30 October 2015 ASX Code: RER No. of Pages: 18 (incl. Cover)
QUARTERLY REPORT - FOR THE PERIOD ENDED 30 SEPTEMBER 2015 DETAILS OF ANNOUNCEMENT
Quarterly Activity Report for the period ending 30 September 2015 (11 pages)
Appendix 5B for the period ending 30 September 2015 (6 pages) For and on behalf of the Board Yours sincerely
Ian Pamensky Joint Company Secretary Further information relating to the Company and its various mining and exploration projects can be found on the Company’s website at www.regalresources.com.au
R E G A L R E S O U R C E S L I M I T E D A B N 2 3 1 0 6 2 9 4 1 0 6
QUARTERLY REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2015
Ground Floor
11 Ventnor Avenue
West Perth WA 6005
T (+61 3) 9626 2435
W www.regalresources.com.au
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30 October 2015 ASX Code: RER
QUARTERLY REPORT FOR PERIOD
ENDING 30 SEPTEMBER 2015
HIGHLIGHTS
Kalongwe Mining SA Joint Venture
The DRC Ministry of Mines has granted a Mining Licence that covers all of the Kalongwe Permit. The
Licence allows for the development of a mining operation at Kalongwe and is valid for an initial period of
thirty years.
A comprehensive metallurgical testwork programme has begun as part of the DFS. Initial results are very
encouraging and are consistent with other gravity separation plants in the DRC which produce a high
grade concentrate from the HMS plants with over +93% of the ore consisting of acid-soluble copper
minerals.,.
Regal-Ivanhoe Joint Venture
Ivanhoe Mines confirmed that four of the five permits that make up the joint venture have been extended
for a further five years. The application for the fifth permit is pending. A geological review of all available
technical data was completed. A number of significant copper anomalies were identified. Preparations are
being made for detailed field investigation.
Corporate
A General Meeting of Shareholders was held on 14 September 2015 in Perth, Australia. All resolutions
proposed were passed.
Mr Patrick Holywell was appointed as Chief Financial Officer and joint Company Secretary in October 2015.
Regal presented at the Sprott-Stansberry Natural Resources Symposium in Vancouver, Canada (27-31 July
2015).
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The Directors of Regal Resources Limited (ASX: RER) (“Regal” or “the Company”) are pleased to present
their Quarterly Activities Report for the period ended 30 September 2015.
Kalongwe High-Grade Copper-Cobalt Project (Katanga Province, DRC)
Overview
The Kalongwe deposit is the Company’s flagship Project. It is located in the Katanga Province of the
DRC and is situated towards the western end of the world-class Central African Copperbelt (Figure 1).
It hosts a near-surface oxide JORC resource of 302,000t contained copper and 42,000t contained
cobalt. (ASX: RER, 5 February 2015).
A Scoping Study (or “the Study”) has been completed to evaluate the viability of developing a stand-
alone mining operation at Kalongwe utilising an HMS plant to produce a high-grade copper/cobalt
concentrate. The Study was based on the Measured and Indicated categories of the JORC resource.
The results of the Study have highlighted the potential to fast-track the development of an open-pit
mining operation at Kalongwe.
Key Outcomes of the Scoping Study
Project Net Present Value (NPV @ 10% discount rate) Cu price $3/lb * $77.9 million
Project Internal Rate of Return (IRR) 81%
Payback 13 months
Capital Cost to Initial Production $38.9 million
Operating Costs (per pound (“lb”) Cu payable) $1.01 per lb
* Base Case is stated on a post-tax basis assuming 100% project at a copper price of $3.00/lb. All amounts
are in US dollars unless otherwise stated.
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Figure 1: Map of the western Congolese part of the African Copperbelt (CACB) and the location of the
Kalongwe Project relative to principal Cu-Co deposits in the region. Inset shows location of Kalongwe in the
context of the CACB.
Definitive Feasibility Study
During the Quarter a number of major milestones were achieved which will contribute to the de-risking
of the development of the Project. The Minister of Mines granted a Mining Licence for Kalongwe and
recent metallurgical testwork results are expected to have a positive impact on financial parameters for
the DFS.
Granting of an Exploitation (Mining) Licence
Kalongwe Mining SA (“KM”) notified Regal that the DRC Minister of Mines signed an Arrete (decree)
granting a mining licence in accordance with the DRC Mining Code (2002) (“Mining Code”). The licence
covers the entire Kalongwe Permit area encompassing the Kalongwe deposit. It is valid for an initial
term of thirty years.
