberbrunn | ||
| 109/17/S (CLY-LEOG-061) | M 31 | Fieberbrunn | ||
| 110/17/S (CLY-LEOG-062) | M 31 | Fieberbrunn | ||
| 111/17/S (CLY-LEOG-063) | M 31 | Fieberbrunn | ||
| 112/17/S (CLY-LEOG-064) | M 31 | Fieberbrunn | ||
| 114/17/S (CLY-LEOG-066) | M 31 | Fieberbrunn | ||
| 115/17/S (CLY-LEOG-067) | M 31 | Fieberbrunn | ||
| 116/17/S (CLY-LEOG-068) | M 31 | Fieberbrunn | ||
| 117/17/S (CLY-LEOG-069) | M 31 | Fieberbrunn | ||
| 118/17/S (CLY-LEOG-070) | M 31 | Fieberbrunn | ||
| 119/17/S (CLY-LEOG-071) | M 31 | Fieberbrunn | ||
| 120/17/S (CLY-LEOG-072) | M 31 | Fieberbrunn |
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
| 121/17/S (CLY-LEOG-073) | M 31 | Fieberbrunn | |
|---|---|---|---|
| 122/17/S (CLY-LEOG-074) | M 31 | Fieberbrunn | |
| 123/17/S (CLY-LEOG-075) | M 31 | Fieberbrunn | |
| 124/17/S (CLY-LEOG-076) | M 31 | Fieberbrunn | |
| 125/17/S (CLY-LEOG-077) | M 31 | Fieberbrunn | |
| 126/17/S (CLY-LEOG-078) | M 31 | Fieberbrunn | |
| 127/17/S (CLY-LEOG-079) | M 31 | Fieberbrunn | |
| 128/17/S (CLY-LEOG-080) | M 31 | Fieberbrunn | |
| 129/17/S (CLY-LEOG-081) | M 31 | Fieberbrunn | |
| 130/17/S (CLY-LEOG-082) | M 31 | Fieberbrunn | |
| 131/17/S (CLY-LEOG-083) | M 31 | Fieberbrunn | |
| 132/17/S (CLY-LEOG-084) | M 31 | Fieberbrunn | |
| 133/17/S (CLY-LEOG-085) | M 31 | Fieberbrunn | |
| 134/17/S (CLY-LEOG-086) | M 31 | Fieberbrunn | |
| 135/17/S (CLY-LEOG-087) | M 31 | Fieberbrunn | |
| 136/17/S (CLY-LEOG-088) | M 31 | Fieberbrunn | |
| 137/17/S (CLY-LEOG-089) | M 31 | Fieberbrunn | Aurach |
| 138/17/S (CLY-LEOG-090) | M 31 | Fieberbrunn | Aurach |
| 139/17/S (CLY-LEOG-091) | M 31 | Fieberbrunn | |
| 140/17/S (CLY-LEOG-092) | M 31 | Fieberbrunn | |
| 141/17/S (CLY-LEOG-093) | M 31 | Fieberbrunn | Saalbach |
| 142/17/S (CLY-LEOG-094) | M 31 | Fieberbrunn | |
| 143/17/S (CLY-LEOG-095) | M 31 | Hochfilzen | Grießen |
| 144/17/S (CLY-LEOG-096) | M 31 | Hochfilzen | Grießen |
| 145/17/S (CLY-LEOG-097) | M 31 | Fieberbrunn | Saalbach |
| 146/17/S (CLY-LEOG-098) | M 31 | Fieberbrunn | |
| 147/17/S (CLY-LEOG-099) | M 31 | Fieberbrunn | |
| 148/17/S (CLY-LEOG-1OO) | M 31 | Fieberbrunn |
| Austrian Tenement Schedule – Kitzbuhel - Clancy First Priority | ||||
|---|---|---|---|---|
| Designation | Reference | Cadastral Municipalities | ||
| Meridian | Centre in the Cadastral | Other Cadastral Municipality | ||
| Municipality | Concerned | |||
| 38/17/T (CLY- KITZ-001) | M 31 | Fieberbrunn | ||
| 39/17/T (CLY- KITZ -002) | M 31 | Fieberbrunn | ||
| 40/17/T (CLY- KITZ -003) | M 31 | Fieberbrunn | ||
| 41/17/T (CLY- KITZ -004) | M 31 | Fieberbrunn | ||
| 42/17/T (CLY- KITZ-005) | M 31 | Fieberbrunn | ||
| 43/17/T (CLY- KITZ-006) | M 31 | Fieberbrunn | ||
