29 April 2022
Phone: Fax: Email:
East Perth, WA, 6892, Australia 61 8 9221 6813 61 8 9221 3091admin@nexmetals.com
ABN: 63 124 706 449
The Company Announcements Officer The Australian Securities Exchange Level 40, 152-158 St Georges Terrace Perth WA 6000
Quarterly Report for the Period Ended 31 March 2022
Nex Metals Explorations Ltd (Nex or the Company) provides the following update on recent Company activities.
1. Unconditional Metalicity Ltd (ASX:MCT) takeover bid
As of 2 March 2022, Metalicity has disclosed a substantial shareholder notice of only 32.76%.
Since the end of the previous quarter the bid has been extended on multiple occasions by Metalicity
Ltd, on the 27 January 2022, 10 February 2022 and 24 March 2022.
2. Takeovers Panel applications
There were a number of Takeover Panel applications and matters which are itemised here for Shareholder reference.
14 January 2022
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02475754_PS-6A1072270?access_token=83ff96335c2d45a094df02a206a39ff4
11 February 2022
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02485858_PS-6A1076727?access_token=83ff96335c2d45a094df02a206a39ff4
21 March 2022
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02501248_PS-6A1082748?access_token=83ff96335c2d45a094df02a206a39ff4
3. Annual General Meeting
The Company held its Annual General Meeting (virtually) on 31 March 2022.
The resolutions put forward by Metalicity Ltd under s 203D of the Corporations Act to appoint their own Directors failed at the meeting.
Phone: Fax: Email:
East Perth, WA, 6892, Australia 61 8 9221 6813 61 8 9221 3091admin@nexmetals.com
ABN: 63 124 706 449
4. S249f Notice
The Company was served on 17 February 2022 a 249f notice which is ostensibly to remove the Directors of Nex and appoint their own directors to the Board. We also note they have circulated a letter to shareholders with a number of accusations against Nex and its Directors whilst at the same time spending circa $1.27million of their shareholder funds which has not been approved by Nex under the terms of the Joint Venture and therefore not liable by Nex. The expenditure needs to be approved forward looking not backward looking.
We point out that Nex has lodged Dispute resolutions with Metalicity to no avail only to be served by a dispute resolution by MCT. We consider this an unfortunate and unnecessary approach which surely could be dealt with in a pragmatic and professional manner without unnecessary legal costs.
5. Replacement Target Statement
The Company released a Replacement Target Statement (RTS) on 17 March 2022.
We note that subsequent to Quarters end (28 April 2022) the Takeovers Panel has issued orders with respect to that RTS of which shareholders should take note off.
6. Action in the Supreme Court of Western Australia settled
On 15 November 2021, the Company announced that a writ was issued to KYM Mining Pty Ltd (KYM) (a wholly owned subsidiary of MCT) on the basis that KYM has allegedly breached the Joint Venture Agreement between the Company and KYM. This matter was being tried by way of Supreme Court proceedings with the Statement of Claim (CIV 2220 of 2021) lodged on 16 November 2021.
On 24 January 2022 by CONSENT of both parties, agreed to withdraw the action with each party bearing its own costs, we note this is contrary to Metalicty Ltd statements.
7. Rights Issue
The Company is progressing the proposed rights issue in accordance with the orders of the Takeovers Panel.
The Company is still seeking to raise approximately $3,150,000 AUD and is working closely with its corporate strategic and financial advisor Indian Ocean Capital and ASIC.
The Company is working on the requests of ASIC and once no objections by ASIC the Company will immediately dispatch a notice of meeting seeking shareholder approval for the rights issue.
This announcement is authorised by the Managing Director, Kenneth Allen.
