TIDMSVML
RNS Number : 4688H
Sovereign Metals Limited
28 July 2023
SOVEREIGN METALS LIMITED
NEWS RELEASE I 28 JULY 2023
JUNE 2023 QUARTERLY REPORT
Sovereign Metals Limited (Company or Sovereign) (ASX:SVM &
AIM:SVML) is pleased to provide its quarterly report for the period
ended 30 June 2023.
HIGHLIGHTS
Rio Tinto invests $40.4m to become a 15% Strategic Investor
-- Subsequent to the end of the quarter, Rio Tinto made an
investment of A$40.4 million in Sovereign resulting in an initial
15% shareholding plus options to increase their position to
potentially 19.99% within 12 months
-- Investment proceeds will be used to advance the Kasiya
Rutile-Graphite Project (Kasiya) in Malawi
-- Rio Tinto's investment represents a significant step towards
unlocking a major new supply of low-CO(2) -footprint natural rutile
and flake graphite
-- Under the Investment Agreement, Rio Tinto will provide
assistance and advice on technical and marketing aspects of Kasiya
including with respect to Sovereign's graphite co-product, with a
primary focus on spherical purified graphite for the lithium-ion
battery anode market
Government of Malawi publicly applauds Rio Tinto's
Investment
-- The Government applauded the timely investment by Rio Tinto
and marked it as a milestone towards realising the country's
aspirations of growing the mining sector as a priority industry
-- The Government's public statement confirms its commitment to
ensuring the growth of the mining sector through deliberate
initiatives aiming at establishing a conducive investment
environment in the sector
Kasiya Rutile-Graphite Project PFS targeting completion this
Quarter
-- Sovereign is in the advanced stages of the Pre-Feasibility
Study (PFS) for Kasiya, a potential industry-leading major source
of critical raw materials from Malawi
-- Kasiya aims to be one of the world's largest and lowest cost
producers of natural rutile and natural graphite with a
carbon-footprint substantially lower than other current and planned
producers
Downstream Testwork on Kasiya's Graphite shows Excellent
Suitability for us in Lithium-Ion Batteries
-- Downstream testwork on Kasiya's graphite co-product
demonstrated it to have superior qualities showing excellent
suitability for use in lithium-ion batteries. Key outcomes
include:
o Near perfect crystallinity - an indicator of battery anode performance
o Above benchmark >99.95% carbon purity achieved
o No critical impurities or deleterious elements commonly found in other natural graphite sources
Bulk Sample Operations Commenced
-- Bulk sample program commenced to produce larger volumes of
rutile and graphite from Kasiya. Samples to be used for downstream
testwork and product qualification for the lithium-ion battery
sector
ENQUIRIES
Dylan Browne
Company Secretary
+61(8) 9322 6322
Nominated Adviser on AIM and
Joint Broker
SP Angel Corporate Finance LLP +44 20 3470 0470
Ewan Leggat
Charlie Bouverat
Harry Davies-Ball
Joint Brokers
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Optiva Securities +44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis
Tavistock PR +44 20 7920 3150
RIO TINTO INVESTS $40.4M TO BECOME A 15% STRATEGIC INVESTOR
Subsequent to the end of the quarter, Sovereign completed a
A$40.4 million strategic investment by Rio Tinto Mining and
Exploration Limited (Rio Tinto) to advance Sovereign's world-class
Kasiya Rutile-Graphite Project in Malawi.
Rio Tinto subscribed for 83,095,592 new fully paid ordinary
shares (Shares) in Sovereign at a price of A$0.486 per Share for
aggregate proceeds of A$40.4 million. Rio Tinto's subscription
price reflected a 10% premium to the 45-day volume weighted average
price on the ASX as at close 14 July 2023 and resulted in Rio Tinto
holding approximately 15% of the ordinary shares of the
Company.
