REG - MC Mining Limited - Interim Financial Report
15/03/2024 10:30
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RNS Number : 0568H MC Mining Limited 15 March 2024
A B N 9 8 0 0 8 9 0 5 3 8 8
FINANCIAL REPORT FOR THE HALF-YEAR ENDED
31 DECEMBER 2023
CORPORATE DIRECTORY
REGISTERED OFFICE Suite 8, 7 The Esplanade
Mt Pleasant, Perth, WA 6153 Telephone: +61 8 9316 9100
Facsimile: +61 8 9316 5475 Email: perth@mcmining.co.za
(mailto:perth@mcmining.co.za)
SOUTH AFRICAN OFFICE Ground Floor Greystone Building
Fourways Golf Park, Roos Street Fourways
2191
Telephone: +27 10 003 8000
Facsimile: +27 11 388 8333
BOARD OF DIRECTORS Non-executive Nhlanhla Musa Nene An Chee Sin
Andrew David Mifflin Julian Hoskin
Khomotso Brian Mosehla Ontiretse Mathews Senosi Yi (Christine) He
Zhen (Brian) He
Executive
Godfrey Gomwe
COMPANY SECRETARY Tony Bevan
AUSTRALIA UNITED KINGDOM SOUTH AFRICA
AUDITORS Mazars Assurance Pty Ltd N/A Mazars
Level 11, 307 Queen Street, Brisbane 101 on Olympus Pentagon Park Bloemfontein South Africa
QLD 4000
Australia
BANKERS National Australia Bank Limited ABSA Bank North Campus 15 Alice Lane Sandton
Level 1, 1238 Hay Street West Perth WA 6005 Australia South Africa
CORPORATE DIRECTORY (CONTINUED)
AUSTRALIA UNITED KINGDOM SOUTH AFRICA
BROKERS N/A Tennyson Securities 65 Petty France London SW1H 9EU United Kingdom N/A
LAWYERS K&L GATES N/A FALCON & HUME
Level 31 2nd Floor, 8 Melville Road Illovo
1 O'Connell Street Johannesburg, 2196 South Africa
Sydney, NSW 2000 Australia
NOMINATED ADVISER/ CORPORATE SPONSOR N/A Strand Hanson 26 Mount Row London W1K 3SQ United Kingdom BSM Sponsors Proprietary Limited
Ground Floor, Jindal Africa Building
22 Kildoon Road Johannesburg South Africa
2196
Index
The reports and statements set out below comprise the half-year report
presented to shareholders:
Contents Page
Directors' Report 4
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive 10
Income
Condensed Consolidated Statement of Financial Position 11
Condensed Consolidated Statement of Changes in Equity 12
Condensed Consolidated Statement of Cash Flows 13
Notes to the Condensed Consolidated Half-year Report 14
Directors' Declaration 26
Auditor's Independence Declaration 27
Independent Auditor's Review Report 28
The directors of MC Mining Limited (MC Mining or the Company) submit herewith
the financial report of MC Mining and its subsidiaries (the Group) for the
half-year ended 31 December 2023. All amounts are expressed in US dollars ($)
unless stated otherwise.
In order to comply with the provision of the Corporations Act 2001, the
directors report as follows:
Directors
The names of the directors of the Company during or since the end of the
half-year are:
Nhlanhla Nene (Chairman) Khomotso Mosehla
Godfrey Gomwe* Mathews Senosi
An Chee Sin Yi (Christine) He
Andrew Mifflin Zhen (Brian) He
Julian Hoskin
* Executive director (Managing Director & Chief Executive
Officer (CEO))
Review of Operations
Principal activity and nature of operations
The principal activity of the Company and its subsidiaries is the mining,
exploration and development of steelmaking coking and thermal coal properties
in South Africa.
The Company's principal assets and projects include:
· Uitkomst Colliery, an operating metallurgical and thermal
coal mine (Uitkomst);
· Makhado Project, a steelmaking hard coking and thermal coal
exploration and evaluation project (the Makhado Project
or Makhado);
· Vele Aluwani Colliery, a semi-soft coking and thermal
colliery (Vele) previously on care and maintenance but outsourced and
recommissioned in December 2022; and
· Three exploration stage coking and thermal coal projects,
namely Chapudi, Generaal, and Mopane, in the Soutpansberg Coalfield
(collectively the GSP).
The Company's focus on safety continued with zero lost time incidents (LTIs)
recorded during the six months under review (H1 FY2023: three incidents).
Uitkomst Colliery - Utrecht, KwaZulu-Natal (84% owned)
The Uitkomst Colliery recorded No LTI's during the period (H1 FY2023: three
LTIs).
Uitkomst comprises the existing underground coal mine with a planned life of
mine (LOM) extension directly to the north of current operations and the
colliery has approximately 16 years remaining LOM. The LOM extension requires
the development of adit 2k (horizontal shaft) and the development is subject
to receipt of the regulatory approvals, available funds and prevailing market
conditions.
Uitkomst sells a 0 to 40mm (duff) product into the metallurgical domestic
market for use as pulverised coal. Uitkomst supplies sized coal (peas)
products to local energy generation facilities and also sells smaller volumes
of a high-ash, coarse discard coal (middlings) product.
Uitkomst's run of mine (ROM) coal production for the six months increased by
20% to 268,464 tonnes (t) (H1 FY2023: 225,389 t) following the introduction of
the Operation Phenduka optimisation strategy during June 2023. The colliery
had inventory of 14,422t (FY2023: 50,490t at site and port) at the end of the
period. Uitkomst sold 202,715t (FY2023 H1: 104,855t) of coal during the six
months consisting of 202,340t of high-grade peas and duff (H1 FY2023:
98,924t). The colliery also sold 375t of lower grade middlings coal (H1
FY2023: 5,931t).
International thermal coal prices remained under pressure during the period
and the average API4 export coal price for the six months was $112/t (H1
FY2023: $265/t). Despite the depressed coal prices, Uitkomst Colliery
generated pleasing results for the period with revenue of $16.3 million (H1
FY2023: $14.0 million), yielding a gross profit of $1.5 million (H1 FY2023:
$3.9 million) and operating cash flows of $5.1 million (H1 FY2023: $0.1
million) with net working capital of $1.4 million (FY2023:
$6.3 million) at the end of December 2023.
