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STRIKE RESOURCES LIMITED Interim / Quarterly Report 2019
65855_rns_2019-04-30_6aa7ac2a-eb12-44c0-9e30-00307c626984.pdf
Interim / Quarterly Report
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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
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]
30 April 2019
QUARTERLY ACTIVITIES
Strike Resources Limited (Strike) presents its Quarterly Report for the quarter ended 31 March 2019. As at 31 March 2019, Strike had net assets of ~$4.291 million (comprising ~$2.124 million gross cash, ~$1.511 million investments1 and ~$0.744 million in other assets less provisions/accruals/trade creditors of ~$0.088 million).
Solaroz Lithium Brine Project (Argentina)
The Company acquired a 90% interest in the highly prospective Solaroz Lithium Brine Project (Solaroz), located in the heart of the South American 'Lithium Triangle', Argentina.
Solaroz is located within the same Salar de Olaroz Basin, and directly adjacent to Orocobre's Salar de Olaroz lithium project.
Strike is planning an extensive exploration programme to test for the occurrence of lithium-rich brine beneath the Solarez Concessions.
Burke Graphite Project (Queensland)
Metallurgical test work has continued this quarter on samples of graphite material from the Burke Graphite Project, to examine the potential suitability of the Burke Project graphite for use in electric vehicle (EV) batteries. The Company has also participated in a joint application for a Government grant to develop new battery anode technology using its natural Burke Graphite.
Apurimac Iron Project (Peru)
Strike's Apurimac Iron Ore Project in Peru is 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. The Peru Government has commissioned a study into building a 570km multi-railway, which would connect Strike's Apurimac Iron Ore Project to a multi-user port on the west coast of Peru. Subsequent to the end of the quarter, the Company executed a Cooperation and Confidentiality Agreement with the consortium undertaking the railway study to provide input and assistance to the study.
About Strike Resources Limited (ASX:SRK)
Strike Resources is an ASX listed resource company developing a number of battery minerals related projects around the world, including the highly prospective Solaroz Lithium Brine Project in Argentina; the Burke Graphite Project in Queensland, Australia; and a lithium exploration tenement in Western Australia. Strike also owns the high-grade Apurimac Magnetite Iron Ore Project and Cusco Magnetite Iron Ore Project.
1 Investments comprise liquid investments in a diversified portfolio of various ASX 200 listed resource stocks
PROJECTS
Acquisition of Solaroz Lithium Project (Argentina)
During the quarter, Strike entered into an agreement to acquire a 90% interest in the highly prospective Solaroz Lithium Brine Project (Solaroz) within South America's 'Lithium Triangle' in North-West Argentina.
Solaroz comprises concessions (Solaroz Concessions) totalling 12,000 hectares in area, mostly adjacent to and principally surrounded by concessions held by ASX-listed Orocobre Limited (ASX:ORE - market capitalisation ~A$1 billion) and TSX-listed Lithium Americas Corporation (TSX:LAC - market capitalisation ~C$500 million).
Solaroz is located in the same Salar de Olaroz Basin as and directly adjacent to the producing Salar de Olaroz Lithium Brine Project operated by Orocobre and its JV partner, Tokyo Stock Exchange listed Toyota Tsusho Corporation (TYO:8015).
The location of Solaroz is considered by Strike to be highly strategic and prospective for containing commercial quantities and concentrations of lithium-rich brine, since Strike believes that the aquifer which supplies the lithium-rich brine being extracted by Orocobre is likely to extend under Strike's Solaroz Concessions. This will be tested by geophysical work and drilling in due course with a view to fast tracking production of lithium carbonate dependent upon these works being successfully concluded.
Solaroz Concessions
The Solaroz Concessions comprise 8 (eight) exploitation concessions totaling 12,000 hectares (refer Figure 1) in Jujuy Province in northern Argentina, approximately 230 kilometres north-west of the capital city of Jujuy. The Solaroz Concessions lie at an altitude of approximately 3,900 metres and are accessed by good quality road infrastructure.
The location is supported by favourable conditions in terms of both the operating environment and local infrastructure. Very limited rainfall combined with dry, windy conditions create the ideal environment for the brine-evaporation process.
The area is also serviced by a gas pipeline which intersects the Solaroz Concessions, high voltage electricity, and paved highways. Three major seaports, Buenos Aires in Argentina, Antofagasta and Iquique in Chile, are serviced by international carriers and are easily accessible by road and/or rail.
