TIDMBGL
RNS Number : 8734F
Bullabulling Gold Limited
30 April 2014
30 April 2014 ASX Code: BAB, AIM Code: BGL
BULLABULLING GOLD LIMITED
QUARTERLY ACTIVITY REPORT
FOR THE THREE MONTHS ENDED 31 MARCH 2014
Highlights
Bullabulling Gold Project
-- DFS engineering continues to progress in line with expectations
-- Metallurgical test-work identified potential to reduce
reagent consumption and increase gold recovery through
nanofiltration of process water
-- Potential for energy cost savings and further gold recovery
improvements through application of flotation is currently being
evaluated
-- DFS extended to 1(st) quarter 2015 to accommodate the expanded work program
Exploration and Resource Development
-- A preliminary mining study was completed for the Gibraltar project
-- Open pit design captures 1.94 million tonnes of resource
grading 1.15g/t containing 71,700 ounces of in situ gold
-- Gibraltar does not form part of Bullabulling Gold Project mining plan
Corporate
-- Notice of an unsolicited takeover offer received from Norton Gold Fields
-- The Directors consider the Norton offer price of 7 cents per
share to be inadequate and does not reflect the value of
Bullabulling or the Bullabulling Gold Project
-- The Directors are reviewing the Bidder's Statement and urge
all shareholders to REJECT THE OFFER BY TAKING NO ACTION
-- The Directors' formal response will be released in the Target's Statement
-- Gresham Advisory Partners have been appointed as corporate
advisors and Herbert Smith Freehills as legal advisors to the
Company in relation to the Norton offer
-- Cash and deposits at 31 March 2014 total $3.0 million
--
Bullabulling Gold Project
During the quarter, engineering and evaluation studies continued
in support of the definitive feasibility study (DFS) into the
establishment of a 7.5 million tonne per annum open pit mining
operation at Bullabulling.
Mine production at Bullabulling is forecast to total 94.7
million tonnes at 0.84g/t for 2,562,000 ounces of contained gold.
Gold production is forecast to average 175,000 ounces per annum
over a projected mine life of approximately 13 years(1) .
Metallurgical Test-work
During the quarter preliminary metallurgical test-work was
undertaken to determine if nanofiltration of process water would
reduce consumption of lime and cyanide during gold ore processing
at Bullabulling (see release 12 March 2014). Estimated expenditure
on lime and cyanide in the Bullabulling prefeasibility study
exceeded $30 million per annum(2) , or $170 per ounce(3) ,
providing scope for a significant reduction in costs if consumption
can be reduced.
At Bullabulling, in common with most CIL gold plants, it is
proposed to add quicklime to the circuit to adjust pH levels to
achieve appropriate conditions for gold leaching by cyanide.
However magnesium present in the raw process water consumes lime
before it addresses pH. The initial test-work results indicated
that nanofiltration of raw water extracted from the existing bore
field at Bullabulling reduced magnesium levels by an average of
93%.
Comparative leach tests were then carried out on primary and
oxidised Bullabulling mineralised samples using raw bore water and
nanofiltered water. Average consumption of lime during leach tests
carried out in filtered water was 64% lower than in raw bore water,
with cyanide consumption 26% lower. It is anticipated that
upgrading water quality through nanofiltration is likely to be
positive for gold recovery during full scale operations as it would
enable higher pH levels to be run which would assist in achieving
and maintaining optimum leach conditions.
It should be noted that the preliminary nanofiltration results
were based on a limited number of tests and there is no certainty
that forecast reagent consumption during operations will be reduced
to the extent indicated. To validate initial results, a more
comprehensive metallurgical program was implemented involving more
extensive, synergistic evaluation of:
-- Nanofiltration
-- Pre-leach gravity concentration
-- Leach residence time
-- Optimum leach circuit cyanide concentration and pH levels
Bulk water samples from five separate bores within the
Bullabulling bore field (to ensure sample representivity) were
nanofiltered at Eco Technol Pty Ltd in Perth, producing results
that were consistent with the previous work. The filtered water has
been stored for use in subsequent stages of the metallurgical
program.
A bulk mineralised sample was prepared using diamond drill core
from ten holes drilled at Bullabulling in 2011/12. The ten holes
intersected mineralised lenses that comprise approximately 90% of
the Bullabulling resource and the bulk sample was considered to be
representative of primary ore to be processed over the life of mine
at Bullabulling. The bulk sample was delivered to Bureau Veritas
Minerals Pty Ltd who have been commissioned to conduct the gravity
and leaching test-work and assess reagent consumption.
Gravity concentration was assessed by conducting five leach
tests on whole ore at various grind sizes and residence times, with
and without oxygen injection in parallel with five equivalent tests
carried out following extraction of gravity recoverable gold.
Evaluation of the results supported the prefeasibility study
assessment that a gravity circuit was not required to achieve
financially optimal gold recovery.
Prior to commencing leach tests, the grade of the bulk sample
was checked with five assays returning values ranging from 0.73g/t
to 1.08g/t and averaging 0.92g/t, within 10% of the projected life
of mine average head grade. However calculated head grades from the
ten leach tests ranged from 1.11g/t to 1.53g/t and averaged
1.34g/t, 60% above forecast mine head grade.
The reason for the grade significantly exceeding expectations is
unclear and will be further investigated. However advice from the
Company's metallurgical consultant is that conclusions drawn from
the gravity test-work remain valid despite the grade of the mineral
sample varying from the forecast mine head grade.
Sulphur levels recorded during the comparative leach tests were
also above average at 0.8%, compared to typical levels of 0.2% to
0.6%. Sulphide levels are generally low at Bullabulling, however
the observance of sulphides is often an indicator of higher grade
gold, so the combination of high gold grades and higher sulphur
levels is not surprising.
If a close association of gold with sulphides can be confirmed,
there may be opportunity to implement flotation at a coarse grind
size and subject the resulting concentrate to a fine grind and
intensive leach. Being able to implement a coarse grind at
Bullabulling would significantly reduce energy consumption, the
largest component of processing costs. Fine grinding followed by
intensive cyanidation of a low volume concentrate has potential to
improve gold recovery.
Flotation of Bullabulling ore has not previously been evaluated
as sulphide levels are lower than typically seen in flotation
plants. However recent examples have been cited of other gold
operations where ore of similar sulphur content has been
successfully treated by flotation.
In order to assess the performance of flotation on Bullabulling
mineralisation, the current metallurgical test-work program has
been expanded, with Bureau Veritas directed to conduct a series of
flotation tests. This work commenced post quarter end. Some further
mineralogical studies will also be carried out to improve
understanding of the gold/sulphide relationship and assess the
prevalence of gold encapsulation by sulphides to determine whether
this may impair gold recovery.
Other elements of the current metallurgical program were put on
hold while the flotation work is carried out. A new bulk sample
will be prepared for the next phase of leach test-work. The DFS
program has been extended to accommodate this work, with completion
now expected in the first quarter of 2015.
Diamond Drilling Program
Near quarter end a diamond drilling program commenced at
Bullabulling to provide HQ and PQ diameter core samples for final
metallurgical and geotechnical testing required for the project to
achieve definitive feasibility study (DFS) standards. The program
will comprise approximately 1,300 metres of drilling.
The final phase of metallurgical test-work will evaluate
variability across the mine area to confirm that key processing
parameters adopted in the DFS are representative of the whole
deposit.
The geotechnical test-work will complement existing data that
was derived from the testing of earlier diamond drill core and
structural mapping of the historic open pits. The results of this
work will enable confirmation, and where necessary refinement, of
the slope angles used in the preliminary open pit designs.
The cost of the diamond drilling program is expected to come in
comfortably under budget, with the rates tendered by drilling
contractors reflecting the current competitive nature of the mining
services sector in Western Australia.
