TIDMSVML
RNS Number : 7940R
Sovereign Metals Limited
31 October 2023
SOVEREIGN METALS LIMITED
NEWS RELEASE I 31 October 2023
SEPTEMBER 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 September 2023.
HIGHLIGHTS
Pre-Feasibility Study confirms Kasiya's market leading position
in Two Critical Raw Materials
-- Natural Rutile - the highest-grade, purest, natural titanium feedstock
o The world's largest rutile deposit
o Positioned to become the world's largest rutile producer at 222kt per annum
o Natural rutile facing major global supply deficit over the next 5 years
-- Natural Graphite - a key component of an electric vehicle (EV) battery
o The world's second largest flake graphite deposit
o Potentially one of the world's largest natural graphite
producers outside of China at 244kt per annum
o China recently announces graphite export restrictions at a
time when the anode graphite market is moving into deficit with
demand rapidly growing in the lithium-ion battery and EV
sectors
-- Compelling project economics with significant upside potential:
o Post-tax NPV(8) of US$1,605m and post-tax IRR of 28%
o Average EBITDA of US$415m per annum
o Initial Probable Ore Reserves declared of 538Mt, representing
only 30% of the total Mineral Resource
o Substantial production rate and mine life upside exists as the
PFS modelling was limited to only 25 years
-- Forecast cash operating costs of US$404/t of product would
position Kasiya as the lowest cost producer of rutile and graphite
globally
Rio Tinto invests $40.6m to become a 15% Strategic Investor
-- Rio Tinto made an investment of A$40.6 million in Sovereign
resulting in an initial 15% shareholding plus options to increase
their position to potentially 19.99%* within 12 months
-- 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
-- The Company is formally establishing the Technical Committee
with Rio Tinto following release of the PFS
-- Industry redefining best in class social & environmental advantages
o Extremely low CO(2) -footprint operation incorporating
climate-smart attributes including hydro-mining with renewables
power solution
o Lifecycle CO(2) emissions expected to be lowest in class
versus existing and planned operations and versus alternative
synthetic products
o Low-impact operation with mineralisation at surface,
zero-strip ratio, low reagent usage, simple process flowsheet and
progressive land rehabilitation
-- The Company advancing into an optimisation phase prior to
moving to the Definitive Feasibility Study (DFS) with the Company's
strategic investor, Rio Tinto
Key Management Appointments to Drive Project Optimisation and
Development at Kasiya
-- Appointment of experienced African based mining executive, Mr
Frank Eagar, as the new Managing Director and CEO
-- Existing Managing Director Dr Julian Stephens has transitioned to Non-Executive Director
-- Key technical appointments of experienced African
engineering, social and environmental teams to work on project
optimisation and advancing the development of the Kasiya
Project
Strong Support from the Government of Malawi:
-- Government of Malawi has 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
-- PFS demonstrates Kasiya's potential to provide significant
socio-economic benefits for Malawi including fiscal returns, job
creation, skills transfer and sustainable community development
initiatives
-- With mining being one of the key pillars for growth under
Malawi's economic development strategy (Agriculture, Tourism,
Mining - ATM Policy) and the potential for Kasiya to be a project
of national significance, the Government has constituted an
Inter-ministerial Project Development Committee to work alongside
the Company to assist in the permitting process
ENQUIRIES
Mr Frank Eagar (South Africa/Malawi) Sam Cordin (Perth) Sapan Ghai (London)
Managing Director and CEO +61 (0)422 799 087 +44 207 478 3900
+27 76 753 5377
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
Tavistock PR +44 20 7920 3150
RIO TINTO INVESTS $40.6M TO BECOME A 15% STRATEGIC INVESTOR
Sovereign completed a A$40.6 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 83.5 million new fully paid ordinary
shares (Shares) in Sovereign at a price of A$0.486 per Share for
aggregate proceeds of A$40.6 million. Rio Tinto's subscription
price reflected a 10% premium to the 45-day volume weighted average
price on the ASX as at close on 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 34.5 million further Shares in Sovereign by 21 July 2024
which could result in Rio Tinto's shareholding in the Company
potentially increasing up to 19.99%*.
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. It has also been agreed with Rio Tinto that
if Sovereign is raising debt finance for the development of the
Project, Sovereign and Rio Tinto will negotiate, in good faith,
financing arrangements in order to put in place an acceptable mine
construction funding package.
KASIYA - AN INDUSTRY-LEADING CRITICAL MINERALS PROJECT
The PFS confirmed Kasiya as a potential major critical minerals
project with an extremely low CO(2) -footprint delivering major
volumes of natural rutile and graphite while generating significant
economic returns.
Kasiya, located in central Malawi, is the largest natural rutile
deposit and second largest flake graphite deposit 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.
Results of the PFS demonstrated Kasiya's potential to become the
world's largest rutile producer at 222kt per annum and one of the
world's largest natural graphite producers outside of China at
244kt per annum based on an initial 25 year life-of-mine (LOM).
Kasiya's PFS modelling was limited to only 25 years meaning
substantial production rate and mine life upside exists, with an
initial Probable Ore Reserves declared of 538Mt, only representing
30% of the total Mineral Resource.
Highly Compelling Economics
The PFS delivered compelling economics with a post-tax NPV8 of
US$1.6 Billion and post-tax IRR of 28%. This long-life,
multi-generational operation was modelled to initially generate
over US$16 Billions of revenue and provide an average annual EBITDA
of US$415 Million per annum.
Kasiya has an average life-of-mine FOB (Nacala) operating cost
of US$404 per tonne of product produced (rutile plus graphite)
positioning it as the lowest cost producer of rutile and graphite
globally.
Kasiya's low operating costs are achieved through deposit size
and grade, zero strip ratio from surface, location and excellent
existing operational infrastructure. Kasiya is strategically
located in close proximity to Malawi's capital city Lilongwe,
providing access to a skilled workforce and industrial
services.
Products will be exported to global markets via the deep water
port of Nacala along the existing Nacala Logistics Rail Corridor
(NLC). This existing infrastructure provides significant capital
cost savings for Kasiya compared to many other undeveloped minerals
projects.
The capital to first production is US$597 Million which
increased from the Expanded Scoping Study released in June 2022.
This is primarily due to bringing forward capital items previously
planned for Stage 2 including a rail spur, full-scale water dam,
integrated power and optimised graphite production, as well as
generally enhanced engineering plus global cost inflation.
Industry-Redefining Environmental and Social Advantages
Kasiya has the potential to provide two products that both have
very favourable low carbon in-use advantages. Kasiya has a
geological benefit with both natural graphite and rutile hosted in
soft, friable saprolite material at surface that can be mined,
beneficiated, and purified with a considerably lower lifecycle
carbon footprint than hard-rock operations or synthetic graphite
and synthetic rutile production.
The lifecycle CO(2) emissions for Kasiya's two products are
expected to be the lowest in class versus existing and planned
operations and versus alternative synthetic products.
The operation was engineered to achieve an extremely low CO(2)
-footprint incorporating climate-smart attributes including
hydro-mining with a renewables power solution. Based off a
low-impact operation with mineralisation at surface, zero-strip
ratio, low reagent usage, simple process flowsheet and progressive
land rehabilitation
Strong market fundamentals
Natural rutile is the purest, highest-grade natural form of
TiO(2) and is the preferred technical feedstock in manufacturing
titanium pigment and producing titanium metal. Natural rutile is a
genuinely scarce commodity with no other large rutile dominant
deposits having been discovered in the last half century.
The market for natural rutile is already in supply deficit and
is forecast to widen further considerably in the next 5 years.
The rutile price adopted in the PFS's financial model is based
on TZMI's real 2023 price forecast and apportioned to volumes sold
into the two defined markets (bagged welding at 25% premium to the
bulk pigment market). The LOM average price applied was US$1,484
per tonne FOB Nacala. Currently, producers including Iluka
Resources have reported even higher rutile sales prices of US$1,908
per tonne in the last quarter (Quarter ended 30 September
2023).
Flake graphite has been identified as a critical and strategic
material due to its essential applications in the aerospace and
energy sectors, and due to its role as the primary anode component
in lithium-ion batteries. Natural graphite market moving into
deficit as demand rapidly grows in the lithium-ion battery and EV
sectors.
Leading EV producer Tesla Inc.'s (Tesla) "Master Plan 3"
outlines its proposed path to reach a sustainable global energy
economy through end-use electrification and sustainable electricity
generation and storage. In the plan, Tesla suggests that the world
would need to produce 10.5Mt of graphite per year and estimates
US$104 Billion of new graphite mining investment is required to
achieve its target (source: Tesla Master Plan 3 (April 2023)).
