New Quarterly Report for Shareholders Period Ending 31 December … · 2014. 1. 23. · Quarterly Report for Shareholders . Period Ending 31 December 2013. HIGHLIGHTS OPERATIONS •

Quarterly Report for Shareholders Period Ending 31 December 2013

HIGHLIGHTS OPERATIONS • Production - Gold recovered of 60,823 ounces for the quarter. Gold recovered for the second half of 2013 was 116,000 ounces against guidance of 120,000 ounces (-3.4%). • Costs - C1 cash costs at US$491 per ounce for the quarter. C1 cash costs for second half of 2013 (which exclude the 1% royalty) were US$470 per ounce. Guidance range was US$435 – US$485 per ounce. • SAG Mill Productivity Improvements - Construction of a transverse conveyor system to supplement and enhance feed to the SAG mill from Stockpiles and oxide ore was completed. • Earthmoving Capacity Increased - Four new Cat 777G haul trucks and a new Liebherr 9250 (250t class) excavator have been delivered. This new equipment, paid for out of cash reserves, will increase production, reduce maintenance costs and improve overall fleet availability. • Duckhead - Mining of the High Grade Duckhead pit continued in the December quarter with a total of 272,000 tonnes @ 4.73 g/t gold for 41,443 ounces of ore extracted. • Duckhead - Highly positive reconciliation continued to be received from the Duckhead pit with 30% more ounces recovered in the December quarter compared to the reserve model. EXPLORATION • Duckhead Wing Lode – Shallow RC drilling continues to define the new Wing Lode on the edge of the Duckhead pit with results including 9 m @ 11.6 g/t gold including 2 m @ 31.1 g/t gold to bottom of hole and 5 m @ 7.2 g/t gold including 2 m @ 17.4 g/t gold to bottom of hole. • Duckhead Main Lode – Infill drilling of the Main Lode returned exceptional results including 20 m @ 75.8 g/t gold, 8 m @ 163.4 g/t gold and 18 m @ 81.5 g/t gold. The infill drilling resulted in a highly positive upgrade of the resource / reserve model. • Duckhead Hangingwall Lode – Infill drilling of the Hangingwall Lode returned exceptional results including 20 m @ 10.5 g/t gold, 24 m @ 9.3 g/t gold and 9 m @ 18 g/t gold. The infill drilling also resulted in a positive upgrade of the resource / reserve model. • North Limb – Limited RC drilling of the North Limb target located 150 m north of Duckhead intersected 4 m @ 3.1 g/t gold, 2 m @ 2.5 g/t gold and 5 m @ 3.3 g/t gold. CORPORATE • Cash and Bullion - Cash and Bullion as at 31 December 2013 totalled ~$25 million. • Debt and Capital Expenditure - Payments of $37 million ($36.0 million principal, $1.0 million interest) were made to pay down the Company’s project finance facility along with $18.2 million of once off capital cash outflows. • CY2014 Guidance - 190,000 – 210,000 ounces gold at cash costs (including royalty and by-product credits) within the range of US$535 – US$585 per ounce. Sustaining Capital Expenditure is estimated at US$20M with an additional US$10 – 15M for Exploration.

Peter Bowler Managing Director

24 January 2014

For

per

sona

l use

onl

y

DECEMBER 2013 QUARTERLY REPORT 2

OPERATIONS TUCANO GOLD MINE (100%)

Production

Production Summary Unit December Quarter

September Quarter 2H2013 June

Quarter Total Waste Moved (t) 2,985,094 1,503,310 4,488,404 1,401,716 Gold Ore Mined (t) 559,829 459,720 1,019,549 507,963 Gold Ore Milled (t) 1,056,435 965,595 2,022,030 883,877 Head Grade (g/t) 1.95 1.91 1.93 1.40 Plant Recovery (%) 92.0% 93.0% 92.3% 91.2% Total Gold Recovered (oz) 60,823 55,094 115,917 36,179 Cash cost* - excl Fe credit (US$/oz) 525 468 498 679 Cash cost* - incl Fe credit (US$/oz) 491 452 470 679

*Excluding 1% royalties which equal US$13/oz for the December Quarter, US$11/oz for the September Quarter and US$12/oz for the 2H2013

Gold production at the Tucano CIL gold plant in Brazil was very strong in the December quarter reflecting the continued contribution of high grade ore from the Duckhead open pit. Gold recovered totalled 60,823 ounces.

During the quarter, the CIL plant throughput capacity was solid at 4.2 million tonnes per annum rate (~20% over nameplate capacity of 3.5 million tonnes per annum) with the December month averaging a rate of 4.3 million tonnes per annum. A total of 1,056,435 tonnes of

predominantly oxide ore was processed during the quarter. Process plant recovery for the period was 92.0%. Process plant total operational costs for the quarter were in line with budget, whilst the process cost/t was 15% below the budget.

Continued throughput increases are expected to reach an annualised rate of 4.5 million tonnes per annum in the March quarter.

Spent Ore Feeder & Screen Construction of a transverse conveyor system to supplement and enhance feed to the SAG mill at Tucano is complete and is currently being commissioned. This system is independent of the main crushing plant and is intended to deal with the processing of the large stockpiles of crushed low grade ore (7.9 million tonne @ 0.78gpt) and colluvium ore. Both of these ore sources are intermittently contaminated with timber and can present a constraint to high throughput in the current crushing plant.

