| Fri 28 Apr 2023, 8:54 | | SOUTHERN PALLADIUM LIMITED - Quarterly Activities Report for 31 March 2023 |
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Quarterly Activities Report for 31 March 2023
Southern Palladium Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 646 391 899
ASX share code: SPD
JSE share code: SDL
ISIN AU0000220808
28 April 2023
ASX:SPD, JSE:SDL
Quarterly Activities Report for 31 March 2023
ACN: 646 399 891
MARCH QUARTER HIGHLIGHTS
Corporate Directory Operational:
Chairman • Continuation of Phase 1, drill programme targeting upgrade for a portion of
Terence Goodlace existing Inferred 18.8Moz (4E) resource and Exploration Area; to Indicated
status.
Managing Director
Johan Odendaal • Assay results for 23 UG2 intersections have returned an average 3PGE+Au
grade of 7.67g/t and 6PGE+Au of 9.28g/t over 72cm, which continues to
Non-Executive Directors confirm the JORC-2012 Inferred Mineral Resource estimate.
Mike Stirzaker
Rob Thomson • With additional assays for the Merensky Reef (MR), the MR now averages a
Daan van Heerden 3PGE+Au grade of 2.45 g/t and 6PGE+Au grade of 2.72 g/t over a width of
Geoff Hiller 195 cm.
Company Secretary
Andrew Cooke • Latest assays from the four intersections in the Far East Block are showing
consistent results with a UG2 average width of 73 cm and a 6PGE+Au grade
of 7.38 g/t and this area has significant potential for future resource
Top 5 Shareholders upgrades.
Nicholas Daniel Resources Pty ltd • Resource estimate underway for new UG2 discovery, the Far East Block
Nurinox Investments Pty Ltd (FEB). Average depth below surface of 217m makes the FEB potentially
Citicorp Nominees Pty Ltd accessible from the planned decline.
Legacy Platinum Corporation
UBS Nominees Pty Ltd • Internal Scoping Study completed by resources consulting group, Minxcon,
which concluded that targeted extraction of the UG2 Reef represents the
Company Overview most favourable option of four potential development scenarios, with the
shallow Merensky Reef recommended for potential future development.
Dual-listed platinum group metal
(PGM) company developing the • Drilling and exploration will continue at the Bengwenyama Project during
advanced Bengwenyama PGM the June quarter. With the grade, prill split (PGM ratio), reef intersection
project, particularly rich in and reef width now largely confirmed (Phase 1a) over the target area, the
palladium/rhodium, located in South drilling focus will now be narrowed down to infill drilling (Phase 1b) over
Africa’s prolific Bushveld Complex. the area where the company aims to increase confidence levels from
Inferred to Indicated.
Contact:
Corporate:
E: info@southernpalladium.com
• As at 31 March 2023, Southern Palladium held approximately $12.93 million
W: www.southernpalladium.com (31 December 2022: $14.20 million) in cash.
Southern Palladium (ASX: SPD, “Southern Palladium” or the “Company”) is pleased to announce its quarterly activities
summary for the three months ended March 31, 2023.
The Company’s primary focus is the advancement of its exploration programme at the Bengwenyama PGM (platinum group
metals) project, in which it holds a direct 70% stake.
Following its successful ASX listing on 8th June 2022, Southern Palladium is well-funded to accelerate a multi-phase
exploration programme at Bengwenyama, which already contains an Inferred Mineral Resource Estimate of 18.8Moz
(3PGE+Au). The Company is led by an experienced on-ground management team including some of South Africa’s most high-
profile mining industry executives.
The Bengwenyama project is a large shallow advanced exploration/ predevelopment Platinum- Group Metal opportunity
situated on the Eastern Limb of the Bushveld Complex in South Africa.
Overview of March Quarter Activities
Phase 1 drill programme
Ongoing assay results from the Phase 1, 63-hole diamond drill programme at Bengwenyama is contributing to a planned
upgrade of a portion of the Inferred Resource of 18.8Moz (4E) and some of the Exploration target area to Indicated status
and the advancement of a Pre-Feasibility Study, which was initiated during the March quarter.