| 44/17/T (CLY- KITZ -007) | M 31 | Fieberbrunn | ||
| 45/17/T (CLY- KITZ -008) | M 31 | Fieberbrunn | ||
| 46/17/T (CLY- KITZ -009) | M 31 | Fieberbrunn | ||
| 47/17/T (CLY- KITZ-010) | M 31 | Fieberbrunn | ||
| 48/17/T (CLY- KITZ -011) | M 31 | Fieberbrunn | ||
| 49/17/T (CLY- KITZ-012) | M 31 | Fieberbrunn | ||
| 50/17/T (CLY- KITZ-013) | M 31 | Fieberbrunn | ||
| 51/17/T (CLY- KITZ-014) | M 31 | Fieberbrunn | ||
| 52/17/T (CLY- KITZ -015) | M 31 | Fieberbrunn | ||
| 53/17/T (CLY- KITZ -016) | M 31 | Fieberbrunn | ||
| 54/17/T (CLY- KITZ -017) | M 31 | Fieberbrunn | ||
| 55/17/T (CLY- KITZ -018) | M 31 | Fieberbrunn | ||
| 56/17/T (CLY- KITZ-019) | M 31 | Fieberbrunn | ||
| 57/17/T (CLY- KITZ-020) | M 31 | Fieberbrunn | ||
| 58/17/T (CLY- KITZ-021) | M 31 | Fieberbrunn | ||
| 59/17/T (CLY- KITZ-022) | M 31 | Fieberbrunn | ||
| 60/17/T (CLY- KZTZ-023) | M 31 | Fieberbrunn | Aurach | |
| 61/17/T (CLY- KITZ-024) | M 31 | Fieberbrunn | Aurach |
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
| 62/17/T (CLY-KITZ-025) | M 31 | Fieberbrunn | Aurach |
|---|---|---|---|
| 63/17/T (CLY-KITZ-026) | M 31 | Fieberbrunn | Aurach |
| 64/17/T (CLY-KITZ-027) | M 31 | Fieberbrunn | Aurach |
| 65/17/T (CLY-KITZ-028) | M 31 | Fieberbrunn | |
| 66/17/T (CLY-KITZ-029) | M 31 | Fieberbrunn | |
| 67/17/T (CLY-KITZ-030) | M 31 | Fieberbrunn | |
| 68/17/T (CLY-KITZ-031) | M 31 | Fieberbrunn | Aurach |
| 69/17/T (CLY-KITZ-032) | M 31 | Fieberbrunn | Aurach |
| 70/17/T (CLY-KITZ-033) | M 31 | Aurach | |
| 71/17/T (CLY-KITZ-034) | M 31 | Fieberbrunn | |
| 72/17/T (CLY-KITZ-035) | M 31 | Fieberbrunn | |
| 73/17/T (CLY-KITZ-036) | M 31 | Fieberbrunn | |
| 74/17/T (CLY-KITZ-037) | M 31 | Fieberbrunn | |
| 75/17/T (CLY-KITZ-038) | M 31 | Fieberbrunn | |
| 76/17/T (CLY-KITZ-039) | M 31 | Fieberbrunn | |
| 77/17/T (CLY-KITZ-040) | M 31 | Fieberbrunn | |
| 78/17/T (CLY-KITZ-041) | M 31 | Kitzbühel Land | Fieberbrunn |
| 79/17/T (CLY-KITZ-042) | M 31 | Kitzbühel Land | Fieberbrunn |
| 80/17/T (CLY-KITZ-043) | M 31 | Fieberbrunn | |
| 81/17/T (CLY-KITZ-044) | M 31 | Fieberbrunn | |
| 82/17/T (CLY-KITZ-045) | M 31 | Fieberbrunn | |
| 83/17/T (CLY-KITZ-046) | M 31 | Kitzbühel Land | Fieberbrunn |
| 84/17/T (CLY-KITZ-047) | M 31 | Kitzbühel Land | |
| 85/17/T (CLY-KITZ-048) | M 31 | Kitzbühel Land | Fieberbrunn |
| 86/17/T (CLY-KITZ-049) | M 31 | Kitzbühel Land | Fieberbrunn |
| 87/17/T (CLY-KITZ-050) | M 31 | Fieberbrunn | |
| 88/17/T (CLY-KITZ-051) | M 31 | Kitzbühel Land | Fieberbrunn, Aurach |
| 89/17/T (CLY-KITZ-052) | M 31 | Aurach | |
| 90/17/T (CLY-KITZ-053) | M 31 | Aurach | |
| 91/17/T (CLY-KITZ-054) | M 31 | Kitzbühel Land | Aurach |
| 92/17/T (CLY-KITZ-055) | M 31 | Aurach | |
