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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Crusader Resou. | LSE:CAS | London | Ordinary Share | AU000000CAS1 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCAS
RNS Number : 8284F
Crusader Resources
31 October 2018
31 October 2018
Quarterly Activities Report and Appendix 5B
September 2018
Highlights
-- Metallurgical testwork underway as part of ongoing technical and financial optimisation of the 2.0Mtpa Borborema Gold Project ("Borborema")
-- Ausenco do Brasil Engenharia Ltda ("Ausenco") engaged to assist Crusader in completing and reviewing the final documentation required to submit the application for the Installation Licence for Borborema
-- Favourable ruling on debt outstanding from Posse Iron Ore Mine sale.
Operational Updates
Borborema Gold Project
Bankable Feasibility Study (BFS) - Metallurgical Test Work
During the September quarter, Crusader Resources Limited (ASX:CAS, AIM:CAS) ("Company" or "Crusader") announced it was undertaking ongoing technical and financial optimisation of the 2.0Mtpa Borborema Gold Project. This optimisation work includes detailed metallurgical test work utilising samples originating from eight large diameter (PQ) diamond drill holes which have provided approximately 6 tonnes of sample from 1,200m of core. The holes are deemed representative of the larger ore body, both along strike and down dip, and reflect the various lithologies present at Borborema. Finalisation of the metallurgical test work and subsequent processing plant flowsheet design is a critical path item for the completion of the BFS for Borborema.
An opportunity has been identified in minimising the usage of grinding media via optimisation of the grinding circuit. Work is ongoing, with Orway Mineral Consultants (OMC) embarking on assessment of operating cost criteria for the comminution circuit options. Options under evaluation are:
o Single stage SAG (lowest capex option) recently shown suited to achieving the nominal 106um grind
o A SAG/ball mill flowsheet (SAB)
o A multiple stage crush/ball mill flowsheet, as previously proposed in the PFS
o A hybrid coarse fed ball mill/SAG which includes primary crushing, and open circuit secondary crushing feeding a high ball charge SAG mill
Work completed indicates the optimal grind size of 80% material passing 106um and a leach residence time of 24 hours. The 106um grind size provides a positive impact on the project's NPV over both finer and coarser grinds and residence time considerations. Final grind size selection is expected to be confirmed post the completion of the OMC operating cost criteria determinations.
Ongoing metallurgical testing is focusing on variability testing where some 40 composites along strike and down dip will be subjected to a matrix of gravity-leaching test work encompassing variables of grind size, cyanidation conditions and residence time. Short range variability testing will also be undertaken to populate a geo-metallurgical model to forecast process recovery. Bulk test work will generate the key design parameters needed to take the BFS forward by providing the basis for capital and operating cost estimation as well as revenue estimates. This data will also ultimately support detailed design of the facility as the project is taken forward to production.
Crusader confirms that the optimisation work undertaken to date and disclosed in this announcement does not materially change any of the material assumptions and technical parameters underpinning the Company's previously announced mineral resource and ore reserve estimates. Following completion of the Company's optimisation work and BFS, if there are any material changes to these material assumptions or technical parameters, the Company will release all information required under the Listing Rules, the AIM Rules and the JORC Code 2012.
Licensing
During the quarter, the Company engaged Ausenco do Brasil Engenharia Ltda ("Ausenco") to assist Crusader in completing and reviewing the plant design required to submit the application for the Installation Licence for Borborema.
Crusader has commenced the application process for the full Installation Licence required for mine construction. Ausenco's contribution will be highly valuable in enabling Crusader to present an attractive and cost-effective solution in its application for the Installation Licence. Ausenco will focus initially on the design of the metallurgical processing plant.
Ausenco has significant experience working with some of the leading international mining companies, with experience, in particular, in Brazil and has demonstrated success in delivering engineering outcomes at the project level.
The Installation Licence will allow the commencement of engineering work in accordance with the already approved environmental control plan and is the only major outstanding permit required to commence mine construction at Borborema.