Makhado Coking Coal Project - Soutpansberg Coalfield, Limpopo (67.3% owned)
No LTIs were recorded at Makhado during the period (H1 FY2023: nil LTIs).
MC Mining's flagship Makhado Project is situated in the Soutpansberg Coalfield
and all regulatory approvals are in place and the required surface rights over
the mining and coal handling and processing plant (CHPP) areas have been
secured. MC Mining is heavily invested in the Makhado Project as the complex
regulatory environment in South Africa demanded significant capital and time
investment to achieve its current 'shovel ready' status.
The development of the Makhado Project is expected to deliver positive returns
for shareholders and position MC Mining as
South Africa's pre-eminent steelmaking hard coking coal (HCC) producer. The
planned CHPP annual ROM feed capacity is
4.0 million tonnes per annum (Mtpa) with a forecast HCC yield of 22.6% and a
17.6% yield of a 5,500k/cal thermal coal by- product. The Makhado steelmaking
HCC will have an ash content of less than 10% and is expected to advantage
South African steel producers as the coal could displace HCC currently
imported. Development of Makhado is also expected to have a positive impact on
employment and will create 650 direct jobs. The funding initiatives for
Makhado continued during the period but were impacted by the takeover
corporate action that commenced in September 2023, and this will be
reactivated pending the outcome of the takeover offer.
The Makhado Project has the potential to produce in excess of 800,000t per
annum of steelmaking HCC and over 600,000t of a 5,500kcal thermal coal
byproduct. The Company continued with the detailed design of the Makhado CHPP
and related infrastructure, during the period in preparation of procurement.
The Company also progressed the managed tender processes to select the mining
contractor as well as the operating and maintenance contractors for the
Makhado CHPP and laboratory. Relevant appointments are anticipated to be
confirmed in H2 FY2024. The Company also initiated early works at the Makhado
Project, and these activities included:
· Construction of the main access road and the preparatory
earthworks for a bridge across the Mutamba river;
· Construction of the foundations for the CHPP bulk water supply
reservoirs;
· Detailed design, procurement and construction of the power supply
overhead transmission line - a critical path activity;
· Refurbishment of onsite accommodation to house project
construction crews; and
· Securing the site including significant progress with erection of
fencing.
The potential to produce coal earlier than anticipated in the 4.0Mtpa
implementation plan is being assessed and further announcements will be made
as this initiative progresses.
Vele Aluwani Colliery - Tuli Coalfield, Limpopo (100% owned)
The Vele Aluwani Colliery recorded no LTIs during the period (H1 FY2023: nil
LTIs).
The Vele Colliery contains over 324 million tonnes (in situ) of semi-soft
coking and thermal coal Reserves.
The colliery was recommissioned in December 2022 after having been on care and
maintenance since late CY2013. The outsourcing of operations at the colliery
was identified as the optimal strategy considering the significant capital and
technical investment required to restart and optimise production at the
colliery. The Contract Mining Agreement was concluded with Hlalethembeni
Outsource Services Proprietary Limited (HOS). This secured the necessary
investment from a third party to de- water the opencast pit, modify and
recommission the CHPP and remove a significant portion of the ongoing costs
associated with the colliery. HOS is responsible for all mining and processing
costs while the Company remains responsible for the colliery's regulatory
compliance, rehabilitation guarantees, relationships with authorities and
communities as well as the supply of electricity and water.
The recommencement of operations at Vele created approximately 245 permanent
job positions and also alleviated potential 'use it or lose it' risk
associated with unutilised mining assets in South Africa. The colliery
produced 119,799t of saleable thermal coal in H1 FY2024 (H1 FY2023: nil t).
HOS notified the Company during December 2023 that due to production
challenges, combined with elevated logistics costs and the depressed API4 coal
price, it would exercise the hardship clause in the Contract Mining Agreement.
This resulted in HOS downscaling operations, which was completed during
January 2024, and the commencement of a production optimisation strategy. This
strategy (Operation Shandukani) will potentially include, amongst others,
changes to the mining methodology, as well as further modifications to the
CHPP as well as securing access to rail transport at competitive prices. The
evaluation of these measures is expected to take place in H2 FY2024 with the
intention to improve profitability at the colliery.
The colliery's CHPP does not have the requisite fines circuits that would
allow for the simultaneous production of SSCC and thermal coal. A further
significant opportunity at Vele is the addition of a fines circuit to the CHPP
to produce SSCC, a higher value product.
Greater Soutpansberg Projects - Soutpansberg Coalfield, Limpopo (74% owned)
The GSP reported no LTIs during the period (H1 FY2023: nil LTIs).
The three GSP is the Goup's long-term greenfield development area and contains
over 7.0 billion gross tonnes in situ of inferred HCC, SSCC and thermal coal
resources. The exploration and development of the GSP is the catalyst for MC
Mining's long-term growth and positions the Company to be a potential
long-term significant domestic and export steelmaking coal supplier.
The mining rights for the Mopane and Generaal project areas were legally
executed during the period and the Chapudi mining right is expected to be
completed during Q1 CY2024. Following this, the studies required for the
environmental and water use licences are expected to commence following the
construction of the Makhado Project. The South African Department of Mineral
Resources & Energy (DMRE) has granted mining rights for the three project
areas comprising the GSP, namely, Chapudi, Mopane and Generaal and the
granting of the mining rights has been appealed.
Corporate
IDC loan
The Industrial Development Corporation of South Africa Limited (IDC) is a 6.7%
shareholder in MC Mining's subsidiary, Baobab Mining & Exploration (Pty)
Ltd (Baobab), the owner of the Makhado Project. The bank continues to provide
support for the development of Makhado. MC Mining previously utilised the
existing IDC loan facility to explore and develop the project and during the
period, the IDC extended the date for repayment of the ZAR160 million loan
($8.7 million) plus interest thereon, to 30 September 2024.
Takeover Offer
The Company received a formal notice of intention on 2 November 2023 to make a
Takeover Offer (Takeover Offer) for the shares in MC Mining that the
Consortium does not own. The Consortium represents in aggregate 64.3% of the
issued capital in the Company and included Senosi Group Investment Holdings
Proprietary Limited and Dendocept Proprietary Limited, each substantial
shareholders of the Company. The indicative takeover offer at a cash price of
A$0.16 per share.
