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Tawana Resources Nl - Quarterly Activities Report For The Quarter To 31 March 2017

Release Date: 28/04/2017 10:46:00      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
                            For the quarter to 31 March 2017
                                          Highlights

All graphics have been removed for SENS purposes. Please refer to Tawana?s website

Bald Hill Lithium & Tantalum Project
-   Larger scale metallurgical test work delivered exceptional results which will allow for a
    simple, low-capital, low-risk startup operation and a short construction period for the
    planned commissioning at the Bald Hill Lithium and Tantalum Mine in October 2017.
    Key findings include:
        o   Ability to consistently produce grades well in excess 6% Li2O at good mass yields
            and acceptably low iron content; and
        o   Ability to reject 60-70% of the feed mass after a first pass Dense Media
            Separation (DMS), thus reducing processing costs.
-   Infill drilling was completed and a Maiden Resource estimate should be available in May
    2017. Numerous high grade lithium and tantalum intercepts include 21m at 1.44% Li2O and
    319ppm Ta2O5 from 61m in LRC0146; 20m at 1.38% Li2O from 59m Li2O in LRC0148; 6m at
    1.11% from 71m and 16m at 1.44% from 99m in LRC209; 12m at 2.38% Li2O from 136m in
    LRC077 and 12m at 2.09% Li2O from 54m in LRC0257.
-   Extensional step-out drilling intercepted the most significant lithium and tantalum results
    to date, including:
        o   35m at 1.35% Li2O from 71m, incl.10m at 1.62% Li2O, 6m at 1.61% Li2O and 6m
            at 1.75% Li2O in LRC0247; 28m at 1.34% Li2O and 343ppm Ta2O5 from 92m incl.
            12m at 2.06% Li2O and 464ppm Ta2O5 in LRC0226;
        o   Tantalum pentoxide: 4m at 14,782ppm (14.78kg/t) Ta2O5 and 9,974ppm Nb2O5
            from 78m in LRC0237; 8m at 2,468ppm Ta2O5 from 27m including 2m at 7,022ppm
            (7.02kg/t) Ta2O5 and 0.82% Li2O in LRC0317.
-   The feasibility study is nearing completion with the metallurgical and process engineering
    aspects of the study essentially completed and the detailed mining engineering is
    underway. Though the cash flow is yet to be finalised, Tawana and Alliance Mineral Assets
    (?AMA?) have given go-ahead for the commencement of detailed design and final long lead
    item equipment selection.
-   All agreements necessary for the joint exploration and exploitation of lithium and other
    minerals at Bald Hill with AMA were finalised and concluded.
-   In April, Tawana signed a binding long-term exclusive lithium concentrate offtake
    agreement with a 100% owned subsidiary of Burwill Holdings Ltd (Burwill), a company
    listed on the main Board of The Stock Exchange of Hong Kong Limited.


Cowan Lithium Project

-   Tawana exercised its option to acquire 100% of the four tenements which comprise the
    Cowan Lithium and Yallari Lithium Projects; all which are highly prospective for lithium.

Uis Lithium Project
- Metallurgical testwork and a Resource estimate has commenced; results of which will be due
  by the end of the June quarter.

Corporate
    -   As at 31 March 2017, Tawana held $3.1 million in cash.
    -   Tawana engaged Canaccord Genuity (Australia) Limited to provide corporate advisory
        services.
    -   In April, Tawana announced that it had received commitments to raise A$15.0 million
        (before costs) via the issue of 60 million new fully paid ordinary shares in the Company
        at an issue price of A$0.25 per share (?Placement?). The Placement was strongly
        supported by domestic and offshore institutional investors and funds will primarily be
        used to advance the Bald Hill Lithium and Tantalum Project.

Bald Hill Lithium & Tantalum Project

The Bald Hill Project area is located 50km south east of Kambalda in the Eastern Goldfields. It
is located approximately 75km south east of the Mt Marion Lithium project and is adjacent to
the Company?s Cowan Lithium Project. The Project comprises four mining leases, eight
exploration licences, eight prospecting licences and five tenement applications totalling
791.3km2. It is owned by Australian-incorporated, Singapore Exchange-listed Alliance Mineral
Assets Limited.

