REG - Salt Lake Potash Ltd - March 2021 Quarterly Report

Salt Lake PotashAnnouncement

30/04/2021 07:05

RNS Number : 1527X
  
Salt Lake Potash Limited
  
30 April 2021
  
 





30 April 2021
 


AIM/ASX Code: SO4
 




 




SALT LAKE POTASH LIMITED




March 2021 Quarterly Report
Salt Lake Potash Limited (SO4 or the Company) is pleased to present its quarterly report for the period ending 31 March 2021. The Company is focused on completing the development of the Lake Way SOP project in Wiluna, Western Australia.
Quarterly Report Highlights                                                                               
Process plant commissioning commenced 
·      Process Plant commissioning commenced in March with the introduction of first harvest salts to the front end of the plant. At the end of the quarter the Process Plant was 97% complete on an earned value basis, including engineering 99% complete, procurement 99% complete and construction 90% complete. First SOP product is expected during the June quarter.
Gas power plant commissioned
·    Following the period-end the five 2MW units in the power plant were successfully commissioned. All major non-process infrastructure items have now been completed and are ready to support full-scale operations.
Senior debt syndicated
·    Sequoia Economic Infrastructure Income Fund and the Commonwealth Bank of Australia invested US$39m and US$25m respectively into SO4's US$138m senior debt facility, complementing existing investments led and arranged by Taurus Mining Finance Fund No. 2 L.P and the Australian Government's Clean Energy Finance Corporation.
SOP Product suite unveiled
·    In March the Company unveiled its suite of SOP products designed to spread exposure across the various SOP sub-markets and maximise premiums and revenue. SOP Precision will be sold into the premium priced fertigation market, SOP Prime will target the direct application and compound NPK markets and SOP Premium will be a granular product, targeting basal applications and bulk NPK blending (from FY'23)..
Halite ponds harvested
·    During the quarter the company successfully proved halite harvesting methodology, harvesting 93k cubic meters of halite salts from cells in Train 1. Pond cells were maintained online throughout the harvesting.
Share purchase plan completed
·    A share purchase plan was conducted as part of the December equity capital raise and was upsized to A$8m from A$5m due to strong demand. The shares were issued at 40c.
"Significant progress was made on Process Plant construction as well as financing and product positioning during the March quarter, setting the Company up for first SOP sales in the June quarter. Our focus is now on successful commissioning and ramp-up of the process plant as we look to move into positive cash flow from our first operating SOP asset."
Tony Swiericzuk Chief Executive Officer
Process Plant commissioning commenced
In March the Company commenced pre-load commissioning of the Process Plant with harvest salts successfully fed into the into the feed hopper, conveyed to the surge bin, run through the lump breaker, and fed into the attritioning feed tank at the front-end of the plant.
During the June quarter the utilities, flotation circuits, conversion circuit, crystallisers and dryer will all be completed and dry commissioned ahead of full load commissioning and SOP production. Consultants from the plant designer, Wood Group, as well as vendors Veolia and Broadbent (among others) will be assisting in the commissioning process.
Process Plant 97% complete
At the end of the quarter the Process Plant was 97% complete on a value earned basis, including engineering 99% complete, procurement 99% complete and construction 90% complete, excluding product handling infrastructure.
All major plant components have now been installed. Among the last items to be fitted were the thickeners, conversion brine tanks, cyclone clusters and the SOP product dryer. 
The majority of outstanding work to be completed ahead of full plant load commissioning is electrical, instrumentation and piping. At the end of the March quarter electrical cable installation was at 88% complete with 46,898 metres installed of a total 53,596 meters. Piping was at 63% complete with 6,290 meters installed of a total 10,022 metres.
Non-Process Infrastructure completed and commissioned
Following the period-end all five 2MW units in the gas power station were commissioned. The Company has now commissioned all major components on non-process infrastructure which are ready to support full scale operations, including the high pressure gas pipeline, power station, RO water plant, wastewater treatment plant, communications and accommodation.
Halite ponds successfully harvested
During the quarter the Company successfully proved halite harvesting methodology, harvesting 93k cubic meters of halite salts from cells in Train 1. Pond cells were maintained online throughout the harvesting.
Senior debt facility syndicated
In March the Company successfully syndicated its US$138m Senior Debt Facility with Sequoia Economic Infrastructure Income Fund (SEQI) who invested US$ 39m and the Commonwealth Bank of Australia (CBA) who invested US$25m, joining the facility alongside Taurus Mining Finance Fund No. 2 L.P (Taurus) and the Australian Government's Clean Energy Finance Corporation (CEFC).
SOP product suite unveiled
In March the Company unveiled its suite of SOP products designed to spread exposure across the various SOP sub-markets and maximise premiums and revenue. 
·      SOP Precision is designed for the fertigation market and will have class-leading dissolution characteristics. Fertigation is the fastest growing and highest price sub-segment of the SOP market. Key product characteristics include 53% K2O, <0.1% chloride, <0.1% insoluble material and with 95% dissolved in 60 seconds, enabling growers to employ the latest precision agriculture techniques for maximum nutrient efficiency and crop yield and quality.
·      SOP Prime is a high potassium content SOP suitable for direct application and compound (complex) NPK production. The product will be primarily sold in bulk containers and vessels. Key product characteristics include 53% K2O, <1% chloride, 18% Sulphate. The product characteristics give NPK producers the tools to produce best in class products with negligible chloride content and high potassium content.
·      SOP Premium is a granular SOP for basal applications and bulk blending. Shipments are targeted to commence in FY'23. Key product characteristics include 52% K2O, <0.1% chloride, granule particle size between 2-4mm with class leading crush strength. The combination of high potassium and ultra-low chloride facilitates the blenders to formulate custom blends with greater flexibility and increased value to blender and grower.
 
