31 December 2013
ASX ANNOUNCEMENT
Zeta Pit
ASX/BSE: DML
MARKET CAPITALISATION Shares on Issue 560m
Share Price A$0.057
Market Cap US$31.9m
Cash in bank (9/12) ~US$14m
Debt US$153.9m
ABN 29 104 924 423
CONTACTS Bob Fulker
Chief Executive Officer
Phone: +61 (7) 3218 0222
Paul Frederiks
Chief Financial Officer
Phone: +61 (7) 3218 0222
WEBSITE
discoverymetals.com
BOARD OF DIRECTORS
Chairman
Jeremy Read
Non-Executive Directors
Ribson Gabonowe
Russell Luxford
Company Secretary
Paul Frederiks
REGISTERED OFFICE Level 23, 333 Ann Street Brisbane QLD 4000, Australia Phone: +61 (7) 3218 0222
Fax: +61 (7) 3218 0233
[email protected]
BOTSWANA COUNTRY OFFICE Plot 21314 Sebele Station Road Phakalane, Gaborone, Botswana
Phone: +267 318 0751
Fax: +267 318 0752
Discovery Metals Limited
Lenders waivers
On 27 May 2013, Discovery Metals Limited (Discovery Metals or The Company) (ASX: DML) announced a revised principal repayment schedule for its Boseto Project Finance (PF) facility as agreed with its lenders. In accordance with that schedule, a principal repayment of US$17.5m is due and payable on 31 December
2013. The Company wishes to advise that its lenders have granted a waiver such that the scheduled repayment date for this principal repayment and all interest owing up until 31 December 2013 under both the PF facility and the Single Currency Revolving Facility Agreement totalling US$2.2m has been deferred until 15 January
2014. This waiver demonstrates the ongoing support the Company is receiving
from its lenders.
As announced on 23 December 2013, the Company has provided a number of parties with access to the Company's data room so that they may commence, and in some cases recommence, due diligence. The Company further notes that the Blumont Group announced to the Singapore Stock Exchange on 24 December 2013 that it had entered into a US$30m facility agreement with a financier and its shares in Discovery Metals, among other assets, had been provided as security. Blumont have advised that they plan to submit to the Company a revised term sheet as an alternate transaction incorporating amended terms to the previously proposed
$100m convertible bond facility.
The Company will update the market of material developments in due course. There can be no assurance that a transaction will occur.
Dump truck transporting a load of ore
Workers at the Boseto Copper Project
Forward looking statements
This release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that Discovery Metals expects, are forward-looking statements. Although Discovery Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements.
Discovery Metals Background
Discovery Metals is an ASX/BSE listed copper exploration and production company focused on the emerging Kalahari Copperbelt in north-west Botswana. The Company is a copper producer at its 100% owned Boseto Copper Project.
The Kalahari Copperbelt sediment-hosted mineralisation of the Boseto Copper Project is similar in style to the well-known and large deposits of the Central African Copperbelt of Zambia and the Democratic Republic of the Congo.
Discovery Metals has prospecting licences covering approximately 26,150 km2 in Botswana.
Further information on the Company including Mineral Resources and Ore Reserves is available on our website: www.discoverymetals.com
For further information on this release and Discovery Metals Limited, please contact:
Bob Fulker Interim CEO Ph: +61 7 3218 0222 [email protected]
Concentrate shed
Paul Frederiks CFO and Company Secretary Ph: +61 7 3218 0222
[email protected]
Bagged concentrate