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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Forte Energy | LSE:FTE | London | Ordinary Share | AU000000FTE4 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0029 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Quarterly Activities and Cashflow Report
Forte Energy NL
ACN 009 087 852
Quarterly Report - March 2012
Forte Energy NL ("Forte Energy" or "the Company") (ASX/AIM: FTE) is an emerging international uranium
company focused on the exploration and development of a portfolio of uranium assets in the Republics of
Mauritania and Guinea, West Africa.
Highlights of 1st Quarter to 31st March 2013
=----------------------------------------------------------------------------------------------------------
* On the 15th February the Company entered into a GBP10 million Equity
Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"), a
majority owned subsidiary of Henderson Global Investors' Volantis Capital
("Henderson Volantis")
* On 6 March 2013 the Company completed the placement of 29,250,000
Shares each at an issue price of GBP0.0201 (Placement Shares) to raise
GBP587,177 (before costs)
* A 5,000m drilling contract signed with Wallis Drilling Africa Pty Ltd
* Drilling in the highly prospective areas close to the A238 prospect and at Hassi Baida is
scheduled to start in Mid-May, following the shipment of the drill rig to Mauritania
* Forte Energy U3O8 JORC resources (all at a 100ppm cut-off):
---------------------------------------------------------------------------------------
Project Resource Tonnage Grade Contained
Category (Mt) (ppm U3O8) U3O8 Mlbs
---------------------------------------------------------------------------------------
A238* Inferred 45.2 235 23.4
---------------------------------------------------------------------------------------
Bir En Nar Indicated 0.5 886 1.0
---------------------------------------------------------------------------------------
Inferred 0.8 575 1.0
---------------------------------------------------------------------------------------
Firawa Inferred 30.3 295 19.5
---------------------------------------------------------------------------------------
Indicated 0.5 886 1.0
----------------------------------------------------------------
Total Inferred 76.3 262 43.9
----------------------------------------------------------------
Total 76.8 266 44.9
---------------------------------------------------------------------------------------
* A238NW Anomaly included in the A238 Inferred Resources
Progress
Commenting on the quarter, Mark Reilly, Managing Director of Forte Energy, said:
"Having secured access to funding through the Darwin Equity Financing Facility, a portion of which has
been drawn down during this quarter, Forte has ensured that it is well positioned to continue adding to
the Company's already considerable resource base in Mauritania. We look forward to updating the market
with results from the highly prospective areas close to A238 and from the calcrete deposits at Hassi
Baida following the completion of the drilling campaign."
Republic of Mauritania, West Africa
Forte Energy has ten 100% owned licences over 7,000km2 in Mauritania.
To view Figure 1: Mauritanian Licences, please open the link in a new window:
http://media3.marketwire.com/docs/FORTEFIG10501.jpg
The Company received chemical assay results during the quarter from the Reverse Circulation (RC) drilling
program completed at the A238 Prospect in Mauritania in December, 2012. The program included 28 holes
drilled, totalling 4,115m and covered the structural extensions identified in the high resolution ground
magnetic and radiometric surveys to the north and south of the existing A238 Resource.
A total of 12 holes were drilled up to 2km to the north of the existing A238 Resource at 200m spacing.
Positive assay results from five of the holes located over 0.8km to the north of A238 indicated narrow
mineralised structures over a strike length of 0.5km. Assay results from RC 222 indicated intermittent
mineralisation from 53m to 100m below surface, with grades of up to 567ppm U308.
During the quarter the Company also conducted an evaluation of the structurally controlled metasomatite
uranium/Thorium (U/Th) mineralisation systems and further targets for exploration in Mauritania. The
objective was to systematically review the regional data base to define any further potential targets of
structurally controlled uranium targets situated along the main structural trends within and adjacent to
the Forte Mauritanian Project area.
