Tawana Resources Nl - Quarterly Activities Report And Appendix 5bRelease Date: 28/07/2016 09:15:00 Code(s): TAW
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
JSE ISIN: AU0000TAWDA9
Share code on the Australian Securities Exchange Limited: TAW
ASX ISIN: AU000000TAW7
(?the Company? or ?Tawana?)
Quarterly Activities Report
PLEASE NOTE: ALL GRAPHICS HAVE BEEN REMOVED FOR SENS PURPOSES. PLEASE REFER TO
TAWANA WEBSITE FOR THE COMPLETE ANNOUNCEMENT.
Mt Belches Lithium Projects
- Tawana acquired Mount Belches Pty Ltd (?Mt Belches?), which has one tenement application
and rights (via an option agreement) to acquire 100% of three exploration licences and one
exploration licence application, all of which are highly prospective for lithium and located in
the Goldfields region of Western Australia.
- The Cowan Lithium Project covers approximately 26km strike of two belts containing a large
number of rare element pegmatites.
- Prior shallow exploration and previous small scale mining focused on tantalum and tin only.
- Anomalous lithium assayed in wide spaced geochem & rock chip sampling.
- A number of spodumene-rich pegmatites mapped and a large number of drill-ready lithium
geo-chemical anomalies identified in previous exploration data.
- Recent rock-chip sampling returned grades of up to 1.85% Li (3.99% Li2O) from spodumene-
- Drilling to test the known spodumene pegmatites and lithium geochemical anomalies is
planned for September 2016.
- The purchase consideration for Mt Belches will be the issue of 40,000,000 Tawana shares to
shareholders of Mt Belches.
Mofe Creek Iron Ore Project
Project Studies - Mine, Logistics, Infrastructure and Approvals
- The Mineral Development Agreement (MDA) for Tawana?s 100% owned Mofe Creek Project,
incorporating both the northern and southern tenements and a potential early start-up project
for Direct Shipping Ore (DSO), continues to be under review by Liberia?s Inter-Ministerial
Concessions Committee (IMCC) and a response is anticipated in the September 2016
quarter. The Company is conducting minimal exploration work on the Mofe Creek Project until
the MDA has been received.
- As at 30 June 2016, Tawana Resources had A$1.2 million in cash.
- Mark Calderwood appointed Chief Executive Officer who has significant corporate credentials
and relevant exploration experience.
- The Company completed a one for one non-renounceable rights issue at an issue price of
$0.015 per share which raised $1.1 million before costs.
- On 8 April 2016, the Company?s shareholders approved a one-for-twenty consolidation of its
- In July 2016, the Company received commitments for a placement to raise $1.75 million at an
issue price of $0.025 per share.
Cowan Lithium Project1
Cowan Lithium Project
The Cowan Lithium Project (?Project?) area is located 50km south east of Kambalda in the
Eastern Goldfields of Western Australia. It is located approximately 75km south east of the Mt
Marion Lithium project.
The Project area comprises Archaean quartz-biotite metasediments and amphibolites of the
Eastern Goldfields Terrane of the Yilgarn Craton. These metasediments trend north-south and
have been intruded by large numbers of pegmatites.
Two main belts of rare element Lithium-Caesium-Tantalum type (?LCT?) pegmatites are known
in the Project area. LCT type pegmatites are derived from highly siliceous, peraluminous (S-
Type, ?fertile? granites) as highly fractionated granitic melts. These fractionated melts contain
the rare elements (Be, Rb, Cs, Sn, Nb, Ta etc) and a high volatile content (H2O, F, B, P and Li).
