Cash and Cash Equivalents
As at 30 June 2018, the Company had cash of $8,542,949.
Northern Star Resources Limited Shares
As at 30 June 2018, the Company has 500,000 NST shares remaining.
Completion of Share Transfer under Sale Agreement
On 23 May 2018, the Company’s shareholders voted to approve Allied Properties Investments (1) Company Limited, APAC Resources Limited and APAC Resources Mining Limited to acquire a relevant interest in 447,612,786 ordinary shares in the issued capital of the Company for $20,142,575 and, as a result, for APAC Resources and its associates to acquire voting power of 38.09%. Completion of the share transfer occurred on 6 June 2018.
Update on Central Tanami Project and exercise of first put option
On 27 June 2018, the Company announced that Northern Star Resources Limited (“NST”) had advised that commercial production (as defined under the joint venture agreement) will not be achieved by 31 July 2018. Furthermore, based on information available to the Company as at that date, it was not clear when or if commercial production would ultimately be achieved.
Failure to achieve commercial production by 31 July 2018 will render the first put option unexercisable until the date on which commercial production is actually achieved.
The Board is of the opinion that it is in the best interests of the Company’s shareholders to exercise the first put option and, accordingly, has resolved to exercise the first put option in accordance with the terms of the joint venture agreement.
Central Tanami Project (75% Tanami)
During the quarter as advised by NST, the following activities were undertaken by NST:
- CTP South Air Core Drilling (Jim’s Return, Terminus, Solaris, Channel 4);
- CTP South RC Drilling (Jim’s North, Jim’s West, Carmen’s);
- Jim’s Diamond Drilling;
- Freefall Air Core Drilling;
- Hurricane-Repulse Sterilisation RC drilling;
- Hurricane-Repulse Diamond Drilling;
- Suplejack Access Agreement negotiations;
- Suplejack (EL28282) Heritage Survey and SSCC Approval; and
- MMP variation approval granted for 2018 work programs at Suplejack and Tanami South.