New Risk • May 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.9% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Significant insider selling over the past 3 months (AU$575k sold). Market cap is less than US$100m (AU$99.2m market cap, or US$71.8m). New Risk • Feb 21
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$85.3m market cap, or US$60.4m). New Risk • Feb 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (AU$83.5m market cap, or US$59.1m). New Risk • Oct 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Revenue is less than US$1m. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$69.9m market cap, or US$45.5m). Announcement • Oct 21
CuFe Ltd has completed a Follow-on Equity Offering in the amount of AUD 5.4 million. CuFe Ltd has completed a Follow-on Equity Offering in the amount of AUD 5.4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 317,647,059
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 15
CuFe Ltd has filed a Follow-on Equity Offering in the amount of AUD 5.399995 million. CuFe Ltd has filed a Follow-on Equity Offering in the amount of AUD 5.399995 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 317,646,765
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 07
CuFe Ltd, Annual General Meeting, Nov 26, 2025 CuFe Ltd, Annual General Meeting, Nov 26, 2025. New Risk • Oct 01
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Market cap is less than US$100m (AU$16.2m market cap, or US$10.7m). New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$25m free cash flow). Earnings have declined by 63% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (18% average weekly change). Market cap is less than US$100m (AU$16.2m market cap, or US$10.7m). Announcement • Mar 25
The Tennant Creek Alliance, Comprising Tennant Minerals Limited , Cufe Ltd and Emmerson Resources Ltd Provides an Update on the Alliance Activities in Tennant Creek, Barkly Region, Northern Territory The Tennant Creek Alliance, comprising Tennant Minerals Limited (TMS), CuFe Ltd. (CUF) and Emmerson Resources Ltd. (ERM) ("the Companies" & "the Alliance") provided an update on the Alliance activities in Tennant Creek, Barkly Region, Northern Territory. Since formation of the Alliance in October 2024, the Companies have been collaborating to evaluate the viability of a multi-user facility for processing of copper-gold-critical mineral resources from the Companies tenure in the region. The stated objectives of the Alliance includes, the joint evaluation by completion of a scoping study, to be followed by a pre- feasibility study (PFS), of processing options including a multi-user facility based in the Tennant Creek region. The Alliance technical teams have been active, with the following activities underway and/or complete using a combination of in-house technical teams and external consultants. The work streams include; Resource updates for: CUF- Orlando and Gecko deposits. Initial mineralisation models of: Bluebird deposit (TMS). Hermitage and Jasper Hills deposits (ERM). Option analysis for process plant location. Underground and open pit optimisations, mine design and scheduling. Metallurgical test work review and modelling, process plant flow sheet design and sizing. Logistical network evaluation and optimisation. Operational and capital cost estimates. Consolidation of shared resources across the assets to reduce both operational and capital costs Current gold and copper prices, as well as rises in the price of the critical minerals including bismuth and cobalt, combined with global demand trends, strongly support the ongoing evaluation of a shared processing facility model. The "stronger together" concept behind the Alliance is expected to allow the re-establishment of copper mining and processing in the region. This will be of immediate benefit to the Alliance stakeholders, the Barkly region and the Northern Territory. The Alliance reported that it has recently received a letter of support for its activities from the Mines Minister of the Northern Territory. The letter from Minister Maley indicates the Northern Territory Government's understanding of the potential of the project for delivering economic benefits to the region and to Australia. New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$25m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$25m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 63% per year over the past 5 years. Market cap is less than US$10m (AU$9.36m market cap, or US$5.92m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Jan 21
CuFe Ltd Appoints David Palmer as A Non-Executive Director with Effect from 1 February 2025 CuFe Ltd. announced the appointment of David Palmer as a Non-Executive Director with effect from 1 February 2025. Mr. Palmer is a geologist and company director with more than 38 years' experience in the global exploration industry, the majority of his career has been with Rio Tinto Exploration focused on copper/gold, base metals, industrial minerals, uranium, iron ore, and diamonds throughout Australia and the Asia/Pacific. Mr. Palmer is a member of AusIMM and the AICD. Amongst other senior positions, Mr. Palmer led the business development, mineral title and indigenous engagement functions and was part of the management team that discovered the world-class Winu Cu-Au deposit. David holds a Bachelor of Science (First Class Honours) from the University of Newcastle. Upon Mr. Palmer's appointment Mr. Nicholas Sage will resign from the CuFe Board, also with effect from 1 February 2025. Announcement • Oct 09
CuFe Ltd, Annual General Meeting, Nov 27, 2024 CuFe Ltd, Annual General Meeting, Nov 27, 2024. Reported Earnings • Oct 01
