REG - Salt Lake Potash Ltd - June 2021 Quarterly Report

Salt Lake PotashAnnouncement

30/07/2021 13:05

RNS Number : 1077H
  
Salt Lake Potash Limited
  
30 July 2021
  
 




30 July 2021
 


AIM/ASX Code: SO4
 



 



SALT LAKE POTASH LIMITED



June 2021 Quarterly Report
 
Salt Lake Potash Limited (SO4 or the Company) is pleased to present its Quarterly Report for the period ending 30 June 2021. The Company is focussed on delivering the Lake Way Sulphate of Potash Project in Wiluna, Western Australia.
Construction of the Lake Way process plant was finalised with GR Engineering Services handing over the plant to SO4 operations. Each of the 34 Process Units in the plant were individually commissioned with the SO4 operations team working towards achieving 'Stage 4' commissioning - bringing the plant into continuous operation and producing SOP. Recent activities have primarily focused on calibration of the flotation circuit to achieve expected recoveries. The company continues to work with the flotation circuit vendor and Design Engineer to bring performance up to modelled targets and expects the issue to be resolved this quarter.
Part IV Environmental Approval was received for the Lake Way project covering full-scale operations, including the expanded pond footprint and required brine abstraction infrastructure to enable production of 245kt per annum of SOP. 
Salt harvesting activities continued with additional harvesting taking place in Train 1 and removal of the in-cell stockpiles, which were transported to the plant. Approximately 74kt of plant feed salts have now been harvested and are ready as feedstock for the plant.
A$28m in new equity was raised at A$0.35/share to enable the final US$33m tranche of the Senior Debt Facility to be drawn. The capital raise also enabled the implementation of an A$18m guarantee facility provided by Sequoia Economic Infrastructure Income Fund (SEQI), in support of the gas pipeline constructed by APA Operations Pty Ltd (APA).
Following the period-end the Company announced it will be implementing a revised ramp-up strategy that involves suspending the initial plant feed programme, following the processing of the first 90-110kt of harvest salts. As a result forecasted SOP production in FY'22 has been reduced and the Company has determined that it will require further funding before the end of 2021 to continue operations at Lake Way. Discussions to resolve the funding shortfall have commenced and once complete and agreed will be announced to the market.
Tony Swiericzuk Chief Executive Officer
"The Lake Way Project took major strides forward during the June quarter with the hand-over of the Process Plant and the granting of EPA Part IV approval. The entire SO4 team has been working tirelessly through the harvest salt pond management system and plant commissioning challenges over the last few weeks. We are disappointed these challenges have pushed out our expected ramp up profile however the project fundamentals remain attractive. I am grateful for the support and patience of our shareholders and our lenders as we work towards delivering first SOP and positive cash flow."
 
For further information please visit www.so4.com.au or contact:



Tony Swiericzuk / Richard Knights


Salt Lake Potash Limited


Tel: +61 8 6559 5800




Colin Aaronson / Lukas Girzadas


Grant Thornton UK LLP (Nominated Adviser)


Tel: +44 (0) 20 7383 5100




Derrick Lee / Peter Lynch


Cenkos Securities plc (Broker)


Tel: +44 (0) 131 220 6939

















This announcement has been authorised for release by the Board of Directors. 




 
Process Plant handover and commissioning
Construction and practical completion of the Lake Way process plant has been finalised with GR Engineering Services handing over the plant to SO4 in late June. Each of the 34 process units in the plant have been individually commissioned and the SO4 operations team is now working through the 'Stage 4' load commissioning process.
The SO4 operations team have been systematically working through the plant to ensure each unit is functioning within design parameters and the plant chemistry is established. 
COVID-19 related border restrictions have impacted the travel arrangements of key commissioning personnel as well as affecting the timely transport of some commissioning supply items, impacting the commissioning schedule.
The commissioning process has involved calibrating and fine tuning several mechanical components in the plant including crushers, screens, cyclones, thickeners, centrifuges, control valves, agitators and pumps as well as the electronic control systems. More recently work has focussed on the calibration of the flotation circuit to achieve the designed waste mass pull.  'Batch trials' each using 500-800t of low-grade feed salt have been run, with mass-pull performance achieving variable results. The company continues to work with the flotation circuit vendor and design engineer to bring performance up to modelled targets and expects the issue to be resolved this quarter.
Non-process infrastructure
Installation of bagging plant and equipment were progressed with the Flexicon bulk bagging plant completed and installed.
The form fill seal bagging plant installation has progressed significantly and is expected to be completed during the September quarter. The plant will bag the product into 25kg bags for export via Fremantle.
On-Lake infrastructure
The paleochannel drilling campaign continued throughout the quarter, with new production bores drilled on pads 4, 16 and 22.
Total trench length excavated remained at 65.5km, with design for the upcoming Stage 3 extension programme finalised during the period.
Salt harvesting recommenced in Train 1 with the in-cell stockpiles that were harvested during the March quarter also transported to the plant. Around 90-110kt of harvest salt harvested ready as feedstock for the plant.  
Equity raise to enable final debt drawdown
In May, the Company completed a A$28 million equity capital raising by way of a placement of 79,947,858 Ordinary Shares at A$0.35 per new share (Placement).
The proceeds from the Placement will be used for general operating expenses during the ramp up of the Lake Way Project. The Placement was a key condition to enable the Company to undertake the final US$33 million drawdown under the Syndicated Facility Agreement, as well as providing for the implementation of an A$18 million guarantee facility to be provided by SEQI in support of the gas pipeline constructed by APA. The guarantee facility provided by SEQI will release A$18m in equity that will be used for general operating expenses during the ramp up of the project.
Within the Placement SO4 Directors subscribed for 2.8 million Placement Shares, including 2.5 million shares by Chairman Ian Middlemas and 250,000 by Managing Director and CEO Tony Swiericzuk, approved in a July shareholder meeting.
The issue price of A$0.35 per share represented a 12.5% discount to the last traded share price on ASX of A$0.40 and 14% to the 5-day volume weighted average share price on ASX prior to the Company entering into the Trading Halt on 21 May 2021.
Grant of Part IV EPA permit
The Company's Part IV Environmental submission was approved by the Government in April, having been recommended by the EPA with no appeals in January.
The permit enables SO4 to finalise construction of the remaining evaporation ponds as well as the  trench and bore construction that will support full scale operations at Lake Way of 245kt per annum of SOP.
Revised ramp-up strategy
Following the period-end the Company announced it will be implementing a revised ramp-up strategy that involves suspending the initial plant feed programme, following the processing of the first 90-110kt of harvest salts.
Under the revised ramp-up strategy the Company plans to process 90-110kt of plant feed salts to produce SOP for initial customer sales. Plant feed will then be suspended for a period of 10-14 weeks before harvesting activities and SOP production recommence. As a result, FY'22 forecast SOP production has reduced from 165-185kt to 85-105kt.
The revised mine plan is a result of three factors.
·      A change in operating methodology for the ramp up period of the pond system has been implemented to manage salt grade variability in the harvest cells, reducing SOP production by c.63kt in FY'22: Ramp up of the ponds has followed the original modelling and expert advice, applying a continuous flow model that has resulted in brine with concentrations of less than 3.4%Mg (the concentration at which potassium salts begin to precipitate), being pumped into the harvest cells. As a result, salt formation in several harvest cells has exhibited higher grade variability than modelled, resulting in a lower average potassium and higher halite content. To rectify this issue the Company has adopted a revised operating methodology for the continued ramp up of the pond system that suspends brine transfer into all harvest cells until the chemistry reaches the required level, to minimise salt grade variability. 
·      Reduction in the estimation of available plant feed salt inventory, reducing SOP production by c.12kt of SOP in FY'22: The reduction in estimated plant feed salt inventory is based on the change between the Mine Plan Inventory Model used for the previous mine plan, and newly acquired data from bulk sampling taken during and after harvesting activities in June. Prior to the opportunity to undertake bulk sampling arising from cell harvesting, only multiple single point data collection had been taken from across the cells. 
·      The deferment and sterilisation of lower grade inventories determined as unsuitable for plant feed during ramp up, reducing SOP production by c.7kt of SOP in FY'22. As part of the plant modelling that was undertaken from bulk sampling results in June, the lower potassium grade threshold has been increased for the plant ramp-up period. As a result some material was sterilised (not to be used) and other deferred with the intention of being fed through the plant at a later date, once in steady state.
 
