Berkeley Energia - Quarterly Report March 2022
29/04/2022 07:00
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RNS Number : 7926J Berkeley Energia Limited 29 April 2022
BERKELEY ENERGIA
NEWS RELEASE | 29 April 2022
Quarterly Report March 2022
Highlights:
· Settlement of OIA Claim:
Subsequent to the end of the quarter, Berkeley Energia Limited ("Berkeley" or
the "Company") announced that the claims brought against the Company by
Singapore Mining Acquisition Co Pte Ltd (a subsidiary of the Oman Investment
Authority ("OIA"), formerly the State General Reserve Fund of Oman) in
relation to the investment agreement and convertible note ("Claim") had been
settled with the parties agreeing to discontinue legal proceedings in the
Supreme Court of Western Australia.
The settlement of the Claim was achieved following the sale of 186,814,815
fully paid ordinary shares issued to OIA in November 2021, via a fixed-price
bookbuild at a price of A$0.35 per share executed as a Special Crossing on ASX
to clients of Argonaut Securities that included several specialist natural
resources funds and a broad array of high-quality investors based in
Australia and overseas.
· 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 response to the Russian invasion of Ukraine and the concern
regarding import bans on Russian oil and gas being expanded to uranium, which
has also seen electricity prices in Spain increase by more than 10x compared
to a year ago, with similar price hikes seen across Europe, causing mass
social and economic unrest.
· Spain's main opposition party, Partido Popular ("PP"), has
outlined its economic proposals to deal with the double crisis that the
country is suffering, the increase in prices and the loss of purchasing power
of families. 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 have been 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.
· France vowing to build more nuclear reactors to meet climate
goals, with President Macron stating, "To guarantee France's energy
independence, to guarantee our country's electricity supply, and to reach our
goals -- notably carbon neutrality in 2050 -- we will for the first time in
decades revive the construction of nuclear reactors in our country, and
continue to develop renewable energy."
· Germany disclosing that it is reviewing all options at its
disposal to ensure the country's energy supply remains robust amid uncertainty
over Russian gas supply.
· Belgium decided to postpone its nuclear phase-out scheduled for
2025 by 10 years, worried about soaring energy prices due to the Russian
invasion of Ukraine. The federal government decided to take the necessary
measures to extend the life of the two most recent nuclear reactors by 10
years.
· The Czech Republic has launched a tender to build a new reactor
at the Dukovany nuclear plant as the country aims to increase its reliance on
nuclear power generation. The project's estimated cost of approximately 6
billion euros (USU$6.4 billion) is the biggest single investment in the Czech
Republic.
· Korea Hydro and Nuclear Power announced it submitted a business
proposal to Poland's Ministry of Climate and Environment for the construction
of the country's first nuclear power plant. The Polish government aims to
deploy up to six large reactors at multiple sites in the country by 2040, with
the first to begin operating in 2033.
· British Prime Minister Boris Johnson has announced plans to build
more nuclear power plants as part of a bid to reduce the UK's dependence on
Russian energy following the invasion of Ukraine. The UK government plans to
boost "long-term energy independence, security and prosperity" by building
eight new nuclear reactors by 2050 and tripling its production of nuclear
energy to a quarter of projected electricity demand.
· Kazakhstan reported that it is actively exploring a wide range of
reactor offerings from six international suppliers. If constructed the nuclear
plant could cost up to US$5 billion depending on design and sizing selected,
but there is no current published timeline on the decision-making process.
· The U.S. Department of Energy ("DOE") released a Notice of Intent
and Request for Information in support the implementation of the bipartisan
infrastructure law's US$6 billion civil nuclear credit program. The release
also stated that "Nuclear power currently provides 52% of the U.S.'s 100%
clean electricity, and that the Biden-Harris Administration has identified a
current fleet of 93 reactors as a vital resource to achieve net-zero emissions
economy-wide by 2050."
