ASX ANNOUNCEMENT
29 July 2016
Quarterly Report
For the period ending 30 June 2016
Corporate
On 9 May 2016 Flinders Mines Limited (ASX: FMS) (Flinders) announced that it had entered into a bid implementation agreement with TIO (NZ) Limited (TIO), a wholly owned subsidiary of Todd Corporation, under which TIO agreed to vary its offer, increasing the cash consideration initially offered on 17 March 2016 (Initial Offer) from $0.013 to $0.025 per Flinders' share (Improved Offer), 92% higher than the Initial Offer and a premium of 213% to the closing price and VWAP of Flinders shares before the Initial Offer was announced.
The Directors of Flinders have all accepted the Improved Offer in respect of the shares they owned or controlled and continue to recommend that shareholders accept the Improved Offer from TIO.
Presently the closing date for the Improved Offer is 8 August 2016 (unless extended or withdrawn).
As a result of changing operational requirements, on 28 June 2016 Flinders Managing Director, Mr Ian Gordon was made redundant. The Board acknowledges and thanks Ian for his significant contribution to the Company.
Funding
At the end of the quarter, Flinders held cash of $551,000. Estimated cash outflows for next quarter total
$1,207,000. Flinders anticipates receipt of a Research & Development refund of approximately $750,000 during the quarter ending 30 September 2016.
Subsequent to the end of the quarter, as announced on 29 July 2016, Flinders has entered into a loan facility agreement (Loan Agreement) with PIO Mines Pty Limited (a subsidiary of TIO) to assist Flinders meet its short term capital requirements. The key terms of the Loan Agreement are set out in the 29 July 2016 announcement.
Projects Update
All tenements are being maintained and kept in good standing.
Pilbara Iron Ore Project (PIOP) - WA
There were no exploration and evaluation activities carried out on the Company's Pilbara Iron Ore Project tenements during the June 2016 quarter. During the quarter the Company was granted an exemption from expenditure for Anvil E47/1560.
Canegrass Project - WA
There were no exploration and evaluation activities carried out on the Company's Canegrass Project tenements during the June 2016 quarter. During the quarter the Company received an extension of term for a further year in respect of E58/236 (Challa). Further, Flinders has submitted an extension of term application for E58/282. A response to the application is pending.
For further information contact:
Ph: (08) 8132 7950
Email: [email protected]
Flinders Mines Limited ABN 46 091 118 044
www.flindersmines.com
Level 1, 135 Fullarton Road Rose Park
South Australia 5067
PO Box 4031
Norwood South South Australia 5067
telephone 61 8 8132 7950
facsimile 61 8 8132 7999 email [email protected]
Tenement Schedule
For the quarter ending 30 June 2016
|
Tenement No.
|
Status
|
Tenement Name
|
Grant/ Application
Date
|
Expiry Date
|
Area (Sq Km)
|
Registered Holder
/Applicant
|
Interest
|
Related Agreement
|
WESTERN AUSTRALIA
Canegrass Project
E58/232 Granted Boulder Well 29/07/2002 28/07/2016 16.1 Flinders Canegrass100%
Pty Ltd
E58/236 Granted Challa 22/03/2002 21/03/2017 16.1 FlindersCanegrass
Pty Ltd 100%
E58/282 Granted Honey Pot 3/05/2007 2/05/2016 27.2 FlindersCanegrass
Pty Ltd 100%
|
E47/1560
|
Granted
|
Anvil
|
6/09/2007
|
5/09/2016
|
44.5
|
Flinders Mines Ltd
|
100%
|
|
L47/728
|
Granted
|
PIOP Airstrip
|
29/05/2015
|
28/05/2036
|
3.0
|
Flinders Mines Ltd
|
100%
|
|
L47/730
|
Granted
|
PIOP Village
