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EMETALS LIMITED Interim / Quarterly Report 2021
64850_rns_2021-04-26_30a80fab-cc00-424f-8491-4a5a618e65a3.pdf
Interim / Quarterly Report
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EMETALS
LIMITED
EMETALS
The Manager
Market Announcements Office
Level 40, Central Park,
152-158 St George's Terrace
Perth WA 6000
ACN: 142 411 390
T: 08 6489 1600
F: 08 6489 1601
E: [email protected]
W: www.emetalslimited.com.au
Directors
Gary Lyons, Chairman
Mathew Walker, Director
Teck Siong Wong, Director
Sonu Cheema, Company Secretary
Issued Capital (ASX Code: EMT)
425,000,000 Ordinary Shares
25,000,000 Unquoted options exercisable at $0.05 on or before 31 December 2022
27 April 2021
QUARTERLY ACTIVITIES REPORT TO 31 MARCH 2021
The Directors of eMetals Limited (ASX:EMT)(eMetals)(Company) are pleased to submit the Quarterly Activities Report and Appendix 5B for the quarter ending 31 March 2021.
HIGHLIGHTS
- RC drilling at the Twin Hills Project, intersects significant gold mineralisation.
- Drilling completed at the Nardoo Rare Metals Project with 30 RC holes for 1,728m completed at the Nardoo Tungsten Skarn and Beryl Well pegmatite prospects.
- Significant tantalite mineralization confirmed at The Raj, Poona Project, with high grade tantalite results returned from a 1000m x 400m pegmatite swarm.
- EMT entered into an agreement to acquire 100% of SOC Resources Pty Ltd, acquiring the highly prospective Cowalinya Ionic Clay REE project, Chiggarie Rock and Dodgey-Torquata Projects.
- Heritage agreements signed across projects, paving the way for exploration.
eMetals Director Mathew Walker commented: “eMetals has had a very busy March Quarter, with drilling completed at two projects and significant progress made in completing preparatory geochemical and geophysical programs ahead of further high-impact drilling that is planned on several projects. Results obtained thus far validate the exploration models and require further testing.
EMT has also completed strategic acquisitions within the rare earths and specialty metals space, securing projects prospective for both hard rock and ionic clay REE’s. The Company continues to review projects to ensure exploration is delivering value for shareholders and maintains focus on the most prospective ground positions.”
NARDOO RARE METALS PROJECT
The Nardoo Rare Metals Project consists of four granted tenements (E09/2358, E09/2302, E09/2114 and E09/2156) and three tenement applications (E09/2464, E09/2463 and E09/2472) and is prospective for a range of strategic metal and REE mineralisation styles including tungsten and Rare Earth Element bearing skarns. Late in the March quarter the Company began drilling at the Nardoo Rare Metals Project and completed additional stream and rock chip sampling (Refer Figure 1).
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Figure 1. April 2021 exploration work, Nardoo Rare Metals Project
Drilling has tested the Nardoo Well tungsten skarns with 5 holes (NWRC001 to NWRC005) for 233m. Drill holes encountered skarnified calc-arenite as expected with assays in the laboratory and results expected within approximately four weeks. The drilling also tested the Beryl Well Li-Ta-Nb pegmatite occurrence with 25 holes for 1,524 metres completed to date (NWRC006 to NWRC030). Drilling has demonstrated down hole thicknesses of up to 63 metres of pegmatite hosted in remnants of metasediment schist caught up within a foliated metagranite pluton. Pegmatite forms thick sheets or dykes up to 600m in length and up to 50m wide at surface that dip either northwest or southeast. The true thicknesses of the pegmatite dykes are not known but it is expected to be 30-100% of the down hole length (Refer Figure 2).
Figure 2. RC Drilling and mapped Pegmatites, Beryl Well Prospect
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Mapping and surface sampling of pegmatites at Morrissey South has defined multiple pegmatite intrusions between 25 metres and 100 metres wide at surface, dipping steeply to sub-vertically hosted within metagranite. Individual intrusions continue for up to 500m. Rock chip and stream samples have been submitted for assay, with results due in approximately five weeks (Refer Figure 3).
Figure 3. Pegmatite Swarm mapped at Morrissey South
The Company has progressed heritage protection agreements with native title parties during the quarter on its exploration license applications, with only finalization of the agreement on the Codra Creek E09/2472 license outstanding.
TWIN HILLS GOLD PROJECT
The Twin Hills Project consists of a single granted exploration license (E29/950) located approximately 30 km north east of Menzies and 150km north of Kalgoorlie in the Eastern Goldfields of Western Australia. The tenement covers an area of approximately 30 km² and extends over about 10 km of strike of the greenstone sequence that hosts the excised historical Twin Hills gold mine. The tenement covers the north and south extension of the shear zone which is the interpreted host of mineralisation at Twin Hills.
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At Twin Hills the geology is interpreted to be a narrow north-northwest striking Archaean greenstone belt of amphibolite facies chert, metabasalt and ultramafic schist and felsic porphyry dykes, sandwiched between later intrusive granites. Three main fault sets crosscut both greenstones and granites.
