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STRIKE RESOURCES LIMITED Interim / Quarterly Report 2018
65855_rns_2017-10-26_dbb5a7d7-dd39-4566-ad67-c35beec578f9.pdf
Interim / Quarterly Report
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Quarterly Report for period ended 30 September 2017
QUARTERLY REPORT
COMPANY DETAILS
ABN: 94 088 488 724
PRINCIPAL AND
REGISTERED OFFICE Level 2 23 Ventnor Avenue West Perth WA 6005
T (08) 9214 9700 F (08) 9214 9701
W www.strikeresources.com.au E [email protected]
ASX CODE SRK
SECURITIES ON ISSUE 145,334,268 listed shares 3,000,000 unlisted options
BOARD OF DIRECTORS
Farooq Khan (Chairman) William Johnson (Managing Director)
Malcolm Richmond (Non-Executive Director)
Matthew Hammond (Non-Executive Director) Victor Ho (Director)
COMPANY SECRETARY Victor Ho [email protected]
FOR FURTHER INFORMATION
William Johnson Managing Director [email protected]
27 October 2017
QUARTERLY ACTIVITIES
Strike Resources Limited (Strike) presents its Quarterly Report for the quarter ended 30 September 2017.
As at 30 September 2017, Strike had net assets of ~$5.462 million (comprising ~$4.484 million gross cash, ~0.553 million investments 1 and ~$0.496 million in other assets less provisions/accruals/trade creditors of ~$0.071 million).
Burke Graphite Project
During the quarter, Strike conducted metallurgical testwork on samples of graphite taken from the Burke Graphite Project. The testwork confirmed that Burke graphite is potentially suitable for use in lithium-ion electric vehicle and grid storage batteries and for the production of Graphene.
Strike is encouraged by these results and plans further testwork to determine with greater confidence the particular applications for which its graphite may be suitable.
Lithium exploration, Western Australia
Exploration licence E45-4799 was granted to Strike on 4 July 2017. Exploration licence E45-4800 was granted to Strike on 10 August 2017.
E45-4799 and E45-4800 are located in the North Pilbara and cover a region considered prospective for Lithium. Strike is planning to undertake an initial exploration programme of geological mapping and metallurgical sampling over the tenements covered by these licenses during the current quarter, with the primary targeted minerals being lithium, tantalum and rare earth elements associated with pegmatites and/or alluvials.
About Strike Resources Limited (ASX:SRK)
Strike Resources is an ASX listed resource company, owner of the high grade Apurimac Magnetite Iron Ore Project and Cusco Magnetite Iron Ore Project in Peru and is currently developing its Burke Graphite Project in Queensland and lithium exploration tenements in Western Australia.
1 Investments comprise liquid investments in a diversified portfolio of various ASX 200 listed resource stocks, undertaken as p art of a capital management strategy
PROJECTS
Burke Graphite Project, Queensland
Strike's Burke Graphite Project (in which Strike holds a 60% interest) is located in the Cloncurry region in North Central Queensland, where there is access to well-developed transport infrastructure to an airport at Mt Isa (~122km) and a port in Townsville (~783km).
A maiden drilling campaign was undertaken by Strike between 24 April 2017 and 14 May 2017 to test the graphite mineralisation in the key Burke tenement, EPM 25443. Total metres drilled were 735.2m (618m in 9 RC holes and 117.2m in one diamond core hole) spread across four cross-sections over a strike length of 500m.
Drilling confirmed the continuity of high grade (>10%) graphite mineralisation over 500m along strike in the NE-SW direction and confirmed the presence of extensive zones of very high- grade graphite mineralization, commencing at surface and extending to at least 100m in depth (Figure 1). Intersections encountered include:
- 99.8 Metres @ 21.1% TGC from 9 metres depth; and
- 43 Metres @ 18.87% TGC from 21 metres depth.
Figure 1. Burke Graphite Project Cross Section.