The Solaroz Concessions lie over the same Salar de Olaroz Basin from which Orocobre is extracting and processing lithium rich brine for sale as lithium carbonate since 2015. The Solaroz Concessions follow and overlap into the visible white halite salt layer of the 'Salar' (salt lake) and extend as substantial flat areas with 1 - 2 metres of elevation to the visible halite area, providing the ideal location and topography for the construction of evaporation ponds.
Strike's interpretation of the basin architecture is that the aquifer which supplies the lithium-rich brine being extracted by Orocobre (and targeted by other exploration and development companies in the area) extends under the Solaroz Concessions (refer Figure 2).
Figure 1: Solaroz Project – Location of Concessions
Figure 2: Geological cross sections depicting evolution of Olaroz Salar Basin and Strike's primary target zone for lithium mineralisation
The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The Salar de Olaroz is one of a number of land locked salt lakes located high up in the Argentinian Puna Region. The Salar de Olaroz Basin is bounded by a pair of north-south reverse faults that thrust Andes Paleozoic sediment west to east as a result of the Pacific Plate colliding with the South American Plate. This results in the west side of the basin being continually pushed higher which replenishes the sediment fill within the basin.
Strike's Exploration Target is based on the interpretation that the alluvial deposits upon which the Solaroz Concessions are located (at the North-West corner of the Salar) have been deposited relatively recently and lie directly above the productive deep sand unit of the lithium rich aquifer from which Orocobre is extracting its brine (refer "Deep Sand Unit", shown in yellow in Figure 2). The potential quantity and grade of Strike's Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Strike's geological interpretation indicates that the majority of the Solaroz Concessions are likely to lie directly over the productive lithium rich aquifer. Previously published geophysical studies undertaken by Orocobre2 indicate that the sub-surface brine hosting aquifers appear to extend well outside the boundaries of the visible salt area and to depth and adds evidence supporting the likelihood of lithium rich brine hosted beneath the Solaroz Concessions.
Other exploration and development companies (for example, Advantage Lithium Corp. (TSXV:AAL); Millennial Lithium Corp. (TSXV:ML); Lake Resources N.L. (ASX:LKE) and Galan Lithium Limited (ASX:GLN) have also confirmed through geophysics and drilling that lithium-rich brine hosting aquifers in Argentina tend to extend well outside boundaries of today's visible salt pans.
Commencement of Environmental Impact Assessment
Subsequent to the end of the quarter and following a positive meeting with the Secretary of Mines of Jujuy Province in Argentina, Strike has now commenced the preparation of an Environmental Impact Assessment (EIA) for exploration work at Solaroz. This will include collecting and monitoring baseline environmental data and preparing a detailed proposed fieldwork programme for submission to the Jujuy Mining Authority (the provincial authority responsible for approving exploration and mining activities atSolaroz).
The EIA will include:
- Environmental Information: Location of the Project; geomorphological units; weather description of the area; hydrological bodies in the area; depth of groundwater; water destination; soil use and destination; identification of Protected Areas; sites with historical, cultural, archaeological or paleontological value.
- Description of the Fieldwork: Objective of the exploration works; access to the Project; fieldwork that will be developed; camp and facilities; number of employees; water source, quality and consumption; energy, type and use; chemicals, fuels and lubricants.
- Environmental Impact: Environmental impact of exploration works to geomorphology, water, soil, flora, fauna and the sociocultural environment.
- Environmental Prevention and Mitigation: Measurement and, where applicable, prevention and mitigation of any environmental impacts.
The EIA will cover exploration works for a 2-year period. The EIA preparation will involve a number of baseline studies and a process of consultation with impacted local communities and it is expected that preparation of the EIA (including community consultation) will take approximately 3 months.
Strike's planned exploration programme (subject to approval of the EIA) consists of geophysical surveys, followed by drilling, sampling and flow rate testing in the event that sufficient brine is intersected.
For further details please refer to Strike's announcements:
- 13 March 2019: "Strike Secures Solaroz Lithium Brine Project in Argentina's Lithium Triangle".
- 17 April 2019: "Strike Commences Solaroz Lithium Brine Project Work Programme inArgentina".
2 Reference: Olaroz Technical Report dated 13 May 2011: Salar De Olaroz Lithium-Potash Project, Jujuy Province, Argentina
Lithium in Argentina
Argentina holds the world's biggest lithium resources (as brine deposits) and is currently the world's third largest producer of lithium, after Australia and Chile.
