Altona Mining Ltd.

Quarterly Report March 2017

SRIG Transaction Nearing Completion

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- SRIG transaction: Altona and Sichuan Railway Investment Group (“SRIG”) have agreed, subject to conditions, to form an incorporated joint venture such that SRIG, through its subsidiary, China Sichuan International Investment (“CSII”), will contribute US$213.53 million (A$283 million*) cash to the Cloncurry Project. SRIG will have a 66% interest and Altona a 34% interest in the joint venture company.

- Extension to closing date: The parties have agreed that the Subscription Deed must be executed before 30 June 2017 and the transaction must close before 31 July 2017.

- SASAC approval: SRIG has advised that the principal Chinese regulator, the State-owned Assets Supervision and Administration Commission of the State Council of the Sichuan Province of the People’s Republic of China (“SASAC”) has provisionally approved the transaction.

- FIRB approvals: SRIG/CSII have advised that its application for approval to the Australian Foreign Investment Review Board (“FIRB”) has been made. Unless an extension is requested, the outcome will be delivered in May.

- Other SRIG approvals:  SRIG/CSII have advised that the Sichuan Provincial Government approval process is still in progress.

- Bedford Resource:  A new resource estimate for the Bedford deposit was released.  The global resource for the Cloncurry Project now contains 1.67 million tonnes of copper and 0.43 million ounces of gold

- Cash Balance: At 31 March 2017 Altona’s cash balance was A$37.2 million. Altona has US$23.6 million which was purchased at an average rate of AUD:USD of 0.754. This US dollar holding is to hedge Altona’s contribution to the SRIG JV which is denominated in US dollars. The movement in cash holdings reflects, in part, exchange rate movements.

* Assumes AUD:USD of 0.754

ASX Releases

Altona lodged nine ASX releases relating to its activities since the last Quarterly Report.  These announcements provide a more detailed description of activities than this report.

25/01/2017

Update on Cloncurry Project Transaction

31/01/2017

Quarterly Reports - December 2016

13/02/2017

Chinese Regulator SASAC Approves Cloncurry Transaction

14/02/2017

Cloncurry Project Transaction Update

16/02/2017

Appendix 3Y Notice

20/02/2017

Response to ASX Appendix 3Y Query

22/02/2017

Report for the Half Year Ended 31 December 2016

09/03/2017

Cloncurry Project - Bedford Resource Upgrade

16/03/2017

Cloncurry Project Approvals Status

SRIG Joint Venture Transaction

Altona has agreed the form of binding agreements with SRIG to create a joint venture to build a new copper-gold mine at Altona’s Cloncurry Project located in north-west Queensland. A joint venture company, Roseby Copper Pty Ltd (“JVCo”) will hold the Cloncurry Project. 

JVCo intends to develop a 7 million tonne per annum mine and processing plant for an annual production of 39,000 tonnes copper and 17,000 ounces gold over an initial mine life of 13 years.

SRIG to invest via Hong Kong subsidiary

JVCo will own 100% of the Cloncurry Project. SRIG has advised that CSII, a Hong Kong company with US$200 million issued capital (cash) will be the party investing in JVCo. CSII intend to raise further capital to support the Cloncurry investment and other opportunities.

CSII is 50% owned by SRIG and 10% owned by SRIG’s Shanghai listed subsidiary Sichuan Road and Bridge.  The other shareholders are State owned enterprises from the Province of Sichuan; Sichuan Huashi Group (20%), a construction company and Chengdu XingCheng Investment Co Ltd (20%), a land development company.

CSII is the first overseas investment company formed by state-owned enterprises of Sichuan Province. The JV subscription agreement envisages that SRIG will guarantee the performance of CSII.

On closing, CSII will make a cash contribution of US$213.53 million to JVCo and will own 66% of JVCo. Altona will contribute US$25 million to JVCo and Altona will own 34% of JVCo. 

Altona can meet its obligation to contribute US$25 million from its cash balance. Some US$23.6 million has already been purchased.  Expenditure incurred by Altona under an agreed work programme has been agreed to be increased to up to US$3.10 million and will be offset against this obligation.  Expenditure to date is estimated at A$4.58 million.

