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A N N U A L
R E P O R T
2020
CORPORATE DIRECTORY
Directors
Theo Psaros, Executive Chairman
Andrew Gillies, Non-Executive Director
Scott Waddell, Executive Director
& Chief Financial Officer
Company Secretary
Mr John Haley
Principal Registered Office in Australia
Ground Floor, 71 Lytton Road
East Brisbane QLD 4169
+ 61 7 3249 3000
admin@metallicaminerals.com.au
Website
metallicaminerals.com.au
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Share Registry
Link Market Services
Level 21, 10 Eagle Street
Brisbane QLD 4000
+61 7 3320 2200
Auditor
BDO Australia
Level 10, 12 Creek Street
Brisbane QLD 4000
1300 928 603
Legal
Colin Biggers & Paisley
Level 35, 1 Eagle Street
Brisbane QLD 4000
+61 7 3002 8700
Stock Exchange Listing
ASX:MLM
Australian Business Number
ABN 45 076 696 092
Subsidiary companies
Cape Flattery Silica Sands Pty Ltd
ACN 138 608 894
(Previously Scandium Pty Ltd)
Lucky Break Operations Pty Ltd
ACN 126 272 580
Oresome Australia Pty Ltd
ACN 071 762 484
Oresome Bauxite Pty Ltd
ACN 606 362 252
Phoenix Lime Pty Ltd
ACN 096 355 761
Touchstone Resources Pty Ltd
ACN 126 306 018
Greenvale Operations Pty Ltd
ACN 139 136 708
(100% Subsidiary of NORNICO Pty Ltd)
NORNICO Pty Ltd
ACN 065 384 045
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Metallica Minerals Limited an
Australian resource development
company, with interests in silica
sands, bauxite, and copper-gold.
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METALLICA MINERALS ANNUAL REPORT 2020
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CONTENTS
Chairman’s Letter
Cape Flattery Silica Sands Project
Cape York Bauxite & HMS Project
Urquhart Bauxite Project
Urquhart Point HMS Project
Cape York Regional Exploration
Esmeralda Graphite Project
Director & Management Profiles
Tenement Tables
Resource Tables
Top 20 Shareholders
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METALLICA MINERALS ANNUAL REPORT 2020
METALLICA MINERALS ANNUAL REPORT 2020
LETTER TO SHAREHOLDERS
In November 2019, NORNICO Pty Ltd was returned to the
control of the Directors as a solvent entity following Metallica
and NORNICO entering into a Deed of Settlement, Release
and Undertaking. This came as a huge relief to the Directors
as there was no residue effect on Metallica or its Directors.
Recently we announced a strategic review of our holding
in the Urquhart Bauxite (UBx) joint venture (JV) project,
which may include exploring options of a possible sale
of Metallica’s interest in the JV and/or UBx project.
The UBx project does not present an investment that
is in the interest of shareholders to continue to develop
at this time due to the deterioration in the market for
Australian bauxite demand and price plus reports of
recent Chinese alumina refinery production reducing from
2019 levels, partly due to COVID-19 related issues.
Pleasingly, Metallica ended the year with approximately
$3 million cash in the bank and no debt.
On behalf of my fellow directors I would like to thank you again
for your continued support and patience while we investigate
options to materially add value to your company. I also wish to
acknowledge the effort of our small team who have continued
to provide the Board with professional support during the year.
Yours faithfully
THEO PSAROS
Executive Chairman
Dear Metallica Shareholders
I would like to take this opportunity to present Metallica’s
Annual Report for the financial year 2020, a year that was
planned to be one in which we could put the challenges
of 2019 behind us and concentrate on progressing both
existing projects and potentially new opportunities.
While the pandemic has thwarted our ability to travel
interstate to assess new projects, we continued to seek
projects that meet our strategy to potentially be in
production within a three to four-year timeframe and the
investment is in commodities that capital can more likely
be raised in the future. We continue to assess projects,
particularly now in the gold and copper resources sector.
The Board announced on 21 May 2020 a number of executive
and management changes. I have taken on the part-time
role of Executive Chairman and Mr Scott Waddell has
relinquished his role of Interim Chief Executive Officer and
added the part-time role of Chief Financial Officer. Scott
and Mr Andrew Gillies have continued as Directors of the
Company. Mr John Haley remains as Company Secretary.
This year has been particularly challenging for the global
community with the impact of the COVID-19 pandemic 2020.