One of the key attractions of lithium brine projects in Argentina is their low cost of production compared to hard rock lithium projects – Argentinian (and Chilean) lithium brine projects are well recognised as being the lowest on the lithium carbonate production cost curve.
The principle reason for the low operating cost is that lithium rich brine, once pumped to the surface (typically from aquifers at up to several hundred metres depth) is then transferred to large evaporation ponds, which rely on free energy from the sun and local atmospheric conditions to concentrate the brine. There are generally no environmentally damaging tailings or toxic by-products.
Strike proposes to follow the well-established and proven production methodology for converting lithium-rich brines into lithium carbonate in a similar manner to existing Argentinian based lithium brine producers.
Apurimac Iron Ore Project, Peru
Between 2006 and 2014, Strike's primary focus was on the development of its Apurimac Magnetite Iron Ore 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 led Strike in 2014 to suspend all development activities on this and its other iron ore projects in Peru.3
In early 2018 the Ministry of Transport and Communications in Peru (MOTC) announced that it is to undertake a formal study to build a multi-user railway from the inland city of Andahuaylas in southern Peru, to the mineral export Port of San Juan de Marcona on the west coast of Peru (the Andahuaylas Railway). 4
Following a competitive tender process, in October 2018 the MOTC awarded the study to a consortium comprising local Peru subsidiaries of international companies Dohwa Engineering Co. Ltd. (Korea), Geodata Engineering S.P.A. (Italy) and Genera Consulting S.A.C.5 Whilst no specific guidance has been given by the consortium, Strike expects the study to take approximately 12 months to complete.
Strike's Apurimac Project is located only 20km from the city of Andahuaylas. The proposed railway (approximately 570km in length) would provide a direct link from the Project to an established mineralexport port, significantly improving the Project's development prospects. The preliminary railway route proposed by the MOTC (refer Figure 3) almost exactly mirrors the railway route proposed by SKM for Strike in 2008.
Strike understands that the primary motivation behind the MOTC Andahuaylas Railway initiative is to provide economic stimulation to the relatively poorer regions of Ica, Arequipa, Ayacucho and Apurimac. The Apurimac Region in particular, is positioned well inland and has historically suffered from lack of good transport infrastructure connecting it to the coastal areas and the Peru capital, Lima.
The scale of Strike's Apurimac Project, if it proceeds through the Andahuaylas Railway, is likely to provide for very significant economic benefits to the Apurimac Province in terms of both direct investment and job creation. Other mineral projects in the Apurimac and Cusco Regions are also likely to directly benefit from the AndahuaylasRailway.
3 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
4 Refer Strike's ASX Announcement dated 8 February 2018: Peru Government Plans Railway Linking Strike's Apurimac Iron Ore Project to Port
5 Refer Strike's ASX Announcement dated 24 October 2018: Peru Govt Awards Tender for Railway Study
Figure 3: Route of proposed Andahuaylas Railway connecting Strike's Apurimac Project to Port of San Juan de Marcona
A railway has always been considered as the best infrastructure solution for the Apurimac Project, given the high-grade nature of the iron ore deposit. A railway connecting the Project to a Port will provide Strike the ability to attract premium pricing for high-grade lump and fines products, compared to a concentrate product delivered through an alternative slurry pipeline. In addition, a railway will allow for capital and processing costs at the mine to be substantially reduced, given the considerably simplified process to produce lump and fines products from Strike's high grade ore compared to producing a slurry concentrate.
The exceptionally high-grade 57% Fe at Apurimac 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:
- 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).
- 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.
A Pre-Feasibility Study completed in 20086 and updated in 20107 on the Apurimac Project indicated clear potential for development of a world class iron ore project:
• The 2008 Pre-Feasibility Study undertaken by Snowden Mining Industry Consultants and SKM utilised a proposed slurry pipeline configuration but considered a range of infrastructure options including a railway. The concentrate pipeline was the preferred transport solution (under the study) as the additional capital cost of building a railway compared to a slurry pipeline outweighed the operational and other benefits of a railway. For further details, refer to Strike's ASX Announcement dated 23 July 2008: Prefeasibility Results Confirm World Class Prospects in Peru.
