Berkeley Energia - Quarterly Report September 2022
27/10/2022 07:00
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RNS Number : 2729E Berkeley Energia Limited 27 October 2022
BERKELEY ENERGIA
NEWS RELEASE | 27 October 2022
Quarterly Report September 2022
Highlights:
· Global Nuclear Power and Uranium Market:
The outlook for nuclear power and the uranium market continued to strengthen
during the quarter.
Selected recent nuclear reactor activity included the following:
· Belgium - previously set to shut down reactors in 2024 have now been
approved to continue operations until 2035.
· Finland - Finnish Energy company, Fortum, is seeking an extension on
both of its power plant units until 2050; if approved Fortum would invest an
estimated €1.0 billion.
· France - French regulator has approved the extension of 32 reactors
totalling 900MWe for 10 years beyond the initially planned 40 years lifespan.
Investment in the extension is estimated to total €49.4 billion by 2025.
· Germany - announced it will keep all three of its nuclear plants
operating until April 2023 to ensure the country's energy supply remains
robust amid uncertainty over Russian gas supply.
· UK - Following increasing emphasis on nuclear power from the UK
government, EDF has awarded work contracts for a 20-year life extension study
at its Sizewell B nuclear power plant, previously scheduled for decommission
in 2035.
· South Korea - The Yoon administration is seeking a 10-year extension
of its power plants, extending the license to operate from 2023 to 2033.
Other developments in the uranium market during the quarter included:
· Spot volumes of U(3)0(8) have reportedly declined, standing at 47
million pounds for Q1-Q3 2022 versus 78 million pounds for the same period in
2021. Term contract volumes, however, have increased from 56 million pounds
for all of 2021 to 80 million pounds year to date, with US utilities again
re-entering the market and current term prices of US$49 per pound to US$53 per
pound for existing producers, with miners restarting production typically
seeking over US$55 per pound. Marginal producers are seeking US$65 per pound.
· Kazatomprom revised its 2024 production volumes down 10% compared
to the Subsoil Use Contract level of 28,691 tonnes of uranium (up from -20% in
2023). The move is a continuation of Kazatomprom's production disciplines and
factors in the challenges that the company is expecting to see in terms of
global supply chains and limited availability of certain material and
reagents. This decision could remove ~3,500 tonnes of uranium from global
primary supply in 2024, a positive for the uranium market dynamics.
· 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.
· The European Union Parliament voted to include both natural gas and
nuclear power as green investments under the Taxonomy Complementary Climate
Delegated Act ("CDA"). On 6 July, by a vote of 328-278, the EU Parliament
rejected a motion to veto the CDA, thus allowing the sustainable finance
taxonomy to enter force expected on 1 January 2023.
· The Government of Australia, Resources and Energy June's quarterly
report projected spot uranium prices of ~US$60 per pound and long-term
contract prices of US$68 per pound by 2024. Under their supply/demand
scenarios the uranium market requires uranium prices above US$60 per pound to
avoid a prolonged supply shortfall beyond 2024.
The Uranium spot price closed at US$48.50 per pound at the end of September
2022, slightly down from June's closing of US$49.00 per pound with the spot
market volume also moderately less.
Longer-term uranium price indicators remained stable and closed at the end of
September at US$49.00 per pound (Long-Term); US$54.50 per pound (3-year
forward price); and US$58.25 per pound (5-year forward price).
· Project Update
A study evaluating the design, permitting, construction and operation of a
solar power system at the Retortillo site has recently been initiated.
The Company continued its strong engagement with key stakeholders at a local,
regional and federal level in Spain during the quarter.
· Exploration
A drilling program, comprising six reverse circulation ("RC") holes for a
total of 395m, has been designed to test the tin-lithium anomaly defined by
soil sampling at Company's Investigation Permit Conchas. The drilling program
is scheduled to commence in early November, with assay results anticipated
towards the end of the December quarter.
· Balance Sheet
The Company is in a strong financial position with A$83 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 Energia
Limited ("Berkeley" or "Company") published the results of a robust Definitive
Feasibility Study ("DFS") for Salamanca confirming that the Project may be one
of the world's lowest cost producers, capable of generating strong after-tax
cash flows.
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$83 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 quarter, the Company's Environmental Management and Mining
Sustainable System ("SGAMS") was audited by an independent group against the
requirements of ISO Standards 14001 and UNE 22470-80 and passed successfully
with a number of strengths highlighted, including environmental awareness and
commitment to sustainability.
Berkeley is committed to sustainable development and 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.
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.
Berkeley has recently initiated a study evaluating the design, permitting,
construction and operation of a solar power system at the Retortillo site.
Proposals have been requested from three Spanish engineering firms who
specialise in solar power systems.
The Company continued its strong engagement with key stakeholders at a local,
regional and federal level in Spain during the quarter.
Exploration:
During the quarter, 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 (Figure 1).
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.
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 (lithium was not taken
into account) and comprised regional and detailed geological mapping,
geochemistry, trenching and limited drilling.
The results of Berkeley's soil sampling program are encouraging and the
Company has now completed the process of verifying, evaluating and
incorporating the additional historical information contained in the Billiton
report.
The next phase of exploration activity to assess the tin-lithium anomaly will
include the drilling of six reverse circulation ("RC") holes for a total of
395m. The drilling program is scheduled to commence in early November, with
assay results anticipated towards the end of the December quarter.
Additional Information on the Global Nuclear Power and Uranium Market:
The outlook for nuclear power and the uranium market strengthened further
during the quarter, with a number of important recent developments, including:
· It was reported that Britons are increasingly supportive of
nuclear energy. Between late 2019 and summer 2021, Britons were divided on
using nuclear power, with around 40% over that time period supporting its use,
with a similar number opposing it. Since then, support has increased with
almost half (48%) of Britons now backing the use of nuclear energy, compared
with 31% who are opposed. Over the same time period, the number of Britons who
say nuclear power is the source they support most for helping meet the UK's
future energy needs has risen from 16% to 24%.