Kasiya's graphite holds a distinct advantage due to its low cost
and CO(2) -footprint. Industry's interaction with supply chain
participants indicates the progression towards higher proportions
of natural graphite use in battery anodes will be supported by its
lower cost and superior environmental credentials. The
environmental footprint of EVs will become an increasingly
important market consideration as EV penetration accelerates,
noting that synthetic graphite has a carbon footprint orders of
magnitude higher than flake graphite. Synthetic graphite is made
from needle coke through the high energy intensive refining of oil
and coal.
KEY MANAGEMENT APPOINTMENTS TO DRIVE PROJECT OPTIMISATION
Effective from 20 October 2023, the Company appointed Mr Frank
Eagar as Managing Director and Chief Executive Officer (CEO). Dr
Julian Stephens, has transitioned to a Non-Executive Director of
Sovereign, remaining as a consultant assisting and supporting the
incoming technical and management team.
Mr Eagar has over 20 years' experience in the financing,
permitting, development and operation of mining projects with a
strong focus in southern Africa.
Mr Eagar is a Chartered Accountant who has gained extensive
corporate, commercial and technical experience in the mining sector
throughout his career. Mr Eagar has previously held a number of
senior executive positions in the resources sector, more recently
with African mining focused private equity firm AMED Funds, which
included acting as Chief Financial Officer (CFO) for AMED's
controlled company, Central Copper Resources PLC (Central
Copper).
Prior to Central Copper, Mr Eagar was the CEO (and prior to that
the CFO) of Baobab Steel Limited (Baobab) another AMED controlled
company, where he managed the completion of a DFS and a joint
venture with the World Bank's IFC to procure strategic investors
and raise project finance for Baobab's US$1 Billion, fully
permitted, integrated 500ktpa Steel and Vanadium Project in
Mozambique.
Mr Eagar joined Sovereign in December 2022 as General Manager in
Malawi, where he has already expanded the team with a focus on
Malawian nationals, developed strong relationships with Government
and demonstrated a clear understanding of the Kasiya Project and
its development landscape.
Sovereign has also made several key technical appointments as
the Company transitions into project optimisation and development
of the Kasiya Project and is poised to become a significant
supplier of natural rutile and graphite. These key appointments
bring a strong track record of successful large-scale project
development and operations management, as well as extensive
experience in southern Africa.
These management changes come at an important time for the
Company as it transitions from the PFS into the next phase of
project optimisation, community and stakeholder engagements and
ultimately the completion of a DFS.
STRONG GOVERNMENT SUPPORT
The Malawian government identifies mining as one of the sectors
that could potentially generate higher economic growth for the
country. The country has several significant mineral resources that
could be sustainably mined to contribute to Malawi's economic
goals.
Kasiya has the potential to deliver significant social and
economic benefits for Malawi including fiscal returns, job
creation, skills transfer and sustainable community development
initiatives.
The Government of Malawi strongly supports Sovereign and its
development of the Kasiya project. Malawi's Minister of Mines and
Minerals, The Honourable Monica Chang'anamuno, 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.
With mining being one of the key pillars for growth under
Malawi's economic development strategy (Agriculture, Tourism,
Mining - ATM Policy) and the potential for Kasiya to be a project
of national significance, the Government has constituted an
Inter-ministerial Project Development Committee to work alongside
the Company to assist in the permitting processes.
Competent Person Statement
The information in this announcement that relates to the Mineral
Resource Estimate is extracted from an announcement dated 5 April
2023 entitled 'Kasiya Indicated Resource Increased by over 80%'
which is available to view at www.sovereignmetals.com.au and is
based on, and fairly represents information compiled by Mr Richard
Stockwell, a Competent Person, who is a fellow of the Australian
Institute of Geoscientists (AIG). Mr Stockwell is a principal of
Placer Consulting Pty Ltd, an independent consulting company. The
original 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 original announcement; b) all material
assumptions included in the original 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 announcement have not been materially changed from the
original announcement.
The information in this announcement that relates to Production
Targets, Ore Reserves, Processing, Infrastructure and Capital
Operating Costs, Metallurgy (rutile and graphite) is extracted from
an announcement dated 28 September 2023 entitled 'Kasiya
Pre-Feasibility Study Results' which is available to view at
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 original 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 original 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.
