TIDMBGL
RNS Number : 8425R
Bullabulling Gold Limited
31 October 2013
31 October 2013 AIM Code: BGL, ASX Code: BAB
QUARTERLY ACTIVITY REPORT
FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2013
Highlights
Exploration and Resource Development
-- Drilling programs completed at Bullabulling and Gibraltar
-- Continuity of mineralisation through the power corridor confirmed
-- Bullabulling resource updated - tonnage and grade increased,
for an additional 46,000 ounces of gold
-- Gibraltar resource extended - tonnage higher, grade lower,
net 8,000 less ounces, but average depth from surface reduced
-- Total project resource now at 3.8 million ounces of gold
Bullabulling Gold Project
-- Economic benefit of infrastructure relocation confirmed
-- Estimated mine production increased by 5.4Mt containing 150,000 ounces of gold
-- Forecast production now 94.7Mt containing 2.6 million ounces of gold
-- Estimated net cash flow increased by approximately $35 million
-- Mine life approximately 13 years averaging 175,000 ounces per annum
-- Gibraltar not in the current mine plan, to be evaluated as a satellite mine
-- 500 hectares of additional land secured, greater flexibility
for placement of infrastructure and facilities with potential to
reduce construction cost
Corporate
-- $4.5 million R&D tax incentive payments received
-- Environmental performance bonds retired releasing $1.3 million
-- Cash and deposits at 30 September 2013 total $5.3 million
Outlook
-- Market sentiment towards the gold sector improved during the quarter
-- The Company is benefiting from improved availability and
costs for the services required to advance the Bullabulling Gold
Project towards production
-- Completion of the DFS with a development decision by the end
of 2014 and the first gold pour in mid-2016 is targeted
Exploration and Resource Development
Bullabulling Infrastructure Corridor
During the quarter eight reverse circulation (RC) holes totaling
1,088 metres were drilled in a previously untested area adjacent to
the overhead power transmission lines that run between the proposed
Dicksons and Bonecrusher pits. The program was designed to evaluate
the continuity of mineralisation through the zone to assist in
determining whether it was economically viable to relocate the
power line and a below ground communications cable which currently
constrain the two most northern pits at Bullabulling.
The program was successful with seven out of the eight holes
returning intercepts above the resource cut-off grade of 0.5g/t
within broader zones of lower grade gold mineralisation.
Significant assay results are presented in Table 4.
The Mineral Resource estimate for the Bullabulling Gold Project
was updated to incorporate the new drill intercepts, resulting in
an increase in both tonnage and grade.
The update only addressed the resource north of 6,569,000mN,
being the approximate position of Great Eastern Highway. The
variograms that were applied during the resource modelling process
were also adjusted to conform with an updated geostatistical
analysis of all current data, which marginally affected grade
distribution and resource classification.
The resource within the remodelled area increased by 700,000
tonnes and average grade by 0.03g/t, which combined to lift
contained gold by 46,000 ounces or 6.3%. The additional resource
tonnage was in line with expectations, however the 3.5 percent
increase in average grade was an unexpected gain. A comparison of
the latest resource figures with the previous estimate from
September 2012 is presented in Table 1 below.
Table 1: Bullabulling Mineral Resource Estimate North of 6
569 000 mN (0.5g/t cut-off)
---------------------------------------------------------------------------------------------
September 2012 Resource September 2013 Resource
------------------- ------------------------------ ------------------------------ --------
Classification Tonnage Grade Contained Tonnage Grade Contained Change
Gold Gold in Gold
------------------- --------- ------- ---------- --------- ------- ---------- --------
14.6 0.83 388,000 14.3 0.86 394,000
Indicated Mt g/t oz Mt g/t oz +1.5%
------------------- --------- ------- ---------- --------- ------- ---------- --------
10.0 1.05 338,000 11.0 1.07 378,000
Inferred Mt g/t oz Mt g/t oz +11.8%
------------------- --------- ------- ---------- --------- ------- ---------- --------
24.6 0.92 726,000 25.3 0.95 772,000
Indicated+Inferred Mt g/t oz Mt g/t oz +6.3%
------------------- --------- ------- ---------- --------- ------- ---------- --------
Gibraltar
Gibraltar is situated approximately six kilometres south-east of
the Company's Bullabulling Gold Project and has been subject to
prior open pit mining in the mid 1990's. During the quarter 19
reverse circulation (RC) holes totaling 1,987 metres were drilled
at Gibraltar to improve definition of the existing resource and
test for resource extensions potentially amenable to open pit
mining.
