(via TheNewswire)
Jervois Quarterly Activities Report to
ACN: 007 626 575 ASX/TSXV: JRV OTCQX: JRVMF Corporate Information: 1,519.8M Ordinary Shares 94.9M Options 3.6M Performance Rights Non-Executive Chairman CEO and Executive Director Non-Executive Directors Company Secretary Contact Details Suite 2.03,
P: +61 (3) 9583 0498 E: admin@jervoisglobal.com W: www.jervoisglobal.com | Highlights
|
Jervois Finland
Sales and Marketing
Li-ion battery demand continues to lead the cobalt market, with demand steady but robust in other applications. Jervois achieved Q1 2022 revenue of
Production during the quarter was 1,275 metric tonnes, reflecting challenging conditions for supplier logistics, including global shipping markets. These factors affected Q1 production rates at Jervois’ facilities. Jervois is focused on working with its key suppliers to ensure adequate cobalt hydroxide raw material sourced by Jervois is made available to the
Jervois continues to prudently manage its balance sheet and drew down an additional
Jervois’ outlook for key market segments is summarised below.
Chemicals, Catalysts and Ceramics
-Robust demand in key copper electrowinning (EW”), coatings and rubber adhesion applications. Premiums remain stable in western markets. Lower premiums in
Asia
-Cobalt consumption in hydro-desulphurisation (HDS”) applications stable at historically lower levels. The rising oil price may increase the catalyst changeout frequency going forward
-Increased energy (gas) costs and supply chain disruptions of a key ceramic raw material out of the
Ukraine , are affecting operations at ceramic tile producers, particularly inEurope . This situation is having a negative knock-on effect at ceramic ink manufacturers
Powder Metallurgy
-Outlook for 2022 stable, with the primary uncertainty surrounded by automotive and the situation in
Ukraine :-Aerospace continues to strengthen
-All other markets remain strong, as energy (oil gas) continues to strengthen due to solid demand and higher prices
-Automotive remains unclear; however, as semiconductor availability improves, the auto build rate will also increase
Batteries
-Li-ion battery demand (electric vehicles (EVs”) and electronics) continues to meet or exceed forecasts
-Global electric vehicle production strong, but hampered by the lack of semiconductors
-NMC cathode chemistry remains the cathode chemistry of choice for longer range vehicles. Cobalt consumption remains strong with demand for both sulphate and metal keeping Fastmarkets MB SG price close to
US$40.00 /lb
Financial Performance2
Jervois Finland Q1 2022 revenue of
Figure 1: Jervois Finland Financial Metrics and Market Price Indicators
Click Image To View Full Size
Revenue performance was supported by strengthening cobalt prices, with Q1 2022 representing the fourth successive quarter of revenue growth. Adjusted EBITDA performance in the quarter was underpinned by lower realised feed costs, that were favourably impactedby a net draw down of cobalt feed inventories in a rising price environment. This was partially offset by transitional factors associated with the increase in cobalt prices during the quarter. This includes both a lag in cobalt prices flowing through revenue, and effects of mark-to-market accounting on cobalt purchases.
A key focus for the business is addressing emerging headwinds. While the direct impacts to the business resulting from the Russian invasion of
2022 EBITDA Guidance
EBITDA guidance for full year 2022 is unchanged at
Table 1: Updated 2022 EBITDA guidance for Jervois Finland
2022 Guidance | |
Q2-Q4 Cobalt price (Metal Bulletin Fastmarkets SG) – US$/lb | |
2022 sales volumes guidance – Tonnes | 5,750 to 6,000 |
2022 EBITDA guidance – US$M (unchanged) |
Key factors that underpin the guidance update are as follows:
-Guidance based on actual cobalt price (Metal Bulletin Fastmarkets Standard Grade) of
US$35.70 /lb for Q1 2022, andUS$39.75 /lb spot price for Q2 to Q4 2022-Price volatility in Q1 2022 moderates flow through benefit of price increase to EBITDA (revenue lag and mark-to-market impacts)
-Lower sales volume guidance reflects logistical and supply chain interruptions – managing these risks will remain key focus for remainder of the year
-Guidance assumes constant prices for Q2 to Q4 2022 – price volatility in the period will impact actual EBITDA outcome
Idaho Cobalt Operations (“ICO”),
ICO is a key asset in delivering Jervois’ strategy to become a leading independent cobalt and nickel company providing metals and minerals for the world’s energy transition through a Western supply chain. With commissioning expected in Q3 2022, ICO will be the United States’ only primary domestic mine supply of cobalt, a critical mineral used in applications across industry, defence, energy, and EVs.
