HERON RESOURCES LIMITED (ASX.HRR)

Since delisting from ASX this entity has been privatised. We are no longer monitoring its activities.

company is now called HERON RESOURCES PTY LTD

a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued (this declaration was issued on 7 June 2022)

delisted at entity's request under Listing Rule 17.11

we understand the company failed and was the subject of a deed of company arrangement with Develop Global Limited to effect, among other things, the transfer of all shares to a nominee of Develop Global for nil consideration - due to insufficient recoveries from the administration and the transfer of all HRR Shares for nil consideration, it is also confirmed that there will be no return to Shareholders

Develop has completed its acquisition of the Woodlawn zinc-copper mine in NSW and the extensive tenement package for A$30m upfront and success driven milestone payments. Acquisition includes an underground mine and a new processing plant/site infrastructure. Develop will now begin implementing its exploration strategy for Woodlawn, with preparations for an exploration decline and underground drilling program already well advanced. The exploration strategy is aimed at converting Inferred Resources to Indicated, extending the mineralised lenses at depth and drill-testing recently identified EM conductors.

The Section 444GA Application was heard on 16 May 2022 by Justice Richmond in the Supreme Court of New South Wales. His Honour made orders, among other things, granting leave to the Deed Administrators to transfer all of the Heron shares from the current shareholders to DEVELOP or its nominee.

The time of the final hearing has been scheduled at 9.45am (Sydney time), on Monday, 16 May 2022. The Court has advised that the hearing will proceed virtually. Any Heron shareholder who would like to attend or listen to the virtual hearing please contact Muskaan Gupta at FTI Consulting at Muskaan.Gupta@fticonsulting.com for dial-in details.

The final hearing of the Section 444GA Application has been scheduled on Monday, 16 May 2022. The time of the hearing will be confirmed closer to the date and a further ASX announcement will be released once the time of the hearing has been confirmed.

The final hearing at which the Court will determine whether to make the 444GA order is expected to be held in early-mid May 2022. If the Court makes the Section 444GA order, all of the shares in Heron will be transferred to DEVELOP for nil consideration. Additionally, the Deed Administrators engaged Deloitte Financial Advisory to prepare an expert report. The independent expert's report concludes that the residual equity value of shareholders in Heron is nil. The explanatory statement has been released to the ASX.

On 30 March 2022, the Deed Administrators filed an originating process in the New South Wales Supreme Court applying for, amongst other things, the 444GA Order. A Court directions hearing relating to the 444GA Application has been listed at 10am on 26 April 2022. The final hearing, at which the Court will determine whether to make the 444GA Order, is expected to be held in earlymid May 2022.

A meeting of creditors was held on 25 February 2022 to consider a DOCA proposed by Develop Global to effect a restructure and recapitalisation of Heron and its subsidiaries. The administrators, Develop, Heron and the subsidiaries executed the DOCA following the meeting of creditors.

The administrators have convened a meeting of creditors to be held on 25 February 2022 to consider a DOCA proposed by Develop Global to effect a restructure and recapitalisation of Heron and its subsidiaries.

The Supreme Court of New South Wales has today made orders granting a further extension of the convening period for the administration of the Companies. In line with the Court orders, the convening period has been extended from 16 November 2021 to 28 February 2022. The extension will allow the Administrators additional time to progress the recapitalisation and / or going concern transaction process for the Companies.

The new due date for Heron to hold an AGM will be within 2 months after the end of: if the external administration of Heron ends between the date of appointment of the Administrators and the day that is 6 months after the appointment of the Administrators "“ 15 January 2022; or if Heron is still under external administration on 16 January 2022 "“ the earlier of: 24 months after the day of appointment of the Administrators (i.e. 15 July 2023); or where a deed administrator is appointed following the appointment of the Administrators "“ the day (if any) on which a director of Heron has the right to, or is able to, perform or exercise all or most of the management powers or functions of a director of Heron under the deed of company arrangement or with the consent of the deed administrator; or the day the external administration of Heron ends.

The administrators give notice that Heron relies on the relief granted under the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 in respect of the requirements to: lodge its annual reports for the financial year ending 30 June 2021 within 3 months after the end of the financial year under section 319 of the Corporations Act 2001 (Cth); and send its annual reports to its shareholders within 4 months after the end of the financial year under sections 314 and 315 of the Corporations Act. As a result of the relief granted under the Instrument, the new due date for the Deferred Obligations will be the date that is 6 months after the date the Administrators were appointed, being 16 January 2022. Heron has applied for relief from ASIC from the requirement under section 250N of the Corporations Act to extend the time to hold its 2021 AGM, given its financial reporting obligations have been deferred.

The administrators will shortly be commencing a 14-week dual track recapitalisation and/or going concern transaction process for the companies. Azure Capital was appointed as financial adviser in respect of the transaction process.

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

The company has entered voluntary administration effective from 8:00am today.

The securities of Heron Resources Limited will be suspended from quotation immediately under Listing Rule 17.3, following the appointment of voluntary administrators.

