quarterly activities report june 2018 - new century …...office level 4, 360 collins street,...

Office Level 4, 360 Collins Street, Melbourne VIC 3000 Phone +61 (3) 9070 3300 Email [email protected] Website www.newcenturyresources.com 1 / 15

ASX / MEDIA ANNOUNCEMENT ASX: NCZ

Quarterly Activities Report June 2018

Operations Highlights • Refurbishment and commissioning process on track for August 2018 operations

• Total refurbishment and commissioning cost estimates for the Century restart

remain in line with the Restart Feasibility Study

• Operations & Maintenance Contract awarded to Sedgman

• Successful commissioning of the Concentrate Slurry Pipeline

• Dredging program underway at the Port of Karumba

• Successful reinstatement of grid power connection to site

• Century Expansion PFS continuing, assessing potential for the near term

development of insitu Mineral Resources

• 2018 exploration drilling and IP survey program continuing

Corporate Highlights • Signing of a significant Cultural Heritage Agreement to allow the potential

development of the South Block Mineral Resource

• Finalisation of further zinc concentrate offtake agreements, now totalling of 80%

of initial production from the Century operations

• Completion of A$40M fully underwritten placement to fund Century restart

• Release of an Independent Technical Report from SRK Consulting

• New Century entered into the ASX 300

• Award of landmark Indigenous Training Contract

New Century Resources Limited (Company or New Century) (ASX:NCZ) is pleased to provide an update on progress toward the restarting of operations at the Century Zinc Mine during the June quarter of 2018.


Operational Developments

Century on Track for August 2018 Operations

During the quarter the Company continued to make strong progress towards the restart of operations at the Mine and remains on target for first production of concentrate in August 2018.

Separate to this Quarterly Activities Report, the Company has throughout the quarter released Monthly Development Updates (in both May and June) covering the progression toward the restarting of operations at Century. These updates are available via New Century’s ASX platform (see announcements dated 31 May 2018 and 02 July 2018).

In addition, the Company plans to release the Monthly Development Update for July shortly, which will provide the most up to date snapshot of restart activities to date.

Execution of Operations & Maintenance Contracts

During the quarter, the Company announced the execution of a long term services contract with Sedgman Pty Ltd (Sedgman) for the operation and maintenance of the Century processing plant, pipeline and port facilities.

The executed Operations and Maintenance Contract is for an initial period of five years, with an option to extend at New Century’s election.

Figure 1: New Century and Sedgman site teams currently undertaking refurbishment and commissioning works


In November 2017 Sedgman provided the Restart Feasibility Study for the Century Mine and subsequently commenced engineering, procurement and operational readiness activities in December 2017. They have also been the lead contractor undertaking the refurbishment and commissioning works for the Mine and Port Facility.

Successful Commissioning of the Concentrate Slurry Pipeline

During the quarter and subsequent to the quarter’s end, the Company successfully completed the refurbishment and commissioning activities associated with the Concentrate Slurry Pipeline.

These activities included:

- the removal of a previously stuck cleaning pig at the 43km mark; - reconnection of the pipeline and rehabilitation of the excavated area; - hydrostatic testing of the entire 304km long pipeline; - successful running of two cleaning pigs along the entire length of the pipeline; and - commissioning and operational ramp up of all three Wirth Pumps used to pump

concentrate from the Lawn Hill Mine site to the Karumba Port Facility.

The Slurry Pipeline is now filled with water, pressurised and awaiting concentrate production.

Figure 2: New Century Operational Support Officer Jeff Langton (left) and Ausenco Project Engineer Christian Small (right) with the second cleaning pig used to successfully commission the Concentrate Slurry Pipeline


Dredging Program Underway at the Port of Karumba

During the quarter the Company announced the recommencement of annual dredging at the Port of Karumba. The 2018 dredging program involves a $6.8M commitment solely funded by New Century and represents the first dredging activities to be undertaken at Karumba since early 2016.

