March 2017 Quarterly Activities Report

Transcription

1 March 2017 Quarterly Activities Report Musgrave Minerals Ltd is an Australian focused gold and base metal exploration company. Musgrave plans to grow through the discovery and development of gold and base metal resources within Australia. ASX Code: MGV Issued Shares: 180M Cash Balance: $2.3M ABN: Directors Graham Ascough Robert Waugh Kelly Ross John Percival Top Shareholders Silver Lake Resources Ltd Independence Group NL BNP Paribas Nominees Pty Ltd HSBC Custody Nominees (Australia) Ltd Head Office 28 Richardson Street West Perth, 6005 Western Australia T: +61 (8) F: +61 (8) Cue Project - Gold Break of Day Highlights o High grade RC drilling results continued from the Break of Day Prospect including: 14.4g/t Au from 111m down hole, including o 100.2g/t Au 46.5g/t Au from 99m down hole including; o 244.1g/t Au 6.8g/t Au from 23m down hole 117.4g/t Au from 173m down hole o Break of Day mineralisation is open to the south and down plunge o Initial metallurgical test work confirmed excellent total gold recovery averaging 96% from conventional gravity and cyanide leach processing o Exceptional gravity recoveries (average 84.2%) were achieved very high in comparison to typical Yilgarn gold ores o Phase 2 RC resource drilling has commenced at Break of Day and o Shallow high grade RC results have confirmed and extended gold mineralisation at the deposit approximately 150m west of Break of Day and include: 48.6g/t Au from 80m down hole 7.8g/t Au from 58m down hole 8.9g/t Au from 29m down hole 8.9g/t Au from 16m down hole 8.0g/t Au from 67m down hole 6.4g/t Au from 13m down hole 6.3g/t Au from 58m down hole 4.7g/t Au from 54m down hole 7.7g/t Au from 80m down hole o Strong results support new resource estimate scheduled for June

2 Introduction Musgrave Minerals Ltd ( Musgrave or the Company ) (ASX:MGV) is an Australian gold and base metal exploration company focused on gold and base metal exploration at the Cue Project in the Murchison Province of Western Australia. The Cue Project is subject to a Farm-In and Joint Venture Agreement with Silver Lake Resources Limited where Musgrave holds a 6 interest and has elected to increase its interest to 8. Our aim is to advance targets through discovery and extensional drilling to define sufficient resources to underpin a profitable near-term development scenario. Exploration for the quarter focused on drilling at the Break of Day and gold prospects on the Moyagee area at the Cue Project. The drilling continues to define high grade gold mineralisation with the Company focused on delivering a resource upgrade in June The Moyagee area hosts a combined JORC (2012) and JORC (2004) compliant Mineral Resource of 2.0g/t Au for 126,900oz contained gold within four separate deposits;, Leviticus, Numbers and Break of (MGV ASX announcement 26 October 2016, 2016 Annual Report Replacement Report ). A ground electromagnetic ( EM ) survey and heritage survey were also completed over base metal targets in the north of the Cue Project. Musgrave also has projects in the Musgrave Geological Province and Southern Gawler Craton regions of South Australia (Figure 1). Figure 1: Musgrave Minerals Project Location Map Corporate During the period, the Company progressed exploration as summarised in Figure 2: Cue project location plan comprising Hollandaire & Moyagee Projects the Exploration Activities section of this report. At the end of the March 2017 quarter, the Company held $2.3 million in cash. Musgrave completed Stage 1 of the Cue Project Farm-In and Joint Venture Agreement with Silver Lake Resources Limited (ASX: SLR) and Cue Minerals Pty Ltd ( CMPL ), a wholly owned subsidiary of SLR, on the Cue Project in the highly prospective Murchison province of Western Australia (Figure 2). Under the Stage 1 terms of the Cue Joint Venture, Musgrave has now earned a 6 interest in the Cue Project by meeting the $1,800,000 exploration expenditure requirement. In addition, the Minimum Expenditure of 2

