Berkeley Energia - September 2023 Quarterly
30/10/2023 07:00
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RNS Number : 6316R Berkeley Energia Limited 30 October 2023
BERKELY ENERGIA LIMITED
NEWS RELEASE | 30 October 2023
Quarterly Report September 2023
Highlights:
· Project Update
Whilst Berkeley Energia's (Berkeley or Company) focus is on resolving the
current permitting situation, and ultimately advancing the Salamanca project
towards production, the Company will continue to strongly defend its position
and take all necessary actions to preserve its rights.
The Company has submitted a contentious-administrative appeal before the
Spanish National Court following notification from the Ministry for Ecological
Transition and the Demographic Challenge (MITECO) in relation to the rejection
of the administrative appeal filed by the Company against MITECO's rejection
of the Authorisation for Construction for the uranium concentrate plant as a
radioactive facility (NSC II) at the Salamanca project.
· Spanish Politics
During the quarter, the Spanish general election was held to elect the 15(th)
Cortes Generales of the Kingdom of Spain (Spanish Parliament). All 350 seats
in the Congress of Deputies were up for election, as well as 208 of 265 seats
in the Senate.
The election results saw the right-wing parties Partido Popular (PP) and Vox
win 137 seats and 33 seats respectively, whilst the left-wing parties
Socialists (PSOE) and Sumar are set to win 121 seats and 31 seats
respectively. Accordingly, neither major party or coalition achieved the
working majority of 176 seats in the 350-seat parliament necessary in order to
govern.
Following a failed vote in Congress for the PP leader, Alberto Núñez
Feijóo, to become Prime Minister in September, the PSOE leader and incumbent
Prime Minister, Pedro Sánchez, now has until the end of November to secure
the required majority in a Congressional vote to form government otherwise
Spain will return to the polls in January 2024 for another general election.
· Global Nuclear Power and Uranium Market:
Spot uranium prices demonstrated extreme upside as the near-term price
indicator increased significantly gaining ~US$11.50 per pound and ended
September 2023 at US$71.58 per pound
The three longer term uranium price indicators also showed substantial upward
movement during September as the 3-yr Forward price increased to US$75.00 per
pound (August - US$65.00 per pound) while the 5-yr Forward Price reported at
US$79.00 per pound (August - US$70.25 per pound). The Long-Term Price rose
incrementally reaching US$61.00 per pound at the end of September.
The outlook for nuclear power and the uranium market continued to strengthen
during the quarter, with a number of important recent developments, including:
· European Union
o Policies that discriminate against nuclear energy are against the
interests of European citizens, France's energy minister said ahead of a
meeting where countries will seek a deal on reforms to the European Union
power market. "It's against the interest of Europeans to discriminate against
nuclear," Agnes Pannier-Runacher told reporters, adding that nuclear can
improve energy security.
o Following months of negotiations, the European Council has reached an
agreement on a proposal to amend the EU's electricity market design, agreeing
to include existing nuclear plants in the reform. The agreement could result
in France dropping a scheme forcing state-controlled utility EDF to sell a
portion of its nuclear energy production to competitors below market-level
prices.
· Sweden
o Sweden's Radiation Safety Authority presented its final report to the
government on how the regulatory framework for nuclear power should be
developed and what other measures may be needed for nuclear power to be
expanded in the country.
o A bill to amend Sweden's legislation on nuclear power has been introduced
by the country's government in parliament. It aims to remove the current law
limiting the number of reactors in operation to ten, as well as allowing
reactors to be built on new sites, rather than just existing ones.
· Italy
o The government has restated its ambition to revive the Italian nuclear
energy industry, with several ministers announcing plans to restart nuclear
generation within the next 10 years.
· Poland
o Poland issued an environmental permit for its first nuclear power plant
which is to be built on the Baltic coast. Construction is planned to begin in
2026, with the facility operational by 2033.
