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TAWANA RESOURCES NL - Appendix 5B Mining and gas exploration entity quarterly report

Release Date: 31/10/2018 09:15:00      Code(s): TAW       PDF(s):  
Appendix 5B Mining and gas exploration entity quarterly report

Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
JSE ISIN: AU0000TAWDA9
Share code on the Australian Securities Exchange Limited: TAW
ASX ISIN: AU000000TAW7
(“the Company” or “Tawana”)

                                                 Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly
                               report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16



 Name of entity
                                             Tawana Resources NL
 ABN                                                     Quarter ended (“current quarter”)
                  69 085 166 721                                             30 September 2018

 Consolidated statement of cash flows                            Current quarter               Year to date
                                                                                                (9 months)
                                                                       $A’000                     $A’000
 1.      Cash flows from operating activities
 1.1     Receipts from customers                                                 9,336                       9,336
 1.2     Payments for
         (a) exploration & evaluation                                            (120)                       (334)
         (b) development 1                                                       (222)                   (26,284)
         (c) production                                                      (13,294)                    (13,294)
         (d) staff costs                                                         (984)                     (3,072)
         (e) administration and corporate costs                                  (511)                     (1,608)
 1.3     Dividends received (see note 3)                                               -                             -
 1.4     Interest received                                                           60                        144
 1.5     Interest and other costs of finance paid                                (124)                       (270)
 1.6     Income taxes paid                                                             -                             -
Consolidated statement of cash flows           Current quarter       Year to date
                                                                      (9 months)
                                                       $A’000             $A’000
1.7   Other – Merger and demerger costs                 (566)              (998)
1.8   Net cash from / (used in) operating              (6,425)           (36,380)
      activities
Note 1: Cash receipts from customers of $4,309,465 received during the first 6 months
of the year have been offset against associated development cash outflows during the
same period preceding commercial production.
2.     Cash flows from investing activities
2.1    Payments to acquire:
       (a) property, plant and equipment                     (37)               (73)
       (b) tenements (see item 10)                               -              (97)
       (c) investments                                           -                  -
       (d) other non-current assets                              -                  -
2.2    Proceeds from the disposal of:
       (a) property, plant and equipment                         -                  -
       (b) tenements (see item 10)                               -                  -
       (c) investments                                           -                  -
       (d) other non-current assets                              -                  -
2.3    Cash flows from loans to other                            -                  -
       entities
2.4    Dividends received (see note 3)                           -                  -
2.5    Other – Contributions received from                  1,594              1,991
       Joint
              Operation Partner not                         (750)              (750)
              expended
             – Cash disposed as part of
               Cowan Lithium demerger
2.6    Net cash from / (used in) investing                   807               1,071
       activities
Consolidated statement of cash flows           Current quarter       Year to date
                                                                      (9 months)
                                                   $A’000               $A’000
3.    Cash flows from financing activities
3.1   Proceeds from issues of shares                        4,878            24,878
3.2   Proceeds from issue of convertible                         -                  -
      notes
3.3   Proceeds from exercise of share                        710              2,095
      options
3.4   Transaction costs related to issues of                (161)            (1,384)
      shares, convertible notes or options
3.5   Proceeds from borrowings                                   -            5,000
3.6   Repayment of borrowings                                    -                  -
3.7   Transaction costs related to loans                         -            (200)
      and borrowings
3.8   Dividends paid                                             -                  -
3.9   Other                                                      -                  -
3.10 Net cash from / (used in) financing                 5,427               30,389
     activities

4.    Net increase / (decrease) in cash and
      cash equivalents for the period
4.1   Cash and cash equivalents at                      11,614               16,375
      beginning of period
4.2   Net cash from / (used in) operating               (6,425)            (36,380)
      activities (item 1.9 above)
4.3   Net cash from / (used in) investing                    807              1,071
      activities (item 2.6 above)
4.4   Net cash from / (used in) financing                   5,427            30,389
      activities (item 3.10 above)
4.5   Effect of movement in exchange rates                   (19)               (51)
      on cash held
4.6   Cash and cash equivalents at end                  11,404               11,404
      of period
5.     Reconciliation of cash and cash           Current quarter       Previous quarter
       equivalents                                   $A’000                 $A’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                                          11,404             11,614
5.2    Call deposits                                               -                     -
5.3    Bank overdrafts                                             -                     -
5.4    Other (provide details)                                     -                     -
5.5    Cash and cash equivalents at end of                    11,404            11,614
       quarter (should equal item 4.6
       above)