Since the acquisition of the Century Zinc Mine in March 2017, New Century has been working with Ports North to re-establish dredging operations to allow uninterrupted zinc concentrate transhipment operations. Dredging to a depth of 3.2m provides for ongoing transhipment of up to 5,000t parcels of zinc concentrate from New Century’s wharf at Karumba to the bulk cargo export vessels located ~20km offshore in the Gulf of Carpentaria.

The dredging also provides significant benefits to third party users of the Karumba Port area, allowing expansion of existing cattle export and commercial fishing operations.

The dredging program ran for approximately 60 days and was completed on 19 July 2018.

Figure 3: Dredging area at the mouth of the Norman River in Karumba


Successful Reinstatement of Grid Power to the Century Mine Site

During the quarter and subsequent to the quarter’s end, the Company successfully executed all required agreements, refurbishment works and commissioning activities for the reinstatement of the grid power connection to the Century Mine.

The first power direct from the grid was utilised on the 14th of July as part of the planned ramp up in power requirements associated with commissioning activities.

These activities follow on from the successful execution of a long term Gas Supply Agreement (GSA) with Santos Limited (ASX:STO) for the supply of gas direct to Mt Isa power generation facilities.

The Mine still maintains 7MW of backup diesel power generation.

Figure 4: Regional map showing the Century Mine location with supporting gas and power infrastructure


Expansion Prefeasibility Study Continuing

During the quarter the Company commenced the Expansion PFS to investigate the incorporation of Century’s existing in-situ Mineral Resources into the current tailings only mine plan.

As shown in Figure 5 below, New Century is currently executing Phase 1 of the recommencement of operations at Century. Phase 1 involves refurbishment of approximately half the existing Century Processing Plant, allowing for an 8Mtpa tailings reprocessing operation to occur.

As outlined in the Restart Feasibility Study (see ASX announcement 28 November 2017), once operational at 8Mtpa, the operations are scheduled to ramp-up in Phase 2 to 15Mtpa on tailings via refurbishment of the remainder of the Plant.

Figure 5: A proposed PFS flowsheet to be assessed (Blue Area: 8Mtpa capacity tailings reprocessing circuit, Orange Area: Expansion to either 15Mtpa capacity tailings OR in-situ Resource processing circuit)

While Phase 1 is fully committed and on schedule for completion in August 2018, the PFS associated with this announcement will assess the potential for an improved project value proposition via replacing the Phase 2 expansion on tailings to instead utilise the Company’s current in-situ Mineral Resource base located within the South Block, East Fault Block and Silver King Deposits.

New Century considers that the PFS has the potential to increase the previously announced (tailings only) 6.3 year mine life and 264,000tpa full scale zinc metal production. Different


blending strategies, as well as plant configurations will be investigated to determine the optimum pathway for zinc and lead production from the expanded operations.

The PFS is expected to be completed in September 2018 and the selected mine plan and plant configuration from the PFS will form the basis of detailed design work. Pending the successful outcome of this work, the selected flow sheet will then be progressively incorporated into site operations.

2018 Exploration Drilling & IP Program Continuing

During the quarter the Company announced the initiation of its 2018 Exploration Program, beginning with an initial 2,500m drilling program and >100 line km Induced Polarisation (IP) survey. In addition, the Company also successfully applied for 876km2 of new tenements in the region.

2018 IP Survey Program

Since acquiring the Project in March 2017, the New Century Exploration Team has reviewed substantial historical data in order to assess the potential for further targeted exploration and discovery of large scale sediment hosted ore bodies across the existing tenements.

As part of the historical review, New Century reviewed work completed by CRA/Rio Tinto, the company responsible for the discovery of the original Century deposit. Of particular note was a case study by CRA/Rio Tinto which demonstrated that the mineralisation associated with the Century ore body responded to IP and this geophysical technique was the best method for identifying the host rocks associated with the Century deposit.

Despite this observation, the New Century Exploration Team consider that IP has been relatively under-utilised during historical exploration programs, particularly in areas where the Century horizon is buried to a depth of less than 300m.

There are four areas which were initially chosen for an extensive program of IP, as shown in Figure 6 below. These areas are located on EPM10544 and share the characteristics of having interpreted Century host rocks present at less than 300m depth, major fault structures either known or interpreted (faults are perceived as the conduits for ore-forming fluids), and also have a degree of cover that has limited past exploration.

During the quarter the Company also identified an additional prospective zone for further Century style mineralisation, located on the Mining Lease itself. As a result, the IP program has been expanded to cover this area.

New Century will provide an announcement on any material developments associated with this IP program when it becomes available.


Figure 6: Overview of Century tenements with 2018 exploration drilling and IP survey areas

2018 Drilling Program

The New Century Exploration Team has also carried out a comprehensive review of near mine geology at the Century Mine. As a consequence of the structural complexity adjacent to the original Century deposit, it is not considered that sufficient definition work has been completed to discount the potential for further discovery of potentially economic mineralisation in the local vicinity of the original Century deposit.

The initial part of the 2018 Drilling Program at Century has focused on targets along strike or adjacent to the existing resources, in particular a cluster of untested historical IP anomalies within close proximity to the historical Century deposit.

To date no significant mineralisation has been detected in association with the identified historical IP anomalies or large step out strike extents of the existing resources. The Company is now planning to continue its 2018 Drilling Program focusing on targets which are developed from the current IP program.


Corporate Developments

Cultural Heritage Agreement Signing for South Block Development Access

During the quarter the Company announced it had executed a Cultural Heritage Management Plan (CHMP) with the Waanyi Registered Native Title Body Corporate (Waanyi PBC), providing Traditional Owner consent required for potential development of the South Block Resource.

Figure 7: Location of the South Block Mineral Resource

The CHMP is an instrument under Queensland’s Aboriginal Cultural Heritage Act (2003). The compensation arrangements associated with the CHMP provide ongoing direct benefits to the Waanyi People, with the parties also signing a Mining Services Agreement (MSA) with the Waanyi Downer Joint Venture (WDJV) to undertake works associated the mining of South Block.

The WDJV is a 50:50 joint venture between Waanyi Enterprises Pty Ltd and Downer EDI Mining Pty Ltd, representing the interests of both the Waanyi People (Traditional Owners of the Century Mining Lease area) and Downer Group’s Mining Services Division. The WDJV is Chaired by Mr Warren Mundine, former Head of the Prime Minister’s Indigenous Advisory Council.

The WDJV has already been engaged at the Century Mine through ongoing care and maintenance works and delivery of training and development programs for local Indigenous Peoples.

The incorporation of the MSA within the compensation arrangements for a CHMP is a first for the mining industry and provides a viable mechanism to properly recognise the significant value of


Indigenous Cultural Heritage, while also empowering Traditional Owner communities with mining developments occurring within their traditional lands.

South Block is located on the southernmost portion of the original Century ore body and directly adjacent to the Century Processing Plant.

Figure 8: View facing West of the South Block Mineral Resource

Finalisation of Further Offtake Agreements Totalling 80% of Initial Production

During the quarter the Company announced the execution of an additional long term offtake agreements for zinc concentrate produced from the Century Zinc Mine with experienced commodity traders MRI Trading AG (MRI) and Concord Resources Limited (Concord).

The execution of these offtake results from New Century’s concentrate tender process, which was initiated in Q4 2017. The tender process received strong participation from both zinc smelters and commodity traders alike, with 11 interested parties submitting indicative offers.

The total tender offering was for up to 1.5Mt of zinc concentrate from the Century Zinc Mine, representing production from approximately the first 3.5 years of operations.

The five offtakes executed to date have resulted in New Century contracting approximately 80% of its scheduled initial production for the first 3.5 years of operations.

The offtake agreement with MRI also includes a US$15M (~A$20.5M) unsecured debt facility for use as general working capital for operations at the Century Mine. The debt facility is structured as a prepayment for zinc concentrates to be delivered under the offtake agreement, with the period for delivery of concentrate or repayment being 120 days from drawdown. Drawdown on the debt facility is conditional upon, amongst other things, the commencement of commercial production of zinc concentrate at the Century Zinc Mine.


Completion of A$40M Fully Underwritten Placement

During the quarter the Company completed a fully underwritten placement of A$40 million at a price of $1.15/share to fund the final development of Century into operations. The raise involved the issue of approximately 36 million shares, bringing New Century’s total current shares on issue to approximately 504 million.

In connection with the placement, New Century determined not to proceed with the Sprott facility (see ASX announcement 11 October 2017), providing the Company with greater financial flexibility given the restrictions on timing of the use of funds and other encumbrances required as part of a senior, secured debt facility proposed by Sprott.

Release of Independent Technical Due Diligence Report from SRK Consulting

During the quarter the Company received the final draft of a fully independent Due Diligence Report, completed by SRK Consulting, relating to New Century’s development plans at the Century Zinc Mine.

The Company subsequently released the full version of the independent report (see ASX announcement 30 April 2018).

Entry into the ASX 300 Index

During the quarter New Century Resources was officially inducted into the S&P/ASX 300 Index.

The move into the ASX 300 represents an important milestone for the Company, providing additional exposure and potential access to index based investors.

Landmark Indigenous Training Contract

During the quarter the Company announced it had awarded a landmark contract to the WRJV for the provision of on-going training services for Aboriginal and Torres Strait Islander people local to the Century Mine.

In addition to providing broad community training and upskilling programs, the Training Contract awarded to the WRJV will incorporate a strategy to prepare potential employees for specific operational roles at the Century Mine. The training program also addresses key obligations outlined in the Gulf Communities Agreement (the existing Native Title Agreement for the Century Mining Leases) which becomes reinvigorated as production at the Century Mine restarts in August this year.

The Training Contract represents another significant step forward in the strengthening of the relationship between New Century and the WDJV, who since July 2016 have been actively carrying out care and maintenance and rehabilitation activities at Century Mine.


Lawn Hill & Riversleigh Pastoral Holding Company

New Century maintains a 49% interest in the Lawn Hill & Riversleigh Pastoral Holding Company (LHRPHC), which manages two cattle stations adjoining the Century Mining Leases which total approximately 7,000km2 in area. The LHRPHC currently runs approximately 35,000 head of cattle across the two stations.

Further information on the LHRPHC can be found at http://www.lhrphc.com.au/.

During the quarter the Company continued correspondence the Waanyi SPC Pty Ltd (SPC), the holder of the other 51% of shares in the LHRPHC, around potential mechanisms for divestment of New Century’s stake in the Company.

Subsequent to the quarter’s end, New Century received a conditional offer from a third party for the acquisition of its interest in the LHRPHC.

New Century is maintaining dialogue with both SPC and the third party to agree the best course of action for Company and ultimately provide the most suitable outcome for the Waanyi People as Traditional Owners of the land.

New Century will advise the market of any material developments associated with the potential divestment of its stake in the LHRPHC if and when they arise.

Other Projects: Kodiak Coal Project (NCZ 70%)

The Kodiak Coal Project is currently on care and maintenance.

The Company continues to consider options with regard to the future of the Kodiak Coking Coal Project in Alabama, USA, including assessing options in relation to financing, joint venture opportunities or a disposal of the asset.

