Annual Combined Report GR051/09 EL 23862 and EL 24329 Tiwi Islands Northern Territory for period 1 April 2015 to 31 March 2016

Abstract

This combined annual report covers EL 23862 and EL 24329 for the period 1 April 2015 to 31 March 2016 for which there is combined reporting status with the reporting date of 30 May 2016. The ELs are located on Melville and Bathurst Islands which form the Tiwi Island group in the Northern Territory. In the reporting year the primary focus of MZI Resources 'MZI' has been completing the decommissioning of the plant and camp facilities located on ML 27438 which is overlain by EL 23862. A Mine Rehabilitation and Closure Plan has been completed for the mining leases overlain by EL 23862 (ML 24510, ML 24511 and ML 27438). For EL 24329 (Kilimiraka) the company plans to have a consultant prepare a drilling MMP for scout drilling on the dune sequences in 2017-18. The drilling sample library has been relocated from Darwin to Perth for cataloguing. The continued downturn in concentrate prices has been a major impediment in 2015-16 to raising funds for exploration and justifying significant exploration expenditure to progress the company's prospects.