Full year 2024 earnings released: AU$0.012 loss per share (vs AU$0.012 loss in FY 2023) Full year 2024 results: AU$0.012 loss per share (in line with FY 2023). Revenue: AU$96.1m (up 175% from FY 2023). Net loss: AU$13.6m (loss widened 22% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 43% per year, which means it has not declined as severely as earnings. Announcement • Jul 18
CuFe Ltd (ASX:CUF) entered into a binding agreement to acquire Exploration application E80/6052 in West Arunta Niobium province from Territory Prospecting Pty Ltd for AUD 0.08 million. CuFe Ltd (ASX:CUF) entered into a binding agreement to acquire Exploration application E80/6052 in West Arunta Niobium province from Territory Prospecting Pty Ltd for AUD 0.08 million on July 17, 2024. The consideration consists of upfront cash component of AUD 0.01 million, issue of 1.56 million common equity of CuFe Ltd having a value of AUD 0.025 and a further cash payment of AUD 0.05 million upon the grant of the tenure or the execution of heritage agreement. Announcement • May 25
CuFe Ltd has completed a Follow-on Equity Offering in the amount of AUD 3 million. CuFe Ltd has completed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 187,500,000
Price\Range: AUD 0.016
Discount Per Security: AUD 0.00096
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • May 20
CuFe Ltd has filed a Follow-on Equity Offering in the amount of AUD 3 million. CuFe Ltd has filed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 187,500,000
Price\Range: AUD 0.016
Discount Per Security: AUD 0.00096
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 20
First half 2024 earnings released: AU$0.006 loss per share (vs AU$0.007 loss in 1H 2023) First half 2024 results: AU$0.006 loss per share (improved from AU$0.007 loss in 1H 2023). Revenue: AU$49.7m (up 197% from 1H 2023). Net loss: AU$6.94m (flat on 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Announcement • Oct 24
CuFe Ltd, Annual General Meeting, Nov 29, 2023 CuFe Ltd, Annual General Meeting, Nov 29, 2023, at 10:00 W. Australia Standard Time. Location: 32 Harrogate Street West Leederville, WA 6007 Perth Australia Agenda: To consider and approve the annual financial report of the Company for the financial year ended 30 June 2023 together with the declaration of the Directors, the Director's report, the Remuneration Report and the Auditor's report; to consider and approve the ADOPTION OF REMUNERATION REPORT; and to consider other matters. Reported Earnings • Sep 29
Full year 2023 earnings released: AU$0.011 loss per share (vs AU$0 in FY 2022) Full year 2023 results: AU$0.011 loss per share (further deteriorated from AU$0 in FY 2022). Revenue: AU$35.0m (up 6.1% from FY 2022). Net loss: AU$11.2m (loss widened AU$11.0m from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. New Risk • Aug 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.6m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 16% per year over the past 5 years. Market cap is less than US$10m (AU$14.9m market cap, or US$9.77m). Minor Risk Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Announcement • Jul 12
CuFe Ltd (ASX:CUF) entered an agreement to acquire exploration tenements in West Arunta Region and in Tambourah Region from North West Iron Pty Ltd and Redstone Metals Pty Ltd. for AUD 0.51 million. CuFe Ltd (ASX:CUF) entered an agreement to acquire exploration tenements in West Arunta Region and in Tambourah Region from North West Iron Pty Ltd and Redstone Metals Pty Ltd. for AUD 0.51 million on July 11, 2023. Consideration for the acquisition is 30 million shares in CuFe, preserving cash for work in the ground. Completion of the transaction is expected occur within 30 days. Reported Earnings • Mar 16
First half 2023 earnings released: AU$0.007 loss per share (vs AU$0 in 1H 2022) First half 2023 results: AU$0.007 loss per share (further deteriorated from AU$0 in 1H 2022). Revenue: AU$16.7m (down 5.7% from 1H 2022). Net loss: AU$6.98m (loss widened AU$6.94m from 1H 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Announcement • Jan 20
CuFe Ltd Provides Update on Activities at its JWD Iron Ore Project CuFe Ltd. provided an update on activities at its JWD iron ore project. The Company holds a 60% interest in the JWD Project via its subsidiary Wiluna Fe Pty Ltd. as operator of the joint venture (JWD JV). Following improvement in iron ore prices (which are up ~ 50% from when mining activity was suspended) the Company has initiated a restart of mining operations at JWD. Product is expected to be ready for haulage to port by the end of the month. As part of underpinning this restart CuFe has commenced building a hedge book to cover future sales. To date positions have been taken, basis March quotation period, with 10,000 tonnes swapped at USD 120.7 and 20,000 DMT of collars entered with a floor price of USD 110DMT and ceiling price of USD 129.5 DMT, basis 62% Fe. Lump premium is additional to this and remains floating at this stage. In addition to planning the restart of mining the JWD site team has continued to recover high grade material from a waste stockpile on site, crushing and screening it for trucking to port. A further 8-10,000 DMT of this material is expected to be loaded next week on a vessel shared with the neighbouring C4 project. That parcel is subject to a swap contract for February at USD116.50 DMT, basis 62% Fe. The Company is also contributing a parcel of 20,000 DMT of fines product to a joint ship with C4, which will load during February. This material is circa 58% Fe and is being sourced from stockpiles which are economic to export presently given the lower freight rates and grade discounts that apply. To assist in funding the working capital associated with the ramp up of activity the Company has negotiated a USD 2 million prepayment facility with its JWD offtake partner Glencore. The key terms of the facility are outlined in Appendix A to this announcement. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Executive Director Mark Hancock was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 31
