TIDMMNC
RNS Number : 6674M
Metminco Limited
01 May 2018
`.
An abridged version of Report is set out below. The full Report,
including images, can be accessed from the Company's website
www.metminco.com.au.
Quarterly Activities Report for period ending 31 March, 2018
HIGHLIGHTS
-- Planning commenced for drilling of Tesorito prospect in June
quarter
-- Discussions initiated with Anglogold Ashanti re farm-in/joint
venture at Chuscal
-- Progressed the permitting process for Miraflores Gold
Project
-- Subsequent to quarter end, transformational capital raisings
completed to raise AUD$5.6 million (before costs) for debt
repayment and exploration funding
-- Restructuring of board and management, as well as cost
reduction initiatives commenced
Metminco Limited (ASX: MNC, AIM:MNC) ("Metminco"or the "the
Company") is pleased to present its activity report for the quarter
ending 31 March 2018.
OPERATIONS
Quinchia Gold Project, Colombia
Tesorito
During the reporting period, the Company commenced planning for
its maiden drilling campaign at the highly rated Tesorito prospect,
part of the Quinchia Gold Portfolio, which is located along the Mid
Cauca Trend in central Colombia (refer Figure 1). The Cauca Trend
hosts several world-class gold porphyry deposits including La
Colosa (28.5 Moz) and Marmato (8.1 Moz).
Three diamond holes were drilled by a previous owner at Tesorito
testing a large multi-elemental soil geochemical anomaly. Assays
from all three holes returned gold mineralisation over intercepts
of more than 250 metres, with hole TS-DH-02 producing the standout
intercept: 384 metres at 1.1 g/t Au from surface (refer Figure 2
and Figure 3).
As part of the upcoming campaign, Metminco anticipates
completing approximately 1,500 metres of diamond drilling following
up and extending historical results. All permits are in place for
the drilling to begin in late May.
The Tesorito area is underlain mainly by fine to coarse grained,
intrusive porphyritic rocks of granodioritic to dioritic
composition, which intrude basaltic rocks of the Barroso Formation
of Cretaceous age and Tertiary sandstones and mudstones of the
Amaga Formation (Figure 2). The intrusives show variable
intensities of hydrothermal alteration, including potassic
alteration overprinted by quartz-sericite and sericite-chlorite
alteration. Regionally, NNE; NNW and NW faulting appears to control
the emplacement of the intrusives and the resulting mineralisation.
The depth of sulphide oxidation observed in the three holes is
approximately 20 m.
The porphyry-style mineralisation of gold, copper and molybdenum
observed in the Tertiary intrusive rocks is found as sulphides and
magnetite in disseminations as well as in veinlets and stockworks
of quartz. Pyrite, chalcopyrite, molybdenite, and minor bornite are
the main sulphides observed. The validation of the Tesorito zone as
a significant porphyry target was confirmed by the results of
hole
TS-DH-02 that intercepted 384 m at 1.01 g/t Au, 0.9 g/t Ag and
0.08 % Cu, including 29.3 m at 1.9 g/t Au, 1.0 g/t Ag and 0.12 %
Cu.
Please go to the company's website to view this image in the
full report - www.metminco.com.au
Figure 1: Location of gold deposits in the Mid-Cauca Belt,
Colombia
Please go to the company's website to view this image in the
full report - www.metminco.com.au
Figure 2: Plan showing Tesorito Project geology and summary
exploration results.
Please go to the company's website to view this image in the
full report - www.metminco.com.au
Figure 3: Cross section A-B showing diamond hole TS-DH-02 at
Tesorito (from Figure 2).
Chuscal
Chuscal, the second significant gold porphyry target within the
Quinchia Gold Portfolio features a large, undrilled Au geochemical
anomaly over an area with artisanal mining which has highly
encouraging channel sample grades.
During the quarter discussions were commenced with Anglogold
Ashanti to formalise a farm-in/joint venture agreement over the
Project. The discussions were ongoing at the end of the reporting
period.
Both Tesorito and Chuscal are located within 2km from the
proposed mine site at the Miraflores Gold Project (see below).
Miraflores Gold Project
The Company submitted the Plan of Work ("PTO") to the Colombian
Mining Agency for mine development approval for the Miraflores Gold
Project (refer Figure 2) in January 2018. Colombian regulations
require both the PTO and Environmental Impact Assessment ("EIA")
approvals prior to commencement of operations.
The critical path for the development of the project remains the
completion of the EIA, including the validation of the impacts on
the local communities and the gaining of the social licence for the
project. Changes to the Terms of Reference during late 2017,
including further water monitoring requirements, will delay the
completion of the EIA until mid to late 2018.
