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STRIKE RESOURCES LIMITED Interim / Quarterly Report 2015
65855_rns_2015-07-30_70d4b30f-d08b-444f-9248-c3b9ae3aaf8d.pdf
Interim / Quarterly Report
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ASX Announcement
31 July 2015
COMPANY DETAILS
ABN: 94 088 488 724
PRINCIPAL AND REGISTERED OFFICE
Level 11 216 St Georges Terrace Perth WA 6000
POSTAL ADDRESS
GPO Box 2517 Perth WA 6831
P +61 8 9481 0389
F +61 8 9463 6103
ASX CODE SRK
CORPORATE INFORMATION
145M Ordinary fully paid shares 6.5M Unlisted Options
BOARD OF DIRECTORS
Malcolm Richmond (Non-Executive Chairman)
William Johnson (Managing Director)
Matthew Hammond (Non-Executive Director)
Samantha Tough (Non-Executive Director)
Victor Ho (Non-Executive Director)
Farooq Khan (Alternate Director for Victor Ho)
QUARTERLY REPORT
Strike Resources Limited ("Strike" or "the Company") is pleased to present the Quarterly Report for the period ended 30 June 2015.
During the quarter, no activity was undertaken on the Company's iron ore projects in Peru as the Company continued to examine a range of new strategies for the Company in light of the poor outlook for the iron ore sector and the resources sector in general.
A number of non-core mineral concessions in Peru were allowed to lapse on 30 June 2015, significantly reducing the Company's annual expenditure in Peru. The Company continues to hold those core concessions in Peru which contain its JORC Resources of iron ore in Apurimac and Cusco, as well as some neighbouring concessions which have strategic value associated with the projects.
On 30th June 2015 the Company received an unsolicited off-market takeover bid by Bentley Capital Limited (ASX:BEL, "Bentley") ("the Offer").
The Company's independent directors (who are not associated with Bentley), being the Chairman, Mr Malcolm Richmond, Ms Samantha Tough and Mr Matthew Hammond ("Independent Directors") have formed a Takeover Response Committee to respond to the Offer.
The Company continues to conserve its cash resources, holding a balance of approximately $8.4 million in cash as of 30 June 2015.
Independent director Ms Samantha Tough has given notice that she intends to resign her position as a director at the conclusion of the Bentley bid.
For further information contact:
William Johnson David Palumbo Managing Director Company Secretary Tel: +61 (08) 9481 0389 Tel: +61 (08) 9481 0389 [email protected] [email protected]
About Strike Resources
Strike Resources (ASX: SRK) is an ASX resource company, owner of the high grade Apurimac magnetite project in Peru. Alongside Apurimac, Strike holds the Cusco Iron Ore Project, and an interest in the Cerro Ccopane project, both of which are also magnetite projects in Peru.
Strike retains significant cash reserves and is presently reviewing alternative options with regard to utilisation of these funds.
Quarterly Report for period ended 30 June 2015
Projects
Apurimac Iron Ore Project
Between 2006 and 2014, Strike's primary focus was on the development of its Apurimac magnetite project in Peru, recognised as one of the highest grade, large scale magnetite projects in the world with the potential to support the establishment of a significant iron ore operation.
Current adverse market conditions however have led the Company to suspend all development activities on this and its other iron ore projects in Peru.
Nevertheless, the nature of the Apurimac deposit and the development work undertaken to-date define this project as a potentially strategic asset in Peru which may, when market conditions improve, provide opportunity for the Company to recover value.
The exceptionally high grade 57% Fe is almost twice as high as magnetite deposits developed in Australia; ore bodies are coarse grained and soft, resulting in cheaper processing costs once in production.
A prefeasibility study completed in 2008 and updated in 2010 on the Apurimac Project indicated clear potential for development of a world class iron ore project:
- JORC Resource of 269Mt of iron ore at Apurimac of 57.3% Fe (142 Mt Indicated at 57.84% Fe and 127 Mt Inferred at 56.7% Fe).
- Mineralisation predominantly high-grade, coarse-grained magnetite providing comparatively high mass recoveries (>60%) at coarse grind size (>500 microns).
- Excellent exploration potential within current concessions with several targets containing ironstones grading >60%Fe in similar geological settings to main Opaban concessions.
- Base case of 20Mtpa of concentrate produced by open pit mining and processing 20 27Mtpa of ore with transport of the high grade (>66%Fe) product to the coast via a slurry pipeline for drying and shipment to customers.
- Attractive life-of-mine operating expenses (2010) of US$ 17 20 per tonne of product.
- Estimated capital expenditure (2010) of US$ 2.6 2.9 billion, competitive with other major iron ore projects at the time.