Agreements

In February 2017, Lithco No. 2 Pty Ltd, a 100%-owned subsidiary of Tawana, and AMA finalised
the farm-in agreement regarding joint exploration and exploitation of lithium and other
minerals at Bald Hill.
The Farm-in Agreement reflected the Binding Terms Sheet which require Tawana to spend:
    1. By 31 December 2017 (or such later date as may be agreed between the parties), a
       minimum of $7.5 million on exploration, evaluation and feasibility (including
       administrative and other overhead costs in relation thereto) (?Expenditure
       Commitment?); and
    2. By 31 December 2019, $12.5 million in capital expenditure required for upgrading and
       converting the plant for processing ore derived from the Project, infrastructure costs,
       pre-stripping activities and other expenditures including operating costs (?Capital
       Expenditure?).

Upon completion of the Expenditure Commitment, Tawana shall be entitled to 50% of all rights
to lithium minerals from the tenements comprising the Project.
Upon completion of the Expenditure Commitment and Capital Expenditure, Tawana will be
entitled to a 50% interest in the Project (being all minerals from the tenements and the
processing plant and infrastructure at Bald Hill).

On 11 April, Tawana announced that it had finalised the Lithium Rights Joint Venture
Agreement (?Lithium JV?) with respect to the Bald Hill Project (?Project?) for the purpose of
joint exploration and exploitation of lithium.

On 18 April 2017, Tawana announced that it had finalised the Bald Hill Joint Venture
Agreement (?Bald Hill JV?) with respect to the Bald Hill Lithium and Tantalum Project in
Western Australia for the purpose of joint exploration and exploitation of lithium and other
minerals.

All agreements necessary for the joint exploration and exploitation of lithium and other
minerals at Bald Hill with AMA were finalised and concluded.
Feasibility Study
Tawana Resources commenced a Feasibility Study for the Bald Hill Lithium and Tantalum Mine
which will include capital costs to an accuracy of +/- 15% and operating costs to an accuracy of
+/-25%.

The processing content of the feasibility study was awarded to Primero Group, who are
experienced lithium processing plant engineers and constructors. Primero have now finalised
the plant flow sheet and developed a detailed 3-D model of the plant and site infrastructure.
Primero is in the advanced stages of completing a feasibility study with the metallurgical and
process engineering aspects of the study completed and the detailed mining engineering
underway.

Cashflow modelling will be completed when the key areas of the study are completed.
However, Tawana and AMAL have given go-ahead for the commencement of detailed design
and final long lead item equipment selection.

Metallurgical Testwork

Following on from the excellent results obtained from the variability test work (refer ASX
release 13 February 2017), larger scale tests were done on a 160kg composite of core used in
the variability tests (refer ASX release 7 April 2017).
The sample was crushed to 10mm and screened at 1mm. The -1mm fines have been retained
for later testing. The +1mm fraction was further screened at 5.6mm to assist the DMS gravity
processing. The -5.6+1mm fraction was processed in a reflux classifier to remove mica, and
then both -10+5.6mm and -5.6+1mm fractions were processed in a 100mm DMS cyclone.
The results of this phase of the test work were:

Table 1 | Feed Composition

Feed                                                 Mass Yield %      Cont. Li
-1mm screened out after 10mm crushing                          17        14.7%
Mica/gangue minerals removed in reflux classifier               5         1.5%
Composite treated through DMS                                  78        83.8%
Head grade of composite 1.41% Li2O


These results demonstrated that the amount of fines produced was limited to 17% by coarse
crushing at 10mm and that over 80% of the contained lithium was available for processing via
the cheaper gravity DMS route.
The results obtained from DMS processing were:

Table 2a | Coarse fraction (-10+5.6mm) at SG 2.8 (55% of DMS feed)

