REG - New Frontier Mineral - Quarterly Report period ending March 2025
30/04/2025 07:00
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RNS Number : 7091G New Frontier Minerals Limited 30 April 2025
30 April 2025
New Frontier Minerals Limited
("NFM" or the "Company")
Quarterly Report period ending March 2025
New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to report its
quarterly activities report for the period ending 31 March 2025.
During the quarter, the Company prioritised its portfolio optimisation
strategy by completing the divestment of the Cangai Copper Mine Project to
Infinity Mining Limited (ASX: IMI) and securing the highly promising Harts
Range Project in the Northern Territory.
QUARTERLY HIGHLIGHTS
Exploration
· New Frontier Minerals completed a helicopter-borne radiometric and
magnetic survey identifying 46 priority exploration targets, including 18
high-priority zones with potential niobium and heavy rare earth (HRE)
mineralisation
· Rock chip analysis at Cusp and Bobs Prospects revealed outstanding
concentrations of Heavy Rare Earth Elements (HREEs), with Dysprosium and
Terbium contributing significantly to the mineral basket
· These HREEs are crucial for advanced technologies like EVs, wind
turbines, medical devices and military systems, presenting NFM as a
potentially key player in diversifying global supply chains outside China
· Formalised a Memorandum of Understanding (MOU) with Austral Resources
to process copper ore from NFM's Big One Deposit via Austral's Mt Kelly
facility
· The alliance targets joint value creation by accelerating trial
mining, regulatory approvals, and advancing exploration within the NWQ Copper
Project
Next steps
· Deploy a detailed exploration campaign at Harts Range in Q2 2025,
with targeted mapping and sampling to refine drilling priorities
· Advance regulatory, technical, and drilling activities under the
Austral partnership to fast-track copper production
Corporate
· Completed the sale of the Broken Hill East Project to Impact
Minerals, unlocking $275,000 in shares and $102,000 in security deposits and
enabling reinvestment into key ventures, including Harts Range and NWQ Copper
Projects
· NFM reiterates its commitment to finding a development partner for
the Mkushi Copper Project in Zambia, which holds substantial exploration and
operational promise
· Total cash and liquid investments of $1.395 million, comprised of
$686k cash, ASX: IMI stock currently valued at ~$520k (40 million shares x
$0.013 per share as at 31/03/2025) along with 20 million unlisted options
(expiry 30/11/2029, strike $0.07) and ASX: IPT stock valued at ~$189k
(37,774,040 shares x $0.005 per share as at 31/03/2025)
HARTS RANGE PROJECT
New Frontier Minerals Ltd (ASX: NFM) made substantial progress at the Harts
Range Heavy Rare Earths, Uranium, and Niobium Project, located 140 km
northeast of Alice Springs in the Northern Territory, over the January to
March 2025 quarter. The Company's strategic exploration activities have
bolstered its confidence in the project's significant mineralisation
potential.
Helicopter-Borne Geophysical Survey
New Frontier recently completed a comprehensive helicopter-borne radiometric
and magnetic survey across the Harts Range Project. The survey was a pivotal
step in accelerating the exploration of the tenements EL32513 and EL32046.
With the primary aim of identifying extensions of known uranium, niobium, and
heavy rare earth (HRE) mineralisation, the survey provided critical data to
enhance the prioritisation of future drilling and ground truthing activities.
The analysis highlighted numerous distinct radiometric anomalies and
confirmed the structural alignment of mineralised pegmatites at key
locations, including the Cusp and Bobs Prospects(1). Enhanced magnetic imagery
revealed that these prospects align along an ENE-trending structure,
suggesting potential mineralised extensions in both the northern and southern
regions of the project area. The survey data underscored the significant
exploration potential of the Harts Range Project, setting the stage for more
detailed investigations.
On 4 March 2025, the Company announced the completion of a detailed
geophysical interpretation by Southern Geoscience Consultants. This study
built upon the initial survey by identifying 46 priority exploration targets
across the project area. Specifically, the evaluation pinpointed 18
high-priority, 16 medium-priority, and 12 lower-priority targets for follow-up
exploration(2). A 1:10,000 scale structural interpretation was also achieved,
marking a localised radiometric and magnetic anomaly at both the Cusp and Bobs
Prospects. The data has greatly assisted in target drillhole generation.