| 93/17/T (CLY-KITZ-056) | M 31 | Aurach | |
| 94/17/T (CLY-KITZ-057) | M 31 | Kitzbühel Land | Aurach |
| 95/17/T (CLY-KITZ-058) | M 31 | Aurach | |
| 96/17/T (CLY-KITZ-059) | M 31 | Kitzbühel Land | Aurach |
| 97/17/T (CLY-KITZ-060) | M 31 | Kitzbühel Land | Aurach |
| 98/17/T (CLY-KITZ-061) | M 31 | Kitzbühel Land | Aurach |
| 99/17/T (CLY-KITZ-062) | M 31 | Kitzbühel Land | |
| 100/17/T (CLY-KITZ-063) | M 31 | Kitzbühel Land | |
| 101/17/T (CLY-KITZ-064) | M 31 | Kitzbühel Land | Aurach |
| 102/17/T (CLY-KITZ-065) | M 31 | Aurach | |
| 103/17/T (CLY-KITZ-066) | M 31 | Kitzbühel Land | Aurach |
| 104/17/T (CLY-KITZ-067) | M 31 | Kitzbühel Land | |
| 105/17/T (CLY-KITZ-068) | M 31 | Kitzbühel Land | Aurach |
| 106/17/T (CLY-KITZ-069) | M 31 | Kitzbühel Land | Aurach |
| 107/17/T (CLY-KITZ-070) | M 31 | Kitzbühel Land | |
| 108/17/T (CLY-KITZ-071) | M 31 | Kitzbühel Land | |
| 109/17/T (CLY-KITZ-072) | M 31 | Kitzbühel Land | |
| 110/17/T (CLY-KITZ-073) | M 31 | Kitzbühel Land | |
| 111/17/T (CLY-KITZ-074) | M 31 | Kitzbühel Land | |
| 112/17/T (CLY-KITZ-075) | M 31 | Kitzbühel Land | |
| 113/17/T (CLY-KITZ-076) | M 31 | Kitzbühel Land | |
| 114/17/T (CLY-KITZ-077) | M 31 | Kitzbühel Land | |
| 115/17/T (CLY-KITZ-078) | M 31 | Kitzbühel Land | |
| 116/17/T (CLY-KITZ-079) | M 31 | Kitzbühel Land | |
| 117/17/T (CLY-KITZ-080)118/17/T (CLY-KITZ-081) | M 31M 31 | Kitzbühel LandKitzbühel Land |
Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756
| 119/17/T (CLY-KITZ-082) | M 31 | St. Johann in Tirol | Kitzbühel Land |
|---|---|---|---|
| 121/17/T (CLY-KITZ-084) | M 31 | Kitzbühel Land | Fieberbrunn |
| 122/17/T (CLY-KITZ-085) | M 31 | St. Johann in Tirol | Kitzbühel Land |
| 123/17/T (CLY-KITZ-086) | M 31 | St. Johann in Tirol | Kitzbühel Land |
| 124/17/T (CLY-KITZ-087) | M 31 | St. Johann in Tirol | Kitzbühel Land, Fieberbrunn |
| 125/17/T (CLY-KITZ-088) | M 31 | St. Johann in Tirol | |
| 126/17/T (CLY-KITZ-089) | M 31 | St. Johann in Tirol | |
| 127/17/T (CLY-KITZ-090) | M 31 | St. Johann in Tirol | |
| 128/17/T (CLY-KITZ-091) | M 31 | St. Johann in Tirol | |
| 129/17/T (CLY-KITZ-092) | M 31 | St. Johann in Tirol | |
| 130/17/T (CLY-KITZ-093) | M 31 | St. Johann in Tirol | Kitzbühel Land |
| 131/17/T (CLY-KITZ-094) | M 31 | St. Johann in Tirol | |
| 132/17/T (CLY-KITZ-095) | M 31 | St. Johann in Tirol | |
| 133/17/T (CLY-KITZ-096) | M 31 | St. Johann in Tirol | |
| 135/17/T (CLY-KITZ-098) | M 31 | Kitzbühel Land | |
| 137/17/T (CLY-KITZ-100) | M 31 | Aurach |
| Austrian Tenement Schedule – Leogang - Clancy Second Priority in at least 50% of the licence area | ||||
|---|---|---|---|---|
| Designation | Reference | Cadastral Municipalities | ||