Under the provisions of the Mining Code the holder of a mining licence has the exclusive right to
conduct exploration, development, construction and mining activities for those minerals for which the
permit is granted. It also allows its holder to build the installations and infrastructure required for
mining exploitation, use the water and forestry resources inside the mining perimeter, process,
transport and market the minerals. The licence holder will be required to transfer a 5% interest in the
project to the DRC State.
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Metallurgical Testwork
Miller Metallurgical Services has been retained to undertake a Phase 2 metallurgical test programme
for the Kalongwe Project in the DRC. The programme is designed to undertake further investigation on
the densitometry and leaching characteristics of the oxide mineralisation of the Kalongwe Deposit.
The programme will include confirmatory heavy liquid testing on coarser sized core material to provide
variability testing on the HMS process. Preliminary acid leaching tests will be conducted to assess the
potential to leach the ore using either agitation or heap leaching methods.
The testwork is being undertaken by ALS Metallurgical Laboratory in Perth. Three sample composites
were prepared from large diameter diamond drill core samples. The composition of each of the
composite samples reflects one of the three main periods over the LOM (life of mine) when potentially
different ore and grade types will be mined. The temporal pattern of these qualities was generated
from the Scoping Study mine schedule on a monthly basis.
Initial results to date are very encouraging and are consistent with other gravity separation plants in the
DRC which produce a high grade concentrate from the HMS and a lower grade concentrate from the
spiral plant.
The scrubbing tests show only small increases of 3% to 4% in the fines fraction compared to the
simpler wet screening tests. This is confirmation that a scrubber is not required for the project.
The sequential assay of the composites shows that 93% of composite 1 is acid soluble while +95% of
composites 2 & 3 are acid soluble. There appear to be no deleterious species in the ore that might
impact its sale to leaching or smelting operations.
Regal-Ivanhoe Joint Venture (Fold and Thrust Belt Joint Venture / “FTBJV”)
Overview
The Company has entered into a JV agreement with Ivanhoe Mines to acquire up to a 98% interest in a
package of highly prospective tenements, covering an area of approximately 350 sq. km., located near
the western end of the Central African Copperbelt in Katanga Province, DRC, (Figure 3), (ASX: RER, 22
April).
The JV area contains regional scale anticlinal folds, faults and thrust structures. These are considered to
offer high-quality exploration targets as they can present windows onto the mineralised rocks of the
Lower Roan Mine Series (Figure 3).
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Figure 3: Location map of the FTBJV licences, significant copper deposits and regional towns and
delineated exploration targets within the FTBJV area.
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Figure 4: District-scale geological map of the FTBJV area showing prospects by target-type
(purple = Kalongwe-type; brown = Kamoa-type).
During the Quarter the Company completed a review of the historic Ivanhoe project database. The
review included an assessment of five copper-mineralised prospects previously identified by Ivanhoe
and also several other target/follow-up areas beyond those identified by Ivanhoe. Additionally, it
showed that all target areas are under-explored and considered to be highly prospective.
The five prospects identified for immediate follow-up are:
• Kasangasi Prospect: (~8 DD holes), 5m at 4.9% Cu, artisanal pit exploiting Cu,
mineralisation in structure at Ki.1/2 contact; intersection of regional structure,
• Mukansa Prospect: (artisanal pit), diapir structure with multiple R2 fragments, >10
Mines Series fragments, 6% Co in rock chip sample; pitting, sampling, mapping;
• Monwezi West Prospects: (immediately southwest of Kalongwe), previous diamond
drilling as part of Kalongwe exploration drilling, good auger and trench results;
includes three (3) separate prospects, Monwezi 2, 3, 7; significant geochemical
anomalies, multiple fragments of Mines Series,
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• Kambundji East Prospect: located NE of Kalongwe property; Mines Series fragments
in diapir structure; artisanal pits; high rock chip results 4.8% Cu, and
• Mamba Prospects: (near Kolwezi) diapir structure, large Nguba and Mines Series
fragments, 2-3 km; 17 DD holes for ~4,300 m; mapping; mineralisation intersected;
DMBA_007 intersected mineralisation; large area and significant scope for further
testing mainly geophysical targets.
