Pacific Bauxite : Quarterly Report and Appendix 5B - December 2021
PBX.AX
ASX ANNOUNCEMENT
13 January 2022
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DECEMBER 2021 QUARTERLY REPORT
Pacific Bauxite Ltd (Pacific Bauxite or Company) (ASX: PBX) provides its Quarterly Activities Report for the period ending 31 December 2021 (Quarter).
CORPORATE
VOLUNTARY ADMINISTRATION
On 24 December 2019, Pacific Bauxite announced that Messrs Richard Albarran and Cameron Shaw of Hall Chadwick Chartered Accountants (Administrators) were appointed as Joint and Several Voluntary Administrators of the Company pursuant to Section 436A of the Corporations Act 2001 (Voluntary Administration).
On 7 January 2020, the Administrators convened a first meeting of creditors of the Company pursuant to Section 436E of the Corporations Act 2001 (Initial Creditors Meeting). The purpose of the Initial Creditors Meeting was for the Administrators to provide an update on the Voluntary Administration of the Company and ratify their appointment.
On 18 June 2020, the Administrators convened a second meeting of creditors of the Company pursuant to Section 439A of the Corporations Act 2001 (Second Creditors Meeting). The purpose of the Second Creditors Meeting was to determine the future of the Company. At the Second Creditor Meeting, the Company resolved that the Deed of Company Arrangement (DOCA) proposal presented by First Guardian Synergy Capital Limited (First Guardian) or its nominee(s) be accepted by the Company. On 9 July 2020, the DOCA was executed by First Guardian and the Company. Following multiple extensions granted to First Guardian to satisfy the conductions precedent required under their DOCA, on 16 June 2021, the Administrators advised the market that First Guardian had withdrawn from the DOCA.
On 12 August 2021, the Administrators announced that a replacement proponent, Oceanic Capital Pty Ltd (Oceanic) had presented a revised recapitalisation proposal which was accepted by creditors on 23 August 2021 (Third Creditors Meeting).
On 6 September 2021, the Administrators advised the market that the Company's creditors resolved to accept the variation to the DOCA and recapitalisation proposed presented by Oceanic. The DOCA variation was executed on 6 September 2021 and control of the Company passed to the new board of Directors with the Administrators retaining supervisory powers.
The annual general meeting of shareholders to approve the DOCA is scheduled to be held on 31 January 2022.
ASX REINSTATEMENT
The Company's securities have been suspended from quotation on the official list of ASX since 24 December 2019 (following the Company being placed into Voluntary Administration) and will remain suspended from quotation until the Company has re-complied with Chapters 1 and 2 of the ASX Listing Rules, including by satisfying the conditions to reinstatement imposed by ASX.
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006 ACN: 112 914 459
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ASX ANNOUNCEMENT
13 January 2022
Pursuant to ASX Guidance Note 33, ASX's policy is to remove from the official list an entity whose securities have been suspended from quotation for a continuous period of 2 years. Pursuant to ASX guidance, ASX may agree to a short extension of this 2-year deadline for delisting if the entity can demonstrate to ASX's satisfaction that it is in the final stages of implementing a transaction that will lead to the resumption of trading in its securities.
As at 24 December 2021, the Company's shares had been suspended from trading for a continuous period of 2 years. ASX has advised the Company that its delisting date has been extended, subject to various conditions. The Company will provide an update to shareholders in due course. Extensions to the Company's delisting date are at the ultimate discretion of ASX. Shareholders should be aware that there is no guarantee that the Company will be able to meet any conditions imposed by ASX to avoid automatic removal of the Company from the official list of ASX. If that occurs, the Administrators will be required to convene a meeting of the Company's creditors (in accordance with the DOCA) for the purposes of varying or terminating the DOCA. In those circumstances, the administrators are currently uncertain about the return likely to the Company's creditors.
FINANCIALS
APPENDIX 5B QUARTERLY REPORT AND STATEMENT OF CASH FLOWS
The ASX Appendix 5B quarterly report is attached to and lodged with this report. The Company's Appendix 5B Quarterly Report covers the 3-month period from 1 October 2021 to 31 December 2021.
During the quarter, an amount of $12k was paid to creditors of the Company for services provided during the Voluntary Administration.
The Company remained in voluntary administration as at 31 December 2021.
PAYMENTS TO RELATED PARTIES AND THEIR ASSOCIATES
In accordance with ASX Listing Rule 5.3.5, there was no payments to related parties of the Company and their associates during the Quarter.
PROJECTS
PGE PROJECTS
On 31 December 2021, the Company announced that it had entered into agreements to acquire 100% of the issued capital of Western Yilgarn PGM Pty Ltd (Western Yilgarn) and AAM Resources Pty Ltd (AAM Resources), who own various projects located in the Eastern Goldfields and Pilbara regions of Western Australia prospective for platinum group metals, gold, nickel and other minerals (Proposed Acquisitions).