Figure 1: Positions of the Completed Drillholes as of 30 March 2023
During the quarter, the Company redirected some drilling to an area to the east of the tenement area. There are now four
intersections (E064, E065, E067 and E071) in the newly discovered Far East Block (FEB) with an average width of 73 cm and a
6PGE+Au grade of 7.38 g/t (refer Figure 1). The depth of the UG2 in the Far East Block ranges from 156m to 300m below
surface with an average of 217m. The Far East Block, which is seen as upside potential to the JORC (2012) Inferred Mineral
Resource, has an estimated surface area of approximately 2.75 km2.
As at 31 March 2023, a total of 23 borehole results for the UG2 Reef had been received from the laboratory since exploration
started in August 2022. The results from the boreholes produced a weighted average 3PGE+Au grade of 7.67 g/t and 6PGE+Au
of 9.28 g/t over a 72 cm intersection width (refer Table 1).
Most importantly, the drilling results continue to confirm the consistency of the grade and continuity of the UG2 reef and
correlates extremely well with the compliant 3PGE+Au Inferred Mineral Resource grade of 7.7 g/t over 71 cm.
Table 1: Summary of the Progressive UG2 Reef Assay Results
BHID From (m) To (m) UG2 Pt Pd Rh (g/t) Ir Os Ru Au 3PGE+Au 6PGE+Au (g/t) Ni (%) Cu (%) Cr2O3 (%)
sampled (g/t) (g/t) (g/t) (g/t)(g/t)(g/t) (g/t)
width (cm)
E062 31.25 32.30 105 3.80 3.57 0.88 0.32 0.14 1.43 0.08 8.33 10.22 0.15 0.03 29.56
E058 140.86 141.31 45 4.69 5.64 0.82 0.26 0.19 1.46 0.22 11.37 13.28 0.23 0.01 39.37
E019A 315.83 316.64 81 4.25 4.19 0.79 0.26 0.15 1.31 0.13 9.36 11.09 0.16 0.03 30.87
E033 253.60 254.25 65 4.21 5.00 0.84 0.28 0.16 1.32 0.17 10.21 11.98 0.16 0.02 32.64
E028 373.24 373.81 57 3.40 2.93 0.65 0.23 0.15 1.18 0.05 7.03 8.59 0.13 0.00 31.07
E031 416.55 417.22 67 3.30 3.73 0.63 0.19 0.13 1.09 0.16 7.81 9.23 0.22 0.06 29.36
E025 260.40 261.32 92 3.53 3.43 0.85 0.24 0.16 1.14 0.10 7.91 9.46 0.18 0.04 25.86
E071 179.98 180.75 77 2.94 2.59 0.59 0.19 0.13 0.97 0.12 6.24 7.54 0.16 0.04 28.12
E064 156.17 157.07 90 2.36 1.53 0.49 0.16 0.11 0.83 0.02 4.40 5.51 0.12 0.01 26.50
E030 409.53 410.09 56 4.05 5.20 0.96 0.31 0.20 1.49 0.19 10.40 12.40 0.19 0.04 32.46
E007 417.40 418.14 74 3.98 3.31 0.91 0.29 0.19 1.43 0.08 8.29 10.20 0.16 0.04 31.11
E060D1 178.76 179.31 55 4.14 3.49 1.02 0.33 0.23 1.51 0.06 8.72 10.80 0.14 0.02 31.95
E016 449.22 450.03 81 3.18 2.09 0.71 0.22 0.15 1.08 0.03 6.01 7.46 0.15 0.02 29.13
E044 258.73 259.44 71 2.94 3.10 0.59 0.20 0.15 1.08 0.13 6.76 8.19 0.15 0.03 33.63
E065 231.79 232.52 73 3.49 3.44 0.83 0.25 0.17 1.27 0.12 7.87 9.57 0.16 0.04 28.97
E015 291.87 292.65 78 3.14 3.69 0.69 0.24 0.18 1.20 0.19 7.72 9.35 0.17 0.05 32.95
E020 342.88 343.58 70 2.99 3.07 0.66 0.22 0.15 1.05 0.18 6.90 8.32 0.15 0.05 23.98
E067 299.69 300.22 53 2.98 2.35 0.55 0.21 0.15 1.04 0.03 5.92 7.32 0.13 0.01 31.88