Petr ?erny's pegmatite classification (?erny 1991) is the accepted standard. Under this
pegmatite classification scheme the Project area is prospective for:
i) LCT Albite-spodumene: These are typically unzoned, homogeneous pegmatites with
subhedral spodumene in a quartz-albite matrix. The Mt Marion pegmatites (located
75km to the northwest) are examples of this subclass.
ii) LCT Albite: Zoned albite pegmatites have a fine grained albite and quartz border zone
with albite, often of the cleavelandite variety, as the central pegmatite zone. Small
quartz lenses and scattered pods of coarsely crystallized quartz, microcline with
accessory minerals of beryl and phosphates with mica are found irregularly within the
albite central zones. Tantalum minerals are found disseminated within the albite.
iii) LCT Complex: There are considered to be four subclasses depending upon which Li-
bearing mineral is dominant in the pegmatite.
a) Spodumene: spodumene-dominant lithium-bearing pegmatites that are zoned and
mineralogically complex (e.g. the Greenbushes and Mt Cattlin pegmatite
b) Petalite: Zoned pegmatites dominated by petalite and/or its alteration products
(e.g. the Londonderry pegmatites, located 105km to the west-northwest).
c) Lepidolite: Pegmatites simple or zoned with are rich in lepidolite (e.g. the Mt
Deans pegmatites located 105km to the southwest).
d) Amblygonite: Amblygonite-rich pegmatites (Ubini pegmatite, located 130km to
The two large LCT pegmatite belts defined within the Project area are:
1) Mt Belches ? Bald Hill (?MBBH Belt?)
This pegmatite belt striking north to northwest extends for at least 15km, however the
pegmatite belt likely extends for at least 25km under transported cover. A large number
of albite rich and LCT type Albite-Spodumene pegmatites occur over a width of about 4km.
Previous exploration and exploitation has been focused on tantalum and tin. About 10km
strike of the pegmatite belt is located on the Mount Belches tenements.
2) Claypan Dam- Madoonia (?CDM Belt?)
This less explored northeast-southwest oriented LCT pegmatite belt has a strike of at least
22km and width of at least 7km. The belt is known to contain LCT Albite pegmatites with
tantalite and tin and potentially hosts LCT Albite-Spodumene pegmatites. A significant
portion of the belt is covered by the Mount Belches tenements.
(erny 1991) is reference to erny, P., 1991 ? Rare-element granitic pegmatites Part 1: anatomy
and internal evolution of pegmatite deposits: Geoscience Canada, V. 18:2, p 49-67
(Jacobson et al 2007) is reference to Jacobson, M . I., Calderwood M. A. and Grguric B. A., 2007
Guidebook to Pegmatites of Western Australia p299-308
The pegmatites occur as gently dipping sheets and as steeply dipping veins which are all elongate in
a northerly direction, parallel to the regional foliation. They range in thickness from a few metres
to as much as 30 metres and in some instances occur as multiple, parallel dykes or swarms separated
by a few metres of sheared metasediments (Jacobson et al 2007).
The unweathered pegmatites as exposed in the Bald Hill South pit (south of the Project area) are
composed of two zones, a quartz-spodumene-albite zone and a quartz-microcline-muscovite-albite
zone. From inspection, cassiterite, columbite-tantalite are present as accessory minerals in the
quartz-spodumene-albite zone. The zoning is so poorly defined that these pegmatites can be
classified as unzoned albite-spodumene pegmatites (Jacobson et al 2007).
Outcrops of exposed schist and pegmatites are restricted to limited areas; most of the tenement
area is concealed by bluebush floodplain and sandplain and wash zones. Remnants of Eocene
sediments also mask bedrock.
Prior exploration by tantalum explorers on the tenements has essentially been limited to:
A) Wide spaced (~200m x 400m) shallow RAB (and minor RC) drilling for bottom of hole
geochemistry including lithium assays. Within the project area 419 holes averaging 12.9m
were drilled and sampled within part of the MBBH Belt and 257 holes averaging 16.1m
were drilled and sampled within part of the CDM Belt. The resulting lithium geochemical
database has resulted in the identification of a significant number of anomalies worthy
of follow-up drilling. Based on the entire regional database lithium assays of schist with
40ppm (85ppm Li2O) are considered anomalous, 80ppm (170ppm Li2O) strongly anomalous
and 120ppm (260ppm Li2O) highly anomalous. Background lithium levels within the schist
hosting the two pegmatite belts is about 3ppm. A summary of drill hole geochemical
results are provided in Table 1 and shown on Figures 3 to 6. Selected individual drill hole
geochemical results are provided in Table 4. A summary of anomalous rock chip results
from previous exploration are provided in Table 2. These rock chip results are shown on
Figures 3 to 6 as pegmatite locations.
