Half Yearly Report and Accounts
REVIEW OF OPERATIONS
Throughout the December 2016 half-year period, Ironbark Zinc Limited ("Ironbark") has remained focused on advancing the development of the Citronen Base Metals Project ("Citronen") in Greenland into a world-class mining operation.
Citronen is one of the world's largest credible zinc development projects at an advanced post-feasibility stage and, while a great deal of work remains to take Citronen through to financed production, Ironbark's team remains motivated by Citronen's prospects for growth and development.
During the half year, Ironbark announced that the Exploitation Licence (Mining Permit) for its Citronen Zinc-Lead Project in Greenland had been awarded to the Company by the Government of Greenland. The Mining Permit provides the Company with the right to exploit its wholly owned, world class Citronen Zinc-Lead Project for a period of 30 years.
Greenland has a history of zinc and lead mining and continues to seek to establish a mining industry; the country's government is seeking to develop a strong mineral and petroleum industry and has returned very high global rankings on the annual Fraser Institute survey.
On 8 July 2016 the Company announced the grant of the Exploration Licence 2016/22 covering the southern extension of the high grade mineralisation at the Sortebjerg prospect (Mestersvig Project).
On 27 July 2016 the Company incorporated a new 100% wholly-owned Australian subsidiary namely 'Ironbark Aust Pty Ltd'.
On 4 August 2016 the Company executed an agreement with ALT Resources Limited to grant them the exclusive right to earn up to an 80% legal and beneficial interest over the Company's Fiery Creek tenement (EL6925) over the course of a staged earn-in agreement.
On 26 September 2016 the Company announced the Impact Benefit Agreement with the four municipalities in Greenland had been executed.
On 25 November 2016 the Company held its Annual General Meeting of Shareholders and subsequently announced that all resolutions put to the meeting were passed unanimously by a show of hands.
On 30 November 2016 the Company issued 4,800,303 shares to staff in lieu of cash-based salary with an issue price of $0.069 p/share. The shares had an aggregate value of $331,221. This strategy of providing an equity-based payment scheme enables the Company to preserve cash for operational activities. The shares were approved by shareholders at the Company's AGM.
On 18 December 2016 1,000,000 of the Company's unlisted share options with an exercise price of $0.10 lapsed.
On 15 August 2016 the Company incorporated a new Greenland subsidiary namely 'Ironbark A/S'. The new subsidiary is 100% wholly owned by the Company's subsidiary "Ironbark Aust Pty Ltd'. The Company transferred its Citroneon Project and associated exploitation license to Ironbark A/S during the half year period.
On 19 December 2016 the Company announced that the Exploitation Licence (Mining Permit) for its Citronen Zinc-Lead Project in Greenland had been awarded to the Company by the Government of Greenland. The Mining Permit provides the Company with the right to exploit its wholly owned, world class Citronen Zinc-Lead Project for a period of 30 years.
At the end of the half year, cash available to the Company was $1,446,253 (30 June 2016: $2,227,158).
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About Ironbark Zinc Limited
Ironbark Zinc Limited (ASX:IBG) (OTCMKTS:IRBGY) is listed on the Australian Securities Exchange and is seeking to become a base metal mining house. Ironbark has an undrawn US$50M funding facility provided by Glencore to expand its project base through acquisition.
Ironbark seeks to build shareholder value through exploration and development of its projects and also seeks to actively expand the project base controlled by Ironbark through acquisition. The management and board of Ironbark have extensive technical and corporate experience in the minerals sector.
The wholly owned Citronen base metal project currently hosts in excess of 13.1 Billion pounds of zinc (Zn) and lead (Pb). For full details refer to ASX announcement 25 November 2014 –Citronen Project Resource Update – JORC 2012 compliant resource.
Ironbark Zinc Limited