Under the terms of the Memorandum of Understanding with Ausenco
Chile Limitada Ausenco has agreed to defer costs accrued to
December 2017 for the provision of engineering services in
connection with Miraflores Gold Project (amounting to AUD$559,000)
until construction. In return for this, Metminco has agreed that
Ausenco will provide a Guaranteed Maximum Price and Lump
Sum Turnkey quote and will be appointed EPC contractor for the
development of Miraflores. Should Metminco withdraw from this
agreement, it has agreed to pay Ausenco AUD$840,000.
Chilean assets
The Company intends to rationalise its Chilean assets during
2018. To facilitate this, a data room is being prepared for the
Mollacas Project and discussions have begun with interested
parties.
No exploration activity was undertaken on the Chilean assets
during the quarter.
CORPORATE
Financing
A total of 713,911,937 fully paid ordinary shares were issued at
AUD$0.008 per share to raise a total of approximately AUD$5.7
million before costs in a placement and entitlement offer during
the reporting period. In addition, on 24(th) April 2018, a total of
237,970,785 options were issued, exercisable at AUD$0.011 on or
before 1 June 2020. The capital raisings have enabled the Company
to repay debt and will assist in funding the exploration programs
planned for Tesorito and Chuscal. Details of the financings are
presented below:
-- Placement to Sophisticated Investors
The Company undertook a placement of 19,080,045 Shares at an
issue price of AUD$0.008 per Share, together with 6,360,015 free
attaching Options, to sophisticated and institutional investors to
raise AUD$152,640 (refer ASX announcement 28 March 2018).
-- Entitlement Offer
The Company also undertook a fully underwritten renounceable
entitlement offer to eligible shareholders during the period (refer
prospectus ("Prospectus") lodged 23 March 2018). The terms of the
Entitlement Offer were the issue of 9.5 New Shares for every 2
Shares held by eligible shareholders at a price of AUD$0.008 per
New Share to raise up toAUD $5,558,653 (being an issue of up to
694,831,892 new shares), together with 1 free attaching option
(exercisable at AUD$0.011 during the Exercise Period) for every 3
New Shares subscribed for.
The proceeds of the 9.5 for 2 renounceable Entitlement Offer,
including the shortfall offer to eligible shareholders who accepted
their full entitlements, were approximately AUD$4.03 million before
costs. This represented approximately 72% take-up by value from
eligible shareholders.
On 24th April 2018 The Company issued 503,269,743 new shares and
167,756,720 free attaching options exercisable at AUD$0.011 on or
before 1 June 2020 ("Attaching Options") to eligible shareholders
who participated in the Entitlement Offer. The Entitlement Offer
was fully underwritten by Patersons Securities Limited
("Patersons"), which has placed the shortfall of AUD$1.53 million
under the Entitlement Offer, being 191,562,149 new shares and
63,854,050 free Attaching Options, to the sub underwriters of the
issue.
Patersons (or its sub-underwriters) will be granted 231,610,545
options on the same terms and conditions as the free Attaching
Options to be issued under the Entitlement Offer as part of
consideration of underwriting the offer ("Underwriter Options"),
subject to shareholder approval at the Company's forthcoming Annual
General Meeting to be held on or about 28 May 2018 ("AGM").
The Company will also issue Redfield Asset Management Pty Ltd
9,876,512 options on the same terms and conditions as the free
attaching options to be issued under the Entitlement Offer (refer
below). The Company will also issue 2,702,152 shares to Lanstead
Capital L.P. ("Lanstead") at a price of AUD$0.008 per share in
settlement of an outstanding value payment fee under the Sharing
Agreement with Lanstead as announced on the ASX on 17 November 2016
(refer to ASX announcement entitled "Prospectus - Entitlement
Offer" dated 23 March 2018 for further information) ("Lanstead
Shares"). These Options and shares will be issued before 1 May
2018.
The Company has sought quotation of the 694,831,892 shares
issued under the Entitlement Offer on the ASX and submitted an
application for Admission to trading on AIM ("Admission") for the
same. The Company intends to seek quotation of all the options
issued under Entitlement Offer and Underwriter Options on the
ASX.
