Axiom Mining Limited

Published : May 01st, 2016

Quarterly Activities Report

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  

Quarterly Activities Report



Activities Report

For the period ended 31 March 2016

Message from the Chairman

Robert Barraket joined the Axiom Board of Directors on 19 February 2016 as Non-Executive Chairman.

On 21 March 2016, the much-awaited judgment by the Solomon Islands High Court of Appeal regarding the Isabel Nickel Project was delivered. The Court held that the land where the Kolosori deposit is located remains customary land, and as a result Axiom KB's registered lease and Prospecting Licence were set aside.

While this is not the judgment Axiom had hoped for, it provides us with an opportunity to move forward litigation-free and continue to invest in the mineral-rich Solomon Islands. Axiom is in discussions with key stakeholders and the Solomon Islands Government in reapplying for the Prospecting Licence for the Kolosori tenement and are optimistic about regaining it.

We are pleased to report our strategic partners remain committed to the Company and

their investment in the Isabel Nickel Project. Gunvor confirmed its commitment to its off-take and

pre-payment agreement with Axiom, InCoR Holdings Plc converted $5 million of its Convertible Note to equity, allowing Axiom to retain flexibility over future project financing, and South Pacific

mining services leader and major shareholder Anitua Limited is continuing its collaboration with Axiom.

Despite being involved in complex litigation during a global downturn in the resources industry, Axiom has been able to maintain strong landowner and community relations in Solomon Islands. The company

has developed the necessary remote site infrastructure and logistical support, employed 150 Solomon Islanders and delivered a maiden JORC resource, which defined the

first five years of production.

I would like to take this opportunity to thank our shareholders and other key stakeholders for your continued support during this time.

I realise you will no doubt have questions about Axiom's strategy for moving forward. As such, I invite you to attend our shareholder information sessions, which will be held on 30 and 31 May in Sydney and Brisbane respectively. Further details will be advised closer to the date.

Robert Barraket Chairman

1 | Axiom - Quarterly Activities Report for the period ended 31 March 2016

Q&A with the CEO

Q: The Court of Appeal in Solomon Islands has held that the Kolosori tenement of the Isabel Nickel Project is customary land, and as a result Axiom's registered lease and Prospecting Licence were set aside. Where does this leave Axiom?

A: Essentially, the Court of Appeal decision has re-set the clock on the Prospecting Licence for Kolosori. Axiom is now free of litigation, and free to re-apply for the licence. Our landowner partners, who were once the registered landowners, are now customary landowners once again. Their support for Axiom remains firm, which has been uplifting for us. We admire and have been inspired by their resilience in these circumstances.

Q: Has the Solomon Islands Government given any indication on how long the re-application process may take?

A: The Solomon Islands Government has not formally advised Axiom on timing of the application, however we have been in ongoing discussions with the relevant Ministries regarding our application.

Q: Do the customary landowners of the Kolosori tenement have to become registered landowners again before the Letter of Intent can be issued?

A: No, they do not. I'd like to point out that the south San Jorge landowners are customary landowners, and we have a surface access agreement with them to support our Prospecting Licence for San

Jorge. The majority of prospecting licences issued to other companies in Solomon Islands are subject to customary land regulations.

Q: When will Axiom commence exploration on San Jorge?

A: Ideally, we would like to bring Kolosori into production in the first instance as it is very close to mine ready. Revenue generated from this tenement would be able to more efficiently fund development of other tenements. However, as we know, we are waiting for confirmation on the timing of the re-application process. Axiom has already

been working for some months on the San Jorge tenement in a limited capacity, including preliminary exploration and environmental studies. Depending on the timing of the re-application process

for Kolosori, Axiom will consider further active development of San Jorge in the coming months.

Q: Does Axiom have enough cash reserves to last

until the end of the re-application process?

A: Since the Court of Appeal decision was handed down, Axiom undertook several cost efficiency measures to minimise expenditure and will continue to carefully manage our cash reserves.