Fourteen of the holes returned intercepts above the 0.5 g/t
resource cut-off grade, including:
-- BJ5113 - 6 metres at 6.01 g/t from 106 metres
-- BJ5148 - 12 metres at 1.66 g/t from 2 metres
-- BJ5155 - 11 metres at 0.98 g/t from 76 metres
-- BJ5187 - 10 metres at 1.66 g/t from 13 metres
Full drill results for the Gibraltar program are presented in
Table 5.
The drilling program succeeded in extending the resource along
strike to both the east and west. However holes drilled from within
the existing pit identified that mineralisation beneath the western
end of the pit floor was more steeply dipping and thinner than
previously interpreted, resulting in some loss in this area. Some
historic data which contributed to the previous interpretation was
found to have inaccurate survey information and this has now been
excluded.
The Mineral Resource estimate for Gibraltar was updated to
incorporate the drill results. The size of the resource increased
by 100,000 tonnes, although due to the mineralisation omitted at
depth being higher grade than the additional mineralisation defined
along strike, average grade has decreased, leading to an 8,000
ounce or 4.5% reduction in contained gold. The Gibraltar resource,
classified as Inferred in accordance with the JORC code and
estimated using a 0.5g/t cut-off, now stands at 4.9 million tonnes
grading 1.07g/t for 169,000 ounces of contained gold.
As the newly defined mineralisation is nearer surface than the
excluded material, the average depth of the resource has reduced,
which is expected to improve amenability to open pit mining.
Gibraltar does not form part of the current mining plan for the
Bullabulling Gold Project, however a study is now proceeding to
determine whether it is viable to develop Gibraltar as a satellite
mine to Bullabulling.
Total Project Resource
Total resources for the Bullabulling Gold Project now stand at
114.0 million tonnes grading 1.02g/t for 3.75 million ounces of
contained gold, as detailed in Table 2 below.
Table 2: Bullabulling Gold Project Mineral Resource Estimate
(0.5g/t cut-off)
---------------------------------------------------------------------------
Deposit Classification Tonnage Grade Cont. Gold
---------------------- --------------- --------- --------- ------------
Bullabulling Laterite Inferred 1.7 Mt 0.89 g/t 48,000 oz
---------------------- --------------- --------- --------- ------------
Bullabulling Primary Indicated 72.4 Mt 0.98 g/t 2,279,000
oz
---------------------- --------------- --------- --------- ------------
Inferred 35.0 Mt 1.12 g/t 1,257,000
oz
---------------------- --------------- --------- --------- ------------
Bullabulling Total Ind. & Inf. 109.1 Mt 1.02 g/t 3,584,000
oz
---------------------- --------------- --------- --------- ------------
Gibraltar Inferred 4.9 Mt 1.07 g/t 169,000 oz
---------------------- --------------- --------- --------- ------------
Project Total Ind. & 114.0 Mt 1.02 g/t 3,753,000
Inf. oz
---------------------- --------------- --------- --------- ------------
Note: Small discrepancies may occur due to the effects of
rounding
Bullabulling Gold Project
Mine Optimisation
A series of four open pits have been proposed for development at
Bullabulling. The northern most pits, Bonecrusher and Dicksons, are
separated by an exclusion zone accommodating overhead power
transmission lines and a below-ground telecommunications cable.
