quarterly activity report for the period ending 31 march...

ABN 36 008 988 583

Quarterly Activity Report for the period ending 31 March 2011

HIGHLIGHTS

Operations

29% increase in total copper production to 6,767 tonnes (December 2010 Quarter: 5,226 tonnes)

at a cash cost of US$1.85 per pound of payable copper (for primary copper production from the Mt

Garnet copper circuit).

Total zinc production of 7,119 tonnes (December 2011 Quarter: 8,475 tonnes) at a cash cost of

US$0.81 per pound of payable zinc.

36% increase in nickel production to 494 tonnes (December 2010 Quarter: 364 tonnes).

Lower zinc production reflected completion of commission of the Thalanga polymetallic mill and

disruption to operations and logistics due to wet weather and cyclones.

Record cash operating margins for copper of US$2.24 per pound and increased cash operating

margin for zinc of US$0.21 per pound of payable zinc.

16,329 tonnes of concentrate stockpiles on hand at Quarter end (31 December 2010: 12,780

tonnes), which are valued at A$25-30 million.

Exploration and Resource Development

More high-grade results including 17m @ 4.3% Cu (incl. 8.4m @ 7.4% Cu, 12.9m @ 7.8% Cu) extend the newly discovered Griffiths Hill copper zone beneath eastern end of Red Dome open pit.

Copper mineralisation intersected in drilling east of the Balcooma open pit.

27.2m intercept of massive sulphides from extension to Western Areas high grade Clinton Lode at Lounge Lizard – assays pending.

Corporate and Financial

Consolidated cash of $57.7 million at the end of the Quarter plus receivables of $37.4 million.

Mining executive Geoff Day commenced employment with Kagara Ltd as Managing Director and Chief Executive Officer in early March. A Boardroom Radio interview with Mr Day on the March Quarterly Report will be available today on Kagara’s website at www.kagara.com.au and at www.brr.com.au.

http://www.kagara.com.au/

Quarterly Report for the period ended 31 March 2011

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OVERVIEW

Despite the impact of a prolonged wet season and cyclones on Kagara’s North Queensland operations, the

Company posted a solid production performance with total copper production up 29% compared with the

previous Quarter to 6,767 tonnes and cash margins reaching a record high for the second successive

Quarter.

Cyclone Yasi passed through the North Queensland in early February. Operations at Balcooma and Thalanga

were impacted most with non-essential staff evacuated. While operations were quickly restored at

Thalanga, operations at Balcooma were impacted for five days before road access was re-established.

No injuries to personnel were reported and there was no significant equipment damage recorded at any

site. Overall, the impacts from Cyclone Yasi were less than that experienced from previous cyclones as a

result of improved cyclone preparedness across the sites.

Beyond the cyclone impact, a prolonged wet season extended the period where road closures have limited

the transport of Mungana ore to the Mt Garnet process plant and similarly, road haulage constraints

reduced the trucking of concentrate to the port of Townsville.

The extended wet season did impact on total zinc production during the Quarter, which was 16% lower

compared with the December 2010 Quarter at 7,119 tonnes.

At Mt Garnet, zinc production was lower due to a reduction in the amount and percentage of Mungana ore

feed into the Mt Garnet polymetallic plant, which resulted in a lower zinc feed grade and lower throughput

from the higher proportion of harder Mt Garnet ore. At Thalanga, polymetallic plant zinc production for the

Quarter was lower than plan as a result of final commissioning works completed early in the Quarter.

The prolonged wet season and cyclonic events have resulted in a significant build-up of concentrate stocks.

As at 31 March 2011, the Company had 16,329 tonnes of concentrate stockpiles on hand (31 December

2010: 12,780 tonnes) and yet to be invoiced which are valued at between A$25-30 million.

