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ALTECH BATTERIES LTD — Interim / Quarterly Report 2016
Oct 30, 2016
64444_rns_2016-10-30_4104883c-0a88-4c76-9a00-4fc963140766.pdf
Interim / Quarterly Report
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Altech Chemicals
Limited
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QUARTERLY REPORT September 2016
Quarterly Report September 2016
Altech targets increased project debt of US$70m
During the quarter the Company announced an increase in the targeted project debt finance amount for its proposed Malaysian high purity alumina HPA project plant to US$70 million (previously US$60 million).
The export credit cover component of targeted debt, which is subject to the approval of German export credit agency (ECA), Euler Hermes, increased from US$40m to US$60m. Accordingly, Altech reduced the amount for the remaining uncovered debt portion from US$20m to US$10m. The interest rate charged by lenders on project finance debt supported by ECA cover is typically very attractive, consequently the overall cost of debt for the Company shall be reduced compared to the originally contemplated structure.
Furthermore, German government-owned KfW IPEX-Bank, mandated to provide debt structuring and advisory services to the Company, has proposed a simple and cost effective “sole lender” debt structure whereby the entire US$70 million of project debt is potentially provided exclusively by KfW IPEX-Bank (subject to due diligence and respective loan approval).
Table 1. Comparison of project target debt structures subject to final due diligence results
| Current | Previous | |
|---|---|---|
| ECA covered debt Uncovered debt |
US$60m US$10m |
US$40m US$20m |
| Total Senior Debt | US$70m | US$60m |
| Lender/s | Single(KfW IPEX -Bank) | Various |
Altech managing director Mr Iggy Tan said, “Increasing the ECA application amount to US$60m for our proposed HPA project is an extremely positive outcome for the Company and testament to the project's financial robustness.
“A single project lender will significantly simplify and streamline financing, documentation and securitisation. Also, the increased proportion of ECA covered debt will reduce the overall interest rate that will apply to project borrowings.
“The next steps for project financing include a formal application for the in-principle ECA cover and the completion of the bankinitiated independent due diligence” , he concluded.
Positive pre-assessment of Altech's US$60m export credit application
During the quarter the Company was officially advised by Euler Hermes Aktiengesellschaft (Hermes), the German export credit agency (ECA), of a positive pre-assessment of its export credit application for cursory review by the German government interministerial committee (IMC) and Hermes (refer ASX announcement dated 3 August 2016 for details).
The positive pre-assessment of Altech's export credit application was an important milestone in the assessment process of the (HPA) project. Whilst it is not legally binding and issued without prejudice to any decision to provide ECA cover, the positive preassessment shows significant progress of the German government approvals process. The outcome sets in motion a formal detailed due diligence of the HPA project (including addressing specific requirements for Hermes) that will be undertaken by various consultants appointed by the Company's mandated German financier, KfW IPEX-Bank. Upon completion, the due diligence process will culminate in an “expert opinion” report on the HPA project to the IMC, and will form the basis of a decision on the approval to offer ECA cover by the IMC and Hermes. The Company has collaborated with KfW IPEX-Bank to select and appoint lenders' consultants.
Altech's managing director Mr Iggy Tan said that the positive preassessment by the IMC and Hermes is a significant milestone in the Company's endeavours for funding its HPA project.
“Obtaining this positive pre-assessment of the project from Hermes in such a short period of time is a real boost to the team.
“Another great effort by our Perth-based management team, our German-based financing consultants, KfW IPEX-Bank and our German EPC contractor M+W Group” .
Hermes is the appointed ECA that administers the export credit scheme for the German government. The scheme is an instrument for the promotion of German exports. It provides a cover to bank lenders to insure against the risk of an export loan. The scheme was identified as applicable to Altech's HPA project because the majority of the proposed project's plant and equipment will be sourced from both German and European Union manufacturers, and the appointed EPC contractor is German company M+W Group.
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Quarterly Report September 2016
Appointment of due diligence consultants
Following its announcement on 3 August 2016 of the positive preassessment by the German government inter-ministerial committee (IMC) and Euler Hermes of Altech's export credit project finance application, due diligence consultants were appointed.