Rare Earth Distribution Analysis
Rare earth distribution analysis formed a crucial component of ongoing
exploration activities at the Harts Range Project. The analysis focused on
rock chip samples collected from pegmatite outcrops in the Cusp and Bobs
Prospects. Results revealed exceptionally high concentrations of heavy rare
earth elements (HREEs), with Dysprosium Oxide (Dy2O3) and Terbium Oxide
(Tb4O7) identified as dominant contributors to the total rare earth oxide
(TREO) composition.
At the Cusp Prospect, analysis of 13 mineralised rock chip samples revealed
that over 92% of the rare earth oxide basket was composed of heavy rare
earths. Dysprosium and Terbium combined accounted for 13.63% of the TREO
basket, with Dysprosium Oxide (11.76%) and Terbium Oxide (1.87%) demonstrating
the significant value of this deposit(4).
The Bobs Prospect showed even higher HREE concentrations in its 12 analysed
samples, with HREEs making up more than 97% of the rare earth basket. Yttrium
Oxide (71.06%) was particularly prominent, alongside Dysprosium Oxide (8.75%)
and Terbium Oxide (1.18%). The similarities between the Cusp and Bobs
Prospects, both structurally and mineralogically, highlighted the potential
for further high-value discoveries along their east-west trending
structure(4).
Strategic Importance of Heavy Rare Earth Elements - Summary
Heavy rare earth elements like Dysprosium and Terbium are crucial for
enhancing Neodymium-Iron- Boron magnets, essential in technologies driving
electrification and green energy, including electric vehicles and wind
turbines. Dysprosium improves thermal stability, while Terbium enhances
durability and resistance to demagnetisation(8).
Demand for Dysprosium is rising steadily, with projected growth from USD
1,054.3 million in 2025 to USD 1,750.3 million by 2035, driven by its
importance in sectors such as automotive, renewable energy, and
electronics(7).
Global supply challenges stem from China's dominance, which controls 90% of
rare earth processing capacity. Limited separation facilities outside China
create dependency, pushing industries to seek diversified supply chains(9).
The Harts Range Project positions New Frontier Minerals as a key player in
addressing these challenges. With significant deposits of heavy rare earths
like Dysprosium and Terbium discovered at the Cusp and Bobs Prospects, the
project offers the potential to contribute to high-demand markets and reduce
reliance on Chinese sources, especially in the defence and green energy
sectors.
Next Steps
Building on the robust data produced in the March 2025 quarter, NFM plans to
launch a focused exploration campaign in April 2025. This will involve
detailed mapping and sampling to validate and refine the geophysical targets
in preparation for drill testing.
Figure 1: Uranium squared (U2) image shows extensive regional wide uranium
anomalism and known mineralised prosects(3)
Strategic Alliance Between NFM and Austral Resources
New Frontier announced it had formalised a Memorandum of Understanding (MOU)
with Austral Resources Australia Ltd (ASX: AR1) on 21 January 2025 to
establish a strategic alliance targeting the Mt Isa copper belt. This
collaboration aimed to integrate the two companies' complementary assets,
leveraging AR1's copper processing plant and NFM's exploration and mining
expertise to unlock significant value.
The combined footprint within the Mt Isa copper belt positioned the alliance
as a competitive force amidst industry majors such as BHP, Anglo American, and
Glencore. NFM's immediate objective was to supply copper ore from the Big One
Deposit (Mineral Resource Estimate of 2.1 Mt at 1.1% Cu - Refer to Appendix
B). Additionally, the alliance proposed expanding activity to other satellite
prospects within NFM's NWQ Copper Project.
Under the agreement, AR1 would process NFM's copper ore at its Mt Kelly
facility, contingent on ore passing metallurgical test requirements. This
partnership provided a dual benefit, offering NFM a clear pathway to
production while enabling AR1 to secure a new source of copper ore to bolster
throughput at its processing plant(5).
Alliance Objectives and Framework
The MOU outlined a collaborative framework where both companies committed to
working on a best- endeavours basis to capitalise on their shared resources.