Axiom also raised $5 million of new capital and significantly reduced our debt position by more than 85%. Axiom has strong ties to the capital markets and is confident of securing capital efficiently when required, eg when a decision to develop San Jorge (or Kolosori, subject to permitting) is made.

Q: Finally, what is the current state of the nickel market and how is Axiom positioned-can it be profitable with the nickel price still at close to 13- year lows?

A: While not at the levels of the period immediately after Indonesia implemented its ore export ban, nickel demand still grows. China remains reliant on nickel imports and new global supply is limited.

Having undertaken extensive exploration and studies, which included a JORC Mineral Resource estimate, coupled with our strong landowner relations to minimise social risk, we strongly believe Axiom remains very competitive for the Asia Pacific nickel ore trade.

Axiom - Quarterly Activities Report for the period ended 31 March 2016 | 2

Corporate summary

Strategic partners confirm continued support

Following the Court of Appeal judgment, Axiom's strategic partners confirmed their ongoing commitment to the long-term development of the Isabel Nickel Project:

  • Gunvor confirmed off-take and ore prepayment agreement in place.

  • InCoR Holdings converted $5 million of its Convertible Note to equity, giving Axiom the flexibility over future project financing. InCoR is now a long-term significant and strategic shareholder in Axiom. President of InCoR Technologies Professor David Dreisinger, co-inventor of Starved Acid Leaching Technology, was appointed as Technical Advisor to Axiom (announced to ASX on 31 March 2016)

  • Anitua Limited is continuing its collaboration with Axiom on the development of the San Jorge tenement.

Project development funding

On 1 April, Axiom announced that it had raised $5 million of funding through a private placement of ordinary shares, which provides the company with a significant new source of funding to undertake the next phase of the development of the

Isabel Nickel Project.

3 | Axiom - Quarterly Activities Report for the period ended 31 March 2016

Read the rest of the article at
Data and Statistics for these countries : China | Georgia | Indonesia | Solomon Islands | All
Gold and Silver Prices for these countries : China | Georgia | Indonesia | Solomon Islands | All

Axiom Mining Limited

ISIN : AU000000ASX7
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Axiom Mining is a silver and gold exploration company based in Australia.

Its main exploration properties are OK MINE, MT MOLLOY, CARDROSS, PINEVALE and WHITE HILLS in Australia and PU SAM CAP, QUANG BINH and QUANG TRI in Vietnam.

Axiom Mining is listed in Australia. Its market capitalisation is AU$ 8.7 millions as of today (US$ 6.7 millions, € 5.5 millions).

Its stock quote reached its highest recent level on April 12, 2011 at AU$ 1.26, and its lowest recent point on May 24, 2019 at AU$ 0.02.

