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BAYAN MINING AND MINERALS LIMITED — Interim / Quarterly Report 2023
Oct 30, 2022
64541_rns_2022-10-30_e6f728a3-f7f5-4b56-bead-938a0b9f05be.pdf
Interim / Quarterly Report
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ASX ANNOUNCEMENT 31 October 2022
Quarterly Activities Report September 2022
HIGHLIGHTS
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Exclusive option secured to acquire up to 100% of Gorge Lithium Project.
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Due Diligence field work at Gorge included exceptional Li2O values above 3.78%, with 2 of five field work collected rock samples returning 5.75% and 6.80% Li2O respective values at the Gorge Lithium Project.
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Shareholders approved capital raising of $1.5 million to explore the Gorge Project, which was completed post quarter.
Balkan Mining and Minerals Ltd (“BMM” or “the Company”) (ASX: BMM) provides the Company’s quarterly activities report for September 2022. Following overwhelming support in favour of diversification strategy at the Gorge Lithium exploration project located in the Georgia Lake Area, Thunder Bay North Mining District of Ontario, Canada (the “Gorge Lithium Project” or “Gorge Project”). Ongoing due diligence field work carried out during the September Quarter returned Li2O values above 3.78%, with the 2 highest results being returned at 5.75% and 6.80%[1] . The results were taken from five grab samples as part of the company’s due diligence verification program.
Lithium-Borate Assets
Gorge Lithium Project (Canada, under option to acquire 100%)
Due Diligence field work at the Gorge lithium exploration project located in the Georgia Lake Area, Thunder Bay North Mining District of Ontario, Canada, (the “Gorge Lithium Project” or “Project”) was completed during September, identifying exceptional rock samples up to 6.8% Li2O[1] .
During the Company’s due diligence program, conducted by CSA Global, five rock samples were collected as part of the fieldwork and sent to ActLabs in Toronto for analysis. From these five samples, four samples included Li2O values above 3.78%, with the 2 highest results returned at 5.75% and 6.80%[1] .
The tenements comprising the Gorge Project are part of the larger Georgia Lake pegmatite district which is known to host late-stage pegmatite mineralised deposit types that contain rare elements including lithium, beryllium, tantalum, niobium and tin, including Rock Tech Lithium Inc’s (TSXV: RCK) Georgia Lake project and Imagine Lithium Inc’s (TSX.V ILI) Jackpot Lithium project.
1 Refer to announcement dated 28 September 2022.
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Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St George’s Terrace, Perth WA 6000 T: +61 8 6109 6684 E:[email protected] www.balkanmin.com
ASX ANNOUNCEMENT 31 October 2022
The Gorge Project is located approximately 215km to the northeast of the City of Thunder Bay. The Project comprises of 7 active multi-cell claims covering a total area of approximately 20.8km[2] . The Project area is accessible by bitumenised highways and dirt roads from Thunder Bay, proximate to railway networks with an international airport located at Thunder Bay.
The Port of thunder Bay is a major facility that ships a number of commodities and general cargo via the Great Lakes.
==> picture [295 x 374] intentionally omitted <==
Figure 1 – Location of the Gorge Lithium Project
Historical workings carried out in 1955/56 identified up to 40 lithium and beryllium bearing pegmatites exposed in outcrop over an area of approximately 600km[2] , referred to as the larger Georgia Lake Area.
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Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St George’s Terrace, Perth WA 6000
T: +61 8 6109 6684 E:[email protected] www.balkanmin.com
ASX ANNOUNCEMENT 31 October 2022
Follow up field work was carried out in the larger Georgia Lake Area during 2008 with a focus on identifying rare-element pegmatite deposits. During this period, a new pegmatite group referred to as “Gathering Lake Pegmatite Group” was discovered containing both albite-spodumene-type and beryl-type pegmatites.