---ENDS---
Phone: Fax: Email:
East Perth, WA, 6892, Australia 61 8 9221 6813 61 8 9221 3091admin@nexmetals.com
ABN: 63 124 706 449
Nex Metals Explorations Ltd
Consolidated Tenement Schedule as at 31 March 2022
NME SCHEDULE - As at 31 March 2022*
L39/34 | Yundamindera |
L39/52 | Yundamindera |
L39/258 | Yundamindera |
M39/84 | Yundamindera |
M39/274 | Yundamindera |
M39/406 | Yundamindera |
M39/407 | Yundamindera |
M39/408 | Yundamindera |
M39/409 | Yundamindera |
M39/410 | Yundamindera |
M39/839 | Yundamindera |
M39/840 | Yundamindera |
P39/6126 | Yundamindera |
P39/6127 | Yundamindera |
L40/9
Lease
KOOKYNIE
E40/332
G40/3
M40/22 Niagara
M40/27 Kookynie
M40/61 Kookynie
M40/77 Niagara
P40/1499 Kookynie
P40/1500 Kookynie
P40/1501 Kookynie
YUNDAMINDERA
Nex Area | Locality | Status | Holder | Area Ha |
Kookynie | Kookynie | Live | Nex Metals Explorations | 600 |
Champion | Live | Nex Metals Explorations | 7.239 | |
Kookynie | Live | Nex Metals Explorations | 1.00 | |
Leipold | Live | Nex Metals Explorations | 121.7 | |
Champion | Live | Nex Metals Explorations | 85.475 | |
Kookynie | Live | Nex Metals Explorations | 832.7 | |
McTavish Hill | Live | Nex Metals Explorations | 119.2 | |
Kookynie | Live | Nex Metals Explorations | 8.17 | |
Kookynie | Live | Nex Metals Explorations | 6.05 | |
Kookynie | Live | Nex Metals Explorations | 21.05 | |
Yundamindera | Live | Nex Metals Explorations | 1.00 | |
Yundamindera | Live | Nex Metals Explorations | 1 | |
Bore | Live | Nex Metals Explorations | 3.18 | |
Yundamindera | Live | Nex Metals Explorations | 378 | |
Yundamindera | Live | Nex Metals Explorations | 230 | |
Yundamindera | Live | Nex Metals Explorations | 124 | |
Yundamindera | Live | Nex Metals Explorations | 896 | |
Yundamindera | Live | Nex Metals Explorations | 785 | |
Yundamindera | Live | Nex Metals Explorations | 966 | |
Yundamindera | Live | Nex Metals Explorations | 978.00 | |
Yundamindera | Live | Nex Metals Explorations | 7.3 | |
Yundamindera | Live | Nex Metals Explorations | 9.7 | |
Yundamindera | Live | Nex Metals Explorations | 10.26 | |
Yundamindera | Live | Nex Metals Explorations | 5.49 |
Kookynie Central
KookynieCentral
Central Central
• * As announced on 20 May 2021 the above tenements will now be held as to 51% Metalicity Ltd and 49% NME
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
Nex Metals Explorations LtdABN 63124706449
Quarter ended ("current quarter")
31 March 2022
Consolidated statement of cash flows | Current quarter $A'000 | Year to date 9 months $A'000 |
| - (43) - - (51) (123) - - - - - 10 | - (145) - - (215) (453) - - - - - 44 |
(207) | (769) |
2.
Cash flows from investing activities
2.1
Payments to acquire or for:
(a) | entities | - | - |
(b) | tenements | - | - |
(c) | property, plant and equipment | - | (7) |
(d) | exploration & evaluation | - | - |
(e) | investments | - | - |
(f) | other non-current assets | - | - |
Page 1 |
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Consolidated statement of cash flows | Current quarter $A'000 | Year to date 9 months $A'000 |
| - - - - - - - - | - - - - - - - - |
- | (7) |
| - - - - 166 - - - (1) | - - - - 305 (6) - - (1) |
165 | 298 |
4. Net increase / (decrease) in cash and cash equivalents for the period |
52
4.1 Cash and cash equivalents at beginning of period
4.2 Net cash from / (used in) operating activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (item 2.6 above)
4.4 Net cash from / (used in) financing activities (item 3.10 above)
488
(207)
(769)
-
(7)
165
298
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Nex Metals Exploration Limited published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 07:31:03 UTC.