At Lounge Lizard in Western Australia, full production rates were achieved during the Quarter with 12,240 tonnes of ore grading 4.1% nickel mined. A total of 13,860 tonnes of ore grading 3.9% nickel was processed through the Western Areas Cosmic Boy treatment facility at a recovery of 91.1%, producing approximately 494 tonnes of nickel-in-concentrate. Regular positive cash flow is now being generated from this project. Kagara continued to generate excellent exploration results on a number of fronts during the Quarter, highlighting the potential for significant additions to its current metal resource inventory. Highlights included further outstanding high-grade results from the newly discovered Griffiths Hill copper zone at Red Dome, where a maiden resource is imminent, new copper intercepts to the east of the Balcooma open it and a substantial 27.2m massive sulphide intercept at Lounge Lizard. Work is currently underway to develop an updated business strategy for Kagara building on the Company’s stated commitment to a significantly increased exploration effort across its tenements over the next two years. Similarly, a comprehensive organisational review is underway to ensure the business is well prepared for the next phase of growth which will be realised from the increased exploration effort.


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Production Summary

Notes: (1) The Thalanga plant was converted to a polymetallic plant from a copper plant in December Quarter 2010, making Quarter-on-Quarter

comparisons for this reporting period irrelevant. (2) Cash cost net of by-product credits. (3) Cash costs for zinc are averaged between the Mt Garnet and Thalanga polymetallic treatment plants. (4) Revenue and cash costs for nickel will be reported in the next half year release once agreed accounting practices are finalised. (5) Nickel tonnes represent actual production tonnes for January and February. March tonnage is estimated from tonnes processed and estimated

plant recovery based on previous months’ recovery results.

PRODUCTION SUMMARY

(metal in concentrate)

March 2011

Quarter

December 2010

Quarter

March 2010

Quarter

Total Production

Copper (Cu) tonnes 6,767 5,226 4,520

Zinc (Zn) tonnes 7,119 8,475 10,115

Lead (Pb) tonnes 193 62 365

Nickel (Ni) tonnes 494 364 -

Mt Garnet Copper Plant

Copper Production tonnes 3,935 3,899 4,057

Copper Revenue US$/lb 4.09 3.90 3.15

Copper Cash Cost US$/lb 1.85 1.77 1.47

Mt Garnet Polymetallic Plant

Zinc tonnes 4,882 8,475 10,115

Copper tonnes 920 883 463

Lead

tonnes 193 62 365

Thalanga Polymetallic Plant

Zinc(1) tonnes 2,237 - -

Copper tonnes 1,922 444 -

Lead tonnes - - -

Zinc Revenue US$/lb 1.02 1.01 0.94

Zinc Cash Cost(2)(3) US$/lb 0.81 0.85 0.64

Lounge Lizard

Nickel(4) tonnes 494(5) 364 -


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4

OPERATIONS

NORTH QUEENSLAND

Mt Garnet

Mining from Mt Garnet was ahead of plan in terms of both tonnes and grade to counteract the impact of

reduced haulage of Mungana ore to Mt Garnet resulting from road closures.

Plant throughput was lower than plan mainly due to the reliance on harder Mt Garnet ore as dominant feed

to the plant compared to a normal blended feed of Mt Garnet and softer, higher grade Mungana ore.

Throughput was also impacted by some minor downtime during the passage of Cyclone Yasi. Normal

blended ore feed will resume when the roads re-open between Mungana and Mt Garnet early in the next

Quarter.

Reduced road loading limits on concentrate trucks during the wet season also impacted the ability to

transport concentrate to the port of Townsville. In addition, the wet season has also placed increased

pressure on the installed filtration capacity of the Mt Garnet plant to dry ore to a sufficient moisture

loading limit prior to shipment. This constraint will be reviewed prior to the next wet season to identify

solutions. As a result, concentrate stocks on hand at Mt Garnet increased again during the Quarter.

Mungana

While production tonnes from Mungana were above plan during the Quarter, development tonnes were

below plan as a result of below average equipment availability. Maintenance practises will be the subject of

an operations-wide review currently planned to commence mid-April 2011.

Ore haulage between Mungana and Mt Garnet was less than 10% of plan as a result of wet season road

closures. Current ore stockpiles at Mungana exceed 55,000 tonnes of ore. Transport will commence as soon

as roads re-open.

A major new underground pump station was completed allowing increased decline development rates.

Development of the decline has been impacted in the past by underground pumping constraints.

Thalanga

Despite the extended wet season and impact of Cyclone Yasi, ore movement from the Vomacka open pit

was ahead of plan by the end of the Quarter. With the excellent progress made during the wet season,

plans are currently being reviewed to determine if the open pit can be mined to completion ahead of

schedule to free up the fixed costs associated with the mining operation.

