Berkeley Energia - Quarterly Report June 2022
29/07/2022 07:00
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RNS Number : 1822U Berkeley Energia Limited 29 July 2022
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 29 July 2022
Quarterly Report June 2022
Highlights:
· Appointment of Spanish Based Director
The Company strengthened the Board's technical capacity and Spanish operating
experience with the appointment of Mr Francisco Bellón as an Executive
Director.
Mr Bellón is a Mining Engineer with more than 25 years of experience in the
resources sector, including specialisation in mineral processing. During his
career, Mr Bellón has participated in the construction, commissioning and
operation of four mines in Spain, two in South America and two in West Africa,
working at an executive level for Toronto, New York or Madrid Stock Exchange
listed companies, such as Rio Narcea Gold Mines, Lundin Mining, ENDESA and
Duro Felguera.
Mr Bellón who is based in Salamanca, joined Berkeley in 2011 as General
Manager of Operations, and was subsequently promoted to Chief Operating
Officer in 2017. During this period, Mr Bellón has been responsible for the
Company's day-to-day operations in Spain, and has overseen the development of
the Salamanca Project from the Scoping Study stage through to the completion
of the Definitive Feasibility Study and Front End Engineering Design.
Mr Bellón has a Masters Degrees in Mining Engineering and Occupational Health
and Safety, Investor Relations Certification from the Madrid Stock Exchange,
and is Member of the Australasian Institute of Mining and Metallurgy.
· European Nuclear Power and Global Uranium Market:
The outlook for nuclear power and the uranium market strengthened further
during the quarter, with a number of important recent developments, including:
· The European Parliament voted to reject objections to the
inclusion of natural gas and nuclear power in its taxonomy plan which had been
subjected to extensive debate since late 2021. A majority of ministers voted
against the effort to block the inclusion of the two fuels/generating
technologies. Reportedly, "the result means the European Commission's
proposals to include certain nuclear and gas activities within the list of
investments that meet the taxonomy requirements, is now due to come into force
from the start of 2023, given that the European Council is not expected to
object to it".
Further, the European Commission released its proposed "REPowerEU Plan" in
response to the Russian invasion of Ukraine. The Plan looks to
reduce/eliminate the European Union's dependency on fossil fuel imports from
Russia.
· At the Group of Seven ("G7") meeting held in Germany, the
broad-ranging G7 Leader's Communique specifically addressed the Russian
aggression in Ukraine and its effects on global energy. Regarding commercial
nuclear power, the world leaders stated; "Those countries that opt to use it
reaffirm the role of nuclear energy in their energy mix. Those countries
recognise its potential to provide affordable low-carbon energy and contribute
to the security of energy supply as a source of baseload energy and grid
flexibility."
Recognising the global role of Russian-sourced nuclear fuel, the communique
clearly stated; "We will further reduce reliance on civil nuclear and related
goods from Russia, including working to assist countries seeking to diversify
their supplies. We task our relevant Ministers to evaluate the feasibility and
efficiency of these measures urgently."
· The International Energy Agency ("IEA") released a new report
Nuclear Power and Secure Energy Transitions: From Today's Challenges to
Tomorrow's Clean Energy Systems that highlights nuclear has an essential part
to play in delivering a clean, affordable and secure energy future. According
to the IEA's report, a low-carbon, sustainable, affordable and secure energy
future needs nuclear.
· Spain's main opposition party, Partido Popular ("PP"), outlined
its economic proposals to deal with the economic and energy crises that the
country is currently experiencing. The actions include the resurrection of
nuclear power in Spain and "extending the useful life of the reactors" in line
with what other European countries are doing. The PP believes that this
technology must play a key role in the ecological transition as a support for
renewable energies, since the opposite would imply greater gas consumption and
therefore greater dependence on countries such as Russia.
Security of supply concerns continued to be raised in Spain given that the
country's existing nuclear power and fuel fabrication facilities import
approximately 39% (2020) of their required uranium from Russia.
· President Macron cancelled the plan to close 12 reactors by 2035
and requested the state-owned nuclear operator, EDF, to study the feasibility
of prolonging reactor lifespans beyond the statutory 50 years. In addition,
his government supports the construction of six European Pressurised Reactors
by 2050.
· Belgium's Nuclear Research Centre announced that it will soon
begin working with international partners to evaluate the use case for
advanced reactors in Belgium. The agency said it is now operating with a
Belgian federal government issued €100 million budget, and allocated €25
million per year for four years, to conduct in-depth research into new nuclear
units.
· A new survey carried out in Finland showed that support for
nuclear power is at record highs across the country. The survey noted that
nuclear power favourability has been measured continually since 1983, and the
latest results have beat all-time highs, as more than 60% of the survey's
respondents have a positive attitude towards nuclear power. 11% of Finns have
a negative stance toward nuclear energy, with 62% of respondents noting that
nuclear power is an important tool for combating climate change.
Finland's Green Party, part of the government coalition, also voted to adopt a
fully pro-nuclear stance. The party manifesto now states that nuclear is
"sustainable energy" and demands the reform of current energy legislation to
streamline the approval process for small modular reactors. It also supports
licence extensions for existing nuclear reactors. Finland's is the first Green
Party to adopt such a position.
· Swedish MP, Mats Nordberg, emphasized that in order to help
counter the Russian aggression in Ukraine there is a need for "mutual
assistance and unity" and called for the restart of nuclear reactors and
planning for new reactors. Nordberg observed that "The existing reactors,
where possible, should continue to work. We must also continue to plan the
launch of new nuclear reactors to make the European Union more self-sufficient
in the field of energy resources."
· Germany disclosed that it is reviewing all options at its
disposal to ensure the country's energy supply remains robust amid uncertainty
over Russian gas supply. The Economy Ministry stated in July that Germany may
extend the life of its three remaining nuclear power plants, as public support
increases in the face of growing energy shortages. The three plants - Isar 2,
Emsland and Neckarwestheim 2 - which made up 6% of Germany's power production
in the first quarter of 2022, are scheduled to close at the end of the year.
· The UK government released its national energy strategy policy
paper outlining that nation's plans for enhanced energy security. Under the
energy policy, nuclear would provide up to 25% of the country's electricity by
2050 from up to 24 GWe of nuclear generating capacity. In order to support its
ambitious commercial nuclear power goals, the UK will establish the Great
British Nuclear Vehicle designed to provide support to nuclear projects
"through every stage of the development process.
· China announced plans to construct a further six nuclear reactors
as the country pursues its Net Zero goals, with approval given for Sanmen
units 3 and 4, Haiyang 3 and 4, and Lufeng 5 and 6.
· Japan will have as many as nine nuclear power reactors in
operation this winter, stated Prime Minister Fumio Kishida. With five reactors
currently online, the move will boost combined capacity from nuclear to around
10% of the country's electricity needs. "We want to have ample capacity to
ensure a stable supply of electricity during peak times," Kishida said. "The
national government will take the lead" on restarting these reactors, "making
tenacious efforts to secure the understanding and cooperation of local
governments and other stakeholders."
· South Korea released its revised energy policy which sets the
goal of maintaining nuclear power's share of total electricity generation at a
minimum of 30% by 2030.
Newly-elected President, Yoon Suk-yeol announced the construction of two
reactors would resume immediately. The Ministry of Trade, Industry and Energy
also commented that in response to the global goals of carbon neutrality and
the Russia-Ukraine conflict which threatens global energy security supply
chains, "it is imperative that new energy policy goals and directions are set
to better accomplish carbon neutral government projects and the expansion of
nuclear power." Included in the energy policy are the goals of exporting 10
nuclear power plants by 2030 as well as the development of a Korean small
modular reactor design.
The Uranium spot price closed at US$49.00 per pound at the end of June 2022,
with the spot market volume increasing to 3.3 million pounds, more than 40% up
from the May total volumes.
Longer-term uranium price indicators continued to rise steadily with a 23.5%
increased year to date. At the end of June, prices closed at US$50.00 per
pound (Long-Term); US$54.50 per pound (3-year forward price); and US$57.25 per
pound (5-year forward price).
· Balance Sheet
The Company is in a strong financial position with A$80 million in cash
reserves and no debt.
For further information please contact:
Robert
Behets
Franciso Bellón
Acting Managing Director
Executive Director
+61 8 9322
6322
+34 923 193 903
info@berkeleyenergia.com (mailto:info@berkeleyenergia.com)
Salamanca Project Summary
The Salamanca Project ("Salamanca" or "Project") is being developed in an
historic uranium mining area in Western Spain about three hours west of
Madrid.
The Project hosts a Mineral Resource of 89.3Mlb uranium, with more than two
thirds in the Measured and Indicated category. In 2016, Berkeley published the
results of a robust Definitive Feasibility Study ("DFS") for Salamanca
confirming that the Project will be one of the world's lowest cost producers,
capable of generating strong after-tax cash flows. The DFS was based solely on
Measured and Indicated Resources, with the following key study outputs and
economics:
· Producing 4.4 million pounds of uranium per annum (steady state
operation)
· Initial mine life of 14 years
· Uranium prices based on UxC annual mid-long term base price
projection (US$39.06 per pound (2017) - US$67.69 per pound (2030))
· Initial capital cost of US$95.7 million
· Operating costs of US$15.39 per pound
· Post-tax NPV(8) of US$531.9 million
· Post-tax IRR of 60%
In 2021, the Company received formal notification from Ministry for Ecological
Transition and the Demographic Challenge ("MITECO") that it had rejected the
Authorisation for Construction for the uranium plant as a radioactive facility
("NSC II") application at Salamanca. This decision followed the unfavourable
NSC II report issued by the Nuclear Safety Council ("NSC") in July 2021.
The Company continues to strongly defend its position in relation to the
adverse resolution by MITECO and has submitted an administrative appeal
against the decision under Spanish law.
In Berkeley's strong opinion, MITECO has rejected the Company's NSC II
application without following a legally established procedure and the Company
believes that MITECO has infringed regulations on administrative procedures in
Spain, as well as Berkeley's right of defence, which would imply that the
decision on the rejection of the Company's NSC II application is not legal.
NSC II is the only key approval required to commence full construction of the
Salamanca mine.
The Salamanca mine is being developed to the highest international standards
and the Company's commitment to health, safety and the environment is a
priority. Berkeley holds certificates in Sustainable Mining (UNE 22470-80) and
Environmental Management (ISO 14001) which were awarded by AENOR, an
independent Spanish government agency.
These management systems ensure that Company procedures are compliant with
current regulations, ensure that the environment is protected, the project is
sustainable, and that all activities are carried out with respect for and in
collaboration with the local communities.
Berkeley's efforts in the key area of Sustainable Mining have been
independently recognised with it being selected as the winner of the
Outstanding Contribution to Sustainable Mining - Europe category in the 2020
Capital Finance International Sustainability Awards.
The Company is in a strong financial position with A$80 million in cash
reserves and no debt.
Project Update:
The Company continued with its commitment to health, safety and the
environment as a priority.
During the June 2022 quarter, the Company measured and reported its
performance against its planned 2021 objectives in the areas of health,
safety, environment and sustainability.
The Sustainability Performance Report is a voluntary transparency initiative
through which the Company openly communicates information regarding its
management systems in the areas of health, safety, environmental protection
and social responsibility, as well as its performance in sustainability, to
all stakeholders.
The Sustainability Performance Report, which provides a detailed overview of
environmental, social and governance ("ESG") activities over the 12-month
period to 31 December 2021, has been distributed to key stakeholders.
A copy of the Sustainable Performance Report can be found on the Company's
website at: www.berkeleyenergia.com/sustainable-mining/
(http://www.berkeleyenergia.com/sustainable-mining/) .
Berkeley is committed to sustainable development, and accordingly has
implemented Environmental and Sustainable Management Systems to ensure
compliance with performance standards. The UNE 22470-80 standard for
Sustainable Mining Management has established 55 indicators that are certified
annually. Of these 55 indicators, 36 are currently applicable to Berkeley's
Salamanca Project. These are divided into: economic (5), social (19) and
environmental (12) categories.
Highlights from the 2021 performance include:
· R&D investment by the Company increased by 5%.
· 74% of consumables acquired by the Company were sourced locally
i.e. promoting the socioeconomic development of the province.
· Investment in environmental protection increased by 55% compared
to previous year
Also noteworthy is the 29% reduction achieved in energy consumption, derived
from fuel and electricity consumption. These energy savings minimise resource
depletion and contribute to a decrease in CO(2) emissions into the atmosphere.
During 2021, The Company reduced CO(2) emissions by ~28% or the equivalent of
eight tonnes of CO(2) emissions to the atmosphere.
The Company continued its strong engagement with key stakeholders at a local,
regional and federal level in Spain during the quarter.
Exploration:
The Company continued with its exploration program focusing on battery and
critical metals in Spain.
The exploration program is targeting lithium, cobalt, tin, tungsten and rare
earths, within the Company's existing tenement package in western Spain.
Further analysis of the mineral and metal endowment across the entire mineral
rich province and other prospective regions in Spain is also being undertaken,
with a view to identifying additional targets and regional consolidation
opportunities.
Whilst Berkeley remains focused on defending its position in relation to the
adverse resolution by MITECO and ultimately advancing the Salamanca project
towards production, the planned battery and critical metals exploration
initiative also facilitates the Company's participation in these important,
rapidly evolving, growth sectors which are integral to the global clean energy
transition.
Investigation Permit Conchas
The Investigation Permit ("I.P.") Conchas is located ~10km south of Berkeley's
Alameda deposit, in the very western part of Salamanca province, close to the
Portuguese border.
The tenement covers an area of ~31km(2) in the western part of the Ciudad
Rodrigo Basin and is largely covered by Cenozoic aged sediments. Only the
north-western part of the tenement is uncovered and dominated by the Guarda
Batholith (Vilar Formoso-Fuentes de Oñoro sector) intrusion. The tenement
hosts a number of sites where small-scale historical tin and tungsten mining
was undertaken. In addition, several mineral occurrences (tin, tungsten,
titanium, lithium) have been identified during historical mapping or stream
sediment sampling programs.
The Company completed initial soil sampling programs in northern and central
portions of the tenement during 2021. The sampling, which was undertaken on a
200m by 200m grid, defined a tin-lithium anomaly covering approximately 1.1km
by 0.7km which correlated with a mapped aplo-pegmatitic leucogranite.
During the quarter, an infill and extension soil sampling program was
undertaken to follow-up the 2021 results. A total of 116 samples was collected
to close the grid down to a 100m by 100m spacing over the previous defined
anomaly, and extend the coverage to the east on a 200m by 200m grid. The
samples were subsequently prepared and sent to ALS Seville for analysis.
The results of the infill soil sampling program have confirmed the spatial
location, scale and tenor of the tin-lithium anomaly defined in 2021 but
failed to extend the anomalism to the east (Figure 2).
The Company has also recently obtained a report summarising exploration work
undertaken by Billiton PLC on the I.P. Conchas between 1981 and 1983.
Billiton's exploration was focused on tin and tantalum and comprised regional
and detailed geological mapping, geochemistry, trenching and limited drilling.
The results of Berkeley's recent soil sampling program are encouraging and the
Company is currently verifying, evaluating and incorporating the additional
historical information contained in the Billiton report, with a view to
planning the next phase of exploration activity to assess the tin-lithium
anomaly.
Corporate
Settlement of OIA Claim:
During the quarter, Berkeley announced that the OIA Claim brought against the
Company in relation to the investment agreement and convertible note had been
settled with the parties agreeing to discontinue legal proceedings in the
Supreme Court of Western Australia.
Appointment of Spanish Based Director:
During the quarter, the Company announced the appointment of Mr Francisco
Bellón as an Executive Director of the Company effective 1 July 2022.
Mr Bellón who is based in Salamanca, joined Berkeley in 2011 as General
Manager of Operations, and was subsequently promoted to Chief Operating
Officer in 2017. During this period, Mr Bellón has been responsible for the
Company's day-to-day operations in Spain, and has overseen the development of
the Salamanca Project from the Scoping Study stage through to the completion
of the Definitive Feasibility Study and Front End Engineering Design. He has
also been a Director of the Company's Spanish subsidiaries since 2011.
The appointment of Mr Bellón will substantially strengthen the Board's
technical capacity and Spanish operating experience as the Company continues
to focus on resolving the current permitting situation, and ultimately
advancing the Salamanca project towards production.
Additional Information on the European Nuclear Power and Global Uranium
Market:
The outlook for nuclear power and the uranium market strengthened further
during the quarter, with a number of important recent developments, including:
· The European Parliament voted to reject objections to the
inclusion of natural gas and nuclear power in its taxonomy plan which had been
subjected to extensive debate since late 2021. A majority (353) of MEPs voted
against the effort to block the inclusion of the two fuels/generating
technologies while 278 MEPs voted in favour of the measure. Reportedly, "the
result means the European Commission's proposals to include certain nuclear
and gas activities within the list of investments that meet the taxonomy
requirements, is now due to come into force from the start of 2023, given that
the European Council is not expected to object to it".