Following a cost and schedule review for ICO in
Surface construction continued during the quarter with advancement on mill foundations, the completion of the structural steel for the concentrator building, completion of the crushed ore bin and commencement of the camp construction with the first sleeper units of the camp installed. Mine development by regional contractor
At end March, Jervois had committed
Drilling at ICO
In January, Jervois announced its Board had approved an initial infill programme at ICO to commence in Q1 2022. Jervois committed
During the quarter, approximately 300 metres (1,000 feet) of initial drilling was completed.
In addition, Jervois’ team at ICO is planning a resource expansion drill programme from surface between April to
ICO’s RAM deposit remains open at depth, and Jervois has confidence that there exists a strong potential of resource and reserve expansion. Further details on this additional programme will be advised once finalised and approved. Expansion of the resource is important if ICO is to operate for longer than its initial mine life, or at higher production rates than contained in the ICO Bankable Feasibility Study (“BFS”).
São Miguel Paulista (“SMP”) nickel and cobalt refinery,
Jervois’ BFS for theSMP Nickel and
-SMP restart based on MHP and cobalt hydroxide.
-Initial Stage 1 forecast production of 10,000mtpa3and 2,000mtpa of refined nickel and cobalt metal cathode respectively. Stage 2 BFS regarding a return to full 25,000mtpa refined nickel production capacity expected to be finalized in the second half of 2022.
-Net Present Value (“NPV”) for Stage 1 restart of
US$228 million andUS$141 million at an 8% (real) discount rate on a pre-tax and post-tax basis respectively; nominal Internal Rate of Return (“IRR”) of 47% (pre tax) and 35% (post tax).
-At
US$8.00 /lb nickel andUS$25.00 /lb cobalt, post ramp up of Stage 1 to BFS production rates, average annual EBITDA in real terms projected to be overUS$30 million . Refinery economics resilient to a range of market scenarios, including current spot market conditions for refined and intermediate products.
-Total project capital cost of
US$55 million , representing a competitive refurbishment of an existing brownfield nickel and cobalt refinery. SMP has a long operating history, most recently placed into care and maintenance managed by current ownerCompanhia Brasil de Alumino (“CBA”).
-Restarting the only electrolytic nickel-cobalt refinery in South and
Latin America will deliver significant local and regional economic and social benefits to the São Miguel Paulista area of São Paulo city,Brazil .
-SMP benefits from competitive low carbon energy (predominantly hydropower), skilled workforce, existing infrastructure including main arterial roads and ~120km from Brazil’s largest container port at Santos.
-Jervois is advancing discussions on commercial supply contracts of MHP and cobalt hydroxide to underpin SMP restart.
-Work continues on design of an autoclave to process cobalt concentrates from Jervois’s 100%-owned ICO; once available, this will be incorporated into the Stage 1 BFS. Stage 2 BFS taking refined nickel output back to the previous 25,000mtpa capacity on track for completion in the second half of 2022.
-Execution planning has commenced and a final investment decision for Stage 1 is anticipated to occur in parallel to closing of the SMP acquisition. Jervois continues to advance operating permit renewal process with the São
Paulo City Hall , a condition precedent to closing, before31 August 2022 .
-First commercial production from SMP’s Stage 1 restart is expected during 2023.
Jervois’ 100%-owned Nico Young nickel and cobalt project envisages heap leaching nickel and cobalt laterite ore to produce either an intermediate mixed hydroxide precipitate or refining through to battery grade nickel sulphate and cobalt in refined sulphide.
Jervois’ Board has approved recommencement of drilling at Nico Young, with an initial focus on converting inferred resources into the indicated category. Planning activities advanced during the quarter in relation to land access, stakeholder engagement and selection of drilling contractors.
