asx announcement for personal use only · continuously until early in february at which time the...

ASX Announcement

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ASX Code EMX

ABN 63 078 510 988 PO Box 1785 West Perth WA 6872 Level 2, 20 Kings Park Road

West Perth WA 6005 T: +61 8 9321 5000 F: +61 8 9321 7177 E: [email protected]

W: www.energiaminerals.com Board of Directors Alexander Burns Executive Chairman

Kim Robinson

Managing Director

Marcello Cardaci Non-Executive Director

Company Secretary

Jamie Armes

30 January 2017

Quarterly Activities Report Period Ending 31 December 2016

Figure 1: Gorno Zinc Project office in Oltre Il Colle

Key Points

Gorno Zinc Project Definitive Feasibility Study (DFS) on track for completion by end

of April 2017.

Confirmation received from Comune di Gorno that the historical

Riso treatment plant site at Gorno is available for construction of

a new plant.

Exploration Decline completed at 585m.

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24 diamond drill holes (GDD106-GDD123, GDD126-128, GDD130, GDD131 and

GDD133) for 3,065 metres completed during the Quarter.

Assays received from 24 diamond drill holes (GDD092 – GDD115) including

- 24.9m grading 5.6% Zn+Pb and 18 g/t Ag in GDD102

- 6.4m grading 11.5% Zn+Pb and 32 g/t Ag in GDD112

Cash at 31 December 2016 was approximately $4.8M

Development Projects:

Gorno Zinc Project - Italy (100% owned)

Figure 2: Gorno Zinc Project – Site Layout

Safety and Environment

No Lost Time Injuries were recorded during the period.

Environmental activities required for both a VIA (an Environmental Impact Assessment) and an AIA (an Integrated Environmental Authorisation) are ongoing as part of the approvals process.

Baseline water data collection, hydrological modelling, noise and air quality monitoring continues.

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Definitive Feasibility Study (DFS)

During the period, work on the DFS, which is anticipated to be completed by the end of April 2017, remains focussed on completing the diamond drilling program in advance of a revised resource estimation, optimising the process flowsheet prior to finalisation of the treatment plant design, baseline environmental work, preliminary mine planning and discussions with local and regional government authorities.

During the Quarter also, the Company received written confirmation from the Comune di Gorno that the historical treatment plant site at Riso near Gorno, which logistically is Energia’s preferred site, is available for the construction of a treatment plant, subject to the negotiation of satisfactory terms and conditions.

This is a very significant and positive development for the Gorno Zinc Project which highlights the continuing support by the local communities and the strong relationships that Energia has developed generally with the local and regional authorities over several years .

Exploration Decline and drilling program

During the period, the Exploration Decline was completed at a total advance of 585m. This Exploration Decline will continue to be used for resource definition drilling down to the 600 level and will also be maintained for initial grade control drilling in any future mining operation.

Diamond drilling continued utilising two rigs until the third week in November when a third rig commenced carrying out infill and extension drilling from the 940 level. A fourth rig (DiamecU6) was then brought to site to assist in accelerating the drilling program and commenced drilling on 15 December from the base of the Exploration Decline. The four rigs will now operate continuously until early in February at which time the Diamec U6 rig will be demobilised.

A total of 3,065 metres in 24 diamond drill holes (GDD106-GDD123, GDD126-128, GDD130, GDD131 and GDD133) was completed during the period bringing the total to date to 13,161 metres in 145 holes to the end of December.

Assays were received from 24 diamond drill holes (GDD092-GDD115) and include:

- 24.9m at 4.4% zinc, 1.2% lead, 15g/t silver, including 8.8m at 7.4% zinc, 2.0% lead

and 18g/t silver in GDD102;

- 6.4m at 8.6% zinc, 2.9% lead and 32g/t silver in GDD112; and

- 3.7m at 5.6% zinc, 1.5% lead and 15g/t silver in GDD114.

Drilling of three holes (GDD128, GDD130 and GDD134 for which final assays are not yet available) from the 940 level and to the west of the currently announced Indicated Resource in an area previously thought to be largely barren based on a low grade intercept in GDD013, has encountered a significant extension to the Colonna Zorzone ore body. This is a significant development as it would likely be mined in the early years of any future mining operation.

