Axiom Mining Limited

Published : July 29th, 2016

Quarterly Activities Report

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Keywords :   Growth | Mines | Nickel | Paramount | Solomon Islands |

Quarterly Activities Report


Activities Report

For the period ended 30 June 2016

Message from

the CEO

The Court of Appeal judgment was delivered in late March, and whilst the ruling was not entirely expected, it did provide us with a clear path forward - one without prolonged litigation that in the past has prevented us from our core business - sustainable mining.

With the Court of Appeal ruling ordering that SMM Solomon Limited (Sumitomo) were a) in breach of

the land-banking provisions and should not have been able to apply for further tenements, and

b) Axiom's Kolosori tenement is no longer in existence. On hearing this announcement, Axiom quickly re-organised the operations of the

business and focussed it's attention to the other half of the Isabel Nickel Project, the San Jorge tenement.

The San Jorge Prospecting Licence was granted in early 2015 and was previously subject to significant exploration in the 1960s & 70's by INCO (Vale). Historical exploration data indicates that the San Jorge deposit is very similar to the Kolosori deposit including in both grade

and tonnage.

During the quarter we continued with our preliminary activities on San Jorge, including community consultation and environmental

studies, and anticipate further active development of San Jorge in the near future.

We have re-applied for our Prospecting Licence over the Kolosori tenement and await formal notification from the Solomon Islands Government.

Axiom and our landowner partners' investment in the Isabel Nickel Project goes beyond 18 months

of extensive exploration and mine planning to define the first five years of production - we upskilled our local workforce and worked with local communities to develop small businesses and community infrastructure. We are still confident that our approach to sustainable mine development, the company's strong ties with the customary

landowners and the robust technical work undertaken to date, will give Axiom a competitive advantage both in the development of the San Jorge deposit and the reapplication

of the prospecting licence over the Kolosori tenement.

The nickel laterite industry is experiencing significant supply constraints and it is uncertain, especially in the Pacific, where the majority of tropical nickel laterite deposit will be sourced from.

Axiom has a unique opportunity to capitalise on these recently evolving dynamics in the Asia Pacific nickel ore trade - moving the Company's projects to production is paramount.

Coupled with our existing and ongoing relationships with our strategic partners such as

Gunvor and Anitua, we are looking forward with much optimism to

the next stages of growth in the Solomon Islands.

Ryan Mount, CEO

1 | Axiom - Quarterly Activities Report for the period ended 30 June 2016

Corporate summary

Application for Prospecting Licence for Kolosori tenement

On 9 May 2016, Axiom Mining Limited announced it had submitted its application for a Prospecting Licence for the Isabel Nickel Project's Kolosori tenement with the Solomon Islands' Ministry of Mines, Energy and Rural Electrification ('the Ministry').

Axiom also welcomed a 6 May 2016 public notice from the Ministry stating its position on the Isabel Nickel Project, in which the Ministry advised it:

  • has committed to run an "inclusive, transparent process that is strictly compliant with all requirements under the Mines and Minerals Act (Cap 42) and the Environment Act (1998) and other relevant legislation to avoid legal implications and delay in the development of mineral rights of great promise and potential benefit for all stakeholders".

  • will provide further details about the process to receive expressions of interest for the Isabel nickel deposits.

Shareholder information sessions

A number of shareholder sessions were held in Brisbane and Sydney at the end of May, to give an update on the Company's operations.

We welcome and enjoy open discussion with our shareholders, and plan similar events in the near future.

Key executive management appointment

Recruitment has commenced on a number of key management positions, with our first successful incumbent being Mr Ken Stein, who has taken up the role of Executive

General Manager - Operations. Mr Stein brings to the company some 40 years of mining experience, particularly in nickel development, and bolsters our in-country management team to prepare our operations for upcoming fieldwork. Ken will be located in the Solomon Islands.

Axiom - Quarterly Activities Report for the period ended 30 June 2016 | 2

Solomon Islands summary

Isabel Nickel Project


San Jorge (PL 01/15)


80% Axiom Mining Limited

20% interest held by landowning tribes


San Jorge Island, Isabel Province


36 km2

Kolosori Nil - reapplication submitted

Santa Isabel Island, Isabel Province


Solomon Islands Court of Appeal judgment

Axiom was granted a Prospecting Licence for the Isabel Nickel Project's San Jorge tenement in March 2015 with approval from the Solomon Islands Government and the customary landowners. Its close proximity to the Kolosori tenement enables Axiom to rapidly re-deploy most existing project infrastructure and resources to progress work on San Jorge.

Following the Solomon Islands Court of Appeal judgment, which considered the Kolosori tenement, on 1 April Axiom announced it would also focus its operations on the San Jorge tenement.

Axiom has been undertaking preliminary activities on the tenement, including community consultation and environmental studies, and further active development of the San Jorge tenement is anticipated in the coming months.

Kolosori tenement

On 9 May 2016, Axiom announced it had reapplied for a Prospecting Licence for the Isabel Nickel Project's Kolosori tenement.

Pre-feasibility Study

Through in-house consultants and a third party engineering firm, Axiom has been preparing a pre-feasibility study of the Isabel Nickel Project (both San Jorge and Kolosori tenements). The study, which confirms the economics of the project, is nearing completion.

3 | Axiom - Quarterly Activities Report for the period ended 30 June 2016

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Axiom Mining Limited

ISIN : AU000000ASX7
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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.

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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...
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