On 18 December 2023, MC Mining received a non-binding and indicative Takeover
Offer from the Consortium. This was subsequently followed by the lodgement of
the Bidder's Statement with an offer price of A$0.16, on 02 February 2024. The
Takeover Offer will remain open to shareholders to 5 April 2024 (unless
extended).
The Company established an Independent Board Committee (IBC) which, together
with MC Mining's advisors, is considering the Takeover Offer and will provide
a recommendation to shareholders. The current IBC recommendation, pending
finalization of the independent fair and reasonableness report, is for
shareholders to take no action with respect to the Takeover Offer from the
Consortium.
Financial review
The loss after tax attributable to the owners of the parent for the six months
under review was $5,800,961 or 1.45 cents per share compared to a loss after
tax of $1,275,553 or 0.50 cents per share for the prior corresponding period.
The loss after tax for the period under review of $5,981,426 (FY2023 H1:
$1,309,550). The increase in the loss for the six months compared to FY2023 H1
is attributable to:
· $2,374,273 reduction in the Uitkomst Colliery's gross profit due
to 58% lower international coal prices;
· $2,073,021 increase in employee costs compared to FY2023 H1. The
movement is attributable to inflationary and other related benefits as well as
an increase in the number of staff during the reporting period. The Company
was required to increase its technical, operational and administrative staff
compliment during CY2023. This was necessary to facilitate the development of
the Makhado Project and recommence operations at Vele.
The salient features of the Statement of Comprehensive Income are:
· revenue of $25,221,399 (FY2023 H1: $14,049,152) and cost of sales
of $24,145,894 (FY2023 H1: $10,136,800), resulting in a gross profit of
$1,076,311 (FY2023 H1: gross profit of $3,912,352);
o revenue was adversely impacted by the decline in coal prices compared to
FY2023 H1, with average API4 prices for the period declining by 58% $112/t
(FY2023 H1: $265/t);
o Uitkomst's sales volumes were 94% higher at 202,715t (FY2023 H1: 104,855t)
of coal during the six months, generating revenue of $16,266,871 (FY2023 H1:
$14,049,152). The 58% decline in average coal prices resulted in the
colliery's revenue only improving by 16% despite the significant increase in
volumes sold. The increase in sales volumes resulted in Uitkomst's cost of
sales increasing by 45% to $14,722,227 (FY2023 H1: $10,136,800) with
production costs benefitting from the implementation of the Operation Phenduka
optimization strategy in June 2023;
o Operations at Vele recommenced in December 2022 and the colliery earns a
royalty of ZAR200/t if the API4 price is higher than $120/t. The depressed
API4 prices during the reporting period adversely impacted Vele's revenue
($8,953,528 vs. FY2023 H1: nil) for the six months and cost of sales excludes
the recovery of utility and other non-mining and processing expenses from HOS,
the outsource mining and processing contractor.
· employee costs of $4,017,674 (FY2023 H1: $2,062,327) which included
non-cash employee expenses of $227,055 (FY2023 H1: $657,524) and cash employee
expenses of $3,790,619 (FY2023 H1: $1,404,803);
· Other operating income of $3,330,340 (FY2023 H1: $352,368) mainly
attributable to $2,864,512 (FY2023 H1: $nil) for refunds from HOS for the
provision of utilities and associated non-mining and processing costs at the
Vele Aluwani Colliery;
· other administrative expenses of $5,513,502 (FY2023 H1: $1,961,130)
due to increased water use license costs and holding fees charged by the IDC;
· depreciation of $95,132 (FY2023 H1: $47,914) included in
administrative expenses;
· net foreign exchange loss of $107,487 (FY2023 H1: gain of $19,971)
arising from the translation of borrowings and cash due to movement in the
ZAR:USD and ZAR:AUD exchange rates during the period; and
· income tax expense of $170,383 (FY2023 H1: $1,045,821).
As at 31 December 2023, the Company had cash and cash equivalents of
$2,020,814 compared to cash and cash equivalents of $7,499,000 at 30 June
2023. The prior period included non-operating cash arising from the rights
issue completed during the period.
Authorised and issued share capital
MC Mining had 407,890,744 fully paid ordinary shares in issue as at 31
December 2023. The holders of ordinary shares are entitled to one vote per
share and are entitled to receive dividends when declared.
Dividends
No dividends were declared by or paid by MC Mining during the six months.
Basis of preparation and going concern
Attention is drawn to the disclosure in the interim financial statements on
the going concern assumption (refer note 2), noting that there is a material
uncertainty that may cast significant doubt on the Group's ability to continue
as a going concern and, therefore, that the entity may be unable to realise
its assets and discharge its liabilities in the normal course of business.
The directors are satisfied however, at the date of signing the interim
financial report, that there are reasonable grounds to believe that the Group
will be able to continue to meet its debts as and when they fall due and that
it is appropriate for the financial statements to be prepared on a going
concern basis. The directors have based this on a number of assumptions which
are set out in detail in note 2 to the interim financial report. In order to
meet its working capital requirements, the Group is exploring and progressing
several alternative strategies to raise additional funding including, but not
limited to:
· The issue of new equity for cash in the Company or its subsidiary
that owns the Makhado project;
· Further debt funding including inventory prepayments and
composite debt/equity instruments;
· Cash generated from the Company's collieries; and
· Further contractor BOOT funding arrangements.
The Group also has the capacity if necessary to reduce its operating cost
structure in order to minimise its working capital requirements and defer the
timing of any future capital raising.
The conclusion of the debt and equity raise is by its nature an involved
process and is subject to successful negotiations with the external funders
and shareholders. Any equity raise is likely to be subject to a due diligence
process. The Group has a history of successful capital raisings to meet the
Group's funding requirements. The directors believe that at the date of
signing the interim financial statements there are reasonable grounds to
believe that they will be successful in achieving the matters set out above
and that the Group will therefore have sufficient funds to meet their
obligations as and when they fall due.
Events after the reporting period
The Consortium lodged a Bidders Statement on 2 February 2024 and on 4 March
2024 the Company released its formal Target's Statement in response to the
A$0.16 cash per share. Supplementary bidders statements has been received. The
company anticipates releasing a supplementary target statement, including an
independent Fair and Reasonable report, on or around 18 March 2024.
