Announcement PDF VARISCAN MINES LIMITED Appendix 5B Mining exploration entity quarterly report Rule 5.3 Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001. Name of entity VARISCAN MINES LIMITED ABN Quarter ended (“current quarter”) 16 003 254 395 31 March 2015 Consolidated statement of cash flows Current quarter 31 March 2015 $A’000 Year to date (9 months) 31 March 2015 $A’000 Receipts from product sales and related debtors Payments for: (a) exploration and evaluation (b) development (c) production (d) administration Dividends received Interest and other items of a similar nature received Interest and other costs of finance paid Income taxes paid/received R&D tax offset Other - tenement security deposits/bank guarantee - other deposits - consulting fees and rental income 0 (231) 0 0 (603) 0 2 0 274 10 0 53 0 (808) 0 0 (1,824) 0 44 0 274 30 (1) 206 Net Operating Cash Flows (495) (2,079) 0 0 (55) 0 380 0 0 0 0 Cash flows related to operating activities 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Cash flows related to investing activities 1.8 Payment for purchases of: 1.9 Proceeds from sale of: 1.10 1.11 1.12 Loans to other entities Loans repaid by other entities Other 0 0 (2) 0 380 0 0 0 0 Net investing cash flows 378 325 Total operating and investing cash flows (carried forward) (117) (1,754) 1.13 30/9/2001 (a) (b) (c) (a) (b) (c) prospects equity investments other fixed assets prospects equity investments other fixed assets Appendix 5B Page 1 VARISCAN MINES LIMITED Appendix 5B Mining exploration entity quarterly report Current quarter $A’000 Year to date $A’000 (117) (1,754) Proceeds from issues of shares, options, etc Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other – Equity raising costs 0 0 0 0 0 (2) 0 0 0 0 0 (2) Net financing cash flows (2) (2) Net increase (decrease) in cash held (119) (1,756) 1.20 1.21 Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20 791 (17) 2,409 2 1.22 Cash at end of quarter 655 * 655 * 1.13 Total operating and investing cash flows (brought forward) Cash flows related to financing activities 1.14 1.15 1.16 1.17 1.18 1.19 *Note: On 24 March 2015 the Company announced an entitlement issue of shares with attached options to raise up to $3.5 million. The offer opened on 2 April 2015 and closed on 27 April 2015. The total amount raised under the Entitlement Offer was $1,960,241before costs and as stated in the Prospectus the Company will look to place the remaining shortfall within 3 months of the Entitlement Offer on the same terms and conditions. Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter $A'000 1.23 Aggregate amount of payments to the parties included in item 1.2 111 1.24 Aggregate amount of loans to the parties included in item 1.10 Nil 1.25 Explanation necessary for an understanding of the transactions Salaries, directors’ fees and consultancy fees at normal commercial rates Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows None 30/9/2001 Appendix 5B Page 2 VARISCAN MINES LIMITED 2.2 Appendix 5B Mining exploration entity quarterly report Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Expenditure by joint venture partners on exploration tenements in which Variscan has an interest amounted to $34,000. Financing facilities available Add notes as necessary for an understanding of the position. Amount available $A’000 Amount used $A’000 3.1 Loan facilities Nil Nil 3.2 Credit standby arrangements Nil Nil Estimated cash outflows for next quarter (Variscan Group) $A'000 4.1 Exploration and evaluation 452 4.2 Development 0 4.3 Production 0 4.4 Administration 508 Total 960 *Note: On 24 March 2015 the Company announced an entitlement issue of shares with attached options to raise up to $3.5 million. The offer opened on 2 April 2015 and closed on 27 April 2015. The total amount raised under the Entitlement Offer was $1,960,241before costs and as stated in the Prospectus the Company will look to place the remaining shortfall within 3 months of the Entitlement Offer on the same terms and conditions. Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows Current quarter $A'000 Previous quarter $A'000 5.1 Cash on hand and at bank 348 318 5.2 Deposits at call - foreign currency equivalent 307 253 5.3 Bank overdraft 0 0 5.4 Other - bills receivable, bank accepted and short term bank deposits 0 220 655 791 Total: cash at end of quarter (item 1.22) Changes in interests in mining tenements Tenement reference 6.1 Nature of interest (note (2)) Interest at beginning of quarter Interest at end of quarter Interests in mining tenements relinquished, reduced or lapsed 30/9/2001 Appendix 5B Page 3 VARISCAN MINES LIMITED Appendix 5B Mining exploration entity quarterly report 6.2 Interests in mining tenements acquired or increased 6.3 The full Variscan schedule of tenements is included as an attachment to this report. Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total Number 7.1 Preference securities Nil 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions Nil 7.3 Ordinary securities - fully paid 7.4 Changes during quarter (a) Increases through issues (b) Decreases through return of capital, buy-backs, Nil 7.5 Convertible debt securities Nil 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities redeemed for cash Nil 7.7 Options VARAO VARAU VARAV 175,737,592 10,900,000 2,300,000 15,650,000 7.8 Issued during quarter Nil 7.9 Exercised during quarter Nil 7.10 Expired/cancelled during quarter Nil 7.11 Debentures (totals only) Nil 7.12 Unsecured notes (totals only) Nil 30/9/2001 Number quoted Issue price per security (see note 3) (cents) Amount paid up per security (see note 3) (cents) Exercise price Expiry date $0.30 $0.14 $0.07 25 Nov 2015 31 Oct 2015 4 Dec 2017 175,737,592 Nil Nil Nil Nil Appendix 5B Page 4 VARISCAN MINES LIMITED Appendix 5B Mining exploration entity quarterly report Compliance statement 1. This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX (see note 4). 2. This statement does give a true and fair view of the matters disclosed. Sign here: Date: 30 April 2015 (Director / Company Secretary) Print name: Ivo Polovineo Notes 1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2. The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenements, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2. 3. Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4. The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report. 5. Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. == == == == == 30/9/2001 Appendix 5B Page 5 VARISCAN MINES LIMITED Tenement Schedule as at 31 March 2015 Tenement Tenement Number Appendix 5B Mining exploration entity quarterly report Interest Joint Venture Details NEW SOUTH WALES Broken Hill Yalcowinna EL 8078 0% Note 1 Mundi Plains JV EL 6404 20% Teck 80% Willyama EL 8075 0% Note 1 Hillston EL 6363 39.2% Perilya can earn 80%, Eaglehawk 9.8% Woodlawn South ELs 7257 and 7469 0% Royalty interest only Trundle EL 4512 0% Royalty interest only Achilles and Chiron EL 7746 and EL 7931 100% Kidman can earn 80%, Thomson can earn 10% SOUTH AUSTRALIA Junction Dam EL 4509 16% Teck 80%, Eaglehawk 4%, Marmota 100% in uranium rights only, Note 2 Quinyambie EL 5464 52.6% Note 3 Callabonna EL 5360 100% Red Metal can earn 70% FRANCE Tennie St Pierre Merleac PER PER PER 100% 100% 100% Lachlan Fold Belt EL = Exploration Licence PER = Permis Exclusif de Recherche (France) ELA= Exploration Licence Application Note 1: These tenements are subject to agreements with Silver City Minerals Limited whereby Silver City Minerals Limited must meet expenditure commitments within various time frames. Under an agreement with Silver City Minerals Limited, Broken Hill Operations and Eaglehawk Geological Consulting Pty Ltd, Variscan has converted its interest in parts of these tenements to a NSR (Net Smelter Return). Note 2: Marmota has earned 100% of the uranium rights only in EL 4509. Variscan has retained a 3.75% net profits royalty on production from a uranium mine. Note 3: EL 4289 held 47.4% by Dolores Group (Allender, Kennedy, Aurelius Resources, Hosking and Houldsworth). 30/9/2001 Appendix 5B Page 6