Most of the exploration targets within the project area occur in settings that are akin to mineralisation
at Kalongwe. However, there is also potential for discovery of copper mineralisation of the “Kamoa-
type” in the post-Roan strata.
Copper mineralisation at the Monwezi Prospects, including the Mukansa Prospects, are associated with
Lower Roan rock fragments in the core of a regional anticline that extends southwest from Kalongwe.
Field investigations on the Kambundji East and Monwezi Prospects commenced in the last Quarter. The
Company is planning to undertake a more extensive and detailed programme of geo-chemical
sampling and mapping at the end of the wet season.
Figure 5: District-scale geological map of the FTBJV area and target areas for 2015 field season.
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Regal SK Joint Venture
Regal has formally terminated its involvement in the Regal SK JV by giving notice to Afrimines that it
has withdrawn from the JV in accordance with the terms of the joint venture agreement.
Since December 2014 Regal has had no formal involvement in the management of Regal SK. Regal has
been advised that the DRC’s Companies Registry Office in Lubumbashi has registered the transfer of
Regal’s shareholding in Regal SK to Afrimines.
Corporate
A General Meeting of Shareholders was held on 14 September 2015 in Perth, Australia. The following
resolutions were put forward for consideration and were passed with a show of hands:
Approval to issue Placement Shares,
Ratification of prior issue of Tranche 1 securities associated with the strategic relationship and
subscription agreement with Tembo Capital Mining Fund LP (Tembo), and
Approval to issue the Tembo convertible loan shares.
During the reporting period Mr Patrick Holywell was appointed as Chief Financial Officer and joint
Company Secretary. He will take over full Company secretarial responsibilities upon the completion of
the relocation of the Company’s corporate office from Melbourne to Perth.
Mr Holywell has a strong background in the minerals resources industry and 12 years of experience in
the accounting and finance sector, including employment at Deloitte and Patersons and with ASX-
listed companies. He holds a Graduate Diploma of Chartered Accounting from the Institute of
Chartered Accountants in Australia and a Bachelor of Commerce Degree from the University of Western
Australia. He is also a member of the Australian Institute of Company Directors.
Regal has cash reserves of AU$665,000 (unaudited) as at 30 September 2015 and has 217,945,458
ordinary shares and 86 million unlisted options on issue.
The Company attended the following industry specific conferences during the reporting period as
strategic marketing initiatives to attract new shareholders and investors:
28-31 July 2015: Sprott-Stansberry Natural Resources Symposium (Vancouver, Canada).
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Regal formed a 100%-held subsidiary company Regal Exploration DRC S.A. The company is registered
in the DRC and will be the entity through which the company operates the Ivanhoe Joint Venture.
On behalf of the Board of Directors,
David Young
Managing Director
For further information, please contact:
David Young
Managing Director / CEO
Regal Resources Limited
Ph: +61 3 9626 2435
Patrick Holywell
Company Secretary / CFO
Regal Resources Limited
Ph: +61 3 9626 2435
Email: [email protected]
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Information Note
Information about the Kalongwe Project referred to above, insofar as it relates to exploration results is
based upon information previously contained in the ASX announcement “Regal acquires an interest in
an advanced high-grade Copper/Cobalt Project in the Katanga Copperbelt, DRC and Regal to Complete
Fundraising and Commence Exploration at the Kalongwe Copper Project, DRC” which contained
information compiled by the Competent Persons: Mr David Young and Dr Simon Dorling, dated and
released to ASX as separate announcements on 14 November, 2012 and on 2 December, 2012. Further
detail can be obtained from the above announcement, which is available from the ASX website,
www.asx.com.au and the Company’s website, www.regalresources.com.au. The Competent Person Mr
David Young is a full time employee of the Company. The Company confirms that it is not aware of any
new information or data that materially affects information as it relates to exploration results included
in the announcements referred to, and that the form and context in which the competent person’s (Mr
David Young and Dr Simon Dorling’s) findings are presented have not been materially modified.
Competent Persons Statement
Scientific or technical information in this release that relates to Exploration Results has been prepared by
Mr David Young and Dr Simon Dorling, the Company’s Managing and Technical Directors. Mr David
Young is a member of the Australian Institute of Mining and Metallurgy (AusIMM) and Dr Simon Dorling
is a member of the Australasian Institute of Geoscientists (MAIG) and both have sufficient experience
which is relevant to the style of mineralisation under consideration and to the activity which they are
undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr David
Young and Dr Simon Dorling consent to the inclusion in this report of the information, in the form and
context in which it appears.
