REG - European Metals Hldg - 1st Quarter Results
29/04/2026 09:00
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RNS Number : 3931C European Metals Holdings Limited 29 April 2026
QUARTERLY ACTIVITIES REPORT
31 March 2026
European Metals Holdings Limited (ASX & AIM: EMH, OTCQX and OTCQB: EMHXY
and EMHLF) ("European Metals" or the "Company") is pleased to provide an
update on its activities during the three-month period ending 31 March 2026.
This period was one of consolidation following the extremely significant
December 2025 quarter, which saw the completion of the Cinovec Project
("Cinovec" or "Project") Definitive Feasibility Study ("DFS") and the
confirmation of a project grant of up to EUR 360 million. The March 2026
quarter was highlighted by the submission of the Environmental Impact
Assessment for the Project and the Regional Rezoning Approval, as detailed
below.
FULL ENVIRONMENTAL IMPACT ASSESSMENT SUBMITTED FOR CINOVEC LITHIUM PROJECT
On 13 January 2026, the Company advised that the full Environmental Impact
Assessment ("EIA") for the Cinovec Lithium Project was formally submitted to
the Czech Ministry of the Environment on 31 December 2025.
The submission completes the two-stage EIA process, following lodgement of the
screening-stage assessment earlier in 2025, and represents a key regulatory
milestone for the Project. This EIA covers the entire Cinovec development and
supports the outcomes of the recently completed DFS, which confirmed Cinovec
as a long-life, large-scale European lithium project with a 26+ year mine life
and forecast production of approximately 37,500 tonnes per annum of
battery-grade lithium carbonate.
The EIA identifies and assesses potential environmental impacts associated
with the Project and outlines proposed mitigation and management measures,
including monitoring requirements. It considers physical, biological and
socio-economic factors from an environmental protection perspective and
incorporates the technical modelling required under Czech and EU regulations.
Submission of the EIA satisfies a key condition of the EU Just Transition Fund
("JTF") grant awarded to the Cinovec Project.
KEY APPROVAL FOR THE CINOVEC PROJECT
On 10 February 2026, the Company announced that Geomet s.r.o. had received
Regional Rezoning approval for the Company's flagship Cinovec Lithium Project.
The Ústí nad Labem Regional Assembly voted to support the rezoning
application submitted by the Czech Ministry of Industry and Trade. The
rezoning defines the Project's areas and corridors for lithium mining and
processing, including corridors for necessary utility supply developments
including water, electricity and gas at all of the Project's sites. It also
defines the area for the storage and processing of materials from mining
activities and the treatment of lithium concentrate at the Prunéřov
Processing Plant site, and the planned tailings management facilities in the
Doly Nastup Tušimice ("DNT") mining area. The rezoning application for the
Project commenced in March 2022 and has undergone extensive public
consultation including two public hearings and a number of written
submissions.
CORPORATE AND ADMINISTRATION
CAPITAL RAISING
During the quarter, the Company completed a placement to raise approximately
A$3.46 million (before costs) via the issue of 10,811,500 ordinary fully paid
shares to high net worth and institutional clients of Barclay Wells and Zeus
Capital ("Placement"). Placement proceeds are being applied towards ongoing
development of the Cinovec Lithium Project and general working capital (see
ASX/AIM announcement dated 21 January 2026).
ISSUED CAPITAL
A total of 1,000,000 unexercised options and 100,000 performance rights
expired during the quarter.
QUARTERLY CASH FLOW REPORT
In accordance with the ASX Listing Rules, the Company will also today lodge
its cashflow report for the quarter ended 31 March 2026. There were no cash
outflows during the quarter for Cinovec associated costs with respect to the
Company's investment in the Cinovec Lithium Project in the Czech Republic. A
total of $3.23 million was received via the Placement (net of costs) by the
Company during the quarter.
The Company's total cash was $1.77 million as at 31 March 2026.
PAYMENTS TO RELATED PARTIES
As outlined in the attached Appendix 5B (section 6.1), during the quarter
approximately $206,000 in payments were made to related parties and their
associates for director salaries, consultancy fees, superannuation and other
related costs. A portion of these expenses is to be reimbursed directly from
Geomet.
