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TAMBOURAH METALS LTD — Interim / Quarterly Report 2022
Oct 25, 2021
65929_rns_2021-10-25_81cd49dd-9e09-4d5c-9d82-e21b797bee78.pdf
Interim / Quarterly Report
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26 October 2021
September 2021 Quarterly Activities Report
HIGHLIGHTS
Julimar North project 80%
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New Airborne Magnetic geophysical data interpretation defines potential sites for PGE-Ni-Cu mineralisation at Bolgart East.
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Airborne Gravity surveying will commence at Bolgart East and Tolarno in October with advanced processing and modelling of the gravity data to immediately proceed after surveying.
Tambourah Gold Project 100%
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At the Tambourah Goldfield new areas of extensive surface quartz veining have been highlighted between and along strike from the Historic gold mines.
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Highly encouraging rock chip samples, up to 33g/t Au, received.
Russian Jack Project 100% (application)
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New project acquired during the period, expanding the Company’s battery metals portfolio
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Regional mapping and sampling will continue across the projects upon grant.
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Data acquisition and assessment has commenced.
Corporate
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The company was admitted to the Australian Stock Exchange on August 12th after raising $8 million, before expenses.
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Management team strengthened with the appointment of Mr Kelvin Fox as Exploration Manager and Mr Brett Dickson as Company Secretary and Chief Financial Officer.
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au [email protected]
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Project Summary
Julimar North Project (80% TMB)
Tambourah Metals Ltd (“Tambourah”) has received detailed aeromagnetic data, further defining proposed target areas in the Bolgart East (E70/5411) project at Julimar North shown in Figure 1. Bolgart East is located 137km from Perth within the West Yilgarn Ni-Cu-PGE province and 38km northeast of the Chalice Julimar discovery (PGE, Ni-Cu and Au). Consultant geophysicists, Terra Resources, have provided detailed magnetic imagery with the locations of the first pass exploration targets shown in Figure 2.
Tambourah has contracted Xcalibur Multiphysics, a specialist geophysical consultancy company with direct experience in the Julimar region, to fly an Airborne Gravity Gradient survey over the Bolgart East and Tolarno (E70/5423) tenements within the Julimar North Project, which is expected to be completed this quarter. The gravity survey is aimed to highlighting ultramafic intrusives, which are prospective for hosting Ni-PGE-Cu mineralisation.
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Figure 1 - Julimar North Projects
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au
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Figure 2 -Tambourah Metals Bolgart East Geophysics and Preliminary Targets.
Tambourah Project (100% TMB)
Tambourah has received highly encouraging rock chip sample from the company’s site visit conducted in August. A total of 16 rock chip samples were collected from the central corridor of the Tambourah gold project area to infill and extend the areas of known mineralisation. Figure 3 below details the locations of these rock chip samples and the historic mines that comprise the Tambourah Mineral Field. Significant assay results are reported in table 1 (ASX: 4 October 2021).
| Sample ID | Gold g/t (FA25) | Gold g/t (FA25) Repeat 1 | Gold g/t (FA25) Repeat 2 |
|---|---|---|---|
| TB017 | 2.83 | 6.275 | 5.251 |
| TB018 | 0.315 | - | - |
| TB019-- | 1.579 | - | - |
| TB020 | 33.364 | 32.913 | - |
*Table 1-Tambourah Significant gold rock chip sample results. For the full assay results please see announcement 4/10/2021.
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au
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Figure 3 - Tambourah Goldfield sample locations and historic workings
Ongoing Programs
The September 2021 field program identified several sites along strike from the historic workings that are drill ready targets which could extend the known mineralisation at the historic workings. To facilitate drilling of these targets and to support ongoing exploration, Tambourah has undertaken:
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Access and heritage agreements
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Submitted POWs for the Cheela and Tambourah Gold Projects
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Drill rig procurement and drill programs prepared
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High quality airborne magnetic survey data has been purchased and is being processed by TMB geophysical consultants
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au [email protected]
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Additionally, further programs of rock chip sampling, detailed mapping of quartz veins, and focussed soil sampling over prospective areas of alteration will continue in conjunction with the compilation and assessment of all historic records and exploration results.
Other Activities
- Heritage Agreement Negotiations:
Heritage agreement negotiations have been progressing with all native title parties across the projects within the Tambourah Metals Portfolio. Conclusions to these negotiations will enable Tambourah Metals to expedite exploration.