The information in this report that relates to Mineral Resources is based on information compiled by Mr
David Williams, a Competent Person, who is a Member of The Australasian Institute of Mining and
Metallurgy. David Williams is employed by CSA Global Pty Ltd, an independent consulting company. Mr
Williams has sufficient experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves”. David Williams consents to the inclusion in the report of the matters based
on his information in the form and context in which it appears.
The information in this document relating to the Kalongwe Cu-Co Deposit Resource estimate is extracted
from the Company’s ASX announcement entitled ‘Upgraded JORC Resource at Kalongwe 302,000t
Copper and 42,700t Cobalt’ dated 5 February 2015 and is available to view on
www.regalresources.com.au. The Company confirms that it is not aware of any new information or data
that materially affects the information included in the original market announcement and that, in the
case of Mineral Resources or Ore Reserves, all the material assumptions and technical parameters
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underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed.
Assumptions on the process plant, infrastructure, capital & operating costs (excl. mining) as related to
the broader Scoping Study are provided by Mr Clive Hart. Mr Hart is the CEO of DRA Pacific Pty Ltd,
(Perth, Australia), and is a Member of the AusIMM. Mr Botha has sufficient relevant experience to qualify
as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Mineral
Resources and Reserves”. Mr Hart has consented to the inclusion of this information in the document in
the form and context in which it appears.
Assumptions on the metallurgical test work programme and interpretation as related to the broader
Scoping Study are provided by Mr Graeme Miller. Mr Miller is a Director of Miller Metallurgical Services
Pty Ltd, (Brisbane, Australia), and is a Fellow of the AusIMM CP. Mr Miller has sufficient relevant
experience to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for
Reporting of Mineral Resources and Reserves”. Mr Miller has consented to the inclusion of this
information in the document in the form and context in which it appears.
Assumptions on the mining factors, operating costs and mine plan are provided by Mr Ross Cheyne. Mr
Cheyne is the Managing Director of Oreology, (Perth, Australia), and is a Fellow of the AusIMM. Mr
Cheyne has sufficient relevant experience to qualify as a Competent Person as defined in the 2012
edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Cheyne has
consented to the inclusion of this information in the document in the form and context in which it
appears.
Under the JORC Code (2012), Clause 9, consent has been sought and obtained, where applicable, from
the Competent Persons listed above for any initial public release of information related to this report.
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Appendix 5B
Mining exploration entity quarterly report
Appendix 5B
Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.
Name of entity
REGAL RESOURCES LIMITED
ABN Quarter ended (“current quarter”)
23 106 294 106 30 September 2015
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter
$A’000
Year to date
(3 months)
$A’000
1.1 Receipts from product sales and related debtors
- -
1.2 Payments for (a) exploration and evaluation
(b) development
(c) production
(d) administration
(38)
-
-
(388)
(38)
-
-
(388)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature received 3 3
1.5 Interest and other costs of finance paid (79) (79)
1.6 Income taxes paid - -
1.7 Other – care and maintenance / rehabilitation costs (35) (35)
Net operating cash flows
(537)
(537)
Cash flows related to investing activities
1.8 Payment for purchases of: (a)prospects
(b)equity investments
(c)other fixed assets
-
-
-
-
-
-
1.9 Proceeds from sale of: (a)prospects
(b)equity investments
(c)other fixed assets
-
-
-
-
-
-
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other – Funds advanced to Associated company,
Kalongwe Mining SA
- Deposits refunded
- Deconsolidation of Regal SK SPRL
(214)
22
(200)
(214)
22
(200)
Net investing cash flows
(392)
(392)
1.13 Total operating and investing cash flows (carried
forward)
(929) (929)
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Appendix 5B
Mining exploration entity quarterly report
1.13 Total operating and investing cash flows (brought
forward)
(929) (929)
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) (3) (3)
Net financing cash flows
(3) (3)
Net increase (decrease) in cash held
(932)
(932)
1.20 Cash at beginning of quarter/year to date 1,597 1,597
1.21 Exchange rate adjustments to item 1.20 - -
1.22 Cash at end of quarter 665 665
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities Current quarter
$A'000
1.23
Aggregate amount of payments to the parties included in item 1.2
114
1.24
Aggregate amount of loans to the parties included in item 1.10
-
1.25
Explanation necessary for an understanding of the transactions
Wages and Consultancy fees paid to directors and director related entities during the quarter.
