Wrap Text
Review of Operations for the Quarter ended 31 December 2022
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”)
19 January 2023
Review of Operations for the Quarter ended 31 December 2022
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 December 2022 (the “Quarter”).
Quarterly Highlights
Kola Project
• The process to potentially finance the construction of Kola further progressed in line with the
Memorandum of Understanding (“MoU”) signed with the Summit Consortium (“Consortium”)
in April 2021.
• Contractual terms are being negotiated prior to accepting the Engineering, Procurement and
Construction (“EPC”) proposal for the construction of Kola provided to the Company by SEPCO
Electric Power Construction Corporation (“SEPCO”), the engineering partner of the
Consortium.
• The financing proposal for the full construction cost of Kola is expected to be provided by the
Consortium following agreement on the EPC contract terms that the Company is currently
finalising with SEPCO.
• On 19 October 2022, the Company announced receipt of correspondence from the Minister
of Mines of the RoC (the “Minister”) expressing discontent with the progress towards
construction of the Kola Project. The letter was received following the arrest and subsequent
release, without charge, of two senior employees of the Company by the Congolese police.
Neither the employees nor the Company have been informed of the reason for the arrests.
The Company provided a response to the Minister on 11 November 2022. On 17 December
2022 the Company met in person with the Minister, and the discussion included a further
update on the progress towards financing Kola. At the end of the meeting the Minister
expressed his thanks for how the Company responded to his most recent letter and assured
the Company of his and the RoC Government’s ongoing support for Kore Potash and to
develop the Kola Project.
Corporate
• On 21 December 2022, Mr Sameer Oundhakar resigned as a Non-Executive Director on the
Board as a nominee of Oman Investment Authority (“OIA”).
• On 23 December 2022, the Company announced that Mr Gavin Chamberlain Chief Operations
Officer (“COO”) would be leaving the Company in January 2023.
• As of 31 December 2022, the Company held US$5.0 million in cash.
Operational Activities
Kola Project
The financing process for the construction of the Kola Project progressed further, in line with the MoU
signed with the Consortium in April 2021.
Kola EPC
Kore Potash signed a 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 the Kola development.
On 28 June 2022, the Company announced that it had signed a Heads of Agreement (“HoA”) for the
construction of Kola with SEPCO.
On 10 October 2022, Kore Potash announced that SEPCO had delivered the EPC proposal for Kola. The
EPC proposal was approved for presentation to Kore Potash by the Boards of SEPCO, and its parent
company, Power Construction Corporation of China (“Power China”).
The EPC proposal reflects the capital cost and construction timeline reported in the Study and the
terms agreed to in the HoA. The EPC proposal includes an EPC Agreement which details the contractual
terms in a format congruent with the FIDIC silver book (2nd Edition, 2017) conditions of contract.
The contractual terms are being finalised prior to acceptance of the EPC. Kore Potash and SEPCO are
in dialogue to complete this process. The Company notes that it may transpire that SEPCO will require
further SEPCO and Power China Board approvals prior to the finalisation of the contractual terms.
Kola Financing
The Consortium has advised that the strongly positive outcomes of the Study continue to support its
proposed financing of Kola and it intends to provide the royalty and debt financing proposal for the
full construction cost of Kola after the EPC contract terms are finalised.
Correspondence from Minister of Mines
The Company’s local subsidiary received a letter dated 12 October 2022 from the Minister expressing
his discontent with aspects of the administration of the Company’s subsidiary companies in the RoC
and the apparent lack of progress that Kore Potash and the Consortium are making towards the
financing of Kola.
The letter was received following the arrest, and subsequent release without charge, of two senior
employees of the Company by the Congolese police. Neither the employees nor the Company have
been informed of the reason for the arrests.
The letter generally reserved the Government’s right to take measures in accordance with its existing
agreements and the Mining Code of the RoC, failing a response from the Company within 30 days.
The Company advised the Minister, in a formal response on the 11 November 2022, that it is
continuing to progress the development of the Kola and DX projects towards production, believes that
it is compliant with its obligations to the Government of the RoC under the Mining Code and Mining
Convention and will continue to keep the Minister briefed on the Company’s plans and progress.
Following receipt of the Minister’s letter, an internal review of the administration of the Subsidiaries
did not identify any material deficiencies in their administration. The Company has additionally
commissioned two separate independent reviews of the administration of its Subsidiaries via a
respected RoC legal services firm and the RoC office of an international legal and financial services
firm. These reviews are planned to be completed in January 2023.
On 17 December 2022, the Company met in person with the Minister, and the discussion included a
further update on the progress towards financing the Kola Project.
At the end of the meeting, the Minister expressed his thanks for how the Company responded to his
most recent letter and assured the Company of his and the RoC Government’s ongoing support for
Kore Potash to develop its Kola Project.
