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Thor Mining PLC - Quarterly Report July to September 2020

RNS Number : 7429D
Thor Mining PLC
30 October 2020
 

30 October 2020

THOR MINING PLC

("THOR" OR THE "COMPANY")

QUARTERLY REPORT JULY TO SEPTEMBER 2020

Highlights

Outlook for December Quarter 2020

 

GOLD

Ragged Range, Pilbara region, WA Australia


·  Geochemical sampling delineates 13 km anomalous gold trend

·  Airborne magnetic survey completed Oct '20.

·  Historic data review identifies widespread gold anomalism consistent with the 13 km trend of gold anomalism. 

 

·     Gold assays from field sampling

·     Airborne magnetic survey interpretation

·     Drill program planning.

COPPER

Kapunda, SA Australia

·  Positive results from initial hydrogeological testing program

·  Successful copper production demonstrated via each of ion exchange, cementation, and electro-winning.

·  Commencement of large particle column leach testing.

 

 

·   Additional borehole hydrogeological testing

·   Geotechnical drilling allowing gold testing

·   Site Environmental Lixiviant Test (SELT) commencement.

 

 

URANIUM & VANADIUM USA

·  Completion of acquisition of Uranium & Vanadium interests in Colorado & Utah USA

·  High grade uranium and vanadium assays results from Colorado claims.

 

 

·     Planning & permitting for initial drill testing of the Colorado claims.

 

TUNGSTEN & MULTI COMMODITIES

Molyhil, NT Australia

·  Molyhil granted Major Project Status with NT government.

 

 

 

 

·  Ongoing discussions with Australian government agencies mandated to assist Australian critical minerals projects

·  Continued discussions with potential Molyhil project financiers and off-take partners.

Pilot Mountain, Nevada USA

·  Ongoing discussions with various US parties aimed at securing specific investment to progress this project.

 

·    Continuing discussions with US parties to secure project investment.

 

 

CORPORATE & FINANCE

·      Strategic placing raises UK£1,065,500 (approx A$1,875,000) before expenses

·      Board & Management Changes

·      Appointment of Mark McGeough as non-executive director

·      Resignation of Richard Bradey - executive director & exploration manager

·      Appointment of Nicole Galloway Warland as exploration manager

 

Mr Mick Billing, Executive Chairman, commented:

"Very positive progress on core projects during the quarter with significant advances at Ragged Range gold project in particular."

"We look forward to the assays from the latest field sampling exercise, and also to receiving the data and images from the recently completed airborne magnetic survey."

"A period of active field work is also about to start at the Kapunda ISR copper project with field SELT trials aimed at recovering copper and gold in the deposit scheduled to commence, along with further hydrogeological work, and some testing aimed at providing better definition of gold potential "

RAGGED RANGE GOLD PROJECT

During July, the Company conducted follow up stream sediment & rock chip sampling on the Pilbara Goldfields exploration licences in Western Australia, including the nickel hosted gossan. Subsequent to the end of the quarter, following significant encouragement from the July program, a further sampling program, comprising both stream sediments and rock chips, was completed.

Samples were collected from sites upstream from, or adjacent to sites, previously sampled which showed anomalous gold from panning and/or in assay. 

 

Assays from the most recent program are awaited, however results to date, including some preliminary results may be accessed from the Thor website via the following links:

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200902-asx-rr-gold-sample-results.pdf   

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20201021-ragged-range-project---visible-gold-in-follow-up-sampling.pdf

Sampling to date has delineated a 13 km trend of anomalous gold, along the mafic/ultramafic thrust faulted contact, which has become the prime focus for immediate future work, although other targets are also being generated.

 

Subsequent to the end of the quarter also, an airborne magnetic survey was flown over the licence area, with results expected shortly for interpretation.

 

COPPER PROJECTS

Copper Price Movements

The global copper price continues to recover. At the time of writing, copper is quoted at US$6,700.tonne.