The subscription also involved Rio Tinto being granted options
to acquire 34,549,598 further Shares in Sovereign within 12 months
of the initial subscription which could result in Rio Tinto's
shareholding in the Company potentially increasing up to 19.99%
(based on the number of shares in issue in the Company as at the
date of this announcement).
The Company will use the proceeds from Rio Tinto's strategic
investment to fund the advancement of Kasiya, including progressing
a Definitive Feasibility Study (DFS) focused on the development of
a world-class, low-CO(2) -footprint mine capable of supplying to
the titanium pigment, titanium metal and lithium-ion battery
industries.
GOVERNMENT OF MALAWI APPLAUDS RIO TINTO'S INVESTMENT
In a Press Release issued on 20 July 2023, the Government of
Malawi has publicly applauded the timely investment by Rio Tinto
and marked it as a milestone towards realising the country's
aspirations of growing the mining industry as promoted in the
Malawi Vision 2063, which isolates mining as a priority
industry.
The Government's statement confirms its commitment to ensuring
the growth of the mining sector through deliberate initiatives
aiming at establishing a conducive investment environment in the
sector.
KASIYA - PRE-FEASIBILITY STUDY
Kasiya, located in central Malawi, is the largest natural rutile
deposit and one of the largest flake graphite deposits in the
world. Sovereign is aiming to develop a low-CO(2) and sustainable
operation to supply highly sought-after natural rutile and graphite
to global markets.
The ESS confirmed Kasiya as potentially one of the world's
largest and lowest cost producers of natural rutile and natural
graphite with a CO(2) -footprint substantially lower than other
existing and planned operations.
The Company is in the final stages of the PFS for Kasiya, with
significant advancements made throughout the quarter. The Company
expects to announce the outcomes of the PFS during the September
quarter.
Figure 1: Drone photo looking south over the Kasiya Project
GRAPHITE DOWNSTREAM TESTWORK
During the quarter, the Company completed initial downstream
testwork at an independent German industrial mineral specialist.
The testwork demonstrated superior qualities and excellent
suitability as feedstock for use in lithium-ion batteries.
Crystallinity
Crystallinity is an indicator of electrical conductivity which
affects battery performance. This result is critical to the
usability in the lithium-ion battery sector as the higher the
crystallinity i.e. the more "perfect" the flakes/crystals, the
better the electrical conductivity and battery performance.
The testwork shows that Kasiya graphite is classed as near
perfect, fully ordered graphite, confirming it should possess the
best electrical conductivity attributes.
The coarse and highly crystalline graphite and rutile at Kasiya
is the result of very high grade metamorphic conditions during the
formation of the original host rocks (Figure 2).
Figure 2. Metamorphic stability fields for graphite, rutile and
kyanite in metasedimentary rocks and the defined metamorphic
stability field for Kasiya with the key indicator minerals
graphite, rutile and kyanite.
Purity
Purity denotes the product's total carbon content and the amount
of residual key impurities including sulphur and iron which are
important in anodes. Purification is achieved via either leaching
or heat treatment.
Testwork achieved >99.95% purity which is above the benchmark
required for graphite in lithium-ion batteries. The results also
demonstrated very low sulphur content in this material due to the
graphite being hosted in soft saprolite - a key differential from
graphite purified from hard-rock deposits.
BULK SAMPLE OPERATIONS COMMENCED
The Company has commenced a graphite bulk sample program for
Kasiya to facilitate qualification, downstream testwork and product
development. Sovereign has been progressively upgrading its
in-country laboratory facilities to enable continuous processing of
larger bulk samples for further metallurgical test work and product
qualification.
Material from the planned mining pits has been sourced from the
remaining samples from the 2022 Kasiya resource drill program. The
samples were blended to create a bulk sample which was prepared for
processing at the Company's facility in Malawi where it was sized
and deslimed - processes replicating the planned operation.