Corporate Activities
Environmental, Social, Governance (“ESG”) and Compliance
Substantial progress was made in the quarter through disclosure of Jervois’ inaugural 2021 Sustainability Report. The report outlines Jervois’ ESG performance gauged against key sustainability targets and progress towards translatingsustainability commitments into action.
Also, within the quarter, the Board approved adoption of a new Human Rights Policy and Jervois issued its first Modern Slavery Statement. Both strongly reaffirm our commitment to respect human rights, including those concerning labour rights, indigenous rights and women’s rights and the range of other rights and freedoms enshrined in the Universal Declaration of Human Rights and ILO Core Conventions.
Coordination on these reports between technical leads in
Health and safety continued to be at the forefront at all operations. While Jervois Finland continued to implement its well developed OHS systems as operations continue,ICO is advancing construction rapidly, requiring exceptional leadership and diligence to ensure that all contractors and a growing number of employees strictly adhere to our high OHS standards.
Substantial efforts were taken in the quarter to both bolster foundational procedures and expand leading actions.
On other fronts, progress in advancing internal climate strategies was most pronounced at Jervois Finland through operational planning and actions related to energy, waste and water consumption and related R&D efforts. ICO’s collaboration with the
In conjunction with the Company’s broader approach to ESG, Jervois continues its involvement in various initiatives and associations, including the Cobalt Institute’s
Liquidity
Jervois ended the
In
First drawdown on the Bonds followed RPM Global’s
Jervois is using these funds exclusively for ongoing construction of ICO.
In
Jervois Index Inclusion
Jervois entered the FTSE All-World Index on
The FTSE All-World Index is a market-capitalisation weighted index representing the performance of the large and mid-cap stocks from the FTSE Global Equity Index Series (“GEIS”), which covers approximately 95% of the world’s investable public market capitalisation. The index covers both Developed and Emerging markets and is suitable as the basis for investment products, such as funds, derivatives, and exchange-traded funds. Leading constituents include Apple, Microsoft, Alphabet, Meta Platforms and Amazon.
The ASX 300 Index measures performance of the largest 300 companies publicly listed on the
Jervois Annual Reporting
In March, Jervois released its 2021 Annual Report, as well as its Sustainability Report, Corporate Governance Statement, Modern Slavery Statement, Human Rights Policy, Code of Ethics and Business Conduct, Supplier Standard and Appendix 4G. These documents can be found on its website athttps://jervoisglobal.com/investors/asx-announcements/
Jervois Annual General Meeting date
Jervois advised its Annual General Meeting will be on Friday
Jervois released a Notice of Meeting for its AGM to the ASX on
Investor Relations
During the quarter, Chief Executive Officer Mr.
After the quarter end,
Jervois Mining
In
Exploration and Development Expenditure
No material cash expenditure on exploration and development was incurred during the quarter. Activities at ICO are now classified as
Brazilian development cash expenditure totalled
Insider Compensation Reporting
During the quarter,
NON-CORE ASSETS
Jervois’ non-core assets are summarised on the Company’s website.
ASX WAIVER INFORMATION
On
As at
Jervois shares issued in the quarter on exercise of eCobalt options: | Nil |
eCobalt options remaining* | |
1,344,750 1,179,750 1,980,000 | eCobalt options exercisable until eCobalt options exercisable until eCobalt options exercisable until |
4,504,500 |
* The number of options represent the number of Jervois shares that will be issued on exercise. The exercise price represents the price to be paid for the Jervois shares when issued.
By Order of the Board
Chief Executive Officer
For further information, please contact:
Investors and analysts: Chief Financial Officer Jervois GlobalLimited james.may@jervoisglobal.com | Media: nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
BASIS OF PREPARATION OF FINANCIAL INFORMATION
Historical financial information for Jervois Finland prior to acquisition by
Financial information presented for periods after acquisition on
EBITDA for historical periods is presented as net income after adding back tax, interest, depreciation and extraordinary items and is a non-IFRS/non-GAAP measure.