With limited domestic and international travel options we have
had to shift how we engage with our stakeholders (particularly
in North Queensland), how we monitor our projects and how
we complete due diligence on potential new opportunities.
In late December 2019 the company entered into a binding
sale agreement for our share of the Heavy Mineral Sands
plant and tenement. The total proceeds from the sale were
$1,722,203 (excluding GST but including environmental
bond refund). These funds will support the company
progressing the Cape Flattery Silica project, its remaining
existing projects and the assessment of new opportunities.
The pandemic also inhibited our ability to progress key
agreements with the traditional landowners for the Cape
Flattery Sillica project. These negotiations have resumed and
we remain confident of further progress before year end.
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METALLICA MINERALS ANNUAL REPORT 2020
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FIGURE 3: Metallica Mineral’s project locations
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METALLICA MINERALS ANNUAL REPORT 2020
WeipaURQUHART BAUXITE PROJECT CooktownCairnsTownsville050100kmBrisbaneESMERALDA GOLD-BASE METALS AND GRAPHITE PROJECTKarumbaCroydonCAPE FLATTERY SILICA SAND PROJECT
CAPE FLATTERY SILICA SANDS
MLM 100%
Through subsidiary
Cape Flattery Silica
Sands Pty Ltd
The Cape Flattery Silica
Sands project is located
approximately 200km
north of Cairns in North
Queensland. The Cape
Flattery Silica Sands
project is adjacent to the
world class Cape Flattery
Silica Sands mining
and shipping operation
owned by Mitsubishi.
In January 2020, the
Company announced
that a sampling program
completed in 2019
confirmed the presence
of high purity silica sands.
The exploration program
consisted of hand-auguring
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Hole Number
CF191001
CF191002
CF191003
CF191004
CF191005
CF191006
CF191007
CF191008
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Silica Sands
Bulk export
37 km2
Exploration tenure
EPM 25734
eight holes to an average
penetration depth of 4.75m
on the eastern target of the
tenement which is located
adjacent to Mitsubishi’s
large and established Cape
Flattery Silica Sands mine.
The majority of the eight
auger holes returned 1m
sample intervals of >99%
SiO2 with the drill intercepts
averaging between 96.1%
and 99.1% SiO2. The results
are comparable with known
deposits in the region. Seven
of the eight holes ended
in high-purity silica sand.
The company continued
to progress an internal
high-level logistic and
infrastructure options study
of the project, to assess
what is required to better
understand the potential
silica sand development
options. We have also
engaged an external
geological service provider
to assess the results of the
2019 auguring program.
During the year the company
has held meetings with
Hopevale Congress who
are the Registered Native
Title Body Corporate. The
negotiations to finalise
the Aboriginal Cultural
Heritage Agreement and the
Conduct and Compensation
Agreement are continuing.
Once the Agreements
are in place the company
will proceed to:-
1. Undertake further
drilling to identify
silica sand resources
2. Conduct preliminary
sand quality,
characterisation and
recovery test work; and
3. Progress concept project
development work
currently underway on an
infrastructure solution to
load ocean going vessels.
Table 1 – Average of sampling results per auger hole
Average
SiO2 (%)
98.21
Average
Fe2O3 (%)
0.17
Average
TiO2 (%)
0.31
98.41
98.33
98.67
99.09
98.91
96.12
98.81
0.13
0.29
0.17
0.03
0.07
0.38
0.13
0.25
0.42
0.29
0.06
0.09
0.14
0.18
Average
LOI (%)
0.67
0.54
0.28
0.22
0.18
0.29
1.25
0.32
Interval
Average
0m-5.0m
0m-5.0m
0m-5.0m
0m-5.0m
0m-5.0m
0m-5.0m
0m-3.0m
0m-5.0m
Comment
Ended in high purity silica sand
Ended in high purity silica sand
Ended in high purity silica sand
Ended in high purity silica sand
Ended in high purity silica sand
Ended in high purity silica sand
Edge of target area
Ended in high purity silica sand
METALLICA MINERALS ANNUAL REPORT 2020
Figure 2: Sample locations and eastern
exploration target area
According to industry
research firm IMARC
Group, high-purity silica
sands are becoming more
sought after, with the
global market growing
at a compound annual
growth rate (CAGR) of
around 6% between 2010
and 2017. In 2017, a total
of 188 Mt of silica sand
was produced globally.