Dicksons is separated from the Phoenix pit to the south by an
easement for Great Eastern Highway and the Goldfields Water Supply
pipeline.
After updating the resource model for the northern section of
the Bullabulling project area, the viability of relocating some or
all of the public infrastructure where it traverses the mineralised
trend was evaluated. The outcome of this work supported the
relocation of the power line and telecommunications cable to enable
the Bonecrusher and Dicksons pits to be expanded to capture an
additional 5.4 million tonnes grading 0.87g/t for 150,000 ounces of
contained gold.
Unconstrained by the infrastructure, the Bonecrusher pit would
extend south and the Dicksons pit to the north such that the crests
of the two pits just meet on the current power line alignment, but
do not fully connect. Based on current data the zone beneath the
power line is not as well mineralised as the adjacent areas. This
may in part be due to reduced drilling density and it is possible
that with further drilling additional mineralisation could be
identified which would warrant integration of the two pits.
However, there are no plans to evaluate this prior to relocation of
the power lines.
The optimisation work did not support a major relocation of
Great Eastern Highway and the Goldfields Water Supply pipeline to
extend the Dicksons pit south and the Phoenix pit north. However a
minor realignment of the road and pipe line, which would enable an
incremental northerly extension of the Phoenix pit, may be
warranted and this will be evaluated further at a later stage in
the definitive feasibility study.
Preliminary discussions have taken place with Western Power,
Telstra Corporation and Main Roads Western Australia regarding
realignment of the power line, communications cable and highway. No
impediments to the relocation have been raised, however detailed
design, engineering and costing are yet to be carried out.
Extension of the Bonecrusher and Dicksons pits increase
internally forecast mine production to 94.7 million tonnes at
0.84g/t for 2,562,000 ounces of contained gold over a projected
mine life of approximately 13 years. At the current spot gold
price, the additional production is estimated to increase potential
net cash flow by approximately $35 million after allowing for
infrastructure relocation costs, operating costs, metallurgical
recovery and royalties.
A comparison of the new production forecast with the previous
estimate released on 2 July 2013, which was calculated using the
same parameters, is presented in Table 3 below.
The production estimate is not a Mining Reserve as approximately
15% of the resource tonnage within the pit designs is classified as
Inferred. It is intended to carry out infill drilling in the first
half of 2014 to reclassify the Inferred Resource within the pit
designs to enable a maiden Mining Reserve to be declared. If infill
drilling results in the Inferred Resource being reclassified
without a material change in tonnage or grade and there is no
significant change in economic parameters, it is expected that a
Mining Reserve of approximately 2.5 million ounces would be
reported.
Table 3: Preliminary Mine Production Estimate (Diluted Mineral
Resource(2) Within Pit Designs)
--------------------------------------------------------------------------------------
Indicated Resource Inferred Resource Total
------------------------ ------------------------ ------------------------
Tonnes Grade Cont Gold Tonnes Grade Cont Gold Tonnes Grade Cont Gold
-------- ------ ----- --------- ------ ----- --------- ------ ----- ---------
2013 76.3 0.82 2,007,000 13.0 0.97 405,000 89.3 0.84 2,412,000
Mt g/t oz Mt g/t oz Mt g/t oz
-------- ------ ----- --------- ------ ----- --------- ------ ----- ---------
Increase 3.6 0.82 90,000 1.8 0.97 61,000 5.4 0.87 150,000
Mt g/t oz Mt g/t oz Mt g/t oz
-------- ------ ----- --------- ------ ----- --------- ------ ----- ---------
2013 79.8 0.82 2,096,000 14.8 0.97 466,000 94.7 0.84 2,562,000
Mt g/t oz Mt g/t oz Mt g/t oz
-------- ------ ----- --------- ------ ----- --------- ------ ----- ---------
Environmental assessment
A spring flora survey was completed over the Bullabulling
project area as part of the requirements to obtain statutory
approval for project development. The survey identified a number of
occurrences of two classified plant species, however they are not
located in close proximity to the deposit and their presence is not
expected to impact the proposed mine development or associated
infrastructure.
