Half Year Ended 31 January 2018 Financial Report

Highlights – Group Operations
• Launched the Copper Growth Strategy to advance the Group’s three main copper projects, Kalkaroo,
Mutooroo, and North Portia.
• Kalkaroo Project copper resource of 1 million contained metal tonnes independently verified during the
preparation of the project prefeasibility study (PFS).
• North Portia Project Memorandum of Understanding finalised for the implementation of an agreed and
jointly funded work program to complete a PFS and required permitting for the potential development of
the copper-gold deposit.
• Portia Gold Mine 50:50 revenue share agreement restructured into a gold revenue stream where the
Group receives 15% of all gold revenue from 16 November 2017.
• Jupiter MT anomaly identified as a result of the discovery of magnetotelluric geophysical signatures
associated with IOCG (iron oxide copper gold) mineralisation within the Group’s tenements.
Highlights – Corporate Activity
• Loss before interest, tax, depreciation and amortisation (LBITDA) of $1.508 million.
• Financial half-year loss after tax of $5.190 million.
• Rights Issue raised the full targeted amount of $5.428 million.
• Raised $2.050 million through a placement while entering into an associated funding arrangement of
$1.600 million. The funding arrangement allows for regular payments to the Company over a period of up
to 20 months, with the calculation of such payments taking into account the Company’s share price prior
to each payment.
• Paul Mertin retired as a Director and Mark Stewart was appointed as a Director on 12 December 2017.
• Walter Richards appointed as Chief Executive Officer on 16 November 2017.
• Claire Redman appointed as Company Secretary on 8 December 2017.

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