This growth has been
driven by silica sand’s
applications across a
broad range of industries
including glass-making,
foundry casting, water
filtration, chemicals
and metals, hydraulic
fracturing and an
increasing number of hi-
tech products, including
solar panels. For example,
in the global glass-making
industry, one of the major
consumers of high-purity
silica has experienced
significant growth recently
from the construction and
automotive industries.
IMARC also estimated
the global silica sand
market could grow
from US$7 billion to
US$20 billion in 2024.
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METALLICA MINERALS ANNUAL REPORT 2020
CAPE YORK BAUXITE PROJECT
Bx
Bauxite and
Zircon, Rutile, and
Titanium metals
1,399 Ha
Mining leases and
Mining lease applications
394 km2
Exploration tenure
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MLM 50%
Manager of Joint Venture
throught Oresome
Australia Pty Ltd with
Ozore Resources Pty Ltd
holding remaining 50%
The Cape York Bauxite and
HMS Project is located on the
west coast of Queensland’s
Cape York Peninsula with
50% held by Metallica
Minerals’ wholly-owned
subsidiary, Oresome Australia
Pty Ltd, who is the manager
of the Joint Venture (JV).
The remaining 50% interest
is held by a private Chinese
investor, Ozore Resources
Pty Ltd, pursuant to the
Cape York Bauxite and HMS
JV signed in August 2014.
The JV has held the following
project components
during the year;
• Urquhart Bauxite project
• Urquhart HMS project
(MLM announced the
tenement was to be
transferred following
$750,000 received as
announced on 30 March
2020 and a total of
$1,692,203 (excluding
GST) had been received
on 5 August 2020 with
$30,000 subsequently
also received)
• Cape York regional
Bauxite and HMS
exploration
Hand augering at Urquhart Bauxite Project for Industrial Sand
8
METALLICA MINERALS ANNUAL REPORT 2020
URQUHART BAUXITE PROJECT
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50% Oresome
Australia Pty Ltd
50% Ozore
Resources Pty Ltd
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The Urquhart Bauxite project
is located 5km southwest
of Weipa on the west coast
of Queensland’s Cape York
Peninsula, a region renowned
for its extensive deposits of
high-quality pisolitic bauxite.
The project consists of two
bauxite plateaux, known as
Area A and Area B which
are wholly contained in
the Mining Lease area.
In October 2019, three
alternate logistic solutions
to ship bauxite from the
project were identified.
Wave International (“Wave”)
were engaged due to their
recent experience with
the Joint Venture and
successful work developing
and commissioning similar
projects in Far North
Queensland, and their
extensive bauxite and bulk
materials handling experience.
Option 1: A shiploader to
be constructed adjacent
to the Urquhart Heavy
Mineral Sands (“HMS”)
Mining Lease (“ML”) on a
new ML application area,
ML100226, owned by the
JV, with a conveyor crossing
over Roberts Creek from
the Urquhart Bauxite
ML to the HMS ML.
9
Granted
ML 100044
ML 100049
Tenure
ML - 1399Ha
EPM - 128.5km2
opportunity within the
project area by exploring
the viability of mining an
industrial sand product
within the overburden.
The Joint Venture partner,
Ozore Resources declined
to participate in the
investigation however
agreed to allow the
company to complete an
initial exploration program
to provide information
on possible volume and
quantity of the sand
resources in the tenement.
The program was completed
in July 2020 and results of
the sand sizing of medium
to fine sand and the quality
was predominantly within
expectations for industrial
sand. Subject to reactivation
of the UBx project feasibility
studies, management
will then undertake
marketing studies for this
industrial sand deposit.
Option 2: A shiploader to
be constructed adjacent
to the Urquhart HMS ML
on a new ML application
area, ML100226, owned by
the JV. A 17km haul road
would also be constructed
from the Urquhart Bauxite
resources and tenement
through the HMS ML area,
leading to the shiploader.
Option 3: A barge-loading
facility to be constructed,
which requires a jetty (about
750 metres in length) to
be located adjacent to the
Urquhart Bauxite ML.
Further regulatory and other
approvals and development
studies are required for all
three alternative and these
were planned to be advanced.
Based on the current
suppressed bauxite
market and to reduce UBx
project costs, Metallica has
recommended to the UBx
Joint Venture (JV, 50%
Metallica and 50% Ozore
Resources Pty Ltd) that the
planned pre-feasibility study
be placed on hold until the
bauxite market improves.