Further, in May 2022, the European Commission released its proposed "REPowerEU
Plan" in response to the Russian invasion of Ukraine. The Plan looks to
reduce/eliminate the European Union's dependency on fossil fuel imports from
Russia.
· At the conclusion of the G7 meeting held in Germany during the
quarter, the broad-ranging G7 Leader's Communique specifically addressed the
Russian aggression in Ukraine and its effects on global energy. The communique
stated; "We reaffirm our commitment to phase out our dependency on Russian
energy" and furthermore, "we will explore further measures to prevent Russia
from profiting from its war of aggression." Regarding commercial nuclear
power, the world leaders stated; "Those countries that opt to use it reaffirm
the role of nuclear energy in their energy mix. Those countries recognise its
potential to provide affordable low-carbon energy and contribute to the
security of energy supply as a source of baseload energy and grid
flexibility."
Recognising the global role of Russian-sourced nuclear fuel, the communique
clearly stated; "We will further reduce reliance on civil nuclear and related
goods from Russia, including working to assist countries seeking to diversify
their supplies. We task our relevant Ministers to evaluate the feasibility and
efficiency of these measures urgently."
· The International Energy Agency ("IEA") released a new report
Nuclear Power and Secure Energy Transitions: From Today's Challenges to
Tomorrow's Clean Energy Systems that looks at how nuclear energy could help
address two major crises - energy and climate - facing the world today. The
report highlights that nuclear has an essential part to play in delivering a
clean, affordable and secure energy future. According to the IEA's report, a
low-carbon, sustainable, affordable and secure energy future needs nuclear.
· Spain's main opposition party, Partido Popular ("PP"), outlined
its economic proposals to deal with the economic and energy crises that the
country is currently experiencing. The actions include the resurrection of
nuclear power in Spain and "extending the useful life of the reactors" in line
with what other European countries are doing. The PP believes that this
technology must play a key role in the ecological transition as a support for
renewable energies, since the opposite would imply greater gas consumption and
therefore greater dependence on countries such as Russia.
Security of supply concerns continued to be raised in Spain given that the
country's existing nuclear power and fuel fabrication facilities import
approximately 39% (2020) of their required uranium from Russia.
· After winning a second term in office during national elections,
President Macron cancelled the plan to close 12 reactors by 2035 and requested
the state-owned nuclear operator, EDF, to study the feasibility of prolonging
reactor lifespans beyond the statutory 50 years. In addition, his government
supports the construction of six European Pressurized Reactors by 2050.
· Belgium's Nuclear Research Centre (SCK CEN) announced in May that
it will soon begin working with international partners to evaluate the use
case for advanced reactors in Belgium. The agency said it is now operating
with a Belgian federal government issued €100 million budget, and allocated
€25 million per year for four years, to conduct in-depth research into new
nuclear units.
· A new survey carried out in Finland during the quarter shows that
support for nuclear power is at record highs across the country. The survey
noted that nuclear power favourability has been measured continually since
1983, and the latest results have beat all-time highs, as more than 60% of the
survey's respondents have a positive attitude towards nuclear power. 11% of
Finns have a negative stance toward nuclear energy, with 62% of respondents
noting that nuclear power is an important tool for combating climate change.
Finland's Green Party, part of the government coalition, voted to adopt a
fully pro-nuclear stance at its annual conference in May. The party manifesto
now states that nuclear is "sustainable energy" and demands the reform of
current energy legislation to streamline the approval process for small
modular reactors. It also supports licence extensions for existing nuclear
reactors. Finland's is the first Green Party to adopt such a position.
· In his comments before a conference held in the Guildhall-London
in June, Swedish MP, Mats Nordberg, emphasized that in order to help counter
the Russian aggression in Ukraine there is a need for "mutual assistance and
unity" and called for the restart of nuclear reactors and planning for new
reactors.
Nordberg observed that "The existing reactors, where possible, should continue
to work. We must also continue to plan the launch of new nuclear reactors to
make the European Union more self-sufficient in the field of energy
resources."
· Germany disclosed that it is reviewing all options at its
disposal to ensure the country's energy supply remains robust amid uncertainty
over Russian gas supply. The Economy Ministry stated in July that Germany may
extend the life of its three remaining nuclear power plants, as public support
increases in the face of growing energy shortages. The three plants - Isar 2,
Emsland and Neckarwestheim 2 - which made up 6% of Germany's power production
in the first quarter of 2022, are scheduled to close at the end of the year.
· The UK government released its national energy strategy policy
paper during the quarter outlining that nation's plans for enhanced energy
security. Under the energy policy, nuclear would provide up to 25% of the
country's electricity by 2050 from up to 24 GWe of nuclear generating
capacity. In order to support its ambitious commercial nuclear power goals,
the UK will establish the Great British Nuclear Vehicle designed to provide
support to nuclear projects "through every stage of the development process.
· China announced plans to construct a further six nuclear reactors
as the country pursues its Net Zero goals. During an executive meeting of the
State Council, approval was given for Sanmen units 3 and 4, Haiyang 3 and 4,
and Lufeng 5 and 6.
· Japan will have as many as nine nuclear power reactors in
operation this winter, stated Prime Minister Fumio Kishida. With five reactors
currently online, the move will boost combined capacity from nuclear to around
10% of the country's electricity needs. "We want to have ample capacity to
ensure a stable supply of electricity during peak times," Kishida said. "The
national government will take the lead" on restarting these reactors, "making
tenacious efforts to secure the understanding and cooperation of local
governments and other stakeholders."