CuFe Ltd. Provide an Update on Activities At Its Iron Ore Projects CuFe Ltd. provided an update on activities at its iron ore projects. The Company holds a 50% interest in Gold Valley Iron and Manganese Pty Ltd, the owner of the iron ore rights over the Yarram Project which is located approximately 110km from Darwin Port. In late September the Company commenced a drill program at the Yarram Project on MLN1163 targeting extensions to known mineralisation, outcropping ore zones and several geophysical targets. Although the program experienced periods of heavy rainfall and high temperatures it has been successfully completed prior to the wet season fully arriving. The air core drill program was executed by Australian Air Core and was completed on 26 October 2022. Program details are as follows: 24 holes were drilled. Total 1,358 metres. Maximum hole depth 105m, average 56m. Drilling intercepted goethite and hematite lenses and surface laterites and enrichment that is typical of this area. Samples have been progressively delivered to the laboratory for analysis and results are expected to return over the coming month. Remaining works on site in the near term include down hole surveys, a detailed LIDAR topographic survey and the collection of metallurgical bulk samples from surface costeans and cuttings. The Company holds a 60% interest in the JWD Project via its subsidiary Wiluna Fe Pty Ltd. as operator of the joint venture (JWD JV). Announcement • Oct 28
CuFe Ltd, Annual General Meeting, Nov 30, 2022 CuFe Ltd, Annual General Meeting, Nov 30, 2022, at 11:00 W. Australia Standard Time. Location: 32 Harrogate Street, West Leederville, Western Australia 6007 West Australia Western Australia Australia Agenda: To consider adoption of remuneration report; to discuss re-election of directors ; to discuss ratification of prior issue of shares; to discuss issue of securities to a related party; to consider issue of securities to a related party mark hancock; and to approve of 7.1A mandate. Announcement • Oct 10
High-Grade Copper and Gold Shown in Orlando Assay Results CuFe Ltd. provided an update on assay results received for the drilling program recently completed at its 60% owned Tennant Creek Copper /Gold project (Orlando, Orlando Project) in the Northern Territory. Orlando Project - drilling program: The drilling was completed over a 2 month period from the 12th June to the 9th August and was a combination of RC drilling, 2 cased water bores and diamond drilling. The program was multipurpose and provided: infill drillhole data to support future resource updates; diamond drill core for further metallurgical testwork requirements, which will look to build on the encouraging results received from the testwork on historical drill core announced recently; and water monitoring bores to support the environmental approval process. RC drilling for the program totaled 2,410m from 27 holes, designed in areas with limited data along the southern flank of the Orlando Pit with the intention that specific holes would serve as pre-collars to planned diamond extensions. Section 770 east is an example of both high-grade gold and copper intersections demonstrating extensions to the existing pit. Announcement • Sep 23
CuFe Ltd. Provides an Update on the Preliminary "Sighter" Metallurgical Test Work CuFe Ltd. provided an update on the preliminary "sighter" metallurgical test work completed on historical drill core from the company's 60% owned Tennant Creek Copper /Gold project (Orlando). Metallurgical Test Work Results: The company commissioned Independent Metallurgical Operations (IMO) to undertake a program of "sighter" bench scale metallurgical test work on both oxide and transitional composites of historical diamond drill core from its Orlando Copper /Gold project. The primary objective of the work being to achieve a positive result with respect to the flotation of oxidised copper mineralisation through conventional oxide flotation, and to inform a more comprehensive metallurgical program. Copper Oxide Composite: Two tests were performed on the copper oxide composite, with the first test (FT01) designed to establish some basic operating parameters such that the second test (FT02) could provide a more realistic assessment of what might be achievable for oxide flotation. Results of FT02 showed the copper oxide responded exceptionally well, producing; Copper recovery to rougher concentrate of 79.8% Cu; Rougher concentrate grade of 34.3% Cu. This is an outstanding result for copper oxide rougher stage flotation, highlighting that high saleable coppergrades can be readily achieved. Announcement • Jul 27
Cufe Ltd Announces It Has Upgraded the Existing Resources Previously Stated in Compliance with Jorc 2004 to Jorc 2012 for Its 60% Owned Tennant Creek Deposits CuFe Ltd. announced it has upgraded the existing resources previously stated in compliance with JORC 2004 to JORC 2012 for its 60% owned Tennant Creek deposits (Orlando, Gecko and Goanna). The Company engaged Mr. Ian Glacken from Snowden Optiro Consultants to conduct a review of the stated 2004 resources and complete the necessary additional requirements to allow reporting under JORC 2012 requirements. The original resource estimates were generated by Optiro Pty Ltd. between 2011 and 2013. Project Summary; The deposits are approximately 25 km to the northwest of the Tennant Creek township. Geology and Geological Interpretation Host lithologies in the region consist of a sedimentary sequence of shales, siltstones and greywackes with some intercalated haematite-rich shale