During the quarter, Strike engaged Independent Metallurgical Operations Pty Ltd (IMO) to undertake metallurgical testwork (graphite flotation and exfoliation tests) on samples of graphite taken from the Burke Graphite Project.
The testwork confirmed that Burke graphite is potentially suitable for use in lithium-ion electric vehicle and grid storage batteries and for the production of Graphene.
Strike is encouraged by these results and plans further testwork to determine with greater confidence the particular applications for which its graphite may be suitable.
For further details, please refer to Strike's ASX announcements dated:
- 16 October 2017: Burke Graphite Project Metallurgical Testwork Results;
- 21 April 2017: Jumbo Flake Graphite Confirmed at Burke Graphite Project;
- 13 June 2017: High Grade Graphite Intersections at Burke Graphite Project; and
- 21 June 2017: Further Intersection Encountered at Burke Graphite Project.
The Burke Graphite Project also includes the Corella tenement, EPM 25696, located approximately 120km south of EPM 25443. Analysis of samples taken from the Corella tenement have established that widespread graphite mineralisation exists in this tenement also, with zones of higher grade graphite up to 14.85% TGC.
Lithium Exploration Tenements, Western Australia
The North Pilbara hosts a number of lithium and tantalum prospects associated with pegmatites that are related to the Sisters Supersuite of monzogranites and other high end intrusives that intruded the Archeaen greenstone terrain of the East Pilbara approximately 3 billion years ago.
Lithium and tantalum mineralisation occurs either within the pegmatite veins or within alluvials draining the elevated areas containing the pegmatite veins.
Strike holds two exploration licences, E45-4799 and E45-4800 totalling ~31,000 hectares that exist within the extent of the known lithium and tantalum mineral fields in the region, adjacent to licences that have outcropping lithium and tantalum elevated pegmatite occurrences. Given the widespread cover of thin wind-blown sands and tertiary laterites/duricrusts, the potential of sub-cropping and shallow buried lithium and tantalum rich pegmatites and alluvial deposits is considered a strong possibility.
Both licenses have now been granted. Strike is planning to undertake an initial exploration programme of geological mapping and metallurgical sampling over the tenements covered by these licenses during the current quarter, with the primary targeted minerals being lithium, tantalum and rare earth elements associated with pegmatites and/or alluvials.
For further details, please refer to Strike's ASX announcement dated 18 August 2016: New Lithium Projects in Chile and Western Australia
Lithium Exploration Concessions, Chile
Strike has, through its associates in Chile, lodged applications to secure a number of exploration concessions in Northern Chile totalling approximately 4,700 hectares in area, in a region that hosts some of the largest lithium deposits and operations in the world.
The project area is reported to contain 'caliche' style mineralisation which is formed predominantly from hardened deposits of sedimentary alkali metal salts (halides, nitrates and sulfates). Caliches consist mainly of calcium carbonates (CaCO3) but in some parts of northern Chile, Argentina and Bolivia, these minerals are relatively rich in lithium and other elements. Initial soil sampling reported by the previous
holders of the concessions has confirmed the presence of lithium mineralisation within the tenements, with assay results returning elevated grades of lithium above 1,000 ppm.
For further details, please refer to Strike's ASX announcement dated 18 August 2016: New Lithium Projects in Chile and Western Australia.
Apurimac Iron Ore Project, Peru
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.
Adverse market conditions however have led Strike to suspend all development activities on this and its other iron ore projects in Peru.2 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 Strike 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 relatively soft, resulting in potentially cheaper processing costs once in production.
A Prefeasibility Study completed in 20083 and updated in 20104 on the Apurimac Project indicated clear potential for development of a world class iron ore project:
- JORC Indicated and Inferred Mineral Resource at the main Opaban I/III concessions of 269Mt of iron ore at 57.3% Fe (142 Mt Indicated Resource at 57.84% Fe and 127 Mt Inferred Resource at 56.7% Fe). Of this, potentially 67Mt of Direct Shipping Ore (DSO) at an average grade of 61.5% Fe has been identified.
