BATTERY AGE MINERALS LTD Suite 4.01, Level 4
105 St Georges Terrace
Perth, WA 6000
onlyT. +61 (8) 6102 8072
E. info@pathfinderresources.com.au
Managing Director
Shannon Green
Non-Executive Chairman
Sufian Ahmad
useNon-Executive Director
Hugh Callaghan
Non-Executive Director
Stephen Windle
Company Secretary
Ailsa Osborne
personalE quiries regarding this
ann uncement can be directed to:
C mpany Secretary
Ail a Osborne
T. +61 (8) 6102 8072
For
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29 October 2021
Quarterly Activities Report
- Hamersley Iron Ore Project spin out completed.
- Permitting activities at the King Tut Project continue.
- Electromagnetic geophysical survey of the King Tut Project completed.
- Extensive community relations activities have built strong and supportive relationships with local communities and administrators surrounding the King Tut Project.
Pathfinder Resources Ltd (Pathfinder, PF1 or the Company) is pleased to provide the following summary of activities undertaken during the quarter ended 30 September 2021 (September Quarter).
King Tut Project
Exploration Activities
During the September Quarter, the Company continued to progress permitting for its maiden diamond drilling program.
Geophysics Survey
On 16 August 2021, the Company announced the completion of the planned electric resistivity tomography geophysical survey of the King Tut tenement.
The fieldwork was undertaken by experienced professionals ALH Geophysics (ALH) based in San Juan.
Despite the steep terrain surveyed, see Figure 1 below, the Company was able to safely test the length of 4 of the 5 proposed sections, traversing across the known mineralised veins.
Figure 1: Field Workers Placing Electrodes
The ERT Survey improved the Company's understanding of the size and spatial disposition of inferred mineralised structures which has been used to further optimise the upcoming inaugural drilling program. See Figure 2 below showing planned drill hole locations in reference to the resistive anomaly.
onlyFigure 2: Map showing planned drill pads and resistivity anomaly
usepersonalDiamond Drilling Program Update
As announced on the 16 August 2021, all submissions required, including municipal permitting approvals are now with the Mining and Environmental Administration for final approval.
The Company is engaging with officials through its Argentinian representatives to advance these approvals.
Hamersley Iron Ore Project
ForDivestment of Hamersley Iron Ore Project
On 9 July 2021, the Group together with Lockett Pty Ltd (a subsidiary of ASX listed Cazaly Resources Limited (ASX:CAZ)) executed a Binding Terms Sheet with Equinox Resources Limited (ACN 650 503 325) (Equinox) for the sale of their respective interests in the Hamersley Iron Ore Project. The sale of the Project is conditional upon Pathfinder shareholder approval in accordance with ASX Listing Rule 11.4.1(b), amongst other things.
Equinox has undertaken an initial public offer (IPO) and sought listing on the official list of the Australian Securities Exchange with the prospectus lodged on 31 August 2021. The IPO raised $9 million (before costs) through the offer of 45 million shares, at an issue price of $0.20 per share.
Under the transaction, Pathfinder received 35,000,000 shares and 6,650,000 performance shares and Lockett Pty Ltd received 15,000,000 shares and 2,850,000 performance shares.
In conjunction with the sale of the Hamersley Iron Ore Project, Pathfinder agreed to advance Equinox an amount of up to $320,000 by way of an interest free loan to be used by Equinox to pay the expenses in respect
2 | Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000 |
T. +61 (8) 6102 8072 E. info@pathfinderresources.com.au | |
of the Equinox IPO, to be repaid out of the proceeds of the Equinox IPO. At 30 September the Company had advanced Equinox $221,000 in respect of this loan.
onlyBloom Lake Cobalt Project
On 26 July 2021, the Company issued a Notice of Meeting in respect of the Divestment of the Hamersley Iron Ore Project. The resolution was carried on poll at the meeting held on 27 August 2021.
Completion of the transaction was announced on 12 October 2021, post quarter end.
The Company maintained the tenements comprising the Bloom Lake Cobalt Project in Canada during the September quarter. Activities commenced during the Quarter with 14 samples collected from the Bloom Lake tenements over a 5-day period. The samples have been sent for analysis.
Corporate
Board and Management | ||||
On 23 September 2021, the Company announced the resignation of Managing Director, Shannon Green | ||||
use | ||||
personal | effective 16 November 2021. | |||
Post quarter end, on 5 October 2021, the Company announced the appointment of Dr. Stephen Windle as | ||||
Non-Executive Director. | ||||
598,169 |
Finance
The Company closed the September Quarter with a cash balance of $2,753,031.
