SOVEREIGN METALS LIMITED
NEWS RELEASE I 31 January
2024
DECEMBER 2023 QUARTERLY REPORT
Sovereign Metals Limited
(Company or Sovereign) (ASX:SVM & AIM:SVML) is pleased to
provide its quarterly report for the period ended 31 December
2023.
Project Optimisation
·
During the quarter, Sovereign advanced
optimisation test work and technical studies for the Kasiya
rutile-graphite project (Kasiya or the Project) with the Company's
strategic investor, Rio Tinto
·
Significant field activities and a number of test
work programs have commenced in order to provide data for the
Project optimisation phase
·
The Company aims to become the world's largest,
lowest cost and lowest-emissions producer of two critical minerals
- titanium (rutile) and graphite
Key
Management Appointments to Drive Project Optimisation and
Development at Kasiya
·
Appointment of experienced Africa-based mining
executive, Mr Frank Eagar, as the new Managing Director and
CEO
·
Previous Managing Director Dr Julian Stephens has
transitioned to Non-Executive Director
·
Key technical appointments of experienced African
engineering, social and environmental teams to work on advancing
the Kasiya project
Lithium-Ion battery graphite program
upscaled
·
Over 60 tonnes of ore was extracted targeting
production of an initial 600kg of natural graphite for lithium-ion
battery anode test work and product qualification
·
The upscaled graphite qualification program will
support ongoing Project studies
·
Sovereign and Rio Tinto have agreed to collaborate
to qualify graphite from Kasiya, with a particular focus on
supplying the spherical purified graphite (SPG) segment of the lithium-ion battery
anode market
·
This graphite qualification program coincides with
China's announced curbs on exports of natural graphite, a critical
mineral for the US, EU, Japan and Australia
Highly-experienced social specialist
appointed
·
Africa-based social specialist consultancy,
SocialEssence were appointed to lead social and community
development programs for Sovereign in Malawi
·
SocialEssence joins Sovereign's Owners Team and
will design, implement, and manage several social and community
initiatives which will feed into Project studies and
permitting
·
SocialEssence has a strong and successful track
record of implementing social responsibility programs across
southern Africa, including at First Quantum Minerals' Zambian
project
Classification 2.2: This
announcement includes Inside Information
ENQUIRIES
Mr Frank Eagar (South
Africa/Malawi)
Managing Director and CEO
+27 76 753 5377
|
Sam Cordin (Perth)
+61 (0)422 799 087
|
Sapan Ghai (London)
+44 207 478 3900
|
Nominated Adviser on AIM and
Joint Broker
|
|
SP Angel Corporate Finance
LLP
|
+44 20 3470 0470
|
Ewan Leggat
Charlie Bouverat
Harry Davies-Ball
|
|
|
|
Joint
Brokers
|
|
Berenberg
|
+44 20 3207 7800
|
Matthew Armitt
|
|
Jennifer Lee
|
|
|
|
Buchanan
|
+ +44 20 7466 5000
|
KASIYA PROJECT OPTIMISATION
The Pre-Feasibility Study
(PFS) confirmed Kasiya as a
potential major critical minerals project with an extremely low
CO2-footprint delivering substantial volumes of natural
rutile and graphite to global markets while generating significant
economic returns.
At the completion of the PFS, the
Company commenced an optimisation study phase prior to advancing to
the Definitive Feasibility Study (DFS). During the quarter, significant
field activities and test work commenced.
The optimisation phase will be
conducted in collaboration with the Company's strategic partner,
Rio Tinto, following their investment into the Company in July
2023.
KEY
MANAGEMENT APPOINTMENTS TO DRIVE PROJECT
OPTIMISATION
Effective from 20 October 2023, the
Company appointed Mr Frank Eagar as Managing Director and Chief
Executive Officer (CEO). Dr
Julian Stephens, transitioned to a Non-Executive Director of
Sovereign, remaining as a consultant assisting and supporting the
incoming technical and management team.
