Forte Energy NL ACN 009 087 852 1st August 2012 Quarterly Report - June 2012 Forte Energy NL ("Forte Energy" or "the Company") (ASX/AIM: FTE) is an emerging international uranium company focused on the exploration and development of a portfolio of uranium assets in the Republics of Mauritania and Guinea, West Africa. Highlights of 2nd Quarter to 30 June 2012 * JORC compliant resources increased by 21% during the quarter - from 37Mlbs contained U308 to 45Mlbs contained U308 * Forte Energy U3O8 JORC resources (all at a 100ppm cut-off): ---------------------------------------------------------------------------------------- Project Resource Tonnage Grade Contained Category (Mt) (ppm U3O8) U3O8 Mlbs ---------------------------------------------------------------------------------------- A238* Inferred 45.2 235 23.4 ---------------------------------------------------------------------------------------- Bir En Nar Indicated 0.5 886 1.0 ---------------------------------------------------------------------------------------- Inferred 0.8 575 1.0 ---------------------------------------------------------------------------------------- Firawa Inferred 30.3 295 19.5 ---------------------------------------------------------------------------------------- Indicated 0.5 886 1.0 ----------------------------------------------------------------- Total Inferred 76.3 262 43.9 ----------------------------------------------------------------- Total 76.8 266 44.9 ---------------------------------------------------------------------------------------- * A238NW Anomaly included in the A238 Inferred Resources - 68% increase of the Firawa Project Inferred Resource to 19.5Mlbs of contained U308 from 11.6Mlbs at an average grade of 295ppm U308 (100ppm cut-off) - 71% increase in the Firawa Project resource tonnage from 17.7Mt to 30.3Mt - Encouraging assay results at Bohoduo, Guinea, confirm mineralisation near to surface over a strike length of 2.3km - Total of 2,137m of drilling completed during the quarter, consisting of 14 holes completed at the A238 prospect in Mauritania, assay results pending - Share placement comprising of the issue of up to 200 million ordinary shares at 1.25 pence (approximately 2 cents) per share to raise up to £2.5 million (approximately A$4 million) before expenses, has been committed to by new and existing institutional shareholders with the first tranche of 98,325,000 shares completed on 8th June - Appointment of finnCap as a joint broker - Appointment of Mr James Leahy as a Non-Executive Director Progress Commenting on the quarter, Mark Reilly, Managing Director of Forte Energy, said: "Forte Energy continues to make substantial progress, as demonstrated by the significant 68% increase in resources at the Firawa Project during the quarter, taking the Company's total JORC compliant resource up to 45Mlbs of contained U308. Following a review of all results received during the completed field season, we look forward to initiating scoping studies in both Mauritania and Guinea and planning additional exploration activities with the aim of further adding to the Company's rapidly growing resource base." Corporate During the quarter the Company announced the appointment of Mr James Leahy as a Non-Executive Director with effect from the 26th April 2012. Mr Leahy has more than 26 years' experience in the mining sector as a senior mining analyst and as a specialist corporate broker with expertise in international institutional and hedge funds, foreign capital and private equity markets. Lady Barbara Judge and Mr Bosse Gustafsson resigned from their positions as directors, effective 30th April 2012, although they continue to be involved with the Company as external consultants. On the 14th May Forte announced the appointment of finnCap as joint broker. On the 6th June the Company announced that it has received investor commitments to a share placing to raise £2.117m (approximately A$3.3 million) before expenses (the "Placing"). The Placing, being undertaken in two tranches, will comprise the issue of up to 200 million ordinary shares ("Placing Shares") at 1.25 pence (approximately 2 cents) per share to raise up to £2.5 million (approximately A$4 million) before expenses, to new and existing institutional shareholders in the United Kingdom, North America, Asia and Australia. The first tranche was successfully completed on the 8th June with the issue of 98,325,000 shares, raising approximately £1.23 million (approximately A$1.92 million) before expenses. A general meeting is to be held on 2nd August to seek shareholder approval for the second tranche of the Placing. Further details of the Placing can be seen in the 6th June announcement and the Notice of Meeting dated 29th June 2012. Republic of Mauritania, West Africa Forte Energy has ten 100% owned licences covering over 9,900km2 in Mauritania. To view Figure 1: Mauritanian Licences, please open the links in a new window: [ http://media3.marketwire.com/docs/801FORTE1.jpg ][ http://media3.marketwire.com/docs/801FORTE2.jpg ] Work during the June quarter was focused on the A238 prospect on the 286 Legleya licence and to the north at the 284 Tisram licence. A238 Prospect Following the completion of the A238 Resource update in April 2012 by CSA Global, the focus of the remaining drilling program was to test: 1. The potential continuity and potential extensions between the A238 main