In addition, the Company has accepted a proposal from the
selected drilling contractor to receive 50% of the payment for the
diamond drilling program in Bullabulling shares. Subject to
shareholder approval, the shares will be issued after completion of
the program and will be escrowed for three months from the date of
their issue. The shares will be priced at the volume weighted
average price over the period in which drilling takes place, with
no discount applied. This form of payment assists in preserving the
Company's cash resources. Shareholder approval to issue the shares
will be sought at the annual general meeting of shareholders,
scheduled for 27 May 2014.
Gibraltar
During the quarter a preliminary mining study was completed for
the Company's Gibraltar Project, located approximately six
kilometres south-east of the Bullabulling Gold Project.
The preliminary mining study was completed to assist in
determining whether the Gibraltar deposit could be developed to
provide supplementary mill feed for the proposed Bullabulling Gold
Project. Using parameters derived from the Bullabulling feasibility
study, a series of Whittle optimisations were run, providing the
basis of an open pit design for Gibraltar. The resulting mine plan
captured 1.94 million tonnes of Inferred Resource grading 1.15g/t
containing 71,700 ounces of in situ gold (see release of 7 March
2014).
The mining study has confirmed the potential to develop
Gibraltar as a satellite mine to supply additional mill feed to the
proposed Bullabulling Gold Project. However Gibraltar does not form
part of the current development plan and near term priority will
continue to be placed on progression of the Bullabulling DFS.
Corporate
Unsolicited Takeover Offer
On 17 April 2014, Bullabulling Gold Limited received notice of
an unsolicited takeover offer from Norton Gold Fields Limited
("Norton") to acquire all of the shares in Bullabulling. Norton is
offering 7 (seven) cents cash for every Bullabulling share ("the
Offer")
The Directors consider the Offer does not adequately reflect the
value of the Bullabulling Gold Project and is opportunistically
timed to suit Norton's best interests and not the interests of
Bullabulling shareholders.
Bullabulling is currently preparing its Target's Statement in
response to the Offer and until you receive the Target's Statement
your Directors recommend that you REJECT THE OFFER BY TAKING NO
ACTION in relation to your Bullabulling shares.
Bullabulling has appointed Gresham Advisory Partners as
corporate advisors and Herbert Smith Freehills as legal advisors to
assist the Company to prepare its formal response to the Offer.
The Directors' focus is on maximising shareholder value and this
Offer, or any other offers or proposals, will be considered in that
context.
Cash Position
The Company held cash and deposits of $3.0 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 March quarter 2014 it is proposed to issue 428,241
Bullabulling Gold Limited ordinary shares at a price of 5.4 cents
in place of Directors fees totaling $23,125.
Shareholder approval to issue the shares will be sought at the
annual general meeting of shareholders, scheduled for 27 May 2014.
Should shareholders not approve the issue of the shares, the
outstanding directors fees will be paid in cash.
Mineral Resources
There was no change to the Mineral Resource inventory of the
Company during the quarter. Mineral Resources are summarised in the
table below.
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
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
bullabulling@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, scheduled for completion in Q1 2015.
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 2012 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.
Notes
1. Material assumptions supporting the Bullabulling mine
production forecast were released on 7 March 2014.
2. Based on the following prefeasibility study (PFS)
assumptions; cyanide cost $2.76/kg, lime cost $0.30/kg, cyanide
consumption 0.91kg/t, lime consumption 5.21kg/t and annual
throughput 7.5Mt. The Bullabulling PFS was released on 7 February
2013.
3. Based on forecast average gold production of 175,000 ounces per annum.
4. The information in this report that relates to the
Exploration Results, Mineral Resources or Ore Reserves was prepared
and first disclosed under the JORC Code 2004. It has not been
updated since to comply with the JORC Code 2012 on the basis that
the information has not materially changed since it was last
reported. All material assumptions and technical parameters
underpinning the estimates of mineral resources continue to apply
and have not materially changed.