The study was successful in applying simple, selective criteria that helped in identifying further zones
of potential metasomatite U/Th mineralisation systems within the Forte licence areas. A total of 27
targets were identified along major NW and WNW structures within the Forte Mauritanian licences. Four
high priority targets were identified, two of which are located within an 8km radius of the A238
prospect.
On 10th April the Company announced that a contract had been signed with Wallis Drilling Africa Pty Ltd
for approximately 5,000m of NQ Aircore drilling in the highly prospective areas close to the A238
prospect and at Hassi Baida.
Hassi Baida is a highly prospective calcrete area situated approximately 50km north-east of the existing
Forte Energy licences and covers over 800km2. The drilling programme will target eight separate prospects
within the Hassi Baida licence. The targets are all uranium in superficial calcrete deposits.
The 5,000m programme will also include aircore scout drilling which will target blind, near surface
metasomatite style uranium mineralisation along interpreted major structural corridors close to the A238
Prospect.
Republic of Guinea, West Africa
Firawa
The Firawa Project consists of two 100% owned licences totalling 549km2 which are located approximately
25km to the east of Kissidougou.
To view Figure 2: Guinea Licences, please open the link in a new window:
http://media3.marketwire.com/docs/FORTEFIG20501.jpg
No significant works were carried out in Guinea during the quarter.
Corporate
The Company entered into detailed negotiations on several prospective corporate transactions during the
quarter however agreement could not be reached on terms that were acceptable to the Company at that time.
The Company is continuing to assess alternative opportunities, and will update the market if and when any
developments occur.
On 15th February 2013, Forte Energy announced that it had entered into a GBP10 million discretionary Equity
Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"), a majority owned subsidiary of
Henderson Global Investors' Volantis Capital ("Henderson Volantis").
During March, the Company raised GBP587,177 before expenses by way of the issue of 29,250,000 shares to
Darwin Strategic under the EFF. The shares were issued at a price of 2.01p (A$ 2.98 cents) per share. The
Company has the capacity to draw down a further GBP9.4million (A$14.1million) under the facility as and
when required.
Mark Reilly
Managing Director
For further information contact:
Mark Reilly, Managing Director
Forte Energy NL Tel: +44 (0) 203 3849555
Geoff Nash/Ben Thompson Tel: +44 (0)207 220 0500
Elizabeth Johnson (broking)
finnCap
Bobby Morse/Louise Hadcocks/Cornelia Browne
Buchanan Tel: +44 (0) 207 466 5000
Stuart Laing
RFC Ambrian Ltd Tel: +61 (0) 8 9480 2506
(AIM Nominated Adviser to the Company)
Forte Energy NL
Australia United Kingdom
Suite 3, Level 3 3C Princes House
1292 Hay Street 38 Jermyn Street
West Perth WA 6005 London SW1Y6DN
Ph: +61 (0)8 9322 4071 Ph: +44 (0)203 3847474
Fax: +61 (0)8 9322 4073 Fax: +44 (0)207 2878387
Email: info@forteenergy.com.au Email: info@forteenergy.co.uk
Web: www.forteenergy.com.au
About Forte Energy
Forte Energy is an Australian-based minerals company focused on the exploration and development of
uranium and associated bi-products in Mauritania and Guinea in West Africa. The Company has an extensive
pipeline of assets and total JORC resources of 76.8Mt @ 266ppm U3O8for 44.9Mlbs contained U3O8 (100ppm
cut-off).
Its flagship assets are the A238 prospect (23.4Mlbs U3O8) and the Bir En Nar project (2.06Mlbs U3O8) in
Mauritania, and the Firawa Project in Guinea (19.5Mlb U3O8).