zone and the A238 NW anomaly 2. The potential extension to the south of the A238 prospect under the alluvial cover 3. Potential extensions at depth to the North To view Figure 2: Geological Setting of the A238 Prospect, please open the link in a new window: [ http://media3.marketwire.com/docs/801FORTE3.jpg ] During the quarter 14 RC holes were drilled, totalling 2,137m, up until the 6th of May when the drilling program was stopped as planned due to the increasing temperatures over the summer. The samples have been prepared and shipped to the ALS Stewart Group laboratories in Ireland for assaying. Initial observations on site from visual interpretation of the RC chip samples and the down-hole gamma survey suggest that the potential link between the NW anomaly and the main zone is further to the north. Three holes were drilled 400m to the south of the previous line. None of these holes intersected any mineralisation. Further investigation of the area suggests that the shear zone is trending to the north. Republic of Guinea, West Africa Firawa The Firawa Project consists of two 100% owned licences totalling over 509km2 which are located approximately 25km to the east of Kissidougou. To view Figure 3: Guinea Licences, please open the links in a new window: [ http://media3.marketwire.com/docs/801FORTE4.jpg ][ http://media3.marketwire.com/docs/801FORTE5.jpg ] Mineralisation at Firawa occurs along an undulating east-west orientated ridge, of up to 60m in height from the surrounding plain and is concentrated in Fe-rich parts of the laterite/saprolite which covers a hard rock of granite, gneiss, mafic intrusive and carbonatite. The majority of the mineralised zones dip moderately to steeply towards the north. Previous Drilling and the 2009 Resource Estimate The maiden resource estimate for the Firawa Project of 17.7Mt, grading 296ppm U3O8 for 11.6Mlbs of contained U3O8, was estimated by Coffey Mining Pty Ltd in July 2009 and was based on the results from 29 RC holes totalling 1,809m drilled in May 2007 and 56 diamond drill holes, totalling 5,859m, completed in January 2009. The 2012 Drilling Programme A second RC drilling programme at the Firawa Project was completed in February 2012 by AMCO Drilling Ltd and consisted of 63 holes drilled, totalling 4,712m, including: * 14 RC holes in the central section, which had not been accessible previously, to test potential down dip extensions to the north. * 24 RC holes drilled 1.5km to the east along the east - west ridge. * 25 RC holes drilled 1km to the west of the initial resource outline. In the central area 14 holes were drilled in areas that were not previously accessible to test the down dip continuation of the mineralisation. 10 of these holes intersected mineralisation confirming the extension of the mineralisation down-dip to the north at depth. A total of 24 RC holes were drilled to the east based on radiometric anomalies identified from information from a combination of ground radiometric surveys and an airborne survey conducted in the late 1970's. Encouraging results were obtained from hole FRW 213, approximately 500m to the east of the original inferred resource, which intersected mineralisation from 5m below surface to 13m, for 8m at an average grade of 347ppm U3O8. A series of shallow holes were drilled over a distance of 1.4km testing the other radiometric anomalies, with poor results. A further 25 RC holes were drilled to the west of the initial inferred resource, with 6 holes identifying intermittent mineralisation between surface and 50m over a strike length of 0.5km. The best of these was FRW 232, intersecting 19m of mineralisation from 31m below surface down to 50m at an average grade of 433ppm U3O8. Further holes were drilled to the west at 200m centres on radiometric anomalies but did not intersect any mineralisation. Figure 5 shows a cross section looking east with the RC holes FRW 202 and 216 both intersecting mineralisation dipping to the north down to approximately 80m below surface. FRW 202 intersected well mineralised bands alternating with poorly mineralised bands from 10m below the surface down to 92m down hole, including 9m from 26m at a grade of 539ppm U3O8. FRW 216, collared further to the north, intersected similar bands of mineralisation from 31m down to 83m, including a particularly encouraging intersection of 21m from 62m in the hole grading 528ppm U3O8, confirming mineralisation dipping and open down-dip to the north. To view Figure 4: Firawa Drilling - 2012, please open the link in a new window: [ http://media3.marketwire.com/docs/801FORTE6.jpg ] To view Figure 5: Firawa Central Section 411600E, looking east, please open the link in a new window: [ http://media3.marketwire.com/docs/801FORTE7.jpg ] Following the completion of the RC drilling programme at the Firawa Project, the sample preparation was completed in Kissadougou by ALS Stewart Group - Monrovia. The samples were dried, split and then transported to the laboratory facilities in Monrovia, Liberia, where multi element ICP assays were conducted. From the 63 holes, representative samples were selected from a total of 38 holes, of which 17 were mineralised. Updated Resource Estimate CSA Global (UK) Ltd compiled a Mineral Resource update incorporating the results from the historical drilling completed in 2007 and 2009 as well as results from the recent drilling campaign. Using the results for