To effect the closing of the transaction, CSII have three primary conditions precedent to satisfy:

- Approval of SASAC

- Approval of the Sichuan Provincial Government

- Approval of FIRB

Closing date agreed

The last closing date for the execution of the Subscription Agreement is 30 June 2017 and the end date for the transaction will now be 31 July 2017.  SRIG has extended the US$2 million Performance Guarantee to 31 July 2017.

Update on approval process

The status of the approval process based on advice from CSII is as follows:

Australian Foreign Investment Review Board (“FIRB”)

The approval of FIRB is required for CSII to make the investment in the project and it is a condition precedent to completing the transaction. CSII has made application to FIRB and FIRB has advised that, in the absence of requests for information, its decision will be made by early May 2017 and advised to CSII within 10 days of its decision.

State-owned Assets Supervision and Administration Commission of the State Council of the Sichuan Province of the People’s Republic of China (“SASAC”)

The approval of SASAC is required for SRIG, through CSII, to make the investment in the project and it is a condition precedent to completing the transaction. SRIG have advised that SASAC has completed their approval process and have forwarded SRIG’s application to the Provincial Government for its approval. SASAC’s formal approval is conditional on Provincial Government approval.

Provincial Government of the Sichuan Province of the People's Republic of China (“Provincial Government”)

The approval of the Provincial Government is required for SRIG and CSII to make the investment in the project and it is a condition precedent to completing the transaction. CSII have previously advised that due to possible changes in legislation, SRIG and CSII were not required to obtain the approval of the Provincial Government to proceed with the transaction. 

CSII and SRIG have now clarified their previous advice noting that Provincial Government approval is required under existing government review processes.

Other regulatory requirements

CSII and SRIG are required to file details of the transaction together with advice of relevant approvals with The National Development and Reform Commission of the People's Republic of China (“NDRC”) and Ministry of Commence of the People's Republic of China (“Mofcom”). These filings will take place once the approvals are completed.

Altona will continue to update the market as it is advised of progress on the various approvals described above.

Altona’s conditions precedent well advanced

Once the Subscription Agreement is executed, closure of the transaction is then dependent on satisfaction of conditions precedent.  Most conditions precedent required of Altona have been satisfied with the only major condition outstanding being the transfer of 50% of mining licences to JVCo from Altona. This will not be expedited until close to completion to defer stamp duty liabilities.

For full details of the Agreement between Altona and SRIG, please refer to the ASX announcement of 2 June 2016.

Imminent Project Development

Little Eva copper-gold development is ready to build

JVCo will own the Cloncurry Project and have US$238.53 million in cash at closing which equates to A$316 million at AUD:USD of 0.754.  The cash exceeds the previous estimate for capital costs of A$294 million (including A$18 million contingency). 

Altona will be the manager of the JVCo for a minimum period of 3 months from establishment of the JVCo after which time the JVCo will have in place its own management.  Altona will undertake this function on a commercial basis.

Altona’s 34% equity share of annual production from Little Eva at the Cloncurry Project equates to approximately 13,000 tonnes of copper and 5,780 ounces of gold (15,000 tonnes of copper equivalent production), representing significant potential cash flow attributable to Altona.  As the project is fully funded from cash contributions, cash flow will be unencumbered with any debt service obligations.

Corporate

Altona maintains a strong cash balance

Altona had A$37.19 million of funds on deposit at 31 March 2017.  A portion of these funds (US$23.65 million) is retained in US dollars to hedge against US$/A$ currency movements associated with Altona’s future obligation to contribute US$25 million to the SRIG Joint Venture.

Cash movements for the quarter are tabulated below:

 

A$ (millions)

Opening cash (31 December 2016)

39.9

Exploration, evaluation and licence fees

(0.31)

Corporate including SRIG transaction costs

(0.26)

Staff costs

(0.30)

Exchange rate movement and other

(1.84)

Closing cash (31 March 2017)

37.19

Share Price Activity on ASX

Quarter open 13.5¢
High 16.0¢
Low 12.5¢
Quarter close 16.0¢
Average daily volume 391,610

 

Cloncurry Copper Project (Altona 100% subject to SRIG transaction)

The Cloncurry Project offers a large resource of 290 million tonnes at 0.58% copper, 0.05g/t gold for 1.65 million tonnes contained copper and 0.4 million ounces gold and is close to infrastructure. It is located 90 kilometres north-east of Mt Isa and 11 kilometres north of MMG’s Dugald River zinc mine which is in construction.

