REG - GreenX Metals Ltd - Quarterly Activities Report September 2024
17/10/2024 07:00
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RNS Number : 5273I GreenX Metals Limited 17 October 2024
NEWS RELEASE 17 OCTOBER 2024
Quarterly Activities Report September 2024
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to
present its Quarterly Activities Report for the period during and subsequent
to 30 September 2024.
HIGHLIGHTS
· Arbitration Award
o Subsequent to the quarter end, GreenX was awarded A$490 million in
compensation and interest from the successful outcome of the international
arbitration claims against the Republic of Poland under both the
Australia-Poland Bilateral Investment Treaty (BIT) and the Energy Charter
Treaty (ECT).
o Upon satisfaction of the award, it is GreenX's intention to return the
majority of the available cash to shareholders in a timely fashion, after
payment of funding and claim related costs of the arbitration and applicable
taxes (if any)
· Tannenberg Copper Project
o In August 2024, GreenX entered into a earn-in agreement to earn up to 90%
in the Tannenberg Copper Project (Tannenberg) which is a highly prospective
sediment-hosted (Kupferschiefer type) copper deposit in Germany.
o The Tannenberg exploration licence covers 272 km(2) in the State of Hesse
in central Germany, encompassing the historical "Richelsdorf" copper - silver
mines.
· Eleonore North Gold Project
o In July 2024, GreenX entered into a revised agreement to acquire 100% of
the Eleonore North Gold Project (Eleonore North) located in eastern Greenland.
o Eleonore North has the potential to host a "reduced intrusion-related gold
system" (RIRGS) analogous to large bulk-tonnage deposit types found in Canada.
Commenting on the outcome of the Claim, GreenX CEO Mr Ben Stoikovich said
"Having received the Tribunal's decision, management is now focused on
satisfaction of the award and maximising the return of capital by GreenX to
its shareholders.
The award of A$490 million will continue to accrue interest at approximately
6% per annum based on today's rates (Sterling Over-Night Interest rate (SONIA)
plus 1%) until full and final satisfaction of the award by Poland.
Looking ahead, we view GreenX's future with great optimism and in conjunction
with maximising the return of capital to GreenX shareholders, we remain
dedicated to advancing our copper and gold projects in Germany and Greenland.
We will continue to update the market regarding the award and legal
proceedings in line with the Company's continuous disclosure requirements."
SUCCESSFUL ARBITRATION OUTCOME IN DISPUTE WITH POLISH GOVERNMENT
Subsequent to the quarter, GreenX reported a successful outcome of the
international arbitration claims (Claim) against Republic of Poland (Poland or
Respondent) under both the BIT and the ECT (together the Treaties).
The Company has been awarded:
· approximately £252m (A$490m / PLN1.3bn) in compensation by the
Tribunal under the BIT (BIT Award) which includes interest compounded at SONIA
plus one percentage point (+1%) compounded annually from 31 December 2019 to
the date of the award (7 October 2024). Interest will continue to accrue at
SONIA +1% compounded annually until full and final payment by the Respondent.
· approximately £183m (A$355m / PLN 941m) in compensation by the
Tribunal under the ECT (ECT Award), which includes interest compounded at the
SONIA overnight rate +1% compounded annually from 31 December 2019. Interest
will continue to accrue at SONIA +1% compounded annually until full and final
payment by the Respondent.
· Both Awards are subject to any payments made by the Respondent to
the Claimant in the other arbitration such that the Claimant is not entitled
to double compensation i.e., any amount paid by Poland in one arbitration
(i.e., ECT) is set off against Poland's liability in the other arbitration
(i.e., BIT).
The compensation is denominated in British pound sterling. No hedging is in
place for the compensation and accordingly is subject to fluctuations in
foreign currency.