An initial drilling program at Apurimac established 269 Mt resources of high grade, coarse grained magnetite with an average grade of 57.3% iron. Of this, potentially 67 million of Direct Shipping Ore (DSO) at an average grade of 61.5% Fe has been identified.
Cusco
The Cusco project lies approximately 150km to the south - east of Apurimac and forms a potential secondary development target for the Company in Peru with an initial inferred resource estimate of 104Mt at 32.6% Fe.
Like Apurimac, iron ore mineralisation at the project is coarse grained and dominated by magnetite, with high grades recorded. Preliminary metallurgical tests indicate a concentrate grade of >65% Fe could be produced from this ore using conventional grinding and magnetic separation processes.
Cerro Ccopane (operated by Cuervo Resources Inc)1
The Cerro Ccopane project is located approximately 20km to the north of the company's Cusco project and was previously operated by Canadian listed company Cuervo Resources Inc ("Cuervo").
On December 11, 2013 Strike announced it had issued a demand notice for C$5,250,000 plus applicable interest to Cuervo in respect of the Investment Agreement between the two Companies, relating to the financing of the Cerro Ccopane project. The demand notice was issued following Strike's concerns regarding the solvency of Cuervo and events of default occurring under the current agreements between the companies.
Strike also issued a notice of its intention to enforce its security held over 90% of the shares of the Peruvian company holding the key assets of the project, if the full amount owed to Strike was not paid by December 16, 2013. To date no further action has been undertaken. Strike is aware that all of the Canadian directors of Cuervo have resigned and the company has been delisted from the Canadian Securities Exchange. Strike is examining its options to recover value as a secured creditor of Cuervo. In this regard, Strike has been advised that the legal and court costs of actively pursuing its claims in Canada and Peru could be considerable. In light of this and the fact that the recoverable value of the Cuervo assets in Peru is questionable under current market conditions, Strike is considering whether to actively pursue its claims.
-ENDS-
JORC Code (2012) Competent Person Statement - Apurimac
The information in this document that relates to exploration results and mineral resources In respect of the Apurimac project has been compil ed by Mr Ken Hellsten, B.Sc. (Geology), who is a consultant to Strike Resources Ltd and is a Fellow of the Australasian Institut e of Mining and Metallurgy. Mr Hellsten has sufficient experience relevant to the style of mineralisation and type of deposit under considera tion and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves" (the JORC Code). Mr Hellsten consents to the inclusion in this document of the matters ba sed on this information in the form and context in which it appears.
JORC Code (2004) Competent Person Statement - Cuervo
The information in this document that relates to exploration results and mineral resources In respect of the Cuervo project h as been compiled by Mr Ken Hellsten, B.Sc. (Geology), who is a consultant to Strike Resources Ltd and is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hellsten has sufficient experience relevant to the style of mineralisation and type of deposit under considera tion and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves" (the JORC Code). Mr Hellsten consents to the inclusion in this document of the matters ba sed on this information in the form and context in which it appears.
1 Strike has advanced Cuervo C$5.25M to fund the Stage 1 drilling and exploration program and, in return, was issued warrants that can be converted to 31.5% of Cuervo's shares on an undiluted basis, at C$0.30 per share. Strike holds a share pledge (similar to a share mortgage) over 90% of the shares in Cuervo's 100%-owned Peruvian subsidiary that, in turn, owns Cuervo's concessions. Upon Cuervo validly estimating a 500 Mt inferred resource across its Cerro Ccopane Project, this security is reduced so as to cover only 45% of those shares.
Appendix 1 – Apurimac and Cusco mineral resources
Apurimac
The Apurimac project has a JORC resource of 269.4 Mt, consisting of:
- a 142.2 Mt Indicated Mineral Resource at 57.8% Fe; and
- a 127.2 Mt Inferred Mineral Resource at 56.7% Fe.