units. The iron oxide pods which dominantly host gold and copper mineralisation comprise varying amounts of magnetite-haematite-quartz and chlorite, and are irregular in shape, typically sub-vertical and with an east-west strike. A distinct alteration halo typically surrounds the ironstones, and consists of strongly chloritised and often sheared sediments from a few centimetres to 10 m thick. The copper mineralisation occurs as thin, near vertical lenses, within and transgressive to the iron-oxide pods, and often continues into the adjacent chlorite-altered sediments. Gold and copper mineralisation at Orlando is hosted in southeast-northwest trending lenses controlled by two shear zones, which strike east-southeast. The gold and copper mineralisation is associated with elevated concentrations of arsenic, cobalt and bismuth. The main copper mineral is chalcopyrite, which has been oxidised to a number of secondary copper minerals, including malachite, chalcocite and covellite, within the weathered horizon. The weathering profile extends down to 120 m below surface. The Gecko and Goanna mineralisation is hosted in a similar orientation to Orlando, although offset to the east-northeast, in a sequence of lenses controlled by a series of subparallel and subvertical shear zones, locally called the Gecko Corridor. The lenses are coincident with the shear zones and mineralisation is hosted in sulphide and quartz-sulphide tension vein arrays and sulphide rich brecciated ironstone lenses. The major lithological units found within the shear zones are chlorite altered lithologies, fault breccias, mylonites and lesser sheared ironstone lenses. The Goanna mineralisation is dominantly copper, with only minor intercepts containing gold. The depth of oxidation varies in depth from 50 m to up to 150 m below surface. Sampling and Sub-sampling techniques; Mineralisation at Orlando, Gecko and Goanna has been defined by surface diamond, underground diamond and reverse circulation (RC) drilling, carried out over a number of separate campaigns. Orlando 2012/13 RC and diamond drilling was used to obtain samples generally over a length of 1 m. RC samples were composited over 3 m intervals. Generally half core samples from diamond drilling were crushed, sub-sampled and pulverised to produce a 50 g charge for analysis. The majority of the data is from RC and diamond drilling carried out prior to 1980. This was generally as samples over 1 m intervals. Gecko; A large quantity of historical drilling was used for the Gecko (Anomaly 3, L25 and K44 Lower) resource updates. The drilling type has not been recorded, but in all cases the data is from underground diamond holes, which have been drilled from underground drilling platforms, with a small number of surface holes. Goanna, The drilling is a combination of diamond and RC. 36 holes intersect the Goanna mineralisation. Industry standard practices were used to obtain representative 1m samples for RC drilling; half core diamond samples were taken using a core diamond saw. Gold grades are low (averaging 0.2 g/t) in the resource estimate, thus there are no issues known with coarse gold. Drilling Techniques; Orlando, RC and diamond drilling with HQ, NQ and PQ core diameter. Gecko; Underground and surface diamond drilling with HQ and NQ core diameters. Goanna, The 36 holes defining the Goanna resource comprise 16 RC (1m samples) and 20 diamond holes, many with RC pre-collars. No orientated core was used but some of the diamond holes had wedges taken foradditional sampling. Announcement • Jun 17
CuFe Ltd. Provides an Update on Its Exploration and Evaluation Activities At the 60% Owned Tennant Creek Copper Gold Project CuFe Ltd. provide an update on its exploration and evaluation activities at the Company's 60% owned Tennant Creek Copper /Gold project in the Northern Territory. The Company has commenced drilling this week at the Orlando Project (Orlando), which is the focus of its current activities in Tennant Creek. At Orlando the Company is targeting a cutback to access remaining ore at the historical copper /gold open pit which was last mined in the 1990's. The rig has recently completed a program nearby for Emmerson Resources, who have worked proactively with CuFe to minimise mobilisation and demobilisation costs for the benefit of both parties, which is much appreciated. The program will comprise in the order of 4,000m of drilling, including both RC and Diamond, with the RC focused on infill drilling to increase confidence in the Resource, step out targets and water monitoring bores. The Diamond program will provide core to support metallurgical and geotechnical testwork to further the Company's understanding of the orebody. This new core will supplement the historical drill core which has now been transported to Perth for evaluation. In preparation for this current drilling campaign the Company has completed an access agreement with the pastoralist on whose land the project is located and completed a heritage survey with the Aboriginal Areas Protection Authority. The Company looks forward to a productive relationship with these importantstakeholders moving forward. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Director Mark Hancock was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 21