The due diligence consultants will undertake definitive technical, market and legal reviews of Altech's HPA project on behalf of the proposed financier, Germany's government-owned KfW IPEXBank, supported by German export credit agency Euler Hermes. The appointment of the due diligence consultants marked a significant milestone for Altech's project financing and will culminate in the provision of an “expert opinion” on the project's viability and risks.
The appointed due diligence consultants included:
Technical: M.Plan International Limited
Review the technical, environmental and social aspects of the project. Including, amongst others, the geology, mineral resources and reserves, metallurgical test work, construction budget and schedule, infrastructure, permitting, environmental and social aspects.
Market: Persistence Market Research
Assessment and confirmation of HPA target market, production, consumption, demand, trade, and a review and validation of proposed sale quantities and considered prices used in the project's financial model.
Legal: Freshfields Bruckhaus Deringer
Assessment and confirmation of the project's legal aspects including permits, licences, contractual terms, structuring, and financial transactions. Adnan Sundra & Low (ASL) engaged as Malaysian counsel and Minter Ellison as Australian counsel. Freshfields to act as lenders' legal counsel to KfW IPEX-Bank.
Expert opinion on financing for Euler Hermes
An “expert opinion” on the project's overall viability, assessment and justification of project risks will be provided by a “reputable international audit firm”. The expert opinion is required for the grant of export credit cover for project financed transactions and issued to the responsible authorities of the Federal Republic of Germany (FRG) represented by the German export credit agency - Euler Hermes.
A due diligence initiation meeting was held in Stuttgart, Germany, with representatives from the appointed due diligence consultants in attendance, as well as M+W Group (Altech's EPC contractor) and KfW IPEX-Bank. At the meeting M.Plan International Limited and Persistence Market Research each presented their initial preliminary findings, which identified no fatal flaws in the Company's HPA project from their respective technical and market viewpoints. The initiation meeting was chaired and facilitated by Altech managing director Iggy Tan, in conjunction with KfW IPEX-Bank project leaders.
Following the meeting representatives from the various due diligence consultancy groups travelled to Western Australia and Johor, Malaysia to visit the key sites of the HPA project. In Western Australia, the group visited the Company's Meckering kaolin deposit, followed by the HPA pilot plant site located at Simulus' Perth laboratory. In Johor, Malaysia, the group visited Altech's proposed HPA plant site at the Tanjung Langsat Industrial Complex, and the nearby Tanjung Pelepas container port.
Altech managing director Iggy Tan said, “The commencement of the lenders' detailed due diligence is a significant advancement towards finalising project financing.
“An extremely constructive due diligence initiation meeting was held in Stuttgart, Germany during which all participants were updated on the status of project detailed design and funding plans.
“The subsequent site visits enabled the consultants to quickly familiarise themselves with the project, the Company, and provided for specific queries to be answered in a most effective manner.”
Figure 2. Due diligence consultants visit Altech's Meckering kaolin deposit, Western Australia
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Quarterly Report September 2016
Loan indicative terms and conditions received from KfW IPEX-Bank
Figure 4. Proposed Malaysian HPA plant
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During the quarter the Company received a summary of senior facility agreement indicative terms and conditions from KfW IPEXBank for the proposed US$70 million of debt financing of its HPA project.
The indicative terms and conditions proposed by KfW IPEX-Bank included matters customary for the type of project debt financing being targeted, such as a description of credit facilities; interest rates and fees; debt payment terms and maturity dates; collateral security; affirmative and negative covenants; details of guarantors; closing conditions; financial covenants; representations and warranties; events of default and material adverse changes. Results of the ongoing due diligence process were also considered.
KfW IPEX-Bank proposed a simple and cost effective “sole lender” debt structure (refer ASX announcement dated 17 August 2016) whereby the entire US$70m of project debt would potentially be provided exclusively by KfW IPEX-Bank (subject to ongoing due diligence and respective loan approval).
