Wrap Text
Review of Operations for the Quarter ended 31 March 2023
Kore Potash plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code:KP2
ISIN: GB00BYP2QJ94
(“Kore Potash” or the “Company”)
26 April 2023
Review of Operations for the Quarter ended 31 March 2023
Kore Potash (AIM: KP2, ASX: KP2, JSE:KP2), the potash development company with 97%-ownership of
the Kola Potash Project (“Kola” or the “Kola Project") and Dougou Extension (“DX”) Potash Project in
the Sintoukola Basin, located in the Republic of Congo (“RoC”), provides its quarterly update for the
period ended 31 March 2023 (the “Quarter”).
Quarterly Highlights
Projects
• Discussions continue towards finalising terms for the Engineering, Procurement and
Construction (“EPC”) contract at the Kola Project.
• PowerChina International Group Limited (“PowerChina") and SEPCO Electric Power
Construction Corporation (“SEPCO”) have commenced work to support the provision of
guarantees regarding the EPC contract.
• Summit Consortium (“Consortium”) has confirmed that the financing proposal for the full
capital cost of Kola will be provided within six weeks of finalisation of EPC terms.
• On 24 January 2023, the Company announced an update of the JORC (2012) compliant Mineral
Resource, Ore Reserve, Pre-Feasibility Study (“PFS”) information and Production Target at the
DX Project. The updated Mineral Resource incorporates the most recent drilling results and
interpretation of the geophysical data.
• A review of the strategic options available for the DX Project is underway.
• British Embassy staff visited Kola and Pointe Noire.
Corporate
• Mr Gavin Chamberlain, Chief Operations Officer (“COO”), finished employment with the
Company at the end of January 2023, as announced on 23 December 2022.
• On 31 March 2023, the Company released its Financial Results and Annual Report for the Year
Ended 31 December 2022.
• As of 31 March 2023, the Company held US$3.8 million in cash.
Operational Activities
Kola Project
The financing process for the construction of the Kola Project progressed, in line with the process
contained in the Memorandum of Understanding (“MoU”) signed with the Consortium in April 2021.
Kola EPC
Kore Potash signed an MoU with the Consortium in April 2021 for the Optimisation of Kola, the
provision of an EPC contract proposal and to provide a debt and royalty financing proposal for the full
construction cost of Kola.
The results of the Optimisation Study (“Study”) announced on 27 June 2022 supported moving to the
next phase of Kola’s development.
On 28 June 2022, the Company announced that it had signed a Heads of Agreement (“HoA”) for the
construction of Kola with SEPCO.
Under the HoA, SEPCO undertook to continue negotiations with Kore Potash towards an EPC contract
for the construction of Kola. Importantly, the HoA recognises the outcomes of the Study, and
confirmed the capital cost of Kola, the construction period and related EPC contract terms.
Discussions with SEPCO to finalise key EPC terms progressed through the end of 2022, despite some
delays resulting from actions instigated in China to control the Covid pandemic, as announced to Kore
Potash shareholders on 10 October 2022.
Recognising the world-class scale of Kola, the length of the proposed construction period and the total
financing requirement, Kore Potash has requested that SEPCO’s parent company, PowerChina,
provides the typically required EPC contract guarantees, including performance and retention bonds
supporting the completion of construction and the operating performance of Kola.
PowerChina is now actively involved in the process to finalise the EPC contract terms. As part of this
process, PowerChina is reviewing aspects of the Kola design and the planned construction schedule
and has had direct communications with the management of Kore Potash. PowerChina’s review has
generated a number of potential design improvements to the project that identify opportunities to
further reduce the capital cost and the construction schedule. Discussions on incorporating these
design improvements into the EPC contract continue.
PowerChina has engaged a number of external experts to support its review of the Kola design and
they require completion of this review to support the provision of the required EPC contract
guarantees. PowerChina has not yet advised Kore Potash of the timeline to complete its reviews and
internal approvals.
The process to conclude EPC contract discussions has taken longer than the Consortium initially
envisaged, however it is necessary to conclude these discussions prior to receiving their financing
proposal.