CuFe Ltd. Provides an Update on Operations at JWD Iron Ore Project CuFe Ltd. provided an update on operations at its JWD Iron Ore Project (JWD, JWD Project). The Company holds a 60% interest in the JWD Project via its subsidiary Wiluna FE Pty Ltd. and is Operator of the joint venture (JWD JV). Mining Operations: Mining load and haul at JWD has successfully ramped up following the re-start in January, with run-of-mine ore stock building again ahead of the crush and screen plant. A nightshift has been introduced for crush and screen operations to increase overall run hours available to the plant by enabling maintenance, servicing and other prepatory work to occur on night shift, with material processing occurring on dayshift. An additional haulage contractor has been introduced and has now successfully achieved ramp up, increasing the rate of haulage to port. Product Hedges: The Company has taken advantage of the improved forward pricing on offer in recent weeks to grow its hedge coverage. The aim of the hedge coverage is to provide downside price protection at levels at or above the Company's breakeven cost while maximising participation to upside iron ore price events. The current hedge positions outstanding are as follows: February 2022 (to cover January partial shipment); Zero cost collar - 62% index basis USD 110 - 139 - 25kt dmt; Lump premium swap - 30.8c per dtmu - 25kt; April 2022 (to cover March shipment); Zero cost collar - 62% index basis USD 110 - 139 - 25kt dmt; Swap USD 133 - 62% index basis - 25kt dmt; May 2022 (to partially cover April shipment); Zero cost collar - 62% index basis USD 120 -162 dmt - 25kt dmt; Lump premium swap - 30.8c per dmtu - 25kt; June 22 (to partially cover May shipment); Zero cost collar - 62% index basis USD 120 -162 dmt - 25kt dmt. Using the February hedge position and the current forward prices the realised price for the January JWD part cargo would be approximately AUD 220 dmt CFR. This is calculated using USD139 /dmt (being the top of the hedge range) plus lump premium of USD 19.25 divided by an USD/AUD exchange rate of 72c. Sales: The shared shipment with GWR Group Ltd. was successfully completed in January. The next shipment will load in March and has been sold to a South-East Asian steel mill. South-East Asia is proving a key market for JWD, with the vessel size ex Geraldton port being a good match for the logistics requirements of the South-East Asian mills. This assists in achieving benchmark pricing for the product and the closer proximity to Australia results in lower sea freight costs. Announcement • Dec 11
CuFe Ltd. (ASX:CUF) completed the acquisition of 60% stake in Tennant Creek Project from Gecko Mining Company Pty Ltd. Fe Limited (ASX:FEL) entered a binding agreement to acquire 60% stake in Tennant Creek Project from Gecko Mining Company Pty Ltd for AUD 10.4 million on September 24, 2021. As per the transaction, Fe Limited will pay AUD 5 million cash payable in three instalments from which AUD 1 million deposit payable on signing, refundable in the event that the transaction does not complete, AUD 2 million payable on completion and AUD 2 million payable 6 months after completion. Also Fe Limited will pay subject to receipt of shareholder approval 85 million shares and 75 million unlisted options exercisable at AUD 10c expiring 3 years from date of issue. The transaction will be financed from commitments to raise AUD 5 million through a placement of 100,000,000 ordinary shares. The transaction is subject to necessary third party or government consents to the transfer and completion of a JV Agreement and any other necessary deeds of assignment and assumption.
CuFe Ltd. (ASX:CUF) completed the acquisition of 60% stake in Tennant Creek Project from Gecko Mining Company Pty Ltd on December 10, 2021. Announcement • Sep 25
Fe Limited (ASX:FEL) entered a binding agreement to acquire 60% stake in Tennant Creek Project from Gecko Mining Company Pty Ltd for AUD 10.4 million. Fe Limited (ASX:FEL) entered a binding agreement to acquire 60% stake in Tennant Creek Project from Gecko Mining Company Pty Ltd for AUD 10.4 million on September 24, 2021. As per the transaction, Fe Limited will pay AUD 5 million cash payable in three instalments from which AUD 1 million deposit payable on signing, refundable in the event that the transaction does not complete, AUD 2 million payable on completion and AUD 2 million payable 6 months after completion. Also Fe Limited will pay subject to receipt of shareholder approval 85 million shares and 75 million unlisted options exercisable at AUD 10c expiring 3 years from date of issue. The transaction will be financed from commitments to raise AUD 5 million through a placement of 100,000,000 ordinary shares. The transaction is subject to necessary third party or government consents to the transfer and completion of a JV Agreement and any other necessary deeds of assignment and assumption. Announcement • Sep 24
Fe Limited announced that it expects to receive AUD 5 million in funding Fe Limited announces that it has received commitments for a private placement of 100,000,000 common shares at a price of AUD 0.05 per share for gross proceeds of AUD 5,000,000 on September 24, 2021. The company will also issue one free attaching option for every two common shares at a price of AUD 0.06 each expiring two years from date of issue. The issue will be made to unrelated parties and without shareholder approval. The transaction will include participation from sophisticated investors. There will be a fees of 6% related to transaction. Announcement • Jul 16
Global Lithium Resources Limited (ASX:GL1) completed the acquisition of Tenements E45/4669 and E45/4724 from Fe Limited (ASX:FEL). Global Lithium Resources Limited (ASX:GL1) agreed to acquire Tenements E45/4669 and E45/4724 from Fe Limited (ASX:FEL) for AUD 0.35 million on June 17, 2021. In a related transaction, Mercury Resources Group Pty Ltd agreed to acquire Tenements E45/4690, E45/4691, E45/4759 and E45/4746 of Pilbara Exploration from Fe Limited (ASX:FEL) for AUD 0.2 million. The transaction is subject to standard conditions precedent including relevant third party consents. Completion is scheduled for not more than 20 business days after signing unless otherwise agreed.
