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for the period ended 30 June 2012
Quarterly Activities Report
ASX Code: DRM Level 3, 41-43 Ord St West Perth Western Australia 6005 T: +61 9226 0600 F: +61 9226 0633 Email: [email protected] www.dorayminerals.com.au Capital Structure 81.3M Shares (11.2M unlisted Options) Board of Directors Peter Alexander Non-Executive Chairman Allan Kelly Managing Director Heath Hellewell Technical Director Jay Stephenson Non-Executive Director Leigh Junk Non-Executive Director About Doray Minerals Doray Minerals Limited (ASX: DRM) listed on the ASX in February 2010 and was one of Australia's best performing IPOs in 2010 based on results from the high grade Andy Well gold project in Western Australia. The company is currently focussed on advancing Andy Well through development and subsequent production and was named “Gold Explorer of the Year” in 2011 by the Gold Mining Journal. Doray has a strategic portfolio of gold properties within WA and South Australia, and each presents Doray with multiple discovery opportunities.
ANDY WELL PROGRESSES TOWARDS DEVELOPMENT
HIGHLIGHTS
Andy Well Mining Lease granted Maiden high grade mining reserve for Andy Well Andy Well BFS progressing toward completion and decision to mine Discovery of second high grade quartz lode at Judy Zone
Outcropping high grade vein identified at Tuckanarra Doray Minerals Ltd (ASX: DRM) is pleased to present shareholders with the Company’s Quarterly Activities Report for the period ended 30 June 2012. During the quarter, Doray progressed the Andy Well gold project towards development and achieved a number of significant milestones including: completion of a positive Scoping Study; the granting of the Mining Lease and the announcement of the maiden high-grade open pit and underground mining reserve for the project. Doray’s Managing Director, Mr Allan Kelly, said the maiden mining reserve was another important milestone in progressing the Andy Well project towards development. “With an average open pit grade, across two open pits, of almost 15g/t and an average underground mined grade of just under 13g/t, which takes into account all dilution related to minimum mining widths, this project represents a fantastic near term production opportunity for the Company,” Mr Kelly said. The combined high-grade open pit and underground mining reserve for Andy Well currently stands at 570,000t @ 12.8g/t for 235,000 contained ounces. Mr Kelly advised that the maiden mining reserve for Andy Well did not take into account potential future additions from further conversions of existing Wilber Lode Inferred and or Indicated Resource ounces, future increases to the current Wilber Lode Resource, or additional discoveries, such as the Judy Zone which was also announced in the June quarter. High-grade gold intersections from Judy included 1m @ 300g/t and 1m @98g/t. “We have always believed that the Andy Well project had the potential for a substantial new gold camp with multiple deposits and these results from Judy appear to indicate the presence of a second, very high-grade quartz lode within close proximity to the soon to be developed Wilber Lode deposit.” The Company was close to finalising a Bankable Feasibility Study by the end of the quarter and discussions with banks regarding project finance are well advanced. Other achievements during the June quarter include the granting of PACE funding for the Company’s 100% owned Nuckulla Hill Gold Project in South Australia and significant results from the maiden field program at the 100% owned Tuckanarra project, located 100km south of Andy Well in the central Murchison region.
