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Corporate Spotlight

Hardey Resources Limited (HDY, formerly Elysium Resources Limited) is a mineral exploration company focusing on copper and gold mining. HDY currently has projects in Western Australia and Indonesia.
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QUARTERLY

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Quarterly Activities Report Quarter Ended 31 March 2019 

ASX Announcement 1 May 2019 


The Board of Hardey Resources Limited (Hardey or the Company) (ASX: HDY) provides the following commentary and Appendix 5B for the Quarter ended 31 March 2019. 


On 8th January 2019, the Company received a letter from ASX, advising that ASX proposed to remove HDY from the official list pursuant to Listing Rule 17.12. Following correspondence with the HDY and its legal advisors, ASX agreed to defer the decision to potentially de-list the Company, while it considered a proposal from the Company for remedial action (“Remediation Proposal”). 


The final Remediation Proposal was accepted and lodged with the ASX on 8th March 2019. Pursuant to the Remediation Proposal, on 15th March 2019, existing Directors Terence Clee, Robin Armstrong and Robert McCauley resigned, and the following Interim Directors were appointed to the Board:


1. John Hannaford – Non-Executive Director; 

2. David Izzard – Non-Executive Director; 

3. Brian Thomas – Non-Executive Director; 

4. Scott Paterson – Non-Executive Director; and 

5. Nick Johansen – Non-Executive Director.


The Interim Directors’ biographical details and terms of appointment are set out in Schedule 2 of the Remediation Proposal lodged with ASX.


In addition, on 15th March 2019, the Blumenthal Parties and the Additional Parties transferred the Proceeds of Sales (as per Schedule 1 of the Remediation Proposal) less the Proceeds Already Received, being a total of $1.357 million to Hardey. The Company also entered into Standstill Deeds with each of the Vendors, the Additional Parties and the Blumenthal Parties on 29th March 2019 in accordance with the Remediation Proposal.


The new Board of the Company is continuing to work through various outstanding issues in relation to settlement of creditor claims and securing the company’s exploration projects, as well as and reviewing the strategy and operations of the Company. 


As part of this review, the Board is assessing the Company’s projects and current asset portfolio, to determine the best strategy going forward. This includes a comprehensive reassessment of the acquisitions of Nelly Vanadium Pty Ltd and Vanadium Mining Pty Ltd (Acquisitions), in order to make a determination on whether the Acquisitions are in the best interests of HDY and its shareholders. In this respect, subsequent to the end of the quarter, the Company has engaged CSA Global Pty Ltd (CSA Global) to conduct a Desktop Technical Review of Vanadium Projects. The report by CSA Global is expected to take approximately 4 weeks to complete.


The Company has also planned exploration activities at the Grace and Paterson Range projects, with field visit occurring subsequent to the end of the quarter. 


The Company is undertaking a review of previous exploration work and data on all the company’s projects to be in a position to frame its exploration program and strategy going forward. The Board expects to be in a position to report to shareholders during the current quarter


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BURRAGA UPDATE

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BURRAGA PROJECT UPDATE: LATEST DRILLING CAMPAIGN COMPLETED

ASX Announcement 30 October 2018

HIGHLIGHTS 

  • Two reverse circulation drill-holes completed, amounting to 740m overall, at the Lloyds Copper Mine (LCM) extension within the Burraga Project in NSW – HDY’s primary copper asset 
  • The geology team’s objective from this campaign was to garner a greater understanding of the ore body and test if it extends at depth and further to the east than previously understood 
  • All drilling samples have been sent to the laboratory for further analysis, as the results will determine the next component of the drilling program 
  • Currently, depending on the assay results, the geology team believe incremental infill drilling is necessary to test the size and continuity of the known ore body 
  • Meanwhile, the Board notes the price of vanadium pentoxide has reached a fiveyear high1, reflective of growing demand from China primarily due to more stringent rebar standards which come into effect on 1 November 20182: 
    • HDY’s geology teams in Australia and Argentina have continued developing the newly acquired vanadium projects; progress reports will be released shortly 
  • Lastly, the Board and legal advisors are continuing to work proactively with the ASX to resolve the current inquiry – shareholders will be kept up to date with progress

Hardey Resources Director, Robert McCauley commented: “It is pleasing to have concluded this latest drilling round at our core copper project. The Board looks forward to reviewing the assay results as this will determine the next phase of the drilling program at the Burraga project. Further, our geology teams are ramping up development work on the vanadium projects, given favourable global demand-supply dynamics have propelled the V2O5 price to 5-year highs.”


Hardey Resources Limited’s (ASX: HDY) (“HDY” or “the Company”) Board is pleased to announce it has completed drilling two exploration drill-holes as part of the LCM extension program at the Burraga Project in New South Wales.

LATEST DRILL PROGRAM AT BURRAGA PROJECT 

The recent drilling program at the LCM extension within the Burraga Project in NSW comprised of two RC drill-holes, with an aggregate target depth of 740m. 

The geology team designed the drill-holes to test high priority targets generated from previous modelling which indicated that lodes remain open at depth and to the east of known mineralisation. The geology team drilled two scissor style drill-holes which are briefly described below and the location shown in Figure 1: 

EYMRC034 was collared towards 210 dipping at -80 with the total depth of 400m, which is the deepest RC drill-hole ever undertaken at the LCM extension site; and 

EYMRC035 was drilled towards 30 dipping at -80 to a total depth of 340m, with the objective to test for mineralisation at depth and to the north-east of the known ore body at the LCM deposit.

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PROJECTS

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BOARD

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TERENCE A CLEE

Executive Chairman


Terence Clee holds combined B Com and LLB degrees. He commenced his career as an accountant at KPMG working in corporate audit and corporate tax. Terence co-founded Hemsley Lawyers alongside lawyers from Allens Arthur Robinson and Blake Dawson (now Accurst) and was responsible for the business development and strategic growth of the practice. Terence has experience in the start up and small cap space having advised technology start ups and junior miners on commercialisation, cross border transactions and R & D.


ROBERT McCAULEY

Non Executive Director


Mr McCauley has held senior Board and Management positions in ASX Listed Companies including Commissioners Gold Ltd now Gold Mountain Ltd (ASX:GMN) and has extensive experience in capital raisings, IPO’s, finance, media, corporate advice and acquisitions. Robert was also nominated in 2011 as an industry representative on the ASX equity market review panel reporting to ASIC. Robert holds a BSc degree and is a Member of the Royal Institution of Chartered Surveyors (Aust.UK). He is also a Registered Surveyor, Licensed Surveyor WA and a Chartered Land & Minerals Surveyor. Robert has over 35 years of experience and involvement in infrastructure development including Boddington Gold Mine WA – now Newmont Mining Corporation; North West Shelf Natural Gas Project and the Monasavu Hydro Electric Scheme, Fiji - World Bank Project. Mr McCauley brings to the Board his broad knowledge of corporate and technical skills including assisting the Company to identify and analyse future M&A opportunities.


ROBIN ARMSTRONG

Non Executive Director


Mr Armstrong has extensive corporate experience in listed companies specializing in the small to medium market cap sector. Mr Armstrong provides the board with a well rounded finance background in strategic advice, merger & acquisitions and capital raising.

WWW.HARDEYRESOURCES.COM.AU

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