· South Korea released its revised energy policy which sets the
goal of maintaining nuclear power's share of total electricity generation at a
minimum of 30% by 2030
Newly-elected President, Yoon Suk-yeol announced the construction of two
reactors would resume immediately. In its statement before the 30th State
Council meeting, the Ministry of Trade, Industry and Energy commented that in
response to the global goals of carbon neutrality and the Russia-Ukraine
conflict which threatens global energy security supply chains, "it is
imperative that new energy policy goals and directions are set to better
accomplish carbon neutral government projects and the expansion of nuclear
power."
Included in the energy policy are the goals of exporting 10 nuclear power
plants by 2030 as well as the development of a Korean small modular reactor
design.
Forward Looking Statements
Statements regarding plans with respect to Berkeley's mineral properties are
forward-looking statements. There can be no assurance that Berkeley's plans
for development of its mineral properties will proceed as currently expected.
There can also be no assurance that Berkeley will be able to confirm the
presence of additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of Berkeley
mineral properties. These forward-looking statements are based on Berkeley'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 Berkeley, which could cause actual
results to differ materially from such statements. Berkeley makes no
undertaking to subsequently update or revise the forward-looking statements
made in this announcement, to reflect the circumstances or events after the
date of that announcement.
Competent Persons Statement
The information in this report that relates to Exploration Results is based
on, and fairly represents, information compiled by Mr Enrique Martínez, a
Competent Person who is a Member of the Australasian Institute of Mining and
Metallurgy. Mr Martínez is Berkeley's Geology Manager and a holder of shares
and options in Berkeley. Mr Martínez has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr
Martínez consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears
The information in this report that relates to the DFS, Mineral Resources, Ore
Reserve Estimates, Mining, Uranium Preparation, Infrastructure, Production
Targets and Cost Estimation is extracted from the announcement entitled 'Study
confirms the Salamanca project as one of the world's lowest cost uranium
producers' dated 14 July 2016, which is available to view on Berkeley's
website at www.berkeleyenergia.com.
Berkeley 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 Mineral
Resources, Ore Reserve Estimate, 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 announcement have not been materially modified from the
original announcements.
To view this announcement in full, including all figures and illustrations,
please refer to www.berkeleyenergia.com (http://www.berkeleyenergia.com) .
Appendix 1: Mineral Resource at Salamanca
Deposit Resource Category Tonnes U(3)O(8) U(3)O(8)
Name (Mt) (ppm) (Mlbs)
Retortillo Measured 4.1 498 4.5
Indicated 11.3 395 9.8
Inferred 0.2 368 0.2
Total 15.6 422 14.5
Zona 7 Measured 5.2 674 7.8
Indicated 10.5 761 17.6
Inferred 6.0 364 4.8
Total 21.7 631 30.2
Alameda Indicated 20.0 455 20.1
Inferred 0.7 657 1.0
Total 20.7 462 21.1
Las Carbas Inferred 0.6 443 0.6
Cristina Inferred 0.8 460 0.8
Caridad Inferred 0.4 382 0.4
Villares Inferred 0.7 672 1.1
Villares North Inferred 0.3 388 0.2
Total Retortillo Satellites Total 2.8 492 3.0
Villar Inferred 5.0 446 4.9
Alameda Nth Zone 2 Inferred 1.2 472 1.3
Alameda Nth Zone 19 Inferred 1.1 492 1.2
Alameda Nth Zone 21 Inferred 1.8 531 2.1
Total Alameda Satellites Total 9.1 472 9.5
Gambuta Inferred 12.7 394 11.1
Salamanca Project Total Measured 9.3 597 12.3
Indicated 41.8 516 47.5
Inferred 31.5 395 29.6
Total (*) 82.6 514 89.3
Appendix 2: Summary of Mining Tenements
As at 30 June 2022, the Company had an interest in the following tenements:
Location Tenement Name Percentage Interest Status
Spain
Salamanca D.S.R Salamanca 28 (Alameda) 100% Granted
D.S.R Salamanca 29 (Villar) 100% Granted
E.C. Retortillo-Santidad 100% Granted
E.C. Lucero 100% Pending
I.P. Abedules 100% Granted
I.P. Abetos 100% Granted
I.P. Alcornoques 100% Granted
I.P. Alisos 100% Granted
I.P. Bardal 100% Granted
I.P. Barquilla 100% Granted
I.P. Berzosa 100% Granted
I.P. Campillo 100% Granted
I.P. Castaños 2 100% Granted
I.P. Ciervo 100% Granted
I.P. Conchas 100% Granted
I.P. Dehesa 100% Granted
I.P. El Águila 100% Granted
I.P. El Vaqueril 100% Granted
I.P. Espinera 100% Granted
I.P. Horcajada 100% Granted
I.P. Lis 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Pedreras 100% Granted
E.P. Herradura* 100% Granted
Cáceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
*An application for a 1-year extension at E.P. Herradura was previously
rejected however this decision has been appealed and the Company awaits the
decision regarding its appeal.
Appendix 3: Related Party Payments
During the quarter ended 30 June 2022, the Company made payments of $130,000
to related parties and their associates. These payments relate to existing
remuneration arrangements (director and consulting fees plus statutory
superannuation).
Appendix 4: Exploration and Mining Expenditure
During the quarter ended 30 June 2022, the Company made the following payments
in relation to exploration and development activities:
Activity $000
Radiological protection and monitoring (9)
Permitting related expenditure (including legal expenses) (266)
Consultants and other expenditure (196)
Return of VAT in Spain 32
Total as reported in the Appendix 5B (439)
There were no mining or production activities and expenses incurred during the
quarter ended 30 June 2022.