· In late March 2022, the National Opportunity to Restore National
Uranium Supply Services in America (NO RUSSIA) Act of 2022 was introduced to
seek authorisation for the DOE to establish a national strategic uranium
reserve. The Act will also increase domestic uranium production, conversion
and enrichment to ensure U.S nuclear reactors have sufficient fuel to continue
operating.
The Uranium spot price closed at US$58.20 per pound at the end of March 2022,
an increase of over 20% during the quarter. In April 2022, the Uranium spot
price continued to rise and reached a high of US$63.60 per pound.
Longer-term uranium price indicators also increased in March ending at
US$48.00 per pound (Long-Term); US$56.00 per pound (3-year forward price); and
US$58.00 per pound (5-year forward price).
· Balance Sheet
The Company is in a strong financial position with A$75 million in cash
reserves and no debt.
For further information please contact:
Robert
Behets
Franciso Bellón
Acting Managing Director
Chief Operations Officer
+61 8 9322
6322
+34 91 555 1380
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),
Environmental Management (ISO 14001), and Health and Safety (OHSAS 18001)
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$75 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 March 2022 quarter, the Company has measured and reported its
performance against the planned 2021 objectives in the areas of health,
safety, environment and sustainability.
Sustainability is the ability to meet the needs of the present without
compromising the requirements of future generations, guaranteeing a balance
between economic growth, care for the environment and social welfare.
Berkeley is committed to sustainable development, that is, to progressing in a
balanced way. To guarantee compliance with this commitment, the Company has
implemented the Environmental and Sustainable Management Systems, which
through its sustainability indicators assesses the degree of sustainable
performance. The UNE 22470-80 standard for Sustainable Mining Management has
established 55 indicators that are certified annually. Of the 55 indicators of
the UNE 22470-80 Standard, 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 has initiated a new 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.
Settlement of OIA Claim:
Subsequent to the end of the quarter, Berkeley announced that the Claim
brought against the Company OIA 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.
The settlement of the Claim was achieved following the sale of 186,814,815
fully paid ordinary shares issued to OIA in November 2021 on conversion of the
convertible note, via a fixed-price bookbuild at a price of A$0.35 per share
executed as a Special Crossing on ASX to clients of Argonaut Securities that
included several specialist natural resources funds and a broad array of
high-quality investors, based in Australia and overseas.
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 response to the Russian invasion of Ukraine and the concern
regarding import bans on Russian oil and gas being expanded to uranium which
has also seen electricity prices in Spain increase by more than 10x compared
to a year ago, with similar price hikes seen across Europe, causing mass
social and economic unrest.
· The leader of Spain's main opposition party, Partido Popular
("PP"), has outlined his economic proposals to deal with the double crisis
that the country is suffering, the increase in prices and the loss of
purchasing power of families. The actions include the resurrection of nuclear
power in Spain, along with a powerful fiscal package, specific measures to
lower the electricity bill, and the rationalisation of public spending.
PP's economic plan proposes to give a new life to the nuclear power plants in
Spain and "extend 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. Its objective is that the reactors
can operate for up to 60 years (20 years more than at present) under the
supervision and approval of the NSC.
· Security of supply concerns have been 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.
· France vowing to build more nuclear reactors to meet climate
goals, with President Macron stating, "To guarantee France's energy
independence, to guarantee our country's electricity supply, and to reach our
goals -- notably carbon neutrality in 2050 -- we will for the first time in
decades revive the construction of nuclear reactors in our country, and
continue to develop renewable energy."
· Belgium decided to postpone its nuclear phase-out scheduled for
2025 by 10 years, worried about soaring energy prices due to the Russian
invasion of Ukraine. The federal government decided to take the necessary
measures to extend the life of the two most recent nuclear reactors by 10
years. The Belgian government's strategy consists of "extending by 10 years"
the life of the nuclear reactors of Doel 4 and Tihange 3, which means they
will remain operational until 2035.
· The Czech Republic has launched a tender to build a new reactor
at the Dukovany nuclear plant as the country aims to increase its reliance on
nuclear power generation. Three companies, U.S. Westinghouse, France's EDF
and Korea's KHNP, have passed a Czech government security appraisal and are
expected to bid for the lucrative project. The project's estimated cost of
approximately 6 billion euros (US$6.4 billion) is the biggest single
investment in the Czech Republic.