|
29/05/2015
|
28/05/2036
|
0.1
|
Flinders Mines Ltd
|
100%
|
|
L47/731
|
Application
|
Northern Road
|
1/09/2014
|
4.9
|
Flinders Mines Ltd
|
100%
|
|
L47/734
|
Granted
|
Southern Road
|
29/05/2015
|
28/05/2036
|
4.2
|
Flinders Mines Ltd
|
100%
|
|
M47/1451
|
Granted
|
Blacksmith ML
|
26/03/2012
|
25/03/2033
|
111.6
|
Flinders Mines Ltd
|
100%
|
Pilbara Iron Ore Project
Prenti Agreement
SOUTH AUSTRALIA
Curnamona Project
Prenti Agreement
|
EL 5739
|
Granted
|
Wompine
|
12/02/2016
|
11/02/2017
|
96.00
|
Flinders Mines Ltd
|
100%
|
Gawler Ranges Project
EL 5761 Granted Tin Hut 21/03/2016 20/03/2018 716.0 Flinders Mines Ltd 100%
EL 5762 Granted Siam 21/03/2016 20/03/2018 379.0 Flinders Mines Ltd 100%
Jamestown Project
EL 5763 Granted Caltowie 04/02/2016 9/11/2016 201.4 Flinders Mines Ltd Diamondsand
non-metals
Copper Range and Tarcowie Phosphate Agreements
EL 5557 Granted
Diamonds,
Washpool 10/11/2009 9/11/2016 135.0 Phoenix Copper Ltd barium, talc and PhoenixCopper
phosphate
Agreement
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
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
Name of entity
Rule 5.3
Flinders Mines Limited
ABN Quarter ended ("current quarter")
46 091 118 044
30 June 2016
Consolidated statement of cash flows
|
Cash flows related to operating activities
-
Receipts from product sales and related debtors
-
Payments for:
-
exploration & evaluation
-
development
-
production
-
administration
-
Dividends received
-
Interest and other items of a similar nature received
-
Interest and other costs of finance paid
-
Income taxes paid
-
Other (R&D rebates)
-
Net operating cash flows
|
Current quarter
$A'000
|
Year to date (12 months)
$A'000
|
|
- (355)
(835)
14
|
25
(1,637)
(2,521)
45
|
|
(1,176)
|
(4,088)
|
|
Cash flows related to investing activities
|
-
|
41
|
|
1.8 Payment for purchases of:
|
|
(a) prospects
|
|
(b) equity investments
|
|
(c) other fixed assets
|
|
1.9 Proceeds from sale of:
|
|
(a) prospects
|
|
(b) equity investments
|
|
(c) other fixed assets
|
-
|
3
|
|
1.10 Loans to other entities
|
|
1.11 Loans repaid by other entities
|
|
1.12 Other (provide details if material)
|
|
Net investing cash flows
|
-
|
44
|
|
1.13 Total operating and investing cash flows
|
(1,176)
|
(4,088)
|
|
(carried forward)
|
+ See chapter 19 for defined terms.
01/05/2013 Appendix 5B Page 1
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
|
1.13 Total operating and investing cash flows (brought forward)
|
(1,176)
|
(4,044)
|
|
Cash flows related to financing activities
-
Proceeds from issues of shares, options, etc.
-
Proceeds from sale of forfeited shares
-
Proceeds from borrowings
-
Repayment of borrowings
-
Dividends paid
-
Other (provide details if material)
Net financing cash flows
|
-
|
825
|
|
-
|
825
|
|
Net increase (decrease) in cash held
-
Cash at beginning of quarter/year to date
-
Exchange rate adjustments to item 1.20
-
Cash at end of quarter
|
(1,176)
1,727
|
(3,219)
3,770
|
|
551
|
551
|
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
|
Current quarter
$A'000
|
|
1.23
|
Aggregate amount of payments to the parties included in item 1.2
|
78
|
|
1.24
|
Aggregate amount of loans to the parties included in item 1.10
|
-
|
|
1.25
|
Explanation necessary for an understanding of the transactions
|
Non-cash financing and investing activities
-
Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
-
Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
+ See chapter 19 for defined terms.
Appendix 5B Page 2 01/05/2013