At 30 September the Company had advanced a total of $221,000 to Equinox Limited in respect of the loan agreement announced on 9 July 2021. Post the end of the Quarter Equinox repaid the advanced funds in full.
Use of Funds
A comparison of the Company's actual expenditure since admission to the Official List of ASX on 30 October 2020 to 30 September 2021 against estimated expenditure in the Use of Funds statement in the Prospectus is set out below in accordance with ASX Listing Rule 5.3.4. The table also shows the Company's expenditure for the September Quarter, as required by ASX Listing Rule 5.3.1:
Prospectus | Expenditure | Sept Qtr | ||||
since | ||||||
admission | ||||||
Preliminary on ground exploration at the King Tut Project | 453,070 | 54,975 | ||||
Drilling at the King Tut Project | 2,340,422 | 88,455 | 20,371 | |||
King Tut Project management costs | 400,000 | 288,115 | 89,199 | |||
Repayment of debt to creditors | 550,000 | 579,951 | - | |||
M&A budget for complementary assets2 | 749,859 | 270,641 | 215,024 | |||
Expenses of the Offers1 | 510,000 | 860,817 | - | |||
For | 700,000 | 584,453 | 227,787 | |||
Administration costs | ||||||
Working capital 3 | 460,051 | 429,967 | 51,889 | |||
6,308,501 | 3,555,469 | 659,245 |
1. Expenses of the Offers - variance $350,817
As reported in the quarter ended 31 December 2020, Additional Legal, Compliance and Regulatory costs associated with the offer.
3 | Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000 |
T. +61 (8) 6102 8072 E. info@pathfinderresources.com.au | |
2. Vendor Loan Agreement - Equinox Resources Limited
Included in M&A budget for complementary assets is the advance to Equinox of $221,000. As announced on only9 July 2021, in conjunction with the sale of the Hamersley Iron Ore Project, Pathfinder agreed to advance an amount of up to $320,000 by way of an interest free loan to be used by Equinox to pay the expenses in respect of the Equinox IPO, the fund advanced to be repaid out of the proceeds from the Equinox IPO,
repayment of the loan was made post quarter end on 15 October 2021.
3. Working Capital - Legal Fees Airguide
Included against the Working Capital budget are the legal fees associated with the defence of the Airguide claim and filings as required by SIAC prior to commencement of the Arbitration Hearing. At the date of this announcement the matter has not been heard before the Arbitrator.
usePayments to Related Parties
Pursuant to section 6 of the Company's Appendix 5B, and as required under ASX Listing Rule 5.3.5, during the Quarter the Company paid $18,000 in accrued and current Directors' fees.
personalThis announcement has been approved by the Board of Pathfinder Resources Ltd.
For further information, please contact:
Shannon Green | Managing Director
Phone: +61 8 6102 8072
Email:info@pathfinderresources.com.au
www.pathfinderresources.com.au
For
4 | Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000 |
T. +61 (8) 6102 8072 E. info@pathfinderresources.com.au | |
For personal use only
5
Interests in Mining Tenements at 30 September 2021
Western Australia1 | M47/1450 | Granted | 70% |
Canada, Bloom Lake | 221266, 221267, 229223 | Granted | 100% |
243759, 251792, 251793 | |||
251794, 287807, 308044 | |||
325202, 336173, 582713 | |||
582714 | |||
Argentina2 | 168-L-1939 | Granted | 100% |
66-C-2005 | Granted | 100% | |
28-L-2011 | Pending approval | 100% |
- Pathfinder's interest in the Hamersley Iron Ore Project is by way of an unincorporated joint venture with Lockett Fe Pty Ltd, a subsidiary of Cazaly Resources Ltd.
- Pathfinder's interest in the Tenements located in the La Rioja Province in Argentina are held through its wholly owned subsidiaries Blue Gold Mining Pty Ltd (BGM) and Sandrino Gold Pty Ltd (SG) which, through their respective Argentine subsidiaries Tres Elementos SA (TESA) and Tecno Minera SA (TMSA), collectively own the Tenements the subject of the King Tut Project.
Compliance Statement
This announcement contains information relating to a Mineral Resource in respect of the Hamersley Iron Ore Project extracted from an ASX market announcement entitled "Hamersley Iron Ore Project Mineral Resource JORC Code 2012" released by Pathfinder on 23 February 2021 and reported in accordance with the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). The original market announcement is available to view on www.pathfinderresources.com.au and www.asx.com.au. Pathfinder 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 (as that term is defined in the JORC Code) that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
Forward Looking Statements
Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000
T. +61 (8) 6102 8072 E. info@pathfinderresources.com.au
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Pathfinder Resources Ltd. published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 06:07:11 UTC.
