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TAWANA RESOURCES NL - Quarterly Activities and Cashflow Report

Release Date: 22/07/2015 09:09:00      Code(s): TAW       PDF(s):  
Quarterly Activities and Cashflow Report

Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
ISIN: AU000000TAW7
Share code on the Australian Stock Exchange Limited: TAW
ISIN: AU000000TAW7




      Quarterly Activities and Cashflow
                   Report
PLEASE NOTE: ALL GRAPHICS HAVE BEEN REMOVED FOR SENS PURPOSES. PLEASE REFER TO
TAWANA WEBSITE FOR THE COMPLETE ANNOUNCEMENT.


                                         Highlights

Mofe Creek Iron Ore Project

Project Studies - Mine, Logistics, Infrastructure and Approvals

-   The recent discovery of Direct Shipping Ore (DSO) on the newly acquired tenement
    MEL1223/14 presents the Company with a potential strategic opportunity to mine and
    supply high-grade feed to an early start-up, low capital intensity project at a significantly
    reduced OPEX and CAPEX cost, due to very simple crushing and screening requirements
    only (i.e. no beneficiation).
-   A Memorandum of Understanding (MoU) was executed between the Company and WISCO-
    CAD (WISCO) for the use of the Freeport iron ore facility in Monrovia. WISCO is the owner-
    operator of the iron ore port facility and is currently exporting iron ore. A draft
    Cooperation Agreement has been forwarded to WISCO for review and negotiation. The MoU
    provides the platform for negotiating a commercially viable end-to-end logistics solution
    for the Mofe Creek project during its early stages of development and ramp-up.
-   The Company was granted an eight-month extension of the initial three-year exploration
    term for both licences MEL12029 and MEL1223/14 by the Ministry of Lands, Mines and
    Energy (MLME), in consideration of the Ebola outbreak and acknowledged Force Majeure
    event.

Environmental and Community

-   Tawana was awarded its Environmental Protection Agency (EPA) permit for the Southern
    Licence - MEL1223/14. This permit allows the Company to progress field exploration
    activities and is a legal requirement under Liberian regulation.
-   Tawana is currently preparing the Mofe Creek Scoping Report and Terms of Reference for
    the environmental and community aspects of the Environmental Social Impact Assessment
    (ESIA), following the completion of detailed baselines studies and community meetings.

Exploration and Leases

-   A new discovery was made of high-grade mineralisation at the Company’s MEL1223/14
    Mofe Creek South licence which incorporated grades up to 66% Fe - Direct Shipping Ore
    (DSO) mineralisation, in addition to coarse-grained, friable itabirite mineralisation over a
    strike of greater than 4.5km.
-   Low-cost exploration activities currently being progressed, including geological mapping to
    define further new targets within both the Company’s 100%-owned tenements MEL 12029
    and MEL1223/14, continue to provide encouraging results. A total of 74 potential
    mineralised targets have been mapped to date.

Corporate

-   As at 30 June 2015, Tawana Resources was in a strong financial position with AUD$1.6
    million in cash.
-   Expressions of interest have been received to purchase the Company’s total shareholding
    and loan account in Diamond Resources SA (a 100% -owned subsidiary of Tawana Resources
    NL).


Mofe Creek Iron Ore Project

Studies

Mofe Creek Preliminary Feasibility Study (PFS)

Engineering and direct design work associated with the PFS was minimised during the
quarter, with the aim of conserving cash, and advancing the Mineral Development
Agreement and value-accretive programs linked to the ESIA and field exploration
programs.

However, work has progressed on transhipment criteria for the longer-term operation
of an independent logisitics chain for the Mofe Creek project.

With the recent discovery of the DSO, all current and future (short-term) operational
strategies and financial modelling will focus on a potential low CAPEX, low OPEX, early
start-up operation, including the mining and processing of DSO. The DSO project will
utilise existing roads to the port of Monrovia, and will culminate in the potential
despatch of the ore via the port of Freeport, under a potential Cooperation Agreement
with WISCO CAD (currently being negotiated under a MoU – Refer ASX Release 18 May
2015).