The reconfiguration of the Thalanga concentrator from a copper-only circuit to a polymetallic circuit was

delayed as a result of weather related materials handling issues. Once the reconfiguration was completed,

final commissioning was not achieved until later in the Quarter.

This was principally due to some modifications to the original process design to accommodate the complex

geo-metallurgy of the Vomacka ore. The revised process reflected optimum product stream of zinc

concentrate, copper concentrate and a bulk concentrate from the upper sections of the Vomacka deposit,

rather than a copper, zinc and lead concentrate as originally envisaged.

The new tailing storage facility at Thalanga was completed on time and below budget.


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5

Balcooma

Mining operations continued through the Quarter, although access was affected by flooding due to the wet

season and the impact of tropical cyclone Yasi. Copper ore production continued from Balcooma while

development progressed on the polymetallic Upper Lens. Rehabilitation of waste dumps at Surveyor and

Balcooma continued during the Quarter. Lounge Lizard, WA During the Quarter, 12,240 tonnes of ore grading 4.1% nickel was mined from Lounge Lizard. The ore was a combination of stope and development ore. A total of 13,860 tonnes of ore grading 3.9% nickel was processed through the Western Areas Cosmic Boy treatment facility at a recovery of 91.1% producing approximately 494 tonnes of nickel in concentrate. Set out below are some of the assay results from grade control drilling returned during the Quarter and intersections for underground drill holes for which assays are yet to be received. A highlight from the drilling completed during the Quarter was Hole KUG086, which returned a 27.2 metre massive sulphide intersection targeting the southern extension to the Western Areas’ high grade Clinton Pegmatite Lode.

* Preliminary data

PROJECT DEVELOPMENT

Mungana, Qld

Concept studies commenced for decline options between the Mungana underground mine and the recently

discovered Griffiths Hill Copper zone (see below).

Thalanga, Qld

Following the upgraded resource estimate for West 45, work has commenced on the process of obtaining

environmental approvals ahead of a decision to commence mining.

Hole ID Intersection length

(metres) Grade of intersection

Ni %

KUG079* KUG079*

3.67 4.44

7.61 7.62

KUG080 5.23 8.57 KUG081 4.25 5.11 KUG082 KUG083

3.90 2.43

3.18 2.32

KUG084 10.20 assays awaited KUG085 0.50 assays awaited KUG086 27.20 assays awaited KUG087 8.53 assays awaited KUG088 7.00 assays awaited KUG089 6.20 assays awaited


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Admiral Bay, WA

Kagara has established data room containing all relevant technical information for Admiral Bay including

data acquired from its predecessors on this world-class asset and the Pre-Feasibility Study completed last

year.

To date a number of international corporations have accessed the data room and are finalizing their

responses to or are in discussions with Kagara on possible funding options for the Bankable Feasibility

Study.

EXPLORATION

Mt Garnet (North Queensland)

A drilling programme designed to test the projected down-plunge position of the high-grade zinc-rich North

Shoot of the Mt Garnet underground mine continued with nine holes completed for a total of 3,252.8

metres.

All holes intersected narrow intervals of mineralised skarn with a best intersection in hole GTD206W2 of 9.5

metres from 370.4 metres at 3.28% zinc, 2.03% lead, 0.26% copper and 21 grams per tonne silver,

including 2 metres at 7.73% zinc, 5.42% lead, 0.93% copper and 56 grams per tonne silver from 375.9

metres.

This intersection is approximately 100 metres down-plunge of the previously defined northern limit of the

North Shoot orebody. Further underground drilling is planned for the June 2011 Quarter to define to the

mineralisation intersected. Resource development drilling continues to show indicative ore grade intercepts

to the south and at depth in the vicinity of the 390 level.

Mungana (North Queensland)

Core drilling continued on the recently discovered Griffiths Hill Copper Zone. Fourteen holes were

completed for a total of 7,285 metres. Best results included:

Hole 1040W1 with 9.2 m from 439.2 m @ 3.2% Cu, 4.84% Zn, 33 g/t Ag and 0.22 g/t Au

Hole 1040 with 2.1 m from 522.4 m @ 6.8% Cu, 6.10% Zn, 177 g/t Ag and 0.50 g/t Au

The recently completed and most easterly hole, 1056, returned two massive sulphide intersections, 267.9

to 273.9 metres and 275.7 to 277.8 metres that are zinc dominated and may indicate a change in the style

of mineralisation as it extends eastward.