Permitted project with a DFS completed

The Little Eva copper-gold development is planned to be the first development at the Cloncurry Copper Project. A Definitive Feasibility Study (“DFS”) announced by Altona on 13 March 2014 for Little Eva anticipates the construction of a 7 million tonne per annum open-pit mine and flotation plant capable of annual production of 39,000 tonnes copper and 17,000 ounces gold.  Mine life is estimated to be 13 years. 

The project sits within granted mining licences with native title agreements and an Environmental Authority (“EA”) is in place. 

Little Eva part of an emerging mineral field

The Dugald River zinc mine 9 kilometres from Little Eva, is currently under construction.  Dugald River is owned by MMG Limited. Construction of a 110kV power-line to Dugald River is completed. Altona has commenced discussions to access the power-line for the Little Eva development.

Update to DFS

- An update and synthesis of all technical work completed since the original DFS was released in 2012. This DFS Status Report will provide a current and comprehensive view of the project and an updated financial analysis.

- A plan for implementation of the project, including optimisation, review, detailed design, front end engineering and construction.

- A budget for the project and for JVCo.

New Resource Estimate at Bedford

A new Mineral Resource estimate for the Bedford deposit was completed. Bedford is located 6 kilometres southeast of the planned Little Eva open pit mine and processing plant and lies within granted mining leases.

The new resource estimate is: 4.8 million tonnes at 0.80% copper and 0.21g/t gold for 38,000 tonnes of contained copper and 32,000 ounces contained gold.

The resource is reported at a 0.3% lower cut-off grade and is classified as indicated and inferred.  A full tabulation is given in ASX release dated 9 March 2017. 

The global Mineral Resource for the Cloncurry Project is now:

290 million tonnes at 0.58% copper, 0.05g/t gold for 1.67 million tonnes of contained copper and 0.4 million ounces contained gold (Table 1).

The Bedford Mineral Resource estimate is based on a new geological model informed by detailed surface geochemical and geological mapping. The new model was also informed by two additional diamond drill holes drilled for metallurgical samples and geotechnical studies.

The Mineral Resource reports sulphide ore only and extends from 20 metres to 140 metres below surface. An oxide cap ranging from surface to depths of 20 to 30 metres is excluded from the resource estimate.

The Bedford deposit is part of the Little Eva mine development and is scheduled to commence production in year 2 of the mine plan. The new model indicates the potential to increase Bedford ore reserves and pit optimisations are planned as part of the project optimisation.

Roseby South Project (Altona 100%)

Roseby South is a strategic 100% owned asset

The Roseby South Project (“Roseby South”) is 100% owned by Altona and is operated by Altona.

Roseby South abuts Altona’s 100% owned Cloncurry Copper Project which is subject to the SRIG Framework Agreement. Roseby South is not part of the SRIG JV.

Roseby South covers the extension of the prospective stratigraphy which hosts both Altona’s Cloncurry Copper Project and MMG Limited’s Dugald River zinc mine immediately to the north.

Exploration footprint of 3,408km2

The Company has applied for 11 new Exploration Permits (“EPM’s”) in the region surrounding its Cloncurry Project and Roseby South. The new applications cover an area of 2,006 square kilometres. Together with the tenure potentially subject to the SRIG JV, Altona holds 3,408 square kilometres of exploration tenure and applications in the Mt Isa area.

The new project areas are being targeted for copper-gold (IOCG) as well as gold only and lead-zinc-silver deposit types.

Focus on reporting, target generation

2016/2017 saw a welcome long wet season in the Cloncurry area.  Altona’s team has used the time to process data and report on last year’s extensive programme of soil sampling, mapping and drilling.  The team have also generated new targets and models through this data analysis.  Field work will resume in May.