| Meridian | Centre in the CadastralMunicipality | Other Cadastral MunicipalityConcerned | ||
| 49/17/S (CLY-LEOG-001) | M 31 | Schwarzleo | Sonnberg | |
| 50/17/S (CLY-LEOG-002) | M 31 | Schwarzleo | ||
| 52/17/S (CLY-LEOG-004) | M 31 | Schwarzleo | ||
| 53/17/S (CLY-LEOG-005) | M 31 | Schwarzleo | ||
| 54/17/S (CLY-LEOG-006) | M 31 | Schwarzleo | ||
| 55/17/S (CLY-LEOG-007) | M 31 | Schwarzleo | ||
| 59/17/S (CLY-LEOG-011) | M 31 | Schwarzleo | ||
| 60/17/S (CLY-LEOG-012) | M 31 | Schwarzleo | ||
| 61/17/S (CLY-LEOG-013) | M 31 | Schwarzleo | Grießen | |
| 62/17/S (CLY-LEOG-014) | M 31 | Schwarzleo | ||
| 63/17/S (CLY-LEOG-015) | M 31 | Schwarzleo | ||
| 65/17/S (CLY-LEOG-017) | M 31 | Schwarzleo | Grießen | |
| 66/17/S (CLY-LEOG-018) | M 31 | Schwarzleo | ||
| 67/17/S (CLY-LEOG-019) | M 31 | Schwarzleo | ||
| 69/17/S (CLY-LEOG-021) | M 31 | Schwarzleo | ||
| 70/17/S (CLY-LEOG-022) | M 31 | Schwarzleo | Grießen | |
| 72/17/S (CLY-LEOG-024) | M 31 | Schwarzleo | ||
| 73/17/S (CLY-LEOG-025) | M 31 | Schwarzleo | Grießen | |
| 75/17/S (CLY-LEOG-027) | M 31 | Schwarzleo | ||
| 76/17/S (CLY-LEOG-028) | M 31 | Schwarzleo | ||
| 77/17/S (CLY-LEOG-029) | M 31 | Schwarzleo | ||
| 97/17/S (CLY-LEOG-049) | M 31 | Fieberbrunn | ||
| 100/17/S (CLY-LEOG-052) | M 31 | Fieberbrunn | ||
| 102/17/S (CLY-LEOG-054) | M 31 | Fieberbrunn | ||
| 113/17/S (CLY-LEOG-065) | M 31 | Fieberbrunn |
| Austrian Tenement Schedule – Kitzbuhel - Clancy Second Priority in at least 50% of licence area | |||||
|---|---|---|---|---|---|
| Designation | Reference | Cadastral Municipalities | |||
| Meridian | Centre in the Cadastral | Other Cadastral Municipality | |||
| Municipality | Concerned | ||||
| 120/17/T (CLY-KITZ-083) | M 31 | Kitzbühel Land | |||
| 134/17/T (CLY-KITZ-097) | M 31 | St. Johann in Tirol | Kitzbühel Land | ||
| 136/17/T (CLY-KITZ-099) | M 31 | Kitzbühel Land |
| Australian Tenement Schedule | |||||
|---|---|---|---|---|---|
| State | Project | Lease No | Clancy interest | Note | |
| WA | Hong Kong | EL 47/3566 | 30% | ||
| NSW | Condobolin | EL 7748 | 100% | ||
| NSW | Genaren | EL 7927 | 100% | ||
| NSW | Cundumbul | EL 6661 | 100% | ||
| NSW | Fairholme | EL 6552 | 100% | ||
| NSW | Fairholme | EL 6915 | 100% | ||
| NSW | Orange East | EL 8442 | 100% | Alkane earning 60% | |
| NSW | Trundle | EL 8222 | 100% | ||
| NSW | Jemalong | EL 8502 | 100% |
| Moroccan Tenement Schedule | |||||
|---|---|---|---|---|---|
| Licence Name | Licence No | Clancy interest | Note | ||
| Tizi Belhaj | 234 08 79 | 20% | Earning up to 100% | ||
| Bou Amzil | 233 88 04 | 20% | Earning up to 100% | ||
| Imdere | 233 94 05 | 20% | Earning up to 100% | ||
| Bou Amzil Extension | PR 384 22 26 | - | 100% on completion |