Each party has been ordered to cover its own legal fees, expenses and
arbitration costs in relation to the Claim, which in respect of GreenX are
costs that have already been fully paid under the Litigation Funding Agreement
(LFA) with specialist arbitration funder LCM Funding UK Limited (a subsidiary
of Litigation Capital Management Ltd) (LCM).
The Tribunal has unanimously held that Poland had breached its obligations
under the Treaties in relation to the Jan Karski project, entitling GreenX to
compensation. In respect of the Dębieńsko project, the Tribunal did not
uphold the Claim under the Treaties.
All of GreenX's costs associated with the arbitration were funded on a limited
basis from LCM. To date, GreenX has drawn down US$11.2 million (A$16.2 million
at 30 September 2024) (Outstanding Funding) from the LFA. In accordance with
the terms of the LFA, once the compensation is received, LCM is entitled to be
paid the Outstanding Funding, a multiple of five times the Outstanding Funding
(based on the period since entering into the LFA) and from 1 January 2025,
interest on the Outstanding Funding at a rate of 30% per annum, compounding
monthly.
Net of the payments to LCM, GreenX will pay 6% of the balance to key
management directly involved in the case (as previously approved by
shareholders on 20 January 2021) and 3% to key legal advisers who assisted
with the case on a reduced and fixed fee.
Upon satisfaction of the award, it is GreenX's intention to return the
majority of the available cash to shareholders in a timely fashion, after
payment of the above costs of the arbitration and applicable taxes (if any).
The Claim was brought under the United Nations Commission on International
Trade Law Rules (UNCITRAL) and the Awards are final and binding on the
parties. The UNCITRAL Rules do not provide for an appeal procedure i.e., grant
no explicit authority to a panel to reconsider its award. Under the UNCITRAL
Rules, either party may, within 30 days of receiving an award, ask the
Tribunal to correct any computational, clerical or typographical errors in the
award, issue an interpretation of the award or render an additional award on
any claims omitted from the final award. These procedures do not allow either
party to request that the Tribunal reconsider the merits of its decision.
If a party believes that an award ought to be "set-aside" or "annulled", then
that party must apply for relief from a court where the arbitration was
seated, which would be the national courts of England and Wales for the BIT
claim and Singapore for the ECT claim. Poland has 28 days from the date of the
BIT Award and three months from receiving the ECT Award to apply for set aside
of the respective Awards, which can only be set aside under limited
circumstances. These time limits may be extended if there is an application
for correction or, in the case of the BIT claim, with the permission of the
English courts. It is important to note that a "set-aside" motion is different
from a general "appeal" since a set-aside motion can in general only relate to
a lack of jurisdiction on the part of the Tribunal or procedural unfairness,
unlike an appeal, where the actual merits of a case might be revisited by a
court. In summary, Poland cannot initiate any post award proceedings to
re-examine the Tribunal's decision on the merits of the case. The threshold to
succeed on a "set-aside" motion in either the Singapore or English domestic
courts is high, with courts in both jurisdictions rejecting set-aside
applications in the vast majority of cases.
TANNENBERG COPPER PROJECT
During the quarter, the Company announced that it has entered into an earn-in
agreement (Tannenberg Agreement) through which GreenX can earn a 90%
interest in Group 11 Exploration GmbH, a private German company which holds
the Tannenberg project.
· Tannenberg is a highly prospective sediment-hosted
(Kupferschiefer type) copper deposit.
· Kupferschiefer style deposits are a well-known and prolific
subtype of sediment-hosted copper deposit that:
o are the second most prevalent source of copper production and reserves in
the world; and
o have been historically mined in Germany and are still mined in Poland
where KGHM produced 592 kt of electrolytic copper in 2023
· The Tannenberg exploration licence covers 272 km(2) in the State
of Hesse in central Germany, encompassing the historical "Richelsdorf" copper
- silver mines.
· Prior to closure in the 1950's, the Richelsdorf mines produced
416,500 t of copper and 33.7 Moz of silver from Kupferschiefer type deposits.
These historic mines consisted of shallow underground workings originally
accessed from surface outcrops.