TENEMENTS LISTING AT 31 MARCH 2014
Bullabulling Gold Limited has used the cash and assets in a form
readily convertible to cash, that it had at the time of admission
to the Australian Securities Exchange, in a manner consistent with
Bullabulling Gold Limited's business objectives
Tenement Description Tenement Numbers Percentage
Interest
Bullabulling Project - Coolgardie
District E15/1263 100%
Bullabulling Project - Coolgardie
District E15/1264 100%
Bullabulling Project - Coolgardie
District E15/1320 100%
Bullabulling Project - Coolgardie
District E15/1331 100%
Bullabulling Project - Coolgardie
District E15/1349 100%
Bullabulling Project - Coolgardie
District E15/1350 100%
Bullabulling Project - Coolgardie
District L15/156 100%
Bullabulling Project - Coolgardie
District L15/157 100%
Bullabulling Project - Coolgardie
District L15/158 100%
Bullabulling Project - Coolgardie
District L15/196 100%
Bullabulling Project - Coolgardie
District L15/206 100%
Bullabulling Project - Coolgardie
District L15/218 100%
Bullabulling Project - Coolgardie
District L15/222 100%
Bullabulling Project - Coolgardie
District L15/328 100%
Bullabulling Project - Coolgardie
District L15/330 100%
Bullabulling Project - Coolgardie
District L15/331 100%
Bullabulling Project - Coolgardie
District L15/332 100%
Bullabulling Project - Coolgardie
District L15/333 100%
Bullabulling Project - Coolgardie
District L15/334 100%
Bullabulling Project - Coolgardie
District L15/335 100%
Bullabulling Project - Coolgardie
District L15/336 100%
Bullabulling Project - Coolgardie
District L15/339 100%
Bullabulling Project - Coolgardie
District M15/282 100%
Bullabulling Project - Coolgardie
District M15/483 100%
Bullabulling Project - Coolgardie
District M15/503 100%
Bullabulling Project - Coolgardie
District M15/529 100%
Bullabulling Project - Coolgardie
District M15/552 100%
Bullabulling Project - Coolgardie
District M15/554 100%
TENEMENTS LISTING AT 31 MARCH 2014 (continued)
Tenement Description Tenement Numbers Percentage
Interest
------------------------------------ ------------------ ----------------
Bullabulling Project - Coolgardie
District M15/1414 100%
Bullabulling Project - Coolgardie
District M15/4798 100%
Bullabulling Project - Coolgardie
District P15/4799 100%
Bullabulling Project - Coolgardie
District P15/4887 100%
Bullabulling Project - Coolgardie
District P15/5186 100%
Bullabulling Project - Coolgardie
District P15/5187 100%
Bullabulling Project - Coolgardie
District P15/5188 100%
Bullabulling Project - Coolgardie
District P15/5354 100%
Bullabulling Project - Coolgardie
District P15/5355 100%
Bullabulling Project - Coolgardie
District P15/5356 100%
Bullabulling Project - Coolgardie
District P15/5357 100%
Bullabulling Project - Coolgardie
District P15/5358 100%
Bullabulling Project - Coolgardie
District P15/5381 100%
Bullabulling Project - Coolgardie
District P15/5382 100%
Bullabulling Project - Coolgardie
District P15/5383 100%
Bullabulling Project - Coolgardie
District P15/5384 100%
Bullabulling Project - Coolgardie
District P15/5385 100%
Bullabulling Project - Coolgardie
District P15/5386 100%
Bullabulling Project - Coolgardie
District P15/5387 100%
Bullabulling Project - Coolgardie
District P15/5388 100%
Bullabulling Project - Coolgardie
District P15/5512 100%
Bullabulling Project - Coolgardie
District P15/5513 100%
Bullabulling Project - Coolgardie
District P15/5514 100%
Bullabulling Project - Coolgardie
District P15/5515 100%
Bullabulling Project - Coolgardie
District P15/5516 100%
Bullabulling Project - Coolgardie
District P15/5533 100%
Bullabulling Project - Coolgardie
District P15/5535 100%
Bullabulling Project - Coolgardie
District P15/5538 100%
Bullabulling Project - Coolgardie
District P15/5539 100%
Bullabulling Project - Coolgardie
District P15/5540 100%
Bullabulling Project - Coolgardie
District P15/5541 100%
Bullabulling Project - Coolgardie
District P15/5567 100%
Bullabulling Project - Coolgardie