Combined Mineral Resources for Opaban 1 and Opaban 3
| Category | Project | Density t/m3 | Mt | Fe% | SiO2% | Al2O3% | P% | S% |
|---|---|---|---|---|---|---|---|---|
| Inferred | Opaban 1 | 4 | 127.19 | 56.7 | 9.66 | 2.7 | 0.04 | 0.2 |
| Indicated | Opaban 1 | 4 | 133.71 | 57.57 | 9.46 | 2.54 | 0.04 | 0.12 |
| Indicated | Opaban 3 | 4 | 8.53 | 62.08 | 4.58 | 1.37 | 0.07 | 0.25 |
| Totals | 269.4 | 57.3 | 9.4 | 2.56 | 0.04 | 0.16 |
Cusco
| Category | Project | Density t/m3 | Mt* | Fe% | SiO2% | Al2O3% | P% | S% |
|---|---|---|---|---|---|---|---|---|
| Inferred | Santo Tomas | 4 | 104.4 | 32.62 | 0.53 | 3.19 | 0.035 | 0.53 |
| Totals | 104.4 | 32.62 | 0.53 | 3.19 | 0.035 | 0.53 |
Cerro Ccopane
| Bob1 NewResources | Tonnes (Mt) | Iron (%) | SiO2(%) | Al2O3(%) | P (%) | S% |
|---|---|---|---|---|---|---|
| Inferred | 217.0 | 40.2 | 21.6 | 5.0 | 0.08 | 2.2 |
| Cerro CcopaneNew Total2 | Tonnes (Mt) | Iron (%) |
|---|---|---|
| Inferred | 340.0 | 43.3 |
| Indicated | 35.9 | 45.9 |
| Measured | 19.7 | 48.3 |
| Total | 395.6 | 43.8 |
2 Although a full suite of elementary analyses were completed on all drilling at Cerro Ccopane the resources apart from Bob1 (Golder) were not estimated for SiO2, Al2O3, or P and S grade estimates were completed only for Orcopura and Bob1 (Golder) resources.
ASX Listing Rule 5.3.3 - Details of Strike Resources Tenements Held at 30 June 2015
The following tenements were held at the end of the quarter:
Perú (Strike - 100%)
Apurimac Project tenements
| Name | Area (Ha) | Province | Code | Title | File No |
|---|---|---|---|---|---|
| (1) Opaban I | 999 | Andahuaylas | 5006349X01 | No 8625-94/RPM Dec 16, 1994 | 20001465 |
| (2) Opaban III | 990 | Andahuaylas | 5006351X01 | No 8623-94/RPM Dec 16, 1994 | 20001464 |
| (3) Ferrum 1 | 965 | Andahuaylas | 010298304 | No 00228-2005-INACC/J Jan 19, 2005 | 11053798 |
| (4) Ferrum 4 | 1,000 | Andahuaylas/Aymaraes | 010298604 | No 00230-2005-INACC/J Jan 19, 2005 | 11053810 |
| (5) Ferrum 8 | 900 | Andahuaylas | 010299004 | No 00232-2005-INACC/J Jan 19, 2005 | 11053827 |
| (6) Cristoforo 22 | 379 | Andahuaylas | 010165602 | RP2849-2007-INGEMMET/PCD/PM Dec 13, 2007 | 11067786 |
| (7) Ferrum 31 | 327 | Andahuaylas | 010552807 | RP 1266-2008-INGEMMET/PCD/PM May 12, 2008 | 11076509 |
| (8) Ferrum 37 | 695 | Andahuaylas | 010621507 | RP 1164-2008-INGEMMET/PCD/PM May 12, 2008 | 11076534 |
| (9) Wanka 01 | 100 | Andahuaylas | 010208110 | TBA | TBA |
| (10) Sillaccassa 1 | 700 | Andahuaylas | 010212508 | RP 5088-2008-INGEMMET/PCD/PM Nov 19, 2008 | 11084877 |
| (11) Sillaccassa 2 | 400 | Andahuaylas | 010212608 | RP 3183-2008-INGEMMET/PCD/PM Sept 8, 2008 | 11081449 |
Cusco Project tenements
| Name | Area (Ha) | Province | Code | Title | File No. |
|---|---|---|---|---|---|
| (1) Flor de María | 907 | Chumbivilcas | 05006521X01 | No 7078-95-RPM Dec 29, 1995 | 20001742 |
| (2) Delia Esperanza | 1,000 | Chumbivilcas | 05006522X01 | No 0686-95-RPM Mar 31, 1995 | 20001743 |
| (3) El Pacífico II | 1,000 | Chumbivilcas | 05006524X01 | No 7886-94/RPM Nov 25, 1994 | 20001746 |
Paulsens East Project – Western Australia (Strike – 100%)
| Tenement No | Status | Grant Date | Expiry Date | Area(blocks/Ha) | Area (km²) |
|---|---|---|---|---|---|
| (1) PL 47/1170* | Granted | 27/03/06 | 26/03/13 | 164 Ha | 1.64 |
*An application has been made to convert PL 47/1170, together with a portion of expired former exploration licence E47/1328, into a retention licence with a total area of 381Ha.
No tenements were acquired during the quarter. No farm in or farm out agreements are in effect.