· Turkey
o Turkey expects to reach agreement with China for its second nuclear power
plant to be sited near the city of Kirklarli, in the northwestern area of the
country near Bulgaria and Greece. This will follow the current nuclear power
plant being built by Russia's Rosatom which is expected to enter commercial
operation in 2024.
· Japan
o Kansai Electric Power Company restarted it's seventh nuclear reactor
(Takahama-2) thus bringing into operation all of the utility's operable
nuclear power plants. Takahama-2 began operating in 1975 but had been
shut-down since November 2011. The unit was granted a 60-year operating
license in December 2016 after meeting new safety regulations. Japan now has
12 operating nuclear reactors.
· Africa
o Kenya announced plans to begin construction of a nuclear power plant at
coastal sites in either Kilifi or Kwale counties. The facility is expected to
cost US$3.4 - 4.1billion and start construction in 2027.
o Uganda announced that Russia and South Korea will construct two nuclear
power plants in the country. Agreements have been reached but no date for
construction start was given except for "soon".
o Nuclear Power Ghana has selected two potential sites for its planned
nuclear power plant with Nsuban (Western Region) as the preferred location and
Obotan (Central Region) serving as the back-up. The country expects to select
the reactor vendor by 2030 with construction commencing that year.
· USA
o A joint development agreement has been executed between U.S. utility
Energy Northwest and X-Energy Reactor Company for the deployment of up to 12
small modular reactors in central Washington state. The utility anticipates
the first module to be online by 2030 at a site adjacent to the existing
Columbia Generating Station in Richland, Washington.
· Balance Sheet
The Company is in a strong financial position with A$80 million in cash
reserves and no debt.
Classification: 2.2 This announcement contains inside information
For further information please contact:
Robert
Behets
Francisco 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 is being developed in a 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 categories. In 2016, Berkeley 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 MITECO that it had
rejected the NSC II application at Salamanca. This decision followed the
unfavourable NSC II report issued by the NSC in July 2021.
Berkeley strongly refutes the NSC's assessment and, in the Company's opinion,
the NSC has adopted an arbitrary decision with the technical issues used as
justification to issue the unfavourable report lacking in both technical and
legal support.
Berkeley submitted documentation, including an 'Improvement Report' to
supplement the Company's initial NSC II application, along with the
corresponding arguments that address all the issues raised by the NSC, and a
request for its reassessment by the NSC, to MITECO in July 2021.
Further documentation was submitted to MITECO in August 2021, in which the
Company, with strongly supported arguments, dismantled all of the technical
issues used by the NSC as justification to issue the unfavourable report. The
Company again restated that the project is compliant with all requirements for
NSC II to be awarded and requested its NSC II Application be reassessed by the
NSC.
In addition, the Company requested from MITECO access to the files associated
with the Authorisation for Construction and Authorisation for Dismantling and
Closure for the radioactive facilities at La Haba (Badajoz) and Saelices El
Chico (Salamanca), which are owned by ENUSA Industrias Avandas S.A., in order
to verify and contrast the conditions approved by the competent administrative
and regulatory bodies for other similar uranium projects in Spain.
Based on a detailed comparison of the different licensing files undertaken by
the Company following receipt of these files, it is clear that Berkeley, in
its NSC II submission, has been required to provide information that does not
correspond to: (i) the regulatory framework, (ii) the scope of the current
procedural stage (i.e., at the NSC II stage), and/or (iii) the criteria
applied in other licensing processes for similar radioactive facilities.
Accordingly, the Company considers that the NSC has acted in a discriminatory
and arbitrary manner when assessing the NSC II application for the Salamanca
project.
In Berkeley's strong opinion, MITECO has rejected the Company's NSC II
Application without following the legally established procedure, as the
Improvement Report has not been taken into account and sent to the NSC for its
assessment, as requested on multiple occasions by the Company.
In this regard, the Company believes that MITECO have infringed regulations on
administrative procedures in Spain but also under protection afforded to
Berkeley under the Energy Charter Treaty (ECT), which would imply that the
decision on the rejection of the Company's NSC II Application is not legal.