In the meantime, the
following activities
will be undertaken:
• Metallica and the JV
will continue to look for
opportunities to reduce
tenement and project
costs, such as the four
recently relinquished
regional EPMs located
in North Cape York.
• The JV has agreed
that the mining lease
application over the
Pod area (MLA 100226,
see map below) be
relinquished to save costs
including compensation
that would be payable to
landowners and native
title parties. This action
reduces the number of
alternatives the UBx
project has available to
load bauxite onto ships.
• Metallica will undertake
a strategic review of its
holding in the JV and
UBx project, which may
include exploring options
of a possible sale of
Metallica’s interest in the
JV and/or UBx project.
Due to the high CAPEX
costs of the three alternative
logistic solutions, the
company identified a
potential value-adding
METALLICA MINERALS ANNUAL REPORT 2020
Option 2
Option 2
Option 2
Option 2
Option 2
Option 2
Option 2
Option 2
Option 2
Haul Road and Shiploader
Haul Road and Shiploader
Haul Road and Shiploader
Haul Road and Shiploader
Haul Road and Shiploader
Haul Road and Shiploader
Haul Road and Shiploader
Haul Road and Shiploader
Haul Road and Shiploader
WeipaWeipaWeipaWeipaWeipaWeipaWeipaWeipaWeipa
Option 1
Option 1
Option 1
Option 1
Option 1
Option 1
Option 1
Option 1
Option 1
Shiploader and Conveyor
Shiploader and Conveyor
Shiploader and Conveyor
Shiploader and Conveyor
Shiploader and Conveyor
Shiploader and Conveyor
Shiploader and Conveyor
Shiploader and Conveyor
Shiploader and Conveyor
Option 3
Option 3
Option 3
Option 3
Option 3
Option 3
Option 3
Option 3
Option 3
Jetty and BLF
Jetty and BLF
Jetty and BLF
Jetty and BLF
Jetty and BLF
Jetty and BLF
Jetty and BLF
Jetty and BLF
Jetty and BLF
E
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oberts Cre
R
8,595,000mN
a A
Are
RTA ML7024
AMRUN
RTA ML7024
AMRUN
00044
L1
x M
B
U
8,590,000mN
Area B
Figure 4: Elevation view
of shiploader structure to
be used in Option 1 and 2
N
0
2 Km
E
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0
0
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0
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5
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5
8
5
,
FIGURE 3: Three logistic options for Metallica bauxite JV under evaluation
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METALLICA MINERALS ANNUAL REPORT 2020
URQUHART HMS PROJECT
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MLM 50%
The Urquhart Point HMS
project is located 3km
southwest of Weipa.
In December 2019, both Joint
Venture parties entered into
a binding term sheet for the
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sale of their 50% interest’s
in the Heavy Mineral Sands
plant and tenements (ML
20669 and ML 20737).
The total proceeds of the sale
of the Heavy Mineral Sands
plant and tenements was
$1,722,203 (excluding GST
but including the refund of
the environmental bond).
At the date of this report all
outstanding amounts have
been received. The HMS plant
will be released to the new
owner when both JV partners
have been paid in full.
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CAPE YORK
REGIONAL EXPLORATION
MLM 50%
The Joint Venture holds
regional tenements along
the 200km coastal belt
between Weipa and Northern
Cape York Peninsula
that are prospective for
bauxite and HMS.
In December 2019, the JV
completed a reconnaissance
exploration program on EPM
19001 located adjacent and
due north of Skardon River.
The program comprised
of geological traversing,
mapping and sampling with
a total of 5 rock chip samples
collected and 9 bauxite and
10 Heavy Mineral Sand auger
holes drilled to a depth of
up to 3 meters. A total of
24 bauxite and 30 HMS
samples were submitted for
analysis. Results of those
samples confirmed the
field observations which
indicated that there is a
low potential for significant
export quality bauxite to be
present on the tenement.
As part of an ongoing
review of the tenement
holdings, the Joint Venture
relinquished seven
tenements which showed
low prospectivity during
the 2019/2020 year. This
relinquishment has provided
a considerable cost saving.
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METALLICA MINERALS ANNUAL REPORT 2020
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METALLICA MINERALS ANNUAL REPORT 2020
ESMERALDA GRAPHITE, GOLD
AND BASE METALS PROJECT
MLM 100%
Through subsidiary
Touchstone
Resources Pty Ltd
The Esmeralda project,
located near Croydon in
North Queensland (see
figure 1) covers a combined
area of more than 976km2.