E024 278.75 279.28 53 3.46 4.45 0.76 0.24 0.17 1.20 0.22 8.89 10.49 0.16 0.02 32.76
E013 321.24 321.78 54 4.09 3.69 0.82 0.27 0.19 1.33 0.11 8.70 10.49 0.16 0.03 33.23
E041 250.93 251.62 69 3.76 2.92 0.83 0.27 0.18 1.25 0.08 7.58 9.28 0.21 0.02 28.97
E001 548.05 549.23 118 2.83 2.61 0.58 0.21 0.15 1.01 0.10 6.12 7.49 0.17 0.09 23.90
E027 284.45 285.06 61 3.79 3.11 0.82 0.29 0.20 1.39 0.09 7.81 9.68 0.15 0.02 31.56
Weighted Average 72 3.48 3.34 0.74 0.25 0.16 1.20 0.11 7.67 9.28 0.16 0.03 29.86
(3PGE+Au) Prill Split (%) 45.3 43.5 9.7 1.5 100
(6PGE+Au) Prill Split (%) 37.5 36.0 8.0 2.6 1.7 13.0 1.2 100
Additional Merensky Reef (MR) assay results have also continued to confirm the continuity of the MR (refer Table 2). The
observed MR grades of 2.45 g/t (3PGE+Au) are slightly lower than the Inferred Mineral Resource grade of 2.96 g/, however
the sampled area of the MR to date is only a small portion of the entire MR area. Therefore, the MR grade could still align
closer to the expected Inferred Mineral Resource grade of 2.96 g/t, as is emerging for the UG2 reef.
Table 2: Summary of the Progressive Merensky Reef Assay Results
BHID From (m) To (m) MR Pt (g/t) Pd Rh Ir (g/t) Os Ru Au 3PGE+Au 6PGE+Au Ni (%) Cu (%)
sampled (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t)
width (cm)
E028 66.68 68.68 200 1.49 0.47 0.10 0.03 0.03 0.21 0.08 2.14 2.41 0.09 0.02
E004 210.75 212.92 217 1.15 0.44 0.06 0.02 0.02 0.14 0.07 1.73 1.92 0.10 0.02
E030 142.98 144.77 179 1.66 0.63 0.13 0.04 0.03 0.24 0.15 2.56 2.88 0.13 0.04
E031 122.38 124.31 193 1.69 0.91 0.10 0.03 0.03 0.22 0.16 2.86 3.15 0.14 0.07
E007 100.36 102.56 220 2.15 0.89 0.12 0.04 0.04 0.24 0.11 3.27 3.59 0.19 0.06
*E020 54.18 55.39 121 2.11 1.15 0.12 0.04 0.04 0.23 0.37 3.76 4.06 0.26 0.10
E001 259.8 261.66 186 1.07 0.46 0.14 0.03 0.03 0.19 0.05 1.71 1.96 0.10 0.02
E014 37.26 39.68 242 1.40 0.49 0.10 0.03 0.03 0.19 0.11 2.11 2.35 0.10 0.03
Weighted Average 195 1.57 0.65 0.11 0.03 0.03 0.21 0.13 2.45 2.72 0.13 0.04
(3PGE+Au) Prill Split (%) 63.9 26.6 4.4 5.1 100
(6PGE+Au) Prill Split (%) 57.6 24.0 3.9 1.2 1.1 7.6 4.6 100
*Red Italic figures – Possible incomplete intersection with a potentially faulted bottom contact intersection.
Project Studies
During the quarter, consulting group Minxcon (Pty) Ltd completed an internal Scoping Study on the Bengwenyama project
(‘Bengwenyama’). The Scoping Study confirms that extracting the UG2 represents the best potential project development
option, but also recognises the potential to simultaneously mine the upper Merensky Reef in future.
Minxcon considered the UG2 project to have the best potential of four development scenarios assessed, and as such,
recommended the completion of the drilling programme (which is fully funded) and more definitive studies be undertaken.
The shallow Merensky Reef is recommended for potential future development and may significantly extend the life of the
mine in the area now earmarked for mining.