Fraction                              % Mass Yield        % Li2O     % Cont. Li       % Fe2O3
SG 2.8 Sinks                                    17             6.30             78.9        0.76
SG 2.8 Floats                                    12             2.56            13.3        0.56
SG 2.7 Floats                                    71             0.16             7.8        0.29

Table 2b | Finer fraction (-5.6+1mm) at SG 2.9(mica removed) (45% of DMS feed)

Fraction                                % Mass Yield         % Li2O       % Cont. Li     % Fe2O3
SG 2.9 Sinks                                      16           6.55            73.4         0.90
SG 2.9 Floats                                     21           1.53            21.8         0.57
SG 2.7 Floats                                     63           0.11             4.9         0.33


These results highlighted two key characteristics of the Bald Hill mineralisation:
- The ability to produce grades well in excess of 6% Li2O at good mass yields with acceptably
  low iron content.
- The ability to reject 60-70% of the feed mass after a first pass DMS, thus reducing processing
  costs appreciably.
The product grade obtained in the coarser fraction using a density of 2.9 was over 7% Li2O and,
whereas this is an excellent result, it is generally way above market requirements. Hence a
lower medium density of 2.8 was adopted to increase the mass yield. This resulted in a mass
yield of 17% at a grade of 6.3% Li2O at SG 2.8.
The middlings fraction, or 2.8 floats, still had a grade of 2.56% Li2O and a further test was done
by re-crushing this to 3.35 mm to determine additional DMS recovery. This test resulted in a
further mass yield of 4% at a grade of 6.14% Li2O to the sinks.

Table 2c | Weighted recovery through DMS

Fraction                                % Mass Yield         % Li2O       % Cont. Li     % Fe2O3
Primary Concentrate                             16.5           6.43            76.4         0.82
Secondary Concentrate (middlings)               16.1           1.95            17.1         0.56
Waste                                           67.4           0.14             6.5         0.31


Table 2d| Weighted Recovery of Total Plant Feed

Fraction                                               Mass Yield %           % Li2O   % Cont. Li
Primary Concentrate                                            12.9             6.43       63.4%
Stockpile for stage two processing(1)                          28.5             1.40       28.2%
Waste (2)                                                      58.2             0.20        8.2%
Notes
    1) Comprises 44% Secondary Concentrates and 56% Fines after de-sliming.
    2) Waste product containing high Ta2O5 will be stockpiled for future recovery.


The test work has demonstrated that, after allowing for the removal of -1mm fines and mica,
78% of the ore fed to the plant, containing 83% of the lithium, is available for gravity DMS
processing.

The overall mass yield from gravity processing of the +1mm fraction was 16% of the total feed
at a concentrate grade of 6.4% Li2O.
Additional significant lithium and tantalum value is contained in the Fines and Secondary
Concentrates representing 28.5% of plant feed. Further design engineering will be undertaken
on a circuit to treat this ore after final design for the Stage One DMS has been completed.

Resource Drilling
Tawana?s resource drilling program focused on the area at Bald Hill where a maiden lithium
resource would be estimated was nearing completion.
The program had returned numerous high grade lithium and tantalum intercepts Refer ASX
announcement on 3 March 2017)1. Best results include:
-      21m at 1.44% Li2O and 319ppm Ta2O5 from 61m in LRC0146;
-      20m at 1.38% Li2O from 59m Li2O in LRC0148;
-      6m at 1.11% Li2O from 71m and 16m at 1.44% from 99m in LRC209;
-      12m at 2.38% Li2O from 136m in LRC077; and
-      12m at 2.09% Li2O from 54m in LRC0257.

Drilling clearly defined near-surface spodumene pegmatites located 800m from the process

plant site and within the current fully permitted pit limit. Shallow intercepts included:
-      13m at 1.74% Li2O and 318ppm Ta2O5 from 19m in LRC0253;
-      7m at 1.21% Li2O and 683ppm Ta2O5 from 25m in LRC135;
-      11m at 1.62% Li2O from 29m including 8m at 2.05% Li2O in LRC0265; and
-      11m at 1.02% Li2O and 247ppm Ta2O5 from 14m in LRC0132.