Table 1 | Summary of Bottom of HoleRAB and RC Geochemical Sampling
Pegmatite Belt Holes Holes +/= Holes +/= Holes +/=
Sampled 40ppm Li 80ppm Li 120ppm Li
MBBH 419 206 (49%) 81 (19%) 39 (9%)
CDM 257 77 (30%) 11 (4%) 4 (2%)
B) Rock chip sampling, prior explorers collected more than 226 pegmatite samples from
within the Project area of which 219 were assayed for Li. A total of 95 (42%) of the rock
chip samples contained anomalous levels of one or more of Li, Cs, Ta or Sn.
Table 2 | Summary of Anomalous Previous Rock Chip Geochemical Sampling
Pegmatite Li2O Cs2O Ta2O5 SnO2 Na2O
+100ppm +100ppm +50ppm +50ppm >4%
# of samples 41 37 47 37 129
% of total 19% 17% 21% 16% 65%
Average grade (ppm) 1,041 189 192 118 5.4%
C) The extensive shallow auger and soil sampling is considered to be of limited value due to
the unknown regolith profile and extensive transported Archaean derived regolith or in-
situ Eocene sediments and the likely leaching of lithium from the weathered sampling
D) RC drilling of 24 pegmatites (or pegmatite clusters) was undertaken however lithium was
not analysed in pegmatite samples. A total of 70 RC and RAB holes intercepted
pegmatites within the Cowan Project area. RC drill hole BHC1013 intercepted 14.5m of
pegmatite with spodumene logged throughout. RC drill hole BHR882 contained a 4m
intersection of pegmatite which was logged as containing spodumene and a bottom of
hole (BOH) schist sample contains 2,019ppm Li2O.
Prior production within the Project Area is limited to a small amount of tin and/or tantalum from
eluvials at the Mount Belches workings. Soft and hard rock mining for tantalum with associated
accessory tin has been undertaken at the Bald Hill and the Dawn View mines on adjoining tenements
and at Saint John workings on excised licences.
Recent mapping and rock chip sampling of outcropping spodumene bearing pegmatites located within
E15/1446 in the Mount Belches area, has returned lithium values from 15 samples of pegmatite.
Lithium values range from 3,762 ppm (0.81% Li2O) in pegmatite containing moderate spodumene
content up to 18,545 ppm (3.99% Li2O) in pegmatites with high spodumene content. Results of the
15l samples are contained in Table 5, sample locations and details of sampling are contained in
Appendix 1 Section 2 and the Li2O results are shown on Figure 4.
Initial Exploration Planned by Tawana
The Company plans to undertake initial RC drilling of existing drill targets. Concurrently with drilling
the Company will undertake further mapping and sampling within the pegmatite belts not previously
explored. Mineralogy will be undertaken on pegmatites to better define their LCT type pegmatite
The Yallari Project is located 25km southeast of Coolgardie and about 10km west of Mt Marion. The
project areas cover portions of the greenstone sequence that hosts the Mt Marion and Londonderry
pegmatite fields. Numerous pegmatites have been mapped by nickel and base metal explorers
however there are no records on the rare element content of the pegmatites. These pegmatites
based on their mineralogy are probably derived from a peraluminous and possible ?fertile?
granite. The geological setting of the pegmatites and the proximity to the Mt Marion and
Londonderry lithium bearing pegmatite fields is encouraging.
Sampling is required to define the pegmatite type(s) and their potential for mineralisation. Based
on the currently known pegmatite mineralogy the most prospective area for lithium enriched
pegmatites will be further from the source granite (Figure 8). Three recent samples of pegmatite
scree from near access tracks returned anomalous lithium result from one sample (Refer Table 6).