* Based on ordinary shares on issue at the time of
investment
Ore Reserve for the Kasiya Deposit
Classification Tonnes Rutile Contained Graphite Contained RutEq.
(Mt) Grade Rutile Grade (TGC) Graphite Grade**
(%) (Mt) (%) (Mt) (%)
---------------- -------- -------- ---------- ------------- ---------- ----------------
Proved - - - - - -
---------------- -------- -------- ---------- ------------- ---------- ----------------
Probable 538 1.03% 5.5 1.66% 8.9 2.00%
---------------- -------- -------- ---------- ------------- ---------- ----------------
Total 538 1.03% 5.5 1.66% 8.9 2.00%
---------------- -------- -------- ---------- ------------- ---------- ----------------
** RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price
(US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price
(US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are taken
from this Study ** Any minor summation inconsistencies are due to
rounding
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
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.
APPIX 1: RELATED PARTY PAYMENTS
During the quarter ended 30 September 2023, the Company made
payments of $295,000 to related parties and their associates. These
payments relate to existing remuneration arrangements (executive
salaries, director fees, superannuation and bonuses ($127,000)),
business development services ($46,000) and provision of serviced
office facilities, company secretarial services and administration
services ($122,000).
APPIX 2: SUMMARY OF MINING TENEMENTS
As at 30 September 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(2) 15/09/2027 285.0 Granted
========= ========= ========= ============ ============== ============== ============= ========
EL0492 SSL 100% Exploration 29/01/2025 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(2) 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) The Company submitted an extension application for EL0582
and EL0561 prior to the renewal date in accordance with the Mines
Act .
As previously announced by the Company, the Government of Malawi
has introduced a new Mines and Minerals Bill (2023) (New Bill)
which has been passed by the Malawian Parliament and received
Presidential Assent, however, it awaits publication in the Malawi
Gazette before coming into full force. The New Bill will replace
the current Mines Act. 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.
APPIX 3: MINING EXPLORATION EXPITURES
During the quarter, the Company made the following payments in
relation to mining exploration activities:
Activity A$'000
-------------------------------------------------------------------------------------------- -------
Drilling (60)
Assaying and Metallurgical Test-work (59)
Studies and Reserve/Resource Estimation (1,111)
Tenement Rents and Rates (19)
Malawi Operations - Site Office, Personnel, Field Supplies, Equipment, Vehicles and Travel (625)
Total as reported in Appendix 5B (1,874)
-------------------------------------------------------------------------------------------- -------
There were no mining or production activities and expenses
incurred during the quarter ended 30 September 2023.
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 September 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (3 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,874) (1,874)
(b) development - -
(c) production - -
(d) staff costs (327) (327)
(e) administration and corporate
costs (513) (513)
1.3 Dividends received (see note - -
3)
1.4 Interest received 72 72
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 (25) (25)
1.8 Other - Business Development (271) (271)
----------------- --------------
Net cash from / (used in)
1.9 operating activities (2,938) (2,938)
------ ----------------------------------- ----------------- --------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
Cash flows from loans to other
2.3 entities 34 34
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if - -
material)
----------------- --------------
Net cash from / (used in)
2.6 investing activities 34 34
------ ----------------------------------- ----------------- --------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 40,598 40,598
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 (239) (239)
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 40,359 40,359
------ ----------------------------------- ----------------- --------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 5,564 5,564
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (2,938) (2,938)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) 34 34
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 40,359 40,359
Effect of movement in exchange
4.5 rates on cash held 2 2
----------------- --------------
Cash and cash equivalents
4.6 at end of period 43,021 43,021
------ ----------------------------------- ----------------- --------------
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 189 176
5.2 Call deposits 42,832 5,388
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) 43,021 5,564
---- ----------------------------------- ---------------- -----------------
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 1 295
-----------------
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) (2,938)
8.2 (Payments for exploration & evaluation classified -
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (2,938)
8.2)
8.4 Cash and cash equivalents at quarter end 43,021
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 43,021
8.5)
--------
8.7 Estimated quarters of funding available >10
(item 8.6 divided by item 8.3)
--------
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: 31 October 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.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
QRFUAVAROSURORA
(END) Dow Jones Newswires
October 31, 2023 03:00 ET (07:00 GMT)
Sovereign Metals (LSE:SVML)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Sovereign Metals (LSE:SVML)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024