Tenements
An option agreement was executed with Metaliko Resources Limited
to secure approximately 500 hectares of additional land at
Bullabulling. The option covers three Prospecting Licenses,
P15/4820, P15/5361 and P15/5365, situated immediately east of the
Company's existing tenure.
The additional land will provide greater flexibility in relation
to the placement of mine infrastructure and facilities associated
with the proposed development of the Bullabulling Gold Mine. In
particular it will allow the Company to evaluate a number of design
alternatives for the tailings storage facility in order to reduce
construction costs.
The extended land area will also provide for future expansion of
the operations. There will be greater capacity to store tailings
and waste rock in the event that mining continues beyond the
currently proposed 13 years.
The option fee of $25,000 was satisfied by the issue of 500,000
Bullabulling shares with a deemed value of $0.05 per share. The
initial option term of 12 months can be extended for an additional
12 months by payment of a $40,000 extension fee. The exercise price
is $200,000, which can be paid in cash or shares at Bullabulling's
election.
Corporate
Research and Development (R&D) Tax Incentives
In July the Company received an R&D tax incentive payment of
$2.0 million for a claim lodged by its subsidiary, Bullabulling
Gold UK Ltd (formerly GGG Resources PLC). In addition in August,
$2.5 million was received in relation to an R&D claim lodged by
its subsidiary, Bullabulling Operations Pty Ltd (formerly Auzex
Resources Limited).
Release of Environmental Performance Bonds
During the quarter the Company applied to participate in the
Mining Rehabilitation Fund (MRF) which was established by the
Western Australian Department of Mines and Petroleum (DMP) on 1
July 2013. The environment performance bonds for the Bullabulling
tenements were returned to the Company by the DMP in September,
freeing $1.3 million of restricted funds.
Cash Position
The Company held cash and deposits of $5.3 million at quarter
end.
Director Fees
On 31 May 2013 the Company advised that in order to aid cash
preservation, the non-executive directors of the Company would
accept the issue of shares in satisfaction of 50% of their
directors fees, subject to shareholder approval.
The number of shares to be issued is to be calculated on a
calendar quarterly basis, with the issue price being the five day
volume weighted average price (VWAP) at the end of the relevant
quarter.
For the September quarter it is proposed to issue 378,667
Bullabulling Gold Limited ordinary shares at a price of 6.3 cents
in place of directors fees totaling $23,856.
Shareholder approval to issue the shares will be sought at the
next meeting of shareholders. Should shareholders not approve the
issue of the shares, the outstanding directors fees will be paid in
cash.
Outlook
After a difficult period in the June quarter, market conditions
generally improved during September. The gold price rose from
US$1,192 per ounce at the end of June to US$1,326 at the end of
September and on to US$1,344 per ounce by the date of this report.
However the recovery has not been steady, with price volatility
continuing. The USD:AUD exchange rate fell below 0.9000 during the
quarter, but has retraced some of its decline to be at 0.9484 at
the current date.
Market sentiment towards the gold sector improved markedly
during the quarter. The Company's share price recovered from 2.2
cents at the end of June to close the quarter at 6.5 cents on the
ASX with the AIM price recovering from 1.375 pence to close at
3.250 pence.
Whilst market sentiment towards the gold sector continues to
improve, risk of near term volatility persists and the Board is
continuing to take a conservative position on capital management
until greater stability becomes evident. This involves balancing
the allocation of funds to continue progressing the Bullabulling
Gold Project definitive feasibility study (DFS), with the
maintenance of a strong cash position to avoid a requirement for
raising capital on terms that could be unfavorable for
shareholders.
The Company's efforts in this regard are being aided by
continuing improvement in the availability and cost of services in
the Western Australian resources sector. This was clearly evident
during the two drilling programs carried out in the quarter where
rates charged by service providers were below previous levels for
all elements of the work carried out. Also, productivity was
considerably higher, which led to lower overhead and incidental
costs.
