Quarterly Activities/Appendix 5B Cash Flow Report
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Announcement PDF
29 January 2025
QUARTERLY ACTIVITIES REPORT – DECEMBER 2024
HIGHLIGHTS
Coolgardie Lithium Projects, WA
•
Assays returned from wide-spaced extensional soil sampling program completed at Miriam 1:
0F
An expanded 750m-long lithium anomaly has been identified, extending the previously identified
anomaly by circa 450m;
Four new anomalous zones identified that are overlapping and coincident with established
geophysical targets; and
Adding new targets in addition to the existing 1.6km north-south striking lithium soil anomaly
coincident with the mapped outcropping spodumene pegmatites and numerous geophysical
targets.
Option agreement was executed to acquire existing 2% Net Smelter Return (NSR) royalty over Miriam
covering gold, lithium and all other mineral rights1
•
Program of Works (PoW) have been submitted for an initial Reverse Circulation (RC) drilling programme,
scheduled to commence in H1 2025.
•
Kangaroo Hills PoW is in place for future extensional drilling programs targeting the near-surface, shallowdipping, thick and high-grade Big Red and Potoroo discoveries, where mineralisation remains open at
relatively shallow depths.
Additional Exploration and Prospecting Lease Applications, WA (100%)
•
Advancement of FBM’s proactive business development approach, including new gold and lithium
opportunities in the W.A. Goldfields. 2
1F
•
Subsequent to the quarter, FBM has applied for new tenements that further expand its landholdings in this
world-class geological and operational region, in close proximity to its existing Coolgardie Lithium Projects
portfolio.
•
Subsequent to the quarter, preliminary evaluation of previous tenement applications (announced in August
2024) highlighted robust gold discovery potential at Kal North.
Corporate
•
Completed the sale of an 80% interest in Nevada Lithium Project (NLP) for A$4M in cash consideration 3
•
The disposal of the NLP allows for a sharpened focus on FBM’s Coolgardie Lithium Projects in the
Goldfields region, delivering maximal leverage to the combination of belt-scale prospectivity in these
assets, excellent regional infrastructure in the W.A. Goldfields, and FBM’s proven Australian-based
operational team.
•
FBM well-funded to undertake all planned exploration activities through 2025 and beyond, while continuing
to assess potential new project opportunities in Western Australia. As at 31 December 2024, the Company
maintains a strong cash balance of A$7.8 million and zero debt (excluding typical trade creditors).
1
2
3
2F
Refer to ASX Announcement dated 30 October 2024 – “New Geochemical Results Define Lithium Drill Targets at Miriam”
Refer to ASX Announcement dated 22 January 2025 – “FBM Expands Coolgardie and Kal North Gold Potential Identified”
Refer to ASX Announcement dated 20 November 2024 – “Completion of Nevada Lithium Project Sale for A$4M Cash”
Future Battery Minerals Ltd
info@futurebatteryminerals.com.au
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ABN 91 148 966 545
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UPCOMING MARCH 2025 QUARTER PLANNED ACTIVITY
Coolgardie Lithium Project
•
•
•
The ground gravity survey is nearing completion, with analysis of results due imminently. This low-cost
geophysical survey is designed to improve drill hole targeting and de-risk the initial drill program.
The initial drilling of high-priority lithium targets at Miriam Project remains on track for H1 2025.
Advancing Kangaroo Hills Mining Lease application.
Kal North Gold Project
•
•
•
Reviewing available magnetic geophysical data for detailed litho-structural interpretation and the definition
of gold targets.
Advance the Heritage Protection Agreement (HPA) with native title party.
Progressing the tenement applications toward grant.
Burbanks East and Nepean South
•
Desktop studies, including a comprehensive review of available magnetic geophysics and low-impact initial
ground investigations of the new prospects, are set to commence in Q1 2025.
Business Development
•
The focus is on business development for new opportunities, including strategic partnerships and value
accretive acquisitions.