During 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;
- lodged a transfer for a 100% interest over the Bou Amzil Extension (pending completion) and
- entered into a joint venture agreement with Pacton Gold Inc. over the Hong Kong Gold Project and reduced its interest from 100% to 30%.
+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
ABN Quarter ended ("current quarter")
65 105 578 756 31 December 2018
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date(6 months)$A'000 | |
|---|---|---|---|
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | ||
| (a)exploration & evaluation | (148) | (322) | |
| (b)development | |||
| (c)production | |||
| (d)staff costs | (62) | (108) | |
| (e)administration and corporate costs | (152) | (282) | |
| 1.3 | Dividends received (see note 3) | ||
| 1.4 | Interest received | 1 | 2 |
| 1.5 | Interest and other costs of finance paid | ||
| 1.6 | Income taxes paid | ||
| 1.7 | Research and development refunds | ||
| 1.8 | Other (provide details if material) | ||
| 1.9 | Net cash from / (used in) operatingactivities | (361) | (710) |
| 2. | Cash flows from investing activities | ||
|---|---|---|---|
| 2.1 | Payments to acquire: | ||
| (a)property, plant and equipment | |||
| (b)tenements (see item 10) | (247) | (247) | |
| (c)investments | |||
| (d)other non-current assets |
- See chapter 19 for defined terms
1 September 2016 Page 1
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date(6 months)$A'000 | |
|---|---|---|---|
| 2.2 | Proceeds from the disposal of: | ||
| (a)property, plant and equipment | |||
| (b)tenements (see item 10) | 208 | 208 | |
| (c)investments | |||
| (d)other non-current assets | |||
| 2.3 | Cash flows from loans to other entities | ||
| 2.4 | Dividends received (see note 3) | ||
| 2.5 | Other – disposal of net smelter royalty | 100 | 65 |
| 2.6 | Net cash from / (used in) investingactivities | 61 | 26 |
| 3. | Cash flows from financing activities | ||
|---|---|---|---|
| 3.1 | Proceeds from issues of shares | - | 750 |
| 3.2 | Proceeds from issue of convertible notes | ||
| 3.3 | Proceeds from exercise of share options | ||
| 3.4 | Transaction costs related to issues ofshares, convertible notes or options | (4) | (56) |
| 3.5 | Proceeds from borrowings | ||
| 3.6 | Repayment of borrowings | ||
| 3.7 | Transaction costs related to loans andborrowings | ||
| 3.8 | Dividends paid | ||
| 3.9 | Other (provide details if material) | ||
| 3.10 | Net cash from / (used in) financingactivities | (4) | 694 |
| 4. | Net increase / (decrease) in cash andcash equivalents for the period | ||
|---|---|---|---|
| 4.1 | Cash and cash equivalents at beginning ofperiod | 784 | 470 |