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1. ANDY WELL GOLD PROJECT (Doray 80%)
1.1. Maiden Mining Reserve During the quarter, Doray announced the maiden high grade open pit and underground mining reserve for the Andy Well project. The maiden JORC-compliant Mining Reserve for Andy Well is based on the Wilber Lode Resource Model, announced in March 2012, and has been calculated utilising mining and processing assumptions developed as part of the Bankable Feasibility Study which is nearing completion. The maiden high grade open pit and underground mining reserve for Andy Well currently stands at 570,000t @ 12.8g/t for 235,000 contained ounces (100% basis). As shown in Figure 1, the key components of the maiden Mining Reserve are: • Stage 1 open pit - 32,000t @ 14.9g/t Au for 15,000 contained ounces • Stage 2 open pit - 31,000t @ 14.2g/t Au for 14,000 contained ounces • Underground - 507,000t @ 12.6g/t Au for 206,000 contained ounces This reserve incorporates a stage one high grade open pit, mined to a depth of 50m which establishes access to the main underground mine, and a second high grade open pit reserve (31,000t @ 14.2g/t for 14,000 ounces) which is planned to be mined once underground mining operations have advanced, requiring a future realignment of the Great Northern Highway to be funded out of future cash flows. The underground reserve has been calculated based on a narrow vein, mechanized up-hole open stope mine design and does not include the inferred component of the Wilber Lode resource, the two Wilber footwall lode resources or potential upside from recent high grade intersections within the Wilber Lode that are currently unclassified. Details of the maiden reserve are included in Table 1, including Doray’s 80% attributable component. As required by the JORC Guidelines, no Inferred Resources have been included in this Reserve calculation. Gold processing and extraction is based on all metallurgical and process design studies completed to date and included within the BFS, including an overall gold recovery of 96.5%. All additional administration and overhead costs, including royalties, have been included. All reserves have been evaluated at a gold price of AUD$1550/oz. Table 1. Andy Well Ore Reserve Inventory - June 2012
Proven Probable Total Doray 80%
Tonnes Grade (g/t)
Ounces Tonnes Grade (g/t)
Ounces Tonnes Grade (g/t)
Ounces Ounces
Open Pit Stage 1
- - - 32,000 14.9 15,000 32,000 14.9 15,000 12,000
Open Pit Stage 2
- - - 31,000 14.2 14,000 31,000 14.2 14,000 11,200
Underground - - - 507,000 12.6 206,000 507,000 12.6 206,000 164,800
Open Pit – Low Grade
- - - 73,000 0.8 2,000 73,000 0.8 2,000 1,600
TOTAL ANDY WELL
RESERVE - - - 643,000 11.5 237,000 643,000 11.5 237,000 189,600
Note: Open Pit High Grade Reserves are based on a 1.4g/t Au lower cut-off grade, with Open Pit Low Grade Reserves based on a 0.3g/t Au lower cut-off grade. Rounding errors may occur.
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Figure 1. Long Section of Wilber Lode showing maiden mining reserve and proposed open pit and underground mine infrastructure.
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1.2. Feasibility Study Progress Work continued to progress on the Andy Well Project Bankable Feasibility Study during the quarter, with the study approximately 95% complete by the quarter’s end. In addition, work continued on submissions to relevant Government Departments in order to gain necessary approvals and permits required for operations to commence in line with the project development schedule. These activities included crucial items to this development timetable, including:
Native Title Agreement with the Yugunga-Nya NTC group was executed, with Mining Lease M51/870 being granted by the DMP on 27th April 2012.
Lease Agreement executed with the Shire of Meekatharra for the location of the 126 man Accommodation Village for the Andy Well Project. The contract for the supply of buildings for the village has been awarded, with building construction underway.
Andy Well Operations Manager commenced. Recruitment for key operational staff including Underground Manager, Chief Mine Geologist and Chief Surveyor has commenced.
Tender processes were initiated for the Open Pit & Civil earthmoving, Processing Plant EPCM and Underground Mining contracts. By the end of the quarter, all submissions had been received, and the evaluation process was well advanced to enable negotiation and selection of preferred contractors, prior to award.
Native Vegetation Clearing Permit was approved and received from the DMP. Applications were submitted for Water Bore Construction and Abstraction License (DoW), Pipeline
Construction Works Approval (DEC) and Section 18 Notice (DIA). Drafting continued on the Mining Proposal and Mine Closure Plan submission for the Department of
Mines and Petroleum, with final submission pending approvals from the DIA detailed above. Final scope of work and quotations were received for the Power Plant, Communications
establishment and Bulk Fuel Storage Facility. 1.3. Project Funding
During the quarter, Doray progressed discussions with a number of banks in regards to providing a project finance facility for the Andy Well Gold Project. The Company expects to be able to announce details of a debt facility for the project, subject to completion of the BFS, early in the upcoming quarter.