Kola Financing
Kore Potash continues to work with the Consortium to provide financing for the full construction cost
of Kola which is intended to be based on royalty and debt finance.
The successful outcomes of the Kola Optimisation Study were in line with the Consortium’s
requirements and supported the ongoing financing discussions. The financing parties of the
Consortium have again reinforced their ongoing strong interest in financing Kola and await finalisation
of the EPC contract terms.
The Consortium has advised that the financing proposal for the full construction cost of Kola will be
provided to the Company within six weeks of EPC terms being finalised.
Kore Potash continues to hold the view that the members of the Consortium have the capability to
provide the required financing to commit to the construction of Kola and that pursuing this financing
opportunity currently remains the best path forward for Kore Potash’s shareholders.
Congo Government Relations
Since receiving the communication from the RoC Minister of Mines announced on 19 October 2022,
the Company has significantly increased the frequency of dialogue with the Ministry of Mines. The
Company believes this has led to a significant improvement in the relationship and improved
understanding of the Kola Project and its financing requirements.
A common theme throughout the Company’s recent dialogue with the Ministry of Mines is that the
Ministry continues to express its strong support and the support of the RoC Government, for Kore
Potash to develop the Kola Project, while encouraging Kore Potash to find ways to accelerate the
smaller DX Project.
Key members of the Consortium, including SEPCO and PowerChina, have independently written to the
Ministry, and met with them in-person, to assist in establishing their credentials and experience. The
feedback to us from the Ministry is that these visits have been appreciated and are assisting the
Ministry to better understand the Kola Project and the capability of the Consortium members.
British Embassy Visit to Kola
On 16 March 2023, Kore Potash hosted a site visit to Kola. The attendees included a delegation from
the British embassy in Kinshasa in the neighbouring Democratic Republic of Congo. The British
delegation included the Deputy Ambassador, Mr Sam Jeremy. Kore Potash arranged for the delegation
to visit an important local museum, and to meet with the people in a village in the Kola area where
the Company has helped rebuild a school. The delegation was able to visit the project areas where the
Kola shaft, processing and transport infrastructure will be built. The visit also created opportunity to
discuss Kore Potash’s approach towards ensuring positive social and environmental outcomes and
helped develop understanding of the large positive economic impact that the Kola Project will have in
the region.
The Company is very appreciative that the embassy staff committed time to visit the Kola site.
DX Potash Project
The DX Project update of the JORC (2012) compliant Mineral Resource, Ore Reserve, PFS information
and Production Target was announced on the 24 January 2023. The updated Mineral Resource
incorporates the most recent drilling results and interpretation of the geophysical data. A summary of
the results is presented below:
• Production Target of 15.5Mt sylvinite at a grade of 30.63 % KCl demonstrates initial project
life of 12 years at a production rate of 400,000 tpa Muriate of Potash (“MoP”).
• Production Target based on Proven and Probable Ore Reserves and 13% of the Inferred
Mineral Resources that represents 30% of the life of project MoP production.
• NPV10 (real) of US$275 million and 27% IRR on a real post tax basis at life of project average
granular MoP price of US$450/t.
• Approximately 2.9 years post-tax payback period from first production.
• Proven and Probable Ore Reserve of 9.31 Mt sylvinite at an average grade of 35.7% KCl.
• Mineral Resource of 129 Mt at an average grade of 24.8% KCl.
• Higher confidence in the distribution of Sylvinite within the Top Seams and improved
understanding of the Sylvinite/Carnallite boundary within the Hanging Wall Seam.
The full announcement is available online on the Company’s website at https://korepotash.com/wp-
content/uploads/2023/01/Updated-Dougou-Extension-DX-PFS-and-Production-Target.pdf
The updated information confirms that the DX Project is a financially attractive, low capital cost project
with a shorter construction period than Kola.
At present, the Company remains focused on completing the financing of Kola and moving forward to
construction of Kola as soon as possible. This strategy is aligned with the expectations of the
Government of the RoC.
Recognising the RoC Government’s desire to accelerate the production of potash in the Congo, Kore
Potash has agreed with the Government to now consider the strategic options available for the DX
Project that can bring value forward for all stakeholders and allow more rapid development of the DX
Project to contribute to the economy of the RoC. The Ministry of Mines is working cooperatively with
the Company to fully explore all strategic options. These options may include forming a joint venture
for the development of DX with a third party or a sale of the DX Project.