- 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 the 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.
Cusco Iron Ore Project, Peru
The Cusco Project lies approximately 150km to the south - east of Apurimac and forms a potential secondary development target for Strike 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.
2 Refer Strike's ASX Announcements dated 28 February 2014: Legal Injunction and Suspension of Operations in Peru, 13 March 2014 Lifting of Injunction and Strategic Review and14 April 2014: Exit from Peru
3 Refer Strike's ASX Announcement dated 23 July 2008: Prefeasibility Results Confirm World Class Prospects in Peru
4 Refer Strike's ASX Announcement dated 23 November 2010: Apurimac Project Update and Strike's December 2010 Quarterly Report
JORC MINERAL RESOURCES
The following JORC Code compliant (2004 and 2012) Mineral Resources estimates are as at the end of the quarter and currently:
Apurimac Iron Ore Project (Peru) (Strike – 100%)
The Apurimac Project has a JORC Code (2012 Edition) compliant Mineral 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.
| Category | Concession | Density t/m3 | Mt | Fe% | SiO2% | Al2O3% | P% | S% |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Inferred | Opaban 1 | 4 | 127.19 | 56.7 | 9.66 | 2.7 | 0.04 | 0.2 |
| Total Indicated and Inferred | 269.4 | 57.3 | 9.4 | 2.56 | 0.04 | 0.16 |
The information in this JORC Resource table was prepared and first disclosed under the 2004 JORC Code (in Strike's ASX announcement dated 11 February 2010: Peruvian Apurimac Iron Ore Project Resource Increased to 269 Million Tonnes) and has subsequently been upgraded to comply with the 2012 JORC Code and disclosed in Strike's ASX Announcement dated 19 January 2015: Apurimac Mineral Resources Updated to JORC 2012 Standard.
Cusco Iron Ore Project (Peru) (Strike – 100%)
The Cusco Project has a JORC Code (2004 Edition) compliant Mineral Resource of 104.4 Mt Inferred Mineral Resource at 32.62% Fe.
| Category | Concession | 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 |
The information in this JORC Resource table was prepared and first disclosed under the 2004 JORC Code (in Strike's ASX announcement dated 17 June 2011: Cusco Project – Resource Estimate). It has not been updated since to comply with the 2012 JORC Code on the basis that the information has not materially changed since it was last reported.
LIST OF MINERAL CONCESSIONS
The following mineral concessions were held as at the end of the quarter and currently:
Apurimac Iron Ore Project (Peru) (Strike – 100%)
| Area | ||||||
|---|---|---|---|---|---|---|
| Name | (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 | RP 3445-2010-INGEMMET/PCD/PM Oct 18,2010 | 11102187 |
| (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 Iron Ore Project (Peru) (Strike – 100%)
| Area | |||||
|---|---|---|---|---|---|
| Name | (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 Iron-Ore Project (Western Australia) (Strike – 100%)
| Tenement No | Status | Grant Date | Expiry Date | Area (blocks/Ha) | Area (km²) |
|---|---|---|---|---|---|
| Retention Licence RL 47/7 | Granted | 4/12/14 | 4/12/2019 | ~381 Ha | ~3.81 |
Burke Graphite Project (Queensland) (Strike – 60%)
| Tenement No | Status | Grant Date | Expiry Date | Area (blocks/Ha) | Area (km²) |
|---|---|---|---|---|---|
| EPM 25443 | Granted | 4/9/14 | 3/9/2019 | 5 sub-blocks | ~16 |
| EPM 25696 | Granted | 2/4/15 | 1/4/2020 | 11 sub-blocks | ~36 |
Lithium Project (Western Australia) (Strike – 100%)
| Tenement No | Status | Grant Date | Expiry Date | Area (blocks/Ha) | Area (km²) |
|---|---|---|---|---|---|
| E45-4799 | Granted | 4/7/17 | 4/7/2022 | 26 blocks (8292ha) | ~83 |
| E45-4800 | Granted | 10/8/17 | 10/8/2022 | 70 blocks (22422ha) | ~224 |
Quarterly Report for period ended 30 September 2017
JORC CODE COMPETENT PERSON'S STATEMENTS
JORC Code (2012) Competent Person Statement - Apurimac Project Mineral Resources
The information in this document that relates to Mineral Resources and other Exploration Results (as applicable) in relation to the Apurimac Iron Ore Project (Peru) is based on, and fairly represents, information and supporting documentation prepared by Mr Ken Hellsten, B.Sc. (Geology), who is a Fellow of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Hellsten was a principal consultant to Strike Resources Limited and was also formerly the Managing Director of Strike Resources Limited (between 24 March 2010 and 19 January 2013). Mr Hellsten has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration 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" (JORC Code). Mr Hellsten has approved and consented to the inclusion in this document of the matters based on his information in the form and context in which it appears.