The Jervois Finland 2022 guidance consists of actual results for January to March and forecast results for April to December. The forecast period includes an assumption of a forecast quoted cobalt price of
Adjusted EBITDA represents EBITDA attributable to Jervois, adjusted to exclude items which do not reflect the underlying performance of the company’s operations. Exclusions from adjusted EBITDA are items that require exclusion in order to maximise insight and consistency on the financial performance of the company’s operations. Exclusions include gains/losses on disposals, impairment charges (or reversals), certain derivative items, and one-off costs related post-acquisition integration. A reconciliation of EBITDA to Adjusted EBITDA for Jervois Finland is included in the Investor Presentation dated
Forward-Looking Statements
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future EBITDA for the group, operations at Jervois Finland, construction work to be undertaken at ICO, timing of production at ICO, certain production timing, capital costs, operating costs, production processes and other assumptions contained in the studies on the
Neither
Idaho Cobalt Operations – 100% Interest owned | ||
Claim | County # | IMC # |
SUN 1 | 222991 | 174156 |
SUN 2 | 222992 | 174157 |
SUN 3 Amended | 245690 | 174158 |
SUN 4 | 222994 | 174159 |
SUN 5 | 222995 | 174160 |
SUN 6 | 222996 | 174161 |
SUN 7 | 224162 | 174628 |
SUN 8 | 224163 | 174629 |
SUN 9 | 224164 | 174630 |
SUN 16 Amended | 245691 | 177247 |
SUN 18 Amended | 245692 | 177249 |
Sun 19 | 277457 | 196394 |
228059 | 176755 | |
228060 | 176756 | |
228049 | 176769 | |
228050 | 176770 | |
228051 | 176771 | |
DEWEY FRAC Amended | 248739 | 177253 |
Powder 1 | 269506 | 190491 |
Powder 2 | 269505 | 190492 |
LDC-1 | 224140 | 174579 |
LDC-2 | 224141 | 174580 |
LDC-3 | 224142 | 174581 |
LDC-5 | 224144 | 174583 |
LDC-6 | 224145 | 174584 |
LDC-7 | 224146 | 174585 |
LDC-8 | 224147 | 174586 |
LDC-9 | 224148 | 174587 |
LDC-10 | 224149 | 174588 |
LDC-11 | 224150 | 174589 |
LDC-12 | 224151 | 174590 |
LDC-13 Amended | 248718 | 174591 |
LDC-14 Amended | 248719 | 174592 |
LDC-16 | 224155 | 174594 |
LDC-18 | 224157 | 174596 |
LDC-20 | 224159 | 174598 |
LDC-22 | 224161 | 174600 |
LDC FRAC 1 Amended | 248720 | 175880 |
LDC FRAC 2 Amended | 248721 | 175881 |
LDC FRAC 3 Amended | 248722 | 175882 |
LDC FRAC 4 Amended | 248723 | 175883 |
LDC FRAC 5 Amended | 248724 | 175884 |
RAM 1 | 228501 | 176757 |
RAM 2 | 228502 | 176758 |
RAM 3 | 228503 | 176759 |
RAM 4 | 228504 | 176760 |
RAM 5 | 228505 | 176761 |
RAM 6 | 228506 | 176762 |
RAM 7 | 228507 | 176763 |
RAM 8 | 228508 | 176764 |
RAM 9 | 228509 | 176765 |
RAM 10 | 228510 | 176766 |
RAM 11 | 228511 | 176767 |
RAM 12 | 228512 | 176768 |
RAM 13 Amended | 245700 | 181276 |
RAM 14 Amended | 245699 | 181277 |
RAM 15 Amended | 245698 | 181278 |
RAM 16 Amended | 245697 | 181279 |
245696 | 178081 | |
245695 | 178082 | |
245694 | 178083 | |
245693 | 178084 | |
HZ 1 | 224173 | 174639 |
HZ 2 | 224174 | 174640 |
HZ 3 | 224175 | 174641 |
HZ 4 | 224176 | 174642 |