Post removal of the coarse and fine fractions, the remaining
clean sand fraction (45um to 2mm) containing the graphite and
rutile is processed over a wet shaking table to isolate two gravity
concentrates. A graphite pre-concentrate (light mineral
concentrate) with a target grade of 3-5% graphite (up from 1.5% in
the raw ore) and a heavy mineral concentrate (HMC) containing the
rutile.
The graphite pre-concentrate is planned to be sent to
international laboratories for processing into a final graphite
product via flotation. This initial representative graphite product
will provide samples for:
-- Downstream testwork focussed on Spherical Purified Graphite
(SPG) anode material via purification, spheronisation, coating and
battery cell cycling tests.
-- Assessment and qualification for traditional industrial
graphite markets, including the refractory, foundry, and expandable
graphite segments.
-- Future production of CSPG to be provided to anode / battery
manufacturers for assessment and qualification.
Figures 3 & 4: LHS: Four tonne graphite pre-concentrate
sample produced at the Company's Lilongwe laboratory
RHS: Close-up of the pre-concentrate showing the coarse, clean
graphite flakes
The HMC will be processed via a dry mineral separation circuit
including electrostatic and magnetic separation at AML laboratories
in Perth to produce a representative natural rutile product for
larger scale product assessment and end-user applicability testing,
especially in the welding sector.
Figures 5 & 6: LHS: Inspection and logging of oversize
material & RHS: Rutile-rich HMC prior to despatch for dry
separation
PRODUCT MARKET STRATEGY
Sovereign's product marketing strategy is to align with
high-quality partners during the technical study and development
phases to completely qualify the products, including the
lithium-ion battery anode market which has now become the largest
end-market for natural flake graphite. As both are industrial
minerals, specifications and product qualification processes are
critical to marketability and offtake arrangements.
Demand for high quality flake graphite and natural rutile is
growing due to global decarbonisation requirements and current and
future predicted supply deficits. Demand for high quality flake
graphite continues to grow due to global decarbonisation
requirements. Per Benchmark Mineral Intelligence, the demand for
anodes grew by 46% in 2022 compared to only 14% growth in natural
flake graphite supply.
Figure 5: Graphite demand / supply showing market deficit
beginning 2025E
Source: Macquarie Research (March 2023)
To date, the Company has been able to enter into Memorandums of
Understanding (MoU) (non-binding) with three major partners in the
natural rutile sector; Mitsui, Chemours and Hascor. The Company
already has over 50% of Stage 1 production under MoU (based on the
Company's Expanded Scoping Study released June 2022). Sovereign's
next objective is to secure offtake MoUs for the Kasiya flake
graphite co-product.
Based on product quality assessments performed by offtakers and
customers, Kasiya's natural rutile has premium chemical parameters
and is suitable for all major end-use markets including welding,
pigment feedstock and titanium metal.
Currently, Sovereign has no sale agreements in place for
graphite production. However, the Company has built a strong
understanding of the graphite market and developed a number of
well-established relationships with offtakers and customers.
A major component to graphite sales agreements is customer
qualification, and this is a key reason for initiating the graphite
bulk sample program and scaling up in-country facilities in order
to continuously produce bulk sample over the coming months. The
graphite produced from this program will be shared with prospective
end-users and is an important next step for Sovereign to qualify
the Kasiya graphite product.
Sovereign's recent initial graphite characterisation testwork
conducted by an independent German industrial minerals specialist
demonstrated superior qualities and excellent suitability for its
use in lithium-ion batteries. Further downstream testwork is
planned that will use the graphite concentrate produced.
Industry's interaction with supply chain participants indicates
the progression towards higher proportions of natural graphite used
in battery anodes will be supported by its lower cost and superior
environmental credentials. Environmental footprint of electric
vehicles (EVs) will become increasingly important market
consideration as EV penetration accelerates, noting that synthetic
graphite has a carbon footprint orders of magnitude higher than
flake graphite because it is made from by-products of coke and oil
refining via energy intensive processes.