GEOMET TENEMENT SCHEDULE
Table 1: Geomet Tenements
Permit Code Deposit Interest at beginning of Quarter Acquired / Disposed Interest at end of Quarter
Exploration Area Cinovec N/A 100% N/A 100%
Cinovec II 100% N/A 100%
Cinovec III 100% N/A 100%
Cinovec IV 100% N/A 100%
Preliminary Mining Permit Cinovec II Cinovec South 100% N/A 100%
Cinovec III Cinovec East 100% N/A 100%
Cinovec IV Cinovec Northwest 100% N/A 100%
This announcement has been approved for release by the Board.
CONTACT
For further information on this update or the Company generally, please visit
our website at www.europeanmet.com (http://www.europeanmet.com) or see full
contact details at the end of this release.
ENQUIRIES:
European Metals Holdings Limited
Keith Coughlan, Executive Chairman Tel: +61 (0) 419 996 333
Email: keith@europeanmet.com (mailto:keith@europeanmet.com)
Kiran Morzaria, Non-Executive Director Tel: +44 (0) 20 7440 0647
Carly Terzanidis, Company Secretary Tel: +61 8 6245 2050
Email: cosec@europeanmet.com (mailto:cosec@europeanmet.com)
Zeus Capital Limited (Nomad & Broker)
James Joyce/Darshan Patel/Chris Wardley Tel: +44 (0) 203 829 5000
(Corporate Finance)
Harry Ansell (Broking)
BlytheRay (Financial PR)
Tim Blythe Tel: +44 (0) 20 7138 3222
Megan Ray
Chapter 1 Advisors (Financial PR - Aus)
David Tasker Tel: +61 (0) 433 112 936
PROJECT OVERVIEW
Cinovec Lithium Project
Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech
State over the Cinovec Lithium Project. Geomet has been granted a preliminary
mining permit by the Ministry of Environment and the Ministry of Industry. The
company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned
subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium
deposit with a total Measured Mineral Resource of 54.4Mt at 0.58% Li(2)O ,
Indicated Mineral Resource of 378.23Mt at 0.41% Li(2)O and an Inferred Mineral
Resource of 309.49Mt at 0.39% Li(2)O containing a combined 7.45 million tonnes
Lithium Carbonate Equivalent (refer to the Company's ASX/ AIM release dated 23
December 2025) (Cinovec DFS Confirms Long-life Battery Grade Lithium Carbonate
Producer Strategically Positioned to supply European EV and Energy-storage
Sectors).
A Proven and Probable Ore Reserve of 54.4Mt at 0.58% Li(2)O has been declared
to cover the first 26 years mining at an output of 37,500tpa of lithium
carbonate (refer to the Company's ASX/ AIM release dated 23 December 2025)
(Cinovec DFS Confirms Long-life Battery Grade Lithium Carbonate Producer
Strategically Positioned to supply European EV and Energy-storage Sectors).
The Definitive Feasibility Study (DFS) confirmed the economic viability of the
Cinovec Project with steady-state production of 37,500 tpa of battery-grade
lithium carbonate (Li₂CO₃), representing ~5.2% of EU demand in 2030 and
sufficient for >900,000 50kWh EV batteries annually. Cinovec will have a
28+ year operating life, underpinned by a 748Mt Resource @ 0.19% Li₂O and
a 55.4Mt Ore Reserve, with expansion optionality (refer to the Company's ASX/
AIM release dated 23 December 2025) (Cinovec DFS Confirms Long-life Battery
Grade Lithium Carbonate Producer Strategically Positioned to supply European
EV and Energy-storage Sectors).
This makes Cinovec the largest hard rock lithium deposit in Europe and by far
the largest hard rock lithium deposit in the European Union.
Cinovec has been designated a Strategic Project by the European Union under
the Critical Raw Materials Act (refer to the Company's ASX/ AIM release dated
25/26 March 2025) (Cinovec declared a Strategic Project under EU Critical Raw
Materials Act) and a Strategic Deposit by the Czech Government (refer to the
Company's ASX/ AIM release dated 7 March 2025) (Cinovec declared Strategic
Deposit by Czech Government).