The tenement package to be acquired as a result of the Proposed Acquisitions comprises three exploration licences (E36/1010, E36/1011 and E70/5767) granted to Western Yilgarn, three exploration licences (E52/3861, E58/0562 and E59/2496) granted to AAM Resources and two exploration licence applications (E36/1025 and E70/5921) applied for by Western Yilgarn (collectively, the PGE Projects). The PGE Projects is comprised of the Mount Magnet (Challa
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006 ACN: 112 914 459
For personal use only
ASX ANNOUNCEMENT
13 January 2022
Material terms of the Proposed Acquisitions are:
The Proposed Acquisitions are conditional on various conditions precedent including the Company obtaining all necessary regulatory and shareholder approvals to effect the Proposed Acquisitions and satisfying all other requirements of the ASX for the reinstatement to official quotation of the Company's shares on ASX.
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006 ACN: 112 914 459
For personal use only
ASX ANNOUNCEMENT
13 January 2022
DARLING RANGE BAUXITE PROJECT
The Company, through its wholly owned subsidiary PBX Aus Pty Ltd, has a 100% interest in exploration licence application (ELA) 70/5111 (Darling Range Bauxite Project). The project covers a total area of 349km2 within the Darling Ranges located approximately 75km northeast of Perth, Western Australia. A map of the application is shown below.
The Darling Range Bauxite Project is geologically within the Western Gneiss Terrane along the western margin of the Yilgarn Craton of Western Australia. The Yilgarn Craton is host to numerous precious and base metal deposits (i.e. gold, nickel, iron, bauxite and tantalite) which includes the Kalgoorlie, Southern Cross, Leonora, Meekatharra and Wiluna gold mining centres. Within the Yilgarn Craton, nickel is also sourced from Mount Keith, Kambalda, Lake Johnston, Forrestania and Ravensthorpe areas, whilst iron is derived predominantly from
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006 ACN: 112 914 459
For personal use only
ASX ANNOUNCEMENT
13 January 2022
Koolyanobbing, Koolanooka, Weld Range and Tallering Peak in the central/west Yilgarn. In addition, bauxite is currently mined at Huntley and Willowdale from the Darling Ranges south of Perth. The Darling Ranges area is considered to be a highly prospective geological region for bauxite, PGE, nickel and copper mineralisation.
The Company applied for ELA 70/5111 on 4 January 2018. The application was recommended for grant on 16 February 2018 and has since cleared Native Title and other approval processes. The application overlaps approximately 2.97% with a file notation area for the Strategic Assessment of the Perth-Peel Green Growth Plan (SAPPR). The Department of Mines, Industry, Regulation and Safety (DMIRS) previously delayed the grant of tenements which overlap the SAPPR, including ELA 70/5111, however DMIRS recently advised that they are consulting with the Department of Biodiversity, Conversation and Attractions for the application to be granted on the basis that a no-mining condition be applied to the application upon grant to protect the reserved area. The application also encroaches on the Julimar State Forest and other land-use stakeholders, including private landholders.
In relation to the file notation and State Forest areas encroaching on ELA 70/5111, if the usual condition restricting mining activities in the affected areas is imposed on the application upon grant, the Company will need to seek ministerial consent to conduct such activities which would require the approval of a conservation management plan. The Company currently understands that approval to grant over the SAPPR area is the final step before the application is granted. The Company continues to investigate the impact of all conflicting land-uses affecting ELA 70/5111 and further updates will be provided to shareholders in due course.
Upon granting of ELA 70/5111, the Company plans to undertake an extensive low impact minimal disturbance reconnaissance mapping, geophysical surveying and re-interpretation work to delineate targets for drill testing. Given the recent discovery of significant tonnages of nickel-copper-PGE mineralisation within the adjacent tenure held by Chalice Mining Limited, the Company has prioritised data compilation and analysis over the Darling Range Bauxite Project to delineate targets capable of representing known extensions or repetitions of this mineralisation style.
NENDO BAUXITE PROJECT
The Company, through its wholly owned subsidiary Iron Mountain Pty Ltd (Iron Mountain), holds a 50% interest in Eight South Investments Pty Ltd (ESI). ESI is the holder of the Nendo Bauxite Project, which is comprised of a single prospecting licence PL 01/16 (Prospecting Licence) located in the Solomon Islands.
On 6 June 2018, the Company advised Shareholders that it had unexpectedly received a letter from the Solomon Islands' Minister of Mines, Energy and Rural Electrification (Minister), advising that the Prospecting Licence was cancelled (Minister's Letter) (refer to ASX announcement 6 June 2018).
In accordance with the requirements of the Minister's Letter, work at the Nendo Project Bauxite was immediately suspended.
On 5 April 2019, the High Court of Solomon Islands delivered a ruling in relation to proceedings commenced by ESI which included orders that:
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006 ACN: 112 914 459
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Pacific Bauxite Limited published this content on 13 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2022 06:10:06 UTC.