Global Lithium Resources Limited (ASX:GL1) completed the acquisition of Tenements E45/4669 and E45/4724 from Fe Limited (ASX:FEL) on July 16, 2021. The tenements now become part of Global Lithium's wholly owned Marble Bar Lithium Project. Approved for release by the Board of Global Lithium Resources Limited. Announcement • Jul 14
Fe Limited Updates Shareholders on the Commencement of Haulage Activities from Its JWD Iron Ore Project Fe Limited updated shareholders on the commencement of haulage activities from its JWD Iron Ore Project (JWD, JWD Project). The first trucks left Wiluna on July 11, 2021 heading for Geraldton Port, having mobilised to site following the completion of the port shed and access agreements late last week. Haulage activities will operate on a 24/7 basis, with the fleet dedicated to the task ramping up progressively over coming weeks. Loading of the Company's first shipment is targeted for the second half of August. Announcement • Jun 15
Fe Limited Provides Further Update on Progress At Its JWD Iron Ore Project Fe Limited provided a further update on progress at its JWD Iron Ore Project (JWD, JWD Project). First blast fired: On 12th June the site team fired the first blast of ore and waste in the JWD pit as part of early development. The blast contains high grade hematite that is outcropping at surface and will form part of the early crusher feed for the plant. Drill and blast will continue along strike, building broken stocks ahead of the commencement of mining load and haul operations. All of the mining fleet and ancillary equipment has been mobilised and contractor Big Yellow continues to ramp up its personnel on site. Crush and Screen Plant mobilisation imminent: Earthworks for the crushing and screening plant are complete, including access roads that will allow for early ore supply from the pit to the run-of-mine ore stockpile (ROM). The crushing and screening plant is planned for mobilisation later this week in preparation for wet commissioning late this month. Announcement • May 16
Fe Limited Provides Further Update on Progress at JWD Iron Ore Project Fe Limited provided a further update on progress at its JWD Iron Ore Project. Mining contractor Big Yellow commenced earthworks on site last week and expects to complete their component of the first stage of early works in the current week. The company is working with Big Yellow to finalise the next scope of works to keep the project on schedule in advance of commencement of full mining operations, with mobilization of the remaining mining fleet planned to occur this weekend. The company and GWR have agreed a number of amendments to the JWD Mining Rights Agreement. One of the key elements of the changes has been to adjust the methodology by which royalty and rehabilitation obligations are funded, thereby assisting FEL's working capital during ramp up. FEL has agreed to guarantee its subsidiary company's obligations to GWR as part of these changes. The other key change is to extend the timeframe by which FEL has to extract the first 300,000 tonnes of ore (from October 2021 to January 2022), providing additional operational flexibility to FEL. As a consideration for GWR agreeing to the changes FEL will make a payment of $125,000 in cash, increase the royalty it pays by AUD 1 per tonne when the headline iron ore price is above $145 and grant GWR an option to purchase up to 50,000 tonnes of JWD fines material from the mine gate at estimated cost plus AUD 10. The 62% index price has continued to reach record highs and lump premiums remain close to their historical highs. Demand is particularly strong for higher grade ores like that expected to be produced from JWD. As a result, the Company is receiving a number of expressions of interest from high quality offtakers and is currently evaluating these. Announcement • Apr 27
Fe Limited Provides Further Update on Progress At Its JWD Iron Ore Project Fe Limited provided a further update on progress at its JWD Iron Ore Project (JWD Project). The Company has executed a camp accommodation contract with Salt Lake Potash Limited to occupy up to 68 construction rooms at their Lake Way Village. The Lake Way project is located some 30km from FEL's JWD Project, allowing easy access to site for FEL's contractors and employees. The contract provides FEL with a cost effective and immediate camp solution, with no upfront capital charge, and a competitive operating rate achieved through economies of scale that result from both companies occupying a larger facility. The Company has executed a LOI with experienced crushing and screening contractor Rocktivity, noting an intention to appoint them as the crushing and screening contractor for the JWD Project, with the full form contract targeted to be completed within the next 30 days. The LOI enables Rocktivity to lock in the necessary plant and people for the FEL task. Early Works Activities Commenced Following on from the previously executed LOI with mining contractor Big Yellow, the parties have agreed a scope for preliminary