ORION METALS LIMITED For personal use only
ORION METALS LIMITED (ASX: ORM)
ACTIVITIES REPORT FOR QUARTER ENDING
30 November 2021
EXPLORATION ACTIVITIES
No exploration activities were conducted at the Top Camp Project during the reporting period, being Orion Metal's only remaining exploration project, sale of which has been completed since period-end.
As previously announced, Orion entered into an exclusive binding Terms Sheet with Mayfair Corporations Group Pty Ltd ("Mayfair") in respect of the sale and purchase of the 4 mining leases ("Tenements") comprising the Top Camp Project for a total of $500,000 and on 13 July 2021 a formal Sale of Tenements Agreement was signed to replace the Terms Sheet.
Sale of the Top Camp tenements was approved by shareholders at the Company's Annual General Meeting ("AGM") held on 14 July 2021 and transfer documentation was lodged with the Queensland Department of Resources ("QDoR") on 19 July 2021.
QDoR approved the transfer of the Tenements to Mayfair on 1 December 2021 and, following satisfaction of all sale conditions, the purchase price of $500,000 was released from escrow and paid to Orion on 15 December 2021.
Project Update
TOP CAMP PROJECT
GOLD COPPER PROJECT
40 km south of Cloncurry, North Queensland ML 2764, ML 2785, ML 2786, ML 2792. The Top Camp mining leases were all 100% Orion Metals owned.
Orion entered into a Sale of Tenements Agreement with Mayfair on 13 July 2021 in respect of the sale and purchase of the 4 mining leases comprising the Top Camp Project. Sale of the Tenements was completed with receipt of the purchase price of $500,000 released from escrow and paid to Orion on 15 December 2021 following satisfaction of all sale conditions. Completion followed QDoR approval on 1 December 2021 of the transfer of the Tenements to Mayfair.
Renewal applications for ML 2785, 2786 and 2792 - with a common expiry date of 28 February 2026 - were lodged with the QDoR during previous reporting periods and passed technical assessment. The grant of the renewals is now proceeding following QDoR approval of the transfer application to Mayfair.
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For personal use only
PROJECT LOCATION MAP
TENEMENT SCHEDULE
ORM TENEMENT LIST at 30 November 2021
Tenement | Location | Registered | Status | Granted | Expiry | Area | |||||||||||
ID | Holder * | Date | Date | (Hectares) | |||||||||||||
TOP CAMP PROJECT - QLD | |||||||||||||||||
ML 2764 | SSW of Cloncurry | ORM 100% | Granted | 19/01/1989 | 31/01/2025 | 103 | |||||||||||
ML 2785 | SSW of Cloncurry | ORM 100% | Granted | 6/02/1992 | 28/02/2026 | 129.2 | |||||||||||
ML 2786 | SSW of Cloncurry | ORM 100% | Granted | 15/02/1990 | 28/02/2026 | 70 | |||||||||||
ML 2792 | SSW of Cloncurry | ORM 100% | Granted | 6/02/1992 | 28/02/2026 | 103.5 |
- Orion entered into a Sale of Tenements Agreement with Mayfair Corporations Group Pty Ltd on 13 July 2021 in respect of the sale and purchase of the 4 mining leases comprising the Top Camp Project. Queensland Department of Resources approved the transfer of the tenements to Mayfair on 1 December 2021 and formal completion occurred on 15 December 2021 with payment of the purchase price.
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For personal use only
CORPORATE
Company Update
During the quarter the Company waited on QDoR processing the transfer documentation for the Top Camp Project Tenements that was lodged with them on 19 July 2021. Approval was granted on 1 December 2021 and completion occurred on 15 December 2021 with payment of the purchase price to Orion.
In the meantime, the Directors have continued to concentrate on investigating the acquisition of new assets by the Company to increase value for the benefit of all shareholders and to source new funding arrangements as alternatives to the support which has been provided as loans by Director-related shareholders over recent months. To this end, Orion has mandated professional advisors to assist and advise the Company on investment opportunities in mining or exploration assets that are in a more advanced or developed stage as well as any further capital raising that may be required by the Company to support its future activities.
In the quarter the Company prepared its half-yearly report as at 31 August 2021 which was completed and lodged with the ASX on 10 November 2021.
The Directors have decided not to pursue any transactions with Mayfair Resources Group Pty Ltd ("MRG") in relation to the memorandum of understanding ("MoU") signed with that company in July 2021. MRG is managed by the same management and board as Mayfair but the MoU is unrelated to the sale of the Top Camp Project.
Financial
The Company's Quarterly Cash Flow Report (Appendix 5B) details funds flow for the most recent reporting period and cash on hand at period-end.
The Company's financial position was further supported in the quarter by an additional loan of $60,000 from Excellence Holdings HK Limited ("EHHK") - a related entity of Directors Yi Yang and Feng Wu - at zero interest rate, unsecured and for no fixed term. EHHK annually provides the Company with a letter of financial support should the need for further funding arise.
Payments to related parties of the entity and their associates during the period aggregated $18,000 and were for an executive Director's salary and statutory superannuation.
Subsequent to period-end the Company received payment of $500,000 from sale of the Top Camp Project tenements.
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CORPORATE DIRECTORY
ORION METALS LIMITED
ASX Code: | ORM |
ABN: | 89 096 142 737 |
Issued Capital as at 30 November 2021 545,097,443 shares issued & listed
374 shareholders
Top 20 shareholders
Hold 99.08% of listed shares
Largest shareholders
Excellence Holdings HK Limited 73.38%
Conglin Group / Mr Conglin Yue 19.35%
Jien Mining Pty Ltd 4.23%
Board
Mr Yi Yang - Chairman
Mr Yu Zhou - Director
Mr Feng Wu - Executive Director
Mr Bin Cai - Executive Director & CFO
Company Secretary
Mr Bill Lyne
Contact Details
221 Jesmond Road, Fig Tree Pocket, Queensland
GPO Box 7115 Brisbane Qld 4001
Phone: +61 413 976 908
Email: admin@orionmetals.com.au
www.orionmetals.com.au
Quarterly Activities Report is authorised by the Board of Directors of Orion Metals Limited
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For personal use only
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
ORION METALS LIMITED | |
ABN | Quarter ended ("current quarter") |
89 096 142 737 | 30 NOVEMBER 2021 |
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | ( 9 months) | |||
$A'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | 8 | 23 | |
1.2 | Payments for | |||
(a) | exploration & evaluation (if expensed) | (18) | (56) | |
(b) | development | - | - | |
(c) | production | - | - | |
(d) | staff costs | (19) | (87) | |
(e) | administration and corporate costs | (63) | (154) | |
1.3 | Dividends received (see note 3) | - | - | |
1.4 | Interest received | - | - | |
1.5 | Interest and other costs of finance paid | - | - | |
1.6 | Income taxes paid | - | - | |
1.7 | Government grants and tax incentives | - | - | |
1.8 | Other (provide details if material) | - | - | |
1.9 | Net cash from / (used in) operating | (92) | (274) | |
activities | ||||
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire: | |||
(a) | entities | - | - | |
(b) | tenements | - | - | |
(c) | property, plant and equipment | - | - | |
(d) | exploration & evaluation (if capitalised) | - | - | |
(e) | investments | - | - | |
(f) | other non-current assets | - | - |
ASX Listing Rules Appendix 5B (01/12/19) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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Orion Metals Limited published this content on 23 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2021 23:36:02 UTC.