Forte Energy U3O8 JORC resources (all at a 100ppm cut-off):
=------------------------------------------------------------------------------------------------------
Project Resource Category M tonnes ppm U3O8 Contained U3O8 Mlbs
=------------------------------------------------------------------------------------------------------
A238* Inferred 45.2 235 23.4
=------------------------------------------------------------------------------------------------------
Bir En Nar Indicated 0.5 886 1.0
--------------------------------------------------------------------------
Inferred 0.8 575 1.0
=------------------------------------------------------------------------------------------------------
Firawa Inferred 30.3 295 19.5
=------------------------------------------------------------------------------------------------------
Total Indicated 0.5 886 1.0
--------------------------------------------------------------------------
Inferred 76.3 262 43.9
--------------------------------------------------------------------------
Total 76.8 266 44.9
=------------------------------------------------------------------------------------------------------
* A238NW Anomaly included in the A238 Inferred Resources
Forte Energy's strategy is to target high grade uranium ore bodies and build a low cost West African-
focused uranium producer. The Company is quoted on the Australian Stock Exchange (ASX: FTE) and AIM
market of the London Stock Exchange (AIM: FTE). For more information, visit www.forteenergy.com.au
Note:
The information in this report that relates to the reporting of Mineral Resources is based on information
compiled by Mr. Galen White, who is a Fellow of the Australasian Institute of Mining and Metallurgy
(FAusIMM). The Mineral Resources have been estimated and reported in accordance with the guidelines of
the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
Code 2004). Mr White is the Principal Geologist of CSA Global (UK) Ltd. CSA Global have an on-going role
as geological consultants to Forte Energy NL. Mr. White has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration and to the activity which he is
undertaking 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. White consents to the
inclusion in this report of the matters based on his information in the form and context in which it
appears.
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.
Name of entity
=---------------------------------------------------------------------------------------------
FORTE ENERGY NL
=---------------------------------------------------------------------------------------------
ABN Quarter ended ("current quarter")
=------------------------------------------ ----------------------------------------------
59 009 087 852 31 March 2013
=------------------------------------------ ----------------------------------------------
-----------------------------------
Current quarter Year to date
Cash flows related to operating activities A$'000 (9 months)
A$'000
-----------------------------------
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration and evaluation (358) (1,897)
(b) development - -
(c) production - -
(d) administration (488) (1,593)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received 1 7
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
-----------------------------------
Net Operating Cash Flows (845) (3,483)
=----------------------------------------------------------------------------------------------
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - (16)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
-----------------------------------
Net investing cash flows - (16)
-----------------------------------
1.13 Total operating and investing cash flows (845) (3,499)
(carried forward)
=----------------------------------------------------------------------------------------------
Consolidated statement of cash flows
=----------------------------------------------------------------------------------------------
1.13 Total operating and investing cash flows (845) (3,499)
(brought forward)
=----------------------------------------------------------------------------------------------
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 825 2,205
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - Settlement of Guarantee
-----------------------------------
Net financing cash flows 825 2,205
=----------------------------------------------------------------------------------------------
Net increase (decrease) in cash held (20) (1,294)
1.20 Cash at beginning of quarter/year to date 489 1,763
1.21 Exchange rate adjustments to item 1.20 - -
-----------------------------------
1.22 Cash at end of quarter 469 469
=----------------------------------------------------------------------------------------------
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the
related entities
---------------
Current quarter
$A'000
---------------
Aggregate amount of payments to the parties included in item 169
1.2
---------------
Aggregate amount of loans to the parties included in item 1.10 0
=--------------------------------------------------------------------------------------------
Explanation necessary for an understanding of the transactions
-----------------------------------------------------------------------------------
Salaries and rental of office premises
-----------------------------------------------------------------------------------
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on
consolidated assets and liabilities but did not involve cash flows
-----------------------------------------------------------------------------------
Nil
-----------------------------------------------------------------------------------
2.2 Details of outlays made by other entities to establish or increase their share in
projects in which the reporting entity has an interest
-----------------------------------------------------------------------------------
Nil
-----------------------------------------------------------------------------------
Financing facilities available
Add notes as necessary for an understanding of the position.