An internal study for gold
and base metal targets on
the Esmeralda tenements
was completed in June
2019. The study comprised
of modelling public domain
geophysical data over the
project tenements and
this resulted in a better
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Gold and Base
Metals + Graphite
979 km2
Exploration tenure
Metallica is currently
considering undertaking
ground based geophysical
survey to further refine the
two target areas for future drill
testing by the company or
under farm out joint venture.
No other field work was
carried out during the year.
understanding of the
occurrence and distribution
of the graphitic granites and
the associated intrusive
beneath the cover sequence.
A number of copper and
copper-gold intrusive-related
and vein/lode-related target
areas have been identified
from the study and Metallica
is continuing to interpolate
the study results and plan
an exploration strategy
based on these results.
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METALLICA MINERALS ANNUAL REPORT 2020
METALLICA MINERALS ANNUAL REPORT 2020
DIRECTORS &
MANAGEMENT
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DIRECTOR & MANAGEMENT
PROFILES
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THEO PSAROS
EXECUTIVE CHAIRMAN
Theo Psaros has over 30 years of diverse global and local
commercial experience in a number of business sectors
and industries within multi-million dollar publicly listed
company, private companies and government departments.
Theo’s resource industry experience included a number of
years as Chief Financial Officer and Chief Operating Officer
of MetroCoal Limited, Chairman of the Surat Basin Coal
Alliance and a member of the industry group that assisted
with the Queensland Government Department of Natural
Resources & Mines to prepare the 30-year strategic plan
for the resources industry in Queensland (ResourcesQ).
Theo joined the board of Metallica Minerals as Non-
Executive Chairman on 1 February 2019 and was
appointed as Executive Chairman on 21 May 2020.
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ANDREW GILLIES
NON–EXECUTIVE DIRECTOR
Andrew Gillies is a highly experienced geologist, having 35
years’ experience and over 20 years combined experience as
a company director of ASX listed junior resource companies,
providing for a strong resource and mineral exploration, company
management, project feasibility, project development, mining,
governance and corporate background. Andrew was a founding
director of Metallica Minerals in 1997, listing the company on the
ASX in 2004. He retired from the managing director position
in July 2015 and then retired as a director in June 2017.
Andrew has extensive experience across a range of mineral
and resource projects, much of this experience gained
throughout Queensland. Andrew successfully listed subsidiaries
Cape Alumina Limited and MetroCoal Limited on the ASX
in 2009 (these companies have since merged to become
Metro Mining Limited, a successful bauxite producer).
Andrew was previously a director of other ASX junior
companies Cape Alumina Limited, MetroCoal Limited,
Orion Metals Limited and Planet Metals Limited and he was
previously a Director of the Queensland Resources Council
(QRC). He graduated from the University of Queensland in
1985 and has been a Member of the AUSIMM from 1989.
Andrew re-joined the board of Metallica Minerals as
a Non-Executive Director on 1 February 2019.
METALLICA MINERALS ANNUAL REPORT 2020
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SCOTT WADDELL
EXECUTIVE DIRECTOR & CHIEF FINANCIAL OFFICER
Scott Waddell’s resources experience was gained from eight
years with Metro Mining Limited and Cape Alumina Limited,
nine years with Anglo Coal and eight years with Rio Tinto
Alcan (RTA). This included direct mine site experience of
eight years. Roles included Interim CEO at Cape Alumina,
CFO and Company Secretary for Metro Mining Limited and
Cape Alumina Limited, Head of Finance for the Monash
Energy project in Victoria’s La Trobe Valley, as well as being
a director of the CO2CRC Otway Pilot Project and chairman
of the audit committee, Business Development Manager
as well as a number of finance and corporate roles.
Scott joined the board of Metallica Minerals as Non-Executive
Director on 1 February and was appointed as Interim CEO on 7
February 2019. As announced on 21 May 2020, Scott now holds
the positions of Executive Director and Chief Financial Officer.
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JOHN HALEY
COMPANY SECRETARY
John Haley has more than 35 years of senior
corporate experience in Australia and Canada.
John has a strong accounting background that has seen
him hold a number of senior positions spanning a range of
industries including mineral exploration. He has assisted
in the start-up of various mineral exploration companies
and is a Director of the Queensland Resources Council.
