| Mon 18 Jul 2022, 8:00 | | KORE POTASH PLC - Review of Operations for the Quarter ended 30 June 2022 |
|
Review of Operations for the Quarter ended 30 June 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”)
18 July 2022
Review of Operations for the Quarter ended 30 June 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 the following quarterly
update for the period ended 30 June 2022 (the “Quarter”).
Quarterly Highlights:
Kola Potash Project
• The process to potentially finance the construction of Kola progressed in line with the
Memorandum of Understanding (“MoU”) signed with the Summit Consortium (“Consortium”)
in April 2021.
• Receipt of the Optimisation Study (“Study”) on the Kola Project was announced to
shareholders on 1 April 2022.
• Kore Potash completed its detailed review of the Study and announced the outcomes of the
Study to shareholders on 27 June 2022.
• On 28 June 2022, the Company announced it had signed a Heads of Agreement (“HoA”) for
the construction of Kola.
• Engineering, Procurement and Construction (“EPC”) contract proposal for the construction of
Kola based on the outcomes of the Study expected in August 2022.
• Financing proposal for the complete construction of Kola is expected following Kore Potash’s
receipt of the EPC contract proposal and agreement on key EPC terms.
Corporate Highlights
• 550,000 new ordinary shares of US$0.001 each in the capital of the Company (“Ordinary
Shares“)were issued on 5 May 2022 following vesting of performance rights.
• The Company held its Annual General Meeting (“AGM”) on 9 June 2022.
• 44,132,674 new Ordinary Shares were issued to Sociedad Quimica y Minera de Chile S.A.
(“SQM”) on 13 June 2022.
• The Kore Potash registered address changed and was announced on 14 June 2022.
• As of 30 June 2022, the Company held US$7.6 million in cash.
Brad Sampson, Chief Executive Officer of Kore Potash, commented:
“Recent global events have heightened concerns for food security and continuity of supply of fertiliser
to feed the world’s growing population. The dramatic increase in the potash price reinforces the need
for the development of new low-cost potash production from high quality potash deposits located close
to customers, such as our projects in the Sintoukola basin. The progress towards financing our Kola
Project is exciting and we look forward to receiving the financing proposal later this year.”
Operational activities
Kola Potash Project
The financing process for the construction of the Kola Project progressed in line with the MoU signed
with the Consortium in April 2021.
Optimisation Study
The highlights of the outcomes of the Study completed by the Consortium as announced on 27 June
2022 were:
• Capital cost reduced by US$520 million to US$1.83 billion on an EPC basis compared to the
Definitive Feasibility Study (“DFS”) capital cost of US$2.35 billion on an equivalent EPC basis.
• Construction period reduced to 40 months from the DFS construction period of 46 months.
• Key financial metrics improved on DFS outcomes (at potash pricing averaging US$360/ tonne
unchanged from the DFS):
o Kola net present value (“NPV”) NPV10 post tax improved to US$1.623 billion
o Internal Rate of Return (“IRR”) improved to 20% on ungeared post tax basis
• At a potash price of US$1000/t Muriate of Potash (“MoP”) CFR Brazil (less than current potash
price of approximately US$1100/t MoP CFR Brazil) the Kola financial metrics improve to:
o Kola NPV10 post tax US$9.354 billion
o IRR of 49% on ungeared post tax basis
• Kola designed with a nameplate production capacity of 2.2 million tonnes per annum (“Mtpa”)
of MoP.
• MoP production from Kola scheduled over an initial 31 year project life.
• Kola is designed as a conventional mechanised underground potash mine with shallow shaft
access. Ore from underground is transported to the process plant via an overland conveyor
approximately 25 km long. After processing, the MoP product is conveyor transported 11 km
to the marine export facility. MoP is conveyed from the storage area onto barges via the
dedicated barge loading jetty and then trans-shipped into ocean going vessels for export.
Heads of Agreement
Kore Potash signed a HoA for the construction of Kola in the presence of the Minister of State and
Minister of Mining, Industry and Geology of the RoC, Mr Pierre Oba. Following the signing of the HoA
the Minister of State commented that, “the Kola project is of vital international interest and
congratulated Kore Potash on the successful outcome of negotiations with SEPCO”.
The HoA confirms the timeline for SEPCO Electric Power Construction Corporation (“SEPCO”) to
complete their discussions with Kore Potash ahead of presenting the Company an EPC contract
proposal for Kola. It also provides additional clarity on matters that SEPCO are required to finalise in
advance of presenting Kore with the construction contract proposal.
The HoA provides for:
• Kola to be designed and constructed as a conventional underground potash mine and
processing plant producing up to 2.2 mtpa of granular MoP over an initial 31 year life.