Table 3 | Tenement Summary
Tenement number Km2 Grant Date
E15/1205 5.9 10-03-2011
E15/1377 95.7 12-11-2014
E15/1446 57.6 18-08-2014
Tenement number Km2 Grant Date
E15/1401 41.2 Pending
E15/1525 58.8 Pending
Table 4 | Cowan Project, Selected Significant BOH (1m) Assays MBBH Pegmatite Belt
From To Cs Li Rb Li2O
HOLE ID EAST NORTH
(m) (m) ppm ppm ppm ppm
BHR0878 421,087 6,515,272 21 22 26 491 171 1,057
BHR0880 421,187 6,515,309 24 25 2,366 938 6,973 2,019
BHR1941 417,687 6,518,557 16 17 84 241 170 519
BHR1971 419,637 6,517,457 2 3 36 311 84 670
BHR2050 416,237 6,522,957 1 2 57 471 78 1,014
BHR2075 416,637 6,522,557 0 1 121 1,248 193 2,687
BHR2076 416,437 6,522,557 0 1 35 1,656 118 3,565
BHR2100 418,537 6,521,757 0 2 7 382 79 823
BHR2101 418,487 6,521,757 1 2 45 375 56 808
BHR2105 417,637 6,521,732 2 3 21 388 76 835
BHR2134 417,237 6,520,957 21 22 6 245 72 527
BHR2159 417,637 6,519,557 9 10 19 341 134 734
BHR2165 418,637 6,519,357 2 3 8 283 245 609
BHR2184 418,137 6,518,107 20 21 2,505 1,606 1,073 3,457
BHR2186 418,237 6,518,157 18 19 10 366 96 788
BHR2199 418,687 6,517,557 23 24 5 249 63 536
BHR2237 419,337 6,517,532 0 1 6 246 70 530
BHR2244 419,437 6,517,857 1 2 6 260 126 560
Table 5 | Cowan Project 2016 Pegmatite Rock Chip Sampling (results in ppm unless stated)
Ref Description Cs K Li Li2O % Nb Rb Sn Ta
P10 pegmatite outcrop spodumene rich 59.7 1.11 10,799 2.32 68 487 60 91
P11 pegmatite outcrop spodumene rich 49.2 0.89 8,706 1.87 79 417 70 86
P13 pegmatite outcrop spodumene rich 64.9 1.35 9,264 1.99 54 717 135 43
P16 pegmatite outcrop with spodumene 34.9 0.62 3,762 0.81 94 327 94 97
P17 pegmatite outcrop spodumene poor 96.2 1.25 3,507 0.75 87 622 135 175
P18 pegmatite outcrop visible Ta/Sn? 210.2 2.15 75 0.02 92 2,175 637 283
P22 Cymatolite after spodumene? in 265.7 3.01 146 0.03 17 1,150 274 23
pegmatite from trench dump
P23 pegmatite spodumene rich from 101.6 0.73 18,545 3.99 20 251 213 42
P24 pegmatite spodumene rich from 97.6 1.19 11,913 2.56 61 347 213 60
P33 pegmatite outcrop spodumene rich 25.7 0.64 10,894 2.35 58 214 43 51
P36 pegmatite outcrop spodumene rich 35.3 1.18 9,555 2.06 43 406 48 41
P37 pegmatite outcrop spodumene rich 32.8 0.46 13,136 2.83 63 214 70 42
P42 pegmatite outcrop spodumene rich 79.5 1.21 8,293 1.79 58 612 140 115
P45 pegmatite outcrop spodumene rich 52.1 0.43 10,817 2.33 82 188 98 136
P49 pegmatite outcrop spodumene rich 30.2 0.44 11,366 2.45 79 179 75 73
Table 6 | Yallari Project 2016 Pegmatite Rock Chip Sampling (results in ppm unless stated)
Ref. Location Description Cs K% Li Li2O % Nb Rb Sn Ta
P04 E15/1526 pegmatite scree 59.5 3.66 22 0.00 43 913.6 8 14.4
P06 E15/1401 pegmatite scree 8.7 2.46 37 0.01 58 567.7 10 7.2
P09 E15/1401 pegmatite scree 12.9 2.62 832 0.18 17 515.6 5 6.6
Terms of the Tenement Option Agreement
The terms of the option agreement for Mt Belches to acquire 100% of the Cowan Lithium Project
tenements are as follows:
- An option payment of $100,000 which was paid by Tawana on 6 July 2016;
- $2,000,000 in cash or Tawana shares (based on the 30 day VWAP) any time up to 4
March 2017. The choice of cash or shares or a combination of the two is at the election
of the grantor of the Option; and
- 2% gross revenue royalty on any production.