· Tannenberg also contains multiple drill intercepts over the high
priority 14 km-long Richelsdorf Dome target, including:
o 2.1 m at 2.7% Cu and 48g/t Ag from 365.48 m; 1.5 m at 3.7% Cu and 33 g/t
Ag from 209.50 m; 2.5 m at 1.8% Cu and 19 g/t Ag from 339.5 m in the southwest
of the license area.
o 2.0 m at 1.6% Cu and 19 g/t Ag from 268 m in the north-east of the license
area.
Figure 1: Tannenberg is located in the industrial centre of Europe
· Excellent potential for new discoveries of shallow (50 m to 500
m), large scale and high grade Kupferschiefer style copper and silver
mineralisation, with much of licence area remaining untested by modern
exploration whereby thicker sections of footwall/ hanging wall mineralisation
will be targeted.
· Modern understanding of Kupferschiefer mineralisation from
prolific mining in Poland places new emphasis on hanging wall and footwall
mineralisation, structural controls and metal zonation.
· In Polish Kupferschiefer mines, mineralisation typically forms
within the Kupferschiefer shale and in strata up to 60 m below and 30 m above
the shale. E.g., KGHM's Rudna Mine in Poland, where footwall sandstone hosts
80% of the total copper resource, hanging wall limestone hosts 15%, and
Kupferschiefer shale hosts only 5%.
Historical drilling and mine workings confirm the widespread presence of the
crucial Kupferschiefer sequence within the Tannenberg project. The sedimentary
sequence forms a broad dome that outcrops near the centre of the licence area
and extends down to approximately 500 m at the periphery. Regional and
small-scale faults cut the licence area with the dominant orientation trending
northwest-southeast, perpendicular to the Variscan Orogen. Zones of copper
enrichment within the licence area correspond to fault intersections.
Structure is a key targeting consideration at Tannenberg.
Figure 2: The Kupferschiefer is gently folded to form the Richelsdorf Dome
that extends from surface down to 500 m depth within the licence area.
Historical mining around Richelsdorf exploited mineralisation near the
surface. Historical drilling intercepted mineralised Kupferschiefer down to
436 m. Much of the Kupferschiefer between 50 to 500 m remains untested
Future work programs at Tannenberg will aid drill targeting. Initially, an
in-country search for additional historical drilling and mining records will
be undertaken. Geophysical methods such as seismic and magnetic surveys will
be evaluated for their effectiveness in delineating subsurface structures at
the high-priority Richelsdorf Dome target. Historical drill assays will be
used to identify metal zonation patterns useful for exploration targeting.
The area of primary interest covers 14 km-long stretch of the Richelsdorf Dome
where Kupferschiefer strata outcrop at surface in the centre and extend down
to approximately 500 m at the periphery. GreenX will fund a work program up to
€500,000 to satisfy requirements for the grant of an extension of the
exploration license at Tannenberg.
eleonore north gold project
In July 2024, following renegotiation with Greenfields Exploration Pty Ltd
(Greenfields), GreenX entered into a revised agreement to acquire 100% of
Eleonore North project in eastern Greenland.
These revised terms provide GreenX with the opportunity to retain the Eleonore
North and to conduct further exploration work before making a decision to
continue with the Project by 31 December 2025. Subsequent to the end of the
quarter, the exploration licences for Eleonore North were successfully
transferred to GreenX.
The Eleonore North gold project comprises of two exploration licences covering
an area of 1,221 km(2) in an arid part of north-eastern Greenland,
approximately 1,000 km south of the Company's Arctic Rift Copper project
(ARC)(Figure 3).
The two exploration licences are located on Ymer Island in the south and the
Strindberg Land peninsula in the north (Figure 4). The 300 m deep fjords in
this area are around 6 km wide, sailed annually by large container ships, and
aircraft frequent the area. The Company had identified no significant
environmental, archaeological, or social challenges in the area.