3 $900,000 previously satisfied by Musgrave brings the total expenditure on the Project to $2,700,000. The Cue Project tenements cover approximately 272km 2 of tenure which includes the Moyagee and Hollandaire Mineral Resources and Reserves (See MGV ASX announcement 26 October 2016, 2016 Annual Report Replacement Report ). The Company will now form an unincorporated joint venture with SLR and CMPL over the project tenements, with Musgrave as Manager of the joint venture. Musgrave has also elected to proceed to Stage 2 of the Cue Joint Venture whereby the Company can increase its interest to 8 by spending an additional $1,800,000 on exploration within 2 years of this election. During the quarter the Company entered into a Tenement Sale Agreement ( Agreement ) with Legend Mining Limited (ASX: LEG) ( Legend ) in respect of the Company s non-core tenements in the Fraser Range region of Western Australia. Under the terms of the Agreement, Musgrave has transferred to Legend 10 of its interests in tenements E28/2404 and E28/2405 and as consideration for the sale has received 10,000,000 fully paid ordinary shares in Legend (which are freely tradeable) and 10,000,000 unlisted options exercisable at $0.04 expiring 30 March Exploration Activities Cue Project Musgrave Minerals Ltd earning up to 8 The Cue Project (Figure 2) is subject to a Farm-In and Joint Venture Agreement with Silver Lake Resources Limited where Musgrave holds a 6 interest and has elected to increase its interest to 8. The Project hosts the Moyagee Gold and Hollandaire Copper Resources (see ASX announcement 25 November 2015, Musgrave Secures Advanced Gold and Copper Project ) and surrounding tenure in the highly prospective Murchison Province of Western Australia. The Company believes there is significant potential to extend existing mineralisation and also discover new mineralisation within the Project area as shown by the recent drilling success at Break of Day and. During the quarter the Company received high grade gold assay results for Phase 1 of its reverse circulation ( RC ) drilling program completed at Break of Day and (Figure 3). At Break of Day and a total of 44 RC drill holes were completed for 4,006 metres as part of the phase 1 RC drilling program. The results from this drilling program confirm and extend the high grade gold mineralisation that has been intersected in RC drilling to date. These results are a positive step for Figure 3: Surface plan of prospect locations on Break of Day Shear the Company as drilling continues to enhance the mineral resource potential at both Break of Day and. The geological model for Break of Day suggests that the potential for further gold mineralisation being discovered is strong with the mineralisation remaining open at depth and to the south. Further extensional drilling has commenced as part of the Phase 2 resource definition drilling program. An updated resource estimate is scheduled for June

4 An initial metallurgical test work program at Break of Day was also completed and returned exceptional gold recoveries. Break of Day The Break of Day prospect is within the Moyagee area of the Cue Project and hosts a JORC 2004 compliant Inferred Mineral Resource of 1.91g/t for 20,600oz of contained gold (MGV ASX announcement 26 October 2016, 2016 Annual Report Replacement Report ). None of the 2016 or 2017 Musgrave high grade gold drilling results are currently incorporated in the existing resource. Drilling continued to intersect high grade gold during the quarter at Break of Day (Table 1) in line with the Company s objective of increasing the high grade gold resources at Break of Day to underpin studies that will define a clear path to development. The mineralisation at Break of Day is interpreted to occur in vertical to steep westerly dipping, semi-parallel quartz lodes (Velvet Lode and Twilight Lode) hosting high grade gold (Figure 4 and 5) with minor (1-2%) pyrite, within a basaltic stratigraphic sequence. The separation of the Velvet and Twilight gold lodes vary along strike from 15 to 60 metres. The gold mineralisation can be traced over a strike extent of more than 360 metres (Figure 5) and is currently open down plunge (Figure 6 and 7) and to the south. Figure 4: Break of Day cross section 13325mN - local grid (vertical section through mineralisation) 4

5 Figure 5: Surface plan of Break of Day drill hole collar locations showing projected surface trace of mineralisation and select high grade intersections 5

6 Figure 6: Break of Day long section of Twilight gold lode (a long section or longitudinal section is a section along the plane of the lode and in this instance shows gold grade x thickness variability with depth of the Twilight Lode) Figure 7: Break of Day long section of Velvet gold lode (a long section or longitudinal section is a section along the plane of the lode and in this instance shows gold grade x thickness variability with depth of the Velvet Lode) 6