- Tenure:
The company continues to maintain the tenements across the Tambourah Gold Project with preparation and lodgement of the required mining licences applications complying with the statutory reporting obligations.
- POW Applications
Tambourah has progressed POW applications at both Cheela and Tambourah (see figure 3) and expects to submit POW applications for Julimar North once the results of the airborne gravity survey are received.
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au
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Figure 3. Tambourah’s Pilbara Projects - Location Map
Russian Jack Project (100% TMB - Application)
The Russian Jack Project is located 40 km south of Nullagine. The region is prospective for tantalum, tin and lithium. The Company has applied for an exploration licence on highly prospective ground and plans to commence desk top studies and plan for exploration work upon grant of the tenements. There has been no previous drilling within the project. Pegmatite swarms have been identified two km to the northeast of the lease boundary.
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au [email protected]
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CORPORATE
Board and Management Update
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Mr Kelvin Fox has been appointed exploration manager. He has over 30 years’ experience in exploration and project generation. Mr Fox has been involved in large-scale Proterozoic Base Metals Deposits, Archaean Nickel, Archaean Magnetite, Proterozoic Manganese, Proterozoic Unconformity Hosted Uranium and Tertiary Calcrete hosted Uranium and Archaean Shear Hosted Gold Deposits. Corporate experience includes negotiating land access agreements and all areas of Aboriginal Heritage agreement negotiations.
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Mr Brett Dickson has been appointed Company Secretary and Chief Financial Officer. Mr Dickson is an experienced corporate executive and is a Fellow of both CPA Australia and the Governance Institute of Australia. He has extensive experience in the management, growth and financing of emerging public companies and will be a valuable contributor to the Company as we develop the Gold and Battery Metals projects.
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Thank you to Mr Ben Donovan for his work as Company Secretary steering the company through its IPO and listing on ASX. Mr Donovan remains as a non-executive director of the company.
Financial Position
At quarter end, 30 September 2021, the Company had cash resources of $6.34 million.
Tambourah has reviewed a number of prospective projects during the quarter and will continue to review new projects that enhance the tenement portfolio. Refer to Appendix A for list of current tenements held.
Payments to related parties of the entity and their associates totalled $282,000 and consisted of director and consulting fees of $58,000 and reimbursement of tenement acquisition fees of $228,00, as disclosed in the Prospectus as part settlement of the acquisition of tenements.
During the quarter, the company expended $125,000 on the exploration activities reported above. In accordance with LR 5.3.4, a comparison of the use of funds as per the Company’s Prospectus’ dated 25 June 2021 and actual use of funds since listing set out below.
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au [email protected]
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| Use of funds ($’000) | Prospectus Estimate (Maximum Subscription 2 years after ASX Admission) |
Actual Use from Listing to 30 Sept ‘21 |
Variance |
|---|---|---|---|
| Exploration at the Tambourah Project | 1,126 | 37 | 1,089 |
| Exploration at the Cheela Project | 1,370 | 48 | 1,322 |
| Exploration at the Achilles Project | 583 | 17 | 566 |
| Exploration at the Julimar Project | 1,173 | 14 | 1,159 |
| Expenses of the Offer | 728 | 640 | 88 |
| Repayment of Rents and Rates | 250 | 229 | 21 |
| Repayment of working Capital | 155 | 152 | 3 |
| Working Capital and Administration | 2,867 | 203 | 2,664 |
| Total | 8,252 | 1,340 | 6,912 |
Material differences are as a result of the Company being less than 2 months into its 2 year Prospectus estimate.
Further details can be found in the enclosed Appendix 5B – Quarterly Cash Flow Report.
Authorised by the Board of the Tambourah Metals Ltd.
Rita Brooks
Executive Chairperson
25 October 2021
Competent Person’s Statements
Information in this report that relates to previously reported Exploration Results has been crossed-referenced in this report to the date that it was reported to ASX. Tambourah Metals Ltd. confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcements.