Approvals
The Company continued the advancement of the remaining permitting required to support ongoing full-scale operations. During the quarter the EPA issued its Report and Recommendations for the Lake Way Project to the Minister's office. These were made publicly available, with no appeals received. In addition to the EPA submission, the Company continues to seek other project approvals as required.
Share purchase plan completed
In January the company successfully completed the Share Purchase Plan (SPP) announced on 11 December 2020. 
The SPP, originally intended to raise A$5 million, was heavily oversubscribed with applications received for A$10 million at the issue price of A$0.40 per share. Given the strong support from existing shareholders, the Board exercised its discretion under the terms of the SPP to increase the size of the offer to A$8.0 million in recognition of the ongoing support of its retail investors.
 
 
For further information or to view a full version of this announcement, including diagrams, please visit https://www.so4.com.au/ASX-Announcements.php   or contact:
 




Tony Swiericzuk / Richard Knights


Salt Lake Potash Limited


Tel: +61 8 6559 5800




Colin Aaronson / Seamus Fricker


Grant Thornton UK LLP (Nominated Adviser)


Tel: +44 (0) 20 7383 5100




Derrick Lee / Peter Lynch


Cenkos Securities plc (Joint Broker)


Tel: +44 (0) 131 220 6939




Rupert Fane / Ernest Bell


Hannam & Partners (Joint Broker)


Tel: +44 (0) 20 7907 8500




 
This announcement has been authorised for release by the Board of Directors.
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.
APPENDIX A - COMPETENT PERSON STATEMENT AND DISCLAIMER
Competent Person Statement
The information in this announcement that relates to Process Testwork Results is extracted from the announcement entitled 'Premium Grade Water Soluble Sulphate of Potash Produced from Lake Way Salts' dated 18 September 2019. This announcement is available to view on www.so4.com.au. The information in the original ASX Announcement that related to Process Testwork Results was based on, and fairly represents, information compiled by Mr Bryn Jones, BAppSc (Chem), MEng (Mining) who is a Fellow of the AusIMM. Mr Jones is a Director of Salt Lake Potash Limited. Mr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. Salt Lake Potash Limited confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
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, to reflect the circumstances or events after the date of this announcement.
 