· Korea Hydro and Nuclear Power announced it submitted a business
proposal to Poland's Ministry of Climate and Environment for the construction
of the country's first nuclear power plant. The Polish government aims to
deploy up to six large reactors at multiple sites in the country by 2040, with
the first to begin operating in 2033. In October last year, France's EDF made
an offer to the Polish government to build as many as six EPR units, with
Westinghouse of the USA also expected to make a proposal for its AP1000
design.
· British Prime Minister Boris Johnson has announced plans to build
more nuclear power plants as part of a bid to reduce the UK's dependence on
Russian energy following the invasion of Ukraine. The UK government plans to
boost "long-term energy independence, security and prosperity" by building
eight new nuclear reactors by 2050 and tripling its production of nuclear
energy to a quarter of projected electricity demand.
· Germany disclosing that it is reviewing all options at its
disposal to ensure the country's energy supply remains robust amid uncertainty
over Russian gas supply.
· Kazakhstan reported that it is actively exploring a wide range of
reactor offerings from six international suppliers being NuScale Power (U.S.),
GE-Hitachi (U.S. - Japan), KHNP (South Korea), CNNC (China), Rosatom (Russia)
and EDF (France). If constructed the nuclear plant could cost up to US$5
billion depending on design and sizing selected, but there is no current
published timeline on the decision-making process.
· During the quarter the DOE released a Notice of Intent and
Request for Information in support the implementation of the bipartisan
infrastructure law's US$6 billion civil nuclear credit program. The release
also stated that "Nuclear power currently provides 52% of the U.S.'s 100%
clean electricity, and that the Biden-Harris Administration has identified a
current fleet of 93 reactors as a vital resource to achieve net-zero emissions
economy-wide by 2050."
· in late March, the National Opportunity to Restore National
Uranium Supply Services in America (NO RUSSIA) Act of 2022 was introduced to
seek authorisation for the DOE to establish a national strategic uranium
reserve. It will also increase domestic uranium production, conversion and
enrichment to ensure U.S nuclear reactors have sufficient fuel to continue
operating.
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 announcement 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, 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 31 March 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
Badajoz I.P. Don Benito Este 100% Granted
I.P. Don Benito Oeste 100% Granted
During the quarter ended 31 March 2022, no tenements were issued, expired or
lapsed during the quarter. There were no other changes to beneficial interest,
acquired or disposed of, in any mining tenements due to farm-in or farm-out
agreements. Subsequent to the end of the quarter, Investigation Permits Don
Benito Este and Don Benito Oeste lapsed following a decision by the Company to
relinquish the permits. 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 31 March 2022, the Company made payments of $75,000
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 31 March 2022, the Company made the following
payments in relation to exploration and development activities:
Activity $000
Radiological protection and monitoring (248)
Permitting related expenditure (including legal expenses) (277)
Consultants and other expenditure (304)
Return of VAT in Spain 96
Total as reported in the Appendix 5B (733)
There were no mining or production activities and expenses incurred during the
quarter ended 31 March 2022.
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 31 March 2022
Consolidated statement of cash flows Current quarter Year to date
$A'000
(9 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (733) (2,374)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (253) (825)
(e) administration and corporate costs (131) (797)
1.3 Dividends received (see note 3) - -
1.4 Interest received 4 16
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) (9) (11)
(128)
(146)
(a) Business Development
(b) Litigation
1.9 Net cash from / (used in) operating activities (1,250) (4,137)
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 78,621 79,064
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,250) (4,137)
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 (2,220) 317
4.6 Cash and cash equivalents at end of period 75,151 75,151
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 75,101 78,571
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) 75,151 78,621
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 (75)
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) (1,250)
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) (1,250)
8.4 Cash and cash equivalents at quarter end (item 4.6) 75,151
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 75,151
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) >10
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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: 29 April 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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