Corporate
Mr Gavin Chamberlain, the COO left the organisation in January 2023. Mr Ryan Leland continues in
this role as Project Director for Kola and reports directly to the Chief Executive Officer.
On 31 March 2023, the Company released its Financial Results and Annual Report for the Year Ended
31 December 2022 to the market.
As at 31 March 2023, the Company held US$3.8 million in cash.
There were no mining production or construction activities during the Quarter.
Quarterly cashflow report
In accordance with the ASX Listing Rules, the Company will also lodge its cashflow report for the
Quarter today. Included in those cashflows are non-executive directors’ fees and the CEO‘s salary of
US$198,000 settled in cash.
The Company invested US$906,000 in exploration in the Quarter, which comprised US$741,000
related to the Kola Study and US$165,000 for the DX DFS Study. The Company ended the Quarter with
US$3.8 million in cash.
This announcement has been approved for release by the Board of Kore Potash.
Market Abuse Regulation
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
ENDS
For further information, please visit www.korepotash.com or contact:
Kore Potash Tel: +27 84 603 6238
Brad Sampson – CEO
Tavistock Communications Tel: +44 (0) 20 7920 3150
Emily Moss
Adam Baynes
SP Angel Corporate Finance – Nomad and Broker Tel: +44 (0) 20 7470 0470
Ewan Leggat
Charlie Bouverat
Shore Capital – Joint Broker Tel: +44 (0) 20 7408 4050
Toby Gibbs
James Thomas
Questco Corporate Advisory – JSE Sponsor Tel: +27 (11) 011 9205
Doné Hattingh
Tenement Details and Ownership
The Company is incorporated and registered in England and Wales and wholly owns Kore Potash
Limited of Australia. Kore Potash Limited has a 97% shareholding in Sintoukola Potash SA (“SPSA”) in
the RoC. SPSA has 100% ownership of Kola Potash Mining SA (“KPM”). KPM has 100% ownership of
the Kola Mining Lease on which the Kola Deposit is situated. The Kola Deposit is located within the
Kola Mining Lease. SPSA is also the 100% owner of the Dougou Mining Lease. The Dougou Mining lease
hosts the Dougou Deposit and the DX Deposit.
Under the existing Mining Convention, the RoC Government is entitled to 10% ownership in the Kola
and DX Projects. The transfer of this 10% awaits instructions from the Government and the Mineral
Resources and Ore Reserves are shown below in gross and 90% attributable bases.
Table 1: Schedule of mining tenements (Republic of Congo)
Project & Type Tenement Issued Company Interest Title Registered to
Kola Decree 2013-412 100% Kola Potash Mining S.A.
Mining of 9 August 2013 potassium rights only
Dougou Decree 2017-139 100% Sintoukola Potash S.A.