Key undertakings under this alliance include the following objectives:
· Formalising a processing agreement for NFM to supply copper ore
from the Big One Deposit and, if suitable, other prospective targets within
the NWQ Copper Project
· Conducting metallurgical test work at AR1's Mt Kelly plant to
ensure the ore meets processing standards
· Ensuring profit-sharing terms are equitable, guaranteeing that
neither party incurs losses as part of the arrangement
· The agreement also set out roles for both companies to achieve
these objectives. NFM would focus on progressing regulatory, technical, and
operational milestones, including:
o Applying for a mining lease over the Big One Deposit, with the process
anticipated to take 18- 24 months
o Seeking approval for trial mining and metallurgical testing of the
existing copper oxide stockpiles at the Big One Deposit
o Expanding the known resource through further drilling campaigns
o Commencing exploration of satellite prospects within the NWQ Copper
Project
AR1's responsibilities included performing the necessary metallurgical testing
to confirm ore suitability and supporting NFM through its mining lease
application process.
Next Steps
Immediate steps outlined under the alliance included a meeting between NFM and
AR1 teams in Queensland to map out a detailed work program. The program's
primary focus would encompass advancing the Big One Deposit, initiating
metallurgical testing on historical copper stockpiles, and expediting
regulatory requirements to fast-track copper production.
The strategic alliance underscored NFM's steady progress in advancing the NWQ
Copper Project and marked a pivotal moment in its exploration efforts to
position itself as a key player within the Mt Isa copper belt. Both companies
expressed a shared commitment to achieving mutually beneficial outcomes
through this relationship.
Successful Asset Optimisation Strategy
Sale of Broken Hill East Project
On 10 March 2025, New Frontier announced it had entered into an agreement to
sell its wholly owned subsidiary, BHA No. 1 Pty Ltd (BHA), to Impact Minerals
Limited (ASX: IPT). BHA holds the non-core Broken Hill East Project. Under the
terms of the agreement, NFM transferred all shares in BHA to IPT in exchange
for $275,000 worth of IPT shares, calculated on the 14-day VWAP price of
$0.0073 per share as at close of market, 7 March 2025. The IPT shares are
subject to voluntary escrow arrangements, with one-sixth of the shares
released each month over a six-month period.
The agreement also included IPT assuming responsibility for a 2% net smelter
return royalty tied to the tenements held by BHA. Security bonds totalling
$102,000 have also been returned to the NFM. The sale was finalised on 10
March 2025.
The divestment of the Broken Hill East Project marked NFM's third successful
sale of a non-core asset within an 18-month period. This series of strategic
transactions allowed the Company to redeploy funds and management focus
towards its priority Harts Range and NWQ Copper Projects.
NFM's Board emphasized the importance of its disciplined approach to asset
optimisation, which generated significant value from non-core holdings. The
Company remains optimistic about securing a development partner for its last
remaining non-core asset, the Mkushi Copper Project in Zambia.
The Mkushi Project encompasses an operating copper mine and numerous
prospective targets, identified through IP surveys that revealed high
chargeability zones overlapping copper soil anomalies. These areas present
potential targets for disseminated copper sulphide mineralisation, making the
asset particularly attractive for future partnerships.
The Board reiterated its commitment to advancing its core projects while
pursuing the appropriate development opportunities for Mkushi to enhance
shareholder value.
CORPORATE ACTIVITY
Investor and Shareholder Engagement
On Thursday, 13 March 2025, the Company hosted a live webinar to provide an
update on the Company's recent activities.
The webinar was presented by Non-Executive Director Joel Logan and Senior
Technical Consultant Kevin Das. During the session, Mr. Logan and Mr. Das
provided updates on the Company's Harts Range Project in the Northern
Territory and its NWQ Copper Project.
The presentation was followed by a Q&A session, allowing attendees to
address specific queries regarding the Company's projects and plans.
Changes to Directors' Interest
Mr. Gerrard Hall, Director of New Frontier Minerals, was issued 4,000,000
Performance Rights valued at $46,400 on 20 January 2025, adding to his
existing shareholdings. No securities were sold, and no contract changes
occurred.
Mr. Eduardo Robaina, Director of New Frontier Minerals, was issued 4,000,000
Performance Rights valued at $46,400 on 20 January 2025, as approved by
shareholders at the General Meeting on 28 November 2024. This is his first
acquisition of securities, with no disposals or changes to contracts reported.
Mr. Joel Logan, Director of New Frontier Minerals, was issued 4,000,000
Performance Rights valued at $46,400 on 20 January 2025, as approved by
shareholders at the General Meeting on 28 November 2024. This increases his
holdings to 1,000,000 ordinary shares and 4,000,000 Performance Rights, with
no disposals or contract changes reported.