FBM Managing Director, Nicholas Rathjen, commented:
“The implementation of our cost-effective field exploration strategy has strongly positioned FBM to advance its
exploration objectives into 2025 and beyond. We have identified five high priority drill targets at Miriam through
the soil sampling programme, which was conducted efficiently and at low-cost. We are pleased with the
outcomes of these project optimisation workstreams, which have sharpened our target ranking and drill
prioritisation for future RC exploration drilling at Miriam, scheduled to commence in H1 2025.
Following our additional tenement application in August 2024, we have continued to pursue and assess
provincial lithium and gold discovery opportunities surrounding our Coolgardie projects portfolio and more
broadly across Western Australia. Subsequent to the end of quarter, we applied for new tenements, further
expanding our regional footprint in the Goldfields by an additional 45km2, located in close proximity to our
Coolgardie Lithium Projects and existing gold deposits.
At the same time, we have completed a detailed evaluation of historical data combined with recently completed
ground works, which has since confirmed excellent preliminary gold discovery potential at the underexplored
Kal North tenement. We intend to advance evaluation of lithium and gold prospectivity across these new
tenement application areas, delivering greater potential to grow our pipeline of exploration drill targets. These
regional exploration activities will be advanced in parallel with, and complementary to our planned drilling at
Miriam.
The sale of our non-core Nevada Lithium Project in November 2024 not only evidences our strategic focus on
developing on the Coolgardie projects portfolio, but also strongly enhanced our cash balance with A$4 million
in cash proceeds. With the funds from the Nevada sale and our existing balance, we are well-funded to
advance all our planned exploration activities in the world-class Goldfields region over the next 18-24 months,
and to unlock potential new opportunities across this world-class region. Stay tuned for what promises to be
an exciting year ahead for FBM.”
Future Battery Minerals Ltd
info@futurebatteryminerals.com.au
Suite 10, 38 Colin St, West Perth WA 6005
+61 8 6383 7817
ABN 91 148 966 545
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COOLGARDIE LITHIUM PROJECTS: WESTERN AUSTRALIA
Miriam Lithium Project (85% FBM)
Figure 1 - Location map of Kangaroo Hills and Miriam Lithium Projects with key prospects and drill holes highlighted at KHLP,
along with geophysical and soil targets at Miriam
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Extensional soil sampling program delivers suite of new high-potential targets
In September and October 2024, FBM conducted a wide-spaced extensional soil sampling programme at
Miriam, designed to test for potential blind, subsurface pegmatites, extending further north into the tenure (refer
to Figure 1).
Previous soil sampling activities at Miriam were limited to just 2.6 km of the tenure’s approximately 6 km northsouth extent. FBM’s program expanded the soil sampling grid at Miriam by a minimum of approximately 700m
further north and up to 2.3 km further north in the northwestern area, all within areas now covered by heritage
surveys. The soils program followed a previous target-generative magnetic litho-structural geophysical review
of Miriam, which identified 13 discrete structural targets that may serve as potential conduits or host structures
for LCT pegmatites.
The extensional soils program was completed on a 40m sample spacing by 100m line spacing grid, resulting
in the retrieval of over 400 samples. The program followed on from the previous soil program conducted by
Corazon Mining Ltd (CZN or Corazon) in 2023, which only tested the southern portion of Miriam, where
outcropping spodumene pegmatites were present. As a result, the northern half of the Miriam tenure remains
largely untested using modern LCT pegmatite exploration methods. The prior soil program undertaken by
Corazon identified a 1.6 km north-south striking lithium soil anomaly that coincided with the mapped
outcropping spodumene pegmatites and numerous geophysical targets. While sampling had only tested the
southern end of the tenure, it was identified that a building lithium anomaly was present on the final northernmost lines of the survey.
Assays from the recent soils program identified a 750m north-south anomaly (an approximate 450m extension)
that coincides with geophysical structural targets. The assay results also reveal four other areas of robust Li
anomalism across the sampled area (refer to Figure 2). Pleasingly, these areas overlapped with established
geophysical targets.
Analysis of the soil assay results highlighted that the typical regolith at Miriam contained levels of lithium in the
<10ppm range. Utilising this value range as a baseline, anomalous areas have been defined by increased
lithium concentrations. The sampling discovered that five zones with continuous results ranging from 25 to
40ppm Li within the survey area, which are considered anomalous to the background values. This anomalous
range correlates with previous sampling conducted in the south, which covered known LCT pegmatite
outcropping and spodumene occurrences, and is considered a reliable Li dispersion indicator proximal to a
primary source.