the bulk density determination from the Pycnometer and Archimedean methods, a weighted average of 97 measurements was used to assign an average bulk density of 3.0t/m3 to the Mineral Resource update to estimate inferred resource tonnage. The updated resource model incorporating the historical drilling, recent RC drilling programme and revised bulk density of 3.0t/m3 has resulted in an Inferred resource of 30.3Mt at an average grade of 295ppm U3O8 containing 19.5Mlbs U3O8 at a cut-off grade of 100ppm U3O8. To view Figure 6: Firawa Resource - 2012, please open the link in a new window: [ http://media3.marketwire.com/docs/801FORTE8.jpg ] Table1: Firawa JORC Compliant Resource Statement (July 2012) ------------------------------------------------------------------------------------------ Area Resource Tonnage Grade Contained U3O8 Category (Mt) (ppm U3O8) (Mlbs) ------------------------------------------------------------------------------------------ Firawa Project Inferred 30.3 295 19.5 ------------------------------------------------------------------------------------------ Firawa Project Total Inferred 30.3 295 19.5 ------------------------------------------------------------------------------------------ Note: Figures have been rounded and are stated at a100ppm U3O8 cut off. Bohoduo Two drilling programmes have been completed at the Bohoduo Project. The first drilling programme was carried out by AMCO Drilling Ltd in May 2008 and consisted of 15 RC holes totalling 1,000m. All of the holes were inclined at 50 degrees. The drilling targets were focused on a 700m long uranium anomaly identified by ground studies conducted by Davy McKee in the 1980's and interpretation of a combination of further ground works conducted by Forte Energy and airborne geophysical data. In the 2008 drilling campaign, 11 profiles were drilled over 800m at 100m centres; this was reduced to 50m where good scintillometer readings were recorded from the RC chip samples. 8 holes intersected mineralisation from surface down to 96m, the best of which were BHD 003: 12m at 336ppm U308 from 6m below surface and BHD 017: 24m at 506ppm U308 from 1m below surface. To view Figure 7: Bohoduo RC drill hole locations, please open the link in a new window: [ http://media3.marketwire.com/docs/801FORTE9.jpg ] In February 2012 a second drilling programme at Bohoduo was completed by AMCO Drilling Ltd with 17 holes drilled totalling 1,277m. Two holes were drilled 200m to the west and 15 holes to the east on 200m profiles. All of the holes were inclined at 500 and 7 of the 17 holes were sampled and assayed. Sample preparation was completed by ALS Global in Guinea and then transported to Monrovia for assaying. Two holes, BHD 020 and BHD 026 were drilled 200m to the east of the area drilled in the first campaign; the holes were drilled to 50m and 60m respectively and intersected no mineralisation. A further 10 holes were drilled 300m to the west of the mineralised zone identified in the first RC campaign, targeting anomalous areas identified in field studies and the airborne surveys. Notable intersections from the recent RC drilling include: - FRW 200: 14m @ 447ppm U3O8 and 47m @ 348ppm U3O8 - FRW 201: 24m @ 311ppm U3O8 - FRW 202: 9m @ 539ppm U3O8 and 4m @ 445ppm U3O8 - FRW 203: 12m @ 351ppm U3O8 - FRW 216: 6m @ 324ppm U3O8 and 21m @ 528ppm U3O8 - FRW 217: 21m @ 326ppm U3O8 - FRW 232: 21m @ 414ppm U3O8 Average U308 grades based on a cut-off grade of 200ppm U308 and a maximum dilution interval of 2m. Six holes BHD 023, 024, 025, 027, 028 and 030 drilled at 200m centres to the west identified intermittent narrow mineralisation from surface down to 106m, the best of which was BHD 028 which assayed 11m at 345ppm U308 from 49m and 5m at 420ppm U308 from 69m. Another hole, BHD 031, was drilled over 300m to the east and identified intermittent narrow mineralisation between 66m and 86m. Mark Reilly Managing Director For further information contact: Mark Reilly, Managing Director Forte Energy NL Tel: +44 (0) 203 3849555 Rob Collins/Tarica Mpinga Canaccord Genuity Limited Tel: +44 (0) 207 050 6500 Geoff Nash/Ben Thompson Tel: +44 (0)207 220 0550 Elizabeth Johnson (broking) finnCap Bobby Morse/Cornelia Browne /Louise Hadcocks Buchanan Tel: +44 (0) 207 466 5000 Stuart Laing RFC Ambrian Ltd Tel: +61 (0) 8 9480 2506 (AIM Nominated Adviser to the Company) Forte Energy NL Australia United Kingdom Suite 3, Level 3 3C Princes House 1292 Hay Street 38 Jermyn Street West Perth WA 6005 London SW1Y6DN Ph: +61 (0)8 9322 4071 Ph: +44 (0)203 3847474 Fax: +61 (0)8 9322 4073 Fax: +44 (0)207 2878387 Email: [ info@forteenergy.com.au ] Email: [ info@forteenergy.co.uk ] Web: [ www.forteenergy.com.au ] About Forte Energy Forte Energy is an Australian-based minerals company focused on the exploration and development of uranium and associated bi-products in Mauritania and Guinea in West Africa. The Company has an extensive pipeline of assets and total JORC resources of 76.8Mt @ 266ppm U3O8for 44.9Mlbs contained U3O8 (100ppm cut-off). Its flagship assets are the A238 prospect (23.4Mlbs U3O8) and the Bir En Nar project (2.06Mlbs U3O8) in Mauritania, and the Firawa Project in Guinea (19.5Mlb U3O8). Forte Energy U3O8 JORC resources (all at a 100ppm cut-off): ------------------------------------------------------------------------------------------------------- Project Resource Category M tonnes ppm U3O8 Contained