The Maiden lithium Resource which should be available in May 2017, will be another significant
milestone as the Company pursues spodumene production in 2017.
Tawana has been approached by several potential off-take partners, all of whom have
requested 40-80 kg parcels of typical concentrate to be produced at Bald Hill. It was decided
to produce approximately 600-800kg of concentrate to satisfy these requirements, which in
turn, required 4-5 tonnes of pegmatite to be processed. This material was obtained from
existing pits.

This sample was crushed to 20mm and delivered to Nagrom Laboratory at the end of February.
The sample has been further crushed to 10mm and processed according to the proposed plant
flow sheet, and results are expected early May 2017. The sample has a head grade of 2.14%
Li2O.

Step Out Exploration

Tawana announced exceptional results from step-out drilling in April 2017. The results came
from 115 resource and sterilization RC drill holes totaling 13,652m were completed between 20
February 2017 and 31 March 2017. The exceptional results are extensions to the initial
Resource estimation which is expected to be completed by the end of April along with the
Feasibility Study.
Significant lithium intercepts included:
-   35m at 1.35% Li2O from 71m, including 10m at 1.62% Li2O, 6m at 1.61% Li2O and 6m at
    1.75% Li2O in LRC0247;
-   28m at 1.34% Li2O and 343ppm Ta2O5 from 92m including 12m at 2.06% Li2O and 464ppm
    Ta2O5 in LRC0226;
-   12m at 1.16% Li2O from 95m and 11m at 1.96% Li2O from 131m including 5m at 3.14% Li2O in
    LRC0237 (also see tantalum intercepts below)
-   26m at 1.13% Li2O and 309ppm Ta2O5 from 17m including 5m at 1.99% Li2O in LRC0187; and
-   12m at 1.64% Li2O and 219ppm Ta2O5 from 85m in LRC0229.

Significant tantalum pentoxide intercepts included:
-   4m at 14,782ppm (14.78kg/t) Ta2O5 and 9,974ppm Nb2O5 from 78m in LRC0237;
-   8m at 2,468ppm Ta2O5 from 27m including 2m 7,022ppm (7.02kg/t) Ta2O5 and 0.82% Li2O in
    LRC0317;
-   4m at 1,246ppm Ta2O5 from 47m including 1m at 4,211ppm Ta2O5 in LRC0318;
-   11m at 729ppm Ta2O5 and 1.72% Li2O from 134m in LRC0222; and
-   6m at 976ppm Ta2O5 and 1.63% Li2O from 154m in LRC0224.

Resource work is currently underway to facilitate starter pit design and mine scheduling.
These results are outside the starter pit design and are expected to significantly increase the
initial Resource.

Tawana increased the drilling fleet to five rigs as the extent of the spodumene pegmatites
continued to expand.

Marketing and Off-Take

On 26 April 2017, Tawana announced it had signed a binding long-term exclusive lithium
concentrate offtake agreement (Agreement) with a 100% owned subsidiary of Burwill Holdings
Ltd (Burwill), a company listed on the main Board of The Stock Exchange of Hong Kong Limited
(stock code 0024). Refer ASX Release 26 April 2017.

The Agreement is for the supply of lithium concentrate from the Bald Hill Project in Western
Australia over an approximate initial five year term at a fixed price in the first 2 years of
US$880 per tonne (6% Li2O).

A$12,500,000 prepayment is part of the agreement, of which A$3,750,000 has already been
received, with the final two instalments to be received on 15 July 2017 and 15 September 2017
respectively.