In April 2023, the Company's wholly owned Spanish subsidiary, Berkeley Minera
España (BME) submitted a contentious-administrative appeal before the Spanish
National Court in an attempt to overturn the MITECO decision denying NSC II.
Whilst the Company's focus is on resolving the current permitting situation,
and ultimately advancing the Salamanca project towards production, the Company
and BME will continue to strongly defend its position and take all necessary
actions to preserve its rights.
Initiation of the contentious-administrative appeal is necessary to preserve
BME's rights however, the Company reiterates that it is prepared to
collaborate with the relevant authorities and remains hopeful that the
permitting situation can be resolved amicably.
Salamanca Project Update
During the quarter, the Company continued with its commitment to health,
safety and the environment as a priority.
An Internal Audit (IA) of the Environmental and Sustainable Mining Management
System was completed in July. The IA is to verify that the System complies
with the requirements of ISO Standards 14001:2015 "Environmental Management"
and UNE 22480/70:2019 "Sustainable Mining Management". The IA concluded that
the Environmental and Sustainable Mining Management System remains implemented
in an adequate and effective manner.
The conclusions of the IA highlighted the significant progress made towards
achievement of the Company's 2023 Sustainability Goals including: the design
of a solar farm, which will be able to supply up to the 75% of the estimated
mine consumption and that will significantly reduce the carbon footprint of
the Project; the carbon footprint calculation for 2022; the award of the
Calculation and Reduction Certificates for the CO(2) emissions by MITECO;
initiation of the process to obtain ISO 45001 certification for Health and
Safety Management with the internal audit successfully completed in September;
and the integration of the Sustainable Development Goals into Berkeley´s
strategy.
Solar Power System Study
As previously reported, Berkeley has initiated a study evaluating the design,
permitting, construction and operation of a solar power system at the Project.
This study was finalised, a formal application was submitted to the relevant
authorities in Salamanca, and the permitting process commenced during the
September quarter.
The Project's location has a natural abundance of sunlight which is conducive
to solar power generation, which will become a reliable source of low cost and
carbon-free energy for the Project. In addition to making a significant
contribution to reduce carbon emissions, the proposed solar power system will
potentially contribute to reducing the Project's power related operating
costs.
The proposed facility will have an installed power of 20.1 MW and be able to
supply up to 75% of the power requirements at the Project. Detailed analysis
evaluating storage capacity versus capital and operational costs was included
in the scope of work to ensure the optimal outcome for the Project.
The engineering, design, and cost estimation workstreams were completed and
the overall project was finalised during the quarter. The environmental
studies are also well advanced, and once the scope of the environmental
document is confirmed by the Administration, the Environmental Assessment will
be formally submitted.
The decision to pursue a solar power system is in line with Berkeley's ongoing
commitment to environmental sustainability and to continue to have a positive
impact on the people, environment and society surrounding the mine.
Exploration
During the quarter, the Company continued with its initial exploration program
focusing on battery and critical metals in Spain.
The exploration initiative is targeting lithium, cobalt, tin, tungsten, rare
earths, and other battery and critical metals, within the Company's existing
tenements in western Spain that do not form part of Berkeley's main
undertaking being the development of the Salamanca uranium project. 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.
Investigation Permit Conchas
The Investigation Permit (IP) Conchas is located in the very western part of
the 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 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 and stream sediment sampling programs.
Billiton PLC undertook exploration on the IP Conchas between 1981 and 1983,
with a focus on tin and tantalum (lithium was not taken into account).
Billiton's work programs comprised regional and detailed geological mapping,
geochemistry, trenching and limited drilling.
Soil sampling programs completed by Berkeley in the northern and central
portions of the tenement during 2021 (200m by 200m) and 2022 (100m by 100m)
defined a tin-lithium anomaly covering approximately 1.1km by 0.7km which
correlated with a mapped aplo-pegmatitic leucogranite.
Based on the results of the Company's soil sampling programs and information
gleaned from a review of the available historical data, a small initial
drilling program was designed and implemented to test the tin-lithium anomaly.
