FIRST QUARTER
QUARTERLY ACTIVITIES REPORT for period ending:
30 September 2014
ACN: 117 127 590
33 Richardson Street West Perth WA 6872
E: mailto:[email protected][email protected] W: http://www.toroenergy.com.au/www.toroenergy.com.au
CORPORATE
Cash at end of the quarter was $5.4 million.
WILUNA URANIUM PROJECT (WA)
2014 drilling results included the highest ever recorded intersections in the Millipede deposit, and evidence of continuous mineralisation at Lake Way, Millipede, Centipede and Lake Maitland, providing confidence in the proposed high grade mining strategy.
Significant levels of positive disequilibrium of at least 1.2 determined for three of the Wiluna deposits.
Environmental Scoping Document approved for public release by West Australian Environmental
Protection Authority as next stage in assessment of mining at Millipede and Lake Maitland.
Initiated process improvement investigations targeting high cost components of the processing facility.
URANIUM MARKET
Lead spot price indicator gained steadily during the quarter finishing up US$7.30/lb to stabilise at US$35.50/lb.
The long term price indicator remained steady in the September 2014 quarter increasing
US$1.00/lb to US$45.00/lb.
Australia and India signed a Nuclear Civil Cooperation Agreement on 5 September, enabling
Australian uranium exports to India and opening a new potential market.
Applications for the restart the Sendai reactors 1 and 2 in Japan were subjected to public consultation and passed through the final regulatory hurdles during the quarter.
EXPLORATION
JV's signed with Areva Australia on Wiso exploration ground and with Rum Jungle Resources on
Lake Mackay potash deposit
Continued rationalisation and consolidation of Greenfields exploration ground in Western
Australia and Northern Territory.
1. C o r p o r a t e
During the quarter the share price moved significantly on announcements of positive disequilibrium results for the Wiluna Project, Toro's Managing Director accompanying the Australian Prime Minister Abbott's trade delegation to India and the signing between Australia and India of a Nuclear Civil Cooperation Agreement.
As at 30 September 2014 Toro had $5.4 million cash on hand.
Toro Energy Limited - Quarterly Report 1
2. U r a n i u m M a r k e t
Spot uranium price regained some of its June quarter losses during the period trading from its lowest price of US$28.2/lb to recover and stabilise in the range US$35/lb to US$36/lb. The trading activity that encouraged this price recovery was modest but steady, with some consistent volumes through September. Demand and trading volumes remain low, however some positive sentiment appears to be returning to the sector.
US$/lb Uranium Price
60
50
40
30
20
10
0
Spot price Mid term price Long term price
Figure 1: 2014 Uranium Price - 30% increase in spot price June 2014 through October 2014
Source: TradeTech
The medium to long term demand outlook remains positive with the emerging economies committed to significant growth in reactor build out programs. In particular, India's expected growth in its nuclear power sector was given a boost during the quarter with the signing of the Nuclear Civil Cooperation Agreement between Australia and India. This opens up the opportunity of a new uranium export market for Australian uranium. China continues to add capacity with a further reactor being commissioned during the quarter, the fifth reactor this year. Construction of a further 29 remains underway.
After the end of the quarter, Kyushu Electric Power Co. Inc. was given all local and national approvals to allow the re-start of the Sendai 1 and 2 reactors in southern Japan. The re-start timetable is now with the Nuclear Regulation Authority, and it is expected that re-starts will occur in first quarter
2015.
3. W i l u n a U r a n i u m P r o j e c t ( W A )
3 . 1 . P r o j e c t U p d a t e
Toro continues to work on ensuring the Wiluna project can be financed and brought into production as quickly as possible as the uranium market improves and subject to achieving uranium pricing conditions that support development. The Company is focussing on a review of the resource in light of the recent disequilibrium results, continuing negotiations on a mining agreement with the Traditional Owners, progressing the Millipede/Lake Maitland environmental approvals and undertaking internal engineering studies to improve the project configuration, capital and operating cost estimates.