Other than the above, no matters or circumstances have arisen since the end of
the financial year which significantly affected or could significantly affect
the operations of the Group, the results of those operations or the state of
affairs of the Group in future financial years.
Rounding off of amounts
The Company is of the kind referred to in ASIC Legislative Instrument
2016/191, and in accordance with that Instrument amounts in the directors'
report and the half-year financial report are rounded off to the nearest
thousand dollars, unless otherwise indicated.
Auditor's Independence Declaration
The auditor's independence declaration is included on page 27 of the half-year
report.
The half-year report set out on pages 10 to 25, which has been prepared on a
going concern basis, was approved by the board on 15 March 2024 and was signed
on its behalf by:
Nhlanhla Nene Godfrey Gomwe
Chairman Managing Director & Chief Executive Officer
15 March 2024 15 March 2024
Dated at Johannesburg, South Africa, this 15thday of March 2024.
FOR THE HALF-YEAR ENDED 31 DECEMBER 2023
Six months Six months
ended 31 Dec 2023 ended 31 Dec 2022
$'000 $'000
Note
Continuing operations 4 25,221 14,049
Revenue
Cost of sales 5 (24,145) (10,137)
Gross profit 1,076 3,912
Other operating income 6 3,330 352
Other operating gains 7 78 205
(Expected)/Reversal of credit loss 8 (4) 291
Administrative expenses 9 (9,697) (4,089)
Operating (loss)/profit (5,217) 671
Interest income 161 128
Finance costs (755) (1,063)
Loss before tax (5,811) (264)
Income tax expense 10 (170) (1,045)
LOSS AFTER TAX (5,981) (1,309)
Other comprehensive loss, net of income tax
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations 1,861 (2,373)
Total comprehensive loss for the period (4,120) (3,682)
Loss after tax for the period attributable to: Owners of the parent
(5,801) (1,275)
Non-controlling interests (180) (34)
(5,981) (1,309)
Total comprehensive profit/(loss) attributable to: Owners of the parent
(3,940) (3,648)
Non-controlling interests (180) (34)
(4,120) (3,682)
Loss per share
Basic and diluted (cents per share) 12 (1.45) (0.50)
The accompanying notes are an integral part of these condensed consolidated
financial statements
Note 31 Dec 2023 30 June 2023
$'000 $'000
ASSETS
Non-current assets
Development, exploration and evaluation assets 13 70,361 65,682
Property, plant and equipment 35,443 34,621
Intangible asset 391 503
Right-of-use assets 14 2,093 2,322
Other financial assets 5,729 5,239
Restricted cash 15 23 23
Total non-current assets 114,040 108,390
Current assets
Inventories 16 1,593 4,088
Trade and other receivables 5,767 4,458
Cash and cash equivalents 15 3,383 7,499
Total current assets 10,743 16,045
Total assets 124,783 124,435
LIABILITIES
Non-current liabilities
Provisions 6,951 6,035
Deferred tax liability 3,655 3,648
Lease liabilities 17 1,890 1,932
Borrowings 18 44 48
Total non-current liabilities 12,540 11,663
Current liabilities
Borrowings 18 16,937 16,296
Trade and other payables 8,398 7,881
Bank overdraft 15 1,362 -
Provisions 737 395
Tax liabilities 557 276
Lease liabilities 17 481 573
Total current liabilities 28,472 25,421
Total liabilities 41,012 37,084
NET ASSETS 83,771 87,351
EQUITY
Issued capital 19 1,070,856 1,069,871
Accumulated deficit (936,477) (930,676)
Reserves (49,521) (50,937)
Equity attributable to owners of the parent 84,858 88,258
Non-controlling interests (1,087) (907)
TOTAL EQUITY 83,771 87,351
The accompanying notes are an integral part of these condensed consolidated
financial statements
11
MC MINING LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2023
Issued capital Accumulated deficit Share based payment Capital profits reserve Foreign currency translation Attributable to owners of the parent Non- controlling interests Total equity
reserve reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 July 2023 1,069,871 (930,676) 1,992 91 (53,020) 88,258 (907) 87,351
Total comprehensive profit/(loss) for the period - (5,801) - - 1,861 (3,940) (180) (4,120)
Loss for the period - (5,801) - - - (5,801) (180) (5,981)
Other comprehensive income, net of tax - - - - 1,861 1,861 - 1,861
Performance rights issued - - 260 - - 260 - 260
Performance rights vested 985 - (595) - - 390 - 390
Performance rights expired - - (110) - - (110) - (110)
Balance at 31 December 2023 1,070,856 (936,477) 1,547 91 (51,159) 84,858 (1,087) 83,771
Balance at 1 July 2022 1,045,395 (926,245) 1,263 91 (42,544) 77,960 (824) 77,136
Total comprehensive profit/(loss) for the period - (1,275) - - (2,373) (3,648) (34) (3,682)
Loss for the period - (1,275) - - - (1,275) (34) (1,309)
Other comprehensive loss, net of tax - - - - (2,373) (2,373) - (2,373)
Performance rights issued - - 625 - - 625 - 625
Shares issued 26,503 - - - - 26,503 - 26,503
Share issue costs (1,620) - - - (1,620) - (1,620)
Balance at 31 December 2022 1,070,278 (927,520) 1,888 91 (44,917) 99,820 (858) 98,962
The accompanying notes are an integral part of these condensed consolidated
financial statements
12
Six months Six months
ended 31 Dec 2023 ended 31 Dec 2022
Note $'000 $'000
Cash Flows from Operating Activities
Receipts from customers 16,312 14,394
Payments to employees and suppliers (18,122) (14,336)
Cash (used)/generated in operations (1,810) 58
Interest received 242 128
Interest paid (110) (126)
Tax paid - (464)
Net cash (used in)/generated in operating activities (1,678) (404)
Cash Flows from Investing Activities
Purchase of property, plant and equipment (462) (626)
Investment in exploration and evaluation assets 13 (2,773) (732)
Increase in other financial assets (170) (326)
Payments for development assets 13 - (273)
Restricted cash movement - (161)
Net cash used in investing activities (3,405) (2,118)
Cash Flows from Financing Activities
Proceeds from issue of shares - 23,039
Share issue costs - (1,620)
Lease repayments 17 (336) (415)
Proceeds from borrowings 18 - 289
Borrowings repayments 18 (94) (1,610)
Net cash (used)/generated in financing activities (430) 19,683
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (5,513) 17,161
Cash and cash equivalents at the beginning of the half-year 7,499 1,464
Foreign exchange differences 35 333
Cash and cash equivalents at the end of the half-year 15 2,021 18,958
The accompanying notes are an integral part of these condensed consolidated
financial statements
13
1. Significant Accounting Policies Statement of compliance
The half-year financial report is a general purpose financial report prepared
in accordance with the Corporations Act 2001 and AASB 134: 'Interim Financial
Reporting'. Compliance with AASB 134 ensures compliance with International
Financial Reporting Standard IAS 34 'Interim Financial Reporting'. The
half-year report does not include notes of the type normally included in an
annual financial report and should be read in conjunction with the most recent
annual financial report.