The five new anomalous zones potentially indicate the presence of additional sub-surface LCT pegmatites,
which may be further tested and validated through drilling.
Future Battery Minerals Ltd
info@futurebatteryminerals.com.au
Suite 10, 38 Colin St, West Perth WA 6005
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ABN 91 148 966 545
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Figure 2 - Miriam reinterpreted geology and target areas from soil sampling programme
Option agreement executed to acquire existing Net Smelter Royalty (NSR) over Miriam
During the quarter, FBM executed an option agreement to acquire the existing 2% NSR royalty over Miriam
(which covers all mineral rights/products). In exchange for the payment of an option fee of A$60,000, the
agreement grants FBM a 12-month period in which it can exercise the option to acquire the NSR royalty via
the payment of a further A$65,000.
Future Battery Minerals Ltd
info@futurebatteryminerals.com.au
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ABN 91 148 966 545
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Initial RC Drilling Programme at Miriam Scheduled for H1 2025
Preparations are well advanced for FBM’s initial RC drilling program at Miriam, with the PoW submitted for
approved and ground gravity results expected Q1 2025 identifying initial drill hole locations, drilling is
scheduled to commence later in H1 2025.
A key focus of the programme will be the +1.5 km soil anomaly that correlates with both spodumene outcrops
and recent geophysical targets at the southern end of the Miriam tenure. This initial drilling will deliver critical
data on the thickness and orientation of the mineralised system, forming the foundation for subsequent drilling
programmes to delineate the expanding system.
Kangaroo Hills Mining Lease Application
FBM continues to advance the Mining Lease (ML) application at KHLP. The ML application overlies both the
Big Red Lithium Pegmatite and stacked Rocky pegmatites, along with regional targets, Eastern Grey, Wallaroo
and Pademelon. The application also allows area for future infrastructure and advancement of the KHLP as
regionally significant lithium project.
The Big Red and Potoroo Lithium pegmatites remain open down dip and continue to show the hallmarks of a
significant lithium system, being thick-near surface, shallow dipping and high grade spodumene pegmatites.
EXPANDED LANDHOLDINGS IN THE W.A. GOLDFIELDS
FBM has been actively monitoring for new opportunities in the Goldfields and is routinely evaluating new
tenement prospects for sufficient exploration potential to warrant inclusion in its broader project portfolio.
Subsequent to the end of quarter, FBM staked and submitted new applications to the Department of Mines,
Industry Regulation and Safety (DEMIRS) for one (1) Exploration Lease and two (2) Prospecting Leases for
an additional 45km2 of strategic landholdings in the W.A. Goldfields.
These new applications are part of FBM’s broader exploration strategy, targeting provincial scale opportunities
in gold mineralisation as well as additional Lithium Caesium Tantalum (LCT) pegmatite discoveries
surrounding the Company’s Coolgardie Lithium Projects (refer to Figure 3).
These initiatives have resulted in the two land parcels being staked at the newly coined Burbanks East and
Nepean South. These tenements are strategically located in close proximity to FBM’s Coolgardie Lithium
Projects – Kangaroo Hills and Miriam.
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Figure 3 - New FBM tenure applications in the W.A. Goldfields region
Burbanks East (100%)
FBM has submitted two prospecting applications (P15/6924 and P15/6925), over a 2 km2 area directly east
(~2km) of the Burbanks Mine (current resource 466koz @ 2.4g/t Au) 4 owned by Horizon Minerals (ASX: HRZ),
2.5 km from Miriam and 7 km from Kangaroo Hills.
3F
4
Refer to Horizon Minerals Reserves & Resources
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The applications over Burbanks East cover an area of surficial elevated gold anomalism, based on historical
data (2007) collected by Barra Resources Ltd. Sampling was designed on an 80m x 200m grid. Aside from a
wide-spaced, non-targeted Air Core (AC) drilling program conducted in 1996, the tenement area has not seen
any recent exploration activity since the mid-2000’s. The AC results were limited, with most of the area
remaining untested. However, the drilling did intersect numerous low-order mineralised zones, including an
intersection of 4m @ 0.31g/t Au from 56m.