The new system independently supplies up to 400 tonnes per hour to the final conveyor that feeds the SAG mill. This simple system comprises a bin, apron feeder and screen for timber removal and when used in conjunction with the crusher, has the potential to significantly increase the feed to the mill beyond 4.5 million tonnes per annum.

The capex for this project is US$1.3M and the project was delivered on budget (see Photo 1 for general layout).

For

per

sona

l use

onl

y


Photo 1. General layout of Spent Ore Feeder and Screen

West Pond Tailings Facility – Phase 1 Construction of the West Pond (Phase 1) tailings facility has advanced to a position to accommodate tailings when the current Tap D facility has reached its design level in June/July 2014.

Further work on this facility and future facilities, will continue again at the start of the dry season (July 2014).

Photo 2. West Pond Phase 1 - main wall

For

per

sona

l use

onl

y


Iron Ore

Iron concentrate stockpiles continue to build, but at a rate that is lower than anticipated due to the superior throughput performance of the CIL plant which has exceeded the capacity of the Magnetic Separation Plant. This, in turn, has affected the overall recovery of the Magnetite plant.

Incremental improvements have been undertaken during the quarter to accommodate the increased throughput to this plant and further improvements are planned in the March quarter with the introduction of upgraded pumps.

The low yield to date has also been effected by the changed gold ore blend to the mill, with the bulk of the mill feed in the current quarter coming from higher grade oxide and spent ore stockpiles, to supplement the low tonnage ultra high grade Duckhead ore. These stockpiles have low magnetite content and correspond to lower

concentrate volumes. Plant yield will progressively increase over time as Duckhead is depleted and fresh rock ore is processed through the plant.

Increased attention and expertise will now be focused onto this circuit to ensure this cost saving initiative delivers its full potential. Sales of concentrate are expected to commence towards the end of the first half as port facilities at Santana return to normal operations.

Iron ore movement from the Duckhead pit increased significantly in December (466,788 tonnes) and for the December quarter a total of 902,971 tonnes of iron ore was hauled from the pit. Zamin continue to accept all the ore which has significantly contributed to reducing cash costs.

Mining

Mining at the high grade Duckhead deposit continued apace during the quarter, with gold ore sourced from this pit contributing 272,000 tonnes @ 4.7 g/t gold for 41,000 ounces. Duckhead ore mined during this period was from the Main Lode and the Hangingwall zone.

During the period, mining continued at Tap C north and south as well as Tap AB.

In December, the mine received four new Cat 777G haul trucks and a new Liebherr 9250 (250 tonnes class) excavator. This suite of equipment will initially be directed to Duckhead and thereafter will be located at the long life Urucum deposit. This new equipment will increase production, reduce maintenance costs and improve overall fleet availability.

Gold ore for mill feed in the March quarter will be sourced from Duckhead, Tap AB, Tap C and Urucum Open Pits.

Gold ore stockpiles as at the end of December total 6.8 million tonnes @ 0.83 g/t gold for 181,000 ounces plus marginal stockpiles of 1.1 million tonnes @ 0.45 g/t gold for 15,000 ounces. Total stockpiles including marginal totals 7.9 million tonnes @ 0.78 g/t gold for 196,000 ounces.

For

per

sona

l use

onl

y


EXPLORATIONResource and Reserve Development During the December quarter, 20,763 m of RC drilling was completed comprising 15,077 m of grade control RC drilling and 5,686 m of exploration RC drilling. Drilling programs continued to focus on the highly prospective Duckhead pit and lode extension delineation of the Main Lode, Hangingwall Lode and Wing Lode.

In December a second RC drill rig was mobilised to site to expedite grade control programs. This will allow one of the rigs to focus solely on near pit targets at Duckhead where a 30,000 m program has commenced. A steady ramp up of the drilling rates is expected over the coming months with additional RC and diamond drill rigs planned to be mobilised to site.

Regional exploration of the highly underexplored Tucano greenstone continued at the Mutum target east of Tucano where first pass soil sampling and mapping are generating future drilling targets.

Duckhead Project (100%) Strongly positive reconciliation continued to be received from the Duckhead open pit in the December quarter with 30% more ounces recovered compared to the reserve model. A total of 272,000 t @ 4.73 g/t gold for 41,443 oz was mined from Duckhead in the December quarter compared to a reserve model of 201,000 t @ 4.93 g/t gold for 31,852 oz. To date a total of 366,000 t @ 6.09 g/t gold for 71,616 oz has been mined from the Duckhead pit compared to a reserve of 252,000 t @ 6.61 g/t gold for 53,612 oz representing approximately half the initial reserve. Remodelling and reoptimisation of the Duckhead pit is currently being undertaken to include the drilled section of the Wing Lode, which will result in a pit cutback to the existing Duckhead reserve pit. Due to the variable but highly positive gold endowment through the vertical advance of the Main Lode in particular, it is forecast that the Duckhead contribution to the March and June quarters will be weighted slightly towards the June quarter where higher grade

sections of the Main Lode and Hangingwall Lode are accessed towards the base of the pit. However if the highly positive reconciliation received to date continues, there is good potential for the Main Lode to be upgraded when grade control drilling is completed in the near future. This is demonstrated on the long section in Figure 1 where infill grade control drilling on the areas mined to date have added on average 34% more ounces compared to the reserve. The longsection shows the December 31 surface, the forecast March quarter end surface and the current reserve pit.