U3O8 Mlbs ------------------------------------------------------------------------------------------------------- A238* Inferred 45.2 235 23.4 ------------------------------------------------------------------------------------------------------- Bir En Nar Indicated 0.5 886 1.0 -------------------------------------------------------------------------- Inferred 0.8 575 1.0 ------------------------------------------------------------------------------------------------------- Firawa Inferred 30.3 295 19.5 ------------------------------------------------------------------------------------------------------- Total Indicated 0.5 886 1.0 -------------------------------------------------------------------------- Inferred 76.3 262 43.9 -------------------------------------------------------------------------- Total 76.8 266 44.9 ------------------------------------------------------------------------------------------------------- * A238NW Anomaly included in the A238 Inferred Resources Forte Energy's strategy is to target high grade uranium ore bodies and build a low cost West African- focused uranium producer. The Company is quoted on the Australian Stock Exchange (ASX: FTE) and AIM market of the London Stock Exchange (AIM: FTE). For more information, visit [ www.forteenergy.com.au ] Note: The information in this report that relates to Exploration Results is based on information compiled by Mr. Bosse Gustafsson, who is a Member of the European Federation of Geologists, a 'Recognised Overseas Professional Organisation' ('ROPO') included in a list promulgated by the ASX from time to time. Mr Gustafsson is a full time Technical Director of Forte Energy NL and is responsible for exploration activities in Mauritania and Guinea. Mr. Gustafsson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Gustafsson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this report that relates to the Mineral Resources at the A238 prospect in Mauritania and at Firawa in Guinea is based on information compiled by Mr. Bosse Gustafsson of Forte Energy NL and Mr Galen White BSc (Hons) FGS, FAUSIMM, Managing Director and Principal Geologist of CSA Global (UK) ltd. The information in this report that relates to the Mineral Resource at Bir En Nar in Mauritania is based on information compiled by Mr. Bosse Gustafsson of Forte Energy NL and Mr. Neil Inwood of Coffey Mining Ltd. Neil Inwood is the Competent Person responsible for the resource estimation and classification. Mr Inwood is a Fellow of the AusIMM. As Mr Inwood is now no longer employed by Coffey Mining, Coffey Mining has reviewed this information release and consent to the inclusion, form and context of the relevant information herein as derived from the original resource reports for which Mr Inwood's consent has previously been given. Mr. Gustafsson, Mr. Inwood and Mr. White have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Gustafsson, Mr. White and Coffey Mining on behalf of Mr. Inwood consent to the inclusion in this report of the matters based on their information in the form and context in which it appears. Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity --------------------------------------------------------------------------------------------- FORTE ENERGY NL --------------------------------------------------------------------------------------------- ABN Quarter ended ("current quarter") 59 009 087 852 30 June 2012 ----------------------------------- Current quarter Year to date Cash flows related to operating activities A$'000 (12 months) A$'000 ----------------------------------- 1.1 Receipts from product sales and related debtors - - 1.2 Payments for (a) exploration and evaluation (1,524) (6,528) (b) development - - (c) production - - (d) administration (671) (2,650) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 23 445 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - ----------------------------------- Net Operating Cash Flows (2,172) (8,733) ----------------------------------------------------------------------------------------------- Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets (2) (30) 1.9 Proceeds from sale of: (a) prospects - - (b) equity investments - - (c) other fixed assets - - 1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - ----------------------------------- Net investing cash flows (2) (30) ----------------------------------- 1.13 Total operating and investing cash flows (2,174) (8,763) (carried forward) ----------------------------------------------------------------------------------------------- Consolidated statement of cash flows ----------------------------------------------------------------------------------------------- 1.13 Total operating and investing cash flows (2,174) (8,763) (brought forward) ----------------------------------------------------------------------------------------------- Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1,808 1,808 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 - Settlement of Guarantee ----------------------------------- Net financing cash flows 1,808 1,808 ----------------------------------------------------------------------------------------------- Net increase (decrease) in cash held (366) (6,955) 1.20 Cash at beginning of quarter/year to date 2,128 8,717 1.21 Exchange rate adjustments to item 1.20 1 1 ----------------------------------- 1.22 Cash at end