HZ 5 | 224413 | 174643 |
HZ 6 | 224414 | 174644 |
HZ 7 | 224415 | 174645 |
HZ 8 | 224416 | 174646 |
HZ 9 | 224417 | 174647 |
HZ 10 | 224418 | 174648 |
HZ 11 | 224419 | 174649 |
HZ 12 | 224420 | 174650 |
HZ 13 | 224421 | 174651 |
HZ 14 | 224422 | 174652 |
HZ 15 | 231338 | 178085 |
HZ 16 | 231339 | 178086 |
HZ 18 | 231340 | 178087 |
HZ 19 | 224427 | 174657 |
Z 20 | 224428 | 174658 |
HZ 21 | 224193 | 174659 |
HZ 22 | 224194 | 174660 |
HZ 23 | 224195 | 174661 |
HZ 24 | 224196 | 174662 |
HZ 25 | 224197 | 174663 |
HZ 26 | 224198 | 174664 |
HZ 27 | 224199 | 174665 |
HZ 28 | 224200 | 174666 |
HZ 29 | 224201 | 174667 |
HZ 30 | 224202 | 174668 |
HZ 31 | 224203 | 174669 |
HZ 32 | 224204 | 174670 |
HZ FRAC | 228967 | 177254 |
JC 1 | 224165 | 174631 |
JC 2 | 224166 | 174632 |
JC 3 | 224167 | 174633 |
JC 4 | 224168 | 174634 |
JC 5 Amended | 245689 | 174635 |
JC 6 | 224170 | 174636 |
JC FR 7 | 224171 | 174637 |
JC FR 8 | 224172 | 174638 |
JC 9 | 228054 | 176750 |
JC 10 | 228055 | 176751 |
JC 11 | 228056 | 176752 |
JC-12 | 228057 | 176753 |
JC-13 | 228058 | 176754 |
JC 14 | 228971 | 177250 |
JC 15 | 228970 | 177251 |
JC 16 | 228969 | 177252 |
JC 17 | 259006 | 187091 |
JC 18 | 259007 | 187092 |
JC 19 | 259008 | 187093 |
JC 20 | 259009 | 187094 |
JC 21 | 259010 | 187095 |
JC 22 | 259011 | 187096 |
CHELAN NO. 1 Amended | 248345 | 175861 |
GOOSE 2 Amended | 259554 | 175863 |
GOOSE 3 | 227285 | 175864 |
GOOSE 4 Amended | 259553 | 175865 |
GOOSE 6 | 227282 | 175867 |
GOOSE 7 Amended | 259552 | 175868 |
GOOSE 8 Amended | 259551 | 175869 |
GOOSE 10 Amended | 259550 | 175871 |
GOOSE 11 Amended | 259549 | 175872 |
GOOSE 12 Amended | 259548 | 175873 |
GOOSE 13 | 228028 | 176729 |
GOOSE 14 Amended | 259547 | 176730 |
GOOSE 15 | 228030 | 176731 |
GOOSE 16 | 228031 | 176732 |
GOOSE 17 | 228032 | 176733 |
GOOSE 18 Amended | 259546 | 176734 |
GOOSE 19 Amended | 259545 | 176735 |
GOOSE 20 | 228035 | 176736 |
GOOSE 21 | 228036 | 176737 |
GOOSE 22 | 228037 | 176738 |
GOOSE 23 | 228038 | 176739 |
GOOSE 24 | 228039 | 176740 |
GOOSE 25 | 228040 | 176741 |
SOUTH ID 1 Amended | 248725 | 175874 |
SOUTH ID 2 Amended | 248726 | 175875 |
SOUTH ID 3 Amended | 248727 | 175876 |
SOUTH ID 4 Amended | 248717 | 175877 |
SOUTH ID 5 Amended | 248715 | 176743 |
SOUTH ID 6 Amended | 248716 | 176744 |
South ID 7 | 306433 | 218216 |
South ID 8 | 306434 | 218217 |
South ID 9 | 306435 | 218218 |
South ID 10 | 306436 | 218219 |
South ID 11 | 306437 | 218220 |
South ID 12 | 306438 | 218221 |
South ID 13 | 306439 | 218222 |
South ID 14 | 306440 | 218223 |
OMS-1 | 307477 | 218904 |
Chip 1 | 248956 | 184883 |
Chip 2 | 248957 | 184884 |
Chip 3 Amended | 277465 | 196402 |
Chip 4 Amended | 277466 | 196403 |
Chip 5 Amended | 277467 | 196404 |
Chip 6 Amended | 277468 | 196405 |
Chip 7 Amended | 277469 | 196406 |
Chip 8 Amended | 277470 | 196407 |
Chip 9 Amended | 277471 | 196408 |
Chip 10 Amended | 277472 | 196409 |
Chip 11 Amended | 277473 | 196410 |
Chip 12 Amended | 277474 | 196411 |
Chip 13 Amended | 277475 | 196412 |
Chip 14 Amended | 277476 | 196413 |
Chip 15 Amended | 277477 | 196414 |
