Copper Strike Limited
ASX Release ASX Code
31 October 2014 CSE
QUARTERLY REPORT ON ACTIVITIES July to September 2014
Highlights
Expenditure decreased to $0.1 million in the Quarter which is in line with the new strategy and shareholder expectations
Tax situation with respect to possible sale or distribution of Copper Strike's Syrah
shares are now much better understood.
Overview
Copper Strike has received taxation advice from Grant Thornton in relation to a number of aspects of its holding of the shares that it owns in Syrah Resources Limited. The advice from Grant Thornton looked at the potential taxation consequences of a sale, as well as an in-specie distribution to the Company's shareholders of the Syrah shares. Either way, the disposal of the Syrah shares will constitute a Capital Gains Tax event for Copper Strike, and the consequences will vary depending on each shareholder's tax profile. More detail was provided in the 30 October ASX Release by Copper Strike. An ATO ruling on the tax situation is due before the end of calendar 2014.
Copper Strike currently has no exploration interests and is not currently pursuing any project generation work.
Administration
Expenditure for the Quarter was $0.1 million and as of 30 September 2014, Copper
Strike had $1.1 million in the bank.
Corporate Details
Issued Capital 106,844,810 shares
Share Price $0.265 (30 October 2014)
Directors and Management
Mr Tom Eadie - Non Executive Chairman
Mr Brendan Jesser - Non Executive Director Mr Mark Hanlon - Non Executive Director Ms Melanie Leydin - Company Secretary
Registered Office
Copper Strike Limited ABN 16 108 398 983
Level 9 - 356 Collins Street Melbourne Victoria 3000 Australia
Ph 03 96400955 Fax 03 96420698 email mailto:[email protected][email protected]
www.copperstrike.com.au
Appendix 5B Mining exploration entity quarterly report
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
COPPER STRIKE LIMITED
Rule 5.3
ABN Quarter ended ("current quarter")
16 108 398 983 30 September 2014
Consolidated statement of cash flows
Cash flows related to operating activities
1.1 Receipts from product sales and related debtors
1.2 Payments for
(a) exploration and evaluation
(b) development
(c) production
(d) administration
1.3 Dividends received
1.4 Interest and other items of a similar nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other - Rent received
Net Operating Cash Flows
+ See chapter 19 for defined terms.
30/09/2014 Appendix 5B Page 1
Appendix 5B
Mining exploration entity quarterly report
1.13 Total operating and investing cash flows (brought
forward)
|
(126,847)
|
(126,847)
|
Cash flows related to financing activities
1.14 Proceeds from issues of shares
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 - Return of Capital to Shareholders
Net financing cash flows
|
-
-
-
-
-
-
|
-
-
-
-
-
-
|
Cash flows related to financing activities
1.14 Proceeds from issues of shares
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 - Return of Capital to Shareholders
Net financing cash flows
|
-
|
-
|
Net increase (decrease) in cash held
1.20 Cash at beginning of quarter/year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter
|
(126,847)
1,210,168
-
|
(126,847)
1,210,168
-
|
Net increase (decrease) in cash held
1.20 Cash at beginning of quarter/year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter
|
1,083,321
|
1,083,321
|
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
1.23 Aggregate amount of payments to the parties included in item 1.2 $66,735
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
Salaries and Superannuation paid to director related entities during the September 2014 quarter. It also includes a payment of $35,675 to Tom Eadie in relation to lump sum leave entitlements owing to him upon termination of his executive director contract in June 2014.
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
+ See chapter 19 for defined terms.
Appendix 5B Page 2 30/09/2014
Financing facilities available
Add notes as necessary for an understanding of the position.
Appendix 5B Mining exploration entity quarterly report
3.1 Loan facilities
3.2 Credit standby arrangements
Estimated cash outflows for next quarter
4.1 Exploration and evaluation
4.2 Development
4.3 Production
4.4 Administration
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
Changes in interests in mining tenements
6.1 Interests in mining tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements acquired or increased
+ See chapter 19 for defined terms.
30/09/2014 Appendix 5B Page 3
Appendix 5B
Mining exploration entity quarterly report
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.
7.12 Unsecured notes
(totals only)
+ See chapter 19 for defined terms.
Appendix 5B Page 4 30/09/2014
Compliance statement
Appendix 5B Mining exploration entity quarterly report
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:
Company Secretary
Print name: MELANIE LEYDIN
Notes
Date: 31 October 2014
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.
== == == == ==
+ See chapter 19 for defined terms.
30/09/2014 Appendix 5B Page 5