Basis of preparation
The condensed consolidated financial statements have been prepared on the
basis of historical cost, except for the revaluation of financial instruments
and assets held for sale. Cost is based on the fair values of the
consideration given in exchange for assets.
All amounts are presented in United States dollars, unless otherwise noted.
The Company is of a kind referred to in ASIC Legislative Instrument 2016/191,
relating to the 'rounding off' of amounts in the financial statement. Amounts
in the directors' report and the half-year financial report have been rounded
off in accordance with the instrument to the nearest thousand dollars, or in
certain cases, to the nearest dollar.
The accounting policies and methods of computation adopted in the preparation
of the half-year financial report are consistent with those adopted and
disclosed in the Company's 2023 annual financial report for the financial year
ended 30 June 2023, except for the impact of the Standards and Interpretations
described below. These accounting policies are consistent with the Australian
Accounting Standards and with International Financial Reporting Standards
(IFRS).
Where applicable, certain comparatives have been adjusted to conform with
current year presentation.
The Group has adopted all of the new and revised Standards and Interpretations
issued by the Australian Accounting Standards Board (the AASB) that are
relevant to their operations and effective for the current reporting period.
2. Going Concern
The Consolidated Group has incurred a net loss after tax for the six months
ended 31 December 2023 of $5.9 million (31 December 2022: loss of $1.3
million). During the period ended 31 December 2023, net cash outflows from
operating activities were $1.6 million (31 December 2022 net inflow: $0.4
million). As at 31 December 2023 the Consolidated Group had a net current
liability position of $17.8 million (30 June 2023: net current liability
position of $9.4 million).
During October 2023, the IDC agreed to extend the terminal drawdown date in
respect of the conditional $8.7 million (ZAR245.0 million) term loan agreed to
partially finance the development of the Makhado Project, also to 30 September
2024, subject to the satisfaction of the outstanding conditions.
The Directors have prepared a cash flow forecast for the twelve-month period
ended 15 March 2025, taking into account available facilities, additional debt
funding that although not yet concluded (is expected to be raised), and
expected operational cash flows to be generated. On the basis of these equity
and debt funding initiatives being successfully implemented, the forecast
indicates that the Group will have sufficient cash to fund their operations
for at least the twelve-month period from the date of signing this report.
These cash flow forecasts referred to above include various assumptions,
including progressing several alternatives to raise the additional funding
including, but not limited to:
• The issue of new equity for cash in the Company or its
subsidiary that owns the Makhado Project;
• Further debt funding;
• Cash generated by the Company's Collieries;
• Further contractor BOOT funding arrangements; and
• The sale of a minority stake in the subsidiary companies holding
the Makhado Project.
2. Going Concern (continued)
The conclusion of the debt and equity raise funding initiatives as included in
the cash flow forecast, is by its nature an involved process subject to
successful negotiations with the external funders and shareholders. In
addition, any equity or debt raised is likely to be subject to a due diligence
process. These conditions create a material uncertainty that may cast
significant doubt on the entity's ability to continue as a going concern and,
therefore, the Group may be unable to realize its assets and discharge its
liabilities in the normal course of business.
The Directors are of the opinion that the going concern basis remains
appropriate the Group has a history of successful capital raisings and also
has the capacity if necessary to reduce its operating cost structure in order
to minimise its working capital requirements. Subject to raising the required
funding, the development of the Makhado Project will subsequently commence
within the twelve months following the signing of these annual financial
statements.
Based on the above, the directors are satisfied at the date of signing the
annual financial statements that there are reasonable grounds to believe that
they will be successful in obtaining the required funding and that the Group
will have sufficient funds to meet its obligations as and when they fall due
and are of the opinion that the use of the going concern basis remains
appropriate
These consolidated annual financial statements do not give effect to
adjustments that would be necessary to the carrying value and classification
of assets and liabilities, should the Group be unable to continue as a going
concern. Such adjustments could be material.
3. Segment Information
AASB 8 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the chief
operating decision maker in order to allocate resources to the segment and to
assess its performance.
Information reported to the Group's Managing Director and CEO for the purposes
of resource allocation and assessment of performance is more specifically
focused on the stage within the mining pipeline that the operation finds
itself in.
The Group's reportable segments under AASB 8 are therefore as follows:
· Exploration
· Development
· Mining
The Exploration segment is involved in the search for resources suitable for
commercial exploitation, and the determination of the technical feasibility
and commercial viability of resources. As of 31 December 2023, projects within
this reportable segment include four exploration stage coking and thermal coal
complexes, namely the Chapudi Complex (which comprises the Chapudi project,
the Chapudi West project and the Wildebeesthoek project), Generaal (which
comprises the Generaal Project and the Mount Stuart Project), Mopane (which
comprises the Voorburg Project and the Jutland Project) and the Makhado
Project.
Vele was reclassified in the Mining segment as at 30 June 2023. The
comparative figures for this report reflect the Vele Colliery in the
Development segment. This segment is engaged in establishing access to and
commissioning facilities to extract, treat and transport production from the
mineral reserve, and other preparations for commercial production. As at 31
December 2023, no projects or collieries are reportable in this segment.