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Figure 3: Resource Outlines and Drilling Program with holes completed, commenced or assayed highlighted in yellow

Process Flowsheet and Metallurgy

No significant changes have been made to the process flowsheet (see Figure 4) and work continued on fine tuning the reagent regime for the processing circuits and maximising the recoveries of both the zinc and lead oxides. As previously reported, locked cycle testwork to date on “sulphide” ore upgraded by ore sorting has achieved a 96% recovery of zinc to a concentrate grade of 63% Zn and 72% recovery of lead to a concentrate grade of 69% Pb. If a 6% loss of zinc is assumed for processing through the ore sorters, then the overall recovery from zinc in “sulphide” ore can be expected to be 90%.

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An anticipated 15% of the zinc contained in the Colonna Zorzone ore body is contained in the zinc carbonate mineral Smithsonite and a zinc oxide circuit has now been incorporated into the process design to recover this mineral. In addition, a proportion of the lead contained in the “sulphide” ore is contained in the lead carbonate mineral Cerussite and a lead oxide circuit is also now being included in the final design (see Figure 4) which will improve lead recoveries from the 72% achieved from locked cycle testwork to date.

It is anticipated that the lead oxide concentrate will be combined for sale with the lead sulphide concentrate.

Fine tuning of the reagent regime by ALS Metallurgical Laboritories in Adelaide has shown that NaHS consumption can be significantly reduced and CuSO4, which represented 35% of total processing operating cost in the initial studies, can be largely eliminated.

Figure 4: Conceptual Processing Plant Flowsheet

Exploration Projects:

Paterson Project - Western Australia (100% owned)

No field work was carried out at Paterson during the period.

Energia has built a large and strategically located tenement package totaling 1,616km 2 now comprising nine granted tenements in the under-explored and highly prospective Paterson Province of Western Australia which hosts a number of world class mineral deposits including Telfer (Au), Nifty (Cu) and Kintyre (U) (see Figure 21).

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One of the recently granted tenements, E45/4543, adjacent to Energia’s Tabletop tenement (E45/2886), contains the historical Eva Well base metal silver prospect on which no modern exploration has been carried out and is a priority target for Energia . Peak zinc assays of 1.0%, peak lead assays of 4.6%, peak copper assays of 1.3% and peak silver assays of 16 5ppm were returned from 413 Rotary Air Blast drilled by Esso Exploration during the 1980’s. The only historical diamond drillhole drilled on the property returned peak assay values from various individual 2m samples of up to 0.25% copper, 0.14% lead, 0.52% zinc and 46 g/t silver. Remarkably the hole encountered 26 metres grading 25 g/t silver from 59 metres depth.

Figure 5: Part of GDD134 intersection

A large deep seated magnetic target (8km by 5km) prospective for IOCG copper/gold mineralization remains untested in the western half of E45/2886 to the west of the Kintyre Fault A gravity survey advance of a drilling program will be carried following the wet season.

At the same time, Energia plans to conduct preliminary investigations into a number of deep conductive targets within E45/2886, lying in close proximity to the regionally extensive Kintyre and Tabletop faults which appear to be major mineralizing conduits. These conductors could reflect mineralization within either the Coolbro Sandstone cover sequence or the underlying basement.

Nabberu Project – Western Australia (100% owned)

No field work was carried out on this property which comprises 1,032km 2 in two tenement applications which are awaiting grant.

Limited exploration has been carried out on this early stage regional exploration target with the only significant historical work having been carried out by Jubilee Mines which established its prospectivity.

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Several basement fault structures transect the property and drilling by Jubilee Mines encountered hydrocarbons and disseminated low iron zinc sulphides hosted by carbonate rocks which suggest an ideal environment for the discovery of Mississippi Valley Style zinc deposits.

Historical data is currently being compiled.

McArthur Project - Northern Territory Australia (100% owned)

No work was carried out during the Quarter on the Project which encompasses three tenements totalling 1,245km2. One tenement (EL31045) was recently granted with the grant of the remaining two pending the outcome of current discussions with traditional owners . One tenement application was withdrawn following discussions with traditional owners

Pacifico Minerals plans further drilling and geophysical surveys on adjacent tenements during 2017. The westerly dipping Barney Creek formation at Pacifico’s Four Mile Prospect, which is host to lead zinc mineralisation elsewhere in the MacArthur Basin, is interpreted to pass into Energia’s ground at around 250 metres depth.