Toro Energy Limited - Quarterly Report 2
3 . 2 . R e s o u r c e
The results of Toro's largest ever drilling program and mining block evaluations were released in the September quarter. Initial drilling results included intersections of the highest ever recorded grades of uranium mineralisation at the Millipede deposit and represented a significant improvement in the previously reported results. Further analysis, supported by Independent Engineer review, indicated continuous mineralisation in the first four deposits proposed to be mined, increasing the Company's confidence in the proposed high grade operating strategy in the currently modelled mining schedules supporting the Project economic model.
The drilling program involved the selection of an area 100 metres long and 100 metres wide on each of Centipede, Millipede, Lake Maitland and Lake Way for close spaced drilling. Within each grid drill holes were spaced 5 metres apart to test for short range variability. In all, 1,639 holes were drilled for 16,375 m of which 71 holes for 644 m were sonic core, the remaining being aircore. Mining blocks were modelled for the analysis for all four areas, an example of one of these models is shown in Figure
1 (Lake Maitland deposit). The study, has significantly enhanced our geological understanding of the
uranium mineralisation.
Results of the disequilibrium analysis of uranium samples taken during the 2013 drilling campaign were also announced during the quarter. Significant levels of positive disequilibrium have been identified by the Australian Nuclear Science and Technology Organisation in three of the Wiluna deposits. The analysis also showed that a disequilibrium factor of at least 1.2 may be applied to gamma results used to estimate existing Mineral Resources for the Wiluna Uranium Project, with the exception of the Lake Maitland deposit. Further work is required to evaluate the magnitude and extent of the positive disequilibrium, and assess how to incorporate the findings into the Mineral Resource estimation process.
Figure 2: Lake Maitland Mining Block Evaluation Area, 2014 Resource Drilling
3 . 3 . A p p r o v a l s a n d C o m m u n i t y
The Western Australian Environmental Protection Authority (EPA) approved the Environmental Scoping Document (ESD) for assessment of mining at Millipede and Lake Maitland for public release during September. Subsequent to the end of the quarter, the ESD was released for a two week public comment period. The EPA has set the level of assessment at Public Environmental Review (PER). The ESD establishes the environmental studies necessary to complete the PER. The PER will be open for public review for a 12 week period and Toro is planning its publication in the first half of 2015.
Toro Energy Limited - Quarterly Report 3
Mining agreement negotiations with the Wiluna Native Title Holders are continuing, with progress towards commercial terms now being made. Few issues remain outstanding and a final mining agreement is expected to be completed early in 2015. Toro also continued discussions with the Barwidgee People (Lake Maitland region) on heritage and business development matters which are pertinent to the development and approval of that deposit.
Toro continues to be active in the Wiluna community, participating in a Careers Expo organised under the auspices of the Wiluna Regional Partnership Agreement during September. More than 30 companies, government agencies and other organisations provided information on career opportunities to students from Wiluna and Leonora.
3 . 4 . E n g i n e e r i n g
Toro is focussing on improving the capital and operating cost of the project. In particular, efficiencies in the processing flowsheet are being targeted, including the application of available technologies that have the potential to decrease the size of components of the processing facility and improve reagent use. If successful, this program will decrease the capital and operating cost of the processing facility.
4. E x p l o r a t i o n
In September, Toro signed a Joint Venture agreement with Areva Australia for exploration over the highly prospective Wiso Basin which is a basin sized uranium mineralisation system, capable of hosting multiple deposits amenable to in situ recovery operations. Drilling under this Joint Venture will commence early in 2015. A JV agreement was also signed with Rum Jungle Resources for Toro's potash resource at Theseus.
Consolidation of all exploration ground into three core regions - the Wiso Basin Project, the Reynolds
Range Project and the Theseus Project is ongoing.
5. T e n e m e n t M o v e m e n t s
An updated tenement status map is attached at Appendix 1.
Tenement movement details are included in Appendix 5B attached to this report.
Toro Energy Limited - Quarterly Report 4
APPENOIX l:Tenement Status Map
WILUNA URANIUM PROJECT
TENVRE STATVS
Sept•mber 2014
Mllf"l.lOoiiWi
E· o..:.o..a..f'.(.O.i.ç«''l"tiUCfoflc($
-M oC-hd:l)on\1t0O1•I<Gtnml\.1(
- (ot-o:l
- IO:il!b!