Mr Eagar has over 20 years'
experience in the financing, permitting, development and operation
of mining projects with a strong focus in southern
Africa.
Mr Eagar is a Chartered Accountant
who has gained extensive corporate, commercial and technical
experience in the mining sector throughout his career. Mr Eagar has
previously held a number of senior executive positions in the
resources sector, more recently with African mining focused private
equity firm AMED Funds, which included acting as Chief Financial
Officer (CFO) for AMED's
controlled company, Central Copper Resources PLC (Central Copper).
Prior to Central Copper, Mr Eagar
was the CEO (and prior to that the CFO) of Baobab Steel Limited
(Baobab) another AMED
controlled company, where he managed the completion of a DFS and a
joint venture with the World Bank's IFC to procure strategic
investors and raise project finance for Baobab's US$1 Billion,
fully permitted, integrated 500ktpa Steel and Vanadium Project in
Mozambique.
Mr Eagar joined Sovereign in
December 2022 as General Manager in Malawi, where he has already
expanded the team with a focus on Malawian nationals, developed
strong relationships with Government and developed a clear
understanding of the Kasiya Project and its development
landscape.
Sovereign has also made several key
technical appointments as the Company transitions into project
optimisation and development of the Kasiya Project
and is poised to become a significant supplier of
natural rutile and graphite. These key appointments bring a strong
track record of successful large-scale project development and
operations management, as well as extensive experience in southern
Africa.
These management changes come at an
important time for the Company as it transitions from the PFS into
the next study phases including optimisation, community and
stakeholder engagements and project permitting.
LITHIUM-ION BATTERY GRAPHITE PROGRAM
UPSCALED
During the quarter, Sovereign
completed the extraction of a 60 tonne bulk sample of ore from
Kasiya to produce an initial 600kg of natural flake graphite. This sampling program is part of the
Company's graphite qualification, product development and
downstream battery anode test work phase. A major component to
graphite sales agreements is customer qualification with graphite
produced from this program to be shared with prospective end-users
in addition to being used for upscaled downstream test
work.
The mechanised drill program used a
bespoke 300mm diameter spiral auger to extract the material from
across Kasiya's planned future pits with sampling to a maximum 20m
depth.
Figures 1 & 2: Bulk
sample mechanised spiral drilling and sampling at Kasiya in
November 2023
The bulk sample is undergoing
pre-processing at the Company's laboratory in Lilongwe, Malawi. The
sample is being processed utilising the newly installed Kwatani
30-inch single and double-deck vibrating separators for sizing and
de-sliming (Figure 3). The sand fraction is then processed over the
new Holman Wilfley 2000 wet shaking table to produce a graphite
pre-concentrate and a separate heavy mineral concentrate
(HMC) containing the rutile
(Figure 4). The graphite pre-concentrate is expected to grade 4-5%
Ct.
Figure 3. Installation of the
new Kwatani 30-inch single-deck and double-deck vibrating
separators for sizing and de-sliming bulk samples at the Company's
Malawi laboratory and metallurgical facility
Figure 4: Holman-Wilfley 2000
Series shaking table operating at Sovereign's Lilongwe laboratory
in Malawi.
Final processing will then be
completed at international commercial laboratories. The graphite
pre-concentrate will undergo traditional flotation and polishing
processes to target >96% Ct product suitable as a
lithium-ion battery anode feedstock.
Downstream Test work
The initial ~600kg of flake graphite
product produced will be used for downstream test-work and product
qualification targeting the battery anode sector. Previously
reported initial characterisation test work on Kasiya's graphite
has indicated excellent suitability for use in lithium-ion
batteries with very high purity and very high crystallinity being
the key features (refer to ASX Announcement dated 8 June
2023).
Downstream test-work and
qualification on the flake graphite product will involve the
following stages to be completed at recognised international
battery sector laboratories;
-
Purification to >99.95% Ct
-
Micronisation
-
Spheronisation
-
Carbon coating
-
Anode production
-
Electrochemical characterisation
Raw flake graphite products plus
final CSPG (coated spheronised graphite product) will be provided
to potential offtakers for assessment and pre-qualification.