Cinovec has received recent impetus from the EU and the Czech Government in
the form of grants of USD36 million from the EU Just Transition fund (refer to
the Company's ASX/ AIM release dated 28 April 2025) (USD 36 million Just
Transition Fund Grant Approved for Cinovec Project) and up to EUR360 million
by the Czech Government (refer to the Company's ASX/ AIM release dated 7 March
2025) (Approval of up to €360 Million Czech Government Grant).
The deposit has previously had over 400,000 tonnes of ore mined as a trial
sub-level open stope underground mining operation.
Cinovec is centrally located for European end-users and is well serviced by
infrastructure, with a sealed road adjacent to the deposit, rail lines located
5 km north and 8 km south of the deposit, and an active 22 kV transmission
line running to the historic mine. The deposit lies in an active mining
region.
The Cinovec processing plant comprises of a Front-End Comminution and
Beneficiation circuit (FECAB) and Lithium Chemical Plant circuit (LCP) in
combination producing Lithium Carbonate end products and will be located on
the Prunéřov 1 Power Station site located approximately 59km by rail from
the Cinovec mine site (refer to the Company's ASX/ AIM releases dated 26 April
2024 (New Lithium Plant Site Expected to Improve Project Permitting and
Economics) and 27 November 2024 (Cinovec Project Update)).
BACKGROUND INFORMATION ON CEZ
Headquartered in the Czech Republic, CEZ a.s. is one of the largest companies
in the Czech Republic and a leading energy group operating in Western and
Central Europe. CEZ's core business is the generation, distribution, trade in,
and sales of electricity and heat, trade in and sales of natural gas, and coal
extraction. The foundation of power generation at CEZ Group are emission-free
sources. The CEZ strategy named Clean Energy for Tomorrow is based on
ambitious decarbonisation, development of renewable sources and nuclear
energy. CEZ announced that it would move forward its climate neutrality
commitment by ten years to 2040.
The largest shareholder of its parent company, CEZ a.s., is the Czech
Republic with a stake of approximately 70%. The shares of CEZ a.s. are traded
on the Prague and Warsaw stock exchanges and included in the PX and WIG-CEE
exchange indices. CEZ's market capitalization is approximately EUR 28.2
billion.
As one of the leading Central European power companies, CEZ intends to develop
several projects in areas of energy storage and battery manufacturing in the
Czech Republic and in Central Europe.
CEZ is also a market leader for E-mobility in the region and has installed and
operates a network of EV charging stations throughout Czech Republic. The
automotive industry in the Czech Republic is a significant contributor to GDP,
and the number of EV's in the country is expected to grow significantly in the
coming years.
COMPETENT PERSONS AND QUALIFIED PERSON FOR THE PURPOSES OF THE AIM NOTE FOR
MINING AND OIL & GAS COMPANIES
Information in this release that relates to the FECAB metallurgical testwork
is based on, and fairly reflects, technical data and supporting documentation
compiled or supervised by Mr Walter Mädel, a full-time employee of Geomet
s.r.o an associate of the Company. Mr Mädel is a member of the Australasian
Institute of Mining and Metallurgy ("AUSIMM") and a mineral processing
professional with over 27 years of experience in metallurgical process and
project development, process design, project implementation and operations. Of
his experience, at least 5 years have been specifically focused on hard rock
pegmatite Lithium processing development. Mr Mädel consents to the inclusion
in this release of the matters based on this information in the form and
context in which it appears. Mr Mädel is a participant in the long-term
incentive plan of the Company.
Information in this release that relates to exploration results is based on,
and fairly reflects, information and supporting documentation compiled by Dr
Vojtech Sesulka. Dr Sesulka is a Certified Professional Geologist (certified
by the European Federation of Geologists), a member of the Czech Association
of Economic Geologist, and a Competent Person as defined in the JORC Code 2012
edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Dr Sesulka consents to the inclusion in this
release of the matters based on his information in the form and context in
which it appears. Dr Sesulka is an independent consultant with more than 10
years working for the EMH or Geomet companies. Dr Sesulka does not own any
shares in the Company and is not a participant in any short- or long-term
incentive plans of the Company.