• The granular MoP produced by Kola will be at a minimum quality of 95.3% Potassium
Chloride (“KCl”) in line with international standards.
• The capital cost to construct Kola will be US$1.83 billion and the construction period will be
40 months.
• During the preconstruction engineering design phase, the HoA provides SEPCO with an
opportunity to adjust the costs related to the underground mine portion of the works. SEPCO’s
current capital cost is based in part upon information collected during the DFS Study phase,
some of which SEPCO continues to review. Should the final agreed quantities of materials and
labour or the underground construction period differ materially from the baseline, SEPCO will
be able to adjust proportionately. The underground portion of the works (excluding
equipment and infrastructure) is currently estimated as US$164 million, which represents 9%
of the total Kola capital cost.
• SEPCO will also be able to adjust the capital cost if the Chinese RMB or Congolese FCFA
currency exchange rates to the US dollar vary materially prior to commencement of the works.
In such circumstance only the cost of affected works or components may be adjusted.
Kola EPC
The results of the Study support moving to the next phase of the Kola development. Therefore, the
Consortium has advised that SEPCO will continue negotiations with Kore Potash with a view to
finalising all EPC terms based on FIDIC Silver book 2017 and present the complete EPC contract
proposal for the construction of Kola during August 2022. The EPC contract proposal will be based on
the capital cost and construction schedule from the Study.
Kola Financing
The Summit consortium has advised that the strongly positive outcomes of the Study continue to
support their financing of Kola and it intends to provide the financing proposal for the construction
cost of Kola after the Company’s receipt of the EPC proposal and agreement on key EPC terms.
Other Kola matters
Separate from the Consortium’s activity, Kore Potash’s management team also continued discussions
with potential offtake partners with the capability to procure all the Kola production and who have
expressed interest in partnering with the Company.
DX Potash Project
The Company’s focus during the Quarter remained on the Kola Project. The Company is assessing the
most appropriate next steps for developing the DX deposit and intends to update shareholders further
once these steps have been confirmed.
Corporate
On 5 May 2022, a total of 550,000 new Ordinary Shares were issued to employees and ex-employees
following the vesting of Performance Rights awarded under the Company's Employee Performance
Incentive Plans, of which 283,333 shares were issued to Gavin Chamberlain, Chief Operating Officer.
At the Company’s AGM held on 9 June 2022, all resolutions were all duly passed on a poll by the
requisite majority.
On 13 June 2022, pursuant to the resolution passed at the AGM, 44,132,674 new Ordinary Shares
were issued to SQM in lieu of fees payable under a Technical Services Agreement. The value of the
work performed under the Technical Services Agreement by SQM on the DX DFS was US$375,470.
On 14 June 2022, the Company announced that its registered office in the United Kingdom had
changed to 45 Gresham Street, London, EC2V 7BG.
As at 30 June 2022, the Company held US$7.6 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$1,253,000 in Exploration and Evaluation in the Quarter on the Kola Study.
The Company ended the Quarter with US$7.6 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 KCl Sylvinite Million Average Grade
million million
Category Tonnes % 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 KCl Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes % 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 KCl Sylvinite Million Average Grade
million million
Category Tonnes % 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 KCl Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes % 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.
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 30 June 2022
Consolidated statement of cash flows Current quarter Year to date
$US’000 (6 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 (153) (296)
(e) administration and corporate costs (218) (398)
1.3 Dividends received (see note 3) - -
1.4 Interest received 14 17
1.5 Interest and other costs of finance paid (1) (2)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Intercompany payments - -
1.9 Net cash from / (used in) operating
(358) (679)
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) (1,253) (2,498)
(e) investments - -
(f) other non-current assets - -
Consolidated statement of cash flows Current quarter Year to date
$US’000 (6 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 (1,253) (2,498)
activities
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
1 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 1
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
9,428 11,093
period
4.2 Net cash from / (used in) operating
(358) (679)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities
(1,253) (2,498)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities
1 1
(item 3.10 above)
Consolidated statement of cash flows Current quarter Year to date
$US’000 (6 months)
$US’000
4.5 Effect of movement in exchange rates on (188) (287)
cash held
4.6 Cash and cash equivalents at end of
7,630 7,630
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 7,630 9,428
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
7,630 9,428
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
87
associates included in item 1
6.2 Aggregate amount of payments to related parties and their
111
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) (358)
8.2 Capitalised exploration & evaluation (Item 2.1(d)) (1,253)
8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (1,611)
8.4 Cash and cash equivalents at quarter end (Item 4.6) 7,630
8.5 Unused finance facilities available at quarter end (Item 7.5) -
8.6 Total available funding (Item 8.4 + Item 8.5) 7,630
8.7 Estimated quarters of funding available (Item 8.6 divided by
4.74
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: 18 July 2022
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: 18-07-2022 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