The drill program comprised five broad spaced reverse circulation (RC) holes
for a total of 282m. Anomalous results for lithium (Li), tin (Sn), rubidium
(Rb), cesium (Cs), niobium (Nb) and tantalum (Ta) obtained from multi-element
analysis of drill samples were reported in the March quarter.
The occurrence of these six elements is observed to be largely associated with
a sub-horizontal muscovitic leucogranite unit that locally outcrops at
surface. The muscovitic leucogranite has a mapped extent of approximately 2km
(in a NE-SW orientation) by 0.4km (in a NW-SE orientation) (Figure 1) and
varies in thickness from 7m to over 70m in the drill holes (Figure 2).
Mineralogical studies have been undertaken on 25 samples from the drilling at
ALS Laboratories (Perth, Australia) and the University of Oviedo (Oviedo,
Spain), to determine the mineral species present and understand their
characteristics and properties.
The results of the mineralogical study carried out by ALS Laboratories on the
samples of mineralised muscovitic leucogranite indicate they are composed
mainly of plagioclase (average content of 55%) and quartz (average content
of 25%), with potassium feldspar, muscovite mica, and Li-mica making up
remainder of the rock. The samples have an average Li-mica content of 3%.
The report from the University of Oviedo is pending.
The Department of Geology at the Universidad del País Vasco (Spain) has also
undertaken an optical mineralogy and petrography study on thin sections from
six samples collected from surface outcrops of the Conchas mineralisation.
Four of the collected samples are representative of the main muscovitic
leucogranite and two are the same leucogranite but completely greisenized. The
study concludes that among the mineral phases identified within the
leucogranite and greisen samples, the micas can be considered as aluminum-rich
micas and they are the only minerals to contain Li. The micas also hosting the
highest contents of Rb and Cs.
Figure 1: IP Conchas Location Plans and Geology / Drill Hole Location Plan
Figure 2: IP Conchas Cross Section A-A(1)
Subject to the final results of the mineralogical studies currently underway,
further work at the IP Conchas may include follow-up drilling focused on
improving confidence in the geology, continuity, and grade distribution of the
zone of multi-element mineralisation.
Oliva and La Majada Projects
These projects comprise three tenements within two project areas in Spain
which are considered prospective for tungsten, cobalt, antimony, and other
metals.
During the quarter, the Company designed exploration programs for both
projects and communicated with the relevant authorities to progress the
pending grant of the Investigation Permits for two of tenements.
Additional Information on the Global Nuclear Power and Uranium Market
The outlook for nuclear power and the uranium market continued to strengthen
during the quarter, with several important recent developments, including:
· The China Nuclear Energy Association announced that China's
nuclear power sector is expected to supply 10% of that nation's electricity by
2035. Furthermore, China's installed nuclear capacity is planned to reach 400
Mwe by 2060, supplying 18% of China's electricity at that time. Currently,
China has 55 operating reactors with a further 24 under construction.
Twenty-one reactors have been approved for construction since the beginning of
the 14th Five-Year Plan period (2021-2025).
· The International Energy Agency released an update to its 2021
report, "Net Zero Roadmap," which examines various future energy development
scenarios. Under the net-zero emissions scenario, the global energy analysis
group now foresees global nuclear power increasing from the current level (392
Gwe) reaching 916 Gwe in 2050, as compared to the original study which
concluded the need for 812 Gwe by 2050.
· Kazatomprom announced its plans for uranium production in CY2025.
The Kazakh-based uranium supplier stated that driven by a strong contract book
and already growing sales portfolio, planned output would reach 79.3-81.9Mlbs
in 2025, which would be an increase of around 15.6Mlbs above the currently
planned output for CY2024.
