Coal Exploration

As announced to the ASX on 21 December 2012 Fox acquired 100% interests in 16 coal exploration permits (EPCs), in the Styx, Bowen, Maryborough and Galilee basins. These Coal tenements were previously held by Currawong Coal Pty Ltd, a joint venture of XLX Exploration Pty Ltd, Cliffs Natural Resources Pty Ltd and Conarco Minerals Pty Ltd.

The acquisition of the coal tenements will provide significant diversification to Fox's minerals exploration program.
The coal tenements together comprise more than 10,000 km2 or 3,304 sub blocks within the major coal bearing basins of Queensland, which Fox considers to be highly prospective. A number of the coal tenements have good access to infrastructure necessary for commercial development, and are considered to be prospective for either coking coal, especially applicable to the Bundaberg Tenement, or thermal coal.

The coal tenements are grouped into seven project areas containing one or more EPCs, and covering a variety of coal-bearing Permian and Mesozoic basins across central and eastern Queensland including the: Bundaberg Project, Styx Project, Emerald Project, Springsure Project, Alpha Project, Eromanga Project, Barcomba Project.

Fox has subsequently relinguished the above tenants, except for a 50% share in EPC 1523 near Bundaberg in Queensland. As Announced on the 11 January 2018, Fox has entered into a Share Sale Agreement (SSA) to sell the tenement. (Refer to the Announcement dated 11/1/2018 for further details.)