Main Lode Significant infill RC drill results were received from the Main Lode during the quarter and are presented in Table 1 with better results including;

• GCRC8671: 20 m @ 75.8 g/t gold from 0 m including 6 m @ 240.4 g/t gold from 0 m




Further infill grade control drilling will be completed over the coming months to cover deeper sections of the reserve pit. A new result in GCRC9014 of 8 m @ 1.9 g/t gold from 72 m including 1 m @ 4.0 g/t gold bottom of hole is potentially significant because it is west of the modelled Main Lode and could represent a further strike extension of the Main Lode (Figure 1). Further drilling is required.

Hangingwall Lode Mining of the Hangingwall Lode commenced in November after first pass infill grade control RC drilling was completed. The drilling confirmed excellent continuity of the Hangingwall Lode defining a 10-20 m wide coherent lode. More significant results from the drilling included;

• GCRC1430: 20 m @ 7.9 g/t gold from 4 m


For

per

sona

l use

onl

y





• GCRC8620: 24 m @ 9.3 g/t gold from 0 m The Hangingwall Lode remains completely open at depth with only wide spaced drilling completed beneath the reserve pit (Figure 1). Drilling is underway to extend the resource. Wing Lode The recently discovered Wing Lode is located on the southern edge of the Duckhead pit and is currently not in any resource or reserve eventhough the mineralisation extends into the current reserve pit limits.

A program of first pass infill drilling is underway to define the shallower parts of the Wing Lode mineralisation. Initial results from the drilling confirmed a coherent high grade shoot with better results including:

• GCRC8907: 5 m @ 7.2 g/t gold from 37 m, including 2 m @ 17.4 g/t bottom of hole

• GCRC8897: 9 m @ 11.6 g/t gold from 41 m, including 2m @ 31.1 g/t gold bottom of hole




• GCRC8895: 9 m @ 3.4 g/t gold from 9 m The Wing Lode mineralisation is interpreted to plunge to the west in a similar geometry to the Main Lode and Hangingwall Lode and is projected to come to the surface immediately east of the currently completed drilling (Figure 2). The Wing Lode remains completely open at depth and to the surface away from the very shallow drilling completed with more results expected shortly.

An interim resource model of the Wing Lode is currently being completed and will be included in a reoptimisation of the Duckhead pit, however more drilling is required to delineate the shallow and down plunge extents of the mineralisation before a meaningful resource for the Wing Lode can be estimated.

Photo 3. Schramm 685 RC rig drilling Wing Lode, looking south.

For

per

sona

l use

onl

y


Figure 1. Duckhead long section showing Main Lode and Hangingwall Lode

Figure 2. Duckhead Wing Lode long section

For

per

sona

l use

onl

y


Duckhead Near Mine Targets

As a result of the priority to drill out the known Duckhead lodes within and directly beneath the pit, very little drilling has been completed outside of the immediate Duckhead pit even though exceptional targets have been identified at the North Limb and Fold Nose areas.

Limited exploration RC drilling during the December quarter did intersect highly encouraging, early indications at the North Limb target located 150 m north of the Duckhead pit located on the northern limb of the same Banded Iron Formation that host the Duckhead deposit. Better results included;

• FVM322: 4 m @ 3.1 g/t gold from 26 m



Tartaruga Project (100%)

A final report for the main concession that hosts the defined resources was submitted to the government followed by field inspections by government regulatory bodies. It is expected that the final report will be approved in the near future.

Significant resource extension and exploration programs are planned for 2014 to test the highly prospective Jabuti and Rio de Ouro East targets.

WESTERN AUSTRALIA A review of the West Australian projects has resulted in a decision to pull out of the West Musgrave region and focus exploration solely on the highly prospective Albany Fraser belt that hosts the Tropicana gold deposit. A considerable tenement holding has been built up in the Albany Fraser with first pass reconnaissance drilling programs planned for 2014.

Tropicana East Project (100%)

No field work was completed in the December quarter. Petrological and multielement geochemical analysis from the recently

completed RC drilling at Hercules and Atlantis identified true ultramafic rock assemblages associated with elevated nickel, copper and cobalt including the petrological identification of disseminated nickel (pentlandite) and copper (chalcopyrite) sulphides. A major relogging exercise will be completed prior to any further drilling programs in the latter part of 2014.

CORPORATE & FINANCE Gold Sales Gold recovered totalled 60,823 ounces with sales of 64,131 ounces in the December quarter (compared to 43,529 ounces in the September quarter), as a result of the successful upgrade of the gold elution circuit completed in the previous quarter. Gold in circuit decreased over the quarter from 12,895 ounces to 7,992 ounces. As at 23 January, gold in circuit is at an acceptable 3,700 ounces.

The average cash price received was US$1,270/oz.

Cash & Bullion Cash and Bullion as at 31 December 2013 totalled ~$25.0 million (bullion valued at US$0.89 and US$1,240 per ounce).

