ORION METALS LIMITED ORION METALS LIMITED (ASX: ORM)
ACTIVITIES REPORT FOR QUARTER ENDING
28 February 2022
EXPLORATION ACTIVITIES
No exploration activities were conducted during the quarter and the sale of the 4 mining leases ("Tenements") comprising the Top Camp Project - which was Orion Metal's only remaining exploration project - was completed during the period.
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 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.
CORPORATE
Company Update
Orion's 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.
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 major change during the quarter was the receipt of the $500,000 proceeds from the sale of the Top Camp Project.
Payments to related parties of the entity and their associates during the period aggregated $19,000 and were for an executive Director's salary and statutory superannuation.
CORPORATE DIRECTORY
ORION METALS LIMITED
ASX Code: ABN:ORM 89 096 142 737
Issued Capital as at 28 February 2022 545,097,443 shares issued & listed 375 shareholders
Top 20 shareholders Hold 99.1% 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.auwww.orionmetals.com.au
Quarterly Activities Report is authorised by the Board of Directors of Orion Metals Limited
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
89 096 142 737
Quarter ended ("current quarter")
28 FEBRUARY 2022
1. | Cash flows from operating activities | ||
1.1 | Receipts from customers | - | 23 |
1.2 | Payments for | ||
(a) exploration & evaluation (if expensed) | (1) | (57) | |
(b) development | - | - | |
(c) production | - | - | |
(d) staff costs | (39) | (126) | |
(e) administration and corporate costs | (138) | (292) | |
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 | (178) | (452) |
activities | |||
2. | Cash flows from investing activities | ||
2.1 | Payments to acquire: | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
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(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation (if capitalised)
(e) investments
(f) other non-current assets
Consolidated statement of cash flowsCurrent quarter
$A'000
Year to date ( 12 months)
$A'000
2.2 | Proceeds from the disposal of: | ||
(a) entities | - | - | |
(b) tenements | 500 | 500 | |
(c) property, plant and equipment | - | - | |
(d) investments | - | - | |
(e) other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other (provide details if material) | - | - |
2.6 | Net cash from / (used in) investing | 500 | 500 |
activities | |||
3. | Cash flows from financing activities | ||
3.1 | Proceeds from issues of equity securities | ||
(excluding convertible debt securities) | - | - | |
3.2 | Proceeds from issue of convertible debt | - | - |
securities | |||
3.3 | Proceeds from exercise of options | - | - |
3.4 | Transaction costs related to issues of equity | - | - |
securities or convertible debt securities | |||
3.5 | Proceeds from borrowings | - | 210 |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans and | - | - |
borrowings | |||
3.8 | Dividends paid | - | - |
3.9 | Other (provide details if material) | - | - |
3.10 | Net cash from / (used in) financing | 0 | 210 |
activities | |||
4. | Net increase / (decrease) in cash and | ||
cash equivalents for the period | |||
4.1 | Cash and cash equivalents at beginning of | 6 | 70 |
period | |||
4.2 | Net cash from / (used in) operating | (178) | (452) |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | 500 | 500 |
(item 2.6 above) | |||
4.4 | Net cash from / (used in) financing activities | - | 210 |
(item 3.10 above) | |||
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Consolidated statement of cash flowsCurrent quarter
$A'000
Year to date ( 12 months)
$A'000
4.5 Effect of movement in exchange rates on cash held
4.6 Cash and cash equivalents at end of period
-
-
328
328
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
Current quarter
$A'000
Previous quarter
$A'000
5.1 Bank balances
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)
328 - - - 328
6 - - - 6
6. Payments to related parties of the entity and their associates
6.1 Aggregate amount of payments to related parties and their associates included in item 1
6.2 Aggregate amount of payments to related parties and their associates included in item 2
Current quarter
$A'000
19
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments
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Orion Metals Limited published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 00:24:35 UTC.