CcC::Jl.-,•._n..'f<lo.'.J.ir..., "''
B
.-=---
""'"
EXPLORATION PROJECT AREAS
Soptentber 2014
-_.. "•"w"""'tit-•.. hc•CJ ....,,_
..
.....,
- -A"l' ( '
..
c::::) lwl.,.-..,w;........,._.
l
Tao Energy Limited -Q.urterly Report 5
APPENOIX 2: Wiluna Uranium Project Resource Table 1 • 1
Current Resources Table
Wiluna Urani.Jm Project
In accordante with JORC 2012
DEPOSIT Measured Indicate-d lnferred TOTAL
U!OScutoffs 200ppm 500 ppm 200 ppm SOOppm 200ppm SOOppm lOOppm SOOppm
Centipede
|
Mt's
|
2.9
|
1.2
|
7.5
|
3.1
|
0.0
|
0.0
|
10.4
|
4.3
|
Grade ppm
|
551
|
872
|
572
|
943
|
o
|
o
|
567
|
923
|
Mlb'sU308
|
3.5
|
2.4
|
9.5
|
6.5
|
0.0
|
0.0
|
13.0
|
8.8
|
LakeWay
|
Mt's
|
0.0
|
0.0
|
10.3
|
4.2
|
0.0
|
0.0
|
10.3
|
4.2
|
Grade ppm
|
o
|
o
|
545
|
llll3
|
o
|
o
|
5<15
|
llll3
|
Mlb'sU308
|
0.0
|
0.0
|
12.3
|
8.2
|
0.0
|
0.0
|
12.3
|
8.2
|
Millipede
|
Mt's
|
0.0
|
0.0
|
4.5
|
1.6
|
1.9
|
0.4
|
6.4
|
1.9
|
Grade ppm
|
o
|
o
|
530
|
956
|
382
|
8ll7
|
486
|
943
|
Mlb'sU308
|
0.0
|
0.0
|
5.3
|
3.3
|
1.6
|
0.7
|
6.9
|
4.0
|
Lake Maitland
|
Mt's
|
0.0
|
0.0
|
19.9
|
7.5
|
0.0
|
0.0
|
19.9
|
7.5
|
Grade ppm
|
o
|
o
|
555
|
956
|
o
|
o
|
555
|
956
|
Mlb'sU308
|
0.0
|
0.0
|
24.3
|
15.7
|
0.0
|
0.0
|
24.3
|
15.7
|
Mt's
|
29
|
1.2
|
42.2
|
16.3
|
1.9
|
0.4
|
47.0
|
17.9
|
Sub-toto/
|
Gradeppm
|
551
|
874
|
563
|
934
|
382
|
887
|
546
|
!129
|
Mlb'sU308
|
3.5
|
2.4
|
51.4
|
33.7
|
1.6
|
0.7
|
5&6
|
36.7
|
Dawson Hinkler
|
Mt's
|
0.0
|
0.0
|
&4
|
0.9
|
5.2
|
0.3
|
13.6
|
1.1
|
Grade ppm
|
o
|
o
|
336
|
596
|
282
|
628
|
315
|
604
|
M/b U308
|
0.0
|
0.0
|
6.2
|
1.1
|
3.2
|
0.4
|
9.4
|
1.5
|
Nowthanna
|
Mt's
|
0.0
|
0.0
|
0.0
|
0.0
|
11.9
|
2.3
|
11.9
|
2.3
|
Grade ppm
|
o
|
o
|
o
|
o
|
399
|
7!14
|
399
|
794
|
M/b U308
|
0.0
|
0.0
|
0.0
|
0.0
|
10.5
|
4.1
|
10.5
|
4.1
|
Mt's
|
29
|
1.2
|
50.6
|
17.2
|
1!10
|
2.9
|
725
|
21.3
|
Toto/ Regionot Resource
|
Gradeppm
|
551
|
874
|
519
|
915
|
365
|
791
|
479
|
898
|
Mlb'sU308
|
3.5
|
2.4
|
57.6
|
34.8
|
15.3
|
5.1
|
7&5
|
42.3
|
Compewnt J Qualfìed Petaosu'Statemenu
Their(onootion pre;;Mte<Jhe.that to mining l:kJdc I'I"IOdd evo.luar.iom ond re.:a>ci$aiom forthe four l 00 m x l 00 m evoJuar.ion oat M , loJc. Wat end LoJc.Moidond;,lmeeon ;,fo1m<11kN> by DrG10g S!;n!iff ondMr Sebostion Km.r ofToR> f »'i)' l.Jmked end Mr DcnieJ ;caJ ofSJlK Comu!tiog fAusw.los;o) Pty W. Thoro..;.wofthomN>ing operal>ilty f>r V..l 00 m x l 00 m-ovduarbnoT'!<>S