----------------------------------------
Amount available Amount used
$A'000 $A'000
----------------------------------------
3.1 Loan facilities Nil N/A
----------------------------------------
3.2 Credit standby arrangements Nil N/A
=------------------------------------------------------------------------------------
Estimated cash outflows for next quarter
--------
$A'000
--------
4.1 Exploration and evaluation 150
--------
4.2 Development -
--------
4.3 Production -
--------
4.4 Administration 350
=-------------------------------------------------------------------------------------------
Total 500
=-------------------------------------------------------------------------------------------
Reconciliation of cash
-----------------------------------------
Reconciliation of cash at the end of the quarter Current quarter Previous quarter
(as shown in the consolidated statement of cash $A'000 $A'000
flows) to the related items in the accounts is as
follows.
=-------------------------------------------------------------------------------------------------
5.1 Cash on hand and at bank 469 489
-----------------------------------------
5.2 Deposits at call - -
-----------------------------------------
5.3 Bank overdraft - -
-----------------------------------------
5.4 Other (provide details) - -
=-------------------------------------------------------------------------------------------------
Total: cash at end of quarter (item 1.22) 469 489
=-------------------------------------------------------------------------------------------------
Changes in interests in mining tenements
-------------------------------------------------------------------
Tenement Nature of interest Interest at Interest at
reference (note (2)) beginning of end of
quarter quarter
-------------------------------------------------------------------
6.1 Interests in mining
tenements
relinquished,
reduced or lapsed
-------------------------------------------------------------------
6.2 Interests in mining
tenements acquired
or increased
-------------------------------------------------------------------
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and
dates.
-------------------------------------------------------------
Total number Number quoted Issue price Amount paid up
per security per security
(see note 3) (see note 3)
(cents) (cents)
=---------------------------------------------------------------------------------------------------
7.1 Preference +securities
(description)
-------------------------------------------------------------
7.2 Changes during quarter
(a) Increases through
issues
(b) Decreases through
returns of capital, buy-
backs, redemptions
=---------------------------------------------------------------------------------------------------
7.3 +Ordinary securities 902,145,311 902,145,311
2,250,000 - 25 1
-------------------------------------------------------------
7.4 Changes during quarter
(a) Increases through
issues
Issue for cash 29,251,000 29,251,000 2.98 cents 2.98 cents
(b) Decreases through
returns of capital, buy-
backs
=---------------------------------------------------------------------------------------------------
7.5 +Convertible debt
securities (description)
-------------------------------------------------------------
7.6 Changes during quarter
(a) Increases through
issues
(b) Decreases through
securities matured,
converted
=---------------------------------------------------------------------------------------------------
7.7 Options (description and Exercise Expiry date
conversion factor) price
1,000,000 - 6 pence 1/09/2016
4,000,000 - 12.5 cents 14/04/2015
88,652,500 - 3 pence 3/08/2013
5,000,000 - 3 pence 14/02/2015
-------------------------------------------------------------
7.8 Issued during quarter 5,000,000 - 3 pence 14/02/2015
-------------------------------------------------------------
7.9 Exercised during quarter
-------------------------------------------------------------
7.10 Expired during quarter
=---------------------------------------------------------------------------------------------------
7.11 Debentures
(totals only)
=---------------------------------------------------------------------------------------------------
7.12 Unsecured notes
(totals only)
-----------------------------------------------------------
Compliance statement
1 This statement has been prepared under accounting policies, which comply with accounting standards
as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 30 April 2013.
Company Secretary
Print name: ....Murray Wylie...............................
Notes
1 The quarterly report provides a basis for informing the market how the entity's activities have
been financed for the past quarter and the effect on its cash position. An entity wanting to
disclose additional information is encouraged to do so, in a note or notes attached to this
report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining
tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in
a joint venture agreement and there are conditions precedent, which will change its percentage
interest in a mining tenement, it should disclose the change of percentage interest and conditions
precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and
7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB
1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards
for foreign entities. If the standards used do not address a topic, the Australian standard on
that topic (if any) must be complied with.
Forte Energy NL
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