JORC Code (2004) Competent Person Statement – Cusco Project Mineral Resources
The information in this document that relates to Mineral Resources and other Exploration Results (as applicable) in relation to the Cusco Iron Ore Project (Peru) is based on, and fairly represents, information and supporting documentation prepared by Mr Ken Hellsten, B.Sc. (Geology), who is a Fellow of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Hellsten was a principal consultant to Strike Resources Limited and was also formerly the Managing Director of Strike Resources Limited (between 24 March 2010 and 19 January 2013). Mr Hellsten has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the JORC Code. Mr Hellsten approves and consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.
JORC Code (2012) Competent Person Statement - Burke Graphite Project Mineral Resources
The information in this document that relates to Exploration Results in relation to the Burke EPM 25443 and Corella EPM 25696 tenements is based on, and fairly represents, information and supporting documentation prepared by Mr Peter Smith, BSc (Geophysics) (Sydney) AIG ASEG, who is a Member of The Australasian Institute of Geoscientists (AIG). Mr Smith is a consultant to Strike Resources Limited. Mr Smith has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration 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" (JORC Code). Mr Smith has approved and consented to the inclusion in this document of the matters based on his information in the form and context in which it appears.
The information in this release that relates to metallurgical test work undertaken on the Burke Graphite Project is based on information compiled and / or reviewed by Mr Peter Adamini who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Adamini is a full-time employee of Independent Metallurgical Operations. Mr Adamini consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
FORWARD LOOKING STATEMENTS
This report contains "forward-looking statements" and "forward-looking information", including statements and forecasts which include without limitation, expectations regarding future performance, costs, production levels or rates, mineral reserves and resources, the financial position of Strike, industry growth and other trend projections. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "is expecting", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Such information is based on assumptions and judgements of management regarding future events and results. The purpose of forward-looking information is to provide the audience with information about management's expectations and plans. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Strike and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, changes in market conditions, future prices of minerals/commodities, the actual results of current production, development and/or exploration activities, changes in project parameters as plans continue to be refined, variations in grade or recovery rates, plant and/or equipment failure and the possibility of cost overruns.
Quarterly Report for period ended 30 September 2017
Forward-looking information and statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Strike believes that the assumptions and expectations reflected in such forwardlooking statements and information are reasonable. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Strike does not undertake to update any forward-looking information or statements, except in accordance with applicable securities laws.