The Global Warming Potential (GWP) of producing one tonne of
flake graphite concentrate at Kasiya estimated to be 0.2 tonnes of
CO(2) equivalent emissions (CO(2) e). Kasiya has the lowest GWP
compared with currently known and planned future natural graphite
projects:
-- Up to 60% lower than currently reported GWP of graphite
producers and developers, including suppliers to Tesla Inc.
-- 3x less polluting than proposed Tanzanian natural graphite
production from hard rock sources.
-- 6x less polluting than current Chinese natural graphite
production which accounts for up to 80% of current global graphite
supply.
Figure 7: Global Warming Potential per tonne of graphite product
(CO(2) e/t)
(Sources: see Appendix)
(Note: All figures are cradle-to-gate except for Syrah Resources
which includes transportation to the port of Nacala; transportation
of Kasiya's graphite to the port of Nacala would add an estimated
incremental 0.04CO(2) e to its GWP)
Competent Person Statement
The information in this announcement that relates to the Mineral
Resource Estimate is extracted from the announcement dated 5 April
2023. The announcement is available to view on
www.sovereignmetals.com.au . Sovereign confirms that a) it is not
aware of any new information or data that materially affects the
information included in the announcement; b) all material
assumptions included in the announcement continue to apply and have
not materially changed; and c) the form and context in which the
relevant Competent Persons' findings are presented in this report
have not been materially changed from the announcement.
The information in this announcement that relates to Production
Targets, Processing, Infrastructure and Capital and Operating
Costs, is extracted from the announcement dated 16 June 2022
entitled 'Kasiya Expanded Scoping Study Results'. Sovereign
confirms that: a) it is not aware of any new information or data
that materially affects the information included in the
announcement; b) all material assumptions and technical parameters
underpinning the Production Target, and related forecast financial
information derived from the Production Target included in the
Announcement continue to apply and have not materially changed; and
c) the form and context in which the relevant Competent Persons'
findings are presented in this presentation have not been
materially modified from the Announcement.
The information in this announcement that relates to the
Metallurgy is extracted from the announcement dated 7 December 2021
and 8 June 2023. These announcements are available to view on
www.sovereignmetals.com.au . Sovereign confirms that a) it is not
aware of any new information or data that materially affects the
information included in the announcement; b) all material
assumptions included in the announcement continue to apply and have
not materially changed; and c) the form and context in which the
relevant Competent Persons' findings are presented in this report
have not been materially changed from the announcement.
Forward Looking Statement
This release may include forward-looking statements, which may
be identified by words such as "expects", "anticipates",
"believes", "projects", "plans", and similar expressions. These
forward-looking statements are based on Sovereign's expectations
and beliefs concerning future events. Forward looking statements
are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of Sovereign, which could
cause actual results to differ materially from such statements.
There can be no assurance that forward-looking statements will
prove to be correct. Sovereign makes no undertaking to subsequently
update or revise the forward-looking statements made in this
release, to reflect the circumstances or events after the date of
that release.
Qualified Person
Information disclosed in this announcement has been reviewed by
Dr Julian Stephens (B.Sc (Hons), PhD, MAIG), Managing Director, a
Qualified Person for the purposes of the AIM Rules for
Companies.
The information contained within this announcement is deemed by
Sovereign to constitute inside information as stipulated under the
Regulation 2014/596/EU which is part of domestic law pursuant to
the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)
("UK MAR"). By the publication of this announcement via a
Regulatory Information Service, this inside information (as defined
in UK MAR) is now considered to be in the public domain. The person
responsible for arranging for the release of this announcement on
behalf of Sovereign is Mr Dylan Browne (Company Secretary).
APPIX 1: RELATED PARTY PAYMENTS
During the quarter ended 30 June 2023, the Company made payments
of $424,000 to related parties and their associates. These payments
relate to existing remuneration arrangements (executive salaries,
director fees, superannuation and bonuses of $334,000), business
development services ($32,000) and provision of serviced office
facilities, company secretarial services and administration
services ($58,000).