6 Refer Strike's ASX Announcement dated 23 July 2008: Prefeasibility Results Confirm World Class Prospects in Peru
7 Refer Strike's ASX Announcement dated 23 November 2010: Apurimac Project Update and Strike's December 2010 Quarterly Report
• Further infrastructure studies were undertaken by Ausenco Sandwell and SRK Consulting in 2010, including a more detailed technical and costing study on building and operating a dedicated railway. The purpose of these studies was to further compare the economics of the slurry pipeline versus railway infrastructure solutions at various production levels. For further details, refer to Strike's ASX Announcement dated 23 November 2010: Apurimac Project Update and Strike's December 2010 Quarterly Report.
Since the completion of the studies referred to above, Strike has continued to evaluate its development options for the Project. With falling iron ore prices and a global investment climate in recent years not supportive of large scale iron-ore related infrastructure projects, Strike has acted to minimise its Projectrelated costs until market conditions improved.
With spot prices for iron ore strengthening from the lows of approximately US$40 per tonne in December 2015 to approximately US$91/t as at 29 April 2019 (with a 12 month trading range of approximately US$65/t to 95/t)8 , the timing of the MOTC Andahuaylas Railway initiative, being co-incident with strengthening iron ore prices, is considered by Strike to be extremely positive for the Project.
The Company is highly encouraged by the prospect of the Andahuaylas Railway, particularly given the recent award of the tender for the railway study.
Included in the 2008 and 2010 studies referred to above, was a comprehensive study undertaken by international engineering companies into the technical and commercial aspects of building a railway from Andahuaylas to San Juan de Marcona. A detailed route alignment was mapped by Strike, together with capital and operating cost estimates (in the order of +- 20%) relating to:
- track infrastructure;
- equipment, including locomotives, ore wagons, maintenance of way machines, vehicles etc;
- maintenance and operating facilities, including repair shops, tools and equipment, railway offices, communications and train control equipment, bunkhouses and on line buildings; and
- railway system manpower.
Subsequent to the end of the quarter, the Company executed a Cooperation and Confidentiality Agreement 9 with the consortium undertaking the Government funded railway study, to provide input and assistance to the study. Under this agreement, strike is sharing its earlier railway study referred to above, with the current study consortium and has committed to provide additional assistance as necessary to assist with the current study.
Strike is planning to re-start project activity in Peru, subject to the development timetable of the railway.
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.
Whilst no detailed work has been undertaken on a railway route between Strike's Apurimac and Cusco Projects, it is clear that if the Andahuaylas Railway proceeds, a 'spur line' from Andahuaylas to Strike's Cusco Project would (subject to technical and commercial feasibility) be a very sensible consideration, given the proximity of several other major mining projects nearby Strike's Cusco Project which would also benefit from such a rail link.
8 Source: https://www.marketindex.com.au/iron-ore (Industry standard NYMEXtraded 62% Fe, CFR China)
9 Refer Strike's ASX Announcement dated 18 April 2019: Strike Enters into Cooperation Agreement with Peru Railway Consortium
Burke Graphite Project, Queensland
Strike's Burke Graphite Project (in which Strike holds a ~70% 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 Mineral Resource Estimate (MRE) for the Project has defined a maiden Inferred Mineral Resource of 10:
- 6.3 million tonnes @ 16.0% Total Graphitic Carbon (TGC) for 1,000,000 tonnes of contained graphite;
- Within the mineralisation envelope there is included higher grade material of 2.3 million tonnes @ 20.6% TGC (with a TGC cut-off grade of 18%) for 464,000 tonnes of contained graphite which will be investigated further.
These grades place the Burke deposit as one of the highest-grade deposits of graphite in the world held by an Australian listed company.
10 Refer Grade Tonnage Data in Table 2 of CSA Global's Burke Graphite Project MRE Technical Summary dated 9 November 2017 (attached as Annexure A of Strike's ASX Announcement dated 13 November 2017: Maiden Mineral Resource Estimate Confirms Burke Project as One of the World's Highest Grade Natural Graphite Deposits).
Based upon the MRE for the Project referred to above, the following Chart illustrates the TGC grades of published Total JORC Resource/Reserves of selected ASX Listed Graphite Projects relative to the Burke Project.
Figure 5 - Selected TGC% of Published Total JORC Resource/Reserve* vs. Maiden Burke Mineral Resource Estimates
In addition to the high-grade nature of the deposit, the Burke Graphite Project:
- Comprises natural graphite that has been demonstrated to be able to be processed by standard flotation technology to international bench mark product categories. The flotation tests conducted by Independent Metallurgical Operations Pty Ltd (IMO) have confirmed that a concentrate of purity in excess of 95% and up to 99% TGC can be produced using a standard flotation process.