Initial ground investigations did not locate any significant sub-cropping or outcropping mineralisation for
sampling. Further investigation will focus on areas of highly elevated surficial gold to better determine the
source and potential of the tenement. Burbanks East is strategically located along strike from both Miriam and
Kangaroo Hills, with significant potential for the ground to host sub-surface LCT pegmatites.
In December 2024, it was announced that the Burbanks gold processing plant had been conditionally acquired
by Auric Mining Limited (ASX:AWJ) 5, highlighting the Coolgardie belts strategic interest and value for both
lithium and gold. FBM has commenced an initial investigation of gold potential in the area through a
comprehensive review of available magnetic geophysics scheduled in Q1 2025.
4F
Figure 4 - Auger soil results for Burbanks East with graduated Au PPB
5
Refer Auric Mining ASX announcement dated 17 December 2024
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Nepean South (100%)
An exploration lease application, E15/2109, was submitted for a large 43km2 area located approximately 6 km
south of Kangaroo Hills. The lease area covers a 3.5 km southern displacement of the Nepean greenstone
unit. with limited gold exploration completed to date. Historic soil sampling and air core drilling data was
collated, confirming limited gold exploration completed to date. Modern surface geochemical methods or
drilling have not been utilised in the area.
FBM plans to commence preliminary ground investigations targeting gold mineralisation across the tenement
in Q1 2025.
Figure 5 - Auger soil results for Nepean South with graduated Au PPB overlaying regional geology
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FBM previously submitted applications for two (2) Exploration Leases and five (5) Prospecting Leases totalling
approximately 65km2 (refer FBM ASX release dated 5 August 2024). Three separate project-scale land parcels
were staked for Kal North, KHLP West and KHLP North.
FBM conducted an initial evaluation of the three land parcels, utilising both public domain data for historical
exploration works and field-based ground truthing, which included mapping and rock chip sampling.
Subsequent to the end of quarter, FBM completed this initial evaluation, with summary results listed below.
Kal North (100%)
The Kalgoorlie North (Kal North) project consists of one exploration lease application totalling an area of
27.9km2 located 45km northeast of Kalgoorlie.
Following a preliminary evaluation of existing exploration data which included a historic vacuum sampling
programme, FBM identified numerous +10ppb Au surface anomalies within the lease area. In late 2024, FBM’s
geology team conducted a field reconnaissance mapping and sampling exercise of Kal North, investigating
these anomalous zones.
Numerous rock chip samples were collected from the tenement, with lithologies including surficial quartz
veining and calcrete. Importantly, FBM found no evidence of historic drilling or “testing” of the identified
anomalies. Subsequent rock chip assays from the field trip returned numerous low order anomalous results,
with a peak result of 41ppb Au from a quartz sub crop sample.
Significantly, many of the rock chip anomalies overlay or plot near to the historic anomalous zones identified
by FBM. While the results feature low-order anomalism, further work will be required to establish drill targets.
FBM will look to advance the tenement grant and will commence negotiations with the relevant native title
parties regarding a Heritage Protection Agreement (HPA). FBM will also collate available geophysical data to
improve drill hole targeting. Granting of the tenure is expected following completion of the relevant HPA’s.
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Figure 6 - Rock chip results overlaying historic vacuum geochemical sampling area
KHLP North and West
Following preliminary ground investigations and historical data review, FBM elected to relinquish its tenement
applications for KHLP North and KHLP West subsequent to end of the quarter. This efficient, data-driven
approach aligns with FBM’s dynamic strategy to focus on a high potential exploration and business
opportunities in the Goldfields region.