==> picture [489 x 278] intentionally omitted <==
Figure 2 – Location of the Project exploration claims over topo map
The most recent field program was completed in 2018 when the presence of lithium bearing mineralisation was confirmed on the Gorge Project at the Koshman and Nelson occurrences (Figure 2 and 3). Five grab samples were collected and analysed for lithium and lithium values returned up to 3.22% Li2O (and an average of 2.24% Li2O)[2] .
The Thunder Bay region of Ontario has been the focus of lithium pegmatite exploration works with the delineation of hard rock lithium deposits including Rock Tech Lithium Inc’s Georgia Lake project in 2021, and Imagine Lithium Inc’s (TSX.V ILI) Jackpot Lithium project and works carried out by Ultra Lithium Inc (TSX.V-ULT) Georgia Lake and Forgan Lake Projects, to name a few.
Due diligence on the tenements comprising the Gorge Lithium Project was completed during the quarter, details of which are included in the Company’s announcement of 28 September 2022.
==> picture [174 x 11] intentionally omitted <==
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Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St George’s Terrace, Perth WA 6000 T: +61 8 6109 6684 E:[email protected] www.balkanmin.com
ASX ANNOUNCEMENT 31 October 2022
The Gorge Project transaction was conditional on, amongst other things, the Company obtaining all required legal, regulatory and shareholder approvals (including pursuant to the ASX Listing Rules) and the Company successfully raising up to $1.5 million under the capital raising. These conditions were satisfied on 6 October 2022 with the Company completing its capital raising and satisfying its first stages commitment acquisition payments of $50,000 cash and $50,000 shares. As part of the Company’s first stage $100,000 project funding requirements, the Company has initiated works at the Project.
Project Geology
The Georgia Lake area is located within the Quetico Subprovince of the Superior Province of Ontario Canada. The Quetico Subprovince is bounded by the granite-greenstone Wabigoon Subprovince to the north and Wawa Subprovince to the south. The Quetico Subprovince is composed of predominantly metasediments consisting of wacke, iron formation, conglomerate, ultramafic wacke and siltstone, which deposited between 2.70 and 2.69 Ga. The igneous rocks in the Quetico Subprovince include abundant felsic and intermediate intrusions, metamorphosed rare mafic and felsic extrusive rocks and an uncommon suite of gabbroic and ultramafic rocks.
==> picture [488 x 278] intentionally omitted <==
Figure 3 – Location of the Project exploration claims over geological map
There is an abundance of pegmatites close to and within the large masses of granitic rocks. A regional zoning is apparent and a genetic association of pegmatites and granite is indicated. The pegmatites occur in two geometries: as irregular-shaped bodies and as thin veins and attenuated
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Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St George’s Terrace, Perth WA 6000 T: +61 8 6109 6684 E:[email protected] www.balkanmin.com
ASX ANNOUNCEMENT
31 October 2022
lenses. The irregular bodies of pegmatite are intimately associated with the granite bodies often within a few hundred feet of the contact zone. They typically are medium- to coarse-grained, up to very coarse-grained and are made up of quartz, microcline, perthite and little muscovite. These would be classified as potassic pegmatites. Accessory minerals include biotite, tourmaline and garnet.
The pegmatite veins and lenses can be subdivided into rare-element pegmatites and granitic pegmatites. The rare-element pegmatites are of economic significance and they contain microcline or perthite, albite, quartz, muscovite and spodumene and minor amounts of beryl, columbite-tantalite and cassiterite. The granitic pegmatites are like the irregular pegmatites described above except that they contain more abundant plagioclase. Some of the pegmatites are parallel to the foliation or bedding of the metasediments, whereas others occur in joints in either the metasediments or granite. Contacts are usually sharp and, except where veins cut granitic rocks, often found to be marked by a thin border zone of aplite or granitoid composition. A few pegmatites are internally zoned with mica-rich or tourmaline-rich rock along or close to the walls and quartz cores.
Serbian Lithium-Borate Project (Serbia, 100%)
The Company has deferred its planned drilling program at its Rekovac project due to events that were announced by an international copper producer operating in Serbia.