John was previously the Chief Financial Officer of the
Company, a role he held since before listing the company
in 2004. He has also previously worked with Coopers &
Lybrand and Arthur Andersen & Co., and with listed and
unlisted companies in general management, financial
reporting and company secretarial positions.
METALLICA MINERALS ANNUAL REPORT 2020
Tenement
Project name
Holder
STATUS
HA
S/B
TENEMENT TABLES As at 7 October 2020
CAPE YORK BAUXITE & HMS JOINT VENTURE
50% ORESOME AUSTRALIA & 50% OZORE RESOURCES PTY LTD
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EPM15268
EPM15371
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Tenement
EPM25728
EPM25756
Urquhart Point
Oresome Bauxite Pty Ltd & Ozore Resources Pty Ltd
Granted
Doughboy
Oresome Bauxite Pty Ltd & Ozore Resources Pty Ltd
Granted
EPM18738
Sandman #2
Oresome Bauxite Pty Ltd & Ozore Resources Pty Ltd
Granted
EPM25482
EPM25509
EPM27244
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ML100044
Sandman #10
Oresome Bauxite Pty Ltd & Ozore Resources Pty Ltd
Granted
Sandman #11
Oresome Bauxite Pty Ltd & Ozore Resources Pty Ltd
Granted
Urquhart South Bauxite Oresome Bauxite Pty Ltd & Ozore Resources Pty Ltd
Granted
Urquhart Bauxite
Oresome Bauxite Pty Ltd & Ozore Resources Pty Ltd
Granted
ML100049
Urquhart Bauxite 2
Oresome Bauxite Pty Ltd & Ozore Resources Pty Ltd
Application
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CAPE FLATTERY SILICA SANDS PROJECT
Tenement
EPM25734
Project name
Holder
Cape Flattery
Cape Flattery Silica Sands Pty Ltd
PHOENIX LIMESTONE PROJECTS
Project name
Holder
Fairview
Fairview #1
Phoenix Lime Pty Ltd
Phoenix Lime Pty Ltd
STATUS
Granted
STATUS
Granted
Granted
0
0
0
0
0
0
1360
40.5
HA
0
HA
0
0
ESMERALDA GRAPHITE PROJECT
Tenement
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F
EPM25779
EPM27210
EPM27290
Project name
Holder
STATUS
HA
Warrior
Clara
Momba
Touchstone Resources Pty Ltd
Touchstone Resources Pty Ltd
Touchstone Resources Pty Ltd
Granted
Granted
Granted
0
0
0
NOTES
All tenements are 100% owned unless expressed otherwise
EPM – Exploration Permit for Minerals
ML – Mining Lease
S/B – Sub blocks
Ha – Hectares
16
16
13
47
11
22
10
0
0
S/B
11
S/B
5
1
S/B
19
100
89
METALLICA MINERALS ANNUAL REPORT 2020
BAUXITE RESOURCES
& RESERVES
URQUHART BAUXITE PROJECT DSB MINERAL RESOURCE
AT AN EFFECTIVE CUT–OFF OF 48% Al2O3
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Classification
Measured
Indicated
Inferred
Total
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NOTES
Project
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Vrilya
Vrilya
1.
2.
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Vrilya East
Area
A
A
A
B
Subtotal
Mt
3.0
3.9
0.3
2.3
2.6
9.5
Al2O3%
SiO2%
54.4
53.3
54.2
49.9
50.3
52.8
11.8
13.1
11.3
17.4
16.8
13.7
AAl%
43.2
40.8
42.0
37.2
37.6
40.7
RSi%
5.0
5.2
4.7
6.0
5.9
5.3
The information in the table above is summarised from the JORC 2012 Mineral Resource in the ASX Release dated 11 May 2015
1. AAI = Available alumina Al203
2. RSi = Reactive Silica SiO2
REGIONAL BAUXITE EXPLORATION TARGETS
Permit
Discrete Targets
Insitu mineralisation
tonnage range
Mt2
Total Al2O3
%3
Total SiO2
%3
EPM 15371
EPM 25509
EPM 25687
TOTALS
3
7
3
13
2 to 6
12 to 36
28 to 86
42 to 128
40–47
40–48
40–43
insufficient data1
10–191
insufficient data1
*EXPLORATION TARGET
The potential quantity and grade of the bauxite deposits are conceptual in nature. There is insufficient information at this time to define a
mineral resource and there is no certainty that further exploration will result in the determination of a mineral resource in these areas.
previous exploration reports SiO2 data incomplete
range based on measured areas of target plateaus, minimum thickness of >0.5 m bauxite, estimated
average thickness of 1.5 m from previous exploration data and bulk density value of 1.5
3. based on screened sample assay results
The information in the table above is summarised from the JORC 2012 Mineral Resource in the ASX Release dated 11 July 2014.