Funds are to be used towards the capital and operational costs of the Bald Hill Project.
Cowan Lithium Project (100%)

The Cowan Lithium Project is located 50km south-east of Kambalda in the Goldfields region of
Western Australia, approximately 75km south-east of the Mt Marion lithium project and
comprises three tenements totalling 159km2. The tenements are adjacent and surrounded by
the Bald Hill Mine (Tawana earning 50%), at which the Company is expected to commence
lithium production in 2017. The Cowan Project contains many LCT pegmatites some of which
are proven to contain significant spodumene.

In March 2017, Tawana exercised its option to acquire 100% of the four tenements which
comprise the Cowan Lithium Project, all which are highly prospective for lithium. The
Company paid the vendors of the Cowan and Yallari Lithium Projects (refer ASX announcement
27 March 2017) $1,000,000 in cash and $1,000,000 in Tawana shares (50% escrowed for 12
months).

Yallari Project (100%)

During the quarter, Tawana exercised its option (refer above) to acquire the Yallari project
located 6km west of the Mt Marion lithium mine (75km northwest of the Cowan Project). The
tenement contains numerous pegmatites in the same host-rock sequence as Mt Marion and
located close to the Depot Hill granodiorite.
No exploration for lithium has been undertaken to date, however the project is considered
highly prospective.

Uis Project, Namibia (Option to Purchase 100%)

In September 2016, Tawana entered an agreement to acquire mining rights to the giant Uis
pegmatite tailings stockpile in Namibia. The Uis Project located in Namibia comprises large
coarse and fine tailings stockpiles from the Uis tin mine which operated between 1924 and
1990. The Project is located close to the former mining town of Uis some 165km NNE of the
coast city of Swakopmund, 270km NW of the capital Windhoek.

The stockpile hosts an estimated 20Mt of tailings stockpile derived from one of the largest
pegmatite tin mines in the world and limited sampling to date has indicated potentially
attractive lithium grades present.
Metallurgical testwork has commenced (samples have arrived at Nagrom in Perth) and a
Resource estimate will be completed by the end of June 2017.

Mofe Creek Iron Ore Project (100%)

The Company is negotiating with the Government of Liberia Tawana?s Mineral Development
Agreement (?MDA?).
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.

Corporate

Cash

As at 31 March 2017, Tawana Resources held $3.1 million in cash. Refer to the Appendix 5B
(ASX website) for principal movements in cash for the quarter.
Corporate Advisor Appointment
Tawana engaged Canaccord Genuity (Australia) Limited to provide it with corporate advisory
services, given the level of interest from both the capital markets and potential offtake
partners to be involved in financing the development of the Bald Hill Project.

Capital Raising

Tawana announced on 27 April 2017 that it had received commitments to raise A$15.0 million
(before costs) via the issue of 60 million new fully paid ordinary shares in the Company at an
issue price of A$0.25 per share (?Placement?). The Placement was strongly supported by
domestic and offshore institutional investors. Refer ASX Release 27 April 2017.

The Placement is to take part in two tranches:
?      Tranche 1 - comprising 35,900,000 shares, raising A$8,975,000 (which is within the
       Company?s 15% placement capacity), which will be issued on Monday, 8 May 2017.
?      Tranche 2 ? comprising 24,100,000 shares, raising A$6,025,000, which will be issued
       following shareholder approval, which is expected to be sought at a General Meeting on
       or around Tuesday, 30 May 2017.

The funds raised under the Placement will primarily be used to advance the Bald Hill Lithium
and Tantalum Project in order to meet the projected start of commissioning in late 2017.

Tawana Resources NL Tenements

Tenement          Location            Registered Owner                  Structure and Ownership

Mofe Creek Iron Ore Project
MEL-12029
                  Liberia             Tawana Liberia Inc                100%
Mofe Creek
MEL-1223/14
                  Liberia             Tawana Liberia Inc                100%
Mofe Creek Sth
Cowan Lithium Project

E15/1205          Western Australia   Mt Belches Pty Ltd                100%

E15/1377          Western Australia   Mt Belches Pty Ltd                100%

E15/1446          Western Australia   Mt Belches Pty Ltd                100%

Yallari Project

E15/1401          Western Australia   ABEH Pty Ltd                      Pending, 100%