Early in January the Board took the decision to initiate the prefeasibility study following the recommendation from Minxcon
and is also now considering the lodgement of a Mining Right application earlier than forecast.
Environmental, Social and Governance
During the quarter the Company held a workshop with the Bengwenyama Community leaders to improve its communication
and find the best way to inform the community of project activities, to demonstrate value creation and to receive input from
them.
The Bengwenyama Traditional Council, the sole authority dealing with the affairs of the Community and which is in full
support of the Bengwenyama Project, continues to hold meetings in the villages on the lease area and surrounding bordering
farms to inform the Community about the exploration activities.
During the previous quarter a working group of 14 representatives from the 7 villages were elected by the community to
assist with a survey which includes data collection for the Social and Development Plan and Upliftment Programme – both
required for the submission of the Mining Right Application. This work is progressing well and assisting the company to better
understand the demographics and business activities currently established on the farms and nearby areas.
Post quarter-end in early April, exploration managers Minxcon met with the Department of Mineral Resources (DMR) onsite
for inspection. The inspection was successful and the DMR commended the Company for the way it is managing the drilling
program in close consultation with the Bengwenyama Community.
Health and Safety
Safety is one of our key corporate values, and the necessary structures are put in place to maintain, as far as reasonably
practicable, a work environment that is safe and without risk to the health of the workers. No on-site injuries, accidents or
incidents were recorded during this reporting period.
June Quarter Planned Activities
• Drilling and exploration will continue at the Bengwenyama Project during the June quarter. With the grade, prill split
(PGM ratio), reef intersection and reef width now largely confirmed (Phase 1a) over the target area, drilling focus will
now narrow down to infill drilling (Phase 1b) over the area where the company aims to increase confidence levels to
indicated.
• Several new Studies and activities that were commenced during the March quarter are progressing well, and will
continue into the June Quarter:
o Prefeasibility Study;
o Social and Development Plan and Environmental Scoping study
• Additional deflections during drilling to provide reef material for Metallurgical Testing and Geotechnical studies.
• It is expected that the resource estimate currently underway to provide an interim update on the new UG2 discovery,
the Far East Block (FEB), and an exploration Target Area in the southeast of the property should be completed during
the June quarter.
Corporate
Expenditure Summary
A summary of the exploration and project evaluation expenditures for the quarter is provided as follows:
For the purpose of ASX Listing Rule 5.3.1, payments for exploration, evaluation and development during the quarter totalled
approximately $1,075,751 (31 Dec 2022: $992,171). Phase 1a drilling programme, and facilities set up and details of activities
undertaken during the quarter are as described in this report.
For the purpose of ASX Listing Rule 5.3.2, the Company confirms there were no mining production and development activities
undertaken during the quarter.
For the purpose of ASX Listing Rule 5.3.5, payments to directors of Southern Palladium Limited during the quarter totalled
approximately $93,000. The payments were in respect of directors’ salaries, fees and superannuation. Payment to Miracle Upon
Miracle Investments (Pty) Limited, a related party of Southern Palladium Limited during the quarter totalled approximately
$1,083,000. The payments were in respect of expenses incurred for the Bengwenyama Project and corporate operations.
Pursuant to ASX Listing Rule 5.3.4, the Company provides its actual expenditure on the individual items in the two year “use of
funds” statement in its IPO Prospectus since the date of its admission to ASX’s Official List (being 8 June 2022) against the
estimated expenditure on those items and an explanation of any differences.
Use of Funds Prospectus: Estimated Actual use from 8 June 2022 Variance
Expenditure to quarter end
Phase 1 drilling $7,716,000 $2,586,209 $5,129,791
Phase 2 drilling $3,805,000 $0 $3,805,000
Other technical work on the Project $1,677,000 $302,461 $1,374,539
Corporate and other related costs $3,918,000 $1,751,982 $2,166,018
Costs of the Offer $1,737,000 $1,406,949 $330,051
Total $18,853,000 $6,047,601 $12,805,399
The variances are a result of the Company being admitted to the Official List on 8 June 2022, therefore actual expenditure up
to 31 March 2023 is represented against the two year “use of funds” statement. The Company believes it is on schedule to
achieve its objectives as stated in its IPO Prospectus.