- Contains graphite from which Graphene Nano Platelets (GNP) have been successfully extracted direct from the Burke Graphite deposit via Electrochemical Exfoliation (ECE). The ECE process is relatively low cost and environmentally friendly compared to other processes, yet it can produce very high purity Graphene products. The ECE process is however not applicable to the vast majority of worldwide graphite deposits as it requires a TGC of over 20% and accordingly the Burke Deposit has potentially significant processing advantages over other graphite deposits.
- Is located in the relatively safe and mining friendly jurisdiction of Queensland, Australia with welldeveloped transport infrastructure and logistics nearby; and
- Is potentially amenable to low cost open-pit mining.
Ground EM Survey Results
A ground Electro Magnetic (EM) survey was completed during the quarter, covering the south-eastern corner of Burke tenement EPM 25443 (North) (drilled by Strike in 201711) and the Corella tenement EPM 25696 (South) (located ~20 km south of EPM 25443).12
11 Refer Strike's ASX announcements dated 13 June 2017: Extended Intersections of High-Grade Graphite Encountered at Burke Graphite Project and 21 June 2017: Further High-Grade Intersection Encountered at Burke Graphite Project
12 Refer Strike's ASX Announcement dated 26 June 2018: Burke Graphite Project – New Target Area Identified From Ground Electro-Magnetic Surveys
The EM survey identified the Corella Prospect as a significant target area for additional high grade mineralisation as well as identifying new zones of increased conductivity adjacent to previously drilled graphite mineralisation at the Burke Prospect.
The Corella Prospect (north east corner of EPM 25696 (South)) EM survey was carried out over outcropping and sub-cropping Geological Survey of Queensland mapped Graphitic Schists - the "Milo beds" - within the Corella Formation. Graphite grading 5 -10% TGC is widespread throughout the outcropping Milo beds and the EM survey was carried out to identify higher-grade areas of mineralisation and identify future drill targets. The survey highlighted an area of approximately 1000m x 500m (refer Figure 6) within which conductive features similar to those corresponding to high-grade graphite occurring at the Burke EPM 2543 tenement were identified.
The conductive features identified at the Corella Prospect appear to be shallow to flat-lying and occur in areas of outcropping and sub-cropping graphite that have rock chips (from previous sampling by Strike) of up to 14.85% TGC13.
In addition to identifying the new potential at Corella, the EM survey identified minor structural offsets, together with new zones of increased conductivity at the previously drilled Burke Prospect.
13 Refer Strike's ASX announcement dated 21 April 2017: Jumbo Flake Graphite Confirmed at Burke Graphite Project, Queensland
Figure 7 - EM Survey - Burke Prospect, Burke Graphite Project
The EM survey over the south-eastern corner of Burke EPM 2543 (North) was carried out over outcropping and sub-cropping Geological Survey of Queensland mapped Graphitic Schists of the Corella Formation. The survey highlighted the high-grade graphite identified in Strike's maiden drilling programme8 and identified minor structural offsets, together with new zones of increased conductivity (refer Figure 7). In addition, the survey verified the width and dip of the drill intersected high-grade graphite.
Further metallurgical test work has continued on samples of graphite material taken from the Burke Project to examine the potential suitability of Burke graphite for use in electric vehicle (EV) batteries.
CRC Grant Application
A Government funded Future Batteries Industries Cooperative Research Centre (CRC) is being established to develop capability to add downstream value to battery commodities such as lithium and graphite.
During the quarter, Strike has applied with other industry participants for a CRC grant to develop new graphite anode technologies.
Lithium and Gold 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.
In 2016 Strike acquired two exploration licences, EL45/4799 and EL45/4800 in the North-West Pilbara 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 subcropping and shallow buried lithium and tantalum rich pegmatites and alluvial deposits is considered a strong possibility.
Strike's North-West Pilbara tenements are also favourably located close to the Mt York Lithium-Gold Project and other gold deposits and to adjoining tenements held by Kairos Minerals Limited and De Grey Mining Limited, in an area of significant activity based upon reported Novo/Artemis discoveries in the Pilbara (refer Figure 8).
Figure 8 – Strike's North-West Pilbara Tenements (EL 45/4799 and EL 45/4800)
Following reviews of historical information and ground based reconnaissance and sampling programmes, Strike relinquished tenement EL45/4799 during the quarter due to lack of prospectivity for the target minerals (lithium and gold).