The suspension of trading in the securities of Heron Resources Limited will be lifted from the ommencement of trading on Friday, 14 August 2020, following the release by HRR of an announcement regarding a strategic process to be undertaken by the Company for the Woodlawn mine.

Woodlawn Mine strategic process to be conducted with long-term standstill from secured lenders and major unsecured creditors. Azure Capital appointed to assist Company to maximise the inherent value at Woodlawn for all stakeholders. Care and maintenance funding secured from funds managed by Castlelake, one of Heron's major shareholders. Optimisation studies and key work programs commenced targeting value-add opportunities.

The company requests that the voluntary suspension remain in place until the earlier of the commencement of trading on 14 August 2020 or when an announcement in relation to a strategic process for the Woodlawn mine is released to the market.

Negotiations between the key stakeholders are continuing and the Company's shares will remain suspended from trading on the ASX until the earlier of 7 August 2020 or the release of announcement relating to the strategic process. To allow for final documentation to be prepared and executed, Orion Mine Finance have granted an extension of their waiver relating to events of default under the Company's Loan Agreement until 7 August 2020.

The securities of Heron Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of HRR, pending the release of an announcement.

The suspension of trading in the securities of Heron Resources Limited will be lifted immediately, following the release by HRR of an announcement regarding the outcome of the institutional component of its entitlement offer.

The institutional component of the 0.7324 for 1 accelerated non-renounceable entitlement offer has closed, raising approximately $11.5 million through the issue of 57,584,627 ordinary shares in the company. The institutional component was conducted at an issue price of 20 cents per share. The suspension that was implemented on 16 August 2019 is expected to be lifted at market open on 8 October 2019. The second stage of the entitlement offer is the retail component, which will open on 11 October 2019 and is expected to close at 5.00pm (AEDT) on 22 October 2019. The company will use the funds to provide additional financial support in connection with the ongoing ramp-up of the Woodlawn Project to nameplate capacity, repay a portion of the outstanding loan under the loan facility provided by OMF, provide working capital and to pay the costs of the entitlement offer.

The release this morning regarding the A$91 million funding package for Woodlawn contained a formatting "error, bookmark not defined" in the Sources and Uses table on Page 3. The current release has corrected this formatting.

The company provides details on its $35.4 million underwritten accelerated non-renounceable rights issue. Under the terms of the entitlement offer, existing shareholders of the company will be entitled to subscribe for 0.7324 new shares, for an issue price of $0.20 per share, for every 1 share held as at 5.00pm (AEDT time) on 8 October 2019.

The company releases a letter to its optionholders in relation to its non-renounceable entitlement offer.

The company releases an Investor Presentation and Project Update.

The company releases an entitlement offer prospectus to eligible shareholders of up to approximately 176,996,850 new shares at an issue price of $0.20 per new share on the basis of 0.7324 new shares for every 1 existing share held, to raise up to approximately $35.4 million before costs.

The company has secured a A$91 Million Funding Package for Woodlawn. Funding package will allow Heron to be fully funded with clear pathway to achieve cashflow positive status following delays in construction and ramp-up. Absent this immediate funding, Heron forecasts it will run out of unrestricted cash by the end of October 2019. Full settlement of Sedgman claims over the Woodlawn EPC Contract. A review by independent industry specialists confirms the technical and operational basis for the project remains sound and retains an attractive production profile notwithstanding the experienced construction delays. Funding from Orion and funds managed by Castlelake subject to FIRB approval, as well as shareholder approval required for certain terms of the Funding Package. Heron's Independent Directors unanimously recommend shareholders vote in favour of all resolutions at a planned General Meeting to be held in December.

The company lodges its Annual Financial Report.

The company releases its Appendix 4G and Corporate Governance Statement.

Heron extends standstill agreement with senior debt provider. Extension of debt waiver letter executed to facilitate ongoing finance negotiations. Discussions with major shareholders and senior debt provider well progressed.

A review by independent industry specialists has confirmed Woodlawn's technical and operational basis. Following the delay in completing the process plant construction, plant ramp-up is now proceeding to a revised schedule with Woodlawn now routinely producing marketable base metal concentrates. Details of a financing package required to address working capital and debt serviceability continues to progress with major shareholders ï‚· Interim debt waiver letter has been provided to the company to facilitate finance negotiations.

The securities of Heron Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of HRR, pending the release of an announcement.

we understand that on or about this date the company consolidated its shares 1 for 10

The suspension of trading in the securities of Heron Resources Limited will be lifted immediately, following receipt of an announcement regarding a proposed financing transaction.

The company releases an an Equity Raising Presentation.

The company has secured the full A$240 million funding package required for the construction and ramp-up of its 100% owned Woodlawn Zinc-Copper project.

The securities of Heron Resources Limited will be suspended from official quotation immediately at the request of the Company, pending the release of an announcement regarding a proposed financing transaction.

we understand that on or about this date the company made an in specie distribution of 1 share in Rubicon Resources Limited for every 7.2 shares in the company

we understand that on or about this date the company made an in specie distribution of 1 share in Epsilon Energy Limited for every 11 shares in the company

name changed from Heron Resources NL