7 Drill Hole # Drill Type Intersection Down Hole Depth (From) Prospect 17MORC001 RC 6.8g/t Au 23m Break of Day Velvet 17MORC002 RC 46.5g/t Au, including 244.1g/t Au 99m 99m Break of Day Lode Velvet 17MORC003 RC 117.4g/t Au 173m Break of Day Twilight 17MORC005 RC 7.6g/t Au and 6.9g/t Au 17MORC006 RC 16.2g/t Au 120m Break of Day Twilight 17MORC011 RC 6.2g/t Au 64m 17MORC012 RC 2.3g/t Au 38m 17MORC013 RC 3.1g/t Au 20m 17MORC014 RC 8.9g/t Au, including 21.2g/t Au 17MORC015 RC 8.9g/t Au 16m 17MORC016 RC 8.0g/t Au 67m 17MORC017 RC 2.4g/t Au 13m 17MORC022 RC 1.0g/t Au 64m 17MORC023 RC 2.3g/t Au 41m 17MORC025 RC 3.3g/t Au 7m 17MORC034 17MORC035 RC RC 6.4g/t Au, including 10.9g/t Au, and 6.3g/t Au 8.9g/t Au, including 20.1g/t Au 17MORC036 RC 10.9g/t Au 72m 17MORC038 RC 13.1g/t Au 51m 17MORC039 17MORC040 17MORC044 RC RC RC 6.2g/t Au, and 4.7g/t Au, including 16.3g/t Au, and 7.7g/t Au, including 20.8g/t Au 7.8g/t Au, and 48.6g/t Au, including 72.3g/t Au, and 14.4g/t Au, including 100.2g/t Au 64m 80m 29m 30m 13m 17m 58m 46m 48m 6m 54m 56m 80m 82m 58m 80m 80m 111m 111m Break of Day Twilight Table 1: High grade gold drill hole intersections from Moyagee Project (see ASX MGV announcements, 17 March 2017, 27 March 2017, 3 April 2017, 11 April 2017, 18 April 2017 and 20 April 2017; for further details) Metallurgy Initial metallurgical test work has been completed at Break of Day with very positive results. Three composite fresh rock samples were collected from nine representative drill holes across the strike of the gold lodes at Break of Day. The samples were representative of the various gold lodes, ore types and feed grades for potential future mining and processing activities. The samples were composited from RC drill samples recently completed at the prospect with the results confirming excellent gold recoveries utilising conventional gravity and cyanide techniques. 7

8 Metallurgical recovery tests were completed on the three samples at a grind size of 8 passing 75μm. The gravity recoverable component was initially concentrated using a conventional laboratory scale bench top Knelson concentrator, followed by intensive cyanide leaching of the concentrate to replicate typical gravity gold intensive leach reactors. The test work has demonstrated very rapid leaching kinetics for all three samples and overall recovery of between 95.7% and 96.3% (average 96.) to produce a maximum leaching of gold after the first 8 hours. In addition, exceptionally high gravity recoveries of between 80.8% and 86.1% (average 84.2%) were achieved from a single pass through the Knelson concentrator. The gravity recoveries are very high in comparison to typical Yilgarn gold ores. Cyanide consumption from the tests ranged from 0.63kg/t to 1.22kg/t (average consumption 0.98kg/t). The test work was undertaken by ALS Metallurgical Laboratories in Balcatta, Western Australia and managed and reviewed by CPC Project Design. Further metallurgical test work is currently being planned for the gold deposit with samples being provided from the recently completed Phase 1 RC drill program (see MGV ASX Announcement 31 March 2017; Exceptional Metallurgical Test Work Results at Break of Day ). The shallow high grade drilling results received during the reporting period (Figure 8), indicate that the gold mineralisation will likely extend to surface enhancing the shallow oxide resource at. The confirmation of a high grade zone (Figure 9) to the north at also highlights the potential for possible underground development. The deposit is currently defined along a 1.6km strike length and hosts a total combined Mineral Resource of 1.86g/t Au for 76,000oz Au (see ASX announcement 26 October 2016, 2016 Annual Report Replacement Report ) and remains open down dip. The near surface high grade gold at has the potential to be mined through both open cut and underground methods and due to its close proximity, may enhance the economics of any potential future development at Break of Day. There is significant potential to extend and increase the gold resource at and additional RC drilling is currently being planned. Figure 8: Surface plan of and Break of Day drill hole collar locations showing projected surface trace of mineralisation and new high grade intersections 8

9 Figure 9: cross section mN - local grid (vertical section through mineralisation) Surface geochemistry has highlighted additional gold targets along strike at Moyagee for future drill testing. A surface EM survey has been completed over selected targets on the northern portion of the Cue Project to identify basement conductors that may reflect copper-gold massive sulphide mineralisation. The ground EM survey has confirmed 12 separate targets for drill testing. A successful heritage survey was completed enabling drill testing to commence on these targets late in the June Quarter. Other Projects Musgrave currently holds tenements in the Musgrave and Southern Gawler Craton regions of South Australia. There was no significant activity on these projects during the quarter. 9