Cash
As at 31 March 2023, Southern Palladium held approximately $12.93 million (31 December 2022: $14.20 million) in cash.
March 2023 Quarter – ASX Announcements
This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with
the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012
JORC Code”). Further details can be found in the following announcements lodged on the ASX:
24-Jan-2023 Scoping Study Confirms UG2 Reef as Best Development Option
31-Jan-2023 Quarterly Activities and Cashflow Reports - Dec 2022 Qtr
3-Feb-2023 First Merensky Reef Assay Results
6-Feb-2023 Southern Palladium Limited - 121 Conference Presentation
2-Mar-2023 Latest Assay Results
14-Mar-2023 Financial Report Half Year Ended 31 December 2022
15-Mar-2023 Financial Report HY 31 Dec 2022 - Additional Information
30-Mar-2023 Resource Estimate for Far East Block Discovery Underway
Tenements
The Company held the following tenement during the quarter. The Project comprises the full extent of the farms
Nooitverwacht 324 KT and Eerste Geluk 327 KT, both of which are in the Limpopo Province of South Africa. The Project is
located 250 km east-northeast of Pretoria. The Exploration tenements are 100% held through Miracle Upon Miracle
Investments (Pty) Ltd, the 70% subsidiary of the Company.
The Company did not enter into any farm-in or farm-out agreements during the quarter.
The following information is provided pursuant to Listing Rule 5.3.3 for the quarter:
Prospecting Right Prospecting Right Interest at beginning Interest at end of
Farm name Extent (ha) number expiry date of quarter quarter
Nooitverwacht 324 KT 2,971.01
Eerste Geluk 327 KT 2,308.73 LP30/5/1/1002PPR 12-Feb-24 70% 70%
Total 5,279.74
No tenement has been disposed during the quarter.
This announcement has been approved for release by the Board of Southern Palladium Limited.
JORC Competent Persons Statement
The information in this report that relates to Mineral Resources at the Bengwenyama Project is based on details originally
reported in the Independent Technical Assessment Report (ITAR) No. R246.2021 prepared by CSA Global dated 19 April 2022
contained in the Company’s Prospectus and Pre-Listing Statement dated 22 April 2022. The information in the ITAR that
relates to Technical Assessment of the Mineral Assets, Exploration Targets, or Exploration Results is based on information
compiled and conclusions derived by Dr Brendan Clarke, a Partner and an employee of CSA Global. The information in the
ITAR that relates to Mineral Resources is based on work undertaken by Anton Geldenhuys, a Principal Consultant and
employee of CSA Global. The Prospectus containing the ITAR can be found on the Company’s website at:
https://www.southernpalladium.com/site/investor-centre/prospectus
The Company confirms that it is not aware of any new information or data that materially affects the information included in
the ITAR. The Company also confirms that all material assumptions and technical parameters underpinning the estimates in
the ITAR continue to apply and have not materially changed. In addition the Company confirms that the form and context in
which the Competent Person’s findings are presented have not been materially modified.
Uwe Engelmann
The scientific and technical information contained in this announcement has been reviewed, prepared and approved by Mr
Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA). Mr Engelmann is a director of
Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions, and has sufficient experience
relevant to the styles of mineralisation and activities being undertaken to qualify as a Competent Person, as defined in the
2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr
Engelmann has a beneficial interest in Southern Palladium through a shareholding in Nicolas Daniel Resources Proprietary
Limited.
Daan van Heerden
The scientific and technical information contained in this announcement has been reviewed, prepared, and approved by Mr
Daan van Heerden (B Eng (Min.), MCom (Bus.Admin.), MMC, Pr.Eng. No. 20050318, AMMSA, FSAIMM). Mr van Heerden is a
director of Minxcon (Pty) Ltd and a Registered Professional Engineer with the Engineering Council of South Africa, a Member
of the Association of Mine Managers South African Council, as well as a Fellow Member of the South African Institute of
Mining and Metallurgy. Mr. van Heerden has sufficient experience relevant to the styles of mineralisation and activities being
undertaken to qualify as a Competent Person, as such term is defined in the 2012 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr van Heerden has a beneficial interest in Southern
Palladium through a shareholding in Nicolas Daniel Resources Proprietary Limited.