Competent Persons Statement and ASX Compliance

Competent Persons Statement: The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG and Mr Roland Bartsch, BSc(Hons), MSc, MAusIMM. Dr Cowden and Mr Bartsch are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking 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’.  Dr Cowden and Mr Bartsch consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Little Eva Project production target and forecast financial information: Information in this release refers to a production target and the forecast financial information derived from a production target as per the ASX release “Cost Review Delivers Major Upgrade to Little Eva” dated 13 March 2014, which is available to be viewed at www.altonamining.com or www.asx.com.au. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed.

Copper equivalence:  When used, copper equivalent refers to copper in concentrate produced, or planned to be produced. It does not refer to metal contained within insitu resources, reserves or drill results. The copper equivalent grade is calculated by factoring the copper grade by revenues estimated from all metals (NSR) being copper, zinc, gold and silver.

Please direct enquiries to:

Alistair Cowden David Tasker
Managing Director Professional Public Relations
Tel: +61 8 9485 2929 Tel: +61 8 9388 0944
altona@altonamining.com david.tasker@ppr.com.au

Jochen Staiger
Swiss Resource Capital AG - Germany
Tel: +41 71 354 8501
js@resource-capital.ch

ABOUT ALTONA

Altona Mining Limited (ASX: AOH - http://www.commodity-tv.net/c/search_adv/?v=297328) is a cashed up ASX listed company with a record of shareholder returns. It is focussed on the Cloncurry Project in Queensland, Australia.
Major permits are in place with proposed annual production of 38,800t of copper and 17,200oz of gold for a minimum of 10 years. A Definitive Feasibility Study was published in March 2014. 

Altona has completed a Framework Agreement with Sichuan Railway Investment Group to fully fund and develop Little Eva.

Key metrics as at 31/03/2017:

Shares on issue: 536,975,592 

Share rights on issue: 8,419,200
Cash: A$37.2M
Share price: 16 cents
Market capitalisation: A$86M

Altona Mining Limited
ACN: 090 468 018
Level 1, 2 Kings Park Road
West Perth Western Australia 6005
T:  +61 8 9485 2929
E:  altona@altonamining.com
W: www.altonamining.com
ASX:  AOH
Frankfurt:  A20

The Cloncurry Copper Project has resources containing some 1.65Mt of copper and 0.41Moz of gold. The first development envisaged is the 7Mtpa Little Eva open pit copper-gold mine and concentrator.

Table 1:  Resource Estimates for the Cloncurry Project

 

DEPOSIT

TOTAL

CONTAINED
METAL

MEASURED

INDICATED

INFERRED

Tonnes
million

Grade

Copper
tonnes

Gold
ounces

Tonnes
million

Grade

Tonne
million

Grade

Tonnes
million

Grade

Cu

Au

Cu

Au

Cu

Au

Cu

Au

%

g/t

%

g/t

%

g/t

%

g/t

LITTLE EVA PROJECT

Little Eva

105.9

0.52

0.09

546,000

295,000

37.1

0.60

0.09

45.0

0.46

0.08

23.9

0.50

0.10

Turkey Creek

21.0

0.59

 

123,000

-

-

-

 

17.7

0.59

 

3.4

0.58

-

Ivy AnnA

7.5

0.57

0.07

43,000

17,000

5.4

0.60

0.08

2.1

0.49

0.06

Lady ClayreA

14.0

0.56

0.20

78,000

85,000

3.6

0.60

0.24

10.4

0.54

0.18

Bedford

4.8

0.80

0.21

38,000

32,000

2.3

0.95

0.23

2.5

0.66

0.19

    Sub-total

153.3

0.54

0.09

829,000

430,000

37.1

0.60

0.09

74.0

0.52

0.07

42.2

0.53

0.11

OTHER DEPOSITS

 

 

 

 

 

 

 

 

BlackardA

76.4

0.62

 -

475,000

-

27.0

0.68

6.6

0.60

42.7

0.59

-

ScanlanA

22.2

0.65

 -

143,000

-

-

-

18.4

0.65

3.8

0.60

-

LongamundiA

10.4

0.66

 -

69,000

-

-

-

-

-

10.4

0.66

-

LegendA

17.4

0.54

 -

94,000

-

-

-

-

-

17.4

0.54

-

Great SouthernA

6.0

0.61

 -

37,000

-

-

-

-

-

6.0

0.61

-

CarolineA

3.6

0.53

 -

19,000

-

-

-

-

-

3.6

0.53

-

Charlie BrownA

0.7

0.40

 -

3,000

-

-

-

-

-

0.7

0.40

-

    Sub-total

136.7

0.61

 -

840,000

-

27.0

0.68

25.0

0.64

 