· Germany has announced that it will keep all three of its nuclear
plants operating until April 2023 to deal with any shortfall electricity over
the winter. The reactors have 1.4GW - 1.34GW of capacity respectively. This is
a short term positive from a sentiment perspective but has a minimal impact on
uranium demand over the longer term as it just marginally delays Germany's
exit from nuclear.
· The incoming government in Sweden has been taking a more positive
stance on nuclear energy and is calling on the Swedish state-owned energy
company to look into the restart of two reactors that were closed in 2019 and
2020. In addition, the energy company is being asked to immediately start
planning for new nuclear capacity at the current reactor site plus also at
other suitable locations. The Swedish radiation safety authority has also been
asked to suggest how the permitting process for new nuclear can be materially
shortened. Sweden currently generates 40% of its power from six nuclear
reactors.
· Westinghouse Electric Company and ENUSA announced an expansion of
their long-standing partnership on water-water energetic reactor ("VVER") fuel
fabrication. The declaration of intent, announced during World Nuclear
Symposium 2022, demonstrates the companies' mutual commitment to energy
security throughout Europe "in an especially difficult context", ENUSA
President and CEO Mariano Moreno said: "The companies have partnered since
1974 via a technology transfer agreement and delivered 750 VVER fuel
assemblies to the Loviisa Nuclear Plant in Finland between 2002 and 2007.
There are currently 16 nuclear reactors in Europe operating with VVER fuel and
utilities are actively looking for alternatives to Russian-supplied fuel"
· A group of Swiss politicians has formed "Stop Blackouts", which will
launch a petition seeking a revision to the country's energy policy to
guarantee adequate power supplies and keep nuclear as part of the mix.
Switzerland plans to close its five nuclear reactors following a 2017 decision
prompted by safety concerns after the 2011 Fukushima incident and has already
shut one reactor. 'We cannot go without nuclear power plants,' is what Stop
Blackouts are campaigning.
· Rolls-Royce SMR has signed an exclusive agreement with Dutch nuclear
energy development company ULC-Energy BV to collaborate on the deployment of
Rolls-Royce small modular reactor power plants in the Netherlands.
· Japan's Prime Minister, Fumio Kushida, has indicated the country may
need to shift policy to increase the amount of nuclear power in its energy mix
both to diversify its energy supply and to achieve its goal of being carbon
neutral by 2050. Japan has 33 'operable' reactors and was generating 30% of
its power from nuclear power prior to Fukushima in 2011. Of these, 10 have
permission to restart. A further 17 reactors have applied for permission to
restart with the Japanese government is also looking at options to extend
reactor lives beyond the current 60 year maximum.
· The newly signed US Inflation Reduction Act's support for clean
energy policies - when taken in combination with the Bipartisan Infrastructure
Law - will help drive the USA's 2030 economy-wide greenhouse gas emissions to
40% below 2005 levels and get the country "a significant way" towards its
overall 2030 climate goals, according to a preliminary assessment issued by
the US Department of Energy. The wide-ranging act, which was signed into law
by President Biden during the quarter, includes support for existing and new
nuclear, as well as the development of domestic sources of high-assay
low-enriched uranium to fuel small modular reactors.
· There has been a significant increase in support for nuclear energy
in Slovakia since 2015, a public opinion poll conducted by the Slovak Society
for Foreign Policy and utility Slovenské Elektrárne shows. The development
of nuclear energy is supported by about 70% of Slovaks, which is an increase
of almost 12% since 2015.
· During the quarter, China committed to develop six new reactors
and Russia to build 16 by 2035. The UK, South Korea and France also
recommitted nuclear power with the EU including nuclear in its renewable
finance taxonomy as discussed above. Egypt approved the development of four
reactors over the next decade with Saudi looking to develop up to 17GW of
nuclear capacity.
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 the Mineral Resource Estimate
is extracted from the announcement entitled 'Annual Report 2022' dated 31
August 2022, 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 Resource Estimate 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 announcement.
The information in this report that relates to Exploration Results is
extracted from the announcement entitled 'Quarterly Report June 2022' dated 29
July 2022, 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 Exploration Results 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 announcement.
To view this announcement in full, including all illustrations and 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 30 September 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 September 2022, the Company made payments of
$184,000 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 September 2022, the Company made the following
payments in relation to exploration and development activities:
Activity $000
Radiological protection and monitoring 18
Permitting related expenditure (including legal defence expenses) 228
Consultants and other expenditure 245
Return of VAT in Spain (81)
Total as reported in the Appendix 5B 410
There were no mining or production activities and expenses incurred during the
quarter ended 30 September 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 30 September 2022
Consolidated statement of cash flows Current quarter Year to date
$A'000
(3 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (410) (410)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (215) (215)
(e) administration and corporate costs (204) (204)
1.3 Dividends received (see note 3) - -
1.4 Interest received 10 10
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) (7) (7)
(a) Business Development (91) (91)
(b) Preparation of Prospectus
1.9 Net cash from / (used in) operating activities (917) (917)
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 - -
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 - -
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 79,942 79,942
4.2 Net cash from / (used in) operating activities (item 1.9 above) (917) (917)
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) - -
4.5 Effect of movement in exchange rates on cash held 4,546 4,546
4.6 Cash and cash equivalents at end of period 83,571 83,571
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 83,521 79,892
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) 83,571 79,942
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 (184)
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) (917)
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) (917)
8.4 Cash and cash equivalents at quarter end (item 4.6) 83,571
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 83,571
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: 27 October 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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