Figure 3: Map of Greenland showing GreenX's ARC and Eleonore North license Figure 4: Map showing prospects and geological features within the Eleonore
areas North license areas
During the quarter and following renegotiation with Greenfields, GreenX has
acquired a 100% interest in Eleonore North through a revised option
agreement. Having spent the required amount on an agreed work exploration
program for the project, GreenX will now conduct further exploration work on
Eleonore North before making a decision to continue with the project by 31
December 2025.
GreenX is again collaborating with the Geological Survey of Denmark and
Greenland (GEUS). For the last two years, GEUS has conducted fieldwork in the
region surrounding and within the Eleonore North licence. GEUS has a
multi-year project working to update the geological maps to a higher level of
detail. This work is primarily being done with traditional field mapping,
sample collection, and helicopter-based photography.
Based on previous discussions with GEUS, there is the possibility to
commission GEUS to fast-track production of an updated geological map at
Eleonore North based on helicopter photography collected in 2023. Samples
collected by GEUS are also available in Copenhagen for inspection and
analysis. These samples may provide a new regional perspective on the gold
systems present in northeastern Greenland.
Figure 5: Map showing regional historical samples collected by GUES as
publicly available from GUES, a subset of which are available for inspection.
ARCTIC RIFT COPPER PROJECT
The ARC project is an exploration joint venture between GreenX and
Greenfields. GreenX can earn-in up to 80% in ARC with the Company owning a 51%
interest in the project. The project is targeting large scale copper in
multiple settings across a 5,774 km(2) Special Exploration Licence in eastern
North Greenland. The area has been historically underexplored yet is
prospective for copper, forming part of the newly identified Kiffaanngissuseq
metallogenic province.
The results of work program announced last year have demonstrated the
high-grade nature of the known copper sulphide mineralisation and wider copper
mineralization in fault hosted Black Earth zones and adjacent sandstone units.
The exact position of a native copper fissure at the Neergaard Dal prospect
was also identified.
The Company is in the process of analysing further remote-sensing options for
ARC, which would be used to supplement current understanding of the known
copper sulphide mineralisation and refine plans for the next exploration
program.
CORPORATE
At 30 September 2024, GreenX had a cash balance of A$6 million allowing
further exploration to be conducted at the Company's projects and to prepare
for enforcement activities in relation to the Claim award.
ENQUIRIES
Ben Stoikovich Sapan Ghai
Chief Executive Officer
Business Development
+44 207 478 3900 +44 207 478 3900
-ENDS-
Forward Looking Statements
This release may include forward-looking statements. These forward-looking
statements are based on GreenX'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
GreenX, which could cause actual results to differ materially from such
statements. GreenX makes no undertaking to subsequently update or revise the
forward-looking statements made in this release, to reflect the circumstances
or events after the date of that release.
Competent Persons Statement
The information in this report that relates to exploration results were
extracted from the ASX announcements dated 15 July 2024 and 2 August 2024
which are available to view at www.greenxmetals.com
(http://www.greenxmetals.com) .
GreenX 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 content in
the relevant announcement continue to apply and have not materially changed;
and (c) the form and context in which the Competent Person's findings are
presented 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: TENEMENT INFORMATION
As at 30 September 2024, the Company has an interest in the following
tenements:
Location Tenement Percentage Status Tenement Type
Interest
Germany Tannenberg (-1) Granted Exploration Licence
Greenland Arctic Rift Copper project (Licence No. 2021-07 MEL-S) 51(2) Granted Exploration Licence
Greenland Eleonore North gold project 100(3) Granted Exploration Licence
(Licence No's 2018-19 and 2023-39)
Jan Karski, Poland Jan Karski Mine Plan Area (K-4-5, K6-7, K-8 and K-9)(4) -(4) In dispute - award made in favour of GreenX(4) Exclusive Right to apply for a mining concession(4)
Debiensko, Poland Debiensko 1 -(4) In dispute - award made in favour of GreenX(4) Mining(4)
Notes:
(1 ) In August 2024, the Company announced that it had entered
into the Tanneberg Agreement through which GreenX can earn a 90% interest in
the project. As at the date of this report, the Company held no beneficial
interest in Tannenberg, other than through the Tannenberg Agreement.