KAPUNDA and MOONTA (renamed ALFORD WEST) COPPER PROJECTS - SA

Thor holds a 25% equity interest in private Australian company, EnviroCopper Limited ("ECL"), along with rights to acquire a further 5% interest via investment of an additional A$0.4million, of which A$0.215million has been advanced.  In turn ECL has entered into an agreement to earn, in two stages, up to 75% of the rights over metals which may be recovered via in-situ recovery ("ISR") contained in the Kapunda deposit from Australian listed company, Terramin Australia Limited ("Terramin" ASX: "TZN"), and rights to 75% of the Alford West copper project comprising the northern portion of exploration licence EL5984 held by Andromeda Metals Limited (ASX:ADN).

Information about EnviroCopper Limited and its projects can be found on the EnviroCopper website:

https://www.envirocopper.com.au/

KAPUNDA

During 2018, the Australian Government Ministry for Science, Jobs and Innovation announced an offer to ECR for research funding of A$2,851,303, over a 30 month period, for the Kapunda In-Situ Copper and Gold Recovery Trial.  Funds from this grant are expected to cover the major portion of costs of the program scheduled for the balance of work in 2020.

During the June 2019 quarter the Company advised of successful gold recovery from Kapunda core, in addition to copper recovery, using a CSIRO developed thiosulphate product, instead of, the more normal, cyanide.  As reported (www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20190403-isr-gold-recovery---proof-of-concept-kapunda-copper-project.pdf), gold has been intersected in a number of holes at Kapunda, within the existing copper resource, and results for 28 surface & drill core samples historically reported to range from 0.6 to 5.54 dwts /ton (approx 0.93 to 8.58 g/t), with best results of 95.1 metres @ 3.06g/t gold from 2.4metres depth.

Hydrogeologic testing

Three holes were drilled south of the Kapunda mine site in late 2019. Their purpose was to establish an array of wells for pump testing to determine aquifer properties, and tracer testing to determine fracture connectivity between wells.

Tracer Test

A tracer test was undertaken with the aim of determining the connectivity of fractures between the two test production bores. The test comprised injection of a sodium bromide tracer into one well 03 and simultaneous extraction of groundwater from 02. Samples were taken every 15 minutes and a selection of samples were analysed for bromide concentration. Breakthrough of the bromide tracer occurs at approximately 150 minutes.

Lixiviant Testing

Laboratory work has seen the completion of the first three phases of work:

·      Phase 1 Mineralogical characterisation,

·      Phase 2 Lixiviant system screening

·      Phase 3 Mini column leach test work.

Phase 4, the large particle saturated column leach test work was interrupted by the COVID 19 issue but work has resumed. Samples from the previous drilling program will be run through standard column leach procedures. The first drill chip samples chosen (not considered optimal) were run initially to fine tune the procedure but still showed reasonable recovery grades with a peak grade around 800 mg/l

 

Initial Metal Recovery Testing

As part of the next stage of the project, initial scoping studies were carried out to see if any significant issues (chemical or physical) may exclude a particular method of copper production. Each of these processes, Ion Exchange, Cementation, and Electro Winning, demonstrated successful copper recovery.

 

Alford West (formerly known as Moonta)

During the September 2019 quarter the Company advised that EnviroCopper Limited, on behalf of Environmental Metals Recovery, had completed a Mineral Resource Estimate (MRE) on several of the deposits at Moonta, based on substantial historical drilling.  The results of this study was an Inferred Resource estimate of 66.1 million tonnes (MT) grading 0.17% copper (Cu), containing 114,000 tonnes of contained copper, at a cutoff grade of 0.05%Cu.

The full details of the resource announcement may be accessed via the following link:

https://www.asx.com.au/asxpdf/20190815/pdf/447hw9dbbkg94b.pdf 

The Company is not aware of any new information or data which would materially affect the Mineral Resource, and all assumptions and key technical parameters relevant to the estimate remain unchanged. 

URANIUM AND VANADIUM PROJECTS

During the quarter, the Company announced completion of the acquisition of American Vanadium Pty Ltd, an Australian private company holding mineral claims in Colorado and Utah, USA

The claims held, host uranium and vanadium mineralisation in an area known as the Uravan Mineral Belt, which has a history of high grade uranium and vanadium production.

In July 2020, the Company announced receipt of assays showing high grade uranium and vanadium from samples collected during the due diligence period. 

Highlights from samples identified as potentially vanadium rich: www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200708-us-uranium.vanadium-sampling-assays.pdf 

·    The eight initial assay results averaged 1.0% V2O5 and 0.043% U3O8.