District P15/5661 100%
TENEMENTS LISTING AT 31 MARCH 2014 (continued)
Tenement Description Tenement Numbers Percentage
Interest
------------------------------------ ------------------ ----------------
Bullabulling Project - Coolgardie
District P15/5662 100%
Bullabulling Project - Coolgardie
District P15/5663 100%
Bullabulling Project - Coolgardie
District P15/5664 100%
Bullabulling Project - Coolgardie
District P15/5669 100%
Bullabulling Project - Coolgardie
District P15/5673 100%
Bullabulling Project - Coolgardie
District P15/5674 100%
Bullabulling Project - Coolgardie
District P15/5758 100%
Bullabulling Project - Coolgardie
District P15/5799 100%
Bullabulling Project - Coolgardie
District P15/5800 100%
Bullabulling Project - Coolgardie
District P15/5802 100%
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 31 MARCH 2014
Consolidated statement of cash flows
Cash flows related to operating Current quarter Year to date
activities
$A'000 (3 months)
$A'000
1.1 Receipts from product sales - -
and related debtors
Payments for (a) exploration
and evaluation (459) (459)
(b) development - -
(c) production - -
1.2 (d) administration (515) (515)
1.3 Dividends received - -
Interest and other items of
1.4 a similar nature received 28 28
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes received / (paid) - -
1.7 Other - STI bonus payments (261) (261)
- -
Net Operating Cash Flows (1,207) (1,207)
----- ---------------------------------
Cash flows related to investing
activities
Payment for purchases of:
(a) prospects - -
(b) equity investments - -
1.8 (c) other fixed assets (1) (1)
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) (1)
Total operating and investing
cash flows
1.13 (carried forward) (1,208) (1,208)
----- --------------------------------- -------------
Total operating and investing
cash flows
1.13 (brought forward) (1,208) (1,208)
----- ----------------------------------
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 - capital raising costs - -
---------
Net financing cash flows - -
----- ---------------------------------- ---------
Net increase (decrease) in
cash held (1,208) (1,208)
Cash at beginning of quarter/year
1.20 to date 4,257 4,257
1.21 Exchange rate adjustments - -
to item 1.20
---------
1.22 Cash at end of quarter 3,049 3,049
----- ---------------------------------- ---------
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 1.2 299
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 and fees 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 1,470
4.2 Development -
4.3 Production -
4.4 Administration * 764
---- ---------------------------
Total 2,234
---- ---------------------------
Includes legal and technical fees for takeover response costs.
At this stage, due to a number of factors beyond the control of the
Company, it is not possible to estimate the total takeover response
cost.
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 1,449 1,455
-----------------
5.2 Deposits at call 1,600 2,802
-----------------
5.3 Bank overdraft - -
-----------------
5.4 Other (provide details) - -
-----------------
Total: cash at end of quarter
(item 1.22) 3,049 4,257
----- --------------------------------- -----------------
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 ** 344,035,588 344,035,588
------------- -------------- -------------- -----------------
Changes during
quarter
(a) Increases
through issues
(b) Decreases 1,786,808 1,786,808
through returns
of capital,
7.4 buy-backs - - 3.9 cents 3.9 cents
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) 13,592,621 - 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)
----- -------------------- --------------
1,786,808 fully paid ordinary shares were issued to senior
executives in lieu of 50% of bonus payments
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: 30 April 2014
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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