FINANCIAL UPDATE
Quarterly Cash and Liquid Investments Position
Cash on hand and liquid investments at end of the quarter totalled $1.395
million (including cash on hand of $686,000, and ASX listed shares, as noted
below).
The Company holds 40 million Infinity Mining Limited (ASX: IMI) shares which
have a total market value of ~$520,000 (40 million shares x $0.013 per share
as at 31/03/2025) along with 20 million unlisted options (expiry 30/11/2029,
strike $0.07). The shares were released from escrow on 15 April 2025.
The Company also holds 37,774,040 Impact Minerals Limited (ASX:IPT) shares
which have a total market value of ~$189,000 (37,774,040 shares x $0.005 per
share as at 31/03/2025). The shares are subject to voluntary escrow
arrangements, with one-sixth of the shares being released each month over a
six-month period.
During the quarter, rehabilitation security bonds totalling $268,000 were
refunded to the Company in relation to the Cangai Copper Mine tenements and
Broken Hill East tenements now sold.
Rehabilitation security bonds held at the end of the quarter totalled $54,000.
Securities on Issue at Quarter End
Ordinary shares 1,453,735,355
Performance shares 107,750,000
Information Required Under ASX Listing Rules
1. ASX LR 5.3.5
During the Quarter $63,000 was paid to related parties of the Company relating
to non-executive director fees and exploration consulting fees paid to an
entity controlled by a related party.
2. ASX LR 5.3.1
Rates and mines departments fees
Consulting fees
Cangai 2,000 -
BHA 1,000 -
QLD - 1,000
Zambia - -
Harts Range 101,000 4,000
104,000 5,000
ASX LR 5.3.3
In accordance with ASX Listing Rule 5.3.3, a schedule of Company's tenements
can be found at Appendix A.
For further information please contact
New Frontier Minerals Limited +61 8 6558 0886
Gerrard Hall (UK), Chairman
SI Capital Limited (Financial Adviser and Corporate Broker) +44 (0)1483 413500
Nick Emerson
Gracechurch Group (Financial PR) +44 (0)20 4582 3500
Harry Chathli, Alexis Gore, Henry Gamble
About New Frontier Minerals
New Frontier Minerals Limited is an Australian-based focussed explorer, with a
strategy to develop multi-commodity assets that demonstrate future potential
as an economic mining operation. Through the application of disciplined and
structured exploration, New Frontier has identified assets deemed core and is
actively progressing these interests up the value curve. Current focus will be
on advancing exploration activity at the Harts Range Niobium, Uranium and
Heavy Rare Earths Project which is circa 140km north-east from Alice Springs
in the Northern Territory.
Other interests include the NWQ Copper Project, situated in the copper-belt
district circa 150km north of Mt Isa in Queensland and the Broken Hill Project
in western New South Wales.
New Frontier Minerals is listed on the LSE and ASX under the ticker "NFM".
References
1. ASX Announcement, NFM completes geophysical survey at Harts Range Project,
Northern Territory dated 4 February 2025
2. ASX Announcement, Geophysical interpretation identifies 46 HREE-Nb-U
priority targets at Harts Range, NT, dated 31 March 2025
3. ASX Announcement, Harts Range Project lights up, with numerous airborne
geophysical uranium anomalies across the tenure, dated 4 March 2025
4. ASX Announcement, Heavy Rare Earths Dominant at Harts Range Project,
Northern Territory, dated 9 April 2025
5. ASX Announcement, Strategic alliance with Austral Resources to process NFM
copper ore, dated 21 January 2025
6. ASX Announcement, Sale of Broken Hill East Project, dated 10 March 2025
7.
https://www.futuremarketinsights.com/reports/dysprosiummarket#:~:text=This%20demand%20is%20projected%20to,earth%
8.
https://www.arnoldmagnetics.com/wp-content/uploads/2017/10/Important-Role-of-Dysprosium-in-Modern-
PermanentMagnets-150906.pdf
9.
https://www.reuters.com/world/china-hits-back-us-tariffs-with-rare-earth-export-controls-2025-04-04/
(http://www.reuters.com/world/china-hits-back-us-tariffs-with-rare-earth-export-controls-2025-04-04/)
Competent Persons Statement
I, Mark Biggs, confirm that I am the Competent Person for the Competent
Person Report from which the information to be publicly released has been
obtained and confirm that:
· I have read and understood the requirements of the 2012 Edition of
the Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (JORC Code, 2012 Edition) and the relevant sections of
Chapter 5 and Guidance Note 31 from the ASX Listing Rules.