Chip 16 Amended | 277478 | 196415 |
Chip 17 Amended | 277479 | 196416 |
Chip 18 Amended | 277480 | 196417 |
Sun 20 | 306042 | 218133 |
Sun 21 | 306043 | 218134 |
Sun 22 | 306044 | 218135 |
Sun 23 | 306045 | 218136 |
Sun 24 | 306046 | 218137 |
Sun 25 | 306047 | 218138 |
Sun 26 | 306048 | 218139 |
Sun 27 | 306049 | 218140 |
Sun 28 | 306050 | 218141 |
Sun 29 | 306051 | 218142 |
Sun 30 | 306052 | 218143 |
Sun 31 | 306053 | 218144 |
Sun 32 | 306054 | 218145 |
Sun 33 | 306055 | 218146 |
Sun 34 | 306056 | 218147 |
Sun 35 | 306057 | 218148 |
Sun 36 | 306058 | 218149 |
Chip 21 Fraction | 306059 | 218113 |
Chip 22 Fraction | 306060 | 218114 |
Chip 23 | 306025 | 218115 |
Chip 24 | 306026 | 218116 |
Chip 25 | 306027 | 218117 |
Chip 26 | 306028 | 218118 |
Chip 27 | 306029 | 218119 |
Chip 28 | 306030 | 218120 |
Chip 29 | 306031 | 218121 |
Chip 30 | 306032 | 218122 |
Chip 31 | 306033 | 218123 |
Chip 32 | 306034 | 218124 |
Chip 33 | 306035 | 218125 |
Chip 34 | 306036 | 218126 |
Chip 35 | 306037 | 218127 |
Chip 36 | 306038 | 218128 |
Chip 37 | 306039 | 218129 |
Chip 38 | 306040 | 218130 |
Chip 39 | 306041 | 218131 |
Chip 40 | 307491 | 218895 |
DRC NW 1 | 307492 | 218847 |
DRC NW 2 | 307493 | 218848 |
DRC NW 3 | 307494 | 218849 |
DRC NW 4 | 307495 | 218850 |
DRC NW 5 | 307496 | 218851 |
DRC NW 6 | 307497 | 218852 |
DRC NW 7 | 307498 | 218853 |
DRC NW 8 | 307499 | 218854 |
DRC NW 9 | 307500 | 218855 |
DRC NW 10 | 307501 | 218856 |
DRC NW 11 | 307502 | 218857 |
DRC NW 12 | 307503 | 218858 |
DRC NW 13 | 307504 | 218859 |
DRC NW 14 | 307505 | 218860 |
DRC NW 15 | 307506 | 218861 |
DRC NW 16 | 307507 | 218862 |
DRC NW 17 | 307508 | 218863 |
DRC NW 18 | 307509 | 218864 |
DRC NW 19 | 307510 | 218865 |
DRC NW 20 | 307511 | 218866 |
DRC NW 21 | 307512 | 218867 |
DRC NW 22 | 307513 | 218868 |
DRC NW 23 | 307514 | 218869 |
DRC NW 24 | 307515 | 218870 |
DRC NW 25 | 307516 | 218871 |
DRC NW 26 | 307517 | 218872 |
DRC NW 27 | 307518 | 218873 |
DRC NW 28 | 307519 | 218874 |
DRC NW 29 | 307520 | 218875 |
DRC NW 30 | 307521 | 218876 |
DRC NW 31 | 307522 | 218877 |
DRC NW 32 | 307523 | 218878 |
DRC NW 33 | 307524 | 218879 |
DRC NW 34 | 307525 | 218880 |
DRC NW 35 | 307526 | 218881 |
DRC NW 36 | 307527 | 218882 |
DRC NW 37 | 307528 | 218883 |
DRC NW 38 | 307529 | 218884 |
DRC NW 39 | 307530 | 218885 |
DRC NW 40 | 307531 | 218886 |
DRC NW 41 | 307532 | 218887 |
DRC NW 42 | 307533 | 218888 |
DRC NW 43 | 307534 | 218889 |
DRC NW 44 | 307535 | 218890 |
DRC NW 45 | 307536 | 218891 |
DRC NW 46 | 307537 | 218892 |
DRC NW 47 | 307538 | 218893 |
DRC NW 48 | 307539 | 218894 |
EBatt 1 | 307483 | 218896 |
EBatt 2 | 307484 | 218897 |
EBatt 3 | 307485 | 218898 |
EBatt 4 | 307486 | 218899 |
EBatt 5 | 307487 | 218900 |
EBatt 6 | 307488 | 218901 |
EBatt 7 | 307489 | 218902 |
EBatt 8 | 307490 | 218903 |
OMM-1 | 307478 | 218905 |
OMM-2 | 307479 | 218906 |
OMN-2 | 307481 | 218908 |
OMN-3 | 307482 | 218909 |
BTG-1 | 307471 | 218910 |
BTG-2 | 307472 | 218911 |
BTG-3 | 307473 | 218912 |
BTG-4 | 307474 | 218913 |
BTG-5 | 307475 | 218914 |
BTG-6 | 307476 | 218915 |
NFX 17 | 307230 | 218685 |