Altech and KfW IPEX-Bank commenced detailed discussions and negotiations of the proposed facility agreement terms and conditions, which are not binding on either party. Finalised terms and conditions, once agreed, will form the basis for the preparation of binding loan facility documentation.
Figure 3. Due diligence team visits Altech's HPA pilot plant site at Simulus' Perth laboratory
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Altech managing director Mr Iggy Tan said, “The debt financing is progressing well and the senior facility agreement indicative terms and conditions presented by KfW IPEX-Bank is the an important step towards securing finance.
“The debt and ECA cover is still subject to due diligence and various loan approval steps. While receiving the indicative terms and conditions is a positive outcome, it does not imply that the ECA or debt financing applications will necessarily be successful,” he concluded.
Figure 5. Tanjung Pelepas (PTP) container port, Johor, Malaysia
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Quarterly Report September 2016
HPA project detailed design update
During the quarter the Company provided an update on the detailed design and engineering work for its proposed Malaysian HPA plant being conducted by German-based engineering firm, M+W Group.
M+W Group is a leading global high-tech engineering firm with around 6,000 employees worldwide. Established in 1912, M+W Group has a strong presence in Asia with regional offices in both Singapore and Penang, Malaysia. The firm manages projects of all dimensions on behalf of clients from various sectors, including electronics, chemicals and pharmaceuticals, energy and information technology. It has completed over 700 projects in the Asia Pacific region, where it employs around 2,200 highly skilled and experienced staff.
M+W Group was appointed as Altech's engineering, procurement and construction (EPC) contractor in March 2016 and its Germanbased division commenced detailed design and engineering of the Company's HPA plant in June 2016.
Detailed design is the final planning phase for the Malaysian HPA plant prior to the actual commencement of construction. Detailed design involves the complete definition of every aspect of the plant including detailed diagrams and drawings for construction, civil works, instrumentation, control systems, electrical facilities, management of suppliers, schedule of activities, costs, procurement of equipment and management of environmental impacts. Once completed and subject to funding, the Company and M+W Group will be in a position to order long-lead time capital items (subject to finance) and finalise supplier contractual arrangements for the commencement of construction activities.
Altech is in the fortunate position of having been able to fast-track the detailed design and engineering phase, primarily because of the comprehensive engineering work undertaken during the bankable feasibility study (BFS) phase of the HPA project.
M+W Group's lead process engineers conducted a precommencement review of the BFS engineering work, and only minor items were identified. Consequently, the BFS engineering drawings such as process flow diagrams were imported directly into M+W Group's systems without requiring re-drawing, saving considerable time and expense. The pre-appointment of key equipment suppliers such as SGL Group (HCl equipment) and Drytech (kilns) during the BFS gave Altech early access to their equipment specifications enabling incorporation into the BFS; and thereafter directly transferred to M+W Group's database for final detailed design work.
M+W Group (Singapore), with its extensive South East Asian operating experience, was also engaged to manage all Malaysian permitting and project approvals on behalf of the Company. M+W Group (Singapore) will also co-ordinate the instrument and electrical detailed design as well as the management of construction supervision.
Figure 6. Kaolin Preparation Plant (BFS)
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Quarterly Report September 2016
Maiden Ore Reserve at Altech's Meckering kaolin deposit
Subsequent to quarter end, the Company announced the estimation of a maiden Ore Reserve based on the production of high purity alumina (HPA) using feedstock from its 100%-owned Meckering Kaolin Deposit (M70/1334), Western Australia (Meckering) (refer to ASX announcement dated 11 October 2016 for details). The Ore Reserve was derived from a Mineral Resources estimation at Meckering, which was delineated for the purpose of HPA production.
A maiden Ore Reserve was estimated at 1.2 million tonnes @ 30% Al O (alumina) in the minus 300 micron (µm) kaolin fraction with a 2 3 cut-off grade of 25% Al O . The Ore Reserve at Meckering is more 2 3 than sufficient to support the proposed HPA processing operation (ore delivery rate of 41,000tpa) for the initial stage 1 mine-life of 30 years.