The Mining segment is involved in day to day activities of obtaining a
saleable product from the mineral reserve on a commercial scale and consists
of Uitkomst Colliery and the Vele Aluwani Colliery.
The Group evaluates performance on the basis of segment profitability, which
represents net operating (loss)/profit earned by each reportable segment.
Each reportable segment is managed separately because, amongst other things,
each reportable segment has substantially different risks.
The Group accounts for intersegment sales and transfers as if the sales or
transfers were to third parties, i.e. at current market prices.
The Group's reportable segments focus on the stage of project development and
the product offerings of coal mines in
production.
The following is an analysis of the Group's results by reportable operating
segment for the period under review:
For the six months ended 31 December 2023
$'000 $'000 $'000
Exploration Mining Total
Revenue - 25,221 25,221
Cost of sales - (24,145) (24,145)
Gross Profit - 1,076 1,076
Other operating income - 3,268 3,268
Other operating gains 1 84 85
Administrative expenses (1,512) (3,471) (4,983)
Profit/(loss) before interest (1,511) 957 (554)
Interest income 53 38 91
Finance costs (253) (462) (715)
Profit/(loss) before tax (1,711) 533 (1,178)
For the six months ended 31 December 2022
$'000 $'000 $'000 $'000
Exploration Development Mining Total
Revenue - - 14,049 14,049
Cost of sales - (4) (10,130) (10,134)
Gross Profit - (4) 3,919 3,915
Other operating income - 6 13 19
Expected credit loss reversed - - 291 291
Other operating gains/(losses) 2 2 8 12
Administrative expenses (269) (425) (48) (742)
Profit and loss before interest (267) (421) 4,183 3,495
Interest income 32 4 24 60
Finance costs (272) (318) (311) (901)
Profit/(loss) before tax (507) (735) 3,896 2,654
The following is an analysis of the Group's assets by reportable operating
segment:
31 Dec 2023 30 June 2023
$'000 $'000
Exploration 71,009 38,110
Mining 42,480 42,321
Total segment assets 113,489 80,431
Reconciliation of segment information to the consolidated financial
statements:
31 Dec 2023 31 Dec 2022
$'000 $'000
Total (loss)/profit before tax for reportable segments (1,178) 2,654
Other operating (loss)/gains (7) 193
Administrative expenses (4,720) (3,347)
Other operating income 63 334
Interest income 71 68
Finance costs (40) (164)
Cost of sales - (2)
Loss before tax (5,811) (264)
31 Dec 2023 30 June 2023
$'000 $'000
Total segment assets 113,489 80,431
Unallocated property, plant and equipment 5,128 5,029
Other financial assets 4,112 3,918
Unallocated right-of-use assets 475 533
Unallocated exploration and evaluation assets 290 29,198
Unallocated current assets 1,289 5,326
Total assets 124,783 124,435
The reconciling items relate to corporate assets.
4. Revenue
Revenue consists of the sale of coal by the Uitkomst Colliery and Vele
Colliery.
5. Cost of sales
Cost of sales consists of:
31 Dec 2023 31 Dec 2022
$'000 $'000
Salaries and wages (4,155) (4,447)
Mining expense (10,478) (1,395)
Depreciation and amortisation (1,325) (1,208)
Logistics (9) 579
Other direct mining costs (3,781) (4,275)
Inventory (2,675) 2,322
Other (1,722) (1,713)
(24,145) (10,137)
6. Other operating income
Other operating income includes:
31 Dec 2023 31 Dec 2022
$'000 $'000
Sale of scrap 5 10
Other 460 342
Recoveries 2,865 -
3,330 352
7. Other operating gains
Other operating gains or losses include:
31 Dec 2023 31 Dec 2022
$'000 $'000
Foreign exchange (loss)/profit
Unrealised 2 (71)
Realised (109) 91
Other 185 185
78 205
8. (Expected)/reversal of credit loss
31 Dec 2023 31 Dec 2022
$'000 $'000
(Expected)/reversal of expected credit losses (4) 291
(4) 291
9. Administrative expenses
31 Dec 2023 31 Dec 2022
$'000 $'000
Employee costs (4,016) (2,079)
Depreciation and amortisation (168) (48)
Other (5,513) (1,962)
(9,697) (4,089)
10. Income tax expense
The income tax expense/(credit) relates to the following:
31 Dec 2023 31 Dec 2022
$'000 $'000
Current income tax expense 267 849
Deferred tax current year (97) 196
170 1,045
11. Dividends
No dividend has been paid by MC Mining or is proposed in respect of the
half-year ended 31 December 2023 (FY 2023 H1: nil)
12. Loss per share
31 Dec 2023 31 Dec 2022
12.1 Basic loss per share
Cents per Cents per
share share
Basic loss per share
Basic loss per share (1.45) (0.50)
$'000 $'000
Loss for the period attributable to owners of the parent (5,801) (1,275)
31 Dec 2023 31 Dec 2022
'000 shares '000 shares
Weighted number of ordinary shares
Weighted average number of ordinary shares for the purposes of basic loss per 401,778 254,493
share
12.2 Diluted loss per share
Diluted loss per share is calculated by dividing the loss attributable to
owners of the Company by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of dilutive
ordinary share that would be issued on conversion of all the dilutive
potential ordinary shares into ordinary shares.
As the Company is in a loss position, the diluted potential ordinary shares
impact is anti-dilutive.