84.7

0.59

-

TOTAL

290.0

0.58

0.05

1,668,000

430,000

64.1

0.63

0.05

99.0

0.55

0.05

126.9

0.57

0.04

 

A This information was prepared and first disclosed under the JORC Code 2004 Edition. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. All other resources classified and reported in accordance with JORC Code 2012 edition.
Note: Tonnages are dry metric tonnes and have been rounded, hence small differences may be present in the totals.

See ASX release of 23 October 2007 and 26 July 2011 (Longamundi, Great Southern, Caroline and Charlie Brown), 23 April 2012 (Ivy Ann and Lady Clayre), 03 July 2012 (Blackard and Scanlan) and 22 August 2012 (Legend) for full details of resource estimation methodology and attributions.
Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off.

The ASX releases referenced in Table 4 are available on the Altona website at www.altonamining.com.  The Company confirms that it is not aware of any new information or data that materially affects the information included in the most recent market announcement for each deposit and, in the case of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.  The Company confirms that the form and context in which the Competent Person’s findings are presented have not materially modified from the original market announcement.

APPENDIX 5B
Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity


ALTONA MINING LIMITED

ABN  Quarter ended (“current quarter”)


35 090 468 018

 

31 March 2017

Consolidated statement of cash flows

Current Quarter
(3 months)
$A’000

Year To Date
(9 months)
$A’000

1.

Cash flows from operating activities

-

-

1.1

Receipts from customers

1.2

Payments for

(307)

(2,518)

 

(a) exploration & evaluation

 

(b) development

-

-

 

(c) production

-

-

 

(d) staff costs

(256)

(745)

 

(e) administration and corporate costs

(299)

(1,079)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

10

148

1.5

Interest and other costs of finance paid

(0)

(2)

1.6

Income taxes paid

-

-

1.7

Research and development refunds

-

-

1.8

Other (provide details if material)

(2)

23

1.9

Net cash from / (used in) operating activities

(854)

(4,173)

 

2.

Cash flows from investing activities

(1)

(6)

2.1

Payments to acquire:

 

(a) property, plant and equipment

 

(b) tenements (see item 10)

-

-

 

(c) investments

-

-

 

(d) other non-current assets

-

-

2.2

Proceeds from the disposal of:

-

-

 

(a) property, plant and equipment

 

(b) tenements (see item 10)

-

-

 

(c) investments

-

-

 

(d) other non-current assets

-

-

2.3

Cash flows from loans to other entities

-

-

2.4

Dividends received (see note 3)

-

-

2.5

Other (provide details if material)

-

-

2.6

Net cash from / (used in) investing activities

(1)

(6)

 

3.

Cash flows from financing activities

-

-

3.1

Proceeds from issues of shares

3.2

Proceeds from issue of convertible notes

-

-

3.3

Proceeds from exercise of share options

-

-

3.4

Transaction costs related to issues of shares, convertible notes or options

-

-

3.5

Proceeds from borrowings

-

-

3.6

Repayment of borrowings

-

-

3.7

Transaction costs related to loans and borrowings

-

-

3.8

Dividends paid

-

-

3.9

Other (provide details if material)

-

-

3.10

Net cash from / (used in) financing activities

-

-

 

4.

Net increase / (decrease) in cash and cash equivalents for the period

39,922

42,280

4.1

Cash and cash equivalents at beginning of period

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(854)

(4,173)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(1)

(6)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

-

-

4.5

Effect of movement in exchange rates on cash held

(1,879)

(913)

4.6

Cash and cash equivalents at end of period

37,188

37,188

5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$A’000

Previous quarter
$A’000

5.1

Bank balances

31,208

33,072

5.2

Call deposits

5,980

6,850

5.3

Bank overdrafts

-

-

5.4

Other (provide details)

-

-

5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

37,188

39,922

6.