A Mineral Resource estimated 12.7 million tonnes @ 29.5% Al O 2 3 (alumina) in the minus 300 micron (µm) kaolin fraction with a cut-off grade of 25% Al O . The Mineral Resources estimation at 2 3 Meckering is potentially sufficient to support Altech's proposed HPA production for over 250 years.
The Mineral Resources estimate is inclusive of the above Ore Reserve estimate and based on data from the Company's April 2016 drilling program and subsequent test work results.
Altech managing director Mr Iggy Tan commented, “The Company is pleased to present both the maiden Ore Reserve and Mineral Resources estimation.
“The Ore Reserve statement is a significant milestone that confirms an initial stage 1, 30 year mine-life at Meckering, producing over 1.2Mt of high-quality, alumina-rich kaolin feedstock to supply the proposed HPA plant.
Table 2. Maiden Ore Reserve & Mineral Resources Summary
| Category | Quantity (Mt) |
Yield % minus 300 |
of µm Minus 300 Al2O3 (%) |
||
|---|---|---|---|---|---|
| Ore Reserve | Proved | 0.45 | 69 | 30.1 | |
| Probable | 0.77 | 71 | 30.0 | µm | |
| TOTAL | 1.22 | 70 | 30.0 | ||
| Measured | 1.5 | 30.0 | |||
| Indicated | 3.3 | 30.0 | |||
| Mineral Resources (including Ore Reserve) |
Inferred | 7.9 | 29.1 | ||
| TOTAL | 12.7 | 29.5 |
Figure 7. Kaolin samples from Altech's April 2016 drilling program at Meckering
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“The Mineral Resource estimate is sufficient to supply the proposed HPA operation for over 250 years, which will also allow further capacity expansions in the future.
“The next step of the process to bring Meckering into production is the submission of the mining proposal and mine closure plan as part of the approvals required for the commencement of construction in early 2017” , he concluded.
Figure 8. Altech's April 2016 drilling program at Meckering
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Quarterly Report September 2016
Corporate
Updated research report
During the quarter the Company advised of the release of an updated research report titled “ECA financing steps in final throws” by Perth-based stockbroking firm DJ Carmichael. Written by DJ Carmichael Head of Research, Mr Paul Adams, the report was a follow-up from the initial research report on the Company published in February 2016. A copy of the updated research report is available on the Company's website: www.altechchemicals.com.
Figure 9. Excerpt from the Company's 2016 Annual Report
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General meetings
During the quarter two (2) General Meetings of shareholders were held. On 29 July 2016, shareholders approved a $1m placement of shares to Malaysian investment group MAA Group Berhad (completed on 3 August 2016), the issue of Performance Rights to various non-executive directors and a prior placement of shares. At the 16 September 2016 general meeting, shareholders approved Tranche 2 of the $10m placement of shares that was announced by the Company on 27 July 2016 and ratified the allotment of shares for Tranche 1 of the $10m share placement.
On 30 September 2016 the Company had approximately AU$10.2 million cash on hand.
The Company's 2016 Annual Report was released during the quarter and is available to view on Altech's website www.altechchemicals.com.
Schedule of tenements
As per ASX Listing Rule 5.3.3, the Company held the following tenements (exploration and mining leases) as at 30 September 2016:
| Tenement ID |
Registered Holder | Location | Project | Grant Date | Interest start of quarter |
Interest end of quarter |
|---|---|---|---|---|---|---|
| EPM18375 | Altech Chemicals Ltd | QLD Australia | Constance Range | 27/04/2012 | 100% | 0% |
| E70/4718 | Canning Coal Pty Ltd | WA Australia | Kerrigan | 01/12/2015 | 100% | 100% |
| M70/1334 | Altech Meckering Pty Ltd | WA Australia | Meckering | 19/05/2016 | 100% | 100% |
| E70/4852 | Altech Meckering Pty Ltd | WA Australia | Meckering | 100% | 100% | |
| E70/4856 | Canning Coal Pty Ltd | WA Australia | Meckering | 100% | 100% | |
| E70/4857 | Altech Meckering Pty Ltd | WA Australia | Meckering | 100% | 100% | |
| E70/4713 | Altech Chemicals Ltd | WA Australia | Southdown | 09/06/2015 | 100% | 0% |
| E70/4341 | Australian Mineral Sands Pty Ltd | WA Australia | SW Titanium | 16/01/2013 | 100% | 100% |
| E70/4643 | Australian Mineral Sands Pty Ltd | WA Australia | SW Titanium | 25/03/2015 | 100% | 100% |
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Altech Chemicals Limited
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QUARTERLY REPORT September 2016
Company Snapshot
Altech Chemicals Limited (ASX:ATC) ABN 45 125 301 206
| FINANCIAL INFORMATION | |
|---|---|
| (as at September 2016) | |
| Share Price: | $0.11 |
| Shares: | 266m |
| Options: | 3.6m |
| Performance Rights:* | 20.7m |
| Market Cap: | $29.3m |
| Cash: | $10.2m |
DIRECTORS: Luke Atkins Chairman
Iggy Tan Managing Director Peter Bailey Non-executive Director
Dan Tenardi Non-executive Director Tunku Yaacob Khyra Non-executive Director Uwe Ahrens Alternate Director
COMPANY SECRETARY/CFO: Shane Volk
HEAD OFFICE: Suite 8, 295 Rokeby Road, Subiaco, Western Australia, 6008 T. +61 8 6168 1555 F. +61 8 6168 1551 E. [email protected] W. www.altechchemicals.com
*subject to vesting conditions
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
ALTECH CHEMICALS LIMITED
| ABN | Quarter ended (“current quarter”) | |
|---|---|---|
| 45 125 301 206 | SEPTEMBER 2016 |
| Consolidated statement of cash flows | Consolidated statement of cash flows | Current quarter | Year to date |
|---|---|---|---|
| $A’000 | (3 months) | ||
| $A’000 | |||
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | ||
| (a) exploration & evaluation | - | - | |
| (b) development | (1,047) | (1,047) | |
| (c) production | - | - | |
| (d) staff costs | (399) | (399) | |
| (e) administration and corporate costs | (333) | (333) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 8 | 8 |
| 1.5 | Interest and other costs of finance paid | - | - |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Research and development refunds | - | - |
| 1.8 | Other (provide details if material) | - | - |
| 1.9 | Net cash from / (used in) operating | (1,771) | (1,771) |
| activities | |||
| 2. | Cash flows from investing activities | ||
| 2.1 | Payments to acquire: | ||
| (a) property, plant and equipment | (18) | (18) | |
| (b) tenements (see item 10) | - | - | |
| (c) investments | - | - | |
| (d) other non-current assets | - | - |
- See chapter 19 for defined terms
1 September 2016
Page 1
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
| Consolidated statement of cash flows | Consolidated statement of cash flows | Current quarter | Year to date | |
|---|---|---|---|---|
| $A’000 | (3 months) | |||
| $A’000 | ||||
| 2.2 | Proceeds from the disposal of: | |||
| (a) property, plant and equipment | - | - | ||
| (b) tenements (see item 10) | - | - | ||
| (c) investments | - | - | ||
| (d) other non-current assets | - | - | ||
| 2.3 | Cash flows from loans to other entities | - | - | |
| 2.4 | Dividends received (see note 3) | - | - | |
| 2.5 | Other (provide details if material) | - | - | |
| 2.6 | Net cash from / (used in) investing | (18) | (18) | |
| activities | ||||
| 3. | Cash flows from financing activities | |||
| 3.1 | Proceeds from issues of shares | 11,005 | 11,005 | |
| 3.2 | Proceeds from issue of convertible notes | - | - | |
| 3.3 | Proceeds from exercise of share options | - | - | |
| 3.4 | Transaction costs related to issues of | (599) | (599) | |
| shares, convertible notes or options | ||||
| 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 | (10,406) | (10,406) | |
| activities | ||||
| 4. | Net increase / (decrease) in cash and | |||