Auger drilling at the Project completed in 2020 had defined three target areas associated with gold enrichments lying over structural intersections that are interpreted as prospective for lode gold. The anomalies are defined by auger results forming a coherent cluster at greater than 3 ppb Au against a background of results below the detection limit of 1ppb Au (Refer Figure 4).
Figure 4. EMT's second phase auger drilling on E29/950
These combined target areas defined from both phase one and phase two auger drilling programs are in proximity to north-west trending de-magnetisation zones where they cross the north striking magnetic lineament that defines the Twin Hills Shear. The structures and anomalies are interpreted to potentially represent favorable structural intersections with gold anomalous potentially related to shoots of auriferous quartz lode.
During the March quarter the Company completed 17 reverse circulation drill holes for 1395m across three auger geochemical targets (Refer Figure 5). Gold in the composite samples is associated with zones of quartz and carbonate veining with moderately elevated copper (to 0.11%), bismuth (to 25ppm), silver, and tellurium (to 3.5ppm). Arsenic is below detection limits and the mineralization is low in sulphur. This is typical of lode gold hosted within the Kalgoorlie Terrane, and is distinct from the more arsenic-rich Menzies domain.
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Figure 5. RC drilling initial results, Twin Hills Gold Project
Fire assay analysis of the 1m samples from the corresponding intervals was undertaken, with the final results received during the quarter, as detailed in Table 1, below. Assay methods and sampling information are discussed in the JORC Table 1 and Table 2.
Table 1 Composite to Single Metre Resampling Comparison
| Drill Hole | Initial Composite Result | Fire Assay 1m Results |
|---|---|---|
| THRC008 | NSR | 1m @ 1.42ppm from 10m |
| THRC008 | 12m @ 0.62ppm from 40m | 1m @ 4.10ppm from 44m |
| 2m @ 2.24ppm from 49m | ||
| THRC010 | NSR | 1m @ 1.14ppm from 30m |
| THRC011 | 4m @ 0.10ppm from 52m | NSR |
| THRC013 | 4m @ 0.36ppm from 16m | 1m @ 0.8ppm from 17m |
| 8m @ 0.15ppm from 28m | 2m @ 0.72ppm from 31m | |
| THRC014 | NSR | 12m @ 0.12ppm from 16m |
| 8m @ 2.67ppm from 40m | 3m @ 1.97ppm from 44m | |
| 1m @ 0.97ppm from 68m | ||
| 1m @ 0.72ppm from 74m | ||
| THRC015 | 4m @ 1.18ppm from 32m | 1m @ 4.4ppm from 32m |
1m sampling results in ppm Au, 50g Fire Assay
Whilst the composite results were not exactly replicated in the 1m re-sampling, this is usual for nuggety gold and the composite sample methodology. EMT considers these initial results are
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highly encouraging given the drill spacing of the initial drill program, with infill and extensional aircore and reverse circulation drilling to be undertaken soon.
POONA RARE METALS PROJECT
The Poona Project is prospective for lithium-caesium-tantalum "LCT type" pegmatite mineralisation hosted within the greenstone belts of the Weld Range where they are intruded by the younger Telegoothera Monzogranite and its various intrusive units.
Mughal Prospect
The Mughal Prospect is a greenfields nickel, copper and platinum group element prospect which eMetals Limited has developed on its 90% owned Poona Project, near Cue, Western Australia. Evidence of potential nickel sulphide mineralization has been developed from soil sampling over mafic and ultramafic rocks carried out in 2020. Soil anomalies have been defined over approximately 9 kilometres of stratigraphy, with highly coincident geochemistry up to 0.15% Ni, 240ppm Cu, 380ppm Co and 114ppb PGE's overlying lateritised ultramafic rocks. eMetals interprets the stratigraphy to potentially represent a similar intrusive unit to the nearby 1.39-million-ounce Parks Reef platinum project (Podium Minerals Limited).
Moving Loop EM has commenced on the Mughal Ni-Cu-PGE Prospect, Poona Project, testing for bedrock conductors that could represent magmatic nickel sulphides. MLEM grids are depicted in Figure 6. Results will be interpreted by the Company's geophysical consultants and reported when modelling is completed. This is expected in the next four weeks.
Figure 6. Moving Loop EM Survey Grids, Mughal Prospect
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Work on The Raj prospect during the quarter confirmed that The Raj is a zone of highly tantalum enriched pegmatites approximately one kilometre in length and up to 400m across. This zone shows with tantalite grades consistently and substantially in excess of 200ppm.
Figure 7. Geochemical results for The Raj Prospect
Given the clear prospectivity of the area, EMT is advancing plans to drill test the pegmatites to test their down dip extent and continuity.
LITHIUM, CAESIUM, TANTALUM RESULTS
Interpretation of soil sampling and rock chip sampling results over the entire project has been completed, highlighting several priority target areas defined by anomalous lithium, rubidium and caesium in soils (comprising target areas for lithium, caesium pegmatites