Future Battery Minerals Ltd
info@futurebatteryminerals.com.au
Suite 10, 38 Colin St, West Perth WA 6005
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ABN 91 148 966 545
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LITHIUM PROJECTS: NEVADA, USA
Nevada Lithium Project (NLP) (80%)
Sale of Nevada Lithium Project for A$4M Cash Consideration
On 4 November 2024, FBM advised it had executed a share sale agreement with Austroid, an emerging global
clean energy company headquartered in Dallas, Texas, USA for the sale of the Company's 80% shareholding
in Nevada Lithium Corp Pty Ltd (Nevada Australia), which holds the rights to the NLP in Nevada, USA, via its
wholly owned subsidiary Nevada Li Corp (Nevada US). Under the terms of the Agreement, the Company
agreed to sell all of its shares in Nevada Australia (being 80% of the shares of Nevada Australia) for a total
cash consideration of A$4 million. The transaction was completed on 20 November 2024.
Disposal of the NLP allows a sharpened focus on FBM’s endeavours at its Coolgardie Lithium Projects.
NICKEL PROJECTS: WESTERN AUSTRALIA
Saints Nickel Project (Saints) (100%), Leinster Nickel Project (Leinster) (100%)
There was no significant work completed at the Saints or Leinster Nickel Project during the quarter.
CORPORATE
Cashflows for the quarter
Attached to this report is the Appendix 5B containing the Company’s cashflow statement for the December
2024 quarter. This cash balance includes the total proceeds received for the sale of the NLP for A$4.0 million.
Cash outflows for the Quarter included A$302,000 incurred on exploration and evaluation expenditure, which
was primarily associated with the costs relating to the geological and mining studies, and drilling programs, at
KHLP and Miriam. There were A$443,000 of administration and corporate costs paid during the quarter, and
as disclosed on section 6 of Appendix 5B, A$147,000 of payments were made to related parties, including the
Directors and their associates pursuant to existing director fee agreements for Executive and Non-Executive
Directors.
As at 31 December 2024, the Company had available cash of approximately A$7.8 million and zero debt
(excluding typical trade creditors).
Capital structure
Securities on Issue as at 31 December 2024:
• 665,355,928 fully paid ordinary shares (quoted)
• 3,000,000 options exercisable at A$0.15 on or before 28/11/2026
• 2,000,000 options exercisable at A$0.11 on or before 03/02/2028
• 3,000,000 options exercisable at A$0.072 on or before 22/02/2025
• 1,250,000 options exercisable at A$0.50 on or before 10/08/2026
• 5,000,000 options exercisable at A$0.14 on or before 24/05/2029
• 5,000,000 options exercisable at A$0.10 on or before 24/05/2029
• 5,000,000 options exercisable at A$0.18 on or before 24/05/2029
• 2,000,000 options exercisable at A$0.10 on or before 13/12/2028
• 2,000,000 options exercisable at A$0.14 on or before 13/12/2028
• 216,473,173 Performance Rights (various classes)
Future Battery Minerals Ltd
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DECEMBER 2024 QUARTER: ASX ANNOUNCEMENTS
This Quarterly Activities Report contains information extracted from ASX market announcements reported in
accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves” (2012 JORC Code). Further details (including 2012 JORC Code reporting
tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the
following announcements lodged on the Company’s ASX platform:
22 Jan 2025
FBM Expands Coolgardie and Kal North Gold Potential Identified
20 Nov 2024
Completion of Nevada Lithium Project Sale for A$4M Cash
4 Nov 2024
Nevada Lithium Project Divested for A$4M in Cash
30 Oct 2024
New Geochemical Results Define Lithium Drill Targets at Miriam
2 Oct 2024
Exploration Advances at Miriam Lithium Project
These announcements are available for viewing on the Company’s website futurebatteryminerals.com.au/
under the Investors tab. Future Battery Minerals confirms that it is not aware of any new information or data
that materially affects the information included in any original ASX announcement.
This announcement has been authorised for release by the Board of Directors of Future Battery
Minerals.
For further information please visit futurebatteryminerals.com.au/ or contact:
Nicholas Rathjen
CEO & Managing Director
E: nrathjen@futurebatteryminerals.com.au
T: +61 (08) 6383 7817
Robin Cox
Technical Director
E: rcox@futurebatteryminerals.com.au
T: +61 (08) 6383 7817
Future Battery Minerals Ltd
info@futurebatteryminerals.com.au
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Competent Persons Statement
The information in this announcement that relates to exploration results is based on and fairly represents information
compiled by Mr Robin Cox BSc (E.Geol), a Competent Person, who is a Member of the Australian Institute of Mining and
Metallurgy. Mr Cox is the Company’s Chief Geologist and has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves. Mr Cox consents to the inclusion in this announcement of the matters based on his information in the
form and context in which it appears.