12.3 Headline loss per share (in line with JSE listing requirements)
The calculation of headline loss per share at 31 December 2023 was based on
the headline loss attributable to ordinary equity holders of the Company of
$5,801,000 (FY 2023 H1: $1,275,550 ) and a weighted average number of ordinary
shares outstanding during the period ended 31 December 2023 of 401,777,773 (FY
2023 H1: 254,493,063).
The adjustments made to arrive at the headline loss are as follows:
31 Dec 2023 31 Dec 2022
$'000 $'000
Loss after tax for the period attributable to ordinary shareholders (5,801) (1,275)
Headline loss (5,801) (1,275)
Headline loss per share (cents per share) (1.45) (0.50)
13. Development, Exploration and Evaluation Assets
A reconciliation of development, exploration and evaluation assets is
presented below:
Exploration and evaluation assets
31 Dec 2023 30 June 2023
$'000 $'000
Balance at beginning of period 65,682 67,839
Additions 2,793 6,164
Movement in rehabilitation asset 27 (93)
Foreign exchange differences 1,859 (8,228)
Balance at end of period 70,361 65,682
Development assets
31 Dec 2023 30 June 2023
$'000 $'000
Balance at beginning of period - 17,739
Transfer to property, plant and equipment - (16,976)
Transfer to intangible assets - (594)
Additions - 252
Movement in rehabilitation asset - 271
Foreign exchange differences - (692)
Balance at end of period - -
14. Right-of-use assets
The Group leases various assets including land, buildings, plant and machinery
and vehicles. The movement in the right-of-use assets is as follows:
31 Dec 2023 30 June 2023
$'000 $'000
Balance at beginning of the period 2,322 3,132
Additions - 678
Transfer to property, plant and equipment - (571)
Depreciation (284) (618)
Modification (8) 272
Disposals - (238)
Foreign exchange differences 63 (333)
Balance at end of period 2,093 2,322
15. Cash and cash equivalents
31 Dec 2023 30 June 2023
$'000 $'000
Bank balances 3,383 7,499
Bank overdraft (1,362) -
2,021 7,499
Restricted cash 23 23
23 23
The bank overdraft relates to an ABSA Bank Limited (ABSA) facility for $1.4
million (ZAR24.98 million). The facility is for short-term working capital
requirements and potential expansion opportunities. It has a floating coupon
at the South African Prime rate (currently 11.75% per annum) plus 3.0%, with a
general notarial bond over Uitkomst's assets as well as a cession of the
colliery's trade receivables. The facility is subject to annual review.
16. Inventory
31 Dec 2023 30 June 2023
$'000 $'000
Consumable stores 625 512
Finished goods 985 3,595
Provision for obsolete inventory (17) (19)
1,593 4,088
17. Lease liabilities
The movement in the lease liabilities is as follows:
31 Dec 2023 30 June 2023
$'000 $'000
Balance at beginning of the period 2,505 2,942
Modification (8) 332
Additions - 678
Interest 139 295
Repayments (336) (698)
Terminations - (281)
Transfer to borrowings - (381)
Foreign exchange differences 71 (382)
Balance at end of period 2,371 2,505
Non-current 1,890 1,932
Current 573
481
2,505
2,371
The maturity of the Group's undiscounted lease payments is as follows:
31 Dec 2023 30 June 2023
$'000 $'000
Not later than one year 666 644
Later than one year and not later than five years 1,912 2,141
Later than five years 902 1,052
3,480 3,837
Less future finance charges (1,109) (1,332)
Present value of minimum lease payments 2,371 2,505
18. Borrowings
31 Dec 2023 30 June 2023
$'000 $'000
Opening balance 16,344 21,656
Loans acquired during the year - 328
Transfer to share capital - (3,378)
Repayments (94) (1,678)
Reallocation of interest previously disclosed as part of accruals - 1,228
Interest accrued 248 539
Transferred from leases - 381
Foreign exchange differences 483 (2,732)
Balance at end of period 16,981 16,344
Non-current 44 48
Current 16,937 16,296
16,981 16,344
Industrial Development Corporation of South Africa Limited
The IDC has provided longstanding financial support for the development of the
Makhado Project. In March 2017 MC Mining secured a facility of which ZAR160
million ($8.7 million) was drawn to progress Makhado to its fully-permitted
status and to partially fund the acquisition of the surface rights over the
project area. The Company is required to repay the loan amount plus an amount
equal to the after tax internal rate of return equal to 16% of the amount of
each advance. In terms of the IDC facility, as a result of ZAR160 million of
the facility being drawn, the IDC was issued with 6.7% of the shares in MC
Mining subsidiary, Baobab, the owner of the Makhado Project. The IDC has
extended the date for repayment date for the ZAR160 million (plus accrued
interest) to 30 September 2024.
19. Issued Capital
During the reporting period the Company issued 8,225,542 ordinary shares.
31 Dec 2023 30 June 2023
$'000
$'000
407,890,744 (FY2023: 399,665,202) fully paid ordinary shares 1,069,871
1,070,856
Fully paid ordinary shares carry one vote per share and carry the right to
dividends.
Options
No options were issued during the period.
During November 2023, 4,000,000 ordinary shares of no par value in the
Company's capital were issued to the CEO arising from the vesting the first
tranche of the of 12,000,000 engagement share options issued to the CEO in
terms of his employment contract and following MC Mining shareholder approval
at the November 2022 Annual General Meeting.
Performance Rights
No performance rights were issued during the period.
During the period, 4,225,542 ordinary shares of no par value in the Company's
capital were issued to staff following the satisfaction of the vesting
conditions of the November 2020 tranche 2 performance rights and November 2022
tranche 1 performance rights
During November 2023, 1,164,240 performance rights relating to the November
2020 tranche 3 performance rights expired. No further performance rights
expired or were cancelled during the period.
20. Contingencies and Commitments Contingent liabilities
The Group has no significant contingent liabilities at reporting date.
Commitments
As at 31 December 2023, the Group had a $0.2 million commitment which relate
to its social and labour plan at Uitkomst Colliery. In addition to the amount
provided in the consolidated statement of financial position.
In addition to the commitments of the parent entity, subsidiary companies have
typical financial commitments associated with their mining rights granted by
the South African DMRE.
21. Events subsequent to reporting
The Consortium lodged a Bidders Statement on 2 February 2024 and on 4 March
2024 the Company released its formal Target's Statement in response to the
A$0.16 cash per share. Supplementary bidders statements has been received. The
company anticipates releasing a supplementary target statement, including an
independent Fair and Reasonable report, on or around 18 March 2024.
Other than the above, no matters or circumstances have arisen since the end of
the financial year which significantly affected or could significantly affect
the operations of the Group, the results of those operations or the state of
affairs of the Group in future financial years.
22. Key management personnel
Remuneration arrangements of key management personnel are disclosed in the
annual financial report.
23. Financial Instruments
Fair value of financial assets and liabilities
The fair value of a financial asset or a financial liability is the amount at
which the asset could be exchanged or liability settled in a current
transaction between willing parties in an arm's length transaction. The fair
values of the Group's financial assets and liabilities approximate their
carrying values, as a result of their short maturity or because they carry
floating rates of interest.