1.4. Andy Well Exploration
Judy Zone - Drilling at Andy Well has confirmed the potential for a second high grade gold deposit within the “Judy Zone”, south of the high grade Wilber Lode deposit. Following up on various intersections announced in the March 2012 quarterly, a single diamond hole and a number of RC holes were drilled to test the potential for a second high grade quartz lode approximately 300m south of and parallel to the Wilber Lode (Figure 2.) Drilling has intersected the Judy Zone mineralisation on three 25m-spaced NW-SE oriented drill sections and confirmed dip and strike continuity of the mineralised quartz lode with visible gold observed in all but one of the holes drilled at Judy so far. The interpreted orientation of the Judy Zone appears parallel to the highest grade portion of the Wilber Lode resource. Judy remains open along strike and at depth at this stage. A long section of results received to date is presented below as Figure 3. Significant gold results from the Judy Zone drilling so far include:
MNAC0157 - 2m @ 18.7g/t from 35-37m (EOH) (E-W hole oblique to lode) MNRC054 - 1m @ 21.1g/t from 81-82m (E-W hole oblique to lode) MNRC139 - 2m @ 30.5g/t from 228-230m, including 1m @ 56.1g/t MNRC166 - 1m @ 98g/t from 149-150m MNRC167 - 2m @ 8.96g/t from 102-104m, including 1m @ 16.6g/t MNRC168 - 1m @ 300g/t from 88-89m MNRC169 - stopped short of target depth MNRC170 - 1m @ 10.8g/t from 87-88m MNRC171 - 1m @ 33.8g/t from 156-157m MNDD129 - 0.5m @ 7.58g/t from 323-323.5m
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Diamond hole MNDD126, 300m to the northeast of the above holes, was drilled towards the NW to test for mineralisation in the footwall of the Wilber Lode and intersected a zone of mineralisation which may represent the northern extension of the mineralised Judy structure. Recent surface geophysical surveys have also highlighted a NE trending structure in the vicinity of this intersection. The hole initially returned a result of 8m @ 2.2g/t from 68-76m in two 4m composite samples from the RC pre-collar. Resplits from the interval have been re-assayed and returned a result of 6m @ 4.05g/t from 68-74m, including 3m @ 6.98g/t from 70-73m, associated with a mineralised quartz vein in sheared basalt. A number of holes also intersected a mineralised quartz lode to the west of the Judy Zone which is interpreted to represent the southern extension of the Wilber Lode, approximately 300m south of the current Wilber Lode resource (see Wilber Zone discussion below). In light of these results, a follow up programme of RC holes commenced during the quarter. The aim of the programme is to confirm the existence of the Judy Zone over approximately 300m strike and down to approximately 250m below surface. Results are expected early in the upcoming quarter. Wilber Zone - During the quarter, diamond drilling was conducted to test for extensions to the northern plunge of the Wilber lode, outside the current indicated resource, as well as for the existence of a high grade pod at the deeper southern end of the resource. In general, results highlighted the continuation of high grade mineralisation outside of the current proposed mine plan within the northern mine area, as well as the presence of an additional high grade zone of mineralisation along the southern depth extent of the current resource area. These data will be incorporated into further targeting for reserve extension once underground production is underway. Significant results were received as follows:
MNDD116 - 1.3m @ 9.62g/t from 427.3-428.6m, including 0.5m @ 18.2g/t (north) MNDD124 - 0.8m @ 4.38g/t from 565.2-566m (north) MNDD127 - 1m @ 23.2g/t from 501.4-502.4m (south) MNDD128 - 0.5m @ 21.2g/t from 410.6-411.1m (south – Hangingwall Lode)
Several holes drilled to test the Judy zone, as detailed above, have also intersected the Wilber Zone within the same hole. These holes have confirmed the persistence of mineralisation along the Wilber structure a further 250m south of the previous extents of drilling. While grades obtained to date are only moderate in tenor, they do prove that consistent mineralisation persists away from the Wilber deposit, and provide encouragement for additional discoveries along this structure. Significant results from the Wilber structure intersected from Judy drilling include:
MNRC166 – 2m @ 1.48g/t from 8m MNRC169 – 1m @ 3.02g/t from 76m MNRC171 – 1m @ 2.97g/t from 21m MNDD129 – 3m @ 1.4g/t from 215.3m
All Wilber intersections received during the quarter are illustrated below in Figure 4. Andy Well regional - a number of activities were completed during the quarter including completion of orientation and follow-up surface geochemistry and geophysical surveys. The aim of these was to document the signature of the Wilber Lode deposit before significant disturbance due to mining. Final sterilisation drilling and geochemical programs have been completed for the area of the proposed mine infrastructure. Exploration aircore drilling to evaluate a number of regional targets at Andy Well is expected to commence during the September Quarter, once all of the relevant approvals are received.