E15/1526          Western Australia   Mt Belches Pty Ltd                100%

Bald Hill Mine

M15/400           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

M15/1470          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

M15/1811          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

M15/1305          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

M15/1308          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

M59/714           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

G15/17            Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

L15/265           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

L15/266           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

L15/267           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

L15/268           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

L15/269           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

L15/270           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

P15/5465          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

P15/5466          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

P15/5467          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

P15/5862          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

P15/5863          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

P15/5864          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

P15/5865          Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%
P15/5866           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

R15/1              Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

E15/1058           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

E15/1212           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

E15/1161           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

E15/1162           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

E15/1166           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

E15/1353           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

E15/1066           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

E15/1067           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%

M15/1811           Western Australia   Alliance Mineral Assets Limited   0%, Earning in 50%




Mining Tenements acquired
Tenement            Location           Registered Owner              Structure and Ownership

Cowan Lithium Project

E15/1205            Western Australia Mt Belches Pty Ltd             100%

E15/1377            Western Australia Mt Belches Pty Ltd             100%

E15/1446            Western Australia Mt Belches Pty Ltd             100%

Yallari Project

E15/1401            Western Australia ABEH Pty Ltd                   Pending, 100%


Mining Tenements disposed: Nil
Mining Tenements acquired: Refer above
Beneficial percentage interests held in farm in or farm-out agreements: Refer above.
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed: Nil



28 April 2017

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Limited
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 and Mr Gareth Reynolds, both employees of Tawana
Resources NL (?Tawana?). Mr Calderwood is a member of The Australasian Institute of Mining and Metallurgy and Mr
Reynolds is a member of the Australian Institute of Geoscientists. Mr Calderwood and Mr Reynolds have sufficient
experience relevant to the style of mineralisation under consideration and to the activity which they are 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 and Mr Reynolds consent to the inclusion in this
announcement of the matters based on their information in the form and context in which it appears.
Mr Calderwood is a significant shareholder in Tawana. Mr Calderwood and Tawana do not consider these to constitute a
potential conflict of interest to his role as Competent Person. Mr Calderwood is not aware of any other relationship with
Tawana which could constitute a potential for a conflict of interest.
Mr Reynolds is an employee of Tawana. Mr Reynolds is not aware of any other relationship with Tawana which could
constitute a potential for a conflict of interest.
Metallurgy The information in this release that relates to metallurgy and metallurgical test work has been reviewed by Mr
Noel O?Brien, FAusIMM, MBA, B. Met Eng. Mr O?Brien is not an employee of Tawana, but is employed as a contract
consultant. Mr O?Brien is a Fellow of the Australasian Institute of Mining and Metallurgy, and he has sufficient experience
with the style of processing response and type of deposit under consideration, and to the activities undertaken, to qualify
as a competent person as defined in the 2012 edition of the ?Australian Code for the Reporting of Exploration Results,
Mineral Resources and Ore Reserves? (The JORC Code). Mr O?Brien consents to the inclusion in this report of the contained
technical information in the form and context as 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 presentation.

Notes
1: Tawana is not aware of any new information or data that materially affects the information included in the said
announcement.
                                                                                                                     +Rule 5.5

                                                  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
                                            Tawana Resources NL
ABN                                                     Quarter ended (?current quarter?)
                69 085 166 721                                    31 March 2017