Debt Repayment and Hedging In line with the debt repayment schedule, US$36 million in principal was repaid during the quarter. The remaining US$62 million is scheduled for repayment in the 2014 calendar year.

The Company’s gold and foreign exchange hedges stood at a net position of +$35.5 million. Beadell has 131,600 ounces of gold forward sold

For

per

sona

l use

onl

y


at US$1,600/oz, FX forwards of US$108.9 million at US$1:R$1.97 and gold call options for 48,500 ounces at US$1,700/oz expiring 31 December 2014. Additionally, 20,200 call options exercisable at US$1,400/oz were not exercised and expired on 31 December 2013 for no consideration. Capital Expenditure Total capital expenditure for the quarter was $18.2 million which included the following one off cash outflows:

• $9.6 million: Earthmoving fleet expansion (1x250 t excavator and 4 x 777G 100 t dump trucks);

• $4.0 million: Construction of Phase 1 West Pond tailings dam (65% complete); and

• $3.0 million: Construction of Spent Ore/Emergency Feeder and other CIL plant improvements .

Production and Cash Cost Guidance for 2014 Gold production guidance for the CY2014 year is 190,000 – 210,000 ounces. Cash costs (including royalty and by-product credits) are expected to be within the range of US$535 – US$585 per ounce. Gold price assumed is ~ US$1,400 per ounce. This is calculated via current spot price of ~US$1,250 per ounce plus ~US$150 per ounce for the Company’s positive hedging in place for 2014 (as at 23 January 2014). Sustaining Capital for CY2014 is forecast to be ~US$20 million. Tailings dam construction costs are expected to be around US$5 million if an existing fresh water dam that is surplus to requirements is converted to a Tailings Storage Facility (study pending) or alternatively around US$20 million if Phase 2 of the West Pond Tailings Dam is completed. The study will be completed and a decision made in the coming months

Exploration expenditure of between US$10 – US$15 million is anticipated, dependant on success.

ASX Code: BDR Directors: Craig Readhead Non-Exec. Chairman Mike Donaldson Non-Exec. Director Ross Kestel Non-Exec. Director Peter Bowler Managing Director Robert Watkins Exec. Director Geology Greg Barrett CFO/ Company Sec. Corporate Details: Issued capital: 790,727,280 ordinary shares (as at 31 December 2013) ABN 50 125 222 291

Head Office: Level 2, 16 Ord Street West Perth 6005 PO Box 542 West Perth 6872 Tel: +61 8 9429 0800 Fax: +61 8 9481 3176 www.beadellresources.com.au For further details: Peter Bowler Tel: +61 8 9429 0801 Email: [email protected] Greg Barrett Tel: +61 8 9429 0803 Email: [email protected]

Competent Persons Statement

The information in this report relating to Exploration Results and Mineral Resources and Ore Reserves is based on information compiled by Mr Robert Watkins who is a member of the Australasian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant to the various styles of mineralisation under consideration 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’. Mr Watkins is a full time employee of Beadell Resources Limited. Mr Watkins consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

For

per

sona

l use

onl

y

mailto:[email protected]

mailto:[email protected]


APPENDIX 1 Duckhead Hangingwall Lode Infill Drill Results

Target Hole North East RL Dip Az From (m)

To (m)

Width (m)

Gold (g/t)

Exploration FVM0311 89,502 407,563 230 -60 45 21 23 2 1.1 North Limb FVM0320 89,445 407,620 222 -59 44 17 21 4 0.6 North Limb FVM0322 89,431 407,635 220 -58 42 26 30 4 3.1 North Limb FVM0323 89,417 407,649 218 -60 45 0 2 2 2.5 Colluvium FVM0327 89,304 407,550 215 -60 44 2 6 4 0.5

Exploration FVM0329 89,307 407,567 215 -60 45 37 38 1 1.2 Colluvium FVM0332 89,297 407,571 214 -60 45 3 5 2 0.6

North Limb FVM0338 89,592 407,608 230 -60 225 0 0

91

5 2

93

5 2 2

3.3 7.1 0.9

North Limb FVM0341 89,580 407,539 236 -60 225 9 12 3 1.4 Hangingwall Lode GCRC0923 89,132 407,552 187 -90 - 2 6 4 1.9 Hangingwall Lode GCRC0933 89,141 407,547 187 -90 - 8 10 2 5.6 Hangingwall Lode GCRC0939 89,152 407,558 187 -60 45 2 4 2 0.6 Hangingwall Lode GCRC0940 89,155 407,561 188 -60 45 1 5 4 1.2 Hangingwall Lode GCRC0952 89,144 407,535 187 -90 - 3 5 2 0.9 Hangingwall Lode GCRC0953 89,147 407,538 187 -90 - 0 4 4 1