The Company will have the following shares and options on issue
(not including the
Redfield Options and the Lanstead Shares as well as those still
subject to shareholder approval):
-- 841,112,236 quoted ordinary shares
-- 12,345,639 unlisted options of exercise price A$0.081 and expiry date 17 May 2019
-- 12,345,639 unlisted options of exercise price A$0.081 and expiry date 25 May 2019
-- 231,610,770 options of exercise price A$0.011 and expiry date 1 June 2020
-- Top 20 shareholders as at 27 April 2018
Rank Name A/C designation 27 Apr %IC
2018
===== ====== ===================== ======================== ============ =======
BNP PARIBAS NOMINEES
1 PTY LTD 62,500,000 7.43
===== ============================= ======================== ============ =======
CITICORP NOMINEES PTY
2 LIMITED 32,846,982 3.91
===== ============================= ======================== ============ =======
3 MR NEVRES CRLJENKOVIC 28,800,000 3.42
===== ============================= ======================== ============ =======
COMPUTERSHARE CLEARING
4 PTY LTD <CCNL DI A/C> 28,346,152 3.37
===== ============================= ======================== ============ =======
OSIRIS CAPITAL INVESTMENTS
5 PTY LTD 25,000,000 2.97
===== ============================= ======================== ============ =======
5 OCEAN VIEW WA PTY LTD 25,000,000 2.97
===== ============================= ======================== ============ =======
MR MARK JOHN BAHEN &
MRS MARGARET PATRICIA <MJ BAHEN SUPER
6 BAHEN FUND A/C> 23,728,146 2.82
===== ============================= ======================== ============ =======
TROCA ENTERPRISES PTY <COULSON SUPER
7 LTD A/C> 20,000,000 2.38
===== ============================= ======================== ============ =======
BT PORTFOLIO SERVICES <WARRELL HOLDINGS
8 LIMITED S/F A/C> 15,102,625 1.80
===== ============================= ======================== ============ =======
9 FLUE HOLDINGS PTY LTD 15,000,000 1.78
===== ============================= ======================== ============ =======
<P CHALMERS PARTNERSHIP
10 SANPEREZ PTY LTD A/C> 13,337,500 1.59
===== ============================= ======================== ============ =======
J P MORGAN NOMINEES
11 AUSTRALIA LIMITED 13,311,053 1.58
===== ============================= ======================== ============ =======
12 MGL CORP PTY LTD 12,724,815 1.51
===== ============================= ======================== ============ =======
13 ASHGROVE W PTY LTD 12,702,000 1.51
===== ============================= ======================== ============ =======
HSBC CUSTODY NOMINEES
14 (AUSTRALIA) LIMITED 12,666,935 1.51
===== ============================= ======================== ============ =======
15 LOCOPE PTY LTD 12,000,000 1.43
===== ============================= ======================== ============ =======
CRLJENKOVIC SUPER FUND <CRLJENKOVIC
16 PTY LTD FAMILY S/F A/C> 11,200,000 1.33
===== ============================= ======================== ============ =======
THEA MANAGEMENT PTY
17 LTD THE FAMILY 10,250,000 1.22
===== ============================= ======================== ============ =======
ZERRIN INVESTMENTS PTY
18 LTD 10,000,000 1.19
===== ============================= ======================== ============ =======
18 DIXTRU PTY LIMITED 10,000,000 1.19
===== ============================= ======================== ============ =======
JOJO ENTERPRISES PTY
19 LTD <SFI FAMILY A/C> 9,567,421 1.14
===== ============================= ======================== ============ =======
20 MR SUFIAN AHMAD 8,625,000 1.03
===== ============================= ======================== ============ =======
Total 412,708,629 49.07
Balance of register 428,403,607 50.93
Grand total 841,112,236 100.00
----- ------ --------------------- ------------------------ ------------ -------
--
Redfield Convertible Note Deed Paid Out
As described in the Prospectus, Metminco entered into an
Agreement to Redeem with Redfield Asset Management Pty Ltd
(Redfield) that provides for the redemption of the convertible note
held by Redfield. An amount of approximately AUD$842,383 was paid
to Redfield on 24 April 2018.
Cash held at the date of this report was $4.65 million.
Management and Board Changes
As part of the overall restructuring underway at Metminco, Kevin
Wilson was appointed to the position of Executive Chairman in on 23
March 2018 (refer ASX announcement of 23 March 2018).
Mr Wilson is an experienced mining executive who is a qualified
geologist and has also worked as a stockbroking analyst and
investment banker. Over the past eight years, he was Managing
Director of Australian energy exploration company Rey Resources
Limited and is currently non-executive Chairman of Victorian gold
explorer Navarre Minerals Limited and non-executive director of
Investigator Resources Limited.