· I am a Competent Person as defined by the JORC Code 2012 Edition,
having 35 years of experience that is relevant to the REE, industrial mineral,
and copper mineralisation types, quality and potential mining method(s) of the
deposit(s) described in the Report. In addition, I have 21 years of experience
in the estimation, assessment and evaluation of Exploration Results and
Mineral Resource Estimates, the activity for which I am accepting
responsibility.
· I am a Member of The Australasian Institute of Mining and Metallurgy
(Member # 107188).
· I have reviewed the Report or Excerpt from the Report to which this
Consent Statement applies.
· I am a consultant working for ROM Resources and have been engaged by
New Frontier Minerals Limited to prepare the documentation for various
prospects within the Harts Range Prospect area on which the Report is based.
· In addition:
· I have disclosed to New Frontier Minerals Limited the full nature of
the relationship between myself and the Company, including any issues that
could be perceived by investors as a conflict of interest. Mr Biggs is a
director of ROM Resources, a company which is a shareholder of New Frontier
Minerals Limited. ROM Resources provides ad-hoc geological consultancy
services to New Frontier Minerals Limited.
· I verify that the Report is based on and fairly and accurately
reflects in the form and context in which it appears, the information in my
supporting documentation relating to exploration results and any Mineral
Resource Estimates.
· I consent to the release of the Report and this Consent Statement by
the Directors of New Frontier Minerals Limited.
Forward Looking Statements
Certain information in this document refers to the intentions of New Frontier
Minerals Ltd, but these are not intended to be forecasts, forward-looking
statements or statements about future matters for the purposes of the
Corporations Act or any other applicable law. The occurrence of events in the
future is subject to risks, uncertainties and other factors that may cause New
Frontier Minerals Ltd's actual results, performance or achievements to differ
from those referred to in this announcement. Accordingly, New Frontier
Minerals Ltd, its directors, officers, employees, and agents, do not give any
assurance or guarantee that the occurrence of the events referred to in this
announcement will occur as contemplated. The interpretations and conclusions
reached in this announcement are based on current geological theory and the
best evidence available to the authors at the time of writing. It is the
nature of all scientific conclusions that they are founded on an assessment of
probabilities and, however high these probabilities might be, they make no
claim for complete certainty. Any economic decisions that might be taken based
on interpretations or conclusions contained in this announcement will
therefore carry an element of risk. The announcement may contain
forward-looking statements that involve several risks and uncertainties. These
risks include but are not limited to, economic conditions, stock market
fluctuations, commodity demand and price movements, access to infrastructure,
timing of approvals, regulatory risks, operational risks, reliance on key
personnel, Ore Reserve and Mineral Resource estimates, native title, foreign
currency fluctuations, exploration risks, mining development, construction,
and commissioning risk. These forward-looking statements are expressed in good
faith and believed to have a reasonable basis. These statements reflect
current expectations, intentions or strategies regarding the future and
assumptions based on currently available information. Should one or more of
the risks or uncertainties materialise, or should underlying assumptions prove
incorrect, actual results may vary from the expectations, intentions and
strategies described in this announcement. No obligation is assumed to update
forward-looking statements if these beliefs, opinions, and estimates should
change or to reflect other future developments.
APPENDIX A - TENEMENT SCHEDULE
Table 1: Jackaderry (Cangai), New England Orogen in NSW
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EL8635* 100% 100% -
EL8625* 100% 100% -
EL8601* 100% 100% -
Transfer of the Jackaderry tenements received NSW Ministerial consent on April
11th, 2025 for EL 8635 and EL8625, and April 14th 2025 for EL8601.