Information in this release that relates to metallurgical test work and the
process design criteria and flow sheets in relation to the LCP is based on,
and fairly reflects, information and supporting documentation compiled by Mr
Grant Harman (B.Sc Chem Eng, B.Com). Mr Harman is an independent consultant
and the principal of Lithium Consultants Australasia Pty Ltd with in excess of
14 years of lithium chemicals experience. Mr Harman consents to the inclusion
in this release of the matters based on his information in the form and
context that the information appears. Mr Harman is a participant in the
long-term incentive plan of the Company.
The information in this release that relates to Mineral Resources and
Exploration Targets is based on, and fairly reflects, information and
supporting documentation prepared by Mr Lynn Widenbar. Mr Widenbar, who is a
Member of the Australasian Institute of Mining and Metallurgy and a Member of
the Australasian Institute of Geoscientists, is a full-time employee of
Widenbar and Associates and produced the estimate based on data and geological
information supplied by European Metals. Mr Widenbar has sufficient experience
that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity that he is undertaking to qualify as a
Competent Person as defined in the JORC Code 2012 Edition of the Australasian
Code for Reporting of Exploration Results, Minerals Resources and Ore
Reserves. Mr Widenbar consents to the inclusion in this release of the matters
based on his information in the form and context that the information appears.
Mr Widenbar does not own any shares in the Company and is not a participant in
any short- or long-term incentive plans of the Company.
The information that relates to production targets for the Cinovec Lithium
Project is based on information compiled by Mr Graeme Fulton, a Competent
Person who is a Fellow of the Australasian Institute of Mining &
Metallurgy. Mr Fulton is an Employee of Bara Consulting who are a consultant
to the Company. Mr Fulton does not own any shares, options / performance
rights in the Company and is not a participant in the Company's short or
long-term incentive plan. Mr Fulton has sufficient experience that is relevant
to the style of mineralisation and type of deposit under consideration and to
the activity being undertaken to qualify as a Competent Person as defined in
the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr Fulton consents to the
inclusion in the report of the matters based on his information in the form
and context in which it appears.
The Company confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcements and, in the case of estimates of Mineral Resources, Ore
Reserves, exploration and production targets, and forecast financial
information, that all material assumptions and technical parameters
underpinning the information in the relevant market announcements continue to
apply and have not materially changed. The Company confirms that the form and
context in which the Competent Person's findings are presented have not been
materially modified from the original market announcement.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information included in this release constitutes forward-looking statements.
Often, but not always, forward looking statements can generally be identified
by the use of forward looking words such as "may", "will", "expect", "intend",
"plan", "estimate", "anticipate", "continue", and "guidance", or other similar
words and may include, without limitation, statements regarding plans,
strategies and objectives of management, anticipated production or
construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks,
uncertainties and other factors that may cause the company's actual results,
performance, and achievements to differ materially from any future results,
performance, or achievements. Relevant factors may include, but are not
limited to, changes in commodity prices, foreign exchange fluctuations and
general economic conditions, increased costs and demand for production inputs,
the speculative nature of exploration and project development, including the
risks of obtaining necessary licences and permits and diminishing quantities
or grades of reserves, political and social risks, changes to the regulatory
framework within which the company operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the Company and its management's good
faith assumptions relating to the financial, market, regulatory and other
relevant environments that will exist and affect the company's business and
operations in the future. The company does not give any assurance that the
assumptions on which forward looking statements are based will prove to be
correct, or that the company's business or operations will not be affected in
any material manner by these or other factors not foreseen or foreseeable by
the company or management or beyond the company's control.
Although the Company attempts and has attempted to identify factors that would
cause actual actions, events or results to differ materially from those
disclosed in forward looking statements, there may be other factors that could
cause actual results, performance, achievements or events not to be as
anticipated, estimated or intended, and many events are beyond the reasonable
control of the company. Accordingly, readers are cautioned not to place undue
reliance on forward looking statements. Forward looking statements in these
materials speak only at the date of issue. Subject to any continuing
obligations under applicable law or any relevant stock exchange listing rules,
in providing this information the company does not undertake any obligation to
publicly update or revise any of the forward looking statements or to advise
of any change in events, conditions or circumstances on which any such
statement is based.
