For personal use only
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity | |
MC Mining Limited | |
ABN | Quarter ended ("current quarter") |
98 008 905 388 | 30 June 2022 |
Consolidated statement of cash flows | Current quarter | Year to date | ||
$USD'000 | (twelve months) | |||
$USD'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | 4,670 | 30,481 | |
1.2 | Payments for | |||
(a) | exploration & evaluation | - | - | |
(b) | development | |||
(c) | production | (7,106) | (25,594) | |
(d) | staff costs | (484) | (1,822) | |
(e) | administration and corporate costs | (1,151) | (4,777) | |
1.3 | Dividends received (see note 3) | |||
1.4 | Interest received | - | - | |
1.5 | Interest and other costs of finance paid | (49) | (123) | |
1.6 | Income taxes paid | |||
1.7 | Government grants and tax incentives | |||
1.8 | Other (provide details if material) | - | - | |
1.9 | Net cash from / (used in) operating | (4,120) | (1,835) | |
activities | ||||
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire or for: | |||
(a) | entities | |||
(b) | tenements | |||
(c) | property, plant and equipment | (128) | (3,340) | |
(d) | exploration & evaluation | (1) | (8) | |
(e) | investments | (95) | (378) | |
(f) | other non-current assets |
ASX Listing Rules Appendix 5B (17/07/20) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Consolidated statement of cash flows | Current quarter | Year to date | ||
$USD'000 | (twelve months) | |||
$USD'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 | (224) | (3,726) | |
activities | ||||
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 | 4,823 | 9,396 |
3.6 | Repayment of borrowings | (194) | (2,617) |
3.7 Transaction costs related to loans and borrowings
3.8 | Dividends paid | ||
3.9 | Other (provide details if material) | (93) | (1,006) |
3.10 | Net cash from / (used in) financing | 4,536 | 5,773 |
activities |
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 | Cash and cash equivalents at beginning of | 2,954 | 3,230 |
period | |||
4.2 | Net cash from / (used in) operating | (4,120) | (1,835) |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | (224) | (3,726) |
(item 2.6 above) | |||
4.4 | Net cash from / (used in) financing activities | 4,536 | 5,773 |
(item 3.10 above) |
ASX Listing Rules Appendix 5B (17/07/20) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
only
Consolidated statement of cash flows
- Effect of movement in exchange rates on cash held
- Cash and cash equivalents at end of period
Current quarter | Year to date |
$USD'000 | (twelve months) |
$USD'000 | |
(78) | (374) |
3,068 | 3,068 |
For personal use
5. | Reconciliation of cash and cash | Current quarter | Previous quarter |
equivalents | $USD'000 | $USD'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 | 4,638 | 4,625 |
5.2 | Call deposits | 36 | 38 |
5.3 | Bank overdrafts | (1,606) | (1,709) |
5.4 | Other (provide details) | ||
5.5 | Cash and cash equivalents at end of | 3,068 | 2,954 |
quarter (should equal item 4.6 above) |
6. | Payments to related parties of the entity and their associates | Current quarter |
$USD'000 | ||
6.1 | Aggregate amount of payments to related parties and their associates | 106 |
included in item 1 |
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.
ASX Listing Rules Appendix 5B (17/07/20) | Page 3 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
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 | $USD'000 | |
Add notes as necessary for an understanding of the | |||
$USD'000 | |||
sources of finance available to the entity. | |||
7.1 | Loan facilities | 13,922 | 13,606 |
7.2 | Credit standby arrangements | ||
7.3 | Other (please specify) | 1,606 | 1,606 |
7.4 | Total financing facilities | 15,528 | 15,212 |
7.5 | Unused financing facilities available at quarter end | 316 |
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.
All facilities are ZAR denominated and are repayable in South African Rand (ZAR)
7.1 Loan Facilities $USD10.1 million:
Lender: Industrial Development Corporation of South Africa (IDC).
Maturity date: 30 November 2022 (note). In the case of an un-remedied default, the debt is convertible into shares
Interest rate: accrues at a real after-tax rate of return of 16% on the amount advanced.
Security: Unsecured
7.3 Other $USD1.6 million (Other): Lender: ABSA Group Limited
- $USD 1.3 million overdraft facility
- USD 0.3 million short term loan
Maturity Date
- Reviewed annually
- 30 June 2022
Interest Rate:
- Floating rate: South African Prime plus 3%
- Floating rate: South African Prime plus 13%
Security
- Receivables
- Receivables, bond over Uitkomst assets
7.1 Standby Loan Facility $USD3.8 million: Lender: Dendocept (Proprietary) Ltd Maturity Date: June 2023
Interest Rate: South African Prime plus 3%
Security: Unsecured
The outstanding balance on the final maturity date is payable in cash or convertible to MC Mining equity at a price per share calculated as the prevailing 30-day Volume Weighted Average Price minus 15% on the date of conversion. Payment in MC Mining equity is at the sole discretion of MC Mining and is subject to all required shareholder and regulatory approvals, including South African exchange control approval.
ASX Listing Rules Appendix 5B (17/07/20) | Page 4 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
8. | Estimated cash available for future operating activities | $USD'000 |
8.1 | Net cash from / (used in) operating activities (item 1.9) | (4,120) |
8.2 | (Payments for exploration & evaluation classified as investing | (1) |
activities) (item 2.1(d)) | ||
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (4,121) |
8.4 | Cash and cash equivalents at quarter end (item 4.6) | 3,068 |
8.5 | Unused finance facilities available at quarter end (item 7.5) | 316 |
8.6 | Total available funding (item 8.4 + item 8.5) | 3,384 |
8.7 | Estimated quarters of funding available (item 8.6 divided by | 0.82 |
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: Net operating cash flows will improve with the sale of the 37,703 tonnes of export quality coal on hand at the end of the reporting quarter.
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: The Group anticipates that the funding of the operations will originate from the sale of coal on the export market. The Group has secured access to export markets through the Coal Sales & Marketing Agreement announced on 28 July 2022.
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: Yes - refer 8.8.2 and 8.8.3 above.
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
- This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- This statement gives a true and fair view of the matters disclosed.
Date: | .29 July 2022 |
Authorised by: | .......... Disclosure Committee......................................................................... |
(Name of body or officer authorising release - see note 4) |
ASX Listing Rules Appendix 5B (17/07/20) | Page 5 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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MC Mining Limited published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 09:34:08 UTC.