Axiom Mining has 348 620 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Annual reports of Axiom Mining Limited
2007 Annual report
2006 Annual Report
Nominations of Axiom Mining Limited
6/4/2007appointment of Mr John Cook as a non-executive independent
Project news of Axiom Mining Limited
8/12/2016Pre-Feasibility Study for the Isabel Nickel Project
12/3/2015Isabel Nickel Project resource definition drilling update
11/4/2015Isabel Nickel Project resource definition drilling update
9/22/2015Isabel Nickel Project resource definition drilling update
9/14/2015Isabel Nickel Project resource definition drilling update
9/7/2015Isabel Nickel Project resource definition drilling update
8/31/2015Isabel Nickel Project resource definition drilling update
8/24/2015Isabel Nickel Project drilling defines thick mineralisation
8/6/2015Isabel Nickel Project resource drilling uncovers 3% Ni
7/13/2015Isabel orientation drilling program successfully completed
4/24/2015Isabel Nickel Project drilling update
4/10/2015Drilling indicates continuous high grade mineralis
9/26/2008(Nightflower)First Resource Estimate - Nightflower Project
Corporate news of Axiom Mining Limited
8/1/2016Change of Share Registry
7/31/2016Funding for development of the Isabel Nickel Project
7/29/2016Quarterly Activities Report
7/28/2016Trading Halt
7/26/2016Key executive management appointment
7/25/2016Axiom Mining Company Update
6/10/2016Half Year Financial Report 31 March 2016
6/1/2016Notice of Expiry of Options
5/12/2016Axiom Mining EGM 12 May 2016 - Results
5/9/2016Isabel Nickel Project update
5/1/2016Quarterly Activities Report
4/19/2016Axiom Mining Loyalty Bonus Issue
4/19/2016Notice to the Financial Markets Authority
4/7/2016Appendix 3B
4/5/2016Cleansing Statement
4/1/2016Notice of Expiry
4/1/2016Reinstatement to Official Quotation
4/1/2016Axiom moves forward litigation-free with new funding
3/31/2016Axiom Mining 2016 AGM Results
3/30/2016New strategic shareholder
3/23/2016Solomon Islands Court of Appeal Update
3/23/2016Suspension from Official Quotation
3/21/2016Trading Halt
2/2/2016Axiom Mining Company Update
1/18/2016Change of Australian registered office address
12/31/2015Notice of Expiry
12/29/2015Isabel Nickel Project defines first 5 years of production
12/22/2015Appendix 3B
12/21/2015Annual Financial Statements
12/21/2015Off-take agreement and funding with Gunvor
12/16/2015Notice of Expiry and Appendix 3B
12/4/2015Axiom Mining EGM 4 December 2015 - Results
12/4/2015Axiom Mining EGM 4 December 2015 - Chairman's Address
11/3/2015Major funding and partnership for Isabel Nickel Project
11/2/2015Quarterly Activities Report
10/21/2015Change of Director's Interest Notice
10/15/2015Axiom Mining EGM 15 October 2015 - Results
10/15/2015Axiom Mining EGM 15 October 2015 - Chairman's Address
9/30/2015Isabel Nickel Project Maiden Mineral Resource Estimate
9/28/2015Appendix 3B
9/14/2015Notice of Extraordinary General Meeting
9/7/2015Isabel Nickel Project JORC Resource statement imminent
8/21/2015Axiom Mining Key Appointment
8/11/2015Appendix 3B
8/4/2015Appendix 3B
7/31/2015Quarterly Activities Report
7/31/2015Trading Halt
7/31/2015West Guadalcanal Project technical review complete
7/29/2015Axiom Mining Key Management Appointments
7/28/2015$5 million to fund development of Isabel Nickel Project
7/24/2015Trading Halt Request
7/20/2015Appendix 3B
7/17/2015Axiom Mining Solomon Islands Litigation Proceedings Update
7/13/2015Appendix 3B
4/21/2015Response to Price Query
4/15/2015Completion of consolidation
4/14/2015Axiom Mining Solomon Islands Litigation Proceeding
4/2/2015Notice of Expiry
3/31/2015Axiom Mining 2015 AGM Results
3/30/2015Axiom Mining 2015 AGM Chairman's Address
3/9/2015Further high grade results on Isabel Nickel Projec
3/6/2015Notice of Annual General Meeting
2/16/2015Appendix 3B
2/16/2015Cleansing Statement
2/13/2015Anitua extends support for Axiom
2/12/2015Court of Appeal hearing date confirmed
1/23/2015Quarterly Activities Report
1/19/2015Sumitomo provides AU$5 million in bank guarantees
2/22/2008Western Plains - Large increase in Buzzard direct shipping i...
1/31/2008$1.3m exploration for the quarter - significant acqu isition...
11/1/2007 builds on successfuy September quarter exploration a ctivi...
8/16/2007Raises $4m in share placement to accelrate its progr ams in ...
7/31/2007Exciting Results continue from aggressive Exploration in Que...
6/26/2007New geophysical anomalies indicate prime drill targets at Ax...
4/4/2007new tenement grants in aggressive acquisition thru st in Nor...
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
AU$ 0.025
12/31 10:00 -
Prev close Open
0.025 0.025
Low High
0.025 0.025
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.025 -%
Volume 1 month var.
0 -%
24hGold TrendPower© : -2
Explores for Copper - Gold - Silver - Zinc
Interactive chart Add to compare
Print Compare Export
Last updated on : 12/11/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :