september 2015 - asx · 2015. 10. 30. · regal presented at the sprott -stansberry natural...

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

E [email protected]

W www.regalresources.com.au

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http://www.regalresources.com.au/

11 Ventnor Avenue, Ground Level, West Perth, Western Australia, Australia 6872

P: 618 6355 6888 | www.regalresources.com.au | ACN 106 294 106

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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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mailto:[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


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


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


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


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 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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september 2015 - asx · 2015. 10. 30. · regal presented at the sprott -stansberry natural...

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