All financial assets and liabilities recorded in the consolidated financial
statements approximate their respective fair values.
The following table provides an analysis of financial instruments that are
measured subsequent to initial recognition at fair value, grouped into Level 1
to 3, based on the degree to which the fair value is observable.
Level 1 fair value measurements are those derived from quoted prices in active
markets for identical assets or liabilities. The balances classed here are
financial assets comprising deposits and listed securities.
Level 2 fair value measurements are those derived from inputs other than
quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly. The financial assets classed as
Level 2 comprise of investments with investment firms. These investments serve
as collateral for rehabilitation guarantees. The third party utilised a market
approach with level 2 inputs in determining the value. The inputs used to
determine fair values of listed or quoted investments are based on the quoted
market price at reporting period date.
Level 3 fair value measurements are those derived from valuation techniques
that include inputs for the asset or liability that are not based on
observable market data.
There were no assets reclassified into/out of fair value through profit and
loss (FVTPL) during the period nor were any assets transferred between levels.
As at 31 December 2023 ($'000) Level 1 Level 2 Level 3 Total
Other Financial Assets - 5,729 - 5,729
- 5,729 - 5,729
As at 30 June 2023 ($'000) Level 1 Level 2 Level 3 Total
Other Financial Assets - 5,239 - 5,239
- 5,239 - 5,239
Directors' Declaration
The Directors declare that in the directors' opinion,
1. The condensed financial statements and notes of the
consolidated entity are in accordance with the following:
a. complying with Australian accounting standards and the
Corporations Act 2001; and
b. giving a true and fair view of the consolidated
entity's financial position as at 31 December 2023 and of its performance for
the half-year ended on that date.
2. There are reasonable grounds to believe that the
Company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of
Directors, made pursuant to section 303(5) of the Corporations Act 2001.
On behalf of the Directors
Nhlanhla Nene Godfrey Gomwe
Chairman Managing Director and Chief Executive Officer
15 March 2024 15 March 2024
Dated at Johannesburg, South Africa, this 15thday of March 2024.
Level 11, 307 Queen Street
Brisbane Qld 4000
GPO Box 2268
Brisbane Qld 4001 Australia
Tel: +61 7 3218 3900
Fax: +61 7 3218 3901
www.mazars.com.au (http://www.mazars.com.au/)
Auditor's independence declaration to the Directors of MC Mining Limited
I declare that, to the best of my knowledge and belief, during the half-year
ended 31 December 2023, there have been:
(i) no contraventions of the auditor independence requirements as set out
in the Corporations Act 2001 in relation to the audit; and
(ii) no contraventions of any applicable code of professional conduct in
relation to the review.
Mazars Assurance Pty Ltd
Brisbane, 15 March 2024
Mazars Assurance Pty Ltd
27
ABN: 13 132 902 188 | Authorised Audit Company: 338599
Liability limited by a scheme approved under Professional Standards
Legislation
Level 11, 307 Queen Street
Brisbane Qld 4000
GPO Box 2268
Brisbane Qld 4001 Australia
Tel: +61 7 3218 3900
Fax: +61 7 3218 3901
www.mazars.com.au (http://www.mazars.com.au/)
Independent Auditor's Review Report to the Members of MC Mining Limited
Conclusion
We have reviewed the half-year financial report of MC Mining Limited
("Company") and its subsidiaries ("Group"), which comprises the condensed
consolidated statement of financial position as at 31 December 2023, the
condensed consolidated statement of comprehensive income, the condensed
consolidated statement of changes in equity, and the condensed consolidated
statement of cash flows for the half-year then ended, and notes to the
financial statements, including a summary of significant accounting policies
and other explanatory information, and the Directors' declaration.
Based on our review, which is not an audit, we have not become aware of any
matter that makes us believe that the half-year financial report of MC Mining
Limited does not comply with the Corporations Act 2001, including:
a) giving a true and fair view of the Group's financial position as at 31
December 2023 and of its performance for the half-year ended on that date; and
b) complying with Australian Accounting Standard AASB 134 Interim
Financial Reportingand the
Corporations Regulations 2001.
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial
Report Performed by the Independent Auditor of the
Entity. Our responsibilities are
further described in the Auditor's Responsibilities for the Review of the
Financial Report section of our report. We are independent of the Company in
accordance with the auditor independence requirements of the Corporations Act
2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board's APES 110 Code of Ethics for Professional Accountants
(including Independence Standards) ("Code") that are relevant to our audit of
the annual financial report in Australia.
We have also fulfilled our other ethical responsibilities in accordance with
the Code.
Material uncertainty related to going concern
We draw attention to note 2 in the financial report, which describes recent
operating losses and the financial position of the Group. As stated in note 2,
these events or conditions, along with other matters as set out in note 2,
indicate that a material uncertainty exists that may cast significant doubt on
the Group's ability to continue as a going concern. Our review conclusion is
not modified in respect of this matter.
Responsibility of the Directors for the Financial Report
The Directors of the Company are responsible for the preparation of the
half-year financial report that gives a true and fair view in accordance with
Australian Accounting Standards and the Corporations Act 2001and for such
internal control as the Directors determine is necessary to enable the
preparation of the financial report that gives a true and fair view and is
free from material misstatement, whether due to fraud or error.
In preparing the financial report, the Directors are responsible for assessing
the Group's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to
cease operations, or have no realistic alternative but to do so.
Mazars Assurance Pty Ltd
28
ABN 13 132 902 188 | Authorised Audit Company: 338599
Liability limited by a scheme approved under Professional Standards
Legislation
29
Auditor's responsibility for the review of the financial report
Our responsibility is to express a conclusion on the half-year financial
report based on our review. We conducted our review in accordance with
Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report
Performed by the Independent Auditor of the Entity, in order to state whether
on the basis of the procedures described, we have become aware of any matter
that makes us believe that the half-year financial report is not in accordance
with the Corporations Act 2001 including giving a true and fair view of the
Group's financial position as at 31 December 2023 and its performance for the
half-year ended on that date, and complying with Australian Accounting
Standard AASB 134 Interim Financial Reporting and the Corporations Regulations
2001.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
MAZARS ASSURANCE PTY LTD
Brisbane, 15 March 2023
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