Mining of 9 May 2017 potassium rights only
Revised Decree No
2021-389 of 2 August
2021
Kore Potash Mineral Resources and Ore Reserves - Gross and according to future 90% interest (10% by the RoC government)
KOLA SYLVINITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Sylvinite Million Average Grade Sylvinite Million Average Grade
million million
Category Tonnes KCl % Tonnes KCl %
tonnes tonnes
Measured 216 34.9 75.4 194 34.9 67.8
Indicated 292 35.7 104.3 263 35.7 93.9
Sub-Total Measured
+ 508 35.4 179.7 457 35.4 161.7
Indicated
Inferred 340 34.0 115.7 306 34.0 104.1
TOTAL 848 34.8 295.4 763 34.8 265.8
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Sylvinite Million Average Grade Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes KCl % Tonnes KCl %
tonnes tonnes
Proved 62 32.1 19.8 56 32.1 17.9
Probable 91 32.8 29.7 82 32.8 26.7
TOTAL 152 32.5 49.5 137 32.5 44.6
Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors
DOUGOU EXTENSION SYLVINITE DEPOSIT (HWSS and TSS)
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Sylvinite Million Average Grade Sylvinite Million Average Grade
million million
Category Tonnes KCl % Tonnes KCl %
tonnes tonnes
Measured 20 32.4 6.5 18 32.4 5.9
Indicated 8 23.1 1.8 7 23.1 1.6
Sub-Total Measured
+ 28 29.9 8.3 25 29.9 7.5
Indicated
Inferred 101 23.5 23.8 91 23.5 21.4
TOTAL 129 24.8 32.1 116 24.8 28.9
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Sylvinite Million Average Grade Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes KCl % Tonnes KCl %
tonnes tonnes
Proved 6.1 32.5 2.0 5.5 32.5 1.8
Probable 3.2 41.8 1.3 2.9 41.8 1.2
TOTAL 9.3 35.7 3.3 8.4 35.7 3.0
Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors
DOUGOU CARNALLITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Million Tonnes Average Grade Million Tonnes Average Grade KCl
million million
Category carnallite KCl % carnallite %
tonnes tonnes
Measured 148 20.1 29.7 133 20.1 26.8
Indicated 920 20.7 190.4 828 20.7 171.4
Sub-Total Measured
+ 1,068 20.6 220.2 961 20.6 198.2
Indicated
Inferred 1,988 20.8 413.5 1,789 20.8 372.2
TOTAL 3,056 20.7 633.7 2,750 20.7 570.3
KOLA CARNALLITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Million Tonnes Average Grade Million Tonnes Average Grade KCl
million million
Category carnallite KCl % carnallite %
tonnes tonnes
Measured 341 17.4 59.4 307 17.4 53.5
Indicated 441 18.7 82.6 397 18.7 74.4
Sub-Total Measured
+ 783 18.1 142.0 705 18.1 127.8
Indicated
Inferred 1,266 18.7 236.4 1,140 18.7 212.8
TOTAL 2,049 18.5 378.5 1,844 18.5 340.6
Competent Persons Statements
All Mineral Resource and Ore Reserves are reported in accordance with the JORC Code (2012 edition).
Numbers are rounded to the appropriate decimal place. Rounding ‘errors’ may be reflected in the
“totals”.
The Kola Mineral Resources were reported 6 July 2017 in an announcement titled ‘Updated Mineral
Resource for the High -Grade Kola Deposit’. It was prepared by Competent Person Mr. Garth Kirkham,
P.Geo., of Met-Chem division of DRA Americas Inc., a subsidiary of the DRA Group, and a member of
the Association of Professional Engineers and Geoscientists of British Columbia. The Ore Reserves for
sylvinite at Kola was first stated on 29 January 2019 in an announcement titled “Kola Definitive
Feasibility Study” and was prepared by Met-Chem. The Competent Person for the estimate was Mr
Mo Molavi, member of good standing of Engineers and Geoscientists of British Columbia. The Ore
Reserves were reviewed when the changes to the underlying assumptions (as detailed in the 27 June
2022 announcement “Kola Project optimisation study outcomes”) were made and Mr Molavi verified
that the Ore Reserves remained unchanged.
The Dougou carnallite Mineral Resources were reported on 9 February 2015 in an announcement
titled ‘Elemental Minerals Announces Large Mineral Resource Expansion and Upgrade for the Dougou
Potash Deposit’. It was prepared by Competent Persons Dr. Sebastiaan van der Klauw and Ms. Jana
Neubert, senior geologists and employees of ERCOSPLAN Ingenieurgesellschaft Geotechnik und
Bergbau mbH and members of good standing of the European Federation of Geologists.
The Dougou Extension sylvinite Mineral Resource Estimate and Ore Reserve Estimate were reported
in an announcement titled “Updated Dougou Extension (DX) PFS and Production Target” on 24 January
2023. Dr. Douglas F. Hambley, Ph.D., P.E., P.Eng., P.G of Agapito Associates Inc., for the Exploration
Results and Mineral Resources. Mr. Hambley is a licensed professional geologist in states of Illinois
(Member 196-000007) and Indiana (Member 2175), USA, and is an Honorary Registered Member
(HRM) of the Society of Mining, Metallurgy and Exploration, Inc. (SME, Member 1299100RM), a
Recognized RPO included in a list that is posted on the ASX website from time to time and Dr. Michael
Hardy was the Competent Person for the Ore Reserves, and he is a registered member in good
standing (Member #01328850) of Society for Mining, Metallurgy and Exploration (SME) which is an
RPO included in a list that is posted on the ASX website from time to time.