woscom..:ted bymrirtt enfineer Mr G>rl MuofSJlK Comuhmg (Ausw.los;o) Pty W. MrGu;caJ toJo.s ...,.o»"''>>"';D;Jiry fortho
"''o'"' <(V..mdMduoJ •Wuotlm oreos end Dr SJ>;rtJfftd<e< "";D;Jiry forV..;MAgmy oftho<hto supplieC fa V... Dr
SJ>;rii#'end Mr MuJTato,.Membersoftho A""'*'K>n IMk<ot•ofMN>ing end Metollurw fAuslo\1111!, Mr ;caJ;,oFellowofi>•A..rMM end Mr
Knw;,o Momb.r ofth.Austra!OO lnsthut.ofG«ncientisu fAI<;! end thoy ha<osuff>cient -wh;ch;,rek""" t<> thostyk <( rriMro!isorkJn end typ•of deposund.r<DmK!erorkJn end wtho a<tMty thoy 010 und>nd<irtt w quolift a; c.omp.w.<. d.f,..C;n V..2012 f&t;on oftho
'A""'*'K>n Go!• for R<porong of fxploMion ll<sults, MMrolll<souJCe< end O,.Re......, UORC Code 2012)'. Ti<> c.omp..,.p.,..,."""""' to
the indusion in th& rekcseafthe FM1le#5' bosed Ul tk iT(oTmOfion in the fomt ond lwhinich it oppecn.
lt isirtfJOJ'torlt tothat there hG been m mafe.rioJ cl-of(e totk resou t4'Safthe W..Juno Jtqea stlw.lon repolfire aftheW..Juno .P 's resou on*e-2(/' Novembe-r 2013. Assuch the wNquaJ;fted pe.JSom' stGtememforstGted res01.6C4'Son tJw W..JunoPmpa remoim os fo/Jaw;:
Tho;,fo1m<11kN> present<C ,.,.thct JOJotes to Mmerolll<souJCe<of V..Cem;ped., Ml..ok.W"f, l..ok.Moidond, Dowson rl<kr end
Nawthomo def>OW ;,lmed on ;,fo1m<11kN> compiJ<Cby Dr GIOg 9>h!iffofToro &>.wIJm;,eC f.oth V..oidof M<fo U""'"'m J;m;,eC m.
Mr StemnPalw end Mr PDhin G>x m V..=•ofloJc.Mdt/ond) end Mr Robm SN.pson a>dMr Da>.J ;Dd ofSJlK (o,.uhmg fAusw.los;o) Pty
ltd. Mr ;caJ tck.s ro/1 respons;D;Jiry fa V..ll<soun:•fstimotend Dr SJ>;rl;ftck.s respom;/iJ<yfor V..m..v<yoftho<hto supplkd fa V..
- Dr Sh;n!iff;,oMemberoftho Austrob;onlnstituteofMN>ingend Metdl<w fAuslo\1111!, MrGu;caJ;,o Fe.llowofi>•A,.IMM end Mr
SN.pson;,oMember ofth•A..voW>InstituteofG«ncientis1s fAIG) end thoy ha<osuff.a.nt •'f"whKh;,rek""" totho stykof
mm.ro!isork>n end ..,.of def>osunder CDTSK!.Mion end wV..OCIMthoy 010 undertcJ<!ng w quolift "' Competent Per;ons a; d.fmed m V..2012
fdNonoftho ..vob;onCode f>r Roponmg <(f brotia> R.su/r;, Mm.rol R..ouJCe< endo,.1\M•,.;;UORC Code 2012)'. Tho c.omp.t< >t
Pe-JSOI'& oonsem totheinc.lus.ion in thisreJenseof 1M mal'te#S ba;ed Ul tk il'(o!TI"Iation in 1M formond COJ'Ite.xt in which it oppecr;.