Consideration for the Purchase of Mt Belches Pty Ltd
The consideration for Tawana to acquire Mt Belches is the issue of 40,000,000 Tawana shares to
the shareholders of Mt Belches, none of whom are related parties of the Company. This is subject
to shareholder approval on 23 August 2016.
Mofe Creek Iron Ore Project
Mineral Development Agreement (MDA)
The Company is awaiting a formal response from Liberia?s IMCC with regard to the first
pass submission of Tawana Liberia Inc.?s Mineral Development Agreement. A response is
anticipated in the September 2016 quarter. Activities on the project have been limited
until a formal response on the MDA has been received.
The MDA is an agreement outlining the technical, commercial and
social/environmental commitments to be undertaken to build, operate and sustain a
project within Liberia, and is a legislative document passed as a bill in parliament for
a term of 25 years.
Infrastructure & Logistics
On 18 May 2015, Tawana and WISCO CAD (Hong Kong) Mining Company Limited (WISCO)
signed a non-binding memorandum of understanding (MoU)2 to negotiate in good faith, a
potential definitive Cooperation Agreement between the parties in relation to access
and use of WISCO CAD?s port facilities in the port of Freeport, Monrovia.
Negotiations remain ongoing.
Bomi Hills Analogue and Significance of Drilling Program
Initial geological observations from drilling (refer ASX announcement on 18 February
2016) at the Goehn Prospect highlights the similarities in lithology and mineralisation
setting as reported at the Bomi Hills mine.
The Goehn Prospect is along strike from the abandoned Bomi Hills iron ore mine which
was in production from 1951 to 1977. Historic production at Bomi Hills is poorly
documented; however estimated historic production by the Government of Liberia is
50Mt of high-grade DSO lump magnetite in addition to high-grade beneficiated sinter
feed concentrate. DSO magnetite averaged 64.5% Fe, 4.5% SiO2, 1.5% Al2O3 and 0.13% P,
of which 53% formed lump material (average 11-37mm) and 47% formed fines (<11mm).
Friable iron formation was beneficiated through Humphrey Spirals and a magnetic
separator to produce sinter feed concentrate averaging 64% Fe, 6% SiO 2 and 0.04-0.05%
P (Gruss, 1973).
The genesis of the Bomi Hills magnetite deposit is not clearly understood, however,
general consensus is that it is hypogene and represents an itabirite that has come into
direct contact with rising gneissic fronts causing enrichment to coarse massive magnetite
by metamorphic differentiation (Gruss, 1973). Magnetite mineralisation is in direct
contact with gneissic basement and is partially blind.
The Bomi Hills cross section at figure 10 has striking similarities between the lithologies
intersected at Goehn.
Drilling at Goehn has intersected a similar package of friable iron formation transitioning
into hard iron formation from surface, through mafic schist and into footwall gneiss
basement. DSO has been intersected within and directly below the mafic schists over
variable widths and to a current average of 15m.
Potential DSO Start Up
The DSO mineralisation defined within the Goehn Prospect falls within 6km of the
bitumen road between the Mofe Creek Project area and the operational port of Monrovia;
only 85km away (Refer Figure 9). This new discovery represents a strategic opportunity
to structure an early-start-up operation with minimal capital intensity, using the existing
highway and a working port within Monrovia. The mineralisation is readily accessible and
presents from surface.
The Goehn Prospect also supports the opportunity for a potential early start-up, low-
capital intensity mining and trucking operation within the initial years of production and
project life cycle. Due to the hematite DSO style mineralisation discovered, a
beneficiation process may not be required at start-up and will only be introduced as the
mineralisation transitions from DSO into friable itabirite mineralization. This mining
methodology ensures the delayed capital requirements of a processing facility and allows
the wet plant to be potentially funded from cashflow and/or strategic debt, once the
Company is operational and generating an income.