Hangingwall Lode GCRC0954 89,151 407,542 187 -60 45 0 13

3 15

3 2

0.6 2.2

Hangingwall Lode GCRC0955 89,154 407,545 187 -60 45 9 11 2 1.9 Hangingwall Lode GCRC0959 89,158 407,549 187 -60 45 4 6 2 2.7 Hangingwall Lode GCRC0974 89,149 407,526 188 -90 - 2 8 6 0.7 Hangingwall Lode GCRC0990 89,157 407,520 188 -60 45 2 4 2 1.1 Hangingwall Lode GCRC0992 89,164 407,527 187 -60 45 16 18 2 0.8 Hangingwall Lode GCRC1010 89,155 407,504 188 -90 - 0 3 3 1 Hangingwall Lode GCRC1012 89,159 407,508 188 -90 - 1 4 3 1.3 Hangingwall Lode GCRC1014 89,162 407,511 187 -60 45 3 11 8 1.1 Hangingwall Lode GCRC1021 89,166 407,515 187 -60 45 0 6 6 1 Hangingwall Lode GCRC1041 89,157 407,492 188 -90 - 1 5 4 1.2 Hangingwall Lode GCRC1043 89,161 407,496 188 -90 - 0 4 4 1.2 Hangingwall Lode GCRC1046 89,164 407,499 188 -60 45 0 4 4 1.4 Hangingwall Lode GCRC1047 89,168 407,503 187 -60 45 0 3 3 0.8 Hangingwall Lode GCRC1051 89,171 407,506 187 -60 45 0 3 3 0.8 Hangingwall Lode GCRC1068 89,162 407,483 187 -90 - 1 4 3 1 Hangingwall Lode GCRC1069 89,167 407,487 187 -90 - 0 3 3 2 Hangingwall Lode GCRC1070 89,169 407,490 187 -60 45 0 2 2 1.4 Hangingwall Lode GCRC1080 89,194 407,515 187 -60 45 0 8 8 1.8 Hangingwall Lode GCRC1115 89,172 407,478 187 -90 - 0 2 2 1.4


4 25

4 5

1.1 2.4

Hangingwall Lode GCRC1131 89,182 407,489 187 -60 45 0 2 2 1.2 Hangingwall Lode GCRC1138 89,189 407,496 187 -60 45 19 22 3 1.2 Hangingwall Lode GCRC1142 89,196 407,503 187 -60 45 7 10 3 0.9 Hangingwall Lode GCRC1143 89,199 407,506 187 -60 45 1 12 11 1.7 Hangingwall Lode GCRC1229 89,176 407,469 187 -90 - 0 3 3 0.7 Hangingwall Lode GCRC1413 89,187 407,480 187 -60 45 0 8 8 1.1


5 24

4 6

2.6 2.3

For

per

sona

l use

onl

y



To (m)

Width (m)

Gold (g/t)

Hangingwall Lode GCRC1420 89,194 407,487 187 -60 45

1 Incl 5

16 22

8 7

18 24

7 2 2 2

9.4 25.0 0.5 8.3

Hangingwall Lode GCRC1426 89,198 407,491 187 -60 45 10 24 14 5.6

Hangingwall Lode GCRC1430 89,201 407,494 187 -60 45 4 Incl 10

24 19

20 9

7.9 12.8

Hangingwall Lode GCRC1431 89,205 407,498 187 -60 45 2 19 17 6.8 Hangingwall Lode GCRC1432 89,208 407,501 187 -60 45 1 21 20 10.5 Hangingwall Lode GCRC1433 89,212 407,504 187 -60 45 0 9 9 18.3


17 24 (BOH)

2 2

1.0 1.0


6 24 (BOH)

6 10

4.6 3.5


4 24

4 14

1.1 7.8

Hangingwall Lode GCRC1453 89,206 407,485 187 -60 45 1 24 23 5.3 Hangingwall Lode GCRC1454 89,210 407,489 187 -60 45 0 14 14 2.3 Hangingwall Lode GCRC1455 89,214 407,493 187 -60 45 0 14 14 1.2 Hangingwall Lode GCRC1456 89,217 407,496 187 -60 45 9 16 7 1 Hangingwall Lode GCRC1471 89,198 407,462 187 -60 45 0 4 4 6.4


6 24 (BOH)

5 2

4.8 0.7


10 24 (BOH)

10 10

3.9 2.9

Hangingwall Lode GCRC1474 89,209 407,473 187 -60 45 0 23 23 4.6 Hangingwall Lode GCRC1475 89,212 407,476 187 -60 45 0 23 23 2.2


14 21

14 2

3.4 1.3


8 14

8 2

1.6 1.6



6 24 (BOH)

6 5

1.7 17.2

Hangingwall Lode GCRC1499 89,214 407,465 187 -60 45 1 24 23 2.9 Hangingwall Lode GCRC1500 89,217 407,468 187 -60 45 0 24 (BOH) 24 6.5 Hangingwall Lode GCRC1501 89,221 407,472 187 -60 45 0 22 22 1.5


6 15

4 3

2.5 8.3



7 39

4 6

0.7 1.1


4 39

4 11

0.8 1.0

Hangingwall Lode GCRC1540 89,217 407,439 188 -60 45 0

17 27

3 23 29

3 6 2

0.6 1.1 1.0

Hangingwall Lode GCRC1541 89,221 407,443 188 -60 45 6 33 27 3 Hangingwall Lode GCRC1660 89,274 407,442 200 -60 45 34 36 2 1.1 Hangingwall Lode GCRC1666 89,291 407,447 201 -60 45 7 10 3 1

For

per

sona

l use

onl

y



To (m)

Width (m)

Gold (g/t)