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
Nil
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
Nil
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Appendix 5B
Mining exploration entity quarterly report
Financing facilities available Add notes as necessary for an understanding of the position.
Amount available
$A’000
Amount used
$A’000
3.1 Loan facilities
- -
3.2 Credit standby arrangements
- -
Estimated cash outflows for next quarter $A’000
4.1 Exploration and evaluation / funds advanced to Associated
company - Kalongwe Mining SA
145
4.2 Development
-
4.3 Production
-
4.4 Administration
300
Total
445
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in
the consolidated statement of cash flows) to the related items
in the accounts is as follows.
Current quarter
$A’000
Previous quarter
$A’000
5.1 Cash on hand and at bank 665 1,397
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (cash held restricted to expenditure on Regal
SK projects)
- 200
Total: cash at end of quarter (item 1.22) 665 1,597
Changes in interests in mining tenements Tenement
reference
Nature of interest
(note (2))
Interest at
beginning
of quarter
Interest at
end of
quarter
6.1 Interests in mining
tenements
relinquished, reduced
or lapsed
Regal SK
JV Terminated(1)
Refer
Attached
0
6.2 Interests in mining
tenements acquired or
increased
- - - -
Notes: (1) – Regal terminated the Regal SK joint venture in December 2014 in accordance with the terms of the joint venture agreement. Regal
has had no formal involvement in the management of the Regal SK JV since December 2014. Regal has recently been advised that the
transfer of shares has been lodged and Regal therefore no longer owns any shares in the joint venture.
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Appendix 5B
Mining exploration entity quarterly report
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.
Number issued Number quoted Issue value
(cents)
Paid-up value (cents)
7.1 Preference +securities (description)
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns of
capital, buy-backs,
redemptions
7.3 +Ordinary
securities
217,945,458
217,945,458
7.4 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns of
capital, buy-backs,
redemptions
900,000
900,000
5.0
5.0
7.5 +Convertible debt
securities
(description)
30,000,000 5.0 5.0
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns of
capital, buy-backs,
redemptions
7.7
Options (description and
conversion factor)
22,000,000
18,900,000
21,100,000
24,000,000
-
-
-
-
Exercise price
8.0
8.0
8.0
8.0
Expiry date
31/10/2017
28/10/2017
2/12/2017
10/02/2018
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)
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Appendix 5B
Mining exploration entity quarterly report
Compliance statement
1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Law or other standards acceptable
to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 30 October 2015
Print name: Ian Pamensky – Joint Company Secretary
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 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not address a topic,
the Australian standard on that topic (if any) must be complied with.
== == == == ==
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TENEMENT SCHEDULE
Incorporated Joint Venture
with Traxys SA and GICC
(with Traxys and RER
capable of earning up to
80% of Kalongwe Mining
SA)
Tenement No. Tenement Holder Country Province
% held by RER
at end of
Quarter
% disposed of
during Quarter
%
acquired
during
Quarter
Kalongwe PR12198* Kalongwe Mining SA Democratic Republic of Congo Katanga 30 0 0
Notes:
* On 29 October 2015, Regal announced to the ASX that a Mining Licence covering the Tenement had been granted to Kalongwe Mining SA.
Joint Venture with
Afrimines SPRL Tenement No. Tenement Holder Country Province/State
% held by RER
at end of
Quarter *
% disposed of
during Quarter **
%
acquired
during
Quarter
South Kivu PR4790 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4791 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4794 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4795 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4796 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4799 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4800 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4802 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4807 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4808 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4809 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4817 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR5030 Regal SK SPRL Democratic Republic of Congo South Kivu 0 100 0
South Kivu PR4816 Transfer pending Democratic Republic of Congo South Kivu
Notes:
* Regal terminated the Regal SK joint venture in December 2014 in accordance with the terms of the joint venture agreement. Regal has had no formal involvement in the management
of the Regal SK JV since December 2014. Regal has recently been advised that the transfer of shares has been lodged and Regal therefore no longer owns any shares in the joint venture.
** RER held control of Regal SK SPRL, whereby it held a 50% interest in the issued capital of Regal SPRL.
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