The mineralisation remains open to the south-east and at depth and step-out drilling will continue to test

the limits of the mineralisation (see attached diagram showing the Griffiths Hill zone in relation to the

existing Red Dome open pit). A resource for the Griffiths Hill deposit will be released next Quarter.

Preparations commenced for the next phase of infill and resource extension drilling at King Vol deposit

which will commence as soon as the Walsh River is passable.


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Thalanga (North Queensland)

Infill and extension drill-testing the West 45 ore body was completed during the Quarter. A review of the

historical mining and exploration data has begun and will result in a large exploration program at Thalanga.

The pre-mining resource at Thalanga was in excess of seven million tonnes of polymetallic mineralisation

and Kagara believes that the area holds potential to host a base metal resource of similar size.

Balcooma (North Queensland)

Resource and reserve work was completed for western flank and upper lens and a program is being

prepared for Zinc 2 lens as well as for main copper lens extensions to the south. Resource estimates will be

released next Quarter.

Subsequent to the end of the Quarter, drilling east of the northern end of the Balcooma pit intersected

copper sulphides in percussion drill holes; assays are pending. The program is in its early stages but this

development is viewed as encouraging. A program of percussion and diamond drilling is scheduled to be

completed in the June 2011 Quarter. The program is aimed at testing regional targets as well as down-

plunge extensions to the Balcooma underground deposit.

Forrestania Project (Western Australia)

Compilation of historic exploration data from Forrestania continued during the Quarter. At the Only Hope

nickel prospect a best result in RCP hole NEP038 of 7 metres at 0.78% nickel from 73 metres including 2

metres at 1.1% nickel in serpentinized komatiite was recorded in drilling completed by previous tenement

holders.

Assessment indicates that potential remains down-plunge and along strike. Drill programme design is being

finalized in preparation for drilling which is due to commence in June to test targets south of the Spotted

Quoll and Willy Willy prospects about five kilometres south of Lounge Lizard.

FINANCIAL & CORPORATE

Cash Flows

Consolidated cash on hand as at 31 March 2011 was A$57.7 million. Of the consolidated cash, KZL’s

contribution is A$23.5 million with MUX at A$34.3 million. Receivables at 31 March 2011 was A$37.4

million.

As at 31 March 2011, the Company had 16,329 tonnes of concentrate stockpiles on hand (31 December

2010: 12,780 tonnes) and yet to be invoiced. These concentrate stockpiles comprised 9,367 tonnes of

copper concentrate, 5,900 tonnes of zinc concentrate and 1,062 tonnes of lead concentrate which have a

sales value at between A$25-30 million based on the closing base metal prices as at 31 March 2011.

The average US$ exchange rate realised during the Quarter was A$1.00.

Investments

Mungana Goldmines Ltd

Kagara holds a 62.1% interest in Mungana Goldmines Ltd (ASX: MUX), following the IPO in June 2010, which

is consolidated into the group financial accounts.


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Copper Strike Limited

Kagara holds a 17.5% interest in Copper Strike Limited (ASX: CSE).

Hedging

Forward Sales Contracts

As at 31 March 2011, the Company had sold forward 6,675 tonnes of copper at an average weighted

forward price of US$9,234 per tonne (US$4.19/lb) for delivery from April 2011 to July 2011, 300 tonnes of

nickel at an average weighted forward price of US$24,437 (US$11.08/lb) for delivery in from April 2011 to

June 2011. As at 31 March 2011, the Company has sold US$ currency forwards of US$25.5 million at an

average weighted forward exchange rate of $1.00 for delivery from April 2011 to July 2011.

Finance

The Company’s corporate banking facilities with ANZ include a leasing facility of A$14.6 million and a

guarantee facility of A$27 million with A$22 million of performance bonds under the guarantee facility with

A$14.6 million under the leasing facility being drawn down as at 31 March 2011.