10 Notes Specific March 2017 Quarter ASX Announcements Additional details including JORC 2012 reporting tables, where applicable, can be found in the following announcements lodged with the ASX during the quarter: 24/01/2017 Expiry of Unlisted Options 30/01/2017 Diamond Drilling Confirms and Extends High Grade Gold 31/01/2017 Quarterly Activities and Cash flow Report 01/02/2017 Boardroom Media Interview company Update 08/02/2017 Musgrave Completes Stage 1 Earn-In on Cue Project 22/02/2017 RIU Explorers Conference Company Presentation 27/02/2017 Sale of Fraser Range Tenements 01/03/2017 Gold Drilling Recommences at Break of Day and 09/03/2017 Half Year Accounts 17/03/2017 Drilling Extends Shallow High Grade Gold At Break of Day 20/03/2017 Boardroom Media Interview 27/03/2017 Drilling Identifies Southern Extension to High Grade Gold 31/03/2017 Exceptional Metallurgical Test Work Results at Break of Day 03/04/2017 Strong Gold Results Continue at Break of Day and 11/04/2017 Near Surface Gold Results Continue at 18/04/2017 More High Grade Gold Results at 20/04/2017 Excellent High Grade Gold Hits at Break of Day and For enquiries contact: Rob Waugh Managing Director Musgrave Minerals Ltd info@musgraveminerals.com.au

11 About Musgrave Minerals Musgrave Minerals Limited is an active Australian gold and base metals explorer. The Cue Project in the Murchison region of Western Australia is an advanced gold and copper project. Musgrave s focus is to increase gold and copper resources through discovery and extensional drilling to underpin studies that will demonstrate a viable path to development in the near term. Musgrave also holds an active epithermal Ag-Pb-Zn-Cu project in the prospective silver and base metals province of the southern Gawler Craton of South Australia and a large exploration footprint in the Musgrave Province in South Australia. Musgrave has a powerful shareholder base with three mining and exploration companies currently participating as cornerstone investors. Competent Person s Statement Exploration Targets and Exploration Results The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled and/or thoroughly reviewed by Mr Robert Waugh, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and a Member of the Australian Institute of Geoscientists (AIG). Mr Waugh is Managing Director and a full-time employee of Musgrave Minerals Ltd. Mr Waugh has sufficient experience that is relevant to the style of mineralisation and type of deposit 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 Waugh consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Forward Looking Statements This report has been prepared by Musgrave Minerals Ltd (MGV). The information contained in this report is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Musgrave Minerals has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by MGV. This report is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained. This is for information purposes only. Neither this nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of MGV shares in any jurisdiction. This does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent permitted by law, MGV, its officers, employees, related bodies corporate, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this report. No responsibility for any errors or omissions from this arising out of negligence or otherwise is accepted. Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, MGV. In particular, they speak only as of the date of this document, they assume the success of MGV s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Recipients of this document (Recipients) are cautioned to not place undue reliance on such forward-looking statements. 11

12 Tenement information in accordance with Listing Rule Tenement ID Previous Tenement ID Project State Status MGV Interest at start of quarter MGV Interest at end of quarter EL4850 Musgrave SA Granted EL5175 EL3955 Musgrave SA Granted EL5497 Corunna SA Granted E28/2405 Mamba WA Granted 10 E28/2404 Mamba South WA Granted 10 E58/507 Cue WA Granted P58/1709 Cue WA Granted 10 P58/1710 Cue WA Granted 10 E20/606 Cue WA Granted 6 (MGV earning up to 8) E20/608 Cue WA Granted 6 (MGV earning up to 8) E20/616 Cue WA Granted 6 (MGV earning up to 8) E20/630 Cue WA Granted 54% (MGV earning up to 72%). E20/659 Cue WA Granted 54% (MGV earning up to 72%) E20/836 Cue WA Granted 6 (MGV earning up to 8) E21/144 Cue WA Granted 6 (MGV earning up to 8) E20/629 Cue WA Granted 6 (MGV earning up to 8) E20/698 Cue WA Granted 6 (MGV earning up to 8) E20/699 Cue WA Granted 6 (MGV earning up to 8) E20/700 Cue WA Granted 6 (MGV earning up to 8) E20/779 Cue WA Granted 6 (MGV earning up to 8) E21/129 Cue WA Granted 6 (MGV earning up to 8) E21/163 Cue WA Granted 6 (MGV earning up to 8) E21/177 Cue WA Granted 6 (MGV earning up to 8) E58/335 Cue WA Granted 6 (MGV earning up to 8) M20/225 Cue WA Granted 6 (MGV earning up to 8) M20/245 Cue WA Granted 6 (MGV earning up to 8) M20/277 Cue WA Granted 6 (MGV earning up to 8) M21/106 Cue WA Granted 6 (MGV earning up to 8) M21/107 Cue WA Granted 6 (MGV earning up to 8) M58/224 Cue WA Granted 6 (MGV earning up to 8) M58/225 Cue WA Granted 6 (MGV earning up to 8) P20/2042 Cue WA Granted 6 (MGV earning up to 8) P20/2094 Cue WA Granted 6 (MGV earning up to 8) P20/2219 Cue WA Granted 6 (MGV earning up to 8) L20/57 Cue WA Granted 6 (MGV earning up to 8) 12