earth works and clearing to prepare the site in advance of mining. The contractor plans to mobilise next week with commencement of works targeted before the end of the month. Mobilisation of the full mining fleet is envisaged to occur in the first half of May upon a formal decision to mine occurring. In addition to early earthworks being performed by the mining contractor, work has commenced this week to refurbish offices and other infrastructure at the existing JWD exploration camp. This work will provide the JWD Project with a mining operations centre (MOC). The scope of these early works is in the order of $250,000. The Company has now received approval of an administrative amendment to its JWD Mining Proposal relating to the location of the crushing and screening plant. This now finalises all necessary environmental approvals for the commencement of mining activities at the JWD Project. The Company has been conducting a water exploration campaign in the vicinity of the JWD deposit for the purpose of supplying water for mining operations. To date two successful bores have been drilled and are in the process of being developed into production bores. It is envisaged these bores will provide sufficient water for the commencement of mining operations, with additional drilling planned in the vicinity of the mine access road to assist in dust suppression once haulage commences. Announcement • Mar 17
Fe Limited Announces West Wiluna JWD Iron Ore Deposit Approaching Production Fe Limited provided an update on progress at its JWD Iron Ore Project at West Wiluna. The Company has executed a LOI with emerging mining contractor Big Yellow, noting an intention to appoint them as the mining contractor for the JWD project with the full form contract targeted to be completed within the next 30 days, subject to receipt of necessary environmental approvals and logistic contracts. This LOI will enable Big Yellow to allocate the necessary mining fleet and people to the FEL project. Big Yellow is a new contractor founded by experienced mining executives Brad Gordon, David Edwards and Mitch Wallace (both ex MACA). FEL believes that Big Yellow's combination of experienced personnel looking to replicate their past success in a new entity is a good fit with FEL's own aspirations to do the same and looks forward to continuing to work together. Following the LOI being executed by both parties, discussions have commenced on works that can be commenced in advance of final environmental approvals being received. The approvals received to date allow certain clearing and preparatory works to occur, along with refurbishment of the existing office facilities on site. These early works will allow a faster ramp-up of operations once the remaining approvals and key contracts are secured. The Company has revisited the JWD geological model and mine plan, with opportunities identified for a reduction in the strip ratio and an improved average Fe head grade. If successfully implemented this would have a positive impact on margin through reduced mining costs and improved pricing as a result of higher grade products than initially expected. Lump premiums for high grade high iron such as that at JWD have been trading in the order of US50c per dry metric tonne unit (per unit of iron) during the month to date. This implies an uplift to the JWD realised price over the quoted Platts headline fines price in excess of USD 30 per tonne if the lump premium remains at these levels. The company has a number of parties interested in securing the JWD product and is working to finalise the optimal offtake arrangement utilising the Companies extensive industry contracts. Announcement • Dec 23
Fe Limited (ASX:FEL) completed the acquisition of 50% stake in Yarram Iron Ore Project in the Northern Territory from Gold Valley Iron and Manganese Pty Ltd. Fe Limited (ASX:FEL) entered into heads of agreement to acquire 50% stake in Yarram Iron Ore Project in the Northern Territory from Gold Valley Iron and Manganese Pty Ltd for AUD 3.1 million on August 21, 2020. Under the agreement, Fe Limited shall payable AUD 0.5 million as deposit refundable in the event conditions are not met or waived, AUD 0.5 million in cash and AUD 0.5 million through issuance of 31.25 million shares. Fe Limited shall also pay AUD 0.5 million in cash and AUD 1 million at Fe Limited’s election cash or shares prior to the resource milestone being achieved. The transaction is subject to certain conditions including satisfactory due diligence, completion of long form documentation and receipt of necessary third party consents, including in relation to assignment of the iron ore rights and approval from shareholders of Fe Limited. As of October 23, 2020, Board of Directors of Fe Limited unanimously approved the transaction. As of November 16, 2020, the original period for satisfaction of the conditions precedent on this acquisition expired on November 16, 2020 and has been extended for a further 35 days. Transaction is expected to complete by November 16, 2020.