The Board expects these improved operating conditions, relative
to last year, to continue for at least the short to medium term,
presenting a favorable environment for advancing the Bullabulling
Gold Project towards production.
As announced in July, some elements of the DFS were deferred,
delaying its finalisation and first gold production beyond the
previously targeted final quarter of 2015. However, it is the
Board's goal to complete the DFS during 2014 in time to make a
decision on development of the project by the end of that year and
pour first gold by mid-2016.
Drilling Results Tables
Table 4: Power Line Corridor Significant Drill Intercepts
Hole Number Easting Northing RL Dip Azi From To Interval Grade
(m) (m) (m) (m) (m) (m) (g/t)
------------- -------- --------- ------ ---- ---- ----- ----- --------- -------
BJ4805 299824 6569800 440.2 -55 90 86 88 2 1.23
90 92 2 0.74
------------- -------- --------- ------ ---- ---- ----- ----- --------- -------
BJ4807 299760 6569799 438.2 -63 90 128 135 7 1.35
Including 128 130 2 3.12
------------- -------- --------- ------ ---- ---- ----- ----- --------- -------
BJ4811 299827 6569880 441.6 -60 90 0 3 3 0.97
Including 0 2 2 1.14
------------- -------- --------- ------ ---- ---- ----- ----- --------- -------
BJ4816 299853 6569923 440.1 -60 70 37 40 3 0.99
59 63 4 0.94
Including 61 63 2 1.30
------------- -------- --------- ------ ---- ---- ----- ----- --------- -------
BJ4818 299771 6569965 436.6 -58 120 134 139 5 2.05
Including 135 137 2 3.40
------------- -------- --------- ------ ---- ---- ----- ----- --------- -------
BJ4820 299854 6570027 437.5 -60 90 32 34 2 0.56
35 38 3 0.57
------------- -------- --------- ------ ---- ---- ----- ----- --------- -------
BJ4821 299774 6570024 436.7 -60 90 92 94 2 0.75
------------- -------- --------- ------ ---- ---- ----- ----- --------- -------
BJ4823 299760 6570099 437.1 -59 90 No significant intercept
------------- -------- --------- ------ ---- ---- --------------------------------
Note: Drill intercepts were composited using a 0.5 g/t lower cut and minimum width of 2 metres
Table 5: Gibraltar Significant Drill Intercepts
Hole Number Easting Northing RL Dip Azi From To Interval Grade
(m) (m) (m) (m) (m) (m) (g/t)
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5113 304839 6562873 430 -60deg 2deg 106 112 6 6.01
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5120 304703 6562949 427 -60deg 0deg 93 95 2 0.76
103 105 2 0.89
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5123 304629 6563074 428 -60deg 0deg 20 25 5 0.95
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5125 304628 6562995 427 -60deg 0deg 71 80 9 0.75
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5127 304552 6563075 425 -60deg 0deg No significant results
------------- -------- --------- ----- ------- ------- --------------------------------
BJ5129 304550 6562995 425 -60deg 0deg 89 91 2 0.61
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5131 304476 6563075 424 -60deg 0deg No significant results
------------- -------- --------- ----- ------- ------- --------------------------------
BJ5133 304474 6562995 423 -60deg 0deg No significant results
------------- -------- --------- ----- ------- ------- --------------------------------
BJ5142 305250 6563040 425 -90deg 360deg No significant results
------------- -------- --------- ----- ------- ------- --------------------------------
BJ5144 305260 6562960 425 -90deg 360deg No significant results
------------- -------- --------- ----- ------- ------- --------------------------------
BJ5146 305071 6563066 391 -55deg 360deg 1 4 3 0.86
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5148 305073 6563012 371 -90deg 90deg 2 14 12 1.66
Including 3 8 5 3.04
97 99 2 0.57
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5152 305176 6563066 404 -90deg 360deg 2 25 23 0.77
Including 16 19 3 1.64
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5153 305163 6563010 382 -90deg 90deg 26 28 2 1.21
104 106 2 1.13
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5155 305325 6563000 423 -90deg 360deg 76 87 11 0.98
Including 81 84 3 1.89
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5187 304901 6562986 404 -57deg 180deg 5 7 2 0.83
13 23 10 1.66
46 48 2 4.27
65 70 5 0.67
82 85 3 1.1
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5188 304400 6563075 424 -60deg 0deg 17 23 6 0.57