Main Lode Infil GCRC8436 89,321 407,426 192 -60 45 4 2

11 12

7 10

1.0 3.3

Main Lode Infil GCRC8492 89,345 407,392 188 -60 45 15 Incl 20

24 23

9 3

70.4 178.7

Colluvium GCRC8493 89,345 407,392 188 -90 0 0 6 6 1.3


4 22

3 14

0.6 1.8

Hangingwall Lode GCRC8564 89,220 407,532 200 -60 45 0 24 24 3.4 Colluvium GCRC8565 89,223 407,535 200 -60 45 0 5 5 4.1


14 23

14 6

1.7 0.8

Colluvium GCRC8567 89,236 407,550 201 -60 45 0 12 12 0.9 Colluvium GCRC8568 89,243 407,557 202 -60 45 0 3 3 0.6



Incl 0 22

15 5

24

15 5 2

6.0 11.3 3.4

Hangingwall Lode GCRC8575 89,217 407,516 199 -60 45 19 22 3 0.7 Colluvium GCRC8576 89,221 407,520 199 -60 45 0 5 5 1.4 Colluvium GCRC8577 89,224 407,523 199 -60 45 0 10 10 2

New Lode GCRC8578 89,227 407,526 200 -60 45 0

Incl 6 12

7 7

15

7 1 3

9.0 53.6 0.7

New Lode GCRC8579 89,234 407,533 200 -60 45 0 11

6 24

6 13

7.6 0.9

New Lode GCRC8580 89,242 407,541 200 -60 45 0 24 24 7.1

New Lode GCRC8581 89,249 407,548 201 -60 45 0 Incl 0

24 1

24 1

14.6 50.8


5 23

5 14

1.2 0.9



8 15

8 2

2.8 1.0



9 19

9 4

0.7 0.7


Incl 1 20

15 4

23

15 3 3

9.7 26.7 1.5


Colluvium GCRC8599 89,231 407,502 200 -60 45 0 3 3 0.6 Hangingwall Lode GCRC8607 89,216 407,472 199 -60 45 0 24 24 6.7


14 24

14 4

7.7 2.3


6 17

6 4

1.7 4.5


Hangingwall Lode GCRC8618 89,218 407,459 200 -60 45 0 Incl 14

24 21

24 7

7.7 19.4


For

per

sona

l use

onl

y



To (m)

Width (m)

Gold (g/t)



11 23

10 5

1.1 0.6


Colluvium GCRC8642 89,205 407,574 201 -60 225 2 8 6 0.6 Colluvium GCRC8643 89,208 407,577 201 -60 225 1 3 2 1 Colluvium GCRC8644 89,211 407,581 201 -60 225 2 5 3 0.6 Colluvium GCRC8645 89,203 407,558 200 -60 225 1 6 5 0.7 Colluvium GCRC8646 89,207 407,561 200 -60 225 2 7 5 0.9 Colluvium GCRC8647 89,201 407,542 200 -60 225 1 10 9 1.2 Colluvium GCRC8648 89,205 407,546 200 -60 225 1 11 10 0.7 Colluvium GCRC8649 89,207 407,548 200 -60 225 0 5 5 1.3


7 23

7 13

1.4 0.8

Colluvium GCRC8660 89,210 407,480 199 -60 225 0 7 7 0.7


9 24

9 4

2.9 1.0


6 12

6 3

4.3 0.8



10 16

10 2

2.4 0.8


Main Lode Infil GCRC8671 89,326 407,401 188 -60 45

0 Incl 0 Incl 2

24

20 6 3

28

20 6 1 4

75.8 240.4

1,299.0 85.8

Main Lode Infil GCRC8672 89,329 407,404 188 -60 45 19

Incl 19 Incl 19

27 23 20

8 4 1

163.4 320.3

1,042.4


24 10

18 3

81.5 481.6


35 30

8 3

30.4 76.4


25 19

11 2

6.6 31.5


27 21

12 4

22.6 46.5

Main Lode Infil GCRC8677 89,347 407,408 188 -60 45 8 16 8 2.3 Main Lode Infil GCRC8678 89,352 407,414 188 -60 45 0 10 10 2


45 30

18 1

37.7 477.7


31 20

17 3

6.1 29.7

Hangingwall Lode GCRC8686 89,208 407,576 201 -60 45 2 4 2 1.6 Hangingwall Lode GCRC8688 89,215 407,584 202 -60 45 3 5 2 0.8 Hangingwall Lode GCRC8690 89,231 407,586 203 -60 45 3 6 3 0.6 Hangingwall Lode GCRC8695 89,239 407,581 204 -60 45 4 6 2 0.6 Hangingwall Lode GCRC8711 89,258 407,514 202 -60 45 2 8 6 0.9 Hangingwall Lode GCRC8712 89,265 407,521 202 -60 45 2 4 2 1.2

For

per

sona

l use

onl

y



To (m)

Width (m)

Gold (g/t)



10 21

3 2

0.9 0.7

Hangingwall Lode GCRC8722 89,272 407,486 203 -60 45 18 20 2 1.3 Hangingwall Lode GCRC8753 89,241 407,554 202 -60 225 0 6 6 2.2 Hangingwall Lode GCRC8754 89,244 407,557 202 -60 225 0 2 2 0.9 Hangingwall Lode GCRC8755 89,247 407,560 203 -60 225 3 5 2 0.8 Hangingwall Lode GCRC8766 89,258 407,543 201 -60 225 7 11 4 0.7 Hangingwall Lode GCRC8769 89,250 407,520 202 -60 225 0 3 3 0.9 Hangingwall Lode GCRC8771 89,256 407,527 201 -60 225 1 5 4 2 Hangingwall Lode GCRC8772 89,260 407,531 202 -60 225 17 19 2 0.9 Hangingwall Lode GCRC8777 89,251 407,508 202 -60 225 0 2 2 0.9 Hangingwall Lode GCRC8779 89,258 407,514 202 -60 225 2 8 6 1.4 Hangingwall Lode GCRC8780 89,261 407,518 202 -60 225 3 8 5 0.8 Hangingwall Lode GCRC8786 89,263 407,506 202 -60 225 3 14 11 0.5


14 19

6 2

1.4 0.7


Hangingwall Lode GCRC8792 89,272 407,500 202 -60 225

19 6

12 20

23 8

15 24 (BOH)

4 2 3 4

2.3 0.8 0.8 2.3


6 13

6 3

0.8 0.6


Wing Lode GCRC8894 89,128 407,453 178 -60 45 0 34

14 43

14 9

2.0 0.9

Wing Lode GCRC8895 89,128 407,453 178 -75 45 9

22 47

18 25

50 (BOH)

9 3 3

3.4 2.1 0.5

Wing Lode GCRC8897 89,138 407,449 178 -75 45

0 35 41

Incl 48

12 38

50 (BOH) 50 (BOH)

12 3 9 2

1.2 0.6 11.6 31.1

Wing Lode GCRC8898 89,138 407,449 178 -60 45 6 31

12 44

6 13

0.5 1.8

Wing Lode GCRC8899 89,142 407,437 179 -76 41 4 10 6 0.8

Wing Lode GCRC8900 89,142 407,438 179 -60 45 4 37

8 41

4 4

0.7 0.8

Wing Lode GCRC8901 89,145 407,428 179 -75 45 4 10 6 0.8

Wing Lode GCRC8902 89,145 407,428 179 -60 45 4 45

8 48

4 3

0.5 0.9

Wing Lode GCRC8903 89,149 407,417 179 -75 45 5 9 4 0.7

Wing Lode GCRC8904 89,149 407,417 179 -60 45

4 9

30 45

6 12 41

50 (BOH)

2 3

11 5

0.7 1.5 1.1 1.3

Wing Lode GCRC8905 89,159 407,414 180 -75 45 13 37 45

29 41 48

16 4 3

1.9 0.6 0.8

For

per

sona

l use

onl

y



To (m)

Width (m)

Gold (g/t)

Wing Lode GCRC8906 89,158 407,413 179 -60 45 0 3 3 0.8

Wing Lode GCRC8907 89,162 407,402 180 -75 41

15 22 37 45

Incl 48

17 24 39

50 (BOH) 50 (BOH)

2 2 2 5 2

5.0 1.8 1.2 7.2 17.4

Wing Lode GCRC8909 89,165 407,392 180 -75 45 10 18

12 21

2 3

0.8 1.4

Wing Lode GCRC8911 89,169 407,381 180 -75 45 49 50 (BOH) 1 1.3

Wing Lode GCRC8913 89,173 407,370 180 -75 45 33 47

42 50 (BOH)

9 3

1.2 1.2

Wing Lode GCRC8914 89,174 407,371 180 -60 45 6 8 2 0.7


10 21

4 3

0.5 1.8



13 51

3 3

0.7 0.8

Main Lode Infill GCRC9030 89,357 407,222 209 -60 45 5 8 3 0.7

Main Lode Infill GCRC9042 89,341 407,374 182 -60 45 25 Incl 25

32 26

7 1

53.4 357.0

Main Lode Infill GCRC9043 89,346 407,378 182 -60 45 0 18

2 25

2 7

4.5 13.3

Main Lode Infill GCRC9044 89,352 407,383 181 -60 45 7 13 6 6.9 Main Lode Infill GCRC9046 89,344 407,364 183 -60 45 29 31 2 1.5

Main Lode Infill GCRC9050 89,359 407,364 181 -60 45 14 21

18 24

4 3

8.1 1.1

Wing Lode HW0430 89,188 407,360 181 -61 44 0 85

3 88

3 1

3.5 0.8

Hangingwall Lode HW0432 89,182 407,382 181 -58 45 70 71 1 14.3

Hangingwall Lode HW0433 89,178 407,377 181 -70 42 4 136

6 138

2 2

0.7 0.5


104 125

5 6

0.9 1.8


109 125

7 6

1.7 0.5

Main Lode GCRC9014 89,335 407,285 196 -59 44 72 Incl 79

80 80

8 1

1.9 4.0

Wing Lode HW0445 89,123 407,408 172 -61 48

6 76 83 91

12 79 85 94

6 3 2 3

1.2 1.0 0.5 0.6

All results are reported as >0.5g/t with no greater than 2 m internal dilution, Holes prefix GCRC, HW and FVM are Reverse Circulation drill holes, Holes prefix GCPF are vertical open grade control holes drilled with a blast hole rig.