·    Two outcrop samples from the Rim Rock mine were 1.8% and 2.0% V2O5.

Highlights from samples identified as potentially uranium rich:

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200721-high-grade-uranium-assays.colorado-field-sampling.pdf 

·    The 13 assay results averaged 0.706% U3O8 and 1.36% V2O5.

·    Four samples assayed 1.0% U3O8 or greater with a best uranium assay of 1.25% U3O8

·    Three samples assayed over 2% V2O5 with a best vanadium assay of 3.47% V2O5

 

TUNGSTEN PROJECTS

Tungsten and Molybdenum Price Trends

During March and April, global tungsten and molybdenum prices dipped in response to weaker manufacturing and infrastructure demand, brought on by the global COVID-19 pandemic. 

At the date of this report, the price of tungsten, per mtu of APT (Ammonium Para Tungstate) sits between US$215/mtu and US$222/mtu, while the molybdenum price sits at US$8.72/lb. 

MOLYHIL TUNGSTEN PROJECT - NT (100% Thor)

During the quarter, Thor continued discussions with various potential partners who have expressed interest, in either off-take, joint venture or debt finance arrangements.  It is hoped that, on the back of improved global markets, a favourable arrangement can be finalised in the near term.

Adjacent to Molyhil, the Bonya tenements, in which Thor holds a 40% interest, host outcropping tungsten deposits, a copper resource and a vanadium deposit.

During the quarter the Northern Territory government announced that the Molyhil project had been awarded Major Project Status.

A full background on the project is available on the Thor Mining website www.thormining.com/projects.

During the December quarter, on 10 October 2019, the Company reported an updated Mineral resource estimate for the Molyhil deposit comprising Indicated and Inferred Mineral Resources of 4.7 million tonnes at 0.28% WO₃ (Tungsten trioxide), 0.14% Mo (Molybdenum), 0.05% Cu (Copper), and 18.0% Fe (Iron) above a cut-off grade of 0.12% WO equivalent.

The revised resource estimate increased contained WO₃ by 1.5%, and contained Mo by 9.3% compared with the previous estimate, and includes copper, which had not previously been reported since 2006.

An update to the Open Cut Ore Reserve, and the Definitive feasibility Study (DFS) has not been commissioned at this stage, however the directors may elect to revisit these with any improvement in the Bonya deposits resources classification beyond Inferred status.

Table A: Molyhil Summary JORC (2012) Mineral Resource Estimate - Reported 10 October, 2019

Classification

'000

Tonnes

WO3

Mo

Cu

Fe


Grade %

Tonnes

Grade %

Tonnes

Grade %

Tonnes

Grade %

Indicated

3,780

0.29

11,000

0.14

5,400

0.05

1,800

18.7

Inferred

930

0.25

2,300

0.15

1,400

0.04

300

15.2

Total

4,710

0.28

13,300

0.14

6,800

0.05

2,200

18.0

Notes:

· Thor Mining PLC holds 100% equity interest in this project.

· The Mineral Resource is reported at 0.12% WO3 equivalent cut-off and above 200mRL only on a dry, in-situ basis

· The Company is not aware of any information or data which would materially affect the Mineral Resource, and all assumptions and key technical parameters relevant to the previous estimate remain unchanged.

 

Details of the resource announcement may be accessed via the following link:

https://www.asx.com.au/asxpdf/20191011/pdf/449d2szw7y7hzy.pdf 

A review of the Molyhil deposit by the new Thor technical team has identified approaches which may provide scope to grow the resource estimate, and these are undergoing assessment.

The Company is in discussion with several Australian Commonwealth government agencies each of which are mandated to assist companies with projects to develop and produce critical minerals, which includes tungsten.  These agencies include; Export Finance Australia, Defence Export Facility, Critical Minerals Facilitation Office and the North Australian Infrastructure Facility. Further announcements will be made as appropriate.

 

BONYA (TUNGSTEN, COPPER, VANADIUM) (40% THOR)

During the March quarter, the Joint Venture reported a maiden resource estimate for the White Violet and Samarkand deposits.

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf 

The updated Mineral Resource Inventory for Bonya licence to date is shown in Table B and Table C below:

Table B: Bonya Tungsten Mineral Resources (announced 29 January 2020)



Oxidation

Tonnes

WO3

Cu





%

Tonnes

%

Tonnes

White Violet

Inferred

Oxide

25,000

0.41

90

0.16

40


Fresh

470,000

0.21

980

0.06

260

Sub Total


495,000

0.22

1,070

0.06

300

Samarkand

Inferred

Oxide

25,000

0.11

30

0.07

20


Fresh

220,000

0.20

430

0.13

290

Sub Total


245,000

0.19

460

0.13

310

Combined

Inferred

Oxide

50,000

0.26

120

0.14

60


Fresh

690,000

0.21

1,410

0.08

550

Total


740,000

0.21

1,530

0.09

610

Notes:

·      0.05% WO3 cut-off grade.

·      Totals may differ from the addition of columns due to rounding.

·      Thor Mining PLC holds 40% equity interest in this project.

·      The Company is not aware of any information or data which would materially affect this previously announced resource estimate, and all assumptions and technical parameters relevant to the estimate remain unchanged.

Table C: Bonya Copper Mineral Resources (announced 26 November 2018)


Oxidation

Tonnes

Copper




%

Tonnes

Inferred

Oxide

25,000

1.0

200

Fresh

210,000

2.0

4,400

Total


230,000

2.0

4,600

Notes:

·      0.2% Cu cut-off grade.

·      Totals may differ from the addition of columns due to rounding.

·      Thor Mining PLC holds 40% equity interest in this project 

·      The Company is not aware of any information or data which would materially affect this previously announced resource estimate, and all assumptions and technical parameters relevant to the estimate remain unchanged.

 

Vanadium

Thor and Arafura Resources released, in July 2019, details of a study outlining the potential of the Jervois Vanadium Project, along with a proposed development plan.  The study details can be accessed via the following link:

https://www.asx.com.au/asxpdf/20190703/pdf/446bv386tvk7fh.pdf

 

PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA USA (100% Thor)

Thor's Pilot Mountain Project, acquired in 2014, is located approximately 200 kilometres south of the city of Reno and 20 kilometres east of the town of Mina, located on US Highway 95.

The Pilot Mountain Project is comprised of four tungsten deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope.  All of these deposits are in close proximity (~three kilometres) to each other and have been subjected to small-scale mining activities at various times during the 20th century.

A full background on the project is available on the Thor Mining website www.thormining.com/projects. 

The directors believe Pilot Mountain's resource is substantial on a global scale, and has potential for significant growth, in particular from the discovery in the August 2017 drilling program of an additional parallel zone of scheelite mineralisation at the Desert Scheelite deposit (Figure 6.). 

The directors believe that the Desert Scheelite resource, which outcrops at surface at the western end for more than 400 metres, has potential to develop into a long term open pit mining operation which, when supplemented by higher grade mineralisation from the other deposits at Pilot Mountain, has the potential for a longer term profitable operation.

This significant tungsten resource is strategically located in the USA and tungsten has been confirmed by the US Department of the Interior as a critical mineral in 2018.

Locked cycle testwork on material from the Desert Scheelite deposit, was completed during the June 2019 quarter, resulting in production of a high grade scheelite concentrate grading 68% WO₃ with recovery of 73.6%. 

Environmental study parameters are being established with relevant agencies, and Infrastructure studies have also commenced.

 

SPRING HILL GOLD PROJECT - NT (ROYALTY ENTITLEMENT)

During the quarter, the Company announced the A$1.0million sale of its royalty entitlement from the Spring Hill gold project in the Northern Territory.   The sale, conditional upon approval from the Australian Foreign Investment Review Board (FIRB), provides for receipt of A$400,000 on completion (A$50,000 received), followed by two production milestone payments of A$300,000 each. At the date of this announcement, FIRB approval is still progressing.

 www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20200715-a1.0-million-sale-of-spring-hill-royalty.pdf 

CORPORATE, FINANCE, and CASH MOVEMENTS

During the quarter, the Company announced a placing of UK£1,065,500 via the issue of 177,583,333 ordinary shares at an issue price of UK£0.006 per share. 

The placement included UK£150,000 to the Company's largest shareholder, Metal Tiger PLC, UK£138,000 to new institutional shareholder Artemis Resources Limited, and UK£20,000 to directors Mick Billing and Mark McGeough  These funds were received and shares issued following shareholder approval subsequent to the end of the quarter.