Crusader has already received the Pre-Licence (Licenc a Previa or 'LP') from the Rio Grande do Norte State Governmental Department (IDEMA) in Brazil, which approved the Environmental Impact Assessment for Borborema.
The Company has submitted to IDEMA all studies related to kinetics of the rocks in relation to drainage generation and lodged an authorisation request for clearing the vegetation in the area of the project for the pit and infrastructure.
Critically, Crusader has significant positive support from IDEMA, the local government and communities for the project.
Crusader currently expects to receive the Installation Licence in Q1 2019 and will provide an update on progression of the work streams in due course.
Posse Iron Ore Mine
As previously announced, Crusader entered into a sale agreement to divest its 100% interest in the Posse Iron Ore Mine ("Posse") to Inter Invest B.P. S/A on 28 July 2017 via an SPV, CNS Empreendimentos Em Transportes E Minerios Eireli (together, the "'Buying Company").
Under the agreement, a consideration of R$8m (8 million Brazilian Real) was to be paid by an initial payment of R$1m with the balance payable in 15 equal monthly instalments until November 2018. The Company has received approximately R$1m to date.
Crusader commenced legal proceedings in June 2018 to recover the outstanding monies. Post the period end, following the judgement passed by the Brazilian courts on 26 October 2018, the Buying Company is obliged to make payments totalling R$9.5m (US$2.6m), including fines, interests and penalties.
An initial payment was received in October 2018 of R$0.2m (US$0.05m) with the agreement requiring monthly payments of between R$0.2m (US$0.05m) and R$0.25m (US$0.06m) between November 2018 and March 2019 followed by 8 monthly payments of approximately R$1m (US$0.27m) between April 2019 and November 2019.
In case of non-payment, the debt will return to the value of the current enforcement action being approximately R$14.5m (US$4.0m).
For further information, please contact:
Hot Features
Premium
Mr. Andrew Beigel Investor Relations
CFO/Company Secretary Office (Aus): +61 8 9320 7500
Office (Aus): +61 8 9320 7500 Email: admin@crusaderresources.com
Email: andrew@crusaderresources.com
Smith & Williamson Corporate Camarco
Finance Limited
Nominated Adviser Financial PR
Azhic Basirov / Katy Birkin Gordon Poole / Nick Hennis
/ Ben Jeynes / Monique Perks
+44(0)20 3757 4997 / +44(0)20
+44(0)207 131 4000 3781 8330
Hannam & Partners
Joint Broker
Neil Passmore / Andrew Chubb
/ Ernie Bell
+44 (0)20 7907 8500
About Crusader
Crusader Resources Limited (ASX:CAS, AIM:CAS) is a minerals exploration and development company listed on the Australian Securities Exchange and the AIM Market of the London Stock Exchange. Its major focus is Brazil; a country Crusader believes is vastly underexplored and which offers high potential for the discovery of world class mineral deposits.
Crusader has two key gold assets:
Borborema Gold Project
The Borborema Gold Project is in the Serido area of the Borborema province in north-eastern Brazil. It is 100% owned by Crusader and consists of three mining leases covering a total area of 29 km(2) including freehold title over the main prospect area.
The Borborema Gold Project benefits from a favourable taxation regime, existing on-site facilities and excellent infrastructure such as buildings, grid power, water, sealed roads and is close to major cities and regional centres. The project's Ore Reserve includes Proven and Probable Ore Reserves of 1.61Moz of mineable gold from 42.4Mt @ 1.18 g/t (0.4 & 0.5 g/t cut-offs for oxide & fresh). The measured, indicated and inferred Mineral Resource Estimate of 2.43Moz @ 1.10 g/t gold, remains open in all directions.
Juruena Gold Project
The Juruena Gold Project is located in the highly prospective Juruena-Alta Floresta Gold Belt, which stretches east-west for >400km and has historically produced more than 7Moz of gold from 40 known gold deposits. Historically there is a database of more than 30,000 meters of drilling and extensive geological data.