13 Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report Appendix 5B +Rule 5.5 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 MUSGRAVE MINERALS LIMITED ABN Quarter ended ( current quarter ) MARCH 2017 Consolidated statement of cash flows 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation Current quarter $A 000 Year to date (9 months) $A 000 (534) (2,337) (b) development - - (c) production - - (d) staff costs (27) (218) (e) administration and corporate costs (41) (324) 1.3 Dividends received (see note 3) Interest received Interest and other costs of finance paid Income taxes paid Research and development refunds Other (provide details if material) Net cash from / (used in) operating activities (574) (2,829) 2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment - - (b) tenements (see item 10) - - (c) investments - - (d) other non-current assets See chapter 19 for defined terms 1 September 2016 Page 1

14 Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report Consolidated statement of cash flows 2.2 Proceeds from the disposal of: (a) property, plant and equipment Current quarter $A 000 Year to date (9 months) $A (b) tenements (see item 10) - - (c) investments - - (d) other non-current assets Cash flows from loans to other entities Dividends received (see note 3) Other (provide details if material) Net cash from / (used in) investing activities Cash flows from financing activities 3.1 Proceeds from issues of shares - 3, Proceeds from issue of convertible notes Proceeds from exercise of share options Transaction costs related to issues of shares, convertible notes or options - (188) 3.5 Proceeds from borrowings Repayment of borrowings Transaction costs related to loans and borrowings Dividends paid Other (provide details if material) Net cash from / (used in) financing activities - 3, Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 2,875 2,075 (574) (2,829) , ,301 2,301 + See chapter 19 for defined terms 1 September 2016 Page 2

15 Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report 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 Bank balances Call deposits 1,550 2, Bank overdrafts Other (provide details) Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,301 2, Payments to directors of the entity and their associates Current quarter $A' Aggregate amount of payments to these parties included in item Aggregate amount of cash flow from loans to these parties included in item Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2 Directors fees, salary payments and superannuation Payments to related entities of the entity and their associates Current quarter $A' Aggregate amount of payments to these parties included in item Aggregate amount of cash flow from loans to these parties included in item Include below any explanation necessary to understand the transactions included in items 7.1 and See chapter 19 for defined terms 1 September 2016 Page 3

16 Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report 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 Loan facilities Credit standby arrangements Other (please specify) 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 Exploration and evaluation Development Production Staff costs Administration and corporate costs Other (provide details if material) 9.7 Total estimated cash outflows 1, 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 E28/2404 (WA) E28/2405 (WA) Divested (Sold) Divested (Sold) Interests in mining tenements and petroleum tenements acquired or increased E20/606 (WA) E20/608 (WA) E20/616 (WA) E20/630 (WA) E20/659 (WA) E20/836 (WA) E21/144 (WA) E20/629 (WA) Earned interest in tenements by completing Stage 1 of the Cue Project Farm-In and Joint Venture Agreement with Silver Lake Resources Limited (ASX:SLR) % 54% E20/698 (WA) E20/699 (WA) 6 6 E20/700 (WA) 6 E20/779 (WA) 6 E21/129 (WA) 6 E21/163 (WA) 6 + See chapter 19 for defined terms 1 September 2016 Page 4

17 Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report E21/177 (WA) E58/335 (WA) M20/225 (WA) M20/245 (WA) M20/277 (WA) M21/106 (WA) M21/107 (WA) M58/224 (WA) M58/225 (WA) P20/2042 (WA) P20/2094 (WA) P20/2219 (WA) L20/57 (WA) 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: Patricia Farr 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. + See chapter 19 for defined terms 1 September 2016 Page 5