For the Quarter, the Company had:

·      Net cash outflows from Operating and Investing activities of $0.56 million, including $0.42 million of exploration expenditure and $0.12 million of additional funds advanced to EnviroCopper Ltd;

·      Net cash inflows from Financing activities of $1.78 million, including $1.52 million proceeds from a capital raise net of costs, and $0.28 million cash received in advance of a capital raise completed after Quarter end;

·      Providing total net cash inflows of $1.22 million, and an ending cash balance of $1.64 million.

 

Cash flows for the Quarter include related party payments of $0.08 million remuneration paid to Executive Directors comprising CEO fees to Mr Billing and a salary to Mr Bradey as Exploration Manager.  There were no other Directors' fees paid in the Quarter.

 

Competent Person's Report

The information in this report that relates to exploration results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

 

Enquiries:

Mick Billing

+61 (8) 7324 1935

Thor Mining PLC

Executive Chairman

Ray Ridge

+61 (8) 7324 1935

Thor Mining PLC

CFO/Company Secretary

Samantha Harrison/

Niall McDonald

+44 (0) 207 383 5100

Grant Thornton UK LLP

Nominated Adviser

Nick Emerson

 

+44 (0) 1483 413 500

SI Capital Ltd

 

Broker

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.

 

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits.  The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor is also acquiring up to a 30% interest Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵. 

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcements of 26 November 2018 and 29 January 2020

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

 Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018

Refer ASX and AIM announcement of 15 August 2019

 

TENEMENT SCHEDULE

 

At 30 September 2020, the consolidated entity holds an interest in the following Australian tenements:

Project

Tenement

Area kms2

Area ha.

Holders

Company Interest

Molyhil

EL22349


Molyhil Mining Pty Ltd

100%

Molyhil

EL31130


Molyhil Mining Pty Ltd

100%

Molyhil

ML23825

95.92

Molyhil Mining Pty Ltd

100%

Molyhil

ML24429

91.12

Molyhil Mining Pty Ltd

100%

Molyhil

ML25721

56.2

Molyhil Mining Pty Ltd

100%

Molyhil

AA29732

38.6

Molyhil Mining Pty Ltd

100%

Molyhil

MLS77

16.18

Molyhil Mining Pty Ltd

100%

Molyhil

MLS78

16.18

Molyhil Mining Pty Ltd

100%

Molyhil

MLS79

8.09

Molyhil Mining Pty Ltd

100%

Molyhil

MLS80

16.18

Molyhil Mining Pty Ltd

100%

Molyhil

MLS81

16.18

Molyhil Mining Pty Ltd

100%

Molyhil

MLS82

8.09

Molyhil Mining Pty Ltd

100%

Molyhil

MLS83

16.18

Molyhil Mining Pty Ltd

100%

Molyhil

MLS84

16.18

Molyhil Mining Pty Ltd

100%

Molyhil

MLS85

16.18

Molyhil Mining Pty Ltd

100%

Molyhil

MLS86

8.05

Molyhil Mining Pty Ltd

100%

Bonya

EL29701


Molyhil Mining Pty Ltd

40%

Bonya

EL32167


Molyhil Mining Pty Ltd

40%

Panorama

E46/1190


Pilbara Goldfields Pty Ltd

100%

Ragged Range

E46/1262


Pilbara Goldfields Pty Ltd

100%

Tramore South

E52/3681


Hamersley Metals Pty Ltd

100%

March Fly

EL 32016


Hamersley Metals Pty Ltd

100%

Hillside

E45/5245


Hamersley Metals Pty Ltd

100%

 

 

At 30 September 2020, the consolidated entity holds an interest in the following tenements in the US State of Nevada:

Claim Group

Prospect

Claim Name

Area

Holders

Company Interest

Platoro

Desert Scheelite

NT #55 - 64

45 blocks (611ha or 1,510 acres)


100%

Garnet

NT #9 - 18

 

Pilot Metals Inc

Gunmetal

NT #19 - 22, 6, 7


Good Hope

NT #1 - 5, 41 - 54


BFM 1

Black Fire Claims

BFM1 - BFM109

109 blocks (1,481ha or 3,660 acres)