This potential development is further enhanced by the infrastructure sharing MoU
executed between the Company and WISCO-CAD; the owner-operator of the Monrovia
port iron ore handling facilities (refer ASX announcement of 18 May 2015).
The Company continues to explore a range of potential options to unlock value for
shareholders, including joint venture or outright sale options.
Cash and Fiscal Management
As at 30 June 2016, Tawana Resources held $1.2 million in cash. The company
maintained stringent fiscal management programs in order to minimise expenditure at a
corporate and project level.
The Company completed a 1 for 1 pro rata non-renounceable rights issue at an issue price
of $0.015 raising $1,106,441 before costs.
Appointment of Chief Executive Officer
Mark Calderwood was appointed Chief Executive Officer (?CEO?) of the Company
effective 11 July 2016. He has extensive experience in mineral exploration and
production management, he is an authority on pegmatites and was a co-author of the
?Pegmatites of Western Australia?. Mr Calderwood was CEO of Perseus Mining Limited
for 9 years and is currently non-executive director of three junior gold explorers. Mr
Calderwood has the requisite 5 years? experience for reporting on the results of rare
metal pegmatite exploration.
In order to fund planned exploration programs, the Company has received commitments
to raise $1,750,000 by issue of shares at a price of $0.025 per share.
In July, Tranche 1 of the capital raising was completed and 19,620,000 ordinary shares at an issue
price $0.025 per share were issued to sophisticated investors.
Tranche 2 of 50,400,000 shares at an issue price of $0.025 per share is subject to shareholder
approval on 23 August 2016 as outlined in the Notice of General Meeting announced on 21 July
On 8 April 2016, the Company completed a one-for-twenty consolidation of its issued
capital. The consolidation resulted in the shares on issue being reduced from
approximately 1,475.3 million to 73.8 million (before any subsequent capital raising).
All outstanding options were also consolidated on the same ratio which will resulted in a
total of 1.12 million options on issue.
Chief Executive Officer
Tel +61 8 9489 2600
Detailed information on all aspects of Tawana?s projects can be found on the Company?s
Competent Persons Statement
The information in this announcement that relates to Exploration Results is based on and fairly represents information
and supporting documentation compiled by Mr Mark Calderwood. Mr Calderwood is a member of The Australasian
Institute of Mining and Metallurgy. Mr Calderwood has sufficient experience relevant to the style of mineralisation
under consideration and to the activity which he is 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?. Mr
Calderwood consents to the inclusion in this report of the matters based on their information in the form and context
in which it appears.
Forward Looking Statement
This report may contain certain forward looking statements and projections regarding estimated, resources and
reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and
corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and
should not be relied upon. They are not guarantees of future performance and involve known and unknown risks,
uncertainties and other factors many of which are beyond the control of Tawana Resources NL. The forward looking
statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved.
Tawana Resources NL does not make any representations and provides no warranties concerning the accuracy of the
projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new
information, future events or otherwise except to the extent required by applicable laws. While the information
contained in this report has been prepared in good faith, neither TAW or any of its directors, officers, agents,
employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy,
completeness or correctness of the information, opinions and conclusions contained in this presentation. Accordingly,
to the maximum extent permitted by law, none of TAW, its directors, employees or agents, advisers, nor any other
person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or
otherwise, in respect of, the accuracy or completeness of the information or for any of the opinions contained in this
presentation or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this
1 All exploration results referred to in these sections were outlined in ASX Announcment on 11 July 2016. Tawana is
not aware of any new information or data that materially affects the information included in the said announcement.
(i) the MOU represents a non binding intention of the parties to negotiate a formal cooperation
agreement in good faith. The parties are yet to agree on any definitive operational, commercial
and/or legal terms (including tonnage capacity or delivery schedules) for the cooperation
(ii) the obligation to negotiate in good faith comes to an end on the earlier of execution of a definitive
cooperation agreement or 31 December 2015; and
(iii) there is no certainty or assurance that parties will reach a final agreement on the terms of the
(iv) Refer to ASX announcement on 18 May 2015 for further information.
