MC Mining Limited - Appendix 5B
29/07/2022 10:01
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RNS Number : 2483U MC Mining Limited 29 July 2022
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
MC Mining Limited
ABN Quarter ended ("current quarter")
98 008 905 388 30 June 2022
Consolidated statement of cash flows Current quarter Year to date (twelve months)
$USD'000
$USD'000
1. Cash flows from operating activities 4,670 30,481
1.1 Receipts from customers
1.2 Payments for - -
(a) exploration & evaluation
(b) development
(c) production (7,106) (25,594)
(d) staff costs (484) (1,822)
(e) administration and corporate costs (1,151) (4,777)
1.3 Dividends received (see note 3)
1.4 Interest received - -
1.5 Interest and other costs of finance paid (49) (123)
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other (provide details if material) - -
1.9 Net cash from / (used in) operating activities (4,120) (1,835)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (128) (3,340)
(d) exploration & evaluation (1) (8)
(e) investments (95) (378)
(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 (224) (3,726)
3. Cash flows from financing activities - -
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options
3.4 Transaction costs related to issues of equity securities or convertible debt
securities
3.5 Proceeds from borrowings 4,823 9,396
3.6 Repayment of borrowings (194) (2,617)
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details if material) (93) (1,006)
3.10 Net cash from / (used in) financing activities 4,536 5,773
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 2,954 3,230
4.2 Net cash from / (used in) operating activities (item 1.9 above) (4,120) (1,835)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (224) (3,726)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 4,536 5,773
4.5 Effect of movement in exchange rates on cash held (78) (374)
4.6 Cash and cash equivalents at end of period 3,068 3,068
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 flows) to the related items in the accounts
$USD'000
$USD'000
5.1 Bank balances 4,638 4,625
5.2 Call deposits 36 38
5.3 Bank overdrafts (1,606) (1,709)
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 3,068 2,954
6. Payments to related parties of the entity and their associates Current quarter
$USD'000
6.1 Aggregate amount of payments to related parties and their associates included 106
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 available to the entity.
$USD'000
$USD'000
Add notes as necessary for an understanding of the sources of finance available to the entity.
7.1 Loan facilities 13,922 13,606
7.2 Credit standby arrangements
7.3 Other (please specify) 1,606 1,606
7.4 Total financing facilities 15,528 15,212
7.5 Unused financing facilities available at quarter end 316
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.
All
facil
ities
are
ZAR
denom
inate
d and
are
repay
able
in
South
Afric
an
Rand
(ZAR)
7.1
Loan
Facil
ities
$USD1
0.1
milli
on:
Lend
er:
Indu
stria
l
Devel
opmen
t
Corpo
ratio
n of
South
Afric
a
(IDC)
.
Matur
ity
date:
30
Novem
ber
2022
(note
). In
the
case
of an
un
-reme
died
defau
lt,
the
debt
is
conve
rtibl
e
into
share
s
Inter
est
rate:
accru
es at
a
real
after
-tax
rate
of
retur
n of
16%
on
the
amoun
t
advan
ced.
Secur
ity:
Unsec
ured
7.3
Other
$USD2
.1
milli
on:
Lende
r:
ABSA
Group
Limit
ed
a)
$USD
1.3
milli
on
overd
raft
facil
ity
b)
USD
0.3
milli
on
short
term
loan
c)
USD
0.5
milli
on
finan
ce
lease
s
Matur
ity
Date
a)
Revie
wed
annua
lly
b)
30
June
2022
c)
Vario
us
dates
Inter
est
Rate:
a)
Float
ing
rate:
South
Afric
an
Prime
plus
3%
b)
Float
ing
rate:
South
Afric
an
Prime
plus
13%
c)
Vario
us
float
ing
rates
above
the
South
Afric
an
Prime
rate
Secur
ity
a)
Recei
vable
s
b)
Recei
vable
s,
bond
over
Uitko
mst
asset
s
c)
Under
lying
lease
d
asset
s
7.3
Stand
by
Loan
Facil
ity
$USD3
.8
milli
on:
Lende
r:
Dendo
cept
(Prop
rieta
ry)
Ltd
Matur
ity
Date:
June
2023
Inter
est
Rate:
South
Afric
an
Prime
plus
3%
Secur
ity:
Unsec
ured
The
outst
andin
g
balan
ce on
the
final
matur
ity
date
is
payab
le in
cash
or
conve
rtibl
e to
MC
Minin
g
equit
y at
a
price
per
share
calcu
lated
as
the
preva
iling
30
-day
Volum
e
Weigh
ted
Avera
ge
Price
minus
15%
on
the
date
of
conve
rsion
.
Payme
nt in
MC
Minin
g
equit
y is
at
the
sole
discr
etion
of MC
Minin
g
and
is
subje
ct to
all
requi
red
share
holde
r and
regul
atory
appro
vals,
inclu
ding
South
Afric
an
excha
nge
contr
ol
appro
val.
8. Estimated cash available for future operating activities $USD'000
8.1 Net cash from / (used in) operating activities (item 1.9) (4,120)
8.2 (Payments for exploration & evaluation classified as investing activities) (1)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (4,121)
8.4 Cash and cash equivalents at quarter end (item 4.6) 3,068
8.5 Unused finance facilities available at quarter end (item 7.5) 316
8.6 Total available funding (item 8.4 + item 8.5) 3,384
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.82
No
te
:
if
th
e
en
ti
ty
ha
s
re
po
rt
ed
po
si
ti
ve
re
le
va
nt
ou
tg
oi
ng
s
(i
e
a
ne
t
ca
sh
in
fl
ow
)
in
it
em
8
.3
,
an
sw
er
it
em
8
.7
as
"N
/A
".
Ot
he
rw
is
e,
a
fi
gu
re
fo
r
th
e
es
ti
ma
te
d
qu
ar
te
rs
of
fu
nd
in
g
av
ai
la
bl
e
mu
st
be
in
cl
ud
ed
in
it
em
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: Net operating cash flows will improve with the sale of the 37,703
tonnes of export quality coal on hand at the end of the reporting quarter, of
which 22,169t of this is already at the Durban port awaiting upliftment by the
customer.
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 Group anticipates that the funding of the operations will
originate from the sale of coal on the export market. The Group has secured
access to export markets through the Coal Sales & Marketing Agreement
announced on 28 July 2022.
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: Yes - refer 8.8.2 and 8.8.3 above.
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:
...................................................................................
Authorised by: .......... Disclosure
Committee.........................................................................
(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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