NFX 18 | 307231 | 218686 |
NFX 19 | 307232 | 218687 |
NFX 20 | 307233 | 218688 |
NFX 21 | 307234 | 218689 |
NFX 22 | 307235 | 218690 |
NFX 23 | 307236 | 218691 |
NFX 24 | 307237 | 218692 |
NFX 25 | 307238 | 218693 |
NFX 30 | 307243 | 218698 |
NFX 31 | 307244 | 218699 |
NFX 32 | 307245 | 218700 |
NFX 33 | 307246 | 218701 |
NFX 34 | 307247 | 218702 |
NFX 35 | 307248 | 218703 |
NFX 36 | 307249 | 218704 |
NFX 37 | 307250 | 218705 |
NFX 38 | 307251 | 218706 |
NFX 42 | 307255 | 218710 |
NFX 43 | 307256 | 218711 |
NFX 44 | 307257 | 218712 |
NFX 45 | 307258 | 218713 |
NFX 46 | 307259 | 218714 |
NFX 47 | 307260 | 218715 |
NFX 48 | 307261 | 218716 |
NFX 49 | 307262 | 218717 |
NFX 50 | 307263 | 218718 |
NFX 56 | 307269 | 218724 |
NFX 57 | 307270 | 218725 |
NFX 58 | 307271 | 218726 |
NFX 59 | 307272 | 218727 |
NFX 60 Amended | 307558 | 218728 |
NFX 61 | 307274 | 218729 |
NFX 62 | 307275 | 218730 |
NFX 63 | 307276 | 218731 |
NFX 64 | 307277 | 218732 |
OMN-1 revised | 315879 | 228322 |
Australian Tenements
Description | Tenement number | Interest owned % | |
Ardnaree (NSW) | EL 5527 | 100.0 | |
Thuddungra (NSW) | EL 5571 | 100.0 | |
Nico Young (NSW) | EL 8698 | 100.0 | |
Ardnaree Magnesite (NSW) | EL 8763 | 100.0 | |
West Arunta (WA) | E80 4820 | 20.0 | |
West Arunta (WA) | E80 4986 | 20.0 | |
West Arunta (WA) | E80 4987 | 20.0 | |
Uganda Exploration Licences
Description | Exploration Licence number | Interest owned % | |
Bujagali | EL1666 | 100.0 | |
Bujagali | EL1682 | 100.0 | |
Bujagali | EL1683 | 100.0 | |
Bujagali | EL1665 | 100.0 | |
Kilembe Area | EL1674 | 100.0 | |
Kilembe Area | EL0012 | 100.0 |
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
ABN | Quarter ended (“current quarter”) | |
52 007 626 575 |
Consolidated statement of cash flows | Current quarter | Year to date (3 months) $A’000 | |
1. | Cash flows from operating activities | 132,357 | 132,357 |
1.1 | Receipts from customers | ||
1.2 | Payments for | - | - |
| |||
| - | - | |
| (128,957) | (128,957) | |
| (3,311) | (3,311) | |
| (1,548) | (1,548) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | - | - |
1.5 | Interest and other costs of finance paid | (10,081) | (10,081) |
1.6 | Income taxes paid | (4,953) | (4,953) |
1.7 | Government grants and tax incentives | - | - |
1.8 | Other – incl. business development costs and SMP BFS costs | (1,739) | (1,739) |
1.9 | Net cash from / (used in) operating activities | (18,232) | (18,232) |
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
| |||
| - | - | |
| (28,928) | (28,928) | |
| (11) | (11) | |
| - | - | |
| - | - | |
| - | - | |
2.2 | Proceeds from the disposal of: | - | - |
| |||
| - | - | |
| - | - | |
| - | - | |
| - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other – SMP Refinery Purchase: lease payment | - | - |
2.6 | Net cash from / (used in) investing activities | (28,939) | (28,939) |
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 | 304 | 304 |
3.4 | Transaction costs related to issues of equity securities or convertible debt securities | (1,164) | (1,164) |