 
 
APPENDIX B - DISCLOSURES IN ACCORDANCE WITH ASX LISTING RULE 5.3
Summary of Mining Tenements




Project


Status


Type of Change


License Number


Interest (%)
31-Dec-20


Interest (%)
31-Mar-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


Application


-


M53/1102


100%


100%




Central


Application


-


M53/1103


100%


100%




Central


Application


-


M53/1104


100%


100%




Central


Application


-


M53/1105


100%


100%




Central


Application


-


M53/1106


100%


100%




Central


Application


-


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


Application


-


E53/1952


100%


100%




West


Application


-


E53/1966


100%


100%




North 


Application


-


E53/2049


100%


100%




North


Granted


-


P53/1642


100%


100%




West


Granted


-


P53/1643


100%


100%




West


Granted


-


P53/1644


100%


100%




West


Granted


-


P53/1645


100%


100%




Central


Granted


-


P53/1666


100%


100%




Central


Granted


-


P53/1667


100%


100%




Central


Granted


-


P53/1668


100%


100%




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


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


Application to Granted


L53/225


100%


100%




West


Granted


Application to Granted


L53/226


100%


100%




West


Application


-


L53/228


100%


100%




West


Application


-


L53/229


100%


100%




West


Application


Application


L53/238


0%


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%




Northern Territory


 


 


 


 


 




Lake Lewis


 


 


 


 


 




South


Surrendered


Granted to Surrendered


EL 29787


100%


0%




North


Surrendered


Granted to Surrendered


EL 29903


100%


0%




 
 
Related Party Payments
During the quarter ended 31 March 2021, the Company made payments of $185,000 to related parties and their associates. These payments relate to existing remuneration arrangements (executive salaries, non-executive director fees and superannuation).
 
 
APPENDIX C - 
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


 


31 March 2021




 




Consolidated statement of cash flows


Current quarter

$A'000


Year to date (9 months)

$A'000






1.


Cash flows from operating activities


-


-




1.1


Receipts from customers




1.2


Payments for


(274)


(1,719)




 


(a)   exploration & evaluation 




 


(b)   development


-


-




 


(c)   production


-


-




 


(d)   staff costs


(624)


(1,604)




 


(e)   administration and corporate costs


(593)


(2,632)




1.3


Dividends received (see note 3)


-


-




1.4


Interest received


35


84




1.5


Interest and other costs of finance paid


(4)


(11)




1.6


Income taxes paid


-


-




1.7


Government grants and tax incentives


-


3,639




1.8


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


 
(721)
-


 
(4,052)
-




1.9


Net cash from / (used in) operating activities


(2,181)


(6,295)




 




2.


Cash flows from investing activities


-


-




 


Payments to acquire or for:




 


(a)   entities




 


(b)   tenements


-


(715)




 


(c)   property, plant and equipment


(328)


(1,972)




 


(d)   exploration & evaluation 


-


-




 


(e)   investments


-


-




 


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


(54,575)


(151,323)




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


(54,903)


(172,010)




 




3.


Cash flows from financing activities


9,973


173,547




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


(161)


(7,999)




3.5


Proceeds from borrowings


-


138,254




3.6


Repayment of borrowings and leases


(258)


(60,264)




3.7


Transaction costs related to loans and borrowings


(3,578)


(15,704)




3.8


Dividends paid


-


-




3.9


Other (Cash allocation of Debt Service Reserve)


-


(10,387)




3.10


Net cash from / (used in) financing activities


5,976


217,447




 




4.


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


 


 




4.1


Cash and cash equivalents at beginning of period


96,966


7,030




4.2


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


(2,181)


(6,295)




4.3


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


(54,903)


(172,010)




4.4


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


5,976


217,447




4.5


Effect of movement in exchange rates on cash held


208


(106)




4.6


Cash and cash equivalents at end of period


46,066


46,066




 




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


46,016


96,916




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)


46,066


96,966




 




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


(185)




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


181,531


138,122




7.2


Credit standby arrangements


-


-




7.3


Other (please specify)


-


-




7.4


Total financing facilities


181,531


138,122




 


 


 




7.5


Unused financing facilities available at quarter end


43,409




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 with a further draw down US$33 million available to the Lake Way Project.
As the loan is denominated in USD, the facility amount and amount drawn down has been converted at an FX rate of $0.7602 USD/AUD, being the FX cross rate at 31 March 2021.
 




 




8.


Estimated cash available for future operating activities


$A'000




8.1


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


(2,181)




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)


(2,181)




8.4


Cash and cash equivalents at quarter end (item 4.6)


46,066




8.5


Unused finance facilities available at quarter end (item 7.5)


43,409




8.6


Total available funding (item 8.4 + item 8.5)


89,475




 


 


 




8.7


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


41




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: Not applicable, however the Company expects to have similar levels of total net operating and investing cash flows for the current quarter.
 




 


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:                30 April 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.
 
 

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