FINDERS RESOURCES LIMITED - Copper cathode produced for April 2017 was 2,174 tonnes
- Copper cathode produced for May 2017 was 2,401 tonnes
- Unaudited C1 cash cost for April 2017 was US$1.00/lb
- Unaudited C1 cash cost for May 2017 was US$0.98/lb Corporate
- 22.9 million options expired unexercised on 6 June 2017
- Outstanding options now 31.3 million with an exercise price of 25.56 cents
Managing Director Barry Cahill commented: "Operators at the Wetar Copper Project continue to improve with the performance of the SX‐EW plant in May exceeding the production rate required to achieve 28,000 t.p.a. copper cathode. Unit costs continue to perform, with potential for further reductions as the production profile increases."
Contacts: Mr Gary Comb Non‐Executive Chairman
Mr Barry Cahill Managing Director Mr James Wentworth Chief Financial Officer
Phil Retter Investor Relations NWR Communications phil@nwrcommunications.com.au
T: +61 407 440 882
Perth Office: 25 Colin Street West Perth WA 6005 T: +61 8 6555 3992 F: +61 8 6555 3998
E: info@findersresources.com
ASX Code: FND
www.findersresources.com
WETAR COPPER PROJECT (FINDERS 74.1%)Finders Resources Limited ("Finders" or "the Company") is pleased to update that the performance of the 3,000
t.p.a. and 25,000 t.p.a. SX‐EW plant continues to improve with April 2017 production of 2,174 tonnes of copper cathode followed by record monthly production of 2,401 tonnes of copper cathode in May 2017. The following graph below shows the improving production profile from the plant, with the May production exceeding the annualised production target of 28,000 t.p.a. copper cathode.
3,000
Copper cathode tonnes
2,500
2,000
1,500
1,000
500
0
3kt plant 25kt plant 28,000 t.p.a. copper cathode
Graph 1 - Copper Cathode Production 2016/17The higher production levels have continued into June and the Wetar Project is on track to set a new quarterly production record for the June 2017 quarter as outlined in the following graph.
7,000
6,000
Copper cathode tonnes
5,000
4,000
3,000
2,000
1,000
0
Mar‐16 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17
3kt plant 25kt plant Forecast 28,000 t.p.a. coppercathode
Graph 2 - Quarterly Copper Cathode ProductionThe unaudited C1 cash cost for April 2017 was US$1.00 per pound of copper produced, which is below the life of mine estimate of US$1.05 per pound of copper. This result was followed by an unaudited cash cost of US$0.98/lb for May 2017. The June 2017 quarter unit cost at forecast production is also expected to improve on the March 2017 quarter cost of US$1.03 per pound.
CORPORATEType of Security | Number on Issue |
Fully Paid Ordinary Shares ("Shares") ‐ Quoted on ASX | |
Shares on issue at 14 June 2017 - Quoted on ASX | 761,267,245 |
Unlisted Employee Shares | No. of Shares |
Capital Structure
Employee shares issued under the Finders Employee Share Ownership Plan at issue prices of 19c to 21c funded by loans from the company | 600,000 |
Vested and unvested Director's incentive Shares issued at issue prices from 20.08 cents to 30.08 cents funded by loans from the company and subject to performance and time based vesting conditions | 10,500,000 |
Unlisted Employee Shares on issue at 14 June 2017 | 11,100,000 |
Unlisted Options Exercise Price Expiry Date | No. of Options |
A$0.2556 22 Oct 2017 31,298,904
Unlisted Options on issue at 14 June 2017 | 31,298,904 | ||
Unlisted Converting Notes | Conversion Price | Maturity Date | No. of Shares |
US$5,500,000 | A$0.427 | 16 Mar 2018 | 12,248,538 |
Finders Resources Limited published this content on 15 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 June 2017 03:24:08 UTC.
Original documenthttp://findersresources.com/wp-content/uploads/2017/06/Confirmation-of-Release-Wetar-Copper-Project-Update.pdf
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