Through Sovereign's long-term experience in graphite, the Company
has built a strong understanding of the graphite market and
developed well-established relationships with offtakers and
customers.
Figures 5 & 6: SEM
micrograph of Kasiya graphite flotation concentrate from previous
test work
Industry Developments
The upscaled graphite program comes
as China implements curbs on exports of natural graphite under
"national security" concerns. Effective 1 December 2023, China
requires export permits for some graphite products including
natural graphite and natural graphite products critical to EV
production. China is the world's
top graphite producer and
exporter and also refines more than 90% of the world's graphite
into the material that is used in virtually all EV battery
anodes.
China's commerce ministry said the
move on graphite was "conducive to ensuring the security and
stability of the global supply chain and industrial chain, and
conducive to better safeguarding national security and
interests".
Since the restrictions, total
exports of flake graphite dropped
by 94% on a monthly basis in December, while exports of spherical
graphite slumped by 92% (China customs data). Exports to major
destinations also slowed notably in December. Flake graphite
volumes to Japan fell from 6,138 tonnes in November to zero in
December, while exports to the United States fell from 511 tonnes
in November to zero in December (Fastmarkets). It was reported
by Japan News, that, Japan, which depends on China for 90% of its
graphite imports, likely needs to urgently diversify its
procurement sources.
Kasiya is one of the world's largest
natural flake graphite deposits and has the potential to become a
key source of long term strategic supply to the US, UK, EU, Japan
and South Korea.
HIGHLY-EXPERIENCED SOCIAL SPECIALIST
APPOINTED
Subsequent to the quarter, Sovereign
appointed SocialEssence (Pty) Ltd (SocialEssence), an Africa-based
specialist social performance consultancy, who will assist in the
continued development of the Company's stakeholder relations,
social performance objectives and its Community and Social
Responsibility (CSR)
framework.
Sovereign has engaged SocialEssence
to design and execute social performance activities during the DFS
phase. Founder, Mr Garth Lappeman, has over 16 years of on the
ground social performance planning and implementation experience in
accordance with IFC Performance Standards and World Bank
Environmental, Health and Safety Guidelines. SocialEssence has been
active in a number of countries working on projects in Angola,
Botswana, Democratic Republic of Congo, Kenya, Kyrgyzstan, Liberia,
Malawi, Mozambique, Namibia, Panama, Uganda, Sierra Leone, South
Africa, Northern Sudan, Tanzania, Uzbekistan, and
Zambia.
Most notably, in Zambia,
SocialEssence's Director was involved from early exploration
through to steady state production of First Quantum Minerals Ltd's
(First Quantum Minerals)
Trident operations, which includes the Sentinel Copper Mine which
is of similar scale to Sovereign's Kasiya project. Mr Lappeman was
responsible for implementing and managing social and community
initiatives for First Quantum Minerals as it established its
large-scale commercial operations
SocialEssence will:
· prepare Kasiya's Social Impact Assessment and Management Plan
for the DFS and permitting;
· design, implement and manage social performance activities
including stakeholder engagement, development of key
relationships;
· prove
the feasibility of critical social performance measures (including
early local content, and piloting of livelihood restoration
programs, and piloting of rehabilitation activities to restore land
for agricultural use); and
· align
with the Company's ESG Framework.
Sovereign is currently conducting an
optimisation study prior to advancing to the DFS. The Company aims
to become the world's largest, lowest cost and lowest-emissions
producer of two critical minerals - titanium (rutile) and graphite.
The Company plans to update the market on the progress of the
following in coming months:
·
Further appointments to owner's team to build on
the Company's execution capabilities;
·
Results of graphite product development,
downstream and qualification test work;
·
Regional hand-auger drilling on mineralisation
extensions;
·
Progress on the optimisation work streams
alongside Rio Tinto via the project Technical Committee;
and
·
Community and social engagements across Malawi and
the Kasiya area.