The following non-core tenements, which the Company held a 100% interest at the beginning of quarter, were allowed to lapse on 30 June 2015 and have been treated as a disposal during the June 2015 quarter:
Perú (Strike - 100%)
Apurimac Project tenements
| Name | Area (Ha) | Province | Code | Title | File No |
|---|---|---|---|---|---|
| (1) Los Andes I | 999 | Andahuaylas | 5006372X01 | No 0134-95-RPM Jan 31, 1995 | 200001481 |
| (2) Pitumarca II | 1,000 | Andahuaylas | 5006385X01 | No 8686-94-RPM Dec 22, 1994 | 20001478 |
| (3) LucreciaEsperanza | 66 | Andahuaylas | 10064999 | No 00623-2001-INACC/J Jul 26, 2001 | 11032475 |
| (4) Nueva Oropampa6 | 400 | Andahuaylas | 10086099 | No 04043-2000-RPM Oct 13, 2000 | 11032603 |
Quarterly Report for period ended 30 June 2015
| Name | Area (Ha) | Province | Code | Title | File No |
|---|---|---|---|---|---|
| (5) Mapsa 2001 | 800 | Andahuaylas | 10120401 | No 00590-2002-INACC/J Apr 8, 2002 | 11032600 |
| (6) Coriminas II | 1,000 | Andahuaylas | 10162499 | No 02760-2000-RPM Jul 25, 2000 | 11032965 |
| (7) Coriminas V | 1,000 | Andahuaylas | 10162699 | No 0936-00-RPM Mar 16, 2000 | 20003140 |
| (8) Ferrum 2 | 1,000 | Andahuaylas | 10298404 | No 00227-2005-INACC/J Jan 19, 2005 | 11053836 |
| (9) Ferrum 3 | 1,000 | Andahuaylas | 10298504 | No 00229-2005-INACC/J Jan 19, 2005 | 11053807 |
| (10) Ferrum 5 | 959 | Aymaraes | 10298704 | No 00323-2005-INACC/J Jan 25, 2005 | 11053816 |
| (11) Ferrum 7 | 437 | Aymaraes | 10298904 | No 00396-2005-INACC/J Jan 27, 2005 | 11053822 |
| (12) Ferrum 9 | 1,000 | Aymaraes | 10299104 | No 00326-2005-INACC/J Jan 25, 2005 | 11053830 |
| (13) Ferrum 10 | 1,000 | Aymaraes | 10299204 | No 00325-2005-INACC/J Jan 25, 2005 | 11053833 |
| (14) Ferrum 11 | 1,000 | Aymaraes | 10299304 | No 02512-2005-INACC/J Jun 16, 2005 | 11053835 |
| (15) Ferrum 13 | 600 | Andahuaylas | 10313906 | No 4416-2006-INACC/J Oct 16, 2006 | 11061068 |
| (16) Ferrum 26 | 827 | Andahuaylas | 10227407 | No 000853-2007-INGEMMET/PCD/PM Sept 7, 2007 | 11073793 |
| (17) Ferrum 27 | 1,000 | Andahuaylas | 10262907 | No 000581-2007-INGEMMET/PCD/PM Sept 5, 2007 | 11073799 |
| (18) Ferrum 36 | 1,000 | Andahuaylas | 10553307 | RP 0176-2008-INGEMMET/PCD/PM Feb 29, 2008 | 11075418 |
| (19) Ferrum 28 | 1,000 | Andahuaylas | 10507407 | RP0601-2008-INGEMMET/PCD/PCM Mar 07, 2008 | 11075423 |
| (20) Ferrum 29 | 1,000 | Andahuaylas | 10507507 | RP0365-2008-INGEMMET/PCD/PM Mar 07, 2008 | 11075419 |
| (21) Ferrum 30 | 963 | Andahuaylas | 10525907 | PP 1024-2008-INGEMMET/PCD/PM May 05, 2008 | 11076757 |
| (22) Ferrum 32 | 900 | Andahuaylas | 10552907 | RP0402-2008-INGEMMET/PCD/PM Mar 07, 2008 | 11075425 |
| (23) Ferrum 33 | 900 | Andahuaylas | 10553007 | RP0547-2008-INGEMMET/PCD/PM Mar 07, 2008 | 11075421 |
| (24) Ferrum 34 | 800 | Andahuaylas | 10553107 | RP0764-2008-INGEMMET/PCD/PM Apr 17, 2008 | 11075427 |
| (25) Ferrum 35 | 1,000 | Andahuaylas | 10553207 | RP0347-2008-INGEMMET/PCD/PCM Mar 07, 2008 | 11075426 |
| (26) Ferrum 38 | 800 | Andahuaylas | 10623507 | RP1288-2008-INGEMMET/PCD/PM May 12, 2008 | 11064280 |
| (27) Ferrum 56 | 1,000 | Andahuaylas | 10133508 | RP 1971-2008-INGEMMET/PCD/PM Jun 19, 2008 | 11077123 |
| (28) Ferrum 57 | 1,000 | Andahuaylas | 10133608 | RP 3279-2008-INGEMMET/PCD/PM Sept 9, 2008 | 11081417 |