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5190 304399 6562995 424 -60deg 360deg 44 46 2 2.11
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
BJ5192 304900 6562989 404 -90deg 0deg 7 13 6 0.73
------------- -------- --------- ----- ------- ------- ----- ----- --------- -------
Note: Drill intercepts were composited using a 0.5 g/t lower cut and minimum width of 2 metres
Hole BJ5187 was drilled sub-parallel to mineralisation and
intercepts do not reflect true width
For information, contact:
Brett Lambert Westhouse Securities Limited
Bullabulling Gold Limited (UK Broker & Nominated Adviser)
Level 2, 55 Carrington Street Martin Davison / Dominic Palmer-Tomkinson
Nedlands, WA, 6009, Australia / Hugo Rubinstein
Tel: +61 8 9386 4086 Tel: +44 20 7601 6100
------------------------------- -----------------------------------------------
Neil Boom John Gardner / Rupert Dearden
Gresham PR Ltd (UK media) MAGNUS Investor Relations. Corporate
Tel: +44 7866 805 108 Communication. (Australian Media)
Tel: +61 8 6160 4900
jgardner@magnus.net.au rdearden@magnus.net.au
------------------------------- -----------------------------------------------
About Bullabulling Gold Limited
Bullabulling Gold Limited is listed on the Australian Securities
Exchange (ASX:BAB) and London's AIM Market (AIM:BGL) and has
approximately 341.7 million shares on issue. The Company's primary
asset is the wholly owned Bullabulling Gold Project, located 60
kilometres west of Kalgoorlie in Western Australia.
The Bullabulling Gold Project hosts JORC compliant Mineral
Resources of 3.75 million ounces comprising Indicated Resources of
72.4 million tonnes at 0.98 g/t gold (2.28 million ounces) and
Inferred Resources of 41.6 million tonnes at 1.11 g/t gold (1.47
million ounces). Exploration has demonstrated strong potential for
further expansion of the resource base.
The Bullabulling deposit is amenable to bulk tonnage open pit
mining and conventional CIL processing. All resources are situated
on granted Mining Leases in close proximity to infrastructure.
The Company is conducting a definitive feasibility study into
the development of a large scale, low cost mining operation at
Bullabulling which is scheduled for completion in 2014.
Competent Person Statement
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves is based upon
information compiled by Mr Trevor Pilcher, who is a full time
employee of the Company and is a member of The Australasian
Institute of Mining and Metallurgy. Mr Pilcher has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and the activity in which he is
undertaking to qualify as a Competent Person under 2004 Edition of
the Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). Mr Pilcher consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98,
30/9/01, 01/06/10, 17/12/10
Name of entity
BULLABULLING GOLD LIMITED
-------------------------
ABN Quarter ended ("current
quarter")
50 153 234 532 30 SEPTEMBER 2013
-------------- -----------------------
Consolidated statement of cash flows
Cash flows related to operating Current quarter Year to date
activities
$A'000 (9 months)
$A'000
---------------- -------------
1.1 Receipts from product sales - -
and related debtors
Payments for (a) exploration
and evaluation (770) (3,082)
(b) development - -
(c) production - -
1.2 (d) administration (572) (1.910)
1.3 Dividends received - -
Interest and other items of
1.4 a similar nature received 130 191
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes received / (paid) - (1)
1.7 Other - stamp duty - (1,415)
-- R&D tax incentive 4,539 4,539
-- MRF environmental bond
release 1,275 1,275
Net Operating Cash Flows 4,602 (403)
----- ---------------------------------- ---------------- -------------
Cash flows related to investing
activities
Payment for purchases of:
(a) prospects - -
(b) equity investments - -
1.8 (c) other fixed assets - (155)
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 - (155)
---------------- -------------
Total operating and investing
cash flows
1.13 (carried forward) 4,602 (558)
----- ---------------------------------- ---------------- -------------
Total operating and investing
cash flows
1.13 (brought forward) 4,602 (558)
----- ----------------------------------
Cash flows related to financing
activities
Proceeds from issues of shares,