Competent Person Statement
The information in this announcement that relates to the
Mineral Resource Estimate is extracted from an announcement dated 5
April 2023 entitled 'Kasiya Indicated Resource Increased by over
80%' which is available to view at www.sovereignmetals.com.au
and is based on,
and fairly represents information compiled by Mr Richard Stockwell,
a Competent Person, who is a fellow of the Australian Institute of
Geoscientists (AIG). Mr Stockwell is a principal of Placer
Consulting Pty Ltd, an independent consulting company. Sovereign
confirms that a) it is not aware of any new information or data
that materially affects the information included in the original
announcement; b) all material assumptions included in the original
announcement continue to apply and have not materially changed; and
c) the form and context in which the relevant Competent Persons'
findings are presented in this announcement have not been
materially changed from the original
announcement.
The information in this announcement that relates to
Production Targets, Ore Reserves, Processing, Infrastructure and
Capital Operating Costs, Metallurgy (rutile and graphite) is
extracted from an announcement dated 28 September 2023 entitled
'Kasiya Pre-Feasibility Study Results' which is available to view
at www.sovereignmetals.com.au.
Sovereign confirms that: a) it is not aware of any new information
or data that materially affects the information included in the
original announcement; b) all material assumptions and technical
parameters underpinning the Production Target, and related forecast
financial information derived from the Production Target included
in the original announcement continue to apply and have not
materially changed; and c) the form and context in which the
relevant Competent Persons' findings are presented in this
presentation have not been materially modified from the
Announcement.
Ore
Reserve for the Kasiya Deposit
|
|
Classification
|
Tonnes
(Mt)
|
Rutile Grade
(%)
|
Contained Rutile
(Mt)
|
Graphite Grade (TGC)
(%)
|
Contained Graphite
(Mt)
|
RutEq. Grade*
(%)
|
Proved
|
-
|
-
|
-
|
-
|
-
|
-
|
Probable
|
538
|
1.03%
|
5.5
|
1.66%
|
8.9
|
2.00%
|
Total
|
538
|
1.03%
|
5.5
|
1.66%
|
8.9
|
2.00%
|
|
|
|
|
|
|
| |
* RutEq. Formula: Rutile Grade x
Recovery (100%) x Rutile Price (US$1,484/t) + Graphite Grade x
Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price
(US$1,484/t). All assumptions are from the Kasiya PFS ** Any minor
summation inconsistencies are due to rounding
The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Forward Looking Statement
This release may include forward-looking statements, which may
be identified by words such as "expects", "anticipates",
"believes", "projects", "plans", and similar expressions. These
forward-looking statements are based on Sovereign'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 Sovereign, which could
cause actual results to differ materially from such statements.
There can be no assurance that forward-looking statements will
prove to be correct. Sovereign makes no undertaking to subsequently
update or revise the forward-looking statements made in this
release, to reflect the circumstances or events after the date of
that release.
APPENDIX 1: RELATED PARTY PAYMENTS
During the quarter ended 31 December
2023, the Company made payments of $461,000 to related parties and
their associates. These payments relate to existing remuneration
arrangements (executive salaries, director fees, superannuation and
bonuses ($273,000)), business development services ($35,000) and
provision of serviced office facilities, company secretarial
services and administration services ($153,000).