 




 
DISCLOSURES IN ACCORDANCE WITH ASX LISTING RULE 5.3
Summary of Mining Tenements
 




Project


Status


Type of Change


License Number


Interest (%)
31-Mar-21




Interest (%)
30-Jun-21





Western Australia
























Lake Way
























Central


Granted


-


E53/1878


100%


100%




East


Granted


-


E53/2057


100%


100%




South


Granted


-


E53/1897


100%


100%




South


Granted


-


E53/2059


100%


100%




South


Granted


-


E53/2060


100%


100%




West


Application


-


L53/208


100%


100%




Central


Granted


Application to Granted


M53/1102


100%


100%




Central


Granted


Application to Granted


M53/1103


100%


100%




Central


Granted


Application to Granted


M53/1104


100%


100%




Central


Granted


Application to Granted


M53/1105


100%


100%




Central


Granted


Application to Granted


M53/1106


100%


100%




Central


Granted


Application to Granted


M53/1107


100%


100%




East


Application


-


M53/1109


100%


100%




Central


Granted


-


E53/1862


100%


100%




West


Granted


-


E53/1863


100%


100%




North


Application


-


E53/1905


100%


100%




North


Withdrawn


Application to Withdrawn


E53/1952


100%


0%




West


Application


-


E53/1966


100%


100%




North 


Application


-


E53/2049


100%


100%




North


Surrendered


Granted to Surrendered


P53/1637


100%


0%




North


Surrendered


Granted to Surrendered


P53/1642


100%


0%




West


Granted


-


P53/1643


100%


100%




West


Granted


-


P53/1644


100%


100%




West


Granted


-


P53/1645


100%


100%




West


Surrendered


Granted to Surrendered


P53/1646


100%


0%




Central


Surrendered


Granted to Surrendered


P53/1666


100%


0%




Central


Surrendered


Granted to Surrendered


P53/1667


100%


0%




Central


Surrendered


Granted to Surrendered


P53/1668


100%


0%




North


Granted


-


M53/121


100%


100%




West


Granted


-


M53/122


100%


100%




West


Granted


-


M53/123


100%


100%




West


Granted


-


M53/147


100%


100%




Central


Granted


-


M53/253


100%


100%




Central


Granted


-


M53/796


100%


100%




Central


Granted


-


M53/797


100%


100%




Central


Granted


-


M53/798


100%


100%




Central


Granted


-


M53/910


100%


100%




West


Application


Application


L29/147


0%


100%




West


Granted


-


L53/51


100%


100%




West


Granted


-


L53/207


100%


100%




West


Granted


-


L53/211


100%


100%




North


Granted


-


L53/212


100%


100%




West


Granted


-
-


L53/214


100%


100%




West


Granted


-
 


L53/215


100%


100%




North
 
 
 
 