+Rule 5.5
Appendix 5B
Gas Exploration Entity Quarterly Report Mining Exploration Entity and Oil and
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
STRIKE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES
ABN
94 088 488 724
Quarter Ended (current quarter)
| 94 088 488 724 | 30 September 2017 | |||
|---|---|---|---|---|
| Consolidated statement of cash flows | Current QuarterSep-2017$A' 000 | Year to Date3 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 | (108)--(118)(86) | (108)--(118)(86) | |
| 1.31.41.51.61.71.8 | Dividends received (see note 3)Interest receivedInterest and other costs of finance paidIncome taxes paidResearch and development refundsOther (provide details if material) | -41---- | -41---- | |
| 1.9 | Net cash from / (used in) operating activities | (271) | (271) |
| Consolidated statement of cash flows | Current QuarterSep-2017 | Year to Date3 months | |
|---|---|---|---|
| $A' 000 | $A' 000 | ||
| 2. | Cash flows from investing activities | ||
| 2.1 | Payments to acquire: | ||
| (a)property, plant and equipment | - | - | |
| (b)tenements (see item 10) | - | - | |
| (c)investments | (593) | (593) | |
| (d)other non-current assets | - | - | |
| 2.2 | Proceeds from the disposal of: | ||
| (a)property, plant and equipment | - | - | |
| (b)tenements (see item 10) | - | - | |
| (c)investments | 41 | 41 | |
| (d)other non-current assets | - | - | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (provide details if material) | - | - |
| 2.6 | Net cash from / (used in) investing activities | (552) | (552) |
| 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 oroptions | - | - |
| 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 | - | - |
| 4. | Net increase / (decrease) in cash and cash equivalents for | ||
| the period | |||
| 4.1 | Cash and cash equivalents at beginning of period | 5,309 | 5,309 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (271) | (271) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (552) | (552) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | - | - |
| 4.5 | Effect of movement in exchange rates on cash held | (1) | (1) |
| 4.6 | Cash and cash equivalents at end of period | 4,484 | 4,484 |
| 5. | Reconciliation of cash and cash equivalentsat the end of the quarter (as shown in the consolidated statement ofcash flows) to the related items in the accounts | CurrentQuarter$A' 000 | PreviousQuarter$A' 000 |
|---|---|---|---|
| 5.1 | Bank balances | 509 | 884 |
| 5.2 | Call deposits | 3,975 | 4,425 |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end of quarter (shouldequal item 4.6 above) | 4,484 | 5,309 |
| 6. | Payments to directors of the entity and their associates | Current Quarter$A' 000 |
|---|---|---|
| 6.1 | Aggregate amount of payments to these parties included in item 1.2 | 118 |
| 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 6.1 includes directors' fees, salaries and superannuation for Executive and Non-Executive Directors
| 7. | Payments to related entities of the entity and their associates | Current Quarter$A' 000 |
|---|---|---|
| 7.1 | Aggregate amount of payments to these parties included in item 1.2 | - |
| 7.2 | Aggregate amount of cash flow from loans to these parties included in item 2.3 | - |
7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
Nil
| 8. | Financing facilities availableAdd notes as necessary for an understanding of the position | Total facility amountat quarter end$A' 000 | Amount drawnat quarter end$A' 000 |
|---|---|---|---|
| 8.18.2 | Loan facilitiesCredit 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.
Nil
| 9. | Estimated cash outflows for next quarter | |
|---|---|---|
| $A' 000 | ||
| 9.1 | Exploration and evaluation | 100 |
| 9.2 | Development | - |
| 9.3 | Production | - |
| 9.4 | Staff costs | 115 |
| 9.5 | Administration and corporate costs | 50 |
| 9.6 | Other (provide details if material) | - |
| 9.7 | Total estimated cash outflows | 265 |
| 10. | Changes in tenements(items 2.1(b) and 2.2(b)above) | Tenementreference andlocation | Nature ofinterest | Interest at beginningof quarter | Interest at end ofquarter |
|---|---|---|---|---|---|
| 10.1 | Interests in mining tenementsand petroleum tenementslapsed, relinquished orreduced | Refer Quarterly Activities Report | |||
| 10.2 | Interests in mining tenementsand petroleum tenementsacquired or increased | Refer Quarterly Activities Report |
Compliance statement
-
- This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
-
- This statement gives a true and fair view of the matters disclosed.
William Johnson Managing Director
27 October 2017
See Chapter 19 of ASX Listing Rules for defined terms
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.