Appendix 5: Summary of Soil Sampling Results - I.P. Conchas
Sample ID Easting (m) Northing (m) Li (ppm) Sn (ppm) Nb (ppm) Ta (ppm)
49277 683,494 4,494,099 38 90 9.9 1.8
49278 683,704 4,494,104 32 14 6.7 1.3
49279 683,904 4,494,102 60 35 9.3 1.8
49280 684,116 4,494,094 82 14 8.7 1.4
49281 684,302 4,494,099 77 60 13.0 1.8
49282 684,499 4,494,099 49 300 15.2 4.3
49283 684,701 4,494,099 95 125 17.3 7.0
49284 685,098 4,494,093 95 29 12.3 1.9
49285 683,504 4,493,899 86 23 14.0 2.3
49286 683,504 4,493,899 89 20 14.6 2.2
49287 683,730 4,493,925 91 34 14.4 2.3
49288 683,902 4,493,897 73 71 13.6 2.6
49289 684,102 4,493,897 86 50 14.4 1.8
49290 684,298 4,493,899 57 29 14.6 2.2
49291 684,501 4,493,899 105 151 21.3 8.7
49292 684,706 4,493,901 78 27 12.6 2.3
49293 684,900 4,493,901 119 32 15.0 3.1
49294 685,097 4,493,900 98 42 13.2 2.9
49295 683,498 4,493,698 41 31 9.8 1.8
49296 683,697 4,493,705 40 23 13.4 2.2
49297 683,898 4,493,701 77 17 16.0 2.3
49298 684,098 4,493,701 58 21 10.2 1.5
49299 684,297 4,493,704 119 45 15.4 2.2
49300 684,297 4,493,704 125 46 15.5 2.2
49301 684,502 4,493,697 88 79 13.9 2.2
49302 684,700 4,493,704 76 80 11.4 2.0
49303 684,898 4,493,703 69 37 9.9 1.6
49304 684,898 4,493,703 81 75 13.2 2.2
49305 685,097 4,493,700 70 35 12.7 2.2
49306 683,496 4,493,498 52 35 10.8 1.9
49307 683,496 4,493,498 53 45 12.4 2.2
49308 683,704 4,493,499 43 28 10.9 1.8
49309 683,898 4,493,499 83 245 15.5 4.2
49310 684,099 4,493,499 59 29 9.2 1.4
49311 684,299 4,493,499 58 34 9.0 4.7
49312 684,499 4,493,499 45 24 10.1 4.3
49313 684,701 4,493,499 55 34 14.0 6.2
49314 683,701 4,493,297 37 22 10.2 5.9
49315 683,898 4,493,299 40 23 12.1 9.8
49316 684,089 4,493,302 42 65 10.1 5.2
49317 684,299 4,493,300 38 43 10.2 5.0
49318 684,507 4,493,302 55 217 17.6 8.8
Sample ID Easting (m) Northing (m) Li (ppm) Sn (ppm) Nb (ppm) Ta (ppm)
49319 684,705 4,493,304 37 70 4.7 1.5
49320 684,901 4,493,303 53 208 12.4 3.8
49321 685,099 4,493,297 108 28 11.7 1.6
49322 683,899 4,493,098 47 64 17.6 10.5
49323 684,099 4,493,104 44 43 9.2 6.3
49324 684,295 4,493,099 49 21 9.8 7.5
49325 684,504 4,493,100 48 91 13.0 8.5
49326 684,700 4,493,101 240 729 25.5 21.1
49327 684,897 4,493,095 70 428 19.6 13.1
49328 685,101 4,493,099 81 93 18.0 10.2
49329 683,898 4,492,901 43 37 12.2 2.2
49330 684,101 4,492,901 630 622 49.6 41.7
49331 684,304 4,492,904 580 353 36.9 23.5
49332 684,500 4,492,902 400 473 40.3 25.5
49333 684,702 4,492,902 219 128 39.5 25.8
49334 684,901 4,492,900 108 49 14.7 2.8
49335 685,094 4,492,898 45 111 10.5 2.9
49336 683,901 4,492,702 41 40 10.6 1.9
49337 684,099 4,492,700 39 24 7.7 1.6
49338 684,296 4,492,700 53 58 12.2 2.9
49339 684,296 4,492,700 54 63 11.6 2.8
49340 684,501 4,492,700 96 155 13.9 9.0
49341 684,701 4,492,700 121 177 23.0 11.3
49342 684,901 4,492,703 110 104 14.6 3.6
49343 685,097 4,492,700 34 56 13.5 2.9
49344 684,101 4,492,497 35 72 10.2 2.2
49345 684,301 4,492,501 450 251 28.6 18.0
49346 684,497 4,492,496 171 198 21.2 10.5
49347 684,696 4,492,501 72 261 17.4 7.7
49348 684,902 4,492,504 98 81 18.4 5.8
49349 685,097 4,492,502 35 102 13.5 2.6
49350 684,112 4,492,296 65 128 12.7 3.5
49351 684,304 4,492,300 76 76 10.7 4.2
49352 684,304 4,492,300 86 68 11.2 4.2
49353 684,494 4,492,298 128 196 18.2 9.7
49354 684,494 4,492,298 151 256 22.5 13.3
49355 684,700 4,492,298 139 209 24.6 7.5
49356 684,903 4,492,301 26 85 11.6 2.7
49357 685,101 4,492,297 34 54 16.0 3.5
49358 684,301 4,492,100 980 1200 92.6 83.3
49359 684,501 4,492,106 270 219 24.3 10.6
49360 684,701 4,492,097 52 76 12.3 4.0
49361 684,891 4,492,102 30 56 11.8 3.2
Sample ID Easting (m) Northing (m) Li (ppm) Sn (ppm) Nb (ppm) Ta (ppm)
49362 685,101 4,492,104 21 42 13.0 2.5
49363 684,714 4,491,904 53 18 12.3 1.7
49364 684,899 4,491,905 17 20 11.2 2.0
49365 685,100 4,491,898 48 231 27.7 43.0
49366 685,201 4,493,389 95 37 14.8 2.3
49367 685,199 4,493,203 116 48 17.4 2.5
49368 685,396 4,493,199 52 50 12.7 2.4
49369 685,598 4,493,199 41 170 17.4 4.3
49370 685,202 4,493,003 48 84 8.3 2.1
49371 685,399 4,493,001 42 65 13.3 2.3
49372 685,595 4,492,998 47 95 16.2 3.6
49373 685,205 4,492,798 41 34 12.8 2.1
49374 685,205 4,492,798 44 105 14.3 3.3
49375 685,397 4,492,800 42 70 14.3 3.1
49376 685,600 4,492,797 42 107 15.2 3.2
49377 685,203 4,492,604 34 32 12.2 2.3
49378 685,402 4,492,601 38 42 14.2 2.4
49379 685,602 4,492,599 37 66 14.0 3.4
49380 685,199 4,492,403 33 72 14.0 3.1
49381 685,402 4,492,399 34 96 16.0 4.5
49382 685,601 4,492,404 42 162 16.6 3.3
49383 685,201 4,492,200 25 29 10.8 2.7
49384 685,400 4,492,202 51 554 27.6 11.0
49385 685,595 4,492,198 32 106 14.5 5.2
49386 685,197 4,491,996 45 146 17.9 4.8
49387 685,368 4,491,956 37 87 13.8 3.1
49388 685,596 4,491,997 33 85 15.4 3.7
49389 685,596 4,491,997 33 108 12.7 2.8
49390 685,196 4,491,798 36 54 17.6 3.6
49391 685,398 4,491,798 33 85 16.2 3.5
49392 685,597 4,491,799 25 50 11.2 2.6
Appendix 6: JORC Code, 2012 Edition - Table 1 Report
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific The I.P. Conchas sampling includes 116 soil and QA/QC samples. Soil samples
specialised industry standard measurement tools appropriate to the minerals are collected over igneous rocks of the Guarda Batholith (Vilar