| (29) Ferrum 58 | 1,000 | Andahuaylas | 10133708 | RP 2206-2008-INGEMMET/PCD/PM 27 Jun, 2008 | 11077127 |
| (30) Ferrum 59 | 1,000 | Andahuaylas | 10133808 | RP 2272-2008-INGEMMET/PCD/PM 27 Jun, 2008 | 11077122 |
| (31) Ferrum 61 | 1,000 | Aymaraes | 10073308 | - | in process |
| (32) Pacunco 1 | 800 | Andahuaylas | 10019508 | RP 1806-2008-INGEMMET/PCD/PM May 29, 2008 | 11076523 |
| (33) Minas Huaycco | 800 | Abancay | 10168708 | RP 2541-2008-INGEMMET/PCD/PM Aug 08, 2008 | 11081416 |
| (34) Sillaccassa 3 | 200 | Andahuaylas | 10491311 | RP 000192-2012-INGEMMET/PCD/PM 30 Mar, 2012 | TBA |
| (35) Cassio 100 | 400 | Andahuaylas | 10182808 | RP 003321-2008- INGEMMET/PCD/PM 10 Sep, 2009 | TBA |
| (36) Colcabamba 1 | 600 | Aymaraes | 10212308 | RP 2986-2008-INGEMMET/PCD/PM Aug 19, 2008 | 11079780 |
| (37) Colcabamba 2 | 500 | Aymaraes | 10212408 | RP 3177-2008-INGEMMET/PCD/PM Sept 8, 2008 | 11081451 |
| (38) Colcabamba 3 | 900 | Aymaraes | 10217208 | RP 3040-2008-INGEMMET/PCD/PM Aug 28, 2008 | 11079781 |
| (39) Colcabamba 4 | 400 | Aymaraes | 10580108 | RP 1117-2009-INGEMMET/PCD/PM Mar 31, 2009 | 11093827 |
| (40) Ferrum 39 | 1,000 | Andahuaylas | 10131408 | RP 1573-2008-INGEMMET/PCD/PM May 29, 2008 | 11076755 |
| (41) Ferrum 40 | 1,000 | Andahuaylas | 10131508 | RP 2905-2008-INGEMMET/PCD/PM Aug 19, 2008 | 11079783 |
| (42) Ferrum 41 | 1,000 | Andahuaylas | 10131608 | RP 1965-2008-INGEMMET/PCD/PM Jun 19, 2008 | 11077113 |
| (43) Ferrum 42 | 1,000 | Andahuaylas | 10131708 | RP 1975-2008-INGEMMET/PCD/PM Jun 19, 2008 | 11077114 |
| (44) Ferrum 43 | 1,000 | Andahuaylas | 10131808 | RP 3243-2008-INGEMMET/PCD/PM Sept 9, 2008 | 11081446 |
| (45) Ferrum 44 | 1,000 | Andahuaylas | 10131908 | RP 1934-2008-INGEMMET/PCD/PM Jun 19, 2008 | 11077115 |
| (46) Ferrum 45 | 1,000 | Andahuaylas | 10132008 | RP 2283-2008-INGEMMET/PCD/PM Jun 27, 2008 | 11077116 |
| (47) Ferrum 46 | 1,000 | Andahuaylas | 10132108 | RP 2523-2008-INGEMMET/PCD/PM Aug 08, 2008 | 11079784 |
| (48) Ferrum 47 | 1,000 | Andahuaylas | 10132208 | RP 1908-2008-INGEMMET/PCD/PM Jun 18, 2008 | 11077117 |
| (49) Ferrum 48 | 1,000 | Andahuaylas | 10132308 | RP 1756-2008-INGEMMET/PCD/PM May 29, 2008 | 11076584 |
| (50) Ferrum 49 | 1,000 | Andahuaylas | 10132408 | RP 2000-2008-INGEMMET/PCD/PM Jun 19, 2008 | 11077118 |
| (51) Ferrum 50 | 900 | Andahuaylas | 10132508 | RP 1922-2008-INGEMMET/PCD/PM Jun 19, 2008 | 11077120 |
| (52) Ferrum 51 | 1,000 | Andahuaylas | 10132608 | RP 1893-2008-INGEMMET/PCD/PM Jun 18, 2008 | 11077121 |
Quarterly Report for period ended 30 June 2015
| Name | Area (Ha) | Province | Code | Title | File No |
|---|---|---|---|---|---|
| (53) Ferrum 52 | 1,000 | Andahuaylas | 10132708 | RP 2803-2008-INGEMMET/PCD/PM Aug 18, 2008 | 11079786 |
| (54) Ferrum 53 | 1,000 | Andahuaylas | 10132808 | RP 2550-2008-INGEMMET/PCD/PM Aug 08, 2008 | 11079787 |
| (55) Ferrum 54 | 700 | Andahuaylas | 10132908 | RP 2899-2008-INGEMMET/PCD/PM Aug 19, 2008 | 11079788 |
| (56) Ferrum 55 | 800 | Andahuaylas | 10133408 | RP 2951-2008-INGEMMET/PCD/PM Aug 19, 2008 | 11079789 |
| (57) Ferrum 60 | 200 | Abancay | 10073208 | RP 6379-2008-INGEMMET/PCD/PM Dec 29, 2008 | 11084879 |
| (58) Ferrum 62 | 900 | Abancay | 10073408 | RP 3147-2008-INGEMMET/PCD/PM Aug 28, 2008 | 11079791 |