BFM Resources Inc

100%

BFM 2

Des Scheel East

BFM109 - BFM131

22blocks (299ha or 739Acre)

BFM Resources Inc

100%

Dunham Mill

Dunham Mill

MS1 - MS4

4 blocks

BFM Resources Inc

100%

 

On 30 September 2020, the consolidated entity holds 100% interest in a Uranium and Vanadium projects in US States of Colorado and Utah as follows:

Claim Group

Serial Number

Claim Name

Area

Holders

Company Interest

Vanadium King (Utah)

UMC445103 to UMC445202

VK-001 to VK-100

100 blocks (2,066 acres)

Cisco Minerals Inc

100%

Radium Mountain (Colorado)

CMC292259 to CMC292357

Radium-001 to Radium-099

99 blocks (2,045 acres)

Standard Minerals Inc

100%

Groundhog (Colorado)

CMC292159 to CMC292258

Groundhog-001 to Groundhog-100

100 blocks (2,066 acres)

Standard Minerals Inc

100%

 

 

1   Appendix 5B

1.1         Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

1.2            Name of entity

THOR MINING PLC

1.3            ABN

1.4           

1.5            Quarter ended ("current quarter")

121 117 673


30 SEPTEMBER 2020

 

1.6         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

(18)

(18)


(a)   exploration & evaluation


(b)   development




(c)   production




(d)   staff costs

(31)

(31)


(e)   administration and corporate costs

(254)

(254)

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

54

54

1.8

Other (provide details if material)



1.9

Net cash from / (used in) operating activities

(249)

(249)


2.

Cash flows from investing activities



2.1

Payments to acquire or for:


(a)   entities


(b)   tenements




(c)   property, plant and equipment




(d)   exploration & evaluation

(417)

(417)


(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

50

50

2.3

Cash flows from loans to other entities

(115)

(115)

2.4

Dividends received (see note 3)



2.5

Other (R&D grant - offsets exploration exp)

173

173

2.6

Net cash from / (used in) investing activities

(309)

(309)


3.

Cash flows from financing activities

1,643

1,643

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

(128)

(128)

3.5

Proceeds from borrowings



3.6

Repayment of borrowings (lease liability)

(14)

(14)

3.7

Transaction costs related to loans and borrowings



3.8

Dividends paid



3.9

Other (funds received in advance of a placement)

276

276

3.10

Net cash from / (used in) financing activities

1,777

1,777


4.

Net increase / (decrease) in cash and cash equivalents for the period



4.1

Cash and cash equivalents at beginning of period

416

416

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(249)

(249)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(309)

(309)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

1,777

1,777

4.5

Effect of movement in exchange rates on cash held

4

4

4.6

Cash and cash equivalents at end of period

1,639

1,639

 

5.

1.7         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

1,639

416

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)

1,639

416

1.7.1    

6.

1.8         Payments to related parties of the entity and their associates

Current quarter
$A'000

6.1

Aggregate amount of payments to related parties and their associates included in item 1

75

6.2

Aggregate amount of payments to related parties and their associates included in item 2


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.

 

The amount at item 6.1 above comprises fees paid to Non-Executive Directors, and remuneration paid to Executive Directors.

 

7.

1.9           Financing facilities
Note: the term "facility' includes all forms of financing arrangements available to the entity.

1.10        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.

 

 

 

 

8.

1.11        Estimated cash available for future operating activities

$A'000

8.1

Net cash from / (used in) operating activities (item 1.9)

(249)

8.2

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))

(417)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(666)

8.4

Cash and cash equivalents at quarter end (item 4.6)

1,639

8.5

Unused finance facilities available at quarter end (item 7.5)

-

8.6

Total available funding (item 8.4 + item 8.5)

1,639




8.7

Estimated quarters of funding available (item 8.6 divided by item 8.3)

2.46

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.

8.8

If item 8.7 is less than 2 quarters, please provide answers to the following questions:


8.8.1     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:

 


8.8.2     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:

 


8.8.3     Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?


Answer:

 


Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

 

1.12        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.

 

 

Date:                .....30 October 2020........................................................

 

 

Authorised by:  .....the Board....................................................................

(Name of body or officer authorising release - see note 4)

 

1.13           Notes

1.          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.

2.          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.

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.

4.          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".

5.          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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

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