APPENDIX 2: SUMMARY OF MINING TENEMENTS
As at 31 December 2023, the Company
had an interest in the following tenements:
Licence
|
Holding
Entity
|
Interest
|
Type
|
Licence Renewal
Date
|
Expiry Term
Date1
|
Licence Area
(km2)
|
Status
|
EL0609
|
MML
|
100%
|
Exploration
|
25/09/2024
|
25/09/2028
|
440.5
|
Granted
|
EL0582
|
SSL
|
100%
|
Exploration
|
15/09/20232
|
15/09/2027
|
285.0
|
Granted
|
EL0492
|
SSL
|
100%
|
Exploration
|
29/01/2025
|
29/01/2025
|
935.4
|
Granted
|
EL0528
|
SSL
|
100%
|
Exploration
|
27/11/2023
|
27/11/2025
|
16.2
|
Granted
|
EL0545
|
SSL
|
100%
|
Exploration
|
12/05/2024
|
12/05/2026
|
53.2
|
Granted
|
EL0561
|
SSL
|
100%
|
Exploration
|
15/09/20232
|
15/09/2027
|
124.0
|
Granted
|
EL0657
|
SSL
|
100%
|
Exploration
|
3/10/2025
|
3/10/2029
|
2.3
|
Granted
|
Notes:
SSL: Sovereign Services Limited, MML
&McCourt Mining Limited
1 An exploration licence (EL) covering a preliminary period in
accordance with the Malawi Mines and Minerals Act (No 8. Of 2019)
(Mines Act) is granted for
a period not exceeding three (3) years. Thereafter two successive
periods of renewal may be granted, but each must not exceed two (2)
years. This means that an EL has a potential life span of seven (7)
years. ELs that have come to the end of their term can be converted
by the EL holder into a retention licence (RL) for a term of up to 5 years subject
to meeting certain criteria.
2 The Company submitted an extension application for
EL0582 and EL0561 prior to the renewal date in accordance with the
Mines Act .
APPENDIX 3: MINING EXPLORATION EXPENDITURES
During the quarter, the Company made
the following payments in relation to mining exploration
activities:
Activity
|
A$'000
|
Drilling
|
(291)
|
Assaying and Metallurgical
Test-work
|
(162)
|
Studies, Reserve/Resource
Estimation, Programs
|
(986)
|
Malawi Operations -
Site Office, Personnel, Field Supplies, Equipment,
Vehicles and Travel
|
(984)
|
Total as reported in Appendix 5B
|
(2,423)
|
There were no mining or production
activities and expenses incurred during the quarter ended 31
December 2023.
Appendix 5B
Mining exploration entity or oil and gas exploration
entity
quarterly cash flow report
Name of entity
|
Sovereign Metals Limited
|
ABN
|
|
Quarter ended ("current
quarter")
|
71 120 833 427
|
|
31 December 2023
|
Consolidated statement of cash flows
|
Current quarter
$A'000
|
Year to date
(6 months)
$A'000
|
1.
|
Cash flows from operating activities
|
-
|
-
|
1.1
|
Receipts from customers
|
1.2
|
Payments for
|
(2,423)
|
(4,296)
|
|
(a) exploration &
evaluation
|
|
(b)
development
|
-
|
-
|
|
(c)
production
|
-
|
-
|
|
(d) staff
costs
|
(780)
|
(1,107)
|
|
(e) administration and
corporate costs
|
(414)
|
(928)
|
1.3
|
Dividends received (see
note 3)
|
-
|
-
|
1.4
|
Interest received
|
673
|
745
|
1.5
|
Interest and other costs of finance
paid
|
-
|
-
|
1.6
|
Income taxes paid
|
-
|
-
|
1.7
|
Government grants and tax
incentives
|
-
|
-
|
1.8.1
|
Other - Demerger Costs
|
(41)
|
(67)
|
1.8
|
Other - Business
Development
|
(325)
|
(595)
|
1.9
|
Net
cash from / (used in) operating activities
|
(3,310)
|
(6,248)
|
|
2.