6.     Payments to directors of the entity and their associates        Current quarter
                                                                           $A'000
6.1    Aggregate amount of payments to these parties included                      160
       in item 1.2
6.2    Aggregate amount of cash flow from loans to these parties                      -
       included in item 2.3
6.3    Include below any explanation necessary to understand the transactions
       included in items 6.1 and 6.2


Directors’ salaries, directors’ fees and superannuation



7.     Payments to related entities of the entity and their            Current quarter
       associates                                                          $A'000
7.1    Aggregate amount of payments to these parties included                         -
       in item 1.2
7.2    Aggregate amount of cash flow from loans to these parties                      -
       included in item 2.3
7.3    Include below any explanation necessary to understand the transactions
       included in items 7.1 and 7.2


N/A
8.     Financing facilities available              Total facility        Amount drawn
       Add notes as necessary for an                amount at            at quarter end
       understanding of the position               quarter end               $A’000
                                                     $A’000
8.1    Loan facilities                                        5,000                 5,000
8.2    Credit standby arrangements                                  -                     -
8.3    Other (please specify)                                10,199                10,199
8.4    Include below a description of each facility above, including the lender, interest
       rate and whether it is secured or unsecured. If any additional facilities have
       been entered into or are proposed to be entered into after quarter end, include
       details of those facilities as well.

8.1 In March 2018, the Company drew down in full on a $5m secured loan facility with
Red Coast Investment Limited, an investment company nominated by Weier Antriebe
und Energietechnik Gmbh. The loan agreement formed part of a $25m funding package
to support works at the Bald Hill Project. Interest is payable quarterly in arrears at a
rate of between 11% and 13% with a maturity and single repayment date of 30 June
2020.

8.3 In April 2017, the Company signed a prepayment agreement with a 100% owned
subsidiary of Burwill Holdings Ltd (Burwill), a company listed on the main Board of The
Stock Exchange of Hong Kong Limited (stock code 0024). No interest is payable in
respect of the prepayment and it is unsecured. Tawana shall repay the outstanding
prepayment through 15% of the value of each shipment of lithium concentrate until
such time as Burwill has been reimbursed in full for the aggregate amount of the
prepayment.

9.     Estimated cash outflows for next quarter                         $A’000
9.1    Exploration and evaluation                                                    (75)
9.2    Development                                                                (2,876)
9.3    Production                                                                (24,680)
9.4    Staff costs                                                                (1,111)
9.5    Administration and corporate costs                                           (550)
9.6    Other (Capital/debt raising costs, merger                                  (2,000)
       costs)
9.7    Total estimated cash outflows                                             (31,292)
10.      Changes in            Tenement           Nature of        Interest   Interest
         tenements             reference and      interest         at         at end of
         (items 2.1(b) and     location                            beginnin   quarter
         2.2(b) above)                                             g of
                                                                   quarter
10.1     Interests in mining   Western            Beneficial       50%        0%
         tenements and         Australia,         Interest
         petroleum             P15/5465
         tenements lapsed,     P15/5466
         relinquished or
         reduced               P15/5467           Beneficial       100%       0%
                               Western            Interest
                               Australia,
                               E28/2702
                               E15/1526
                               E15/1503
                               E15/1502
                               E15/1446
                               E15/1377
                               E15/1205
10.2     Interests in mining   Nil
         tenements and
         petroleum
         tenements
         acquired or
         increased


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.




Sign here:  Company Secretary               Date 31 October 2018
Print name: Joanna Kiernan
Notes
1.   The quarterly report provides a basis for informing the market how the entity’s activities have been
     financed for the past quarter and the effect on its cash position. An entity that wishes to disclose
     additional information is encouraged to do so, in a note or notes included in or attached to this
     report.
2.   If this quarterly 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 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.


31 October 2018

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd

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