Table 2: Broken Hill East, located within a 20km radius of Broken Hill in NSW
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EL8434 100% 0% 100%
EL8435 100% 0% 100%
Table 3: Mt Oxide, Mt Isa region in northwest Queensland
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EPM 26513 100% 100% -
EPM 26525 100% 100% -
EPM 26574 100% 100% -
EPM 26462 100% 100% -
EPM 27440 100% 100% -
Table 4: Zambia
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
24659-HQ-LEL (Mkushi) 100% 100% -
Table 5: Harts Range
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EL32513 85% 85% -
EL32406 85% 85% -
EL34022 100% 100% -
APPENDIX B: RESOURCE TONNAGES - BIG ONE DEPOSIT
Resource Type Ore Type Inferred ( Indicated (M Measured ( Copper Gra (%) Silver Grade (g Contained Copper (t) Contained Silver (k
Mine Dumps Oxidised 0 0.007 - 1.2 4.0 86 29
Mine Insitu Oxidised 1.7 0 - 1.0 1.1 17,000 1,870
Mine Insitu Fresh 0.4 0 0 1.2 1.4 4,800 560
Sub-Totals 2.1 0.007 0 21,886 2,459
Notes:
Cut-off grade 0.45% Cu. Source: CCZ geology team Refer to ASX announcement
dated 28 February 2022
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash
flow report
Name of entity
New Frontier Minerals Limited
ABN Quarter ended ("current quarter")
52 137 606 476 31 March 2025
Consolidated statement of cash flows Current quarter Year to date (9 months)
$A'000 $A'000
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs
(e) administration and corporate costs (378) (1,145)
1.3 Dividends received (see note 3)
1.4 Interest received 6 23
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Government grants and tax incentives 21 204
1.8 Other (provide details if material)
1.9 Net cash from / (used in) operating activities (351) (918)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements (1) (222)
(c) property, plant and equipment (2) (6)
(d) exploration & evaluation (109) (288)
(e) investments
(f) other non-current assets
Consolidated statement of cash flows Current quarter Year to date (9 months)
$A'000 $A'000
2.2 Proceeds from the disposal of:
268
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 547
(e) other non-current assets 441
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) investing activities 156 472
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options
3.4 Transaction costs related to issues of equity securities or convertible debt
securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details if material)
3.10 Net cash from / (used in) financing activities - -
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 881 1,118
4.2 Net cash from / (used in) operating activities (item 1.9 above) (351) (918)
4.3 Net cash from / (used in) investing activities (item 2.6 above) 156 472
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
Consolidated statement of cash flows Current quarter Year to date (9 months)
$A'000 $A'000
4.5 Effect of movement in exchange rates on cash held - 14
4.6 Cash and cash equivalents at end of period 686 686
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash $A'000 $A'000
flows) to the related items in the accounts
5.1 Bank balances 536 481
5.2 Call deposits 150 400
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 686(1) 881
1 Total cash and liquid investments of $1.395 million, comprised of $686k
cash, ASX: IMI stock valued at ~$520,000 (40 million shares x $0.013 per share
as at 31/03/2025) along with 20 million unlisted options (expiry 30/11/2029,
strike $0.07) and ASX: IPT stock valued at ~$189,000 (37,774,040 shares x
$0.005 per share as at 31/03/2025)
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 631
in item 1
6.2 Aggregate amount of payments to related parties and their associates included 0
in item 2
1Comprises director's fees, consulting fees, and expense reimbursements for
the quarter.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements $A'000 $A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities
7.5 Unused financing facilities available at quarter end
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (351)
8.2 (Payments for exploration & evaluation classified as investing activities) (109)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (460)
8.4 Cash and cash equivalents at quarter end (item 4.6) 686
8.5 Unused finance facilities available at quarter end (item 7.5)
8.6 Total available funding (item 8.4 + item 8.5) 686
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.5
Note: if the entity has reported positive relevant outgoings (ie a net cash
inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the
estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the
current level of net operating cash flows for the time being and, if not, why
not?
Answer: Yes.
8.8.2 Has the entity taken any steps, or
does it propose to take any steps, to raise further cash to fund its
operations and, if so, what are those steps and how likely does it believe
that they will be successful?
Answer: The Company works closely with its corporate advisors monitoring cash
levels, expenditure commitments and funding opportunities. The Company and its
corporate advisors have a proven track record raising funds as and when
required. In addition, the Company holds ASX:IMI stock currently valued at
~$520,000 (40 million shares x $0.013 per share as at 31/03/2025) and ASX:IPT
stock currently valued at ~$189,000 (37,774,040 shares x $0.005) which can be
liquidated over the next two quarters to assist with the Company's funding
requirements.
8.8.3 Does the entity expect to be able to continue its operations
and to meet its business objectives and, if so, on what basis?
Answer: Yes. Refer to the information provided at 8.8.2.
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 30 April 2025
Authorised by: The Board of Directors
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing 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 flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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