APPIX 2: SUMMARY OF MINING TENEMENTS
As at 30 June 2023, the Company had an interest in the following
tenements:
Licence Holding Interest Type Licence Expiry Licence Status
Entity Renewal Term Date(1) Area (km(2)
Date )
EL0609 MML 100% Exploration 25/09/2024 25/09/2028 440.5 Granted
========= ========= ========= ============ ============== ============== ============= ========
EL0582 SSL 100% Exploration 15/09/2023 15/09/2027 285.0 Granted
========= ========= ========= ============ ============== ============== ============= ========
EL0492 SSL 100% Exploration 29/01/2023(2) 29/01/2025 935.4 Granted
========= ========= ========= ============ ============== ============== ============= ========
EL0528 SSL 100% Exploration 27/11/2023 27/11/2025 16.2 Granted
========= ========= ========= ============ ============== ============== ============= ========
EL0545 SSL 100% Exploration 12/05/2024 12/05/2026 53.2 Granted
========= ========= ========= ============ ============== ============== ============= ========
EL0561 SSL 100% Exploration 15/09/2023 15/09/2027 124.0 Granted
========= ========= ========= ============ ============== ============== ============= ========
EL0657 SSL 100% Exploration 3/10/2025 3/10/2029 2.3 Granted
========= ========= ========= ============ ============== ============== ============= ========
Notes:
SSL: Sovereign Services Limited, MML: McCourt Mining Limited
& NGX Exploration Limited
(1) An exploration licence (EL) covering a preliminary period in
accordance with the Malawi Mines and Minerals Act (No 8. Of 2019)
(Mines Act) is granted for a period not exceeding three (3) years.
Thereafter two successive periods of renewal may be granted, but
each must not exceed two (2) years. This means that an EL has a
potential life span of seven (7) years. ELs that have come to the
end of their term can be converted by the EL holder into a
retention licence (RL) for a term of up to 5 years subject to
meeting certain criteria.
(2) Subsequent to the end of the quarter, the Company received its granted extension for EL0492.
As noted in the Company's March 2023 Quarterly Report, the
Government of Malawi has proposed a new Mines and Minerals Bill
(2023) (New Bill) which has been passed by the Malawian Parliament
and now awaits Malawian Presidential Assent and publication in the
Malawi Gazette before coming into force. If approved, the New Bill
will replace the Mines and Minerals Act (2019). The New Bill
introduces amendments to improve transparency and governance of the
mining industry in Malawi. Sovereign notes the following updates in
the New Bill which may affect the Company in the future: (i) ELs
will now be granted for an initial period of 5 years with the
ability to extend by 3 years on two occasions (total 11 years);
(ii) the Malawian Government maintains a right to free equity
ownership for large-scale mining licences but the New Bill proposes
to remove the automatic free government equity ownership with the
right to be a negotiation matter; and (iii) A new Mining and
Regulatory Authority will be responsible for implementing the
objectives of the New Bill. There has been no change during or
subsequent to the quarter.
APPIX 3: MINING EXPLORATION EXPITURES
During the quarter, the Company made the following payments in
relation to mining exploration activities:
Activity A$'000
-------------------------------------------------------------------------------------------- -------
Drilling (42)
Assaying and Metallurgical Test-work (52)
Studies and Reserve/Resource Estimation (990)
Tenement Rents and Rates (2)
Malawi Operations - Site Office, Personnel, Field Supplies, Equipment, Vehicles and Travel (696)
Total as reported in Appendix 5B (1,782)
-------------------------------------------------------------------------------------------- -------
There were no mining or production activities and expenses
incurred during the quarter ended 30 June 2023.