The Company confirms that, it is not aware of any new information or data that materially affects the
information included in the original market announcements and, in the case of estimates of Mineral
Resources or statements of Ore Reserves that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed. The Company 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 release contains certain statements that are "forward-looking" with respect to the financial
condition, results of operations, projects and business of the Company and certain plans and
objectives of the management of the Company. Forward-looking statements include those containing
words such as: “anticipate”, “believe”, "expect," “forecast”, “potential”, "intends," "estimate," "will",
“plan”, “could”, “may”, “project”, “target”, “likely” and similar expressions identify forward-looking
statements. By their very nature forward-looking statements are subject to known and unknown risks
and uncertainties and other factors which are subject to change without notice and may involve
significant elements of subjective judgement and assumptions as to future events which may or may
not be correct, which may cause the Company’s actual results, performance or achievements, to differ
materially from those expressed or implied in any of our forward-looking statements, which are not
guarantees of future performance. Neither the Company, nor any other person, gives any
representation, warranty, assurance or guarantee that the occurrence of the events expressed or
implied in any forward-looking statement will occur. Except as required by law, and only to the extent
so required, none of the Company, its subsidiaries or its or their directors, officers, employees,
advisors or agents or any other person shall in any way be liable to any person or body for any loss,
claim, demand, damages, costs, or expenses of whatever nature arising in any way out of, or in
connection with, the information contained in this document.
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Kore Potash Plc
ABN Quarter ended (“current quarter”)
621 843 614 31 March 2023
Consolidated statement of cash flows Current quarter Year to date
$US’000 (3 months)
$US’000
1. Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (if expensed) - -
(b) development - -
(c) production - -
(d) staff costs (79) (79)
(e) administration and corporate costs (249) (249)
1.3 Dividends received (see note 3) - -
1.4 Interest received - -
1.5 Interest and other costs of finance paid (1) (1)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Intercompany payments - -
1.9 Net cash from / (used in) operating
(329) (329)
activities
2. Cash flows from investing activities
2.1 Payments to acquire:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation (if capitalised) (906) (906)
(e) investments - -
(f) other non-current assets - -
Consolidated statement of cash flows Current quarter Year to date
$US’000 (3 months)
$US’000
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
(906) (906)
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
2 2
(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 - -
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 2 2
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
5,047 5,047
period
4.2 Net cash from / (used in) operating
(329) (329)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities
(906) (906)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities
2 2
(item 3.10 above)
Consolidated statement of cash flows Current quarter Year to date
$US’000 (3 months)
$US’000
4.5 Effect of movement in exchange rates on (6) (6)
cash held
4.6 Cash and cash equivalents at end of
3,808 3,808
period
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents $US’000 $US’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 3,808 5,047
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
3,808 5,047
quarter (should equal item 4.6 above)
6. Payments to related parties of the entity and their Current quarter
associates $USD'000
6.1 Aggregate amount of payments to related parties and their
76
associates included in item 1
6.2 Aggregate amount of payments to related parties and their
122
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 drawn at
Note: the term “facility’ includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end $US’000
Add notes as necessary for an understanding of the $US’000
sources of finance available to the entity.
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 $US’000
8.1 Net cash from / (used in) operating activities (Item 1.9) (329)
8.2 Capitalised exploration & evaluation (Item 2.1(d)) (906)
8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (1235)
8.4 Cash and cash equivalents at quarter end (Item 4.6) 3,808
8.5 Unused finance facilities available at quarter end (Item 7.5) -
8.6 Total available funding (Item 8.4 + Item 8.5) 3,808
8.7 Estimated quarters of funding available (Item 8.6 divided by
3.08
Item 8.3)
8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:
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: N/A
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: N/A
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: N/A
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: 26 April 2023
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.
ASX Listing Rules Appendix 5B (01/12/19)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Date: 26-04-2023 08:00:00
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