For further information, please contact:
Johan Odendaal
Managing Director
Southern Palladium
Phone: +27 82 557 6088
Email: johan.odendaal@southernpalladium.com
Media & investor relations inquiries: Sam Jacobs, Six Degrees Investor Relations: +61 423 755 909
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Southern Palladium Limited
ABN Quarter ended (“current quarter”)
59 646 391 899 31-Mar-23
Consolidated statement of cash flows Current Year to date
quarter (9 months)
$A’000 $A’000
1 Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation
(b) development - -
(c) production
(d) staff costs (93) (279)
(e) administration and corporate costs (142) (730)
1.3 Dividends received (see note 3)
1.4 Interest received 47 47
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other - Miracle Upon Miracle Pty Ltd operating expenditure (267) (666)
1.9 Net cash from / (used in) operating activities (455) (1,628)
2 Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements
(c) property, plant and equipment - (1)
(d) exploration & evaluation
(1,076) (2,931)
(e) investments
(f) other non-current assets
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments
(e) other non-current assets
2.3 Cash flows from loans to MUM 260
(188)
2.4 Dividends received (see note 3)
2.5 Other - repaid MUM's shareholders loan -
(187)
2.6 Net cash from / (used in) investing activities
(816) (3,307)
Consolidated statement of cash flows Current Year to date
quarter (9 months)
$A’000 $A’000
3 Cash flows from financing activities
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options
3.4 Transaction costs related to issues of equity securities or convertible
debt securities
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
3.1 Net cash from / (used in) financing activities
- -
4 Net increase / (decrease) in cash and cash equivalents for
the period
4.1 Cash and cash equivalents at beginning of period 14,201 17,865
4.2 Net cash from / (used in) operating activities (item 1.9 above)
(455) (1,628)
4.3 Net cash from / (used in) investing activities (item 2.6 above)
(816) (3,307)
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held
4.6 Cash and cash equivalents at end of period 12,930 12,930
5 Reconciliation of cash and cash equivalents Current Previous
at the end of the quarter (as shown in the consolidated statement of quarter quarter
cash flows) to the related items in the accounts $A’000 $A’000
5.1 Bank balances 530 14,201
5.2 Call deposits 12,400
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal 12,930 14,201
item 4.6 above)
6 Payments to related parties of the entity and their Current
associates quarter
$A’000
6.1 Aggregate amount of payments to related parties and their associates 360
included in item 1
6.2 Aggregate amount of payments to related parties and their associates 816
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.
A total approximately of $1,176,000 was paid to related parties of the entities and their associates as follow:
- $93,000 are in respect of Directors' fees, salaries and superannuation accruing to Directors’ for services rendered during the period.
- $267,000 working capital was advanced to Miracle Upon Miracle Investment Pty Ltd (MUM) to carrying out the Prospecting operations.
- $816,000 was advanced to MUM for Phase 1 drilling programme.
7 Financing facilities Total facility Amount
Note: the term “facility’ includes all forms of financing arrangements available to the amount at drawn at
entity.
quarter end quarter end
Add notes as necessary for an understanding of the sources of finance available to the
entity.
$A’000 $A’000
7.1 Loan facilities
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities
- -
7.5 Unused financing facilities available at quarter end
-
7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity
date and whether it is secured or unsecured. If any additional financing facilities have been entered into or
are proposed to be entered into after quarter end, include a note providing details of those facilities as well.
8 Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9)
(455)
8.2 (Payments for exploration & evaluation classified as investing activities)
(item 2.1(d)) (1,076)
8.3 Total relevant outgoings (item 8.1 + item 8.2)
(1,531)
8.4 Cash and cash equivalents at quarter end (item 4.6) 12,930
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 12,930
8.7 Estimated quarters of funding available (item 8.6 divided by 8
item 8.3)
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as
“N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise
further cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and to meet its
business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply
with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 28 April 2023
Authorised by: The Audit Committee
(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.
JSE Sponsor
Merchantec Capital
Date: 28-04-2023 08:54:00
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