under investigation, such as down hole gamma sondes, or handheld XRF Formoso-Fuentes de Oñoro sector) at the grass root zone, between 15cm and
instruments, etc). These examples should not be taken as limiting the broad 20cm depth. One sample is collected at each location.
meaning of sampling.
Include reference to measures taken to ensure sample representivity and the Field duplicate samples are inserted to assess the variability of the
appropriate calibration of any measurement tools or systems used. mineralisation. Approximately 10% of all samples relate to quality control. In
addition, the laboratories undertake their own duplicate sampling as part of
their internal QA/QC processes. Examination of the QA/QC sample data indicates
satisfactory performance of field sampling protocols and assay laboratories
providing acceptable levels of precision and accuracy.
Aspects of the determination of mineralisation that are Material to the Public Soil samples are collected between 15cm and 20cm depth using a small shovel.
Report. In cases where 'industry standard' work has been done this would be The average weight per sample is approximately 0.5kg. One sample is collected
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m at each location.
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, No drilling completed.
auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc).
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results No drilling completed.
assessed.
Measures taken to maximise sample recovery and ensure representative nature of No drilling completed.
the samples.
Whether a relationship exists between sample recovery and grade and whether No drilling completed.
sample bias may have occurred due to preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have been geologically and geotechnically logged No drilling completed.
to a level of detail to support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean, A short field description of each soil sample was collected, including colour
channel, etc) photography. and regolith.
The total length and percentage of the relevant intersections logged. No drilling completed.
Sub-sampling techniques If core, whether cut or sawn and whether quarter, half or all core taken. No drilling completed.
and sample preparation If non-core, whether riffled, tube sampled, rotary split, etc and whether Soil samples sieved and collected dry to slightly moist. Samples are allowed
sampled wet or dry. to air dry before being sent to the laboratory.
For all sample types, the nature, quality and appropriateness of the sample Samples are sent to ALS laboratory for preparation. Samples are pulverised
preparation technique. with at least 85% of the sample passing 75µm. 0.2g of sample is used for
analysis by ICP method. This is considered appropriate for this style of
mineralisation.
Quality control procedures adopted for all sub-sampling stages to maximise The laboratory reports results for internal standards, duplicates, prep
representivity of samples. duplicates and blanks.
Measures taken to ensure that the sampling is representative of the in situ Field duplicates are inserted into sample batches at a frequency of
material collected, including for instance results for field approximately 10%.
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being The sample weights average 0.4kg, this is considered appropriate for the
sampled. material being sampled.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory Analysis is by ALS Method ME-MS89LTM, which uses a sodium peroxide fusion with
procedures used and whether the technique is considered partial or total. ICP finish. The method is considered a total technique with 53 elements
reported.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the No geophysical surveys conducted.
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards, blanks, Field duplicates are regularly inserted into the sample stream with
duplicates, external laboratory checks) and whether acceptable levels of approximately 10% of all samples related to quality control. The external
accuracy (ie lack of bias) and precision have been established. laboratories used also maintain their own process of QA/QC utilising
standards, pulp repeats, sample duplicates and blanks.
Review of Berkeley's quality control samples, as well as the external
laboratory quality QA/QC reports, has shown no sample preparation issues,
acceptable levels of accuracy and precision and no bias in the analytical
datasets.
Verification of sampling and assaying The verification of significant intersections by either independent or No drilling completed.
alternative company personnel.
The use of twinned holes. No drilling completed.
Documentation of primary data, data entry procedures, data verification, data All primary data is recorded in templates designed by Berkeley. Assay data
storage (physical and electronic) protocols. from the external laboratory is received in spreadsheets and downloaded
directly into the spreadsheet. Data is entered into controlled excel templates
for validation.
GPS locations are downloaded directly to a GIS platform and then copy and
paste in the master spreadsheet.