| 4.2 | Net cash from / (used in) operatingactivities (item 1.9 above) | (361) | (710) |
| 4.3 | Net cash from / (used in) investing activities(item 2.6 above) | 61 | 26 |
| 4.4 | Net cash from / (used in) financing activities(item 3.10 above) | (4) | 694 |
| 4.5 | Effect of movement in exchange rates oncash held | - | - |
| 4.6 | Cash and cash equivalents at end ofperiod | 480 | 480 |
- See chapter 19 for defined terms
| 5. | Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts | Current quarter$A'000 | Previous quarter$A'000 |
|---|---|---|---|
| 5.1 | Bank balances | 480 | 784 |
| 5.2 | Call deposits | ||
| 5.3 | Bank overdrafts | ||
| 5.4 | Other (provide details) | ||
| 5.5 | Cash and cash equivalents at end ofquarter (should equal item 4.6 above)# Excludes $130,000 of restricted cash. | 480 # | 784 # |
6. Payments to directors of the entity and their associates Current quarter
- 6.1 Aggregate amount of payments to these parties included in item 1.2 93
- 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3
- 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
Payments to directors/director associates for director fees and legal fees.
7. Payments to related entities of the entity and their associates
- 7.1 Aggregate amount of payments to these parties included in item 1.2
- 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3
- 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
| Current quarter$A'000 | ||
|---|---|---|
$A'000
| 8. | Financing facilities availableAdd notes as necessary for anunderstanding of the position | Total facility amountat quarter end$A'000 | Amount drawn atquarter 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.
| 9. | Estimated cash outflows for next quarter | $A'000 |
|---|---|---|
| 9.1 | Exploration and evaluation | 136 |
| 9.2 | Development | - |
| 9.3 | Production | - |
| 9.4 | Staff costs | 38 |
| 9.5 | Administration and corporate costs | 40 |
| 9.6 | Other | - |
| 9.7 | Total estimated cash outflows | 214 |
| 10. | Changes intenements(items 2.1(b) and2.2(b) above) | Tenementreferenceand location | Nature of interest | Interest atbeginningof quarter | Interestat end ofquarter |
|---|---|---|---|---|---|
| 10.1 | Interests in miningtenements andpetroleum tenementslapsed, relinquishedor reduced | EL47/3566,WesternAustralia | Disposal of 70%interest to Pacton GoldInc | 100% | 30% |
| 10.2 | Interests in miningtenements andpetroleum tenementsacquired or increased | Leases #2339405,2338804,2340879,Morocco | Acquisition of a 20%interest in AtlasManagem SARL whichholds these licences | Nil | 20% |
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 January 2019 …………………………………
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.