Payments to directors of the entity and their associates

Current quarter
$A'000

6.1

Aggregate amount of payments to these parties included in item 1.2

155

6.2

Aggregate amount of cash flow from loans to these parties included in item 2.3

-

6.3

Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2

Payment of executive and non-executive directors’ fees, salaries and superannuation.

7.

Payments to related entities of the entity and their associates

Current quarter
$A'000

7.1

Aggregate amount of payments to these parties included in item 1.2

-

7.2

Aggregate amount of cash flow from loans to these parties included in item 2.3

-

7.3

Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

 

8.

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

Total facility amount at quarter end
$A’000

Amount drawn at quarter end
$A’000

8.1

Loan facilities

-

-

8.2

Credit standby arrangements

-

-

8.3

Other (please specify)

-

-

8.4

Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

 

9.

Estimated cash outflows for next quarter

$A’000

9.1

Exploration and evaluation

191

9.2

Development

-

9.3

Production

-

9.4

Staff costs

179

9.5

Administration and corporate costs

295

9.6

Other (provide details if material)

-

9.7

Total estimated cash outflows

665

10.

Changes in tenements
(items 2.1(b) and 2.2(b) above)

Tenement reference and location

Nature of interest

Interest at beginning of quarter

Interest at end of quarter

10.1

Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced

-

-

-

-

10.2

Interests in mining tenements and petroleum tenements acquired or increased

EPM26182
NW Qld

100% owned by Roseby
Copper (South) Pty Ltd,
a wholly owned sub-
sidiary of Altona Mining
Limited

-

100%

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.

Sign here:        Date: 28 April 2017

 

(Director/Company secretary)

Print name:        Eric Hughes

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 that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

SCHEDULE A

AUSTRALIAN MINING TENEMENTS

Interests in mining tenements relinquished, reduced or lapsed during the quarter

None.

Interests in mining tenements acquired or increased during the quarter

None.

Interests in mining tenements at end of the quarter

All tenements held are in Queensland. The area under granted tenements within Queensland is 1,357 km² and the area under application is 2,012 km².

Mining Leases (ML) Cloncurry Project

Number

Name

Holder

Beneficial
Interest Held

90162

Scanlan

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

90163

Longamundi

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

90164

Blackard

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

90165

Little Eva

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

90166

Village

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

Exploration Permits for Minerals (EPM) Cloncurry Project

 

Number

Name

Holder

Beneficial
Interest Held

9611

Happy Valley

Roseby Copper (South) Pty Ltd

100%

14363

Bannockburn

Roseby Copper Pty Ltd

100%

14370

Malakoff

Roseby Copper (South) Pty Ltd

100%

14371

Mt. Angelay

Roseby Copper (South) Pty Ltd

100%

25757

Burke

Roseby Copper Pty Ltd

100%

25760

King

Roseby Copper Pty Ltd

100%

Exploration Permits for Minerals (EPM) Roseby South Project

 

Number

Name

Holder

Beneficial
Interest Held

25759

Gray

Roseby Copper (South) Pty Ltd

100%

25761

Wills

Roseby Copper (South) Pty Ltd

100%

26182

Cameron Crossing

Roseby Copper (South) Pty Ltd

100%

Applications for Exploration Permits for Minerals (EPM)

Number

Name

Holder

Beneficial
Interest Held

Roseby South Project

26283

Wicket

Roseby Copper (South) Pty Ltd

Application only

Mount Isa Regional

26277

Antilles

Roseby Copper (South) Pty Ltd

Application only

26278

Fortuna

Roseby Copper (South) Pty Ltd

Application only

26279

Malakili

Roseby Copper (South) Pty Ltd

Application only

26280

Wedge

Roseby Copper (South) Pty Ltd

Application only

26281

Dooku

Roseby Copper (South) Pty Ltd

Application only

26282

Tarkin

Roseby Copper (South) Pty Ltd

Application only

26284

Sebulba

Roseby Copper (South) Pty Ltd

Application only

26285

Watto

Roseby Copper (South) Pty Ltd

Application only

26365

Rebo

Roseby Copper (South) Pty Ltd

Application only

26367

Salacious

Roseby Copper (South) Pty Ltd

Application only



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