(2 ) In October 2021, the Company announced that it had entered
into an earn-in agreement with Greenfields to acquire an interest of up to 80%
in ARC. Having met the spend requirement, the Company has been issued with its
initial 51% interest in ARC.
(3 ) In July 2024, the Company announced that it had entered into
a revised option agreement with Greenfields to acquire 100% of the Eleonore
North project. Subsequent to the end of the quarter the transfer of the
exploration licences for Eleonore North was completed.
(4 ) GreenX formally commenced international arbitration Claim
against the Republic of Poland under both the ECT and the BIT in 2021.
Subsequent to the end of the quarter, GreenX reported a successful outcome of
the Claim against Poland under both the BIT and the ECT. Refer to further
discussion of the Claim above.
Appendix 2: Related Party Payments
During the quarter ended 30 September 2024, the Company made payments of
A$220,000 to related parties and their associates. These payments relate to
existing remuneration arrangements (director fees, consulting fees and
superannuation of A$142,000 and the provision of a serviced office and company
secretarial and administration services of A$78,000).
Appendix 3: Exploration and Mining Expenditure
During the quarter ended 30 September 2024, the Company made the following
payments in relation to exploration activities:
Activity A$000
Germany (Tannenberg)
Permitting related costs 7
Monitoring and assays 2
Personnel costs 3
Sub-total 12
Greenland (Eleonore North and ARC)
Project Management 65
Personnel costs 28
Other (field supplies, satellite imagery, etc) 12
Sub-total 106
Total as reported in the Appendix 5B (item 1.2(a) and 2.1(d)) 118
There were no mining or production activities and expenses incurred during the
quarter ended 30 September 2024.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
GreenX Metals Limited
ABN Quarter ended ("current quarter")
23 008 677 852 30 September 2024
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 (106) (106)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (364) (364)
(e) administration and corporate costs (327) (327)
1.3 Dividends received (see note 3) - -
1.4 Interest received 76 76
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)
(a) Business Development (190) (190)
(b) Arbitration related expenses (1) (1)
(c) Occupancy (227) (227)
1.9 Net cash from / (used in) operating activities (1,139) (1,139)
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 (12) (12)
(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 (12) (12)
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 (77) (77)
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 (77) (77)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 7,163 7,163
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,139) (1,139)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (12) (12)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (77) (77)
4.5 Effect of movement in exchange rates on cash held (2) (2)
4.6 Cash and cash equivalents at end of period 5,933 5,933
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 2,433 3,163
5.2 Call deposits 3,500 4,000
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) 5,933 7,163
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 (220)
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
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities 17,793* 16,253
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 17,793* 16,253
7.5 Unused financing facilities available at quarter end 1,540
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
On
30
Jun
e
202
0,
the
Com
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y
exe
cut
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a
Lit
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tio
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(LF
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for
US$
12.
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(*n
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A$1
7.8
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wit
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the
mov
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of
the
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to
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of
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(LC
M),
to
pur
sue
the
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Cla
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to
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and
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and
).
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US$
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and
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ter
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of
the
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,
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Out
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Fun
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8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (1,139)
8.2 (Payments for exploration & evaluation classified as investing activities) (12)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,151)
8.4 Cash and cash equivalents at quarter end (item 4.6) 5,933
8.5 Unused finance facilities available at quarter end (item 7.5) 1,540
8.6 Total available funding (item 8.4 + item 8.5) 7,473
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) >6
No
te
:
if
th
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en
ti
ty
ha
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re
po
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ed
po
si
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8
.7
as
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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: 17 October 2024
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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