Consolidated statement of cash flows                             Current quarter                Year to date
                                                                     $A?000                     (3 months)
                                                                                                  $A?000
1.      Cash flows from operating activities
1.1     Receipts from customers                                                         -                              -
1.2     Payments for
        (a) exploration & evaluation                                           (2,363)                      (2,363)
        (b) development                                                                 -                              -
        (c) production                                                                  -                              -
        (d) staff costs                                                          (267)                         (267)
        (e) administration and corporate                                         (339)                         (339)
            costs
1.3     Dividends received (see note 3)                                                 -                              -
1.4     Interest received                                                             23                             23
1.5     Interest and other costs of finance                                             -                              -
        paid
1.6     Income taxes paid                                                               -                              -
1.7     Research and development refunds                                                -                              -
1.8     Other (provide details if material)                                             -                              -
1.9     Net cash from / (used in) operating                                   (2,946)                      (2,946)
        activities
Consolidated statement of cash flows           Current quarter    Year to date
                                                   $A?000         (3 months)
                                                                    $A?000
2.    Cash flows from investing activities
2.1   Payments to acquire:
      (a) property, plant and equipment                   (58)              (58)
      (b) tenements (see item 10)                       (1,000)          (1,000)
      (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              (1,058)           (1,058)
      activities

3.    Cash flows from financing activities
3.1   Proceeds from issues of shares                       185               185
3.2   Proceeds from issue of convertible                      -                  -
      notes
3.3   Proceeds from exercise of share                         -                  -
      options
3.4   Transaction costs related to issues of              (23)              (23)
      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                   162               162
     activities
Consolidated statement of cash flows           Current quarter         Year to date
                                                   $A?000              (3 months)
                                                                         $A?000

4.    Net increase / (decrease) in cash and
      cash equivalents for the period
4.1   Cash and cash equivalents at
      beginning of period                                6,960                  6,960
4.2   Net cash from / (used in) operating               (2,946)               (2,946)
      activities (item 1.9 above)
4.3   Net cash from / (used in) investing               (1,058)               (1,058)
      activities (item 2.6 above)
4.4   Net cash from / (used in) financing                  162                    162
      activities (item 3.10 above)
4.5   Effect of movement in exchange rates                    -                       -
      on cash held
4.6   Cash and cash equivalents at end                   3,118                  3,118
      of period

5.    Reconciliation of cash and cash          Current quarter       Previous quarter
      equivalents                                  $A?000                 $A?000
      at the end of the quarter (as shown in
      the consolidated statement of cash
      flows) to the related items in the
      accounts
5.1   Bank balances                                       3,118                 4,960
5.2   Call deposits                                              -              2,000
5.3   Bank overdrafts                                            -                    -
5.4   Other (provide details)                                    -                    -
5.5   Cash and cash equivalents at end of                3,118                  6,960
      quarter (should equal item 4.6
      above)
6.     Payments to directors of the entity and their associates         Current quarter
                                                                            $A'000
6.1    Aggregate amount of payments to these parties included                        125
       in item 1.2
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


Directors? salaries, directors? fees and superannuation



7.     Payments to related entities of the entity and their             Current quarter
       associates                                                           $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
N/A




8.     Financing facilities available              Total facility       Amount drawn
       Add notes as necessary for an                amount at           at quarter end
       understanding of the position               quarter end              $A?000
                                                     $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.
N/A
9.     Estimated cash outflows for next quarter                 $A?000
9.1    Exploration and evaluation                                           4,727
9.2    Development                                                                -
9.3    Production                                                                 -
9.4    Staff costs                                                            618
9.5    Administration and corporate costs                                     352
9.6    Other (provide details if material)                                        -
9.7    Total estimated cash outflows                                        5,697

10.    Changes in            Tenement             Nature of   Interest   Interest
       tenements             reference and        interest    at         at end of
       (items 2.1(b) and     location                         beginnin   quarter
       2.2(b) above)                                          g of
                                                              quarter
10.1   Interests in mining
       tenements and
       petroleum
       tenements lapsed,
       relinquished or
       reduced
10.2   Interests in mining   E15/1205                            0%        100%
       tenements and         Western
       petroleum             Australia
       tenements
                                                                 0%        100%
       acquired or           E15/1377
       increased             Western
                             Australia
                                                                 0%        100%
                             E15/1446
                             Western
                             Australia                           0%        100%

                             E15/1526
                             Western
                             Australia
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: Michael Naylor

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.

Date: 28/04/2017 10:46:00 Supplied by www.sharenet.co.za                     
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