Granted


-


L53/216


100%


100%




West


Application


-


L53/217


100%


100%




West


Granted


-


L53/218


100%


100%




West


Application


-


L53/210


100%


100%




West


Application


-


L53/219


100%


100%




South


Granted


-


L53/225


100%


100%




West


Granted


-


L53/226


100%


100%




West


Application


-


L53/228


100%


100%




West


Granted


Application to Granted


L53/229


100%


100%




West


Application


-


L53/238


100%


100%




West


Granted


-


G53/24


100%


100%




West


Granted


-


G53/25


100%


100%




Lake Wells
























Central


Granted


-


E38/2710


100%


100%




South


Granted


-


E38/2821


100%


100%




North


Granted


-


E38/2824


100%


100%




Outer East


Granted


-


E38/3055


100%


100%




Single Block


Granted


-


E38/3056


100%


100%




Outer West


Granted


-


E38/3057


100%


100%




North West


Granted


-


E38/3124


100%


100%




West


Granted


-


L38/262


100%


100%




East


Granted


-


L38/263


100%


100%




South West


Granted


-


L38/264


100%


100%




South


Granted


-


L38/287


100%


100%




South Western


Granted


-


E38/3247


100%


100%




South 


Granted


-


M38/1278


100%


100%




Central


Application


-


E38/3380


100%


100%




    North


Application


-


E38/3469


100%


100%




    Central


Application


-


E38/3470


100%


100%




Lake Ballard
























West


Granted


-


E29/912


100%


100%




East


Granted


-


E29/913


100%


100%




North


Granted


-


E29/948


100%


100%




South


Granted


-


E29/958


100%


100%




South East


Granted


-


E29/1011


100%


100%




South East


Granted


-


E29/1020


100%


100%




South East


Granted


-


E29/1021


100%


100%




South East


Granted


-


E29/1022


100%


100%




South


Granted


-


E29/1067


100%


100%




South


Granted


-


E29/1068


100%


100%




East


Granted


-


E29/1069


100%


100%




North


Granted


-


E29/1070


100%


100%




Lake Irwin
























West


Granted


-


E37/1233


100%


100%




Central


Granted


-


E39/1892


100%


100%




East


Granted


-


E38/3087


100%


100%




North


 
Granted


-


E37/1261


100%


100%




Central East


Granted


-


E38/3113


100%


100%




South


Granted


-


E39/1955


100%


100%




North West


Granted


-


E37/1260


100%


100%




South West


Granted


-


E39/1956


100%


100%




Lake Minigwal
























West


Granted


-


E39/1893


100%


100%




East


Granted


-


E39/1894


100%


100%




Central


Granted


-


E39/1962


100%


100%




Central East


Granted


-


E39/1963


100%


100%




South


Granted


-


E39/1964


100%


100%




South West


Granted


-


E39/1965


100%


100%




Lake Marmion
























North


Granted


-


E29/1000


100%


100%




Central


Granted


-


E29/1001


100%


100%




South


Granted


-


E29/1002


100%


100%




West


Granted


-


E29/1005


100%


100%




West


Application


-


E29/1069


100%


100%




Lake Noondie
























North


Granted


-


E57/1062


100%


100%




Central


Granted


-


E57/1063


100%


100%




South


Granted


-


E57/1064


100%


100%




West


Granted


-


E57/1065


100%


100%




East


Granted


-


E36/932


100%


100%




Central


Granted


-


E36/984


100%


100%




Central


Application


-


E36/985


100%


100%




Lake Barlee
























North


Granted


-


E30/495


100%


100%




Central


Granted


-


E30/496


100%


100%




South


Granted


-


E77/2441


100%


100%




Lake Raeside
























North


Granted


-


E37/1305


100%


100%




Lake Austin
























North


Application


-


E21/205


100%


100%




West


Application


-


E21/206


100%


100%




East


Granted


-


E58/529


100%


100%




South


Granted


-


E58/530


100%


100%




South West


Granted


-


E58/531


100%


100%



 
Appendix 5B
Mining exploration entity or oil and gas exploration entity

quarterly cash flow report



Name of entity




Salt Lake Potash Limited




ABN


 


Quarter ended ("current quarter")




98 117 085 748






30 June 2021



 




Consolidated statement of cash flows


Current quarter

$A'000


Year to date (12 months)

$A'000





1.


Cash flows from operating activities


-


-




1.1


Receipts from customers




1.2


Payments for


(105)


(1,825)








(a)   exploration & evaluation 








(b)   development


-


-








(c)   production


-


-








(d)   staff costs


(545)


(2,149)








(e)   administration and corporate costs


(467)


(3,099)




1.3


Dividends received (see note 3)


-


-




1.4


Interest received


12


96




1.5


Interest and other costs of finance paid


(109)


(120)




1.6


Income taxes paid


-


-




1.7


Government grants and tax incentives


-


3,639




1.8


Other (provide details if material)
      - Business Development
      - Other 


 
(1,537)
-


 
(5,588)
-




1.9


Net cash from / (used in) operating activities


(2,751)


(9,046)










2.


Cash flows from investing activities


-


-








Payments to acquire or for:








(a)   entities








(b)   tenements


-


(715)








(c)   property, plant and equipment


(295)


(2,267)








(d)   exploration & evaluation 


-


-








(e)   investments


-


-








(f)    other non-current assets - Mine Properties in development


(51,725)


(203,048)




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 - (Bank Guarantee)


-


(18,000)




2.6


Net cash from / (used in) investing activities


(52,020)


(224,030)










3.


Cash flows from financing activities


27,000


200,547




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


(1,730)


(9,728)




3.5


Proceeds from borrowings


61,279


199,535




3.6


Repayment of borrowings and leases


(849)


(61,116)




3.7


Transaction costs related to loans and borrowings


(3,864)


(19,568)




3.8


Dividends paid


-


-




3.9


Other (Cash allocation of Debt Service Reserve and Debt Prepayment Reserve)


(14,533)


(25,069)




3.10


Net cash from / (used in) financing activities


67,303


284,601










4.