| (59) Ferrum 63 | 300 | Grau | 10073008 | RP 1492-2008-INGEMMET/PCD/PM May 26, 2008 | 11076586 |
| (60) Helimag 1 | 900 | Andahuaylas | 10294109 | No 000741-2010 INGEMMET/PCD/PM Mar 22, 2010 | TBA |
| (61) Pichirhua 1 | 800 | Abancay | 10151708 | RP 2638-2008-INGEMMET/PCD/PM Aug 11, 2008 | 11079794 |
| (62) Pichirhua 2 | 400 | Abancay | 10151808 | RP 3244-2008-INGEMMET/PCD/PM Sept 9, 2008 | 11081445 |
| (63) Quimsa 1 | 1,000 | Melgar | 10248007 | RP 000913-2007-INGEMMET/PCD/PM Sept 7, 2007 | TBA |
| (64) Quimsa 2 | 1,000 | Melgar | 10246007 | RP 000345-2007-INGEMMET/PCD/PM Aug 09, 2007 | TBA |
| (65) Roncco | 400 | Aymaraes | 10521708 | Notification 153150-2008 INGE< <et 2008<="" 30="" oct,="" td="">TBA | TBA |
| (66) Ferrum 6 | 1,000 | Aymaraes | 10298804 | RP 00231-2005-INACC/J 19 Jan, 2005 | TBA |
| (67) Ferrum 12 | 700 | Andahuaylas | 10299404 | RP 030326-2005-INACC/J 25 Jan, 2005 | TBA |
| (68) Ferrum 16 | 1,000 | Chumbivilcas | 10026507 | RP 001979-2007-INACC/J 24 May, 2007 | TBA |
| (69) Ferrum 19 | 1,000 | Cotabombas | 10026807 | RP 006426-2008-INGEMMER/PCD/PM 30 Dec, 2008 | TBA |
| (70) Ferrum 20 | 800 | Cajamarca | 10026907 | RP 000064-2009-INGEMMET/PCD/PM 28 Jan, 2009 | TBA |
| (71) Ferrum 21 | 999 | Lucanas | 10027007 | RP 129-2008-MEM/CM 21 Apr, 2008 | TBA |
| (72) Ferrum 25 | 1,000 | Andahuaylas | 10227307 | TBA | TBA |
| (73) Ferrum 64 | 600 | Andahuaylas | 10073108 | RP 000647-2009-INGEMMET/PCD/PM 27 Feb, 2009 | TBA |
| (74) Pucaccasa | 600 | Andahuaylas | 10353408 | RP 005978-2008-INGEMMET/PCD/PM Dec 17, 2008 | TBA |
Cusco Project tenements
| Name | Area (Ha) | Province | Code | Title | File No. |
|---|---|---|---|---|---|
| (1) Julia Clara | 1,000 | Chumbivilcas | 05006523X01 | No 4600-95/RPM Sept 26, 1995 | 20001744 |
| (2) El Pacífico I | 618 | Chumbivilcas | 05006536X01 | No 7077-95/RPM Dec 29, 1995 | 20001785 |
| (3) Ferrum 14 | 268 | Chumbivilcas | 10304705 | No 05032-2005-INACC/J Nov 30, 2005 | 11053842 |
| (4) Ferrum 15 | 992 | Chumbivilcas | 10494906 | RJ 0753-2007-INACC/J Mar 05, 2007 | 11073796 |
| (5) Ferrum 17 | 500 | Chumbivilcas | 10026607 | RP 1815-2007-INGEMMET/PCD/PM Oct 30, 2007 | 11073794 |
| (6) Ferrum 18 | 800 | Chumbivilcas/Cotabambas | 10026707 | RP 1761-2008-INGEMMET/PCD/PM May 29, 2008 | 11076514 |
| (7) Ferrum 65 | 1,000 | Paruro | 10580008 | RP 0337-2009-INGEMMET/PCD/PM Feb 19, 2009 | 11093825 |
| (8) Ferrum 66 | 100 | Paruro | 10580208 | RP 1613-2009-INGEMMET/PCD/PM Jun 4, 2009 | 11093823 |
| (9) Ferrum 67 | 100 | Chumbivilcas | 10579908 | RP 5849-2008-INGEMMET/PCD/PM Dec 17, 2008 | 11084880 |
| (10) Ferrum 68 | 1,000 | Acomayo | 10579808 | RP 1185-2009-INGEMMET/PCD/PM Mar 31, 2009 | 11093824 |
| (11) Ferrum 69 | 1,000 | Acomayo | 10579708 | RP 1633-2009-INGEMMET/PCD/PM Jun 4, 2009 | TBA |
| (12) Ferrum 70 | 1,000 | Acomayo | 10579608 | RP 1848-2009-INGEMMET/PCD/PM Jun 11, 2009 | TBA |
| (13) Ferrum 71 | 1,000 | Acomayo | 10579508 | RP 1120-2009-INGEMMET/PCD/PM Mar 31, 2009 | TBA |
| (14) Ferrum 72 | 1,000 | Paruro | 10408208 | RP 4435-2008-INGEMMET/PCD/PM Oct 21, 2008 | 11084851 |
| (15) Ferrum 73 | 1,000 | Paruro | 10409608 | RP 5050-2008-INGEMMET/PCD/PM Nov 19, 2008 | 11084874 |
| (16) Ferrum 74 | 1,000 | Chumbivilcas/Paruro | 10409708 | RP 5006-2008-INGEMMET/PCD/PM Nov 19, 2008 | 11084871 |