| cash equivalents for the period | ||||
| 4.1 | Cash and cash equivalents at beginning of | |||
| period | 1,600 | 1,600 | ||
| 4.2 | Net cash from / (used in) operating | (1,771) | (1,771) | |
| activities (item 1.9 above) | ||||
| 4.3 | Net cash from / (used in) investing activities | (18) | (18) | |
| (item 2.6 above) | ||||
| 4.4 | Net cash from / (used in) financing activities | 10,405 | 10,405 | |
| (item 3.10 above) | ||||
| 4.5 | Effect of movement in exchange rates on | - | - | |
| cash held | ||||
| 4.6 | Cash and cash equivalents at end of | 10,216 | 10,216 | |
| period |
- See chapter 19 for defined terms 1 September 2016
Page 2
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| 5. | Reconciliation of cash and cash | Current quarter | Previous quarter |
|---|---|---|---|
| equivalents | $A’000 | $A’000 | |
| at the end of the quarter (as shown in the | |||
| consolidated statement of cash flows) to the | |||
| related items in the accounts | |||
| 5.1 | Bank balances | 10,212 | 1,597 |
| 5.2 | Call deposits | - | - |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) (Security Deposit) | 3 | 3 |
| 5.5 | Cash and cash equivalents at end of | 10,215 | 1,600 |
| quarter (should equal item 4.6 above) |
| Current quarter $A'000 |
|
|---|---|
| 6. Payments to directors of the entity and their associates Current qu $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2 |
Current qu $A'000 |
Current quarter $A'000
| Current quarter $A'000 152 - |
|
|---|---|
| 7. Payments to related entities of the entity and their associates Current quarter $A'000 7.1 Aggregate amount of payments to these parties included in item 1.2 152 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2 |
Current quarter $A'000 152 - |
Director Remuneration & Rent of office premises
- See chapter 19 for defined terms 1 September 2016
Page 3
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| 8. | Financing facilities available | Total facility amount | Amount drawn at | |
|---|---|---|---|---|
| Add notes as necessary for an | at quarter end | quarter end | ||
| understanding of the position | $A’000 | $A’000 | ||
| 8.1 | Loan facilities | - | - | |
| 8.2 | Credit standby arrangements | - | - | |
| 8.3 | Other (please specify) | - | - | |
| 8.4 | Include below a description of each facility above, including the lender, interest rate and | |||
| whether it is secured or unsecured. If any additional facilities have been entered into or are | ||||
| proposed to be entered into after quarter end, include details of those | facilities as well. |
| 9. | Estimated cash outflows for next quarter | Estimated cash outflows for next quarter | Estimated cash outflows for next quarter | $A’000 | ||
|---|---|---|---|---|---|---|
| 9.1 | Exploration and evaluation | - | ||||
| 9.2 | Development | 2,000 | ||||
| 9.3 | Production | - | ||||
| 9.4 | Staff costs | 400 | ||||
| 9.5 | Administration and corporate costs | 350 | ||||
| 9.6 | Other (provide details if | material) | - | |||
| 9.7 | Total estimated cash outflows | 2,750 | ||||
| 10. | Changes in | Tenement | Nature of interest | Interest at | Interest | |
| tenements | reference | beginning | at end of | |||
| (items 2.1(b) and | and | of quarter | quarter | |||
| 2.2(b) above) | location | |||||
| 10.1 | Interests in mining | E70/4713 | Direct | 100% | 0% | |
| tenements and | (Southdown) | |||||
| petroleum tenements lapsed, relinquished or reduced |
EPM18375 (Constance Range) |
Direct | 100% | 0% | ||
| 10.2 | Interests in mining | |||||
| tenements and | ||||||
| petroleum tenements | ||||||
| acquired or increased |
- See chapter 19 for defined terms 1 September 2016
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Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
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.
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Sign here: ............................................................ ~~(Director~~ /Company secretary)
31 OCTOBER 2016
Date: .............................................
SHANE VOLK Print name: .........................................................
Notes
-
The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
-
If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
-
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.
-
See chapter 19 for defined terms 1 September 2016
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