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
+ See chapter 19 for defined terms
Name of entity
-----------------------------------------------------
Crusader Resources Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
94 106 641 963 30 September 2018
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows $A'000
(9 mths)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (326) (750)
(b) development - -
(c) production - (126)
(d) staff costs (194) (1,356)
(e) administration and corporate
costs (217) (2,157)
1.3 Dividends received (see note - -
3)
1.4 Interest received 3 10
Interest and other costs of
1.5 finance paid - (124)
1.6 Income taxes paid - -
1.7 Research and development refunds - -
1.8 Other 9 41
---------------- -------------
Net cash from / (used in)
1.9 operating activities (725) (4,462)
----- ------------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant and equipment - -
(b) tenements (see item 10) - -
(c) investments - -
(d) other - exploration &
evaluation assets (508) (1,518)
2.2 Proceeds from the disposal
of:
(a) property, plant and equipment - -
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.3 Cash flows from loans to - -
other entities
2.4 Dividends received (see note - -
3)
Other (provide details if
2.5 material) 122 122
---------------- -------------
Net cash from / (used in)
2.6 investing activities (386) (1,396)
------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of shares - 5,709
3.2 Proceeds from issue of convertible - -
notes
3.3 Proceeds from exercise of - -
share options
Transaction costs related
to issues of shares, convertible
3.4 notes or options (9) (645)
3.5 Proceeds from borrowings - (1,500)
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)
---------------- -------------
Net cash from / (used in)
3.10 financing activities (9) 3,564
------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 1,358 2,632
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (725) (4,462)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (386) (1,396)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (9) 3,564
Effect of movement in exchange
4.5 rates on cash held (7) (107)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 231 231
------- ----------------------------------- ---------------- -------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 206 1,322
5.2 Call deposits 25 36
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 231 1,358
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $A'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 90
----------------
6.2 Aggregate amount of cash flow from loans -
to these parties included in item 2.3
----------------
6.3 Include below any explanation necessary to understand
the transactions included in items 6.1 and 6.2
------ --------------------------------------------------------------------
Payment of salary to executive director, and payment of non-executive
directors' fees.
7. Payments to related entities of the entity Current quarter
and their associates $A'000
7.1 Aggregate amount of payments to these parties -
included in item 1.2
----------------
7.2 Aggregate amount of cash flow from loans -
to these parties included in item 2.3
----------------
7.3 Include below any explanation necessary to understand
the transactions included in items 7.1 and 7.2
---- ----------------------------------------------------------------
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $A'000
$A'000
8.1 Loan facilities* - -
------------------- ----------------
8.2 Credit standby arrangements - -
------------------- ----------------
8.3 Other (please specify) - -
------------------- ----------------
8.4 Include below a description of each facility above, including
the lender, interest rate and whether it is secured or
unsecured. If any additional facilities have been entered
into or are proposed to be entered into after quarter
end, include details of those facilities as well.
---- -------------------------------------------------------------------------
* A$1,500 convertible loan facility with Copulos Group, unsecured,
12% p.a. and A$1,575 secured convertible loan facility with
Stratex International plc.