Guangdong Guangxin Holdings Group Ltd (GGHG), has advanced Kagara A$25 million for the development

of the Vomacka polymetallic deposit at Thalanga.

Geoff Day

Managing Director and Chief Executive Officer

11 April 2011

For further information, please contact:

Investor Enquiries Media Enquiries

David Peterson Nicholas Read

T: +61 8 9481 1211 Read Corporate

E: [email protected]

T: +61 8 9388 1474

E: [email protected]

This information is available on our website at www.kagara.com.au

mailto:[email protected]




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Appendix 1 – Quarterly Mining and Production Tables Mining Production – all operations

March 2011

Quarter

9 months to

March 2011

Thalanga (Vomacka open pit)

Polymetallic ore tonnes 133,442 208,468

Copper (Cu) % 1.60 2.15

Zinc (Zn) % 3.25 2.97

Lead (Pb) % 1.10 1.27

Balcooma

Copper ore tonnes 98,178 340,964

Copper (Cu) % 4.29 3.97


Copper (Cu) % 0.59 0.33

Zinc (Zn) % 7.85 6.07

Lead (Pb) % 2.83 3.67

Mt Garnet


Copper (Cu) % 0.48 0.33

Zinc (Zn) % 8.03 9.49

Lead (Pb) % 0.08 0.05

Mungana


Copper (Cu) % 1.89 2.07

Zinc (Zn) % 9.95 11.42

Lead (Pb) % 0.63 0.70

Lounge Lizard

Nickel ore Tonnes 12,240 -

Nickel (Ni) % 4.1 -


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Mt Garnet Polymetallic Plant Production

PRODUCTION RESULTS March 2011

Quarter

9 months to

March 2011

Ore Treated

Ore treated (tonnes) 100,628 335,922

Zinc grade (%) 5.6 7.3

Lead grade (%) 0.5 0.4

Copper grade (%) 1.1 1.0

Gold grade (g/t) 0.2 0.4

Silver grade (g/t) 33.1 35.9

Zinc Concentrate

Production (tonnes) 9,980 45,100

Grade (% zinc) 48.9 49.2

Contained zinc (tonnes) 4,882 22,180

Zinc Recovery (%) 87.4 90.12

Lead Concentrate

Production (tonnes) 379 1,007

Grade (% Lead) 51.0 40.12

Contained lead (tonnes) 194 404

Contained silver (tonnes) 0.4 1.2

Contained gold (kg) 0.6 4.9

Lead recovery (%) 38.3 31.1

Copper Concentrate


Grade (% Copper) 24.1 23.4

Contained copper (tonnes) 919 2,680



Copper recovery (%) 84.4 78.3

Revenue

(US $/lb of payable zinc)

1.02

0.98

Cash cost

(US $/lb of payable zinc) 0.88 0.82


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Mt Garnet Copper Plant Production

Thalanga Polymetallic Plant Production


Quarter

9 months to

March 2011

Ore Treated





Copper Concentrate



Contained copper (tonnes) 3,935 11,560




Revenue

(US $/lb of payable copper)

4.09

3.70

Cash cost

(US $/lb of payable copper) 1.85 1.73


Quarter

9 months to

March 2011

Ore Treated


Zinc grade (%) 4.0 4.0

Lead grade (%) 1.6 1.6




Zinc Concentrate


Grade (% zinc) 51.8 51.8

Contained zinc (tonnes) 2,237 2,237

Zinc Recovery (%) 63.0 63.0

Copper Concentrate



Contained copper (tonnes) 1,922 2,366




Revenue

(US $/lb of payable zinc)

1.02

1.02

Cash cost

(US $/lb of payable zinc) 0.58 0.58


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Corporate Releases During the Quarter