Fe Limited (ASX:FEL) completed the acquisition of 50% stake in Yarram Iron Ore Project in the Northern Territory from Gold Valley Iron and Manganese Pty Ltd on December 21, 2020. Fe Limited has issued 31.2 million shares to Gold Valley Iron and Manganese Pty Ltd. Announcement • Nov 18
Fe Limited Provides Update on Iron Ore Projects Fe Limited provided an update on its announced advanced iron ore project acquisitions. JWD West Wiluna: The acquisition has completed and the company is actively advancing multiple parallel work streams. The company's key focus is preparing the works approval application for submission. This is the last remaining primary environmental approval required to facilitate commencement of works on site. The advanced status of approvals leverages off work performed previously by GWR Group Ltd. The works approval application is expected to be submitted to the Department of Water and Environmental Regulation by the end of the month and take approximately 3 months to process. The additional work streams conducted for JWD include Mine Planning: pit optimizations, updated pit designs and mine schedules are focused on producing a premium lump and premium fines product and maximizing early cash flow and updated mine plans demonstrate the ability for the project to produce a +62% Fe premium product for both the Lump and the Fines. Review of historical metallurgical testwork and steel making properties has revealed high propensity for JWD to produce a high-quality lump. Results of review used for integration into mine planning, product strategy and marketing. Review of road transport haulage routes and allowable road train configurations identified as a key focus area as haulage represents more than half of the C1 Cost for JWD and the haulage route also has an influence on capital, which the Company aims to keep to a minimum. Discussions are progressing on different port options, with the focus being Geraldton Port. Contractor Engagement - Working with potential contractors on mining, crushing and screening, and haulage, with a view to updating cost estimates and formulating a fit for purpose, low capex, accelerated execution strategy. Marketing - Engaging with potential customers, including funding opportunities for the provision of working capital facilities to assist ramp up. Yarram: Planning work for resource drilling has commenced and with the restrictions on interstate travel from Western Australia to the Northern Territory lifted from 14 November a site visit is planned in the coming weeks. This will allow FEL to accelerate its stakeholder engagement regarding the project. The original period for satisfaction of the conditions precedent on this acquisition expired on 16 November and has been extended for a further 35 days. FEL has completed due diligence to its satisfaction and is working with the vendor to achieve the key outstanding approval from the underlying tenement holder, which cannot be unreasonably withheld as per the iron ore rights Heads of Agreement. Announcement • Oct 06
Fe Limited Enters into Binding JV Agreement Fe Ltd. announced that it had entered into a binding JV Agreement to acquire a 51% interest in the Mining Rights Agreement held by Gold Valley Iron Ore over the Wiluna West JWD deposit 100% owned by GWR Group Limited. To date GWR has received a total $625,000 from the JWD Mining Agreement, with the most recent payment of $125,000 received from FEL:ASX on 30 September 2020 and $375,000 remaining via quarterly take or pay payments. The next $125,000 instalment is due in December this year. These payments relate to Stage 1 of the agreement being a small scale mining operation, which requires mining and trucking of 300,000 tonnes within 21 months of the Project Management Plan "PMP" and GWR is pleased that FEL will target early commencement of operations to meet this date and take advantage of current high iron ore prices. Gold Valley and Fe Limited are members of a joint venture to mine up to 3 Mt of iron ore at the Wiluna West Iron Ore Project's JWD deposit. Gold Valley is part of the Gold Valley Group, a diversified Australian based company with interests in mining, agriculture and energy. Announcement • Sep 26
Fe Limited Provides Exploration Update on Pippingarra Tenements Fe Limited announced their intention to immediately begin exploration on the Pippingarra tenements for intrusion related shear hosted gold similar to recent De Grey discoveries directly to the south west and along shear. Prospect Overview: The Pippingarra tenements are located approximately 38km south east of Port Hedland. A recent review of government geological and geophysical information has resulted in the identification of suspected mafic intrusions proximal to the district scale Indee Fault which tracks directly through the centre of the tenement. The Indee Fault continues south west into the De Grey tenure containing the recently discovered and growing intrusion related shear hosted gold projects such as Hemi, Brierly, Scooby and several others. Within the tenement and coincident with a magnetic anomaly is a small mapped outcrop of metamorphosed gabbro which has intruded the surrounding granitic country rock. Several magnetic anomalies can be traced coincident with the shear which are interpreted as possible mafic intrusions. These intrusions, their proximity to the shear and the evidence of contact metamorphism in the exposed gabbro within the tenement provide for an excellent potential host for gold mineralisation in an area previously considered to be largely composed of felsic bedrock. Based on the recent discoveries in the region and along trend in similarly sheared intrusion related geology, FEL is optimistic about the prospectivity in the area and intends to initiate detailed field mapping and exploration activities as soon as possible. Announcement • Sep 22
Fe Limited (ASX:FEL) entered into heads of agreement to acquire 50% stake in Yarram Iron Ore Project in the Northern Territory from Gold Valley Iron and Manganese Pty Ltd for AUD 3 million. Fe Limited (ASX:FEL) entered into heads of agreement to acquire 50% stake in Yarram Iron Ore Project in the Northern Territory from Gold Valley Iron and Manganese Pty Ltd for AUD 3 million on August 21, 2020. Under the agreement, Fe Limited shall payable AUD 0.5 million as deposit refundable in the event conditions are not met or waived, AUD 0.5 million in cash and AUD 0.5 million through issuance of shares. Fe Limited shall also pay AUD 0.5 million in cash and AUD 1 million at Fe Limited’s election cash or shares prior to the resource milestone being achieved. The transaction is subject to certain conditions including satisfactory due diligence, completion of long form documentation and receipt of necessary third party consents, including in relation to assignment of the iron ore rights.