Appendix 1 | Tawana Resources NL Tenements
Tenement Location Structure
MEL-12029 100% Tawana Resources through its 100%
Mofe Creek owned Liberian subsidiary
MEL-1223/14 100% Tawana Resources through its 100%
Mofe Creek Sth owned Liberian subsidiary
Mining Tenements disposed: Nil
Beneficial percentage interests held in farm-in or farm-out agreements: Nil
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed: Nil
The following tenements are to be acquired which are subject to shareholder approval at a general
meeting on 23 August 2016.
Tenement Location Structure
Cowan Lithium Project
Subject to an option agreement with Mt
E15/1205 Western Australia
Subject to an option agreement with Mt
E15/1377 Western Australia
Subject to an option agreement with Mt
E15/1446 Western Australia
Pending and subject to an option agreement
E15/1401 Western Australia
with Mt Belches
E15/1525 Western Australia Pending and owned by Mt Belches
Mining 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
Name of entity
Tawana Resources NL
ABN Quarter ended (?current quarter?)
69 085 166 721 30 June 2016
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities $A?000 (6 months)
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration & evaluation (24) (87)
(b) development - -
(c) production - -
(d) administration (170) (569)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received 2 5
1.5 Interest and other costs of finance paid - -
1.6 R&D refund - -
1.7 Other - -
Net Operating Cash Flows (192) (651)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - -
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments 46 71
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
Net investing cash flows 46 71
1.13 Total operating and investing cash flows
(carried forward) (146) (580)
1.13 Total operating and investing cash flows
(brought forward) (146) (580)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 1,077 1,077
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other ? share issue costs (44) (44)
Net financing cash flows
Net increase (decrease) in cash held 887 453
1.20 Cash at beginning of quarter/year to date 357 788
1.21 Exchange rate adjustments to item 1.20 (2) 1
1.22 Cash at end of quarter
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
1.23 Aggregate amount of payments to the parties included in item 1.2 50
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
Directors? salaries, director fees and superannuation.
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the
reporting entity has an interest
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
4.1 Exploration and evaluation 225
4.2 Development -
4.3 Production -
4.4 Administration 380
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as Current quarter Previous quarter
shown in the consolidated statement of cash flows) to $A?000 $A?000
the related items in the accounts is as follows.
5.1 Cash on hand and at bank 1,242 357
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter (item 1.22)
Changes in interests in mining tenements
Tenement Nature of interest Interest at Interest at
reference (note (2)) beginning end of
of quarter quarter
6.1 Interests in mining
reduced or lapsed
6.2 Interests in mining
tenements acquired or
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 Amount paid up per
security (see note security (see note 3)
3) (cents) (cents)
7.1 Preference - -
7.2 Changes during
7.3 +Ordinary securities 147,525,502 147,525,502
(Note that a (Note that a
20:1 share 20:1 share
took place took place
during the during the
7.4 Changes during
(a) Increases through 73,762,751 73,762,751 $0.015 $0.015
through returns of
7.5 +Convertible debt
7.6 Changes during
7.7 Options Exercise price Expiry date
Unlisted options 500,000 - $0.36 12 December 2016
Unlisted options 75,000 - $0.30 12 December 2016
Unlisted options 550,000 - $0.178 26 May 2018
Unlisted options 2,500,000 - $0.035 15 June 2018
7.8 Issued during quarter 2,500,000 - $0.035 15 June 2018
7.9 Exercised during - - - -
7.10 Expired during - - - -
7.11 Debentures - -
7.12 Unsecured notes -
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 5).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 28 July 2016
Print name: Michael Naylor
28 July 2016
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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 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 6: Exploration for and Evaluation of Mineral
Resources and AASB 107: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Financial
Reporting 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.
== == == == ==
Date: 28/07/2016 09:15:00 Supplied by www.sharenet.co.za
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