1Referto OJmpetent Per51Jns'Stotement in clu·srepolt. Jrcon beaJnfjrmed thotrhere hosbeen no moren·ol chonge to reStJwasoftlv!
WillmoProject since che Jost reportUlgof rheWiJW'lO Project's resoLJ eson che 20 NJvember 2013.
2 ToMesonc1 pounds oreqooted to onedeo)rof ploce wlu·dl moy a:JtASerol)ndNlge"ors when tobl)/oO)lg.
T ao Energy Limited -Q.urterly Report 6
1 of 4
APPENDIX 5B
Mining exploration entity quarterly report
TORO ENERGY LTD
Quarter ended
ABN. 48 117 127 590 September 2014
Consolidated statement of cash flows (Note 6.0) Cash flows related to operating activities
1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration and evaluation
(b) development
(c) production
(d) administration
1.3 Dividends received
1.4 Interest and other items of a similar nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other
Net Operating Cash Flows
Cash flows related to investing activities
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
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other
Net Investing cash flows
1.13 Total operating and investing cash flows
(carried forward)
1.13 Total operating and investing cash flows
(brought forward)
|
(1,784)
|
(1,784)
|
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (Costs of share issue)
Net financing cash flows
Net increase (decrease) in cash held
1.20 Cash at beginning of quarter / year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter
|
-
-
-
-
-
-
|
-
-
-
-
-
-
|
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (Costs of share issue)
Net financing cash flows
Net increase (decrease) in cash held
1.20 Cash at beginning of quarter / year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter
|
-
|
-
|
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (Costs of share issue)
Net financing cash flows
Net increase (decrease) in cash held
1.20 Cash at beginning of quarter / year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter
|
(1,784)
7,151
|
(1,784)
7,151
|
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (Costs of share issue)
Net financing cash flows
Net increase (decrease) in cash held
1.20 Cash at beginning of quarter / year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter
|
-
|
-
|
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (Costs of share issue)
Net financing cash flows
Net increase (decrease) in cash held
1.20 Cash at beginning of quarter / year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter
|
5,367
|
5,367
|
2 of 4
Payments to directors of the entity and associates of the directors 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 1.2 139
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
Directors' fees, wages, expenses and superannuation for the quarter
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
Nil
-
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
Nil
Financing facilities available
3.1 Loan facilities (A$12m debt facility)
3.2 Credit standby arrangements
|
Amount available
$A'000
|
Amount used
$A'000
|
Financing facilities available
3.1 Loan facilities (A$12m debt facility)
3.2 Credit standby arrangements
|
-
|
12,000
|
Financing facilities available
3.1 Loan facilities (A$12m debt facility)
3.2 Credit standby arrangements
|
-
|
-
|
Estimate
4.1
4.2
4.3
4.4
|
d cash outflows for next quarter
Exploration and evaluation: Development
Production
Administration
|
$A'000
|
Estimate
4.1
4.2
4.3
4.4
|
d cash outflows for next quarter
Exploration and evaluation: Development
Production
Administration
|
946
-
-
905
|
Estimate
4.1
4.2
4.3
4.4
|
Total
|
1,851
|
Reconcil
5.1
5.2
5.3
5.4
|
iation of cash
|
Reconcil
5.1
5.2
5.3
5.4
|
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
|
Current quarter
$A'000
|
Previous quarter
$A'000
|
Reconcil
5.1
5.2
5.3
5.4
|
Cash on hand and at bank
Deposits at call
Bank overdraft