For further information please contact:

Patrick Walta – Managing Director +61 (08) 6142 0989

Shane Goodwin – Head of Corporate Affairs +61 434 039 106

http://www.lhrphc.com.au/


Statement of JORC 2012 Compliant Resources & Reserves

Mineral Resources

Tonnes (Mt) Zn (%) Pb (%) Ag

(g/t) Zn (t) Pb (t) Ag (Oz)

South Block (Indicated) 6.1 5.3 1.5 43 322,000 90,000 8,550,000

Silver King (Inferred) 2.7 6.9 12.5 120 186,000 337,500 10,500,000

East Fault Block (Inferred) 0.5 11.6 1.1 48 60,000 5,500 800,000

TOTAL 9.3 6.1 4.7 66 568,000 433,000 19,850,000

Ore Reserves Tonnes (Mt)

ZnEq (%) Zn (%) Ag

(g/t) Zn (t) Pb (t) Ag (Oz)

Century Tails (Proved) 77.3 3.1 3.0 12 2,287,662 - 29,734,819

Zinc Equivalent Calculation

ZnEq was calculated for each block of the Century Tailings Deposit from the estimated block grades. The ZnEq calculation takes into account, recoveries, payability (including transport and refining charges) and metal prices in generating a zinc equivalent value for each block grade for Ag and Zn. ZnEq = Zn%+ + Ag troy oz/t*0.002573. Metal prices used in the calculation are: Zn US$3,000/t, and Ag US$17.50/troy oz.

Competent Persons Statement

Mineral Resources

The information in this announcement that relates to Inferred Mineral Resources on the Silver King Deposit and the East Fault Block Deposit was first reported by the Company in its prospectus released to ASX on 20 June 2017, and the South Block Deposit was first reported by the Company to the ASX on 15 January 2018. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.


Ore Reserves

The information in this announcement that relates to the Ore Reserve at the Century Tailings Deposit was first reported by the Company in its ASX announcement titled "New Century Reports Outstanding Feasibility Results that Confirm a Highly Profitable, Large Scale Production and Low Cost Operation for the Century Mine Restart" dated 28 November 2017. 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 in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.


Appendix 1:

The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 30 June 2018:

Project Location Status Interest

Century Zinc Mine Queensland, Australia

ML 90058 Lawn Hill Granted 100%

ML 90045 Lawn Hill Granted 100%

EPM 10544 Lawn Hill Granted 100%

EPM 26722 Lawn Hill Application 100%




EPM 26868* Lawn Hill Application 100%

EPM 26873* Cloncurry Application 100%

EPM 26874* Lawn Hill Application 100%



Kodiak Coking Coal Project Alabama, USA

Coke Seam, Gurnee Property Shelby & Bibb Counties Lease 70%

Atkins Seam, Gurnee Property Shelby & Bibb Counties Lease 70%

Gholson Seam, Gurnee Property Shelby & Bibb Counties Lease 70%

Clark Seam, Gurnee Property Shelby & Bibb Counties Lease 70%

* Applications for these tenements were submitted during the quarter.No tenements were disposed of during the quarter.

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+ See chapter 19 for defined terms 1 September 2016 Page 1

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

NEW CENTURY RESOURCES LTD

ABN Quarter ended (“current quarter”)

53 142 165 080 30 JUNE 2018

Consolidated statement of cash flows Current quarter $A’000

Year to date (12 months) $A’000

1. Cash flows from operating activities 128 249 1.1 Receipts from customers

1.2 Payments for

(849) (11,826) (a) exploration & evaluation

(b) development (26,630) (33,778)

(c) production - -

(d) staff costs (2,141) (4,971)

(e) administration and corporate costs (1,020) (4,574)

1.3 Dividends received (see note 3) - -

1.4 Interest received 188 531

1.5 Interest and other costs of finance paid 3 (7)

1.6 Income taxes paid - -

1.7 Research and development refunds - -

1.8 Other (MMG support fees) - (1,935)

1.9 Net cash from / (used in) operating activities

(30,321) (56,311)

2. Cash flows from investing activities

(333) (2,709)

2.1 Payments to acquire:

(a) property, plant and equipment

(b) tenements (see item 10) (67) (263)

(c) investments - -

(d) other non-current assets (1,584) (1,778)