23.03.11 Managing Director’s Letter to Shareholders

23.03.11 Kagara Extends High Grade Copper Discovery

23.03.11 Australian Copper Conference PP Presentation 23 March 2011

17.03.11 Appendix 3Y Notices - Mark McConnell / Geoff Day

15.03.11 Appendix 3Y and 3B Managing Directors Shares and Options

10.03.11 Appendix 3B - Chillagoe Property Acquisition Part Consideration

10.03.11 Global Investment Roadshow PP New York/London March 2011

07.03.11 Red Dome Copper Zone Development

03.03.11 Notice of change of interest of substantial holder for CSE

01.03.11 Kagara the largest shareholder in Copper Strike Ltd

24.02.11 Interim Financial Report 2010

Appendix 2 – Corporate Information

Board Members

Forward Shareholder

Enquiries to

Kim Robinson Chairman Security Transfer Registrar

Geoff Day Managing Director and CEO 770 Canning Highway

Joe Treacy Executive Director Applecross, WA 6153

Flavio Garofalo Finance Director Australia

Shad Linley Non-Executive Director

Ross Hutton Non-Executive Director Telephone: +61 8 9315 2333

Mark Ashley Non-Executive Director Facsimile: +61 8 9315 2233

Mark McConnell Non-Executive Director Email: [email protected]

Website: www.securitytransfer.com.au

David Peterson Company Secretary

Registered & Principal

Office

Substantial Shareholder(s) at 31 March 2011 (‘000)

Kagara Ltd GFTG Shengtou Metals Pty Ltd 133,777

Level 2, 24 Outram Street Perennial Value Management 39,608

West Perth, WA, 6005 JP Morgan Asset Management 35,449

Australia Strategic Investment Advisors Group 34,821

Korea Zinc Co Ltd 29,529

Telephone: +61 8 9481 1211 AusBil Dexia 27,472

Facsimile: +61 8 9481 1233 Transaminvest 23,672

Email: [email protected] Mr Kim Robinson 23,111

Website: www.kagara.com.au De Bortoli Family 30,752

Paradice Investments Mgt 19,543

Issued Share Capital

At 31 March 2011 issued capital was 708.58 million

ordinary shares.

Stock Exchange Listings

Quarterly Share Price Activity

Australian Stock Exchange (KZL) High Low Last

$ $ $

Jan-Mar 2011 0.85 0.52 0.635


http://www.securitytransfer.com.au/




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Corporate Releases During the Quarter (cont)

21.02.11 Copper Strike Takeover Offer to Close on 28 February 2011

28.01.11 Quarterly Activity Report for the period ending 31 December 2010

25.01.11 Replacing incorrect Long Section attached to Release 21 Jan

21.01.11 Offer to Copper Strike Ltd Extended to 28 February 2011

12.01.11 Queensland Floods and Production Forecast

07.01.11 Appointment of Directors - Appendix 3X

Appendix 3 – Competent Person’s Statement and Important Information

COMPETENT PERSON’S STATEMENT:

Compliance with JORC Code assessment criteria

The Mineral Resource Statements have been compiled in accordance with the guidelines defined in the Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2004 Edition).

All information in this Statement which relates to Mineral Resources is based on, and accurately reflects reports prepared by the persons

named below. All of the persons listed are Members of the Australasian Institute of Mining and Metallurgy or the Australian Institute of

Geoscientists and have the necessary experience relevant to the style of mineralisation, the type of deposit and the activity undertaken to

qualify as a ‘Competent Person’ under the JORC Code, 2004.

Area of Responsibility Competent Person

West 45 resource estimate Mr Andrew Beaton, senior development geologist Kagara Ltd

Waterloo resource estimate Mr Andrew Beaton, senior development geologist Kagara Ltd

Teddy Bear resource estimate Mr Brett Gossage EGRM Consulting Pty Ltd

Reporting of exploration results Joe Treacy, Executive Director, Kagara Ltd

FORWARD LOOKING STATEMENT:

This release contains certain forward-looking statements. Examples of forward-looking statements used in this release include:

Shareholders can look forward to higher grades processed for the remainder of the year and significantly increased cash flows being

generated from the project as the percentage of stope feed into the treatment plant increases.

These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company’s ability to control or predict

which could cause actual events or results to differ materially from those anticipated in such forward-looking statements.

This announcement does not include reference to all available information on the Company or its projects and should not be used in

isolation as a basis to invest in Kagara Ltd. Any potential investors should refer to Kagara Ltd’s other public releases and statutory reports

and consult their professional advisers before considering investing in the Company.


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14

Appendix 4 – Griffiths Hill Copper Zone

quarterly activity report for the period ending 31 march...

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