Corporate shareholding in Reed Resources

July 6, 2012

Highlights

Metals X Limited has acquired a 4.45% beneficial interest in Reed Resources

Reed Resources Ltd (ASX: RDR) (“Reed Resources”) advises that it has become aware of recent movements in the company’s share register, which it feels obliged to report to ensure the maintenance of a fully informed market.

As part of Reed Resources’ regular process of monitoring its share register, it has become aware that in recent weeks Metals X Limited (ASX: MLX) (“Metals X”) has acquired a beneficial interest in a significant number of Reed Resources shares.

Reed Resources’ enquiries have confirmed that as at 5 July 2012, Metals X held a beneficial interest in approximately 20.6 million ordinary shares, representing approximately 4.45% of the issued capital of company.

Reed Resources has contacted Metals X with a view to determining its intentions in relation to its holding in the company. Metals X has stated that it has no further comment to make regarding its intentions. Shareholders will be advised of any material developments.

More releases...

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

24th April, 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.

19th April, 2013

Gold hedging position

17th April, 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

26th March, 2013

Meekatharra Gold Operation Official Opening

Reed Chairman David Reed and Minister for Mines and Petroleum Norman Moore

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.

25th February, 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.

1st February, 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

23rd January, 2013

Photos of first gold bar

11th January, 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.

11th January, 2013

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.

20th December, 2012

AGM Presentation

29th November, 2012

Chairman's Address to Shareholders

29th November, 2012

Retirement of Director - Dr Peter Collins

29th November, 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.

28th November, 2012

SPP Oversubscribed

Reed Resources Ltd is pleased to advise that the Company’s $2 million Share Purchase Plan which closed on 16 November 2012, has been heavily oversubscribed.

19th November, 2012