As the Company's near-term focus has shifted back towards
exploration and away from mine development, William Howe resigned
from the board on 23 March 2018 and accepted the role of Chief
Operating Officer, located in Colombia (refer ASX announcement of
23 March 2018).
Mr Howe founded Metminco and took it through its development
phase in Peru and Chile. He was also responsible for the move into
Colombia and acquisition of the Quinchia portfolio, which has
significant upside that is now the Company's primary focus. The
board thanks Mr Howe for his tireless devotion to the Company
during this period.
Mr Howe will continue to be responsible for day-to-day
operations in Colombia while an exploration manager is sought and
an orderly handover can be undertaken.
Francisco Vergara-Irarrazaval was appointed a director of
Metminco on 1 April 2010. Mr Vergara-Irarrazaval retires in
accordance with clause 15.3 of the Company's constitution at the
conclusion of the forthcoming Annual General Meeting on or around
28 May 2018 but has informed the board that
he will not seek re-election. The board thanks Mr
Vergara-Irarrazaval for his valuable advice during his tenure.
It is proposed that Glenister Lamont will be elected to the
board as a non-executive director at the forthcoming AGM.
Mr Lamont has an Honours degree in Mining Engineering and a
Masters of Business Administration from IMD, Switzerland. He is a
Fellow of the Financial Services Institute of Australasia, a Fellow
of the Australian Institute of Company Directors and a Fellow of
the Australian Institute of Mines and Metallurgy.
As General Manager for Ashton Mining, he led strategic planning
and commercial implementation of business development. Prior to
that, as an Executive Director at UBS, he undertook financial,
technical and strategic evaluation of companies and participated in
many corporate transactions.
He is currently non-executive Chairman of Golden Rim Resources,
where he has served as a director since 2007.
In addition, the Company announced that it will move its
corporate office to Melbourne following the upcoming AGM. This move
forms part of measures being undertaken to reduce the company's
administrative and operational cost base.
As part of restructurings Mr Geoff Widmer, based in Melbourne,
was appointed joint Company Secretary alongside Mr Graeme Hogan
(refer ASX announcement of 26 April). Mr Widmer brings extensive
experience in company administration and speaks Spanish, which will
facilitate dealings in Columbia.
The Company's AGM is planned for 10am 28 May at the offices of
Grant Thornton, Level 17 383 Kent Street, Sydney NSW 2000.
Mineral Tenement (Colombia) as at 31(st) March, 2018
Quinchia Gold Project
------------------------------------------------------------------------
TENEMENT HOLDER TYPE OF STAGE
ID (1) (2) CONTRACT
(3)
-------------- ------------ -------------------- --------------------
010-87M Contribution Exploitation
(4) MCM
-------------- ------------ -------------------- --------------------
DLK-141 MCM Concession Exploration
-------------- ------------ -------------------- --------------------
DLK-14544X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FCG-08353X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FCG-08354X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FCG-08355X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FCG-08356X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FCG-08357X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FCG-08358X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FHH-083 MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FCG-082 MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FKH-141 MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FKH-145510X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FKH-145511X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FKH-145512X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
FKH-145513X MCM Concession Exploration
-------------- ------------ -------------------- --------------------
OG2-08112 MCM Application Exploration
-------------- ------------ -------------------- --------------------
OG2-10591 MCM Application Exploration
-------------- ------------ -------------------- --------------------
OG2-8073 MCM Application Exploration
-------------- ------------ -------------------- --------------------
All titles are part of the Quinchia Gold Portfolio,
(1) Quinchia, Department of Risaraldo, Colombia.
All title held 100% by Miraflores Compania
Minera SAS (MCM) a 100%-owned subsidiary of
North Hill Holdings Group Inc, owned as to
(2) 100% by Metminco.
Concessions at exploration stage have 3 year
life extendable for two years to a maximum
(3) 11 years.
(4) 15 year life extendable for 15 years
Competent Person's Statements
The information in this report that relates to Exploration
Results is based on information compiled by Gavin Daneel, BSc, MSc,
who is a Member of the Australasian Institute of Mining and
Metallurgy and is engaged as a Consultant in Australia.
Gavin Daneel is a consultant to the Company and has sufficient
experience which is relevant to the style of mineralisation, 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 Exploration
Results'. Mr Daneel, as Competent Person for this report, has
consented to the inclusion of the information in the form and
context in which it appears herein.