The information in this announcement that relates to Geophysical Results is based on and fairly represents information
compiled by Mr Matthew Hutchens BSc. Hons. (Geophysics) MAIG Principal Geophysicist at Southern Geoscience, a
Competent Person, who is a Member of the Australian Institute of Geoscientists (AIG). Mr Hutchens is a consultant to the
company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian
Code for Reporting of Exploration Results, Mineral resources and Ore Reserves. Mr Hutchens consents to the inclusion in
this announcement of the matters based on his information in the form and context in which it appears.
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to,
statements concerning Future Battery Minerals Limited’s planned exploration programme and other statements that are
not historical facts. When used in this document, the words such as “could,” “plan,” “estimate,” “expect,” “intend,” “may”,
“potential”, “should,” and similar expressions are forward-looking statements. Although Future Battery Minerals Limited
believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks
and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking
statements.
Previously Reported Results
The information in this announcement that relates to Exploration Results is extracted from the ASX announcements
(Original Announcements), as referenced, which are available at www.futurebatteryminerals.com.au. FBM confirms that it
is not aware of any new information or data that materially affects the information included in the Original Announcements
and, that all material assumptions and technical parameters underpinning the estimates in the Original Announcements
continue to apply and have not materially changed. FBM confirms that the form and context in which the Competent
Persons’ findings are presented have not been materially modified from the original announcement.
Future Battery Minerals Ltd
info@futurebatteryminerals.com.au
Suite 10, 38 Colin St, West Perth WA 6005
+61 8 6383 7817
ABN 91 148 966 545
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About Future Battery Minerals (ASX: FBM)
THE BUSINESS: Lithium exploration and development
Future Battery Minerals (ASX: FBM) is an exploration and development company advancing its world-class
Coolgardie lithium projects in the Eastern Goldfields of Western Australia and concurrently exploring business
development opportunities.
THE PROJECTS: Thick, shallow, high-grade lithium with belt-scale exploration upside
Our flagship asset, the Coolgardie Lithium Project (“CLP”) incorporates the 100%-owned Kangaroo Hills Lithium
Project (KHLP) and 85%-owned Miriam Lithium Project (Miriam). The Coolgardie Lithium Project tenure stretches
for over 11 km, covering the key interpreted lithium trend in the Coolgardie greenstone belt, presents a belt-scale
lithium exploration opportunity with that we are only just in the early stages of evaluating.
Exploration to date at the KHLP has demonstrated the presence of a near-surface, shallow-dipping, thick and highgrade deposit with our Big Red discovery at Kangaroo Hills, where the mineralisation remains thick and open at
relatively shallow depths. At the recently acquired neighbouring Miriam tenure we have an exciting and effectively
untapped greenfield exploration opportunity.
We have adopted a three-pronged strategy towards successful evaluation and exploration of these projects:
•1
Extension (Big Red growth) – Extension of the thick, shallow dipping, high-grade Big Red spodumene system
and proximal pegmatites, Potoroo and Rocky.
•2
Expansion (Target pipeline) – Ready discovery potential for a large LCT pegmatite field via our existing
spodumene mineralised targets, pipeline of new untested spodumene mineralised outcrop targets and
untested geochemical/geophysical targets under thin soil cover.
•3
Provincial (Opportunities along the greenstone belt) – Emergence of a belt-scale LCT pegmatite field.
Our project areas are being rapidly advanced in parallel focusing on discovery, resource growth, metallurgical
testwork and development readiness.
THE LOCATION: Infrastructure-rich project setting
The Eastern W.A. Goldfields is an outstanding location in which to
explore for, build, and operate lithium mines. It is a longestablished mining province with all the accompanying benefits,
including all-year land access, skilled labour, mining services and
infrastructure.
We are positioned just 17km south of the mining hub of Coolgardie
(via sealed road), approximately 370km to the port of Esperance
and approximately 550km to Perth via road and rail. W
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