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au
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Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
| Name of entity | Name of entity | Name of entity |
|---|---|---|
| Tambourah Metals Limited | ||
| ABN 19 646 651 612 |
Quarter ended (“current quarter”) | |
| 30 September 2021 | ||
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
| 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other 1.9 Net cash from / (used in) operating activities |
(76) (116) |
(76) (116) |
| (192) | (192) | |
| 2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) |
(229) (2) (125) |
(229) (2) (125) |
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au
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| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| (e) investments (f) other non-current assets 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) 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 |
||
| (356) | (356) | |
| 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 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 |
8,000 (640) (150) (2) |
8,000 (640) (150) (2) |
| 7,208 | 7,208 |
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au
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| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 4. Net increase / (decrease) in cash and cash equivalents for the period |
||
| 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
74 (192) (356) 7,208 |
74 (192) (356) 7,208 |
| 6,734 | 6,734 | |
| 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts |
Current quarter $A’000 |
Previous quarter $A’000 |
| 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
6,734 | 6,734 |
| 6,734 | 6,734 | |
| 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 Director’s fees and consulting fees 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Tenement acquisition |
||
| Current quarter $A'000 |
||
| 54 | ||
| 228 |
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au [email protected]
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| 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financing facilities 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. |
Total facility amount at quarter end $A’000 |
Amount drawn at quarter end $A’000 |
|---|---|---|
| 8. | Estimated cash available for future operating activities | $A’000 |
|---|---|---|
| 8.1 8.2 8.3 8.4 8.5 8.6 8.7 |
Net cash from / (used in) operating activities (Item 1.9) Capitalised exploration & evaluation (Item 2.1(d)) Total relevant outgoings (Item 8.1 + Item 8.2) Cash and cash equivalents at quarter end (Item 4.6) Unused finance facilities available at quarter end (Item 7.5) Total available funding (Item 8.4 + Item 8.5) Estimated quarters of funding available (Item 8.6 divided by Item 8.3) |
(192) (125) (317) 6,734 - 6,734 |
| 21.24 | ||
| 8.8 | If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? |
|
| Answer: N/A | ||
| 2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? |
||
| Answer: N/A | ||
| 3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? |
||
| Answer: N/A |
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au
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Compliance statement
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1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
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2 This statement gives a true and fair view of the matters disclosed.
Date: 26 October 2021.
Authorised by: Brett Dickson – Company Secretary
(Name of body or officer authorising release – see note 4)
Notes
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This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
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If this quarterly cash flow 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 cash flow 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.
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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.
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If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
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If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au
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APPENDIX A
Tenement Schedule
The Company held a direct or indirect interest in the following tenements on 30 September 2021.
Summary of Tenements as of 30th September 2021
| Project Name | Ten ID | Location | Status | Registered Holder | Interest |
|---|---|---|---|---|---|
| Tambourah | P 45/2868-I | WA | Granted | Baracus Pty Ltd* | 100% |
| Tambourah | P 45/2869-I | WA | Granted | Baracus Pty Ltd* | 100% |
| Tambourah | P 45/2870-I | WA | Granted | Baracus Pty Ltd* | 100% |
| Tambourah | P 45/2871-I | WA | Granted | Baracus Pty Ltd* | 100% |
| Tambourah | E 45/4597 | WA | Granted | Baracus Pty Ltd* | 100% |
| Achilles | E 38/3317 | WA | Granted | Baracus Pty Ltd* | 100% |
| Achilles | E 38/3153 | WA | Granted | Baracus Pty Ltd* | 100% |
| Cheela | E 08/2889-I | WA | Granted | Baracus Pty Ltd* | 100% |
| Cheela | E 08/3053 | WA | Granted | Baracus Pty Ltd* | 100% |
| Julimar | E 70/5411 | WA | Granted | Baracus Pty Ltd* | 80% |
| Julimar | E 70/5407 | WA | Pending | Baracus Pty Ltd* | 80% |
| Julimar | E 70/5408 | WA | Pending | Baracus Pty Ltd* | 80% |
| Julimar | E 70/5423 | WA | Granted | Baracus Pty Ltd* | 80% |
| Julimar | E 70/5889 | WA | Pending | Tambourah Metals Pty Ltd | 100% |
| Julimar | E 70/5890 | WA | Pending | Tambourah Metals Pty Ltd | 100% |
| Russian Jack | E46/1409 | WA | Pending | Tambourah Metals Pty Ltd | 100% |
| Russian Jack | E46/1410 | WA | Pending | Tambourah Metals Pty Ltd | 100% |
- Transfers have been lodged at the Department of Mines, Industry Regulation and Safety and are awaiting endorsement of the duty assessment by the Office of State Revenue.
1/77 Hay Street, Subiaco WA 6008
Tambourah Metals Limited ASX: TMB | ACN 646 651 612
tambourahmetals.com.au