The Minister reinforced the great importance of the Kola Project to the people of the RoC and
encouraged the Company to continue to keep him informed on its continued progress. He further
encouraged the Company to continue with its work to conclude the EPC contract terms and financing
arrangements to enable the commencement of the construction of the Kola Project as soon as
possible.
Other Kola Matters
Separate from the Consortium’s activity, Kore Potash’s management team has also continued
discussions with potential offtake partners with the capability to procure all Kola production and who
have expressed interest in partnering with the Company.
DX Potash Project
The Company is currently updating the Pre-Feasibility Study and production target for the DX project
and will update shareholders on the outcomes of this work shortly.
Corporate
Mr Oundhakar served on the Board of the Company as a non-executive director since 1 April 2021
after having been nominated by the OIA. He resigned from his employment with OIA to pursue other
interests and as a consequence was no longer able to continue as a Director of Kore Potash. OIA has
advised the Company of its preferred non-executive director candidate to replace Mr Oundhakar. This
nomination is currently being considered by the Board and the Company intends to provide a further
update to shareholders following completion of the normal due diligence processes.
Mr Gavin Chamberlain, the Chief Operating Officer will be leaving the organisation in January 2023.
Mr Ryan Leland continues in this role as Project Director for Kola and will report directly to the Chief
Executive Officer.
As at 31 December 2022, the Company held US$5.0 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$1,087,000 in exploration in the Quarter, which comprised US$ 729,000
related to the Kola Study and US$358,000 for the DX DFS Study. The Company ended the Quarter with
US$5.0 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 - - - - - -
Indicated 79 39.1 30.8 71 39.1 27.7
Sub-Total Measured
+ 79 39.1 30.8 71 39.1 27.7
Indicated
Inferred 66 40.4 26.7 59 40.4 24.0
TOTAL 145 39.7 57.5 130 39.7 51.8
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 - - - - - -
Probable 17.7 41.7 7.4 16 41.7 6.6
TOTAL 17.7 41.7 7.4 16 41.7 6.6
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 1789 20.8 372.2
TOTAL 3,056 20.7 633.7 2750 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 1140 18.7 212.8
TOTAL 2,049 18.5 378.5 1844 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 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 DX sylvinite Mineral Resources and Ore Reserves were reported in an announcement titled
“Dougou Extension (DX) Project Pre-Feasibility Study” on 13 May 2020. Ms. Vanessa Santos, P.Geo. of
Agapito Associates Inc. was the Competent Person, for the Exploration Results and Mineral Resources.
Ms. Santos is a licensed professional geologist in South Carolina (Member 2403) and Georgia (Member
1664), USA, and is a registered member (RM) of the Society of Mining, Metallurgy and Exploration,
Inc. (SME, Member 04058318). 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, other than the activity currently underway to develop an improved
geological model for the DX deposit which may in the future necessitate a change in the DX Mineral
Resources, 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.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
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 December 2022
Consolidated statement of cash flows Current quarter Year to date
$US’000 (12 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 (98) (504)
(e) administration and corporate costs (10) (714)
1.3 Dividends received (see note 3) - -
1.4 Interest received 28 67
1.5 Interest and other costs of finance paid (1) (4)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Intercompany payments - -
1.9 Net cash from / (used in) operating
(81) (1,155)
activities
2. Cash flows from investing activities
2.1 Payments to acquire:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment (1) (1)
(d) exploration & evaluation (if capitalised) (1,087) (4,584)
(e) investments - -
Consolidated statement of cash flows Current quarter Year to date
$US’000 (12 months)
$US’000
(f) other non-current assets - -
2.2 Proceeds from the disposal of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing (1,088) (4,585)
activities
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
- 1
(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 - 1
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
6,153 11,093
period
4.2 Net cash from / (used in) operating
(81) (1,155)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities
(1,088) (4,585)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities
- 1
(item 3.10 above)
Consolidated statement of cash flows Current quarter Year to date
$US’000 (12 months)
$US’000
4.5 Effect of movement in exchange rates on 63 (307)
cash held
4.6 Cash and cash equivalents at end of
5,047 5,047
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 5,047 6,153
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
5,047 6,153
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
74
associates included in item 1
6.2 Aggregate amount of payments to related parties and their
124
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) (81)
8.2 Capitalised exploration & evaluation (Item 2.1(d)) (1,087)
8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (1,168)
8.4 Cash and cash equivalents at quarter end (Item 4.6) 5,047
8.5 Unused finance facilities available at quarter end (Item 7.5) -
8.6 Total available funding (Item 8.4 + Item 8.5) 5,047
8.7 Estimated quarters of funding available (Item 8.6 divided by
4.32
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: 19 January 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: 19-01-2023 09:00:00
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