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Figure 2. Drill plan showing interpreted position of newly discovered Judy Zone in relation to Wilber Lode reserve.
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Figure 3. Judy Zone - Long Section showing recent drilling results with respect to position of Wilber Lode deposit.
Figure 4. Wilber Lode - Long Section showing recent drilling results.
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2. MURCHISON REGION EXPLORATION
Doray currently holds a strategic land position of approximately 1,700 km2 in the Murchison goldfields region of WA. Doray’s tenements cover major mineralised structures along strike from major gold deposits. Each of Doray’s projects provides multiple opportunities for discovery of an economic gold deposit.
2.1. Abbotts (Doray 80%) Follow up drilling at the Kingswood prospect was completed during the quarter with a number of significant results received. The drilling aimed to test for strike and down dip extensions and confirm the orientation of the high grade mineralisation previously observed in several holes. A total of 28 holes were completed at 25m intervals north and south of previous high grade intersections. The most encouraging results came from holes 25m north of previous high grade mineralisation intersected in ABAC0110 (3m @ 63.4g/t Au) (Figure 5). ABAC0196 (3m @ 5.47g/t including 1m @ 11.3g/t) and ABAC0197 (7m @ 5.2g/t including 2m @ 14.8g/t) both appear to be related to the steeply west dipping contact between schist and a granitic intrusive rock. It also appears that the highest grade mineralisation may be related to second order structures cross cutting the main Abernethy Shear Zone. Further drilling is planned. Table 1. Significant results from recent Abbotts aircore drilling Hole ID East North Dip Azimuth From To Interval Au (g/t)
ABAC0187 639526 7060119 -60 090 84 85 1m 7.63 ABAC0188 639496 7060120 -60 090 43 45 2m 5.60 ABAC0196 639839 7060623 -60 090 42 45 3m 5.47 ABAC0197 639819 7060619 -60 090 63 70 7m 5.20
Note: results reported over 1g/t with maximum 1 sample of internal dilution.
2.2. Side Well (Doray 80%) At Side Well all 4m composite results were received during the Quarter for a program of follow-up RC drilling at what is now known as the Mulga Bill prospect. In total 16 RC holes were drilled to test beneath a zone of supergene gold and base metal mineralisation, supergene mineralisation is obscured beneath approximately 10m of transported soil cover. This zone of supergene mineralisation was previously defined by Doray Minerals aircore drilling over a strike length in excess of 3km. New results not previously announced include 16m @ 8.14 g/t (incl. 4m @ 26.1g/t) from 84-116m in SWRC012 (4m composite samples). Further drilling at Side Well is scheduled for the September Quarter. Table 2. Significant results from recent Side Well RC drilling Hole ID East North Dip Azimuth From To Interval Au (g/t)
SWRC005 658480 7060197 -60 270 120 124 4 7.31 132 136 4 1.68
SWRC006 658560 7060196 -60 270 164 172 8 1.45 188 196 8 4.35
SWRC012 658700 7060600 -60 270 84 100 16 8.14 Incl. 96 100 4 26.1 108 112 4 2.22
SWRC014 658478 7061000 -60 270 156 160 4 1.95 180 184 4 9.31 196 200 4 3.61 240 244 4 2.71
Note: 4m composite samples
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Figure 5. Summary of recent drilling results from Abbotts aircore drilling.