The copper producer informed the public on 25 September 2022 (Central European Time) that one of their workers at their mine in Bor, Serbia, had been seriously assaulted and that company equipment worth over EUR500,000 was set on fire. The worker stated that the individuals responsible for the attack were armed. BMM become aware of some potentially inflammatory social media posts with regards to its contracted drill rig. Considering the above, the Company decided to defer its planned drilling program and conduct an investigation including a full risk review and engaging with Government and law enforcement agencies to assess its options moving forward.
BMM intends on continuing exploration, namely geophysics and associated studies as it works towards resolving these matters by the end of FYQ3 2023. the company confirms it holds all regulatory licenses and approvals.
During the quarter, the Company's Serbian operation primarily focused on its Rekovac project.
Business Development
Consistent with the Company’s objectives, further strategic opportunities have been reviewed during the quarter, and as previously mentioned and noted above, an option has been acquired over the Gorge Lithium Project, located in Ontario Canada.
Further value accretive opportunities in Lithium and associated critical minerals have continued in both the Balkans and Canada in line with Company’s objectives of increasing shareholder value through the building of a green and responsible portfolio of critical minerals for the European
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Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St George’s Terrace, Perth WA 6000
T: +61 8 6109 6684 E:[email protected] www.balkanmin.com
ASX ANNOUNCEMENT 31 October 2022
market. Regardless of monthly market and commodity fluctuations, BMM believes that the longterm outlook for these minerals, especially in the European market, remains strong.
Corporate
2022 Annual Report and AGM
The Company lodged its 2022 Annual Report for the period ended 30 June 2022 and will be holding its 2022 Annual General Meeting on 28 November 2022.
Change of Address
In September 2022, the Company's registered address and principal place of business was moved to Level 50, 108 St Georges Terrace, Perth Western Australia 6000. All other contact details remain unchanged.
Serbian Stakeholder Developments
As stated in BMM’s previous announcements, BMM noted an apparent anti-mining sentiment by groups towards certain companies operating in Serbia, and specifically towards Lithium which became more apparent in the recent events which occurred in Bor, as noted above. This appears to have originated from certain political interests in Serbia.
BMM has elected not to speculate on other companies’ operations nor act as a political commentator. The company continues to monitor the situation and focus its resources on stakeholder engagement, including the Ministry of Mines, Government, its Serbian workforce, contractors, consultants and advisors.
Appendix 5B
The Appendix 5B quarterly cashflow report for the quarter is submitted separately.
The Company had a cash balance of $2.97M as at 30 September 2022. Exploration expenditure during the quarter totalled $164k.
Capital Raising
In conjunction with the Gorge Lithium Project Transaction, and as approved by Shareholders on 23 September 2022, post quarter end on 6 October 2022, the Company completed a capital raising of $1.5 million to be used towards funding of the acquisition of the Gorge Lithium Project, exploration expenditure on the Gorge Lithium Project, exploration on the Company’s existing projects and for general working capital purposes.
The capital raising was undertaken via an issue of 10,000,000 shares at an issue price of 15 cents each to sophisticated and professional investors, with each of the Company’s cornerstone investors, Sandfire Resources Limited (ASX: SFR) and EV Resources Limited (ASX: EVR) participating in the capital raising.
Use of Funds
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Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St George’s Terrace, Perth WA 6000 T: +61 8 6109 6684 E:[email protected] www.balkanmin.com
ASX ANNOUNCEMENT 31 October 2022
A comparison of the Company’s actual expenditure since admission to the Official List of ASX to 30 September 2022 against estimated expenditure in the Use of Funds statement in the Prospectus dated 25 May 2021 (Prospectus) is set out below:
| Use of funds | Prospectus | Use until |
|---|---|---|
| estimate | 30 Sept 22 | |
| (2 years) | ||
| Serbian project exploration | 3,391,000 | 1,189,000 |
| Project evaluation | 500,000 | 379,000 |
| Administration Costs | 1,354,000 | 900,000 |
| Repayment of Intercompany facility agreement | 277,000 | 285,000 |
| Expenses of the Public Offer | 527,000 | 638,000 |
| Workingcapital | 451,000 | 267,000 |
| Total | 6,500,000 | 3,654,000 |
Use of funds variance explanations are outlined below:
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Variances on operational expenditures are as a result of higher than estimated operational expenditures including insurances, the Company being only listed for 14.5 months into the 2 year prospectus estimate and delays with the Company’s planned drilling operations at the Rekovac project as announced on 27 September 2022.
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Since estimating the balance of the Intercompany Facility as set out in the Prospectus, the Company borrowings increased by an additional $152k, of which $76k was applied to Expenses of the Public Offer, $60k utilised for Serbian project expenditure and $16k utilised for administration costs and repaid $8k of interest.
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Variances in expenses of the offer relate to higher than estimated audit fees, investigating accountant fees and legal fees.
Related Parties
As outlined in Section 6 of the attached Appendix 5B, during the June quarter approximately $88k in payments were made to related parties and/or their associates as director’s remuneration.
Capital Structure
The Capital Structure at the end of the September quarter was as follows:
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46,050,000 Ordinary Shares on issue;
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4,000,000 Unlisted Options on issue; and
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2,100,000 Performance Rights on issue
There have not been any changes to the Company’s capital structure during the quarter.
Post quarter end, on 6 October 2022 the Company issued 10,000,000 ordinary shares to raise $1.5 million in funds, issued 130,378 shares to Ombabika as part consideration for the Initial
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Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St George’s Terrace, Perth WA 6000
T: +61 8 6109 6684 E:[email protected] www.balkanmin.com
ASX ANNOUNCEMENT 31 October 2022
25% interest in the Gorge Project, 130,378 shares in payment for corporate advisory fees and 2,000,00 options (exe $0.30, exp 06/10/25) in satisfaction of lead manager fees.
BMM’s exploration tenement interests as at 30 September 2022
| Tenement ID | BMM Indirect Interest |
|
|---|---|---|
| Rekovac | ||
| - Rekovac | 2224 | 100% |
| - Ursule | 2429 | 100% |
| - Siokovac | 2430 | 100% |
| Pranjani | 2427 | 100% |
| Dobranja | 2428 | 100% |
- BMM’s interest in these tenements are held indirectly through its subsidiary corporate structure. These tenements are held by Balkan Istraživanja d.o.o, BMM’s Serbian subsidiary.
** As originally announced on 4 July 2022, post 30 September 2022, the Company satisfied the conditions precedent to the transaction with Ombabika Group Inc and commenced its first work program at the Gorge Project in Canada. Under the transaction, the Company has the option to acquire 100% in the Gorge Project via a staged earn-in acquisition over a period of 3.5 years by satisfying agreed staged consideration payments and satisfying staged project spending requirements. Please refer to announcement of 4 July 2022 and Notice of General Meeting dated 22 August 2022 for further details. The Gorge Project tenements include claim numbers 547101, 570582, 618053, 618074, 636770, 722323 & 722324.
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 (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX.
06-10-22 Work Program Commences at Gorge Lithium Project 29-Sep-22 Annual Report 28-Sep-22 Exceptional Rock Samples up to 6.8% Li2O at Gorge Project 27-Sep-22 Rekovac Operations Update 13-Sep-22 General Meeting Update 22-Aug-22 Notice of General Meeting/Proxy Form 01-Aug-22 Quarterly Activities/Appendix 5B Cash Flow Report 04-Jul-22 Balkan Secures Canadian Lithium Project
These announcements are available on the Company’s website under the Investors tab. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements above.
For further information, please contact:
Ross Cotton
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Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St George’s Terrace, Perth WA 6000 T: +61 8 6109 6684 E:[email protected] www.balkanmin.com
ASX ANNOUNCEMENT 31 October 2022
Managing Director Tel: +61 8 6109 6684 E: [email protected]
Authorised for release by the Board of Balkan Mining and Minerals Limited
-ENDS-
Compliance Statement
This quarterly report contains information on the Rekovac, Dobrinja and Pranjani Projects extracted from ASX market announcements dated 20 August 2021, 6 October 2021, 7 October 2021, 11 October 2021, 29 October 2021, 1 November 2021, 15 November 2021, 23 November 2021, 10 December 2021, 21 January 2022 31 January 2022, 2 May 2022, 4 July 2022 and 28 September 2022 and reported by the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 JORC Code) and available for viewing at www.balkanmin.com. BMM confirms that it is not aware of any new information or data that materially affects the information included in any original ASX market announcement.
Forward-looking Statements
Certain statements included in this release constitute forward-looking information. Statements regarding BMM’s plans concerning its mineral properties and programs are forward-looking statements. There can be no assurance that BMM’s strategies for developing its mineral properties will proceed as expected. There can also be no assurance that BMM can confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of BMM’s mineral properties. The performance of BMM may be influenced by several factors outside the control of the Company and its Directors, staff, and contractors.
These statements include, but are not limited to, statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the Company's control, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of exploration sample, mapping and drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves and resources, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy.
There is continuing uncertainty as to the full impact of COVID-19 on BMM’s business, the Australian economy, share markets and the economies in which BMM conducts business. Given the high degree of uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on BMM’s business or the price of BMM securities.
Except for statutory liability, which cannot be excluded, each of BMM, its officers, employees, and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forwardlooking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which any person may suffer as a consequence of any information in forward-looking statements or any error or omission. BMM undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events other than required by the Corporations Act and ASX Listing Rules. Accordingly, you should not place undue reliance on any forward-looking statement.
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Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St George’s Terrace, Perth WA 6000 T: +61 8 6109 6684 E:[email protected] www.balkanmin.com
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
Balkan Mining and Minerals Limited ABN Quarter ended (“current quarter”) 67 646 716 681 30 September 2022
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $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 (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 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 activities |
- (115) - - (122) (401) - - (1) - - - |
- (115) - - (122) (401) - - (1) - - - |
| (639) | (639) | |
| 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets |
- - (28) (49) - (49) |
- - (28) (49) - (49) |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 1
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’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 activities |
- - - - - - - - |
- - - - - - - - |
| (126) | (126) | |
| 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 3.10 Net cash from / (used in) financing activities |
123 - - - - - - - |
123 - - - - - - - |
| 123 | 123 | |
| 4. Net increase / (decrease) in cash and cash equivalents for the period |
||
| 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) |
3,616 (639) (126) 123 |
3,616 (639) (126) 123 |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 2
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|---|
| 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
(2) | (2) | |
| 2,972 | 2,972 | ||
| 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts |
Current quarter $A’000 |
Previous quarter $A’000 |
|
| 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
2,972 - - 2,972 |
3,616 - - 3,616 |
|
| 6. Payments to related parties of the entity and their associates |
Current quarter $A'000 |
||
| 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2 |
88 | ||
| 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. 7.1 7.2 7.3 7.4 7.5 7.6 |
Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end 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. |
Total facility amount at quarter end $A’000 |
Amount drawn at quarter end $A’000 |
| - | - | ||
| - | - | ||
| - | - | ||
| - | - | ||
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an | Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an |
|---|---|
| explanation for, such payments. | |
| 7. Financing facilities Total facility |
Amount drawn at |
| Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. amount at quarter end $A’000 |
quarter end $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. | |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 8. | Estimated cash available for future operating activities | $A’000 |
|---|---|---|
| 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 |
Net cash from / (used in) operating activities (item 1.9) (639) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (49) Total relevant outgoings (item 8.1 + item 8.2) (688) Cash and cash equivalents at quarter end (item 4.6) 2,972 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 2,972 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.3 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. 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? |
(639) (49) (688) 2,972 - |
| 2,972 | ||
| Answer: | ||
| 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: | ||
| 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: | ||
| 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
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1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
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2 This statement gives a true and fair view of the matters disclosed.
Date: 31 October 2022
Authorised by: The Board
(Name of body or officer authorising release – see note 4)
Notes
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.
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.
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 4
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
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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.
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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”.
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If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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