For further information,
please contact:
METMINCO LIMITED
Kevin Wilson Mob +61 (0)409 942
355
Geoff Widmer Tel +61 (0) 3 9819
3995
Graeme Hogan Office: +61 (0) 2
9460 1856
NOMINATED ADVISOR AND BROKER
RFC Ambrian
Australia
Andrew Thomson/Alena Broesder Office: +61 (0) 2
9250 0000
United Kingdom
Charlie Cryer Office: +44 (0) 20
3440 6800
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Nick Hennis Office: + 44 (0) 20
3757 4997
Media + Capital Partners
Australia
Luke Forrestal Office: +61 (0) 411
479 144
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Market Abuse
Regulation (EU) 596/2014.
Forward Looking Statement
All statements other than statements of historical fact included
in this announcement including, without limitation, statements
regarding future plans and objectives of Metminco are
forward-looking statements. When used in this announcement,
forward-looking statements can be identified by words such as
"anticipate", "believe", "could", "estimate", "expect", "future",
"intend", "may", "opportunity", "plan", "potential", "project",
"seek", "will" and other similar words that involve risks and
uncertainties.
These statements are based on an assessment of present economic
and operating conditions, and on a number of assumptions regarding
future events and actions that, as at the date of this
announcement, are expected to take place. Such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of the
Company, its directors and management of Metminco that could cause
Metminco's actual results to differ materially from the results
expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the
results, performance or achievements expressed or implied by the
forward-looking statements contained in this announcement will
actually occur and investors are cautioned not to place undue
reliance on these forward-looking statements. Metminco does not
undertake to update or revise forward-looking statements, or to
publish prospective financial information in the future, regardless
of whether new information, future events or any other factors
affect the information contained in this announcement, except where
required by applicable law and stock exchange listing
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
-------------------------------------------
Metminco Limited
-------------------------------------------
ABN Quarter ended ("current
quarter")
--------------- ------------------------
43 119 759 349 31 March 2018
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000
(3 months)
$A'000
--------------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (446) (446)
(b) development
(c) production
(d) staff costs
(e) administration
and corporate costs (408) (408)
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 Research and development
refunds
1.8 Other (provide details
if material)
---------------- -------------
Net cash from / (used
1.9 in) operating activities (854) (854)
----- -------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment (39) (39)
(b) tenements (see
item 10)
(c) investments
(d) other non-current
assets
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment
(b) tenements (see
item 10)
(c) investments
(d) other non-current
assets
2.3 Cash flows from loans
to other entities
2.4 Dividends received
(see note 3)
2.5 Other (provide details
if material)
---------------- -------------
Net cash from / (used
2.6 in) investing activities (39) (39)
------- ------------------------------ ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues
3.1 of shares 153 153
3.2 Proceeds from issue
of convertible notes
3.3 Proceeds from exercise
of share options
Transaction costs related
to issues of shares,
convertible notes or
3.4 options (16) (16)
3.5 Proceeds from borrowings
3.6 Repayment of borrowings
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
Other (provide details
3.9 if material) 44 44
---------------- -------------
Net cash from / (used
3.10 in) financing activities 181 181
------- ------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 834 834
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (854) (854)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) (39) (39)
Net cash from / (used
in) financing activities
4.4 (item 3.10 above) 181 181
Effect of movement
in exchange rates on
4.5 cash held 100 100
---------------- -------------
Cash and cash equivalents
4.6 at end of period 223 223
------- ------------------------------ ---------------- -------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the quarter $A'000
(as shown in the consolidated
statement of cash flows)
to the related items
in the accounts
---- ------------------------------- ---------------- ---------
5.1 Bank balances 223 834
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- ---------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 223 834
---- ------------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 $56,505
----------------
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
---- --------------------------------------------------------
7. Payments to related entities of Current quarter
the entity and their associates $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
---- --------------------------------------------------------
8. Financing facilities Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
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 $A'000
for next quarter
---- ------------------------------ -------
9.1 Exploration and evaluation 500
9.2 Development
9.3 Production
9.4 Staff costs 280
Administration and corporate
9.5 costs 590
Other (redemption Convertible
9.6 Notes) 842
-------
9.7 Total estimated cash outflows 2,212
---- ------------------------------ -------
Please note that the Company received $5.6 million in gross
proceeds from the Entitlement Offer dated 23 March 2018.
10. Changes in Tenement Nature of interest Interest Interest
tenements reference at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ------------------- -------------- ------------
10.1 Interests
in mining
tenements
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ------------------- -------------- ------------
10.2 Interests
in mining
tenements
and petroleum
tenements
acquired
or increased
----- ---------------------- -------------- ------------------- -------------- ------------
1.1 Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here:
............................................................ Date:
30 April 2018
(Company secretary)
Print name: Graeme Hogan
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. 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.
3. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 01, 2018 02:35 ET (06:35 GMT)
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