ACN 009 081 770
onlyRegistered Office:
Level 21, 459 Collins Street
Me bourne VIC 3000
Co tact:
Pho e: +61 (0)3 8630 3321
Email:admin@ookami.com.au
Board of Directors:
John Ciganek
use(Non-Executive Chair) Jo eph van den Elsen (Non-Executive Director)
Emmanuel Correia
(Non-Executive Director)
Andrew Law personal(Non-Executive Director)
Company Secretary:
Justin Mouchacca
Securities on Issue:
45,446,667 ordinary shares
3,900,000 unlisted options
6,000,000 quoted options
Current Share Price -
$0.13 (as at 30 July 2022)
Mark t capitalisation - ~$6.4m (at $0.13)
Cash at Bank -
$5,215,000 (as at 30 June 2022)
ForAbout Ookami Limited
O kami Limited (ASX: OOK) is an ASX listed company focused on the exploration and development of resource projects in Africa. The Company's current projects are:
- Messok East Co-Ni Project (located in Cameroon)
- Boulbi Project
(located in Senegal)
ASX Announcement | 29 July 2022 |
June 2022 Quarterly Activities Report &
Appendix 5B
- During the quarter, the Company continued to advance the assessment and evaluation of its Messok East and Boulbi Projects and assess business development opportunities.
- Following a period of in-country due diligence, on 22 April 2022 the Company announced that it had entered into an agreement under which it would have the right to acquire up to an 85% interest in a Rutile and Heavy Minerals Project in Cameroon.
- Concurrent with the aforementioned announcement, the Company announced a ~$2 million capital raising via a ~A$1.35 million placement and a ~A$683,000 fully underwritten entitlement offer.
- In light of prevailing market conditions, on 30 June 2022 the Company and the vendor of the Rutile & Heavy Minerals Project mutually agreed to terminate the agreement. As a consequence the entitlement offer was cancelled.
- On 26 May 2022 the Company released on the ASX a Project Update
- Boulbi Permit, detailing an on-ground work program to commence late August/early September.
- On 27 May 2022 the Company released on the ASX a Project Update
- Messok East Co-NiProject detailing an on-ground work program to commence July.
- Subsequent to the quarter's end, on 21 July 2022 the Company advised that the aforementioned Messok East Co-Ni Project on- ground work program had commenced.
- As at 30 June 2022, Ookami held cash reserves of $5,215,000.
Ookami Limited (ASX: OOK) ("Ookami" or the "Company") provides the following report and attached Appendix 5B to its shareholders for the quarter ending 30 June 2022.
Exploration activities
On 26 May 2022 Ookami announced that following the relaxation of COVID-19 related travel restrictions it had engaged SRK to complete its recommended follow-upon-ground work programme on the Boulbi Permit, designed to evaluate the potential of the targets generated by earlier desktop reviews and verify historic data.
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Once local weather conditions allow, geological and structural mapping will be completed to enable a more detailed understanding of the underlying structural controls on mineralisation at the Boulbi Project and allow the AN1 target geological model to be refined.
Mapping and reconnaissance rock chip sampling of all Priority 1 targets will add structural knowledge to any observed surface mineralisation and enable future exploration in these areas to be tailored to the underlying structural geology.
Validation of the location of historical drilling and pitting locations will further build on the Company's understanding of the local geology and serve as a precursor to a maiden drilling campaign (depending on the outcome and results of the planned follow-up work program).
Owing to extreme local weather conditions, the Company anticipates commencing the on-ground component of this work program in late August/early September.
On 27 May 2022 the Company announced its intention to complete a follow-up work program on the Messok East Co-Ni Project, designed to map and sample the previously identified exploration targets, once local weather conditions allow.
This follow-up work program will include mapping and geochemical sampling of all defined exploration targets and serve to further build on the Company's understanding of the local geology and provide a solid basis for the design and ultimate execution of a maiden drilling campaign (depending on the results and outcome of the planned follow-up work program).
The Company indicated that it anticipated commencing this follow-up work program in July and on 21 July 2022, subsequent to the quarter's end, confirmed and announced that it had commenced.
Exploration Expenditure
The Company continues to progress work on its projects but notes that on a pro-rata basis, its expenditure on the Boulbi Project and Messok East Project has been less than budgeted in the 24 month use of funds table detailed in section 1.9 of the replacement prospectus dated 23 April 2021 (Replacement Prospectus) due to the following factors:
- The Company's management team has been subject to extended periods of COVID-19 related travel restrictions.
- Since the Reinstatement, the Company's Managing Director has undertaken four site visits to the Messok East Project in Cameroon (initially requiring a travel permission from the Western Australian state government to travel to Cameroon in August/September 2021), but, due to COVID-19 travel restrictions, until recently has been unable to travel to Senegal to visit the Boulbi Project (noting that the majority of the expenditure outlined in the use of funds in section 1.9 of the Replacement Prospectus is in respect to the Boulbi Project in Senegal).