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2.3. Tuckanarra (Doray 100%)
During the quarter, the company announced results from recent rock chip sampling at the “Kingfield” prospect, within the Company’s 100% owned Tuckanarra project in the central Murchison region. The sampling has outlined an 800m long zone of high grade gold mineralization associated with an outcropping quartz vein and a number of additional highly prospective targets to be drill tested in the near future. The Tuckanarra project is located approximately 100km south of Andy Well and adjacent to the Great Northern Highway. Doray purchased the Tuckanarra project in 2010 and carried out a shallow reconnaissance aircore drilling programme in late 2011, followed by mapping and prospecting. An aircore hole drilled by Doray as part of last year’s programme returned a bottom of hole intersection of 3m @ 3.4 g/t Au from 4 to 7m (TUAC0024). Rock chip sampling has subsequently identified an outcropping quartz vein that has returned several high grade gold results over a strike length of at least 800m (Figure 6). Several samples returned results greater than 5g/t with the highest result being 454g/t from a mineralised quartz vein associated with shallow historic workings. Follow-up geological mapping and rock chip sampling at Kingfield has also identified a number of additional sub-parallel outcropping mineralized quartz veins. The main vein exposures are typically less than 1m wide and are hosted within an axial planar shear of an interpreted synform in meta-basalts. Secondary, parallel vein sets occur to the southwest of the main exposures in the limb of this interpreted synform.
A subsequent review of historic soil sampling data has also identified at least 3 parallel gold anomalous zones and, apart from the recent aircore drilling conducted by Doray, it appears the project has seen no systematic exploration drilling.
In light of these excellent initial results, a follow up drilling programme has been planned to test below a number of these highly prospective targets.
2.4. Webbs Patch/Black Tank Well (Doray 100%) Surface geochemical sampling at Black Tank Well continued during the quarter.
2.5. Magnet North/Lake Austin (Doray 80%) Compilation of historic exploration data and subsequent targeting continued during the quarter and an initial surface geochemical sampling programme was commenced.
2.6. Western Queen (Doray 80%) The Western Queen tenement, E59/1643, was granted during the quarter. The project surrounds the historic high grade Western Queen (160koz produced @ 8.8g/t) and Western Queen South gold deposits, currently owned by Ramelius Resources (Figure 7.). The initial tasks to be completed will be a review and compilation of historic data for the project. The project appears prospective for down plunge repetitions of the gold mineralisation seen at Western Queen and Western Queen South.
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Figure 6. Results of rock chip sampling at Kingfield prospect, showing at least three parallel high grade outcropping quartz veins.
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Figure 7. Western Queen project showing recently granted Exploration Licence surrounding historic high grade Western Queen deposit.
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3. CENTRAL GAWLER, SOUTH AUSTRALIA
3.1. Nuckulla Hill (Doray 100%)
Doray received advice from the South Australian government that it had been successful in receiving funding under the PACE programme to test a number of targets at the Company’s 100% owned Nuckulla Hill gold project, adjacent to Tunkillia (0.8Moz Au, 1.6Moz Ag) recently purchased by Mungana Goldfields. A field trip to conduct orientation geochemical sampling and plan for proposed drilling will be completed during the upcoming quarter.
4. CORPORATE 4.1. Financial
Doray’s cash position at 30 June 2012 was approximately $5.2 million. The forecast expenditure for the September 2012 quarter totals $4.9 million, which includes development expenditure commitments of $3.6 million that are subject to the completion of the BFS, Board approval and the finalisation of project funding requirements.
5. TENEMENT HOLDINGS
Project
(Doray Interest)
Tenement
Tenements Granted
Western Queen (80%) Nuckulla Hill (100%) Nuckulla Hill (100%)
Andy Well (80%)
E59/1643 EL4846 EL4847 M51/870
Tenements Acquired/Applied for
- -
Tenements Relinquished
- -
Competent Person Statement The information in this announcement that relates to Mineral Resources is based on information compiled by Mark Cossom. The information in this announcement that relates to Ore Reserves is based on information compiled by Peter Bamford. Mr Cossom and Mr Bamford are full-time employees of Doray Minerals Ltd and are a Member and Fellow of the Australasian Institute of Mining and Metallurgy respectively. Both Mr Cossom and Mr Bamford have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which they are undertaking. This qualifies Mr Cossom and Mr Bamford as “Competent Persons” as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Cossom and Mr Bamford both consent to the inclusion of information in this announcement in the form and context in which it appears. The information in this announcement that relates to Exploration Results is based on information compiled by Heath Hellewell and Allan Kelly. Mr Hellewell and Mr Kelly are Directors and full-time employees of Doray Minerals Ltd and are Members of the Australian Institute of Geoscientists. Both Mr Hellewell and Mr Kelly have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which they are undertaking. This qualifies Mr Hellewell and Mr Kelly as “Competent Persons” as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hellewell and Mr Kelly both consent to the inclusion of information in this announcement in the form and context in which it appears.