3.5 | Proceeds from borrowings | 101,858 | 101,858 |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans and borrowings | - | - |
3.8 | Dividends paid | - | - |
3.9 | Other | - | - |
3.10 | Net cash from / (used in) financing activities | 100,998 | 100,998 |
4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
4.1 | Cash and cash equivalents at beginning of period | 67,730 | 67,730 |
4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (18,232) | (18,232) |
4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (28,939) | (28,939) |
4.4 | Net cash from / (used in) financing activities (item 3.10 above) | 100,998 | 100,998 |
4.5 | Effect of movement in exchange rates on cash held | (3,795) | (3,795) |
4.6 | Cash and cash equivalents at end of period | 117,762 | 117,762 |
5. | Reconciliation of cash and cash equivalents | Current quarter | Previous quarter |
5.1 | Bank balances | 117,762 | 67,730 |
5.2 | Call deposits | - | - |
5.3 | Bank overdrafts | - | - |
5.4 | Other (provide details) | - | - |
5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 117,762 | 67,630 |
6. | Payments to related parties of the entity and their associates | Current quarter |
6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 425 |
6.2 | Aggregate amount of payments to related parties and their 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 Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end | Amount drawn at quarter end |
7.1 | Bond Facility1 | 133,486 | 66,743 |
7.2 | Secured Revolving Credit Facility2 | 100,115 | 100,115 |
7.3 | Other | - | - |
7.4 | Total financing facilities | 233,601 | 166,858 |
7.5 | Unused financing facilities available at quarter end | 66,743 | |
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. | ||
On Key terms:
On Key terms:
|
8. | Estimated cash available for future operating activities | $A’000 |
8.1 | Net cash from / (used in) operating activities (item 1.9) | (18,232) |
8.2 | (Payments forexploration & evaluation classified as investing activities)(item 2.1(d)) | (11) |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (18,243) |
8.4 | Cash and cash equivalents at quarter end (item 4.6) | 117,762 |
8.5 | Unused finance facilities available at quarter end (item 7.5) | 66,743 |
8.6 | Total available funding (item 8.4 + item 8.5) | 184,505 |
8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 10.11 |
Note: if the entity has reported positive relevant outgoings (i.e., 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:
Authorised by: Disclosure Committee
(
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 ResourcesandAASB 107: Statement of Cash Flowsapply to thisreport. 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–e.g.,
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’sCorporate 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.
1 Represents aggregate of amounts drawn under
2 Information on the basis of preparation for the financial information included in this Quarterly Activities report is set out on page 12 below.
3 Metric tonnes per annum.
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