9. Estimated cash outflows for next $A'000
quarter
9.1 Exploration and evaluation 800
9.2 Development -
9.3 Production *excludes sales receipts -
and other income
9.4 Staff costs 250
9.5 Administration and corporate costs 300
9.6 Other (costs relating to AIM listing) -
-------
9.7 Total estimated cash outflows 1,350
---- -------------------------------------- -------
10. Changes in tenements Tenement reference Nature of interest Interest Interest
(items 2.1(b) and location at beginning at end
and 2.2(b) above) of quarter of quarter
10.1 Interests in
mining tenements
and petroleum
tenements lapsed,
relinquished
or reduced
----- --------------------- ------------------- ------------------- -------------- ------------
10.2 Interests in
mining tenements
and petroleum
tenements acquired
or increased
----- --------------------- ------------------- ------------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 31 October 2018
(Director/Company secretary)
Print name: Andrew Beigel
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 that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
Annexure 1 - Schedule of Tenements
Location Description Ownership
Borborema 805.049/1977 100%
------------- ----------
Borborema 840.149/1980 100%
------------- ----------
Borborema 840.152/1980 100%
------------- ----------
Borborema 948.262/2014 100%
------------- ----------
Espinharas 846.208/2012 100%
------------- ----------
Espinharas 846.209/2012 100%
------------- ----------
Espinharas 846.210/2012 100%
------------- ----------
Espinharas 846.128/2005 100%
------------- ----------
Espinharas 846.134/2005 100%
------------- ----------
Espinharas 846.136/2005 100%
------------- ----------
Espinharas 846.140/2005 100%
------------- ----------
Juruena 866.247/2011 100%
------------- ----------
Juruena 866.578/2006 100%
------------- ----------
Juruena 866.105/2013 100%
------------- ----------
Juruena 866.934/2012 100%
------------- ----------
Juruena 866.531/2015 100%
------------- ----------
Juruena 866.532/2015 100%
------------- ----------
Juruena 866.533/2015 100%
------------- ----------
Juruena 866.534/2015 100%
------------- ----------
Juruena 866.535/2015 100%
------------- ----------
Juruena 866.537/2015 100%
------------- ----------
Juruena 866.538/2015 100%
------------- ----------
Juruena 866.079/2009 100%
------------- ----------
Juruena 866.081/2009 100%
------------- ----------
Juruena 866.082/2009 100%
------------- ----------
Juruena 866.084/2009 100%
------------- ----------
Juruena 866.778/2006 100%
------------- ----------
Juruena 866.085/2009 100%
------------- ----------
Juruena 866.080/2009 100%
------------- ----------
Juruena 866.086/2009 100%
------------- ----------
Juruena 866.294/2013 100%
------------- ----------
Juruena 866.513/2013 100%
------------- ----------
Juruena 866.632/2006 100%
------------- ----------
Juruena 866.633/2006 100%
------------- ----------
Juruena
- Novo
Astro 867.246/2005 100%
------------- ----------
Manga 860.057/2016 100%
------------- ----------
Location Description Ownership
Mara Rosa 860.957/2012 100%
------------- ----------
Mara Rosa 860.958/2012 100%
------------- ----------
Mara Rosa 860.959/2012 100%
------------- ----------
Seridó 846.502/2011 100%
------------- ----------
Seridó 846.503/2011 100%
------------- ----------
Seridó 846.504/2011 100%
------------- ----------
Seridó 846.505/2011 100%
------------- ----------
Seridó 846.130/2012 100%
------------- ----------
Seridó 846.131/2012 100%
------------- ----------
Seridó 846.313/2012 100%
------------- ----------
Seridó 846.316/2012 100%
------------- ----------
Seridó 846.506/2011 100%
------------- ----------
Seridó 846.604/2011 100%
------------- ----------
Seridó 846.635/2011 100%
------------- ----------
Seridó 846.637/2011 100%
------------- ----------
Seridó 846.638/2011 100%
------------- ----------
Seridó 846.639/2011 100%
------------- ----------
Seridó 846.640/2011 100%
------------- ----------
Seridó 846.643/2011 100%
------------- ----------
Seridó 846.644/2011 100%
------------- ----------
Seridó 846.651/2011 100%
------------- ----------
Seridó 846.654/2011 100%
------------- ----------
Seridó 846.158/2011 100%
------------- ----------
Seridó 846.227/2011 100%
------------- ----------
Seridó 848.011/2015 100%
------------- ----------
Seridó 848.281/2014 100%
------------- ----------
Seridó 848.055/2015 100%
------------- ----------
Seridó 848.208/2016 100%
------------- ----------
Seridó 848.093/2013 100%
------------- ----------
Seridó 848.007/2015 100%
------------- ----------
Seridó 848.804/2011 100%
------------- ----------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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