· The World Nuclear Association convened its Annual Symposium in
September 2023 in London. The global nuclear power organization released the
latest edition of its comprehensive nuclear fuel markets assessment and
forecast, "The Nuclear Fuel Report - Global Scenarios for Demand and Supply
Availability 2023 - 2040." The presentation of the report's conclusions
regarding future uranium availability stated "in 2022, only 76% of world
reactors requirements were covered by primary uranium supply," "By mid-2020s,
restart of idled capacity is expected, however the decrease of supply from the
presently-known existing mines will continue due to further depletion of
uranium resources" and, "In the long run, intense development of new projects
and other unspecified sources will be needed to fill in the supply-demand
gap."
· The Indian Secretary of the Department of Atomic Energy (DAE) and
Chairman of the Atomic Energy Commission stated that the DAE is pursuing the
development of advanced nuclear reactors in order to generate green energy.
During his speech at the 12(th) graduation ceremony of the NISER Bhubaneswar,
Ajit Kumar Mohanty proclaimed that "First and foremost area which comes to
immediate attention is the necessity to develop and deploy economical and
viable green energy sources such as green hydrogen, biofuels, and nuclear
energy".
· The Director of the Phillippine Energy Policy and Planning
Bureau, reported during a virtual forum hosted by the German-Philippine
Chamber of Commerce that the Philippine Department of Energy is considering a
target of 2400 Mwe of nuclear power capacity by 2035.
· Japan - Kansai Electric Power Company recommenced operation of
the Takahama-1 reactor (780 Mwe PWR), located in Fukui Prefecture in July2023.
The unit had been offline for 12 years following the Fukushima accident.
· South Korea is evaluating that country's need for additional
nuclear power reactors in response to increasing electricity demand resulting
from the expansion of data centres, investment in high technology industries
(semi-conductors and batteries) and escalating utilization of electric
vehicles.
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
report.
Competent Persons Statement
The information in this report that relates to Exploration Results is
extracted from the March 2023 Quarterly Report which is available to view on
Berkeley's website at www.berkeleyenergia.com (http://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.
The information in this report that relates to the Mineral Resource Estimate
is extracted from the announcement dated 30 August 2023 entitled 'Annual
Report 2023', which is available to view on Berkeley's website at
www.berkeleyenergia.com (http://www.berkeleyenergia.com) and 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.
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 contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
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 2023, 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. Los Bélicos 100% Granted**
I.P.A. Ampliación Los Bélicos 100% Pending**
Ciudad Real I.P.A. La Majada 100% Pending**
*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.
**During the March 2023 quarter, Exploracion de Recuros Minerales S.L.U (ERM),
a wholly owned subsidiary of the Company, entered into a Tenement Sale and
Purchase Agreement and Royalty Deed with COPROMI, to acquire IP Los Bélicos,
IPA Ampliación Los Bélicos, and IPA La Majada.
Appendix 3: Related Party Payments
During the quarter ended 30 September 2023, the Company made payments of
$186,000 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 2023, the Company made the following
payments in relation to exploration and development activities:
Activity $000
Radiological protection and monitoring 19
Permitting related expenditure (including legal dispute expenses) 341
Consultants and other expenditure 176
Solar farm initiative 266
Payment/(return) of VAT and other social taxes in Spain 105
Total as reported in the Appendix 5B 907
There were no mining or production activities and expenses incurred during the
quarter ended 30 September 2023.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
40 052 468 569 30 September 2023
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 (907) (907)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (253) (253)
(e) administration and corporate costs (387) (387)
1.3 Dividends received (see note 3) - -
1.4 Interest received 793 793
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) (25) (25)
(a) Business Development
1.9 Net cash from / (used in) operating activities (779) (779)
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 78,776 78,776
4.2 Net cash from / (used in) operating activities (item 1.9 above) (779) (779)
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 2,042 2,042
4.6 Cash and cash equivalents at end of period 80,039 80,039
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 79,989 78,726
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) 80,039 78,776
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 (186)
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) (779)
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) (779)
8.4 Cash and cash equivalents at quarter end (item 4.6) 80,039
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 80,039
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) >10
No
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8.
7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: Not applicable
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: Not applicable
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: Not applicable
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 30 October 2023
Authorised by: Company Secretary
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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