LITHIUM CLASSIFICATION AND CONVERSION FACTORS
Lithium grades are normally presented in percentages or parts per million
(ppm). Grades of deposits are also expressed as lithium compounds in
percentages, for example as a percent lithium oxide (Li(2)O) content or
percent lithium carbonate (Li(2)CO(3)) content.
Lithium carbonate equivalent ("LCE") is the industry standard terminology for,
and is equivalent to, Li(2)CO(3). Use of LCE is to provide data comparable
with industry reports and is the total equivalent amount of lithium carbonate,
assuming the lithium content in the deposit is converted to lithium carbonate,
using the conversion rates in the table included below to get an equivalent
Li(2)CO(3) value in percent. Use of LCE assumes 100% recovery and no process
losses in the extraction of Li(2)CO(3) from the deposit.
Lithium resources and reserves are usually presented in tonnes of LCE or Li.
The standard conversion factors are set out in the table below:
Table: Conversion Factors for Lithium Compounds and Minerals
Convert from Convert to Li Convert to Li(2)O Convert to Li(2)CO(3) Convert to LiOH.H(2)O
Lithium Li 1.000 2.153 5.325 6.048
Lithium Oxide Li(2)O 0.464 1.000 2.473 2.809
Lithium Carbonate Li(2)CO(3) 0.188 0.404 1.000 1.136
Lithium Hydroxide LiOH.H(2)O 0.165 0.356 0.880 1.000
Lithium Fluoride LiF 0.268 0.576 1.424 1.618
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
European Metals Holdings Limited (ASX: EMH)
ABN Quarter ended ("current quarter")
55 154 618 989 31 March 2026
Consolidated statement of cash flows Current quarter Year to date
$A'000
(3 months)
$A'000
1. (a) Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for - -
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (363) (363)
(e) administration and corporate costs (751) (751)
1.3 Dividends received (see note 3) - -
1.4 Interest received 2 2
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (Cinovec associated income/(costs)) -
1.9 Net cash used in operating activities (1,112) (1,112)
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 - -
2.6 Net cash from / (used in) investing activities - -
3. Cash flows from financing activities 3,460 3,460
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 (235) (235)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings (750) (750)
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (Lease Payments) (18) (18)
3.10 Net cash used in financing activities 2,457 2,457
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 428 428
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,112) (1,112)
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) 2,457 2,457
4.5 Effect of movement in exchange rates on cash held - -
4.6 Cash and cash equivalents at end of period 1,773 1,773
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 1,742 397
5.2 Call deposits 31 31
5.3 Bank overdrafts - -
5.4 Term deposit less than 3 months - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,773 428
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 206
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.
The amount at 6.1 includes payments of director fees and salaries and
accounting and Company Secretary fees (inclusive of GST).
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.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (1,112)
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) (1,112)
8.4 Cash and cash equivalents at quarter end (item 4.6) 1,773
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 1,773
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.59
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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:
The Company expects to have similar operating cashflows for the foreseeable
future as it continues development of the globally significant Cinovec Lithium
Project.
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:
The Company will require additional capital to support its operating costs as
well as capital requirements of the project company Geomet. The Company
completed a successful capital raise during the quarter to support ongoing
development of the Cinovec Lithium Project and general working capital. The
Board is continuing to assess a range of future funding options available to
the Company, including potential equity or debt funding. Based on recent
market engagement and the success of the most recent capital raise, the
Company is confident that it would be able to secure additional funding when
appropriate.
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:
The Company expects to be able to continue its activities, noting that the
directors are aware that the Group has the option, if necessary, to defer
certain expenditure or to reduce administration costs in order to minimise
cash outflows. The directors also remain confident that, when required, the
Company will be successful in raising additional funds through the issue of
new equity.
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 2026
Authorised by: The Board
(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
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