- The Company has been adversely impacted by events that are outside of the Company's control, being:
- spikes in COVID-19 infection rates in Senegal and Cameroon (since the Reinstatement) which have made it difficult to conduct exploration activities in Cameroon and Senegal in a safe, efficient and cost effective manner (if at all); and
- the Western Australian state government's stance on its international borders (prior to February 2022) which has made travel to Cameroon and Senegal problematic.
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4. Having regard to the above, to protect the safety of its executive and consultants, the Company's Board was conservative in its planning of the 2021 field related exploration activities and a decision was made to withhold significant expenditure on its projects until such time as the Company and its advisors were able to spend meaningful time in country.
Notwithstanding the above, the Company continues to assess the prospectivity of the Boulbi Project and Messok East Project which the Company hopes will result in a more streamlined exploration effort moving forward. The Company intends to ramp up exploration activities in Cameroon and will reformulate its planning and activities in Senegal once it has access to, and has had an opportunity to visit, the Boulbi Project (with a view to advancing the higher cost activities contemplated in section 1.9 of the Replacement Prospectus).
The table below compares the Company's actual expenditure against the 2 Year Use of Funds table
contained in the Replacement Prospectus dated 23 April 2021:
Use of funds as contained in | 2 Year Use of | Qtr ended 30 June | Actual amount spent to date |
the Prospectus | Funds as | 2022 | (for the period between 14 |
contained in | July and 30 June 2022) | ||
the Prospectus | |||
Boulbi Project Exploration | $2,500,000 | $77,309 | $201,808 |
Expenditure | |||
Messok East Project Exploration | $700,000 | $5,971 | $118,071 |
Expenditure | |||
Corporate Administration and | $815,000 | $184,382 | $853,110 |
Loan Repayment | |||
Working Capital | $1,027,373 | $156,985 | $156,985 |
Costs of the Offers | $735,400 | - | $725,350 |
Total | $5,777,773 | $424,647 | $2,055,323 |
Summary of Corporate activity
Following a period of in-country due diligence, on 22 April 2022 the Company announced that it had entered into an agreement under which it would have the right to acquire up to an 85% interest in a Rutile and Heavy Minerals Project in Cameroon.
Concurrent with the aforementioned announcement, the Company announced a ~$2 million capital raising via a ~A$1.35 million placement and a ~A$683,000 fully underwritten entitlement offer.
In light of prevailing market conditions, on 30 June 2022 the Company and the vendor of the Rutile & Heavy Minerals Project mutually agreed to terminate the agreement. As a consequence the entitlement offer was cancelled. The placement was successfully completed on 22 July 2022 raising a total of A$1.35 million (before costs).
Summary of Cash Flows
Ookami finished the quarter with cash reserves of $5,215,000.
Appendix 5B related party payments
Payments to related parties of $71,000 for Director remuneration were made during the June 2022 quarter.
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Interests in Mining Tenements
Below is a summary of the mining tenements held by the Company at the end of the quarter:
Mining Project | Location | Beneficial | Interest acquired/farm-in or |
Percentage | disposed/farm-out during the | ||
held | quarter | ||
Messok East Project - | Republic of | 100% | 100% |
Licence No. 000095 | Cameroon, Africa | ||
Boulbi Project - Licence No. | Republic of | 51% | 51% |
000502 | Senegal, Africa | ||
-Ends-
This report and the attached Appendix 5B have been authorised for release by the Board of Ookami Limited.
For more information, please contact:
Investor enquiries:
Justin Mouchacca
Company Secretary
P: +61 (0)3 8630 3321
About Ookami Limited
The Company was admitted to the Official List (ASX code: OOK) in February 2000 and was previously focused on the operation of the Akela Platform, a fintech Software as a Service platform, and its passive 18.3% equity interest in BronTech Pty Ltd, a data exchange and identity platform.
Since July 2021, the Company has been focused on the assessment and evaluation of its 100% owned Messok East Co-Ni Project and the Boulbi Permit Joint Venture (51% earning to 70%). The Company actively seeks to identify, assess and potentially acquire complementary opportunities.
Forward Looking Statement
This ASX announcement may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Ookami Ltd.'s current expectations, estimates and assumptions about the industry in which Ookami Ltd operates, and beliefs and assumptions regarding Ookami Ltd.'s future performance. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "potential" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Ookami Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward- looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this ASX announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Ookami Ltd does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based.
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Competent Person's Statement
The exploration results in this announcement were previously announced to the ASX in the Company's replacement prospectus titled Ookami Limited - Replacement Prospectus and dated 23 April 2021. The Company confirms that it is not aware of any new information or data that materially affects the exploration results as contained in the Ookami Limited - Replacement Prospectus dated 23 April 2021.
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ookami Limited published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 06:13:10 UTC.