| (17) Ferrum 75 | 303 | Chumbivilcas | 10409808 | RP 5130-2008-INGEMMET/PCD/PM Nov 19, 2008 | 11084873 |
| (18) Ferrum 76 | 974 | Chumbivilcas | 10409908 | RP 4323-2008-INGEMMET/PCD/PM Oct 20, 2008 | 11084870 |
| (19) Ferrum 77 | 1,000 | Paruro | 10408108 | RP 5227-2008-INGEMMET/PCD/PM Nov 19, 2008 | 11084868 |
Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
STRIKE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES
94 088 488 724 30 June 2015
ABN Quarter ended ("current quarter")
Consolidated statement of cash flows
| Current quarter | Year to date | ||
|---|---|---|---|
| Cash flows related to operating activities | $A'000 | (12 months) | |
| $A'000 | |||
| 1.1 | Receipts from product sales and related | - | - |
| debtors | |||
| 1.2 | Payments for(a) exploration & evaluation | (195)* | (195) |
| (b) development | - | - | |
| (c) production | - | - | |
| (d) administration | (371) | (2,055) | |
| 1.3 | Dividends received | - | - |
| 1.4 | Interest and other items of a similar nature | ||
| received | 72 | 251 | |
| 1.5 | Interest and other costs of finance paid | - | - |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Other (provide details if material) | - | - |
| Net Operating Cash Flows | (494) | (1,999) | |
| Cash flows related to investing activities | |||
| 1.8 | Payment for purchases of:(a) prospects | - | - |
| (b) equity investments | - | - | |
| (c) other fixed assets | - | - | |
| 1.9 | Proceeds from sale of:(a) prospects | - | - |
| (b) equity investments | - | - | |
| (c) other fixed assets | - | 22 | |
| 1.10 | - | - | |
| Loans to other entities | |||
| 1.11 | Loans repaid by other entities | - | - |
| 1.12 | Other (provide details if material) | - | - |
| Net investing cash flows | - | 22 | |
| 1.13 | Total operating and investing cash flows(carried forward) | (494) | (1,977) |
* The amount shown in 1.2(a) relates to annual fees and penalties paid in Peru for the Company's 14 mineral tenements which it has retained.
- See chapter 19 for defined terms.
| 1.13 | Total operating and investing cash flows | ||
|---|---|---|---|
| (brought forward) | (494) | (1,977) | |
| Cash flows related to financing activities | |||
| 1.14 | Proceeds from issues of shares, options, etc. | - | - |
| 1.15 | Proceeds from sale of forfeited shares | - | - |
| 1.16 | Proceeds from borrowings | - | - |
| 1.17 | Repayment of borrowings | - | - |
| 1.18 | Dividends paid | - | - |
| 1.19 | Other (provide details if material) | - | - |
| Net financing cash flows | - | - | |
| Net increase (decrease) in cash held | (494) | (1,977) | |
| 1.20 | Cash at beginning of quarter/year to date | 8,868 | 10,351 |
| 1.21 | Exchange rate adjustments to item 1.20 | - | - |
| 1.22 | Cash at end of quarter | 8,374 | 8,374 |
Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities
| Current quarter$A'000 | ||
|---|---|---|
| 1.23 | Aggregate amount of payments to the parties included in item 1.2 | 167 |
| 1.24 | Aggregate amount of loans to the parties included in item 1.10 | - |
1.25 Explanation necessary for an understanding of the transactions
1.23 includes director's fees and salaries for executive and non-executive directors
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
Nil
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
Nil
+ See chapter 19 for defined terms.
