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Quarterly Activities and Cashflow Report
Ferrum Crescent Limited
(“Ferrum Crescent”, the “Company” or the “Group”) (ASX: FCR, AIM: FCR, JSE: FCR)
(Incorporated and registered in Australia and registered as an external company in the Republic of South Africa)
(Registration number A.C.N. 097 532 137)
(External company registration number 2011/116305/10)
ISIN: AU000000WRL8
Quarterly Activities and Cashflow Report
For the period ended 31 December 2014
29 January 2015
Ferrum Crescent Limited, the ASX, AIM and JSE quoted iron ore developer in northern South
Africa, today announces its quarterly results for the three month period ending 31 December
2014.
HIGHLIGHTS:
Moonlight Iron Ore Project:
- Bankable feasibility study (“BFS”) manager appointed for Moonlight Iron Ore Project
- BFS work program progressed
- Drilling program defined for completion Q1 2015, key objectives:
o Mine plan preparation for the first ten years of production and
o Defining sample locations for definitive metallurgical test work
- Advanced stage BEE and other partner process continues
- Consultation with study managers and engineering partners continues
o Efficiencies identified for key beneficiation plant costings
Corporate:
- Cash as at 31 December 2014 was approximately AU$1.062m
- Rights issue to raise up to $2.03m concluded - total gross funds raised being
approximately $1.03m.
(Under ASX Listing Rule 7.2, exception 3, shortfall shares issued within 3 months of the
close of a pro-rata rights issue are not counted for the purposes of calculating the 15%
capacity to issue shares without shareholder approval, provided the pro-rata rights issue
offer document stated that directors had the discretion to place shortfall shares. The offer
closed on 10 November 2014, and the $1.03m included shortfall shares issued after the
offer closed).
Commenting today Tom Revy, Managing Director, said:
“The last quarter of 2014 saw Ferrum Crescent appoint a senior study manager for the
Moonlight Iron Ore Project and complete key tasks that will allow us to progress the BFS early
in 2015 with the commencement of a new drilling program. We are now gaining real traction
for the Moonlight project in terms of completing a BFS that defines the economics for a high-
grade iron ore product located near infrastructure. On the ground we are delighted with the
support that the Moonlight Iron Ore Project has from the South African local communities and
municipalities as well as to the governments of South Africa and Limpopo and their agencies.
This support will be particularly important as we move into the logistics-planning phase of the
BFS. During Q1 2015 we shall be working with a number of groups on site at Moonlight to
secure a new investment partner to complete the BFS”.
Overview
Ferrum Crescent during the quarter carried out a non-renounceable rights issue and raised
$1.03 million before costs. These funds were raised with a view to continuing the Company’s
strategy of securing key BEE and other cornerstone investors, as well as preparing the work-
flows that will complete key components of the Moonlight Iron Ore Project BFS.
The Board made the decision to appoint a senior study manager to the Moonlight Iron Ore
Project, and in December the services of Mr Ed Alymer were secured. Mr Alymer has more
than 30 years' experience in the mining and mineral processing industries and has acted as
senior study manager for project developments on behalf of Severstal, Vendanta, Goldfields
and Ivanplats. Mr Alymer is based in Johannesburg, South Africa.
Mr Alymer, working with Managing Director Tom Revy, completed the planning for a new
drilling program to assist in the preparation of a mine plan for the first ten years of operations
and to collect samples for the next metallurgical testwork component of the BFS. The planned
drilling program consists of 10 reverse circulation (“RC”) holes with the work expecting to be
complete during Q1 2015.
Ferrum Crescent is also undergoing a period of corporate development as the Moonlight BFS
restarts. In December 2014 Mr Ted Droste and Mr Kofi Morna left the Board of the Company.
The process to secure investment partners for Moonlight continued to the stage where during
Q1 2015 a number of groups will make visits to the Moonlight project as part of their own
internal due diligence work.
Exploration Interests
As at 31 December 2014, the Company held an interest in the following mining Rights
(“Rights”):
Project Location Right Number Right Status Holder Percentage
Interest
Moonlight Limpopo 30/5/1/2/2/20 Mining Right Ferrum Iron 97%
Province, 1 MR Granted Ore (Pty) Ltd
South Africa
Moonlight Limpopo 30/5/1/2/2/20 Prospecting Ferrum Iron 97%
Province, 1 MR Right Ore (Pty) Ltd
South Africa Application
No licences were acquired or disposed of during the quarter.