Salafossa and Predil - Italy (100% owned)

No work was carried out on Predil or Salafossa during the period.

Tenements have been applied for covering two historical large Mississippi Valley Style producers. Both have similar Zn:Pb ratios to Gorno which, if granted, will offer significant diversification and growth opportunities alongside the Company’s flagship Gorno Zinc Project. The two applications cover the historical zinc mines of Predil and Salafossa in the far north-east of Italy, close to the borders of Austria and Slovenia and approximately 400km by road from Gorno (see Figure 6 for location).

The Predil Mine, has a long production history dating back to the eleventh century AD and was prematurely closed in 1991 by ENI as part of the Italian government’s strategy for ENI to contract its activities to oil and gas. Predil is estimated to have produced 30Mt of ore grading 5.0% zinc and 1.2% lead (1.9Mt of contained Zn+Pb) and, at the time of its closure, was producing approximately 50,000 tonnes of zinc and lead concentrates annually which were transported to Gorno to be treated through the still operating Ponte Nossa Refinery. The Predil deposit remains open at depth.

The Salafossa Mine was discovered in 1959 and mined by Societa Mineraria e Metallurgica di Pertusola SpA from 1964 until its closure in 1986. Salafossa produced 10.95Mt of sulphide ore grading 5.0% zinc and 1.0% lead at an average production rate of approximately 500,000 tonnes per annum over a period spanning 22 years. Salafossa production was from a single flat-lying deposit with dimensions of 750m by 200m and up to 30m wide which facili tated mining by low-cost, large scale open stoping.

Energia is planning to commence digitising data for Predil and Salafossa stored in regional and

state archives.

Nyang ISR Uranium Project - Western Australia (100% owned)

No work was carried out during the Quarter on granted tenement E08/2735, located midway between Paladin Energy Ltd’s Carley Bore and Manyingee ISR uranium deposits in the Carnarvon Basin of Western Australia and discussions are continuing with the traditional owner groups regarding access arrangements.

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The adjacent tenements, E08/2160 and E08/2161, owned by Cauldron Energy Ltd (CXU), are subject to a forfeiture application by Energia for substantial under expenditure. As previously advised, the Minister has rejected CXU’s application for expenditure exemption on both tenements and the matter is back before the Warden for his consideration following further submissions by both parties . A hearing date was set for 16 February 2017 but Energia Minerals has been granted an extension to supply additional evidence of non-compliance. All three tenements (see Figure 20) had never been drilled under CXU’s extended ownership and have considerable potential to host ISR uranium deposits.

Val Vedello and Novazza Uranium Projects - Italy (100% owned)

These tenement applications are awaiting grant and no work was carried out during the Quarter. Refer to December 2015 Quarterly Report for detail.

Corporate Cash on Hand

Cash on hand as at 31 December 2016 was approximately $4.8 million.

Please refer to the attached Appendix 5B for further information.

Issued Capital

At 31 December 2016, Energia had on issue 783,027,454 fully paid ordinary shares and 39,750,000 unlisted options.

On 14 October 2016, the Company completed a fully underwritten, Non-renounceable Rights Issue of 2 new shares for every 7 existing shares raising total proceeds of approximatel y $6.09 million before costs.

Appointment of Chief Financial Officer

On 30 November 2016, the Company announced the appointment of experienced mining executive Mr Stephen Hills as Chief Financial Officer, further strengthening its senior leadership team as it closes in on financing and development of its Gorno Zinc Project in Italy.

Mr Hills, who will formally commence with Energia on 1 March 2017, is a Chartered Accountant with 20 years of commercial experience as the CFO of ASX and TSX listed entities, including 13 years in the mining sector.

His career has included operations and development experience in gold with Gallery Gold Ltd,

nickel with Mirabela Nickel Ltd and most recently copper with Tiger Resources Ltd.

Tenements

Current tenement holdings, tenements disposed of and acquired during the quarter are shown in the attached Tables 2, 3 and 4.

Kim Robinson

Managing Director +61 8 9321 5000

[email protected]

For media enquiries contact: Nicholas Read

Read Corporate

+61 8 9388 1474 [email protected]

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mailto:[email protected]


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About Energia Minerals

Energia Minerals is a highly focused and well -funded exploration and development company with an exciting portfolio of projects in Italy and Australia covering approximately 4,624km2 in 22 granted tenements and 14 under

application.

All tenements and applications are 100% owned with no third party royalties other than a 1% NSR royalty payable

to Berghem Mines & Tech SRL in respect of any zinc production from the Gorno Zinc Project.

In Northern Italy, Energia has granted title over the exciting Gorno Zinc Project, which in addition to the recently

announced resource, has significant quantities of developed but unmined zinc mineralisation remaining when ENI closed the operation prematurely in 1985. It is this existing mineralisation, as well as undeveloped and partially

dril led extensions that is the target of the ongoing resource definition dril ling program.

Gorno was mined extensively until 1978, producing approximately 800,000 tonnes of zinc metal contained in high

quality; coarse grained 55-58% zinc sulphide concentrates and zinc oxide concentrates from a recorded throughput of 6Mt grading 14.5% zinc. More than 230km of underground workings were developed across the Gorno licenses.

For further information on the company please go to www.energiaminerals.com or email [email protected]

Competent Person Statement

Information in this release that relates to Exploration Results is based on information prepared by Mr Kim Robinson,

a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Robinson is a full -time employee of Energia Minerals Limited. Mr Robinson has sufficient experience which is relevant to the styles of

mineralisation and types of deposits under consideration and to the activities being undertaken 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 Robinson consents to the inclusion in this release of the matters based on their information in the form and context in which it appears.

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http://www.energiaminerals.com/


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Table 1: Gorno drilling location details and assay results for holes GDD092 to GDD115

HOLE ID Easting (m) Northing (m) Collar RL Dip Azimuth Depth From Zn % Pb % Ag g/t Thickness WGS84Z32N WGSZ32N (m ASL) (m) (m) (m)

GDD092 559799 5085047 944 44 128 61.0 No Significant Intercept


GDD094 560284 5084771 943 38 301 193.6

116.1 2.1 1.4 16 0.7

140.4 18.8 2.0 20 0.7

159.6 1.2 0.0 0 0.7

164.3 1.8 0.3 3 24.4

Including 164.3 16.7 3.0 29 2.5

and 188.0 1.8 0.4 6 0.7

GDD095 560284 5084771 943 36 323 165.4 149.4 0.7 0.3 3 3.4

GDD096 560284 5084771 943 44 311 174.8 140.0 4.0 0.6 6 6.8

GDD097 560283 5084767 943 49 339 152.7

70.7 1.8 0.0 0 2.3

115.1 2.7 0.0 2 4.5

139.9 2.3 0.4 6 11.1

Including 139.9 11.2 2.0 20 1.0

Including 150.0 12.7 1.8 37 1.0

GDD098 559675 5084584 910 -52 169 120.8 89.0 3.5 0.6 9 10.5

Including 89.0 6.4 1.8 27 1.9

Including 94.0 9.7 1.3 18 0.9

Including 98.8 22.8 2.7 70 0.7

and 118.1 2.3 0.0 2 1.0

GDD099 560283 5084766 943 45 268 108.6 77.0 8.1 0.0 5 0.7

GDD100 559675 5084584 910 -54 121 103.5 82.4 3.4 0.7 13 9.4

Including 90.0 13.5 2.2 41 1.8

GDD101 559892 5084919 945 62 257 77.9 28.8 1.2 0.5 2 1.0

43.2 2.6 0.5 6 12.2

Including 43.2 3.5 0.7 20 1.0

Including 49.2 4.1 0.8 9 6.2

GDD102 559893 5084920 945 67 104 92.0 61.5 4.4 1.2 15 24.9

Including 61.5 7.4 2.0 18 8.8

GDD103 559675 5084583 910 -45 166 129.2 110.0 2.3 0.6 12 2.4


GDD105 559579 5084580 899 -11 293 86.5 64.4 2.0 0.5 40 13.4

Including 76.5 4.8 0.8 59 1.3

Including 68.5 3.6 1.0 73 4.3

GDD106 559675 5084588 911 -27 27 80.4 Assays Pending

GDD107 559579 5084580 899 -40 277 54.2 34.7 3.8 1.0 29 2.8

GDD106 559675 5084588 911 -27 27 80.4 No Significant Intercept


GDD109 559579 5084580 899 -10 275 144.4 104.6 1.3 0.6 27 2.5 115.7 1.1 1.2 50 0.7

GDD110 559579 5084580 899 -26 251 124.0 97.1 1.8 0.8 41 2.1

107.4 2.2 0.6 33 1.2

GDD111 559541 5084493 884 -39 258 105.8 88.6 4.9 1.4 73 3.6 GDD112 559579 5084580 899 -41 205 133.6 102.9 8.6 2.9 32 6.4


GDD114 559579 5084580 899 -37 169 121.5 80.1 3.0 0.8 24 3.7

112.0 5.6 1.5 16 3.7

GDD115 559541 5084493 884 -53 160 102.9 82.7 2.1 0.4 18 5.4

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Figure 6: Energia Minerals Australian and Italian Project Locations

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Figure 7: GDD094 Cross Section

Figure 8: GDD095 and GDD096 Cross Section

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Figure 12: GDD101, GDD102 and GDD104 Cross Section

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Figure 20: Carley Bore Tenement Locations Showing Disputed Tenements

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Figure 21: Energia’s Tenement Holding in the Paterson Province

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Table 2: Schedule of Mining Tenements Held

Project Tenement Entity’s Interest Comments

Western Australia

Table Top E 45/2886 100% Granted

Iron Hill E45/4499 100% Granted

Paterson Range E45/4520 100% Granted

Iron Hill South East E45/4521 100% Granted

Throssell Range E45/4522 100% Granted

Moses Chair E45/4534 100% Granted

Throssell Range E45/4535 100% Granted

Broadhurst Range E45/4543 100% Granted

Isadell E45/4563 100% Granted

Nyang E08/2735 100% Granted

Lake Talbot E69/3445 100% Application

Weld Spring E69/3446 100% Application

Northern Territory

McArthur EL 25272 100% Application

McArthur EL31045 100% Granted

McArthur EL31046 100% Application

Italy

Novazza N/A 100% Application

Val Vedello N/A 100% Application

Gorno – Monica Concession Decree 845 100% Granted

Gorno – Gorno NE Decree 1633 100% Granted

Gorno – Gorno NW Decree 1571 100% Granted

Gorno – Monte Golla Decree 1629 100% Granted

Gorno – Zambla Decree 1632 100% Granted

Gorno – Vedra Decree 1630 100% Granted

Gorno – Zambla West Decree 3276 100% Granted

Gorno – Riso Decree 3277 100% Granted

Gorno – Vedra Nord Decree 3278 100% Granted

Gorno – Parina Nord Decree 3279 100% Granted

Gorno – Parina Decree 3280 100% Granted

Gorno – Pano Orso N/A 100% Application

Gorno – Oltre Il Colle N/A 100% Application

Gorno – Zambla South N/A 100% Application

Gorno – Riso West N/A 100% Application

Gorno – Brembo N/A 100% Application

Gorno – Serio N/A 100% Application

Predil N/A 100% Application

Salafossa N/A 100% Application

Table 3: Schedule of Mining Tenements Reduced

Area of Interest Tenement Entity’s Interest Comments

McArthur EL25269 100% Application

Table 4: Schedule of Mining Tenements Increased

Area of Interest Tenement Entity’s Interest Comments

Nil

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Appendix 5BMining exploration entity and oil and gas exploration entity quarterly report

+ See chapter 19 for defined terms1 September 2016 Page 1

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entityquarterly 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

ENERGIA MINERALS LIMITED

ABN Quarter ended (“current quarter”)

63 078 510 988 31 DECEMBER 2016

Consolidated statement of cash flows Current quarter$A’000

Year to date

(6 months)$A’000

1. Cash flows from operating activities

1 61.1 Receipts from customers

1.2 Payments for

(2,477) (4,571)(a) exploration & evaluation

(b) development - -

(c) production - -

(d) staff costs (449) (1,003)

(e) administration and corporate costs (279) (462)

1.3 Dividends received (see note 3) - -

1.4 Interest received 8 12

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)

- Italian VAT paid (439) (779)

1.9 Net cash from / (used in) operatingactivities (3,635) (6,797)

2. Cash flows from investing activities

(11) (19)

2.1 Payments to acquire:

(a) property, plant and equipment

(b) tenements (see item 10) - -

(c) investments (49) (49)

(d) other non-current assets - -

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Consolidated statement of cash flows Current quarter$A’000

Year to date

(6 months)$A’000

2.2 Proceeds from the disposal of:

- -(a) property, plant and equipment

(b) tenements (see item 10) - -

(c) investments - 3,503

(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) investingactivities (60) 3,435

3. Cash flows from financing activities

6,090 6,0903.1 Proceeds from issues of shares

3.2 Proceeds from issue of convertible notes - -

3.3 Proceeds from exercise of share options - -

3.4 Transaction costs related to issues ofshares, convertible notes or options

(295) (308)

3.5 Proceeds from borrowings - -

3.6 Repayment of borrowings (26) (53)

3.7 Transaction costs related to loans andborrowings

- -

3.8 Dividends paid - -

3.9 Other (provide details if material) - -

3.10 Net cash from / (used in) financingactivities 5,769 5,729

4. Net increase / (decrease) in cash andcash equivalents for the period

2,761 2,4954.1 Cash and cash equivalents at beginning of

period

4.2 Net cash from / (used in) operatingactivities (item 1.9 above)

(3,635) (6,797)

4.3 Net cash from / (used in) investing activities(item 2.6 above)

(60) 3,435

4.4 Net cash from / (used in) financing activities(item 3.10 above)

5,769 5,729

4.5 Effect of movement in exchange rates oncash held

3 (24)

4.6 Cash and cash equivalents at end ofperiod 4,838 4,838

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5. Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts

Current quarter$A’000

Previous quarter$A’000

5.1 Bank balances 2,065 2,655

5.2 Call deposits 2,773 106

5.3 Bank overdrafts - -

5.4 Other (provide details) - -

5.5 Cash and cash equivalents at end ofquarter (should equal item 4.6 above) 4,838 2,761

6. Payments to directors of the entity and their associates Current quarter$A'000

6.1 Aggregate amount of payments to these parties included in item 1.2 146

6.2 Aggregate amount of cash flow from loans to these parties includedin item 2.3

-

6.3 Include below any explanation necessary to understand the transactions included initems 6.1 and 6.2

6.1 Being the salary and superannuation of the Executive Chairman, Managing Director plus Non-Executive Director fees and superannuation.

7. Payments to related entities of the entity and theirassociates

Current quarter$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 includedin item 2.3

-

7.3 Include below any explanation necessary to understand the transactions included initems 7.1 and 7.2

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8. Financing facilities availableAdd notes as necessary for anunderstanding of the position

Total facility amountat quarter end

$A’000

Amount drawn atquarter end

$A’000

8.1 Loan facilities - -

8.2 Credit standby arrangements - -

8.3 Other (please specify) – Bank Guarantee 45 45

8.4 Include below a description of each facility above, including the lender, interest rate andwhether it is secured or unsecured. If any additional facilities have been entered into or areproposed to be entered into after quarter end, include details of those facilities as well.

The facility is associated with an unconditional bank guarantee provided by the National AustraliaBank. The guarantee is provided by way of a fully utilised finance facility secured by a fixed termcash deposit. No interest is currently paid on the facility.

9. Estimated cash outflows for next quarter $A’000

9.1 Exploration and evaluation 2,250

9.2 Development -

9.3 Production -

9.4 Staff costs 500

9.5 Administration and corporate costs 300

9.6 Other (provide details if material) - Italian VAT 250

9.7 Total estimated cash outflows 3,300

10. Changes intenements(items 2.1(b) and2.2(b) above)

Tenementreference

andlocation

Nature of interest Interest atbeginningof quarter

Interestat end ofquarter

10.1 Interests in miningtenements andpetroleum tenementslapsed, relinquishedor reduced

EL25269 Application Withdrawn 100% -

10.2 Interests in miningtenements andpetroleum tenementsacquired or increased

- - - -

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Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies whichcomply with Listing Rule 19.11A.

2 This statement gives a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 31 January 2017(Director/Company secretary)

Print name: Jamie Armes

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities havebeen financed for the past quarter and the effect on its cash position. An entity that wishes todisclose additional information is encouraged to do so, in a note or notes included in or attachedto 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 MineralResources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly reporthas been prepared in accordance with other accounting standards agreed by ASX pursuant toListing 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 flowsfrom investing activities, depending on the accounting policy of the entity.

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