For

per

sona

l use

onl

y

Appendix 5B Mining exploration entity quarterly report

+ See chapter 19 for defined terms. 31/12/2013 Appendix 5B Page 1

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

Name of entity

BEADELL RESOURCES LTD

ABN Quarter ended (“current quarter”)

50 125 222 291 31 December 2013

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

87,408 235,702

1.2 Payments for (a) exploration & evaluation (b) development * (c) production (d) administration

(2,369) (912)

(38,122) (2,340)

(9,754) (24,414)

(120,295) (11,981)

1.3 Dividends received - - 1.4 Interest and other items of a similar nature

received 109 247

1.5 Interest and other costs of finance paid (1,161) (7,084) 1.6 Income taxes paid - - 1.7 Other - -

Net Operating Cash Flows

42,613

62,421

Cash flows related to investing activities

1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets

- -

(18,239)

- -

(27,440) 1.9 Proceeds from sale of: (a) prospects

(b) equity investments (c) other assets

- - -

- - -

1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other - -

Net investing cash flows

(18,239)

(27,440) 1.13 Total operating and investing cash flows

(carried forward)

24,374

34,981

* Development includes cash flows associated with the construction of the Tucano CIL Plant, Magnetic Separation Plant and Gold Elution Circuit upgrade.

For

per

sona

l use

onl

y


+ See chapter 19 for defined terms. Appendix 5B Page 2 31/12/2013

1.13 Total operating and investing cash flows

(brought forward)

24,374

34,981

Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc. (net of fees)

459 24,495

1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings - 2,061 1.17 Repayment of borrowings (37,018) (56,945) 1.18 Dividends paid - - 1.19 Other - - Net financing cash flows (36,559) (30,389)

Net increase (decrease) in cash held

(12,185)

4,592

1.20 Cash at beginning of quarter/year to date 21,987 5,384 1.21 Exchange rate adjustments to item 1.20 10 (164)

1.22 Cash at end of quarter* 9,812 9,812

* Not included in cash at the end of the quarter is gold on hand of 10,867oz at A$1,393.26 per oz for $15,140,539.

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

1.2

Aggregate amount of payments to the parties included in item 1.2

245

1.2

Aggregate amount of loans to the parties included in item 1.10

-

1.2

Explanation necessary for an understanding of the transactions

Payments include executive remuneration, superannuation, directors’ fees and consultancy 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 Not Applicable.

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 Not applicable.

For

per

sona

l use

onl

y



Financing facilities available Add notes as necessary for an understanding of the position.

Amount available $A’000

Amount used (drawn) $A’000

3.1 Loan facilities (US$62 million)

69,663

69,663

3.2 Credit stand by arrangements

- -

Estimated cash outflows for next quarter

$A’000 4.1 Exploration and evaluation

2,000

4.2 Development

1,000

4.3 Production*

34,000

4.4 Administration

3,000

Total 40,000 * Does not include any receipts from operations

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 9,812 21,987

5.2 Deposits at call - -

5.3 Bank overdraft - -

5.4 Other (provide details) - -

Total cash at end of quarter* (item 1.22) 9,812 21,987

* Not included in cash at the end of the quarter is gold on hand of 10,867oz at A$1,393.26 per oz for $15,140,539. 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

E69/2780 E69/2781

Exploration lease Exploration lease

100% 100%

- - F

or p

erso

nal u

se o

nly



6.2 Interests in mining tenements acquired or increased

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

790,727,280 790,727,280

7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs

2,450,000

2,450,000

$0.1875

$0.1875

7.5 +Convertible debt securities (description)

7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

For

per

sona

l use

onl

y



7.7 Options (description and conversion factor)

Options 600,000 250,000 100,000

1,000,000 1,000,000 1,800,000

550,000 500,000

2,000,000 7,880,000

Performance Rights

449,136 449,136

- - - - - - - - -

- -

Exercise price $0.85 $0.93 $0.85 $1.15 $1.15 $0.65 $0.85 $0.80 $0.65

$0.1875

- -

Expiry date 15 Oct 2018 20 Sep 2018 29 Apr 2015 10 Jun 2014 14 Jun 2015 30 Jun 2017 01 Jan 2015 01 Jan 2015 30 Jun 2014 30 Jun 2014

Vesting Date (if awarded) 31 Dec 2015 31 Dec 2016

7.8 Issued during quarter

600,000 - $0.85 15 Oct 2018

7.9 Exercised during quarter

2,450,000 - $0.1875 30 Jun 2014

7.10 Expired during quarter

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 or other standards acceptable to ASX (see note 4).

2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 24 January 2014

(Company secretary) Print name: Greg Barrett Notes 1 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 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

For

per

sona

l use

onl

y



change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 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 The definitions in, and provisions of, AASB 1022: Accounting for Extractive

Industries and AASB 1026: Statement of Cash Flows apply to this report. 5 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.

== == == == ==

For

per

sona

l use

onl

y

Documents

New Quarterly Report for Shareholders Period Ending 31 December … · 2014. 1. 23. · Quarterly Report for Shareholders . Period Ending 31 December 2013. HIGHLIGHTS OPERATIONS •