COMPETENT PERSON’S STATEMENT
The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by John Cameron (a geologist of
more than 25 years’ experience), and a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a contract consultant
to Metallica Minerals Ltd. Mr Cameron has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and
to the activity being undertaken to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr Cameron consents to the inclusion of this information in the form and context in which it appears in this report.
17
METALLICA MINERALS ANNUAL REPORT 2020
NOTES
TO RESOURCE TABLES
GOVERNANCE OF MINERAL RESOURCES
The Company engages external consultants and Competent Persons to prepare and calculate Mineral Resources estimates. These estimates and underlying
assumptions are reviewed by the Board and Management for reasonableness and accuracy. The results of the Mineral Resource estimates are then
reported in accordance with the JORC codes and other applicable rules. Where material changes occur during the year to a project, including project’s size,
title or exploration results or other technical information, then previous resource estimates and market disclosures are reviewed for completeness.
Metallica reviews its Mineral Resources annually. Where a material change has occurred in the assumptions or data used in previously
reported Mineral Resources, a revised resource estimate will be prepared as part of the Annual Review process.
MINERAL RESOURCES STATEMENT NOTES
Tonnages, grades and contained metal have been rounded to reflect the accuracy of the calculations. Rounding errors may occur.
Mineral Resource estimates are completed in accordance with JORC (2012) Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves. The information provided in this report is summarised from the latest Mineral Resource statements as referenced in each case.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market
announcements, and in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to apply and have not materially changed. Metallica confirms that the form and
context in which the Competent Person’s findings are presented have not materially changed from the original market announcement.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements made in this report contain or comprise certain forward–looking statements.
Although Metallica believes that the estimates and expectations reflected in such forward–looking statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward–looking statements as a result of, among
other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government
actions, fluctuations in commodity prices and exchange rates and business and operational risk management. Metallica undertakes no obligation to update publicly
or release any revisions to these forward–looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events.
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18
METALLICA MINERALS ANNUAL REPORT 2020
TOP 20 SHAREHOLDERS
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1
2
Rank
4
3
e
s
u
7
5
6
10
9
11
8
l
8
a
n
o
s
14
r
15
e
p
16
13
12
17
18
r
19
o
20
F
20
20
Name
JIEN MINING P/L
PLAN-1 P/L
OSMOSIS HOLDINGS P/L
DOSTAL NOMINEES P/L
J P MORGAN NOMINEES AUSTRALIA P/L
MR GRAHAM RAYMOND DOW
GEFRATO TRADING P/L
CALAMA HOLDINGS P/L
CAROJON P/L
BONDLINE LIMITED
MRS CAROLYN DOW
COROWA NOMINEES P/L
LATSOD P/L
MR ANTHONY ROBERT RAMAGE
MINNELEX P/L
MACFORBES SUPER P/L
ASDEN INVESTMENTS P/L
AUSTRALIAN EXPORTS & INDUSTRIALISATION SUPER
P/L
CODAN TRUSTEES
MR MICHAEL ROBERT HENNESSEY
ATKINS PARTNERSHIP P/L
BUCKINGHAM INVESTMENT FINANCIAL SERVICES P/L
MR JAMES MORTIMER GORMAN
20
20
PWS SUPER P/L
SILVERSONG P/L
TOTALS
*As at 30 September 2020
19
Shares
%
40,099,678
12.37%
13,287,502
9,000,000
8,010,000
7,281,170
6,000,000
5,200,000
5,000,000
5,000,000
4,910,966
4,400,000
4,380,098
4,000,000
3,400,000
3,065,260
3,000,000
2,745,121
2,512,500
2,500,000
2,256,572
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
4.10%
2.78%
2.47%
2.25%
1.85%
1.60%
1.54%
1.54%
1.52%
1.36%
1.35%
1.23%
1.05%
0.95%
093%
0.85%
0.78%
0.77%
0.70%
0.62%
0.62%
0.62%
0.62%
0.62%
146,048,867
45 07%.
METALLICA MINERALS ANNUAL REPORT 2020
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