Other (provide details)
|
1,167
|
1,051
|
Reconcil
5.1
5.2
5.3
5.4
|
Cash on hand and at bank
Deposits at call
Bank overdraft
Other (provide details)
|
4,200
|
6,100
|
Reconcil
5.1
5.2
5.3
5.4
|
Cash on hand and at bank
Deposits at call
Bank overdraft
Other (provide details)
|
Reconcil
5.1
5.2
5.3
5.4
|
Cash on hand and at bank
Deposits at call
Bank overdraft
Other (provide details)
|
Total: cash at end of quarter (item 1.22)
|
5,367
|
7,151
|
3 of 4
Changes in interests in mining tenements
|
6.1 Interests in mining tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements acquired or increased
|
Tenement reference
|
Nature of interest
(note 2)
|
Interest at beginning of quarter
|
Interest at end of quarter
|
6.1 Interests in mining tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements acquired or increased
|
See Annexure 1
|
Issued and quoted securities at end of current quarter
Total number
|
Number quoted
|
Issue price per security (cents)
|
Amount paid up per security (cents)
|
7.1 Preference securities
(description)
7.2 Changes during quarter (a) Increases through issues
(b) Decreases through returns of capital, buy-
backs, redemptions
|
7.3 Ordinary securities
7.4 Changes during quarter (a) Increases through issues
(b) Decreases through returns of capital, buy- backs
|
1,567,784,418
2,292,260
|
1,567,784,418
2,292,260
|
Fully paid
Fully paid
|
Fully paid
Fully paid
|
7.5 Convertible debt securities (description)
7.6 Changes during quarter
(a) Increases through issues
(b) Decreases through securities matured,
converted
|
7.7 Options (description and conversion factor)
Perform ance Rights
|
4,120,000
24,390,244
3,680,000
5,000,000
1,000,000
35,714,286
42,253,521
250,000
250,000
750,000
500,000
750,000
9,300,000
225,000
5,750,000
8,335,492
2,778,868
|
Exercise Price
$0.22
$0.12
$0.22
$0.22
$0.30
$0.08
$0.14
$0.15
$0.22
$0.11
$0.22
$0.25
$0.13
$0.13
$0.11
$0.00
$0.00
|
Expiry Date
2/02/2015
1/11/2015
3/01/2016
11/01/2016
11/01/2016
7/03/2016
7/03/2016
25/05/2016
25/05/2016
30/06/2016
30/06/2016
30/06/2016
31/07/2016
25/08/2016
16/01/2017
30/09/2016
1/07/2015
|
7.8 Issued during quarter
Perform ance Rights
|
12,503,238
2,778,868
|
$0.00
$0.00
|
30/09/2016
1/07/2015
|
4 of 4
7.9 Exercised during quarter
Perform ance Rights
|
2,292,260
|
$0.00
|
30/09/2016
|
7.10 Cancelled during quarter
(expired)
Perform ance Rights
|
1,875,486
|
$0.00
|
30/09/2016
|
7.11 Debentures
(totals only)
|
7.12 Unsecured notes
(totals only)
|
Compliance statement
1.0 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
2.0 This statement does give a true and fair view of the matters disclosed.
Sign here:………………………………………………….. Date: 30 Oct 2014
Company Secretary
TODD ALDER
Print name: …………………………………………………..
Notes
1.0 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 wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2.0 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3.0 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4.0 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.
5.0 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
ANNEXURE 1
Changes in interest in mining tenments
Tenement reference
|
Nature of interest
|
Interest at beginning of quarter*
|
Interest at end of quarter
|
EL28567
EL28512
E80/4747
EL27429
EL27876
EL26987
EL29396
EL27301
ELA26634
ELA27119
ELA27589
EL27115
E80/3837
E53/1807
|
Surrendered in full Surrendered in full Surrendered in full Surrendered in full Surrendered in full
Partial Surrender - 69 blocks surrendered - 149 blocks remaining
Surrendered in full
Partial Surrender - 41 blocks surrendered - 87 blocks remaining
Sold Sold Sold
Partial Surrender - 115 blocks - 9 blocks remaining
Surrendered in full
New Tenenement
|
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
0%
|
0%
0%
0%
0%
0%
100%
100%
100%
0%
0%
0%
100%
0%
100%
|
|