Strike continues to hold exploration tenement EL45/4800 and is planning further ground based exploration during the March 2019 quarter.
Strike also holds the Paulsens East tenement, which is located ~7km east of the Paulsens Gold Mine operated by Northern Star Resources Ltd (ASX:NST) (which has mined over 700k ounces at an average grade of 7.63 g/t Au14) has been held by Strike for many years for its deposit of high grade hematite. Strike has historically conducted extensive drilling on the tenement for iron ore.
A review by Strike of the historical data within the tenement for other mineralisation has indicated the presence of a historical gold occurrence, hosted within conglomerate rocks on a faulted contact between the Fortescue Group and Ashburton Basin sediments. Strike notes the potential of the Paulsens area, given the geological setting with mineralised conglomerates is similar to the Novo/Artemis gold discoveries, with these discoveries having opened up fresh geological models for gold prospectivity compared with traditional paradigms.
Strike also notes that the Paulsens East tenement directly abuts the southern boundary of Chalice Gold Mines Limited's (ASX:CHN) West Pilbara Project tenements, with Novo Resources' tenements nearby to the southeast (refer Figure 9).
Figure 9 – Strike's Paulsens East Tenement (Retention Licence RL 47/7)
For further details, please refer to Strike's ASX announcement dated 20 November 2017 Gold Potential of Strikes Pilbara Tenements.
14 Source: Northern Star Resources Ltd company website:http://www.nsrltd.com/
LIST OF MINERAL CONCESSIONS
The following mineral concessions were held as at the end of the quarter and currently:
Solaroz Lithium Brine Project (Argentina) (Strike – 90%)
Concession Name Area (Ha) Province File No (1) Mario Ángel 543 Jujuy 1707-S-2011 (2) Payo 990 Jujuy 1514-M-2010 (3) Payo I 1,973 Jujuy 1516-M-2010 4) Payo 2 2,193 Jujuy 1515-M-2010 (5) Chico I 835 Jujuy 1229-M-2009 (6) Chico V 1,800 Jujuy 1312-M-2009 (7) Chico VI 1,400 Jujuy 1313-M-2009 (8) Silvia Irene 2,465 Jujuy 1706-S-2011
Apurimac Iron Ore Project (Peru) (Strike – 100%)
| Concession | 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%)
| Concession | 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 |
Pilbara Tenements (Western Australia) (Strike – 100%)
| Tenement No | Status | Grant Date | Expiry Date | Area (blocks/Ha) | Area (km²) |
|---|---|---|---|---|---|
| EL 45/4799 | Relinquished 7/1/2019 | 4/7/2017 | 3/7/2022 | 26 blocks | ~83 |
| EL 45/4800 | Granted | 10/8/2017 | 9/8/2022 | 70 blocks | ~225 |
Paulsens East Tenement (Western Australia) (Strike – 100%)
| Tenement No. | Status | Grant Date | Expiry Date | Area (blocks/Ha) | Area (km²) |
|---|---|---|---|---|---|
| Retention Licence RL 47/7 | Granted | 4/12/2014 | 4/12/2019 | ~381 Ha | ~3.81 |
Burke Graphite Project (Queensland) (Strike – ~70%)
| Tenement No | Status | Grant Date | Expiry Date | Area (blocks/Ha) | Area (km²) |
|---|---|---|---|---|---|
| Burke EPM 25443 | Granted | 4/9/2014 | 3/9/2019 | 5 sub-blocks | ~16 |
| Corella EPM 25696 | Granted | 2/4/2015 | 1/4/2020 | 11 sub-blocks | ~36 |
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 2012Standard.*
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.
Burke Graphite Project (Australia) (Strike – 70%)
The Burke Graphite Project has a JORC Code (2012 Edition) compliant Mineral Resources Estimate (MRE).
| Category | Weathering State | Mt | TGC (%) | Contained Graphite (Mt) | Density (t/m) |
|---|---|---|---|---|---|
| Oxide | 0.5 | 14.0 | 0.1 | 2.5 | |
| Inferred | Fresh | 5.8 | 16.2 | 0.9 | 2.4 |
| Inferred | Total Oxide + Fresh | 6.3 | 16.0 | 1.0 | 2.4 |
Note: The Mineral Resource was estimated within constraining wireframe solids defined above a nominal 5% TGC cut-off. The Mineral Resource is reported from all blocks within these wireframe solids. Differences may occur due to rounding.