Financing facilities available
Add notes as necessary for an understanding of the position.
| Amount available$A'000 | Amount used$A'000 | ||
|---|---|---|---|
| 3.1 | Loan facilities | - | - |
| 3.2 | Credit standby arrangements | - | - |
Estimated cash outflows for next quarter
| $A'000 | ||
|---|---|---|
| 4.1 | Exploration and evaluation | - |
| 4.2 | Development | - |
| 4.3 | Production | - |
| 4.4 | Administration | 362 |
| Total | 362 |
Reconciliation of cash
| Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows)to the related items in the accounts is as follows. | Current quarter$A'000 | Previous quarter$A'000 | |
|---|---|---|---|
| 5.1 | Cash on hand and at bank | 299 | 568 |
| 5.2 | Deposits at call | 8,075 | 8,300 |
| 5.3 | Bank overdraft | - | - |
| 5.4 | Other (provide details) | - | - |
| Total: cash at end of quarter (item 1.22) | 8,374 | 8,868 |
+ See chapter 19 for defined terms.
Changes in interests in mining tenements and petroleum tenements
| Tenement | Nature of interest | Interest at | Interest at | ||
|---|---|---|---|---|---|
| reference and | (note (2)) | beginning | end of | ||
| location | of quarter | quarter | |||
| 6.1 | Interests in mining | Refer to ASX Listing Rule | |||
| tenements and | 5.3.3disclosureinthe | ||||
| petroleum tenements | quarterly activities report. | ||||
| relinquished, reducedor lapsed | |||||
| 6.2 | Interests in mining | Nil | |||
| tenements and | |||||
| petroleum tenements | |||||
| acquired or increased | |||||
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
| Total number | Number quoted | Issue price persecurity (see | Amount paid upper security (see | ||
|---|---|---|---|---|---|
| note 3) (cents) | note 3) (cents) | ||||
| 7.1 | Preference | ||||
| +securities | |||||
| (description) | |||||
| 7.2 | Changes during | ||||
| quarter | |||||
| (a) Increases | |||||
| through issues | |||||
| (b) Decreases | |||||
| through returns | |||||
| of capital, buy | |||||
| backs, | |||||
| redemptions | |||||
| 7.3 | +Ordinary | 145,334,268 | 145,334,268 | ||
| securities | |||||
| 7.4 | Changes during | ||||
| quarter | |||||
| (a) Increases | |||||
| through issues | |||||
| (b) Decreases | |||||
| through returns | |||||
| of capital, buy | |||||
| backs | |||||
| 7.5 | +Convertible | ||||
| debt | |||||
| securities | |||||
| (description) |
+ See chapter 19 for defined terms.
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| 7.6 | Changes duringquarter(a) Increasesthrough issues(b) Decreasesthroughsecuritiesmatured,converted | |||
|---|---|---|---|---|
| 7.7 | Options | Exercise price | Expiry date | |
| Director options | 500,000 | 36.0 cents | 23 November 2016 | |
| Director options | 500,000 | 42.0 cents | 23 November 2016 | |
| Director options | 500,000 | 56.0 cents | 23 November 2016 | |
| Director options | 666,668 | 36.0 cents | 23 November 2016 | |
| Director options | 666,666 | 42.0 cents | 23 November 2016 | |
| Director options | 666,666 | 56.0 cents | 23 November 2016 | |
| Director options | 3,000,000 | 30.0 cents | 17 June 2018 | |
| 7.8 | Issued during | |||
| quarter | ||||
| 7.9 | Exercised | |||
| during quarter | ||||
| 7.10 | Expired during | |||
| quarter | ||||
| 7.11 | Debentures | |||
| (totals only) | ||||
| 7.12 | Unsecured | |||
| notes (totals | ||||
| only) | ||||
Compliance statement
- 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
- 2 This statement does give a true and fair view of the matters disclosed.
Managing Director
Sign here: Date: 31 July 2015
Print name: William Johnson
+ See chapter 19 for defined terms.
Notes
- 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
- 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
- 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities*.*
- 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
- 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
== == == == ==
+ See chapter 19 for defined terms.