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For Personal Use Only Use Personal for Decline in World Markets REPORT FOR DECEMBER 2007 QUARTER PRINCIPAL POINTS DIRECTORS RECOMMEND SHAREHOLDERS REJECT TAKEOVER OFFER BY ZINIFEX • Allegiance Mining NL received a take-over offer by zinc producer Zinifex Limited. • Allegiance Directors have recommended that shareholders reject the Zinifex offer. AVEBURY NICKEL PROJECT IMPLEMENTATION • Avebury nickel mine development and production are well advanced. 45,200 tonnes of run-of-mine ore has been delivered to the mill stockpile. Ore geometry and grades encountered to date are as expected. • Mill construction is at full pace and commissioning is scheduled to commence by end 1st Quarter 2008. The main buildings are complete and key plant components are installed; pipework and wiring has commenced. • Stage 1 of the project is designed to mill 900,000 tonnes of ore annually producing 8,500 tonnes of nickel (“Ni”) in concentrates. The business plan currently extends to June 2016 but the project is expected to expand production and extend its mine life because resources are continuing to expand each year. MINE AREA RESOURCES • Resources have expanded by 10% during 2007 and were reported in January 2008 at 14 million tonnes grading 1.04% Ni containing 145,600 tonnes of Ni at a 0.7% Ni cut-off grade. Ore Reserves are being revised based on the new, expanded resources and are expected to expand significantly. • Drill hole A217 intersected 4.0m @ 1.8% Ni from a thick zone of 18.0m @ 1.1% at East Avebury, confirming the high prospectivity for mine extensions east of the current mine area. • A new mine exploration target called North Viking has been discovered in the western part of the mine area. This presents an exciting opportunity for major resource extensions. • Orebody widths are typically 10 metres to 40 metres in good ground conditions. REGIONAL EXPLORATION • At Melba Flats, Mining Lease ML 2M/2007 has been granted and drilling has intersected high grades of nickel and copper and precious metals. Exploration is proceeding well. FINANCE and CORPORATE • Mr Shi Peirong, Vice Chairman and CFO of Jinchuan Group Ltd of China appointed as Director. • Cash balance of $24 million as at 31 December 2007. • An A$73 million loan facility has been signed with Allegiance’s banks, Société Générale and ANZ, comprising a US$45 million project finance facility plus cost overrun and working capital facilities. • Project loan drawdown was approved by the banks and as at 31 December project debt stood at US$20 million (A$23 M). A further US$10 million (A$11 M) of project debt was drawn down on 9 January 2008. • In the twelve months to 31st December 2007 the Company lost $2.44 million from the disposal of trading investments, and today has determined that a further $5.44 million loss has been incurred as a result of the For personal use only decline in world markets. SALES AGREEMENT US$3.7 billion offtake agreement (before smelter charges) with Jinchuan Nickel Group of China remains a cornerstone agreement that brings major benefits to the Avebury Nickel Project. This quarterly report is for the three months ending 31 December 2007. December 2007 Quarterly Report Allegiance Mining NL CORPORATE OVERVIEW Allegiance Mining NL is an emerging Australian nickel mining company focused on: TasmaNiaNi Export to • Avebury Nickel Project located eight kilometres smelters west of Zeehan on the West Coast, Tasmania, Burnie Aluminium & Ferro- Iron Pelletising manganese Smelters Australia which is in the final stages of construction; Furnaces soon commissioning. Railway Highway Launceston Melba • Regional Nickel Exploration in the west coast Zeehan region of Tasmania. Avebury Nickel Project Hydro Power • Geothermal Energy Tasmania Holdings Limited Zinc Refinery (“GXT”), a company that has been incorporated to Hobart hold the Allegiance geothermal interests in Tasmania. 100 kms • On December 17, Zinifex Australia Limited made a takeover offer to purchase all of the ordinary shares Figure 1: Location - Avebury Nickel Project in Allegiance Mining. On 17 January 2008 Allegiance Directors unanimously recommended that shareholders REJECT the Offer. Business Plan Update - Priorities and Progress: 1. Completed project financing for the Avebury Nickel Project. Progress: A capital raising of A$33.04 million was completed in early July 2007 as part of a A$38.49 million share placement to the company’s nickel customer, Jinchuan Nickel Group of China. A further placement of 6.8 million shares was made to Jinchuan in early October 2007 to extinguish the A$5 million subordinated loan (plus capitalised interest) by Jinchuan that had been made subsequent to the execution of an offtake sales agreement in April 2006. In late September 2007, a capital raising of A$30 million was completed by Merrill Lynch via an institutional placement to Australian and overseas institutions. In September 2007, Allegiance signed loan agreements for an A$73 million Project Finance facility to fund the project with its banks, Société Générale and ANZ. In December 2007, all conditions precedent were met and loan drawdowns have commenced. 