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April 24, 2013
Quarterly Activities Report
Meekatharra Gold Operation
- Bluebird Gold Processing Plant fully commissioned and meeting throughput and recovery targets
- 53% of Bluebird open pit total material movement mined whilst 88% of Reserve ounces remain to be mined
- 9,030 ounces mined and 9,123 ounces produced
- Target unit mining, processing and administration costs being achieved or bettered
Mt Marion Lithium Project
- “Proof of Technology” test work program commenced
Barrambie Fe-Ti-V Project
- Continued the evaluation of a proprietary hydrometallurgical technology to produce high-purity titanium, iron & vanadium
Corporate
- $27 million cash realised on closure of hedge book
- Credit Suisse debt facility is fully repaid and group security is to be released
- Company cash balance increased by $7.7 million
- Executed a binding MOU for the sale of the Comet Vale Project for $6 million cash
April 19, 2013
Hedge book closure yields $27 million - All debt retired
- $27 million cash realised on closure of hedge book.
- Credit Suisse debt facility to be fully repaid and group security released.
- Company cash balance to increase by $7.7 million.
- Meekatharra Gold Operation continues to be economically viable at current gold price.
- Bluebird Mining Operations to continue as planned.
March 26, 2013
Meekatharra Gold Operation Update
- Bluebird open pit continues to exceed production budget
- Gold produced from the Bluebird open pit continues to exceed budget
- Planned mill throughput rate achieved early
- Bluebird mill achieving budget mill recovery of 94%
- Gold produced as budgeted
- Unit cash costs materially meeting budget
March 20, 2013
$6 million Cash Sale of Comet Vale Project
$6 million conditional sale of Comet Vale Project to Crest Minerals Ltd.
Sale includes 1% zinc royalty over MacPhersons Resources Ltd's Nimbus Project.
Consistent with Reed’s strategy of focusing on its Meekatharra Gold Operation and realising value for its suite of non-core assets.
February 25, 2013
Meekatharra Gold Operation Official Opening
Reed Resources Ltd is pleased to announce that its Meekatharra Gold Operation was officially opened today by the Hon. Norman Moore MLC, Minister for Mines and Petroleum, Fisheries and Electoral Affairs, and Leader of the Government in the Legislative Council.
February 1, 2013
Appointment of Cobb Johnstone as Non-Executive Director
Reed Resources Ltd is pleased to announce the appointment of Colin (Cobb) Johnstone as a Non-Executive Director.
January 23, 2013
Quarterly Activities Report
Meekatharra Gold Operation
- Meekatharra Gold Project’s capital works program completed
- Commenced wet commissioning of the 3Mtpa Bluebird Gold Processing Plant
- Mining of the Bluebird open pit well established and on schedule
- Infill and extensional exploration drilling commenced
Mt Marion Lithium Project
- Mineral Resources Ltd issued 30% equity interest in Reed Industrial Minerals Pty Ltd (“RIM”) which holds 100% of the Mt Marion Project, on execution of Shareholder Agreement
- Pre-feasibility Study to produce Lithium Hydroxide demonstrates robust economics (NPV12% $321m) and lowest quartile costs (US$3,877/t)
Barrambie Fe-Ti-V Project
- Successful laboratory scale production of high-purity titanium dioxide from proprietary hydrometallurgical technology
Corporate
- As of 31 December 2012, Reed had $31.19 million in cash and term deposits, including $11.94 million in restricted use term deposits supporting performance bonds and other contractual obligations
- Finalised a $19 million debt facility with Credit Suisse
- Activated gold hedging facility which comprises 70,000 ounces in forward delivery contracts and 40,000 ounces in bought puts that will achieve a gold floor price of approximately A$1,626/oz (net of put premium costs) over 110,000 hedged ounces
- Completed an $8 million placement and $2m underwritten share purchase plan to augment cash reserves
January 11, 2013
First gold pour at Meekatharra Gold Operation
Commissioning of the elution and gold room circuit at the 3Mtpa Bluebird Gold Processing Plant at the Meekatharra Gold Operation has culminated with the pouring of Reed’s first gold bar from Bluebird.
December 20, 2012
Plant Wet Commissioning - Meekatharra Gold Operations
Initial plant feed blend predominantly comprises stockpiled, low grade ore which will establish Bluebird’s gold in circuit inventory of approximately 1,200 ounces.
Gold production is scheduled to increase throughout the March quarter of 2013.
November 28, 2012
Revised - Debt Financing Facility Announcement
- Credit Suisse and Reed execute A$19 million debt finance facility agreements; funds available for immediate drawdown.
- Participating Forward hedge to provide floor price of approximately A$1626/oz for hedged ounces.
- Commissioning of Meekatharra Gold Project on schedule to begin in December.
