COPPER STRIKE LIMITED ASX Release ASX Code
11 April 2016 CSE
QUARTERLY REPORT ON ACTIVITIES January to March 2016During the Quarter the Company continued with its plan to keep operating costs at a minimum, while holding its investment in Syrah Resources Limited (ASX: SYR) as Syrah continues towards development.
Copper Strike currently has no exploration interests.
Copper Strike owns 11 million shares in Syrah Resources Limited, which is a holding of just under 5%. The Company continues to be pleased with progress being made at Syrah in relation to its Balama Graphite Project.
Copper Strike believes that the share price of Syrah has considerable upside now that Syrah has raised the equity capital necessary for construction of Balama, initial offtake arrangements have been announced and construction has commenced. As such the directors continue to be of the view that it is in shareholders' best interest for the Company to continue to hold this investment to ensure that the potential upside in relation to the development of the world class Balama Project is reflected within the Syrah share price.
Expenditure for the Quarter was $63,000. As of 31 March 2016 Copper Strike had approximately $852,000 in the bank. Expenditure going forward is expected to be approximately $100,000 per Quarter, excluding one off items.
Shareholders may wish to contact the Chairman, Tom Eadie, directly on 0419 880 333 or tom.eadie@copperstrike.com.au.
Registered Office
Copper Strike Limited ABN 16 108 398 983
Level 4 - 100 Albert Road South Melbourne Victoria 3205 Australia Ph 03 96927222 email tom.eadie@copperstrike.com.au www.copperstrike.com.au
Corporate DetailsIssued Capital 106,844,810 shares Share Price $0.27 (8 April 2016) 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 2
Copper Strike Limited ABN 16 108 398 983
Level 4 - 100 Albert Road South Melbourne Victoria 3205 Australia Ph 03 96927222 email tom.eadie@copperstrike.com.au www.copperstrike.com.au
Appendix 5B Mining exploration entity quarterly report
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Rule 5.3
Name of entity |
COPPER STRIKE LIMITED |
ABN | Quarter ended ("current quarter") |
16 108 398 983 | 31 March 2016 |
Cash flows related to operating activities | Current quarter $A'000 | Year to date (9 months) $A'000 | |
1.1 | Receipts from product sales and related debtors | - | - |
1.2 | Payments for
| - - - (65) | - - - (236) |
1.3 | Dividends received | - | - |
1.4 | Interest and other items of a similar nature received | 2 | 6 |
1.5 | Interest and other costs of finance paid | - | - |
1.6 | Income taxes paid | - | - |
1.7 | Other - Rent received | - | - |
Net Operating Cash Flows | (63) | (230) | |
Cash flows related to investing activities | - - - | - - - | |
1.8 | Payment for purchases of: (a)prospects/farmins (b)equity investments (c) other fixed assets | ||
1.9 | Proceeds from sale of: (a)prospects (b)equity investments * (c)other fixed assets | - - - | - 579 - |
1.10 | Loans to other entities | - | - |
1.11 | Loans repaid by other entities | - | - |
1.12 | Other - Deposits supporting guarantees | - | - |
Net investing cash flows | - | 579 | |
1.13 | Total operating and investing cash flows (carried forward) | (63) | 349 |
* The proceeds referred to in year to date section 1.9(b) above, relate to Copper Strike having renounced its entitlements in the Syrah Resources Institutional Entitlement Offer during the September 2015 quarter.
+ See chapter 19 for defined terms.
31/03/2016 Appendix 5B Page 1
Appendix 5B
Mining exploration entity quarterly report
1.13 | Total operating and investing cash flows (brought forward) | (63) | 349 |
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 | (63) | 349 | |
1.20 | Cash at beginning of quarter/year to date | 915 | 503 |
1.21 | Exchange rate adjustments to item 1.20 | - | - |
1.22 | Cash at end of quarter | 852 | 852 |
Current quarter $A'000 | ||
1.23 | Aggregate amount of payments to the parties included in item 1.2 | 30 |
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 March 2016 quarter.
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 31/03/2016
Copper Strike Limited issued this content on 11 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 April 2016 23:10:17 UTC
Original Document: http://copperstrike.com.au/sites/copperstrike.com.au/files/20160411 - CSE Quarterly Activities and Cashflow Report - March 2016 - ASX FINAL.pdf