Further discussions with haulage and road/civil construction groups have progressed
within country, and will form part of a due process of defining the optimal route,
design and operation of an independent haul road – from the mining hub(s) to the
coastal transhipment port location (nominally located 32km by road from Gofolo Main
or 26km from the newly discovered DSO mineralisation at Goehn). The new tenement
(MEL 1223/14) and the Goehn mineralisation has the added advantage of being closer
to the proposed haul road corridor and nominated coastal port location, and is in very
close proximity to the national highway, for future road haulage of the DSO to Monrovia
(subject to relevant approvals and licences being granted).

Infrastructure & Logistics

On the 18th May 2015, the Company and WISCO CAD (Hong Kong) Mining Company
Limited (WISCO) signed a non-binding memorandum of understanding (MoU)1 to
negotiate in good faith, a potential Cooperation Agreement between the parties in
relation to access and use of WISCO’s port facilities in the port of Freeport, Monrovia.
Under the terms of the MoU, WISCO and Tawana will negotiate with a view to
executing a definitive Cooperation Agreement in relation to the use of the port
facilities at Freeport. Under this proposed agreement, both parties will negotiate the
logistics and commercial terms relevant to potentially securing access to the existing
working port facilities and infrastructure operated by WISCO. The agreement is to be
negotiated on the premise of access to stockpiling and ship loading services during the
early stage of Tawana’s project development and proposed DSO start-up Project.

The MoU provides the platform for negotiating a commercially viable ‘end-to-end’
logistics solution for the Mofe Creek project during its early stages of development and
ramp-up. The production and export of initial smaller scale tonnages from the Mofe
Creek project is designed to establish the company within Liberia, while minimising
capital expenditure and creating revenue and employment opportunities within the
community.

The recent discovery of DSO on the newly acquired tenement MEL1223/14 (refer ASX
release 8 July 2015)2 also presents a potential opportunity to mine and supply high-
grade feed to an early start-up, low capital intensity project at a significantly reduced
OPEX cost, due to very simple crushing and screening requirements only (i.e. no
beneficiation).

WISCO, through its related entities, has been granted the concession to operate the
Bong Mine in Liberia and has developed, constructed, and operated a bulk handling
port facility at the Monrovia (Freeport) port facility for the past two years. WISCO
operates a mine, railroad and port facility within Liberia.

In addition, Tawana continued to advance discussions with other in-country iron ore
producers and developers on potential co-sharing infrastructure arrangements for a
common-user port and infrastructure corridor.

Mineral Development Agreement (MDA)

The Company is currently awaiting a formal response from Liberia’s Inter-Ministerial
Concessions Committee (IMCC) with regard the first pass submission of Tawana Liberia
Inc.’s Mineral Development Agreement. Negotiations are scheduled to progress in the
coming month(s). The Government of Liberia also recently concluded the Hummingbird
MDA, for a second commercial gold Project within Liberia. Aureus Mining Ltd recently
completed its first gold pour in May 2015, under their revised MDA, renegotiated in
2013. Aureus’s project is geographically located within 15km of Tawana’s Mofe Creek
project area.

Environmental and Social Impact Assessment (ESIA)

The Company, through an independent environmental and social consulting group,
Earth Environmental Consultancy Inc. of Liberia (EarthCons), completed the requisite
site visits and submitted an independent environmental audit report to the
Environmental Protection Agency (EPA) in March 2015, as required under the Liberian
Exploration Regulations.

The EPA subsequently awarded Tawana a permit for its recently acquired and wholly-
owned southern exploration licence MEL1223/14. This permit allows the Company to
progress field exploration activities and is a legal requirement under Liberian
regulations.

In conjunction with Earth Systems (Australia) and EarthCons (Liberia), Tawana has also
advanced the baseline studies and community consultative processes for the
development of a Terms of Reference (ToR) document and an ESIA Scoping Report.
These documents will be submitted to the EPA in the coming month, and will form the
basis of the ESIA process to be executed over the coming quarters, culminating in its
final submission for an environmental licence for the Mofe Creek Project. The granting
of the EPA licence is a pre-cursor to the approval of a final Mining licence.

Tenure

The Company was granted an eight-month extension of the initial three-year
exploration term for both licences MEL12029 and MEL1223/14 by the Ministry of Lands,
Mines and Energy (MLME), in consideration of the Ebola outbreak and acknowledged
Force Majeure event. The extension demonstrates the support of the MLME, for
developers such as Tawana.

Ebola Virus Disease Update
Liberia was declared Ebola-free by the World Health Organisation (WHO) on the 9th May
2015. The Company remobilised Liberian and expatriate staff in March as a result of
significant advances in the containment of the disease as well as the proactive
management of the Ebola Virus Disease by the Government of Liberia, the international
community, health organisations and NGO’s.

Exploration

MEL1223/14 – New Discoveries & DSO Fe Grades

During the quarter, the exploration team commenced a mapping and rock-chip
sampling program over MEL 1223/14 to define and quantify potential additional
resource tonnage targets for the Mofe Creek project.

A new 120m strike zone of high-grade DSO hematite mineralisation averaging 62.8%
iron (and reaching as high as 66% Fe) was found in the Goehn South East prospect at
Mofe Creek (Refer ASX Release 8th July 2015)2.

The strike zone is located within a broader 550m strike length of friable itabirite
mineralisation and situated within 6km of a bitumen road.

Tawana has also outlined itabirite mineralisation across more than 2.2km of combined
strike length at this project site at grades ranging from 26.4% to 52.6%.

The area represents one of four additional targets Tawana identified within the Mofe
Creek South licence.

The company said the itabirite mineralisation had similar geological characteristics to
its 61.9 million-tonne at 33% Fe - Maiden Resource4 for the Mofe Creek project.

Tawana Executive Chairman and Chief Executive Wayne Richards said the target
represented the highest grade, continuous zone over multiple samples, of direct
shipping ore hematite mineralisation discovered within the project areas to date.

The Company also announced (refer ASX release on 7th May 2015)2 a discovery of new
friable itabirite mineralisation in outcrops over a combined 1.4km strike length and at
an average grade of 32.4% Fe at the Gofolo South (Jaja) prospect (refer Figure 1 on
page 4). The mineralisation is within a 3km trucking distance of the Gofolo Main
resource and is within immediate proximity to the planned independent haul road
infrastructure corridor.

Detailed mapping over the Gofolo South (Jaja) target defined 1.4km combined strike
length at an average of 32.4% Fe with low contaminant levels from 19 surface rock chip
samples using handheld XRF (refer Figure 6 overleaf).
Mapping teams continue to assess remaining exploration targets within the new licence
area with the aim of prioritising drill targets with the highest potential to increase the
current resource and/or formalize a DSO Resource.

Corporate

Cash

As at 30 June 2015, Tawana Resources held $1.6 million in cash. Refer to the Appendix
5B (ASX website) for principal movements in cash for the quarter.

Appropriate fiscal management programs and policies continue to be monitored and
implemented to minimise expenditure both at a corporate and project level. The
Company will continue to undertake low cost, value-accretive activities in the coming
quarter, which will include the advancement of the MDA, targeted exploration
activities, advancement of the ESIA Scoping Report and Terms of Reference document
and strategic activities associated with the potential development of a DSO, early-
start-up project.

Board Changes

Michael Bohm has been appointed to the Board of Directors as an Independent Non-
Executive Director of the Company with effect from 1 August 2015.

Michael is an experienced mining professional with extensive corporate, project and
operational management experience in the minerals industry in Australia, South East
Asia, Africa, Chile, Canada and Europe/UK. A graduate of the WA School of Mines,
Michael has worked as a mining engineer, mine manager, study manager, project
manager, project director and managing director. He has been directly involved in a
number of project developments in the resources sector both in Australia and offshore.

Michael’s corporate experience includes previous directorships at Sally Malay Mining
Limited (now Panoramic Resources) in Australia (ASX), Ashton Mining of Canada (TSX),
Herencia Resources (AIM) and Argyle Diamond Mines Pty Ltd. Michael currently serves
on the board of ASX/TSX listed gold producer Perseus Mining Limited and ASX listed
gold producer Ramelius Resources Limited.

In conjunction with the appointment of Michael, Mr Len Kolff will step down from the
Board to pursue other career opportunities effective 1 August 2015.

Divestment of Non-Core Assets

The Company’s Botswana subsidiary has been deregistered and the Company will no
longer incur administration costs associated with this Project.

BlueRock Diamonds continue to express a desire to purchase the Company’s total
shareholding and loan account in Diamond Resources (a 100% -owned subsidiary of
Tawana Resources NL). An outcome on the sale is expected in the coming quarters.

About Tawana (ASX & JSE: TAW)

Tawana Resources NL is an iron ore focused ASX and JSE-listed Company with its
principal project in Liberia, West Africa. Tawana’s 100% owned Mofe Creek project is a
new discovery in the heart of Liberia’s historic iron ore district, located 20km from the
coast and 85km from the country’s capital city and major port, Monrovia.

Tawana is committed to becoming a mid-tier iron ore producer through the development
of the Mofe Creek project, which covers 475km2 of highly prospective tenements in Grand
Cape Mount County. The Project hosts DSO and high-grade friable itabirite mineralisation
which can be easily upgraded to a superior quality iron ore product in the 64-68% Fe grade
range, for which there is consistent global demand, attracting significant price premiums.

Wayne Richards
Executive Chairman and Chief Executive Officer
Tel +61 8 9489 2600

Detailed information on all aspects of Tawana’s projects can be found on the
Company’s website www.tawana.com.au

22 July 2015

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd

Competent Persons Statement
The information in this report that relates to Exploration Results and Resources is based on information compiled by
Len Kolff, who is a member of the Australian Institute of Geoscientists. Len Kolff is currently a Director of the
Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit 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’. Len
Kolff consents to the inclusion of the matters in this report based on his information in the form and context in
which it appears.

The information in this Report relating to the Mofe Creek Resource Estimate and Scoping Study are extracted from
the 31 March 2014 Maiden Resource and 3 July 2014 Scoping Study announcements. The Company is not aware of any
new information or data that materially affects the information included in the original market announcements. The
Company confirms that the form and context in which the Competent Person's findings are presented have not been
materially modified from the original market announcements.

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
        Disclaimer:
        (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
                 agreement;
        (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
                 cooperation agreement.
        (iv)     Refer to ASX announcement on 18 May 2015 for further information.
2
: Tawana is not aware of any new information or data that materially affects the information included in the said
announcement.
3
: Full details of the Scoping Study referred to in this announcement were initially released to the ASX in an
announcement dated 3 July 2014, and should be read in conjunction with this announcement. All material
assumptions underpinning the Scoping Study, production targets and forecast financial information derived from the
production targets as well as any cautionary statements and disclosures as required under the ASX Listing Rules and
2012 JORC Code are set out in the announcement dated 3 July 2014 and continue to apply and have not materially
changed.
4
: For more information on the Resource estimate, refer to ASX announcement dated 31 March 2014. Tawana
Resources is not aware of any new information or data that materially effects the information included in the said
announcement.

Appendix 1 | Tawana Resources NL Tenements

Tenement                           Location                   Structure

MEL-12029                                                     100% Tawana Resources through its 100% owned
                                   Liberia
Mofe Creek                                                    Liberian subsidiary
MEL-1223/14                                                   100% Tawana Resources through its 100% owned
                                   Liberia
Mofe Creek Sth                                                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
                                                                                                                                      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
   Tawana Resources NL

  ABN                                                                                   Quarter ended (“current quarter”)
   69 085 166 721                                                                        30 June 2015


  Consolidated statement of cash flows
                                                                                       Current quarter               Year to date
Cash flows related to operating activities                                             $A’000                        (6 months)
                                                                                                                      $A’000
1.1       Receipts from product sales and related debtors                                             -                          -

1.2       Payments for     (a) exploration & evaluation                                            (151)                     (372)
                           (b) development                                                            -                         -
                           (c) production                                                             -                         -
                           (d) administration                                                      (536)                     (930)
1.3       Dividends received                                                                          -                         -
1.4       Interest and other items of a similar nature
          received                                                                                    7                        19
1.5       Interest and other costs of finance paid                                                    -                         -
1.6       Income taxes paid                                                                           -                         -
1.7       Other                                                                                       4                         4

          Net Operating Cash Flows                                                                 (676)                    (1,279)

          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 (provide details if material)                                                         -                          -

          Net investing cash flows                                                                    -                          -
1.13      Total operating and investing cash flows
          (carried forward)                                                                        (676)                    (1,279)
1.13    Total operating and investing cash flows
        (brought forward)                                                                          (676)                    (1,279)

        Cash flows related to financing activities
1.14    Proceeds from issues of shares, options, 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    Other – share issue costs                                                                     -                          -
                                                                                                      -                          -
        Net financing cash flows

        Net increase (decrease) in cash held                                                       (676)                     (1,279)

1.20    Cash at beginning of quarter/year to date                                                 2,247                       2,803
1.21    Exchange rate adjustments to item 1.20                                                       20                          67
                                                                                                  1,591                       1,591
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               163

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, 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

       N/A

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

       N/A
  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                                                                                 132

4.2    Development                                                                                                  -

4.3    Production                                                                                                   -

4.4    Administration                                                                                             346


       Total                                                                                                      478

  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                                                     1,089                    1,223
                                                                                       502                     1,024
 5.2     Deposits at call
                                                                                          -                         -
 5.3     Bank overdraft
                                                                                          -                         -
 5.4     Other (provide details)
                                                                                      1,591                    2,247
         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
         tenements relinquished,
         reduced or lapsed


 6.2     Interests in mining
         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 note     security (see note 3)
                                                                             3) (cents)             (cents)
7.1      Preference                 -                   -
         +securities

7.2      Changes during
         quarter
7.3      +Ordinary securities       1,475,250,387       1,475,250,387
7.4      Changes during
         quarter
         (a) Increases through
          issues
         (b) Decreases
         through returns of
         capital, buy-backs
7.5      +Convertible debt

         securities
7.6      Changes during
         quarter
7.7      Options                                                             Exercise price         Expiry date
         Unlisted options           1,250,000           -                    $0.05                  10 November 2015
         Unlisted options           26,500,000          -                    $0.015                 12 December 2016
         Unlisted options           10,000,000          -                    $0.046                 12 December 2016
         Unlisted options           10,000,000          -                    $0.018                 12 December 2016
         Unlisted options           1,000,000           -                    $0.039                 20 January 2017
         Unlisted options           10,000,000          -                    $0.0001                30 August 2015
         Unlisted options           10,000,000          -                    $0.0001                30 August 2016
         Unlisted options           10,000,000          -                    $0.0001                30 August 2017
         Unlisted options           11,000,000          -                    $0.0089                26 May 2018
7.8      Issued during quarter      11,000,000          -                    $0.0089                26 May 2018
7.9      Exercised during           -                   -                    -                      -
         quarter
7.10     Expired during             21,500,000          -                    $0.036                 30 April 2015
         quarter
7.11     Debentures                 -                   -

7.12     Unsecured notes            -                   -

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 give a true and fair view of the matters disclosed.


Sign here:     ............................................................   Date: 22 July 2015
                    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 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.

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