2.2 Proceeds from the disposal of:

185 1,494 (a) property, plant and equipment

(b) tenements (see item 10) - -

(c) investments - -

(d) other non-current assets 33 33

2.3 Cash flows from loans to other entities - -

2.4 Dividends received (see note 3) - -

2.5 Other – Cash on acquisition of Century Mining Ltd

- 4,733

2.6 Net cash from / (used in) investing activities

(1,766) 1,510

3. Cash flows from financing activities 41,732 94,669 3.1 Proceeds from issues of shares

3.2 Proceeds from issue of convertible notes - -

3.3 Proceeds from exercise of share options - 400

3.4 Transaction costs related to issues of shares, convertible notes or options

(1,894) (4,769)

3.5 Proceeds from borrowings - -

3.6 Repayment of borrowings - -

3.7 Transaction costs related to loans and borrowings

(63) (332)

3.8 Dividends paid - -

3.9 Other – MMG Support fee received (March quarter) and Oversubscription funds refunded (September quarter)

- 5,461

3.10 Net cash from / (used in) financing activities

39,775 95,429

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

38,557 5,606 4.1 Cash and cash equivalents at beginning of

period

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

(30,321)

(56,311)

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

(1,766)

1,510

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

39,775

95,429





4.5 Effect of movement in exchange rates on cash held

4

15

4.6 Cash and cash equivalents at end of period

46,249*

46,249

*See Section 8 below with respect to US$15m working capital facility not included in above total

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter $A’000

Previous quarter $A’000

5.1 Bank balances 16,749 3,557

5.2 Call deposits 29,500 35,000

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)

46,249*

38,557

*See Section 8 below with respect to US$15m working capital facility not included in above total

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

6.1 Aggregate amount of payments to these parties included in item 1.2 830

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

-

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

Payments to directors/director associates for director fees, legal fees and other fees

7. Payments to related entities of the entity and their associates

Current quarter $A'000

7.1 Aggregate amount of payments to these parties included in item 1.2 71

7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3

-

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

Payments to key management personnel



8. Financing facilities available Add notes as necessary for an understanding of the position

Total facility amount at quarter end

$A’000

Amount drawn at quarter end

$A’000

8.1 Loan facilities - -

8.2 Credit standby arrangements - -

8.3 Other (MRI Trading working capital facility) US$15,000* -

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

*Per the Company's ASX announcement dated 23 April 2018, the Company has a US$15m unsecured debt facility for use as general working capital for operations at the Century Mine from offtake party MRI Trading. The debt facility is structured as a prepayment for zinc concentrates to be delivered under the offtake agreement, with the period for delivery of concentrate or repayment being 120 days from drawdown. Drawdown on the debt facility is conditional upon, amongst other things, the commencement of commercial production of zinc concentrate at the Century Zinc Mine. Note also that whilst not a finance facility, the Company receives payments from MMG Limited per the funding package outlined in the Company’s prospectus dated 20 June 2017 (see Section 10.2(e) of the prospectus for further information). Bi-annual payments of $5.75m are receivable, with payment received on 3 July 2018.

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

9.1 Exploration and evaluation 312

9.2 Development 19,036

9.3 Production 20,490

9.4 Staff costs 2,987

9.5 Administration and corporate costs 3,171

9.6 Other (provide details if material) * (18,351)*

9.7 Total estimated cash outflows 27,645

* Expected other cash flows are $5,750 received from MMG on 3 July 2018 and $12,601 from the sale of zinc concentrate (8,000 dmt of concentrate).

10. Changes in tenements (items 2.1(b) and 2.2(b) above)

Tenement reference and location

Nature of interest Interest at beginning of quarter

Interest at end of quarter

10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced

NA

-

-

-

10.2 Interests in mining tenements and petroleum tenements acquired or increased

NA

-

-

-



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.

Sign here: ............................................................ Date: 31 July 2018 (Managing Director)

Print name: Patrick Walta

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 that wishes to discloseadditional information is encouraged to do so, in a note or notes included in or attached to thisreport.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards,the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resourcesand AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has beenprepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flowsfrom investing activities, depending on the accounting policy of the entity.

quarterly activities report june 2018 - new century …...office level 4, 360 collins street,...

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