Discuss any adjustment to assay data. None applied.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and Soil sample locations were collected using a handheld GPS unit which has an
down-hole surveys), trenches, mine workings and other locations used in accuracy of approximately +/- 5m.
Mineral Resource estimation.
Specification of the grid system used. The grid system is ETRS 1989 UTM Zone 29N.
Quality and adequacy of topographic control. Topographic control is based on a digital terrain model with sub metric
accuracy sourced from the Spanish Geographical Institute (Instituto
Geográfico Nacional).
Data spacing and distribution Data spacing for reporting of Exploration Results. I.P. Conchas soil samples collected on approximately 200 x 200m grid.
Whether the data spacing and distribution is sufficient to establish the Existing data not applicable to estimate mineral resources.
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied. No compositing applied.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible Shallow parts of the deposit show that the mineralised zone is rounded without
structures and the extent to which this is known, considering the deposit preferred direction. Grid sampling is oriented NS-EW.
type.
If the relationship between the drilling orientation and the orientation of No drilling completed.
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material.
Sample security The measures taken to ensure sample security. Chain of custody is managed by Berkeley. Samples are transported from the
sample site by Company vehicle to a sample preparation shed where samples are
prepared for dispatch. Samples are sent directly from the sample preparation
shed to the laboratory using a certified courier. Sample submission forms are
sent in paper form with the samples as well as electronically to the
laboratory. Reconciliation of samples occurs prior to commencement of sample
preparation for assaying.
Audits or reviews The results of any audits or reviews of sampling techniques and data. None completed.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or The Conchas Prospect lies on the Investigation Permit Conchas, PI 6,930, which
material issues with third parties such as joint ventures, partnerships, is 100% owned by Berkeley Minera España S.L., a wholly owned subsidiary of
overriding royalties, native title interests, historical sites, wilderness or Berkeley Energia Limited.
national park and environmental settings.
The I.P. Conchas is currently in the second year of its third three-year term,
and will expire on 22 October 2023.
No historical sites, wilderness or national parks are located within the
Permit. The Conchas Prospect is located adjacent to the Spain-Portugal
boundary and to the village of Fuentes de Oñoro.
The security of the tenure held at the time of reporting along with any known Tenure in the form of an Investigation Permit has been granted and is
impediments to obtaining a licence to operate in the area. considered secure. There are no known impediments to obtaining a licence to
operate in this area.
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Previous exploration at Conchas was completed initially by Billiton PLC, for
tin and tantalum, between 1981 to 1983. Work completed by Billiton included
mapping, pit sampling, trenching and drilling.
Geology Deposit type, geological setting and style of mineralisation. The lithium, tin and tantalum mineralisation is hosted in a muscovitic
leucogranite (aplopegmatite), quite differentiated, belonging to the Guarda
Batholith (Vilar Formoso-Fuentes de Oñoro sector). The regional rock is some
monzonitic and granodiorite granites, of calc-alkaline character and
considered as late. These are two mica granites, although biotite
predominates. Locally they can present andalusite as an accessory mineral, and
also apatite, zircon (included in biotite), cordierite (totally pinitized,
altered to muscovite), sphene and rutile (in needles in biotite).
The mineralisation occupies a surface area of about 0.77km(2), that is,
approximately 1.1km long by 0.7km wide. It presents a millimetric
mineralization of cassiterite and columbo-tantalite distributed homogeneously
throughout its surface. Lithium mineralisation is not yet known to which
mineral it is associated.
Drill hole Information A summary of all information material to the understanding of the exploration No drilling completed.
results including a tabulation of the following information for all Material
drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
If the exclusion of this information is justified on the basis that the No drilling completed.
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum Not applicable.
and/or minimum grade truncations (eg cutting of high grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high grade results and Not applicable.
longer lengths of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be Not applicable.
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Not applicable.
Results. If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should Not applicable.
be a clear statement to this effect (eg 'down hole length, true width not
known').
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts Appropriate diagrams are included in the main body of this report.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, All results are reported in Appendix 5 of this report.
representative reporting of both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported All meaningful and material data reported.
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work The nature and scale of planned further work (eg tests for lateral extensions Further work planned for the Conchas Prospect will include drilling focused on
or depth extensions or large-scale step-out drilling). testing the soil sampling anomalies.
Diagrams clearly highlighting the areas of possible extensions, including the These are shown in the main body of this report.
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
40 052 468 569 30 June 2022
Consolidated statement of cash flows Current quarter Year to date
$A'000
(12 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (439) (2,812)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (550) (1,375)
(e) administration and corporate costs (220) (1,017)
1.3 Dividends received (see note 3) - -
1.4 Interest received 4 20
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) (17) (29)
(50)
(196)
(a) Business Development
(b) Litigation
1.9 Net cash from / (used in) operating activities (1,272) (5,409)
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 - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities - -
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 - -
3.4 Transaction costs related to issues of equity securities or convertible debt - (93)
securities
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) - -
3.10 Net cash from / (used in) financing activities - (93)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 75,151 79,064
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,272) (5,409)
4.3 Net cash from / (used in) investing activities (item 2.6 above) - -
4.4 Net cash from / (used in) financing activities (item 3.10 above) - (93)
4.5 Effect of movement in exchange rates on cash held 6,063 6,380
4.6 Cash and cash equivalents at end of period 79,942 79,942
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 79,892 75,101
5.2 Call deposits 50 50
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 79,942 75,151
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included (130)
in item 1
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 at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to 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.
Not
app
lic
abl
e
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (1,272)
8.2 (Payments for exploration & evaluation classified as investing activities) -
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,272)
8.4 Cash and cash equivalents at quarter end (item 4.6) 79,942
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 79,942
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) >10
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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: 29 July 2022
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.
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