|
Cash flows from investing activities
|
-
|
-
|
2.1
|
Payments to acquire or
for:
|
|
(a) entities
|
|
(b) tenements
|
-
|
-
|
|
(c) property, plant and
equipment
|
(243)
|
(243)
|
|
(d) exploration &
evaluation
|
-
|
-
|
|
(e)
investments
|
-
|
-
|
|
(f) other
non-current assets
|
-
|
-
|
2.2
|
Proceeds from the disposal
of:
|
-
|
-
|
|
(a) entities
|
|
(b) tenements
|
-
|
-
|
|
(c) property, plant and
equipment
|
-
|
-
|
|
(d)
investments
|
-
|
-
|
|
(e) other non-current
assets
|
-
|
-
|
2.3
|
Cash flows from loans to other
entities
|
-
|
34
|
2.4
|
Dividends received (see
note 3)
|
-
|
-
|
2.5
|
Other (provide details if
material)
|
-
|
-
|
2.6
|
Net
cash from / (used in) investing activities
|
(243)
|
(209)
|
|
3.
|
Cash flows from financing activities
|
-
|
40,598
|
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
|
(13)
|
(252)
|
3.5
|
Proceeds from borrowings
|
-
|
-
|
3.6
|
Repayment of borrowings
|
-
|
-
|
3.7
|
Transaction costs related to loans
and borrowings
|
-
|
-
|
3.8
|
Dividends paid
|
-
|
-
|
3.9
|
Other (provide details if
material)
|
-
|
-
|
3.10
|
Net
cash from / (used in) financing activities
|
(13)
|
40,346
|
|
4.
|
Net
increase / (decrease) in cash and cash equivalents for the
period
|
|
|
4.1
|
Cash and cash equivalents at
beginning of period
|
43,021
|
5,564
|
4.2
|
Net cash from / (used in) operating
activities (item 1.9 above)
|
(3,310)
|
(6,248)
|
4.3
|
Net cash from / (used in) investing
activities (item 2.6 above)
|
(243)
|
(209)
|
4.4
|
Net cash from / (used in) financing
activities (item 3.10 above)
|
(13)
|
40,346
|
4.5
|
Effect of movement in exchange rates
on cash held
|
(18)
|
(16)
|
4.6
|
Cash and cash equivalents at end of period
|
39,437
|
39,437
|
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
|
129
|
189
|
5.2
|
Call deposits
|
39,308
|
42,832
|
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)
|
39,437
|
43,021
|
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
|
461
|
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
|
-
|
-
|
7.2
|
Credit standby
arrangements
|
-
|
-
|
7.3
|
Other (please specify)
|
-
|
-
|
7.4
|
Total financing facilities
|
-
|
-
|
|
|
|
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.
|
|
8.
|
Estimated cash available for future operating
activities
|
$A'000
|
8.1
|
Net cash from / (used in) operating
activities (item 1.9)
|
(3,310)
|
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)
|
(3,310)
|
8.4
|
Cash and cash equivalents at quarter
end (item 4.6)
|
39,437
|
8.5
|
Unused finance facilities available
at quarter end (item 7.5)
|
-
|
8.6
|
Total available funding
(item 8.4 + item 8.5)
|
39,437
|
|
|
|
8.7
|
Estimated quarters of funding available (item 8.6 divided
by item 8.3)
|
12
|
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
|
|
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:
31 January 2024
Authorised by: Company
Secretary
(Name of body or officer authorising
release - see note 4)
Notes
1. This
quarterly cash flow report and the accompanying activity report
provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If
this quarterly cash flow report has been prepared in accordance
with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6:
Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash
Flows apply to this report. If this quarterly cash flow
report has been prepared in accordance with other accounting
standards agreed by ASX pursuant to Listing Rule 19.11A, the
corresponding equivalent standards apply to this report.
3.
Dividends received may be classified either as cash flows from
operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If
this report has been authorised for release to the market by your
board of directors, you can insert here: "By the board". If it has
been authorised for release to the market by a committee of your
board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it
has been authorised for release to the market by a disclosure
committee, you can insert here: "By the Disclosure
Committee".
5. If
this report has been authorised for release to the market by your
board of directors and you wish to hold yourself out as complying
with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance
Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion,
the financial records of the entity have been properly maintained,
that this report complies with the appropriate accounting standards
and gives a true and fair view of the cash flows of the entity, and
that their opinion has been formed on the basis of a sound system
of risk management and internal control which is operating
effectively.