APPIX 4: PEER GWP SOURCES
SOURCE 1 - GRAPHITE RESOURCE GLOBAL WARMING POTENTIAL (Figure
7)
Ref Company Project Project Status GWP (CO(2) e) LCA Boundary Source
1 Syrah Resources Balama Production 0.42 FOB Nacala ASX Announcement:
Syrah approves Balama
solar and battery
system final
investment decision
(released 6 Apr 2022)
==== ======================= ============= =============== ============== =============== ======================
2 Northern Graphite Bisset Creek FS & PEA 0.45 Cradle-to-gate TSX Announcement:
(Electric Fleet Northern Graphite
Scenario) Plans to Further
Reduce Carbon
Footprint of Bissett
Creek
Project (released 9
Mar 2022)
==== ======================= ============= =============== ============== =============== ======================
3 Evolution Energy Chilalo DFS Underway 0.49 Cradle-to-gate ASX Announcement:
Independent life
cycle assessment
demonstrates
Chilalo's low carbon
footprint
(released 6 Oct 2022)
==== ======================= ============= =============== ============== =============== ======================
Other Tanzania Provided by LCA
4 Production n/a n/a 0.60 Cradle-to-gate Manager, Minviro Ltd
==== ======================= ============= =============== ============== =============== ======================
Provided by LCA
5 China Production n/a n/a 1.20 Cradle-to-gate Manager, Minviro Ltd
==== ======================= ============= =============== ============== =============== ======================
6 Northern Graphite Bisset Creek FS & PEA 2.20 Cradle-to-gate TSX Announcement:
Northern Graphite
Plans to Further
Reduce Carbon
Footprint of Bissett
Creek
Project (released 9
Mar 2022)
==== ======================= ============= =============== ============== =============== ======================
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
Sovereign Metals Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
71 120 833 427 30 June 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (12 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,782) (8,970)
(b) development - -
(c) production - -
(d) staff costs (630) (1,822)
(e) administration and corporate
costs (150) (1,247)
1.3 Dividends received (see note - -
3)
1.4 Interest received 56 281
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
1.8.1 Other - NGX Demerger Costs (98) (208)
1.8 Other - Business Development (172) (849)
----------------- --------------
Net cash from / (used in)
1.9 operating activities (2,776) (12,815)
------ ----------------------------------- ----------------- --------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment (31) (86)
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - (135)
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
Cash flows from loans to other
2.3 entities 272 272
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if - -
material)
----------------- --------------
Net cash from / (used in)
2.6 investing activities 241 51
------ ----------------------------------- ----------------- --------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of equity
securities (excluding convertible
debt securities) - -
3.2 Proceeds from issue of convertible - -
debt securities
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities - (601)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
----------------- --------------
Net cash from / (used in)
3.10 financing activities - (601)
------ ----------------------------------- ----------------- --------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 8,091 18,894
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (2,776) (12,815)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) 241 51
Net cash from / (used in)
financing activities (item
4.4 3.10 above) - (601)
Effect of movement in exchange
4.5 rates on cash held 8 35
----------------- --------------
Cash and cash equivalents
4.6 at end of period 5,564 5,564
------ ----------------------------------- ----------------- --------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 176 449
5.2 Call deposits 5,388 7,642
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 5,564 8,091
---- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 424
-----------------
6.2 Aggregate amount of payments to related -
parties and their associates included in
item 2
-----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity.
Add notes as necessary for
an understanding of the sources
of finance available to the
entity.
7.1 Loan facilities - -
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities - -
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
---- ------------------------------------------------------------------------
-
----
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (2,776)
8.2 (Payments for exploration & evaluation classified -
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (2,776)
8.2)
8.4 Cash and cash equivalents at quarter end 5,564
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 5,564
8.5)
--------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 2.0
--------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
-------------------------------------------------------------------
Answer: Not applicable
-------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer: Not applicable
-------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
-------------------------------------------------------------------
Answer: Not applicable
-------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of
questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
---- -------------------------------------------------------------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 28 July 2023
Authorised by: Company Secretary
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
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END
MSCBUGDRRDDDGXR
(END) Dow Jones Newswires
July 28, 2023 02:00 ET (06:00 GMT)
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