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Appendix 5B Mining exploration entity quarterly report
Appendix 5B Page 1
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report Name of entity
Doray Minerals Limited
ABN Quarter ended (“current quarter”)
48 138 978 631 30 June 2012
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter $A’000
Year to date 12 Months
$A’000 1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration
(801)
(2,720) -
(708)
(4,154) (9,883)
- (2,773)
1.3 Dividends received - - 1.4 Interest and other items of a similar nature
received 130 667
1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other 745 956
Net Operating Cash Flows
(3,354)
(15,187)
Cash flows related to investing activities
1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets
- -
(628)
- -
(908) 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 (provide details if material) - -
Net investing cash flows
(628)
(908) 1.13 Total operating and investing cash flows
(carried forward)
(3,982)
(16,095) For
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Appendix 5B Mining exploration entity quarterly report
Appendix 5B Page 2
1.13 Total operating and investing cash flows
(brought forward) (3,982) (16,095)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. net of costs
156
1,303 -
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 (provide details if material) - -
Net financing cash flows 156 1,303
Net increase (decrease) in cash held
(3,826)
(14,792)
1.20 Cash at beginning of quarter/year to date 9,004 19,970 1.21 Exchange rate adjustments to item 1.20 - -
1.22 Cash at end of quarter 5,178 5,178
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 1.2 219
1.24
Aggregate amount of loans to the parties included in item 1.10
-
1.25
Explanation necessary for an understanding of the transactions
Director Fees and Wages, Consulting fees
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
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
Financing facilities available Add notes as necessary for an understanding of the position.
Amount available $A’000
Amount used $A’000
3.1 Loan facilities
- -
3.2 Credit standby arrangements
- -
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Appendix 5B Mining exploration entity quarterly report
Appendix 5B Page 3
Estimated cash outflows for next quarter $A’000 4.1 Exploration and evaluation
693
4.2 Development
3,570
4.3 Production -
4.4 Administration 615
Total 4,878*
*The forecast expenditure for the September 2012 quarter totals $4.9 million, which includes development expenditure commitments of $3.6 million that are subject to the completion of the BFS, Board approval and the finalisation of project funding requirements.
Reconciliation of cash 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
5.1 Cash on hand and at bank 227 126
5.2 Deposits at call 4,951 8,878
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 5,178 9,004
Changes in interests in mining tenements 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
E51/1643 EL4846 EL4847 M51/870
GRANTED GRANTED GRANTED GRANTED
0% 0% 0% 0%
80% 100% 100% 80%
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Appendix 5B Mining exploration entity quarterly report
Appendix 5B Page 4
Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number Number quoted Issue price per security (see note 3) (cents)
Amount paid up per security (see note 3) (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
81,312,275 81,312,275
7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs
781,762
781,762
20 cents
20 cents
7.5 +Convertible debt securities
7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor)
3,196,738 1,250,000 1,650,000 1,650,000 150,000 250,000 150,000 2,000,000 175,000 50,000 100,000 390,000 150,000
Exercise price 20 cents 20 cents $2.08 $2.56 $1.14 $1.20 $2.06 $2.37 $1.65 $2.03 $2.08 $2.00 $1.93
Expiry date 3 Sept 2014 4 Feb 2015 31 Dec 2012 31 Dec 2012 31 Aug 2014 31 Mar 2015 31 Aug 2015 31 Dec 2013 31 Oct 2015 12 Dec 2015 5 Dec 2015 1 Mar 2016 28 Feb 2016
7.8 Issued during quarter
150,000 $1.93 28 Feb2016
7.9 Exercised during quarter
781,762
20 cents
3 Sept 2014
7.10 Expired during quarter
Nil
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Appendix 5B Mining exploration entity quarterly report
Appendix 5B Page 5
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)
Compliance statement 1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act. 2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 20 July 2012
(Director/Company secretary) Print name: Iain Garrett
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