Net increase / (decrease) in cash and cash equivalents for the period












4.1


Cash and cash equivalents at beginning of period


46,066


7,030




4.2


Net cash from / (used in) operating activities (item 1.9 above)


(2,751)


(9,046)




4.3


Net cash from / (used in) investing activities (item 2.6 above)


(52,020)


(224,030)




4.4


Net cash from / (used in) financing activities (item 3.10 above)


67,303


284,601




4.5


Effect of movement in exchange rates on cash held


202


245




4.6


Cash and cash equivalents at end of period


58,800


58,800



 



5.


Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts


Current quarter

$A'000


Previous quarter

$A'000




5.1


Bank balances


58,750


46,016




5.2


Call deposits


50


50




5.3


Bank overdrafts


-


-




5.4


Other (provide details)


-


-




5.5


Cash and cash equivalents at end of quarter (should equal item 4.6 above)


58,800


46,066



 



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 in item 1


(223)




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
Note: the term "facility' includes all forms of financing arrangements available to the entity.
Add notes as necessary for an understanding of the sources of finance available to the entity.


Total facility amount at quarter end

$A'000


Amount drawn at quarter end

$A'000




7.1


Loan facilities


176,909


176,909




7.2


Credit standby arrangements


-


-




7.3


Other (please specify)


-


-




7.4


Total financing facilities


176,909


176,909


















7.5


Unused financing facilities available at quarter end


-




7.6


Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.




In August 2020, the Company and its subsidiaries and Taurus Mining Finance Fund No. 2, L.P. and the Clean Energy Finance Corporation entered into the Syndicated Facility Agreement for a US$138 million debt financing package (SFA). After achieving financial close in December 2020, the Company announced its first draw down under the SFA totalling US$105 million enabling repayment of the US$45 million Stage 1 Bridge facility originally entered into in 2019.
The SFA is secured and interest payable at 9.00% pa and as of June 2021 the entire $138 million has been drawn down. 
As the loan is denominated in USD, the facility amount drawn down has been converted at an FX rate of $0.7518 USD/AUD, being the FX cross rate at 30 June 2021.


In June 2021, the company also executed an A$18m Guarantee Facility with Sequoia Economic Infrastructure Fund (SEQI) at an interest rate of 12.00% pa.



 



8.


Estimated cash available for future operating activities


$A'000




8.1


Net cash from / (used in) operating activities (item 1.9) 


(2,751)




8.2


(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))


-




8.3


Total relevant outgoings (item 8.1 + item 8.2)


(2,751)




8.4


Cash and cash equivalents at quarter end (item 4.6)


58,800




8.5


Unused finance facilities available at quarter end (item 7.5)


-




8.6


Total available funding (item 8.4 + item 8.5)


76,800


















8.7


Estimated quarters of funding available (item 8.6 divided by item 8.3)


n/a refer note below




Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 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: The construction and practical completion of the Lake Way process plant was finalised in late June 2021 and the SO4 operations team is now working through the 'Stage 4' load commissioning process of the process plant.  As operations are moving from construction into a commissioning / production phase historical cash flows are not indicative of future expenditure hence the formula in 8.7 is not reflective the Company's future funding availability.  Refer to the June 2021 quarterly report for further information on the Group's future funding requirements.
 
 








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:                xx July 2021
 
Authorised by:  By the Board
(Name of body or officer authorising release - see note 4)
 
Notes
1.          This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
2.          If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3.          Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
4.          If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
5.          If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Related Party Payments
During the quarter ended 30 June 2021, the Company made payments of $223,000 to related parties and their associates. These payments relate to existing remuneration arrangements (executive salaries, director fees and superannuation).
 
Additional Disclosures
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Forward Looking Statements
This announcement includes forward-looking statements. These forward-looking statements are based on the Company'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 the Company, which could cause actual results to differ materially from such statements. Although the Company believes that its forward-looking statements have reasonable grounds, can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the Company's business (including those described in pages 25 to 29 (inclusive) of the Presentation released to ASX on 11 December 2020), which cause actual results to differ materially from those expressed herein. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, save where required by law or regulation, to reflect the circumstances or events after the date of this announcement.

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