For more information, please visit www.ferrumcrescent.com or contact:
Australia and Company enquiries: UK enquiries:
Ferrum Crescent Limited Hume Capital Securities (Broker)
Ed Nealon T: +61 8 9367 5681 Jon Belliss
Chairman T: +44(0)20 3693 1470
Tom Revy T: +61 8 9367 5681 RFC Ambrian Limited (Nominated Adviser)
Managing Director James Biddle/Andrew Thompson
T: +44 (0) 20 3440 6800
Ferrum Crescent Limited
Laurence Read (UK representative)
T: +44 7557672432
South African JSE Sponsor enquiries: Bravura Capital (Pty) Ltd
Doné Hattingh T: +27 11 459 5037
Rule 5.3
Appendix 5B
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
Ferrum Crescent Limited
ABN Quarter ended (“current quarter”)
58 097 532 137 31 December 2014
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities (6 months)
$A’000 $A’000
1.1 Receipts from product sales and related
debtors
1.2 Payments for (a) exploration & evaluation (395) (571)
(b) development
(c) production
(d) administration (459) (738)
1.3 Dividends received
1.4 Interest and other items of a similar nature
received 3 4
1.5 Interest and other costs of finance paid
1.6 R&D recoupment tax
1.7 Other – net income on restricted cash
investments (43) (43)
Net Operating Cash Flows (894) (1,348)
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
(c) other fixed assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other (restricted cash investments) 802 772
Net investing cash flows 802 772
1.13 Total operating and investing cash flows
(carried forward) (92) (576)
1.13 Total operating and investing cash flows
(brought forward) (92) (576)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, 1,033 1,033
etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19.1 Other
1.19.2 Other - First Tranche proceeds from Anvar
Asian Investment
1.19.3 Other – share issue costs (187) (197)
846 836
Net financing cash flows
Net increase (decrease) in cash held 754 260
1.20 Cash at beginning of quarter/year to date 245 738
1.21 Exchange rate adjustments to item 1.20 63 64
1,062 1,062
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
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2 137
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
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
$A’000 $A’000
3.1 Loan facilities
3.2 Credit standby arrangements
Estimated cash outflows for next quarter
$A’000
4.1 Exploration and evaluation 300
4.2 Development
4.3 Production
4.4 Administration 200
Total 500
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) $A’000 $A’000
to the related items in the accounts is as follows.
5.1 Cash on hand and at bank 903 209
159 36
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other (provide details)
1,062 245
Total: cash at end of quarter (item 1.22)
Changes in interests in mining tenements
Tenement reference Nature of interest Interest at Interest
(note (2)) beginning at end of
of quarter quarter
6.1 Interests in mining
tenements and
petroleum tenements
relinquished, reduced or
lapsed
6.2 Interests in mining
tenements and
petroleum tenements
acquired or increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number Number quoted Issue price per Amount paid up per
security (see security (see note
note 3) (cents) 3) (cents)
7.1 Preference
+securities
(description)
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital, buy-
backs,
redemptions
7.3 +Ordinary 518,787,353 516,487,353 Various Fully Paid
securities
7.4 Changes during
quarter 138,184,576 138,184,576 $0.008 $0.008
(a) Increases
through issues
(b) Decreases
through returns
of capital, buy-
backs
7.5 +Convertible
debt securities
(description)
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted
7.7 Options Exercise price Expiry date
(description and 400,000 - $0.10 14 December 2015
conversion 500,000 - $0.03 21 November 2016
factor) 2,500,000 - $0.08 19 February 2017
7.8 Issued during
quarter
7.9 Exercised
during quarter
7.10 Expired /
cancelled
during quarter
7.11 Debentures
(totals only)
7.12 Unsecured
notes (totals
only)
Compliance statement
1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards acceptable
to ASX (see note 5).
2 This statement does /does not* (delete one) give a true and fair view of the matters
disclosed.
Sign here: Date: 29 January 2015
(Company secretary)
Print name: Bob Hair
Notes
1 The quarterly report provides a basis for informing the market how the entity’s
activities have been financed for the past quarter and the effect on its cash position.
An entity wanting to disclose additional information is encouraged to do so, in a note
or notes attached to this report.
2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in
mining tenements acquired, exercised or lapsed during the reporting period. If the
entity is involved in a joint venture agreement and there are conditions precedent
which will change its percentage interest in a mining tenement, it should disclose the
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.
== == == == ==
ACN 097 532 137 Level 4 Suite 5, South Shore Centre, 85 The
Esplanade
Share code FCR on the ASX, AIM and the SOUTH PERTH WA 6151, AUSTRALIA
JSE
www.ferrumcrescent.com PO Box 189, South Perth, WA 6951
info@ferrumcrescent.com Tel: +61 8 9367 5681 Fax: +61 9238 0722
Date: 29/01/2015 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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