onlyMetallica Minerals Limited
ACN 076 696 092
useInterim Financial Report - 31 December 2021 personalFor
Metallica Minerals Limited Corporate directory
31 December 2021
Directors
onlyCompany secretary Registered office and principal place of business
Share register useA ditor
personalSolicitors
St ck exchange listing
Website
Co porate Governance Statement For
T Psaros - Executive Chairman
M Bojanjac - Non-executive Director
B Sampson - Non-executive Director
S Waddell
Level 1, North Tower
Terrace Office Park
527 Gregory Terrace
Bowen Hills
QLD 4006
Phone: (07) 3249 3000
Link Market Services Limited
Level 21, 10 Eagle Street
Brisbane
QLD 4001
Phone: 1300 554 474
Moore Australia Audit
Level 12, 10 Eagle Street
Brisbane
QLD 4000
Colin Biggers & Paisley Pty Ltd
Level 35, Waterfront Place
1 Eagle Street
Brisbane
QLD 4000
Metallica Minerals Limited shares are listed on the Australian Securities Exchange (ASX code: MLM)
www.metallicaminerals.com.au
www.metallicaminerals.com.au/corporate-governance
1
Metallica Minerals Limited Directors' report
31 December 2021
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Metallica Minerals Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2021.
onlyDirectors
The following persons were directors of Metallica Minerals Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
Theo Psaros
Mark Bojanjac
Brad Sampson
Sc tt Waddell (resigned 31 August 2021)
Andrew Gillies (resigned 31 August 2021)
usePrincipal activities
During the financial half-year, the principal activities of the consolidated entity consisted of mineral exploration, evaluation and progressing the development of its Cape Flattery Silica Sands Project.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial half-year.
Review of operations
The loss for the consolidated entity after providing for income tax amounted to $857,014 (31 December 2020: $2,567,495).
The 31 December 2020 consolidated loss included the net loss of $1,999,754 on disposal of the wholly-owned subsidiary companies, Oresome Australia Pty Ltd, Oresome Bauxite Pty Ltd and their respective 50% interest holdings in the JV.
During the half-year ended 31 December 2021 the company:
(a) Continued to advance its Cape Flattery Silica Sands Project which included the following activities:
● Successfully completed a 24-hole infill drilling program in December 2021 within the Eastern Target Area. All drilling was undertaken with the permission from the Aboriginal Corporations.
● Progressing the Pre-Feasibility Study (PFS) which is expected to be completed in the first quarter of 2022.
● Commenced planning for the Definitive Feasibility Study (DFS) that is anticipated to follow completion of the PFS.
● Held a meeting with the Dingaal and Nguurruumungu clan members on 14 December 2021 in Hope Vale where the terms of a Negotiation Protocol document was finalised and each clan's representation for the negotiation process was also agreed upon.
● On 21 October 2021, released an upgraded resource in the Eastern Resource Area estimated and summarised in the table below. These results show there is good potential to produce a premium grade silica product using standard processing techniques.
On 21 October 2021, the company released an upgraded resource in the Cape Flattery Silica Eastern Resource Area
estimated and summarised in Table 1, as is shown below: | ||||||||
personal | Silica Sand SiO2 | Fe2O3 | TiO2 | LOI | AI2O3 | Density | Silica Sand | |
(Mt) | % | % | % | % | % | (t/m3) | (Mm3) | |
Measured | 9.6 | 99.29 | 0.10 | 0.13 | 0.18 | 0.08 | 1.6 | 5.97 |
Indicated | 38.2 | 99.15 | 0.13 | 0.14 | 0.19 | 0.12 | 1.6 | 23.91 |
Inferred | 5.7 | 99.26 | 0.11 | 0.11 | 0.18 | 0.16 | 1.6 | 3.54 |
T tal | 53.5 | 99.19 | 0.12 | 0.14 | 0.19 | 0.12 | 1.6 | 33.41 |
For |
1Table 1 - EASTERN RESOURCE Area Cape Flattery Silica Project
For further details, see ASX Release on 21 October 2021 "Revised 40% Increase of the Cape Flattery Resource to 53.5Mt".
The Resource has been prepared in accordance with the JORC Code 2012 - A cut-off grade 98.5% has been defined based on the surrounding data. These results show there is good potential to produce a premium grade silica product using standard processing techniques.
See the Competent Person statement below.
2
Metallica Minerals Limited Directors' report
31 December 2021
onlyuse
personal(b) On 5 August 2021, the company announced the signing of a Memorandum of Understanding ("MoU") with Diatreme Re ources (ASX: DRX) for a potential joint venture on the Clermont Gold Copper Project which comprises EPM 17968. On
26 October 2021 the company requested an extension to the initial expenditure stage, which was agreed to and extended to 29 April 2022. Drilling is planned to be undertaken in Q1 2022, subject to weather conditions.
1. Competent Person Statement
The information in this report that relates to the Exploration Sampling and Exploration Results is based on information compiled by Mr Patrick Smith, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Mr Smith is the owner and sole Director of PSGS Pty Ltd and is contracted to Metallica Minerals as their Exploration Manager. Mr Smith confirms there is no potential for a conflict of interest in acting as the Competent Person. Mr Smith has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Smith consents to the inclusion of this
Forinfo mation in the form and context in which it appears in this release/report.
The information in this report that relates to the Cape Flattery Silica Project - Eastern Resource Area is based on information and modelling carried out by Chris Ainslie, Project Engineer, who is a full-time employee of Ausrocks Pty Ltd and a Member of the Australasian Institute of Mining & Metallurgy.
The work was supervised by Mr Carl Morandy, Mining Engineer who is Managing Director of Ausrocks Pty Ltd and a Member of the Australasian Institute of Mining & Metallurgy and also by Mr Brice Mutton who is a Senior Associate Geologist for Ausrocks Pty Ltd. Mr Mutton is a Fellow of the Australasian Institute of Mining & Metallurgy and a Fellow of the Australian Institute of Geoscientists. Mr Morandy and Mr Ainslie and Mr Mutton are employed by Ausrocks Pty Ltd who have been engaged by Metallica Minerals Ltd to prepare this independent report, there is no conflict of interest between the parties. Mr Morandy, Mr Ainslie and Mutton consent to the disclosure of information in the form and context in which it appears in this report.
3
Metallica Minerals Limited Directors' report
31 December 2021
The overall resource work for the Cape Flattery Silica Project - Eastern Resource Area is based on the direction and supervision of Mr Mutton who has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".
onlyThe technical information in this report that relates to process metallurgy is based on information reviewed by Arno Kruger (MAusIMM) and work completed by IHC Mining. Mr Kruger is a metallurgical consultant and an employee of IHC Mining. Mr Kruger has sufficient experience that is relevant to the type of processing under consideration and to the activity being u dertaken to qualify as a Competent Person as defined by the JORC Code 2012. Mr Kruger consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
COVID-19
The consolidated entity continues to follow recommendations from Queensland Health and the Australian Government to provide a COVID-19 safe workplace.
useOth r than restricted access to some remote communities, there does not currently appear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the consolidated entity unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.
Matters subsequent to the end of the financial half-year
personalNo matter or circumstance has arisen since 31 December 2021 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future
fin ncial years. For
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Metallica Minerals Limited published this content on 10 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2022 02:28:07 UTC.