1.14 options, etc. - 2,000
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 - capital raising costs (15) (174)
------- -------
Net financing cash flows (15) 1,826
----- ---------------------------------- -------
Net increase (decrease) in
cash held 4,587 1,268
Cash at beginning of quarter/year
1.20 to date 762 4,079
Exchange rate adjustments
1.21 to item 1.20 - 2
------- -------
1.22 Cash at end of quarter 5,349 5,349
----- ---------------------------------- ------- -------
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
----------------
Aggregate amount of payments to the parties
1.23 included in item 1.2 322
----------------
1.24 Aggregate amount of loans to the parties -
included in item 1.10
-------- -------------------------------------------------- ----------------
1.25 Explanation necessary for an understanding of the transactions
1.23 - Includes salaries paid to directors, as well
as superannuation paid on behalf of directors and senior
executives.
-----------------------------------------------------------------------------
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
None
-------------------------------------------------------
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
None
------------------------------------------------------------
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 827
-------
4.2 Development -
-------
4.3 Production -
-------
4.4 Administration 502
---- --------------------------- -------
Total 1,329
---- --------------------------- -------
Reconciliation of cash
Reconciliation of cash at the Current quarter Previous quarter
end of the quarter (as shown $A'000 $A'000
in the consolidated statement
of cash flows) to the related
items in the accounts is as follows.
---------------------------------------- ---------------- -----------------
5.1 Cash on hand and at bank 4,074 762
---------------- -----------------
5.2 Deposits at call 1,275 -
---------------- -----------------
5.3 Bank overdraft - -
---------------- -----------------
5.4 Other (provide details) - -
---------------- -----------------
Total: cash at end of quarter
(item 1.22) 5,349 762
----- --------------------------------- ---------------- -----------------
Changes in interests in mining tenements
Tenement Nature of interest Interest Interest
reference (note (2)) at beginning at end
of quarter of quarter
----------- ------------------- -------------- ------------
6.1 Interests in
mining tenements
relinquished, N/A
reduced or
lapsed
----------- ------------------- -------------- ------------
6.2 Interests in N/A
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 Amount paid
per security up per security
(see note (see note 3)
3) (cents) (cents)
--------------------------- ------------- -------------- -------------- -----------------
7.1 Preference
+securities
(description)
------------- -------------- -------------- -----------------
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital,
buy-backs,
redemptions
----- -------------------- ------------- -------------- -------------- -----------------
+Ordinary
securities
7.3 ** 342,248,780 342.248,780
------------- -------------- -------------- -----------------
Changes during
quarter
(a) Increases
through issues
(b) Decreases 500,000 500,000
through returns
of capital,
7.4 buy-backs - -
7.5 +Convertible
debt securities
(description)
------------- -------------- -------------- -----------------
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through securities
matured, converted
Options
(description Exercise
and conversion price Expiry date
7.7 factor) 15,359,242 - Various Various
------------- -------------- -------------- -----------------
7.8 Issued during
quarter
------------- -------------- -------------- -----------------
7.9 Exercised
during quarter
------------- -------------- -------------- -----------------
7.10 Expired 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 give a true and fair view of the matters disclosed.
Sign here: Date: 31 October 2013
Company Secretary
Print name: David M McArthur
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 andAASB 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.
== == == == ==
This information is provided by RNS
The company news service from the London Stock Exchange
END
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