2. Developed Avebury Nickel Project in a risk-managed manner. Progress: Construction commenced in 2006 prior to the major capital raisings to expedite commissioning, targeted for the 1st Quarter 2008. All construction tasks other than the ore treatment facility were completed by Allegiance on or ahead of schedule in early 2007 and all long-lead mill components were ordered well in advance, thus reducing risk of major construction delays. Engineering design for the ore treatment facility is 98% complete and site construction is nearing commissioning. 3. Expanded resources to allow production to expand to more than 10,000 tonnes of nickel per year. Progress: Resources have increased by 46% since late 2005 as the company continues to discover new ore zones which can supply ore to the Avebury Mill. The shallow eastwards extensions of the main Avebury lines of lode 1 to 2 kilometres east along strike is a significant positive development, including encouraging discoveries at Saxon-East Avebury, Bison and Bintje. A completely new line-of-lode has been discovered at Pontiac/Foundation Stone prospects located 1 to 3 kilometres north of the Avebury Mine. Exploration in this area is still at an early stage. Recently announced new ore-grade intersections demonstrate the potential for future resource expansions at North Viking in the western part of the Avebury mine area. Offtake Agreement with Jinchuan Nickel Group For personal use only Allegiance has an agreement with China’s largest nickel company, Jinchuan Nickel Group Limited (“Jinchuan”) for the sale of nickel concentrates produced at favourable terms linked to the nickel LME price. Production estimates from Avebury over the current mine area resource-life exceed 140,000 tonnes of nickel metal contained in concentrates which, at 31st December 2007 nickel prices, will generate approximately US$3.7 billion (A$4.2 B) in gross revenue before smelter charges. 2 December 2007 Quarterly Report Allegiance Mining NL New Director from the Jinchuan Nickel Group and New CFO Appointed As announced on 3 October 2007, Mr Shi Peirong, Vice President and Chief Financial Officer of the Jinchuan Group Limited has been appointed as a Director of Allegiance Mining NL. Jinchuan’s Chief Australian Representative, Mr Zhang Yimin is Mr Shi Peirong’s Alternate Director. As announced in mid December 2007, Allegiance appointed Mr Graham Hurwitz, BCom (Hons) CA as its Chief Financial Officer. Mr Hurwitz is a Chartered Accountant and is a Principal of WHK Horwath, a national firm of Chartered Accountants. Financial Position Cash on hand at 31 December 2007 totalled $24 million. Cash balance as at 25 January 2008 is $24 million (after drawdown of US$10 million (A$11 million) on 9 January 2008). During the September quarter, the company signed an A$73 million loan facility with its banks, Société Générale and ANZ, comprising a US$45 million project finance facility plus cost overrun and working capital facilities. In December 2007, after all conditions precedent had been satisfied, loan drawdowns on the project facility commenced and as at 31 December 2007, the company had a corporate debt totalling US$20 million (A$23 M). In the 12 months to 31 December 2007 the company lost $2.44 million (including unrealised losses of $0.18 million based on market value at 31 December 2007) from investments held for trading. Subsequent Finance On 9 January 2008, a further US$10 million (A$11 M) was drawn down bringing total corporate debt to A$34 million. This debt funding facility from Societé Generale and ANZ banks completes all funding arrangements required to take Allegiance into production early in 2008 and to aggressively progress both regional and near mine exploration. Allegiance has today determined that a loss of $5.44 million (including unrealised losses of $0.58 million based on market value at 25 January 2008) occurred this month from investments held for trading due to the decline in world markets . Aside from the holding in Gullewa Limited, the company held shares with a market value of $0.76 million at 25 January 2008. New Intersections at North Viking On 24 January 2008, Allegiance announced its latest drill-hole intersection below the Viking Resource zone. The intersection vindicates the company’s stated optimism regarding continued growth in the Avebury resource base, which could underpin future major expansion of the Avebury operation. Drill hole A218 (17m @ 1.4% Ni) lies 100 metres beneath the Viking resource zone. It is 200 metres east of drill hole A053 (14m @ 2.5% Ni). There are no other drill holes in between or below these holes so this presents an exciting opportunity for major resource extensions in this area. Hedging Contracts Nickel prices for Allegiance’s future nickel production remain unhedged and Allegiance’s project financing facility has no mandatory nickel metal price hedging requirements.
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