of quarter 1,763 1,763 ----------------------------------------------------------------------------------------------- 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'000 ------------------- Aggregate amount of payments to the parties included in item 185 1.2 ------------------- Aggregate amount of loans to the parties included in item 1.10 0 ----------------------------------------------------------------------------------------------- Explanation necessary for an understanding of the transactions --------------------------------------------------------------------------------------- Salaries and rental of office premises --------------------------------------------------------------------------------------- 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 --------------------------------------------------------------------------------------- Financing facilities available Add notes as necessary for an understanding of the position. ------------------------------------- Amount available Amount used $A'000 $A'000 ------------------------------------- 3.1 Loan facilities Nil N/A ------------------------------------- 3.2 Credit standby arrangements Nil N/A ------------------------------------------------------------------------------------- Estimated cash outflows for next quarter -------- $A'000 -------- 4.1 Exploration and evaluation 800 -------- 4.2 Development - -------- 4.3 Production - -------- 4.4 Administration 450 ------------------------------------------------------------------------------------------- Total 1,250 ------------------------------------------------------------------------------------------- Reconciliation of cash ------------------------------------------------------------------------------------------------ Reconciliation of cash at the end of the quarter Current quarter Previous quarter (as shown in the consolidated statement of cash $A'000 $A'000 flows) to the related items in the accounts is as follows. ------------------------------------------------------------------------------------------------- 5.1 Cash on hand and at bank 1,663 628 ------------------------------------------ 5.2 Deposits at call 100 1,500 ------------------------------------------ 5.3 Bank overdraft - - ------------------------------------------ 5.4 Other (provide details) - - ------------------------------------------------------------------------------------------------- Total: cash at end of quarter (item 1.22) 1,763 2,128 ------------------------------------------------------------------------------------------------- Changes in interests in mining tenements ------------------------------------------------------------------- Tenement Nature of interest Interest at Interest at reference (note (2)) beginning of end of quarter quarter ------------------------------------------------------------------- 6.1 Interests in mining tenements relinquished, reduced or lapsed ------------------------------------------------------------------- 6.2 Interests in mining tenements acquired or increased ------------------------------------------------------------------- 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. ----------------------------------------------------------- Total number Number quoted Issue price Amount paid per security up per (see note 3) security (cents) (see note 3) (cents) -------------------------------------------------------------------------------------------------- 7.1 Preference +securities (description) ----------------------------------------------------------- 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions -------------------------------------------------------------------------------------------------- 7.3 +Ordinary securities 793,914,311 793,914,311 2,250,000 - 25 1 ----------------------------------------------------------- 7.4 Changes during quarter (a) Increases through 98,325,000 98,325,000 1.95 cents 1.95 cents issues Issue for cash (b) Decreases through returns of capital, buy- backs --------------------------------------------------------------------------------------------------- 7.5 +Convertible debt securities (description) ------------------------------------------------------------ 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted ---------------------------------------------------------------------------------------------------- 7.7 Options (description and Exercise Expiry conversion factor) price date 5,000,000 - 11.0 cents 21/12/12 3,000,000 - 10.0 cents 17/12/13 6,000,000 - 20.0 cents 23/12/12 ----------------------------------------------------------- 7.8 Issued during quarter ----------------------------------------------------------- 7.9 Exercised during quarter ----------------------------------------------------------- 7.10 Expired during quarter -------------------------------------------------------------------------------------------------- 7.11 Debentures (totals only) -------------------------------------------------------------------- 7.12 Unsecured notes (totals only) ----------------------------- Compliance statement 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: ........................................................... Date: 31 July 2012. Company Secretary Print name: ....Murray Wylie............................... Notes 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. 

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