Refer also Grade Tonnage Data in Table 2 of CSA Global Pty Ltd's Burke Graphite Project MRE Technical Summary dated 9 November 2017 (attached as Annexure A of Strike's ASX Announcement dated 13 November 2017: Maiden Mineral Resource Estimate Confirms Burke Project as One of the World's Highest Grade Natural Graphite Deposits).
JORC CODE COMPETENT PERSON'S STATEMENTS
JORC Code (2012) Competent Person Statement – Solaroz Lithium Brine Project
The information in this document that relates to Exploration Targets in relation to the Solaroz Lithium Brine Project (Argentina) is extracted from the following ASX market announcement made by Strike Resources Limited on:
• 13 March 2019: Strike Secures Solaroz Lithium Brine Project in Argentina's Lithium Triangle
The information in this document that relates to Exploration Targets 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.
JORC Code (2012) Competent Person Statement - Apurimac Project Mineral Resources
The information in this document that relates to Mineral Resources in relation to the Apurimac Iron Ore Project (Peru) is extracted from the following ASX market announcement made by Strike Resources Limited on:
• 19 January 2015: Apurimac Mineral Resources Updated to JORC 2012Standard
The information in the original announcement 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 Fellowof 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). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
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 announcement that relates to Mineral Resources is extracted from the following ASX market announcement made by the Strike Resources Limited on:
• 13 November 2017: Maiden Mineral Resource Estimate Confirms Burke Project as One of the World's Highest Grade Natural Graphite Deposits
The information in the original announcement (including the CSA Global MRE Technical Summary in Annexure A) that relates to in-situ Mineral Resources for the Burke Graphite Project is based on information compiled by Mr Grant Louw under the direction and supervision of Dr Andrew Scogings, who are both fulltime employees of CSA Global Pty Ltd. Dr Scogings takes overall responsibility for this information. Dr Scogings is a Member of the Australian Institute of Geoscientists (AIG) and the Australasian Institute of Mining and Metallurgy (AusIMM) and 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). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original marketannouncement.
The information in this announcement that relates to metallurgical test work is extracted from the following ASX market announcements made by the Strike Resources Limited on:
- 16 October 2017: Test-work confirms the potential suitability of Burke graphite for Lithium-ion battery usage and Graphene production
- 13 November 2017: Maiden Mineral Resource Estimate Confirms Burke Project as One of the World's Highest Grade Natural Graphite Deposits
The information in the original announcements that relates to metallurgical test work is based on, and fairly represents, information and supporting documentation prepared by Mr Peter Adamini, BSc (Mineral Science and Chemistry), who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Adamini is a full-time employee of Independent Metallurgical Operations Pty Ltd, who has been engaged by Strike Resources Limited to provide metallurgical consulting services. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
The information in this announcement that relates to Exploration Results in relation to the ground Electro-Magnetic (EM) survey and other Exploration Results is extracted from the following ASX market announcements made by the Strike Resources Limited on:
- 21 April 2017: Jumbo Flake Graphite Confirmed at Burke Graphite Project, Queensland
- 13 June 2017: Extended Intersections of High-Grade Graphite Encountered at Burke Graphite Project
- 21 June 2017: Further High-Grade Intersection Encountered at Burke Graphite Project
- 16 October 2017: Test-work confirms the potential suitability of Burke graphite for Lithium-ion battery usage and Graphene production
- 13 November 2017: Maiden Mineral Resource Estimate Confirms Burke Project as One of the World's Highest Grade Natural Graphite Deposits
- 26 June 2018: Burke Graphite Project New Target Area Identified from Ground Electro-Magnetic Surveys
The information in the original announcements that relates to Exploration Results in relation to the ground Electro-Magnetic (EM) survey and other Exploration Results 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). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
The Strike ASX market announcements referred to above may be viewed and downloaded from the Company's website: www.strikeresources.com.au or the ASX website: www.asx.com.au under ASX code "SRK".
FORWARD LOOKING STATEMENTS
This document 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.
+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
STRIKE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES
ABN 94 088 488 724 Quarter Ended (current quarter)
31 March 2019
| Consolidated statement of cash flows | Current QuarterMar-2019$A' 000 | Year to Date9 months$A' 000 | |
|---|---|---|---|
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers | - | - |
| 1.2 | Payments for(a) exploration & evaluation(b) development(c) production(d) staff costs(e) administration and corporate costs | (88)--(144)(68) | (181)--(387)(312) |
| 1.31.41.51.61.71.8 | Dividends received (see note 3)Interest receivedInterest and other costs of finance paidIncome taxes paidResearch and development refundsOther (provide details if material) | -10---- | 4141--114- |
| 1.9 | Net cash from / (used in) operating activities | (290) | (684) |
| Consolidated statement of cash flows | Current QuarterMar-2019$A' 000 | Year to Date9 months$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(d)other non-current assets | --(651)- | --(1,994)- |
| 2.2 | Proceeds from the disposal of:(a)property, plant and equipment(b)tenements (see item 10)(c)investments(d)other non-current assets | --1,553-- | --2,428-- |
| 2.32.42.5 | Cash flows from loans to other entitiesDividends received (see note 3)Other (provide details if material) | --- | --- |
| 2.6 | Net cash from / (used in) investing activities | 902 | 434 |
| 3. | Cash flows from financing activities | ||
| 3.13.23.33.4 | Proceeds from issues of sharesProceeds from issue of convertible notesProceeds from exercise of share optionsTransaction costs related to issues of shares, convertiblenotes or options | ---- | ---- |
| 3.53.63.73.83.9 | Proceeds from borrowingsRepayment of borrowingsTransaction costs related to loans and borrowingsDividends paidOther (provide details if material) | ----- | ----- |
| 3.10 | Net cash from / (used in) financing activities | - | - |
| 4. | Net increase / (decrease) in cash and cashequivalents for the period | ||
| 4.14.24.34.44.5 | Cash and cash equivalents at beginning of periodNet cash from / (used in) operating activities (item 1.9 above)Net cash from / (used in) investing activities (item 2.6 above)Net cash from / (used in) financing activities (item 3.10 above)Effect of movement in exchange rates on cash held | 1,506(290)902-6 | 2,368(684)434-6 |
| 4.6 | Cash and cash equivalents at end of period | 2,124 | 2,124 |
| 5. | Reconciliation of cash and cash equivalents | Current | Previous |
|---|---|---|---|
| at the end of the quarter (as shown in the consolidated | Quarter | Quarter | |
| statement of cash flows) to the related items in the accounts | $A' 000 | $A' 000 | |
| 5.1 | Bank balances | 2,099 | 481 |
| 5.2 | Call deposits | 25 | 1,025 |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end of quarter(should equal item 4.6 above) | 2,124 | 1,506 |
| 6. | Payments to directors of the entity and their associates | Current Quarter$A' 000 |
|---|---|---|
| 6.1 | Aggregate amount of payments to these parties included in item 1.2 | 144 |
| 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$A' 000 |
|---|---|---|
| 7.1 | Aggregate amount of payments to these parties included in item 1.2 | - |
| 7.2 | Aggregate amount of cash flow from loans to these parties included in item 2.3 | - |
7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
Nil
Nil
| 8. | Financing facilities availableAdd notes as necessary for an understanding of the position | Total facilityamount atquarter end$A' 000 | Amountdrawn 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 | 700 |
| 9.2 | Development | - |
| 9.3 | Production | - |
| 9.4 | Staff costs | 130 |
| 9.5 | Administration and corporate costs | 60 |
| 9.6 | Other (provide details if material) | - |
| 9.7 | Total estimated cash outflows | 890 |
| 10. | Changes in tenements(items 2.1(b) and 2.2(b)above) | Tenementreference andlocation | Nature ofinterest | Interest atbeginning ofquarter | Interest at endof quarter |
|---|---|---|---|---|---|
| 10 | Interests in miningtenements and petroleumtenements lapsed,relinquished or reduced | Refer Quarterly Activities Report | |||
| 10 | Interests in miningtenements and petroleumtenements acquired orincreased | 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.
30 April 2019
William Johnson Managing Director
See Chapter 19 of ASX Listing Rules for defined terms
Notes
- The Company and its controlled entities currently holds the following listed share investments:
| 31-Mar-19 | ||||
|---|---|---|---|---|
| ASX code Company | No Shares | Last Bid Price | Market Value | |
| WPL | Woodside Petroleum Limited | 24,000 | $34.58 | $829,920 |
| S32 | South32 Limited | 90,000 | $3.72 | $334,800 |
| RSG | Resolute Mining | 200,000 | $1.20 | $240,000 |
| AUL | Austar Gold Limited | 14,444,444 | $0.004 | $57,778 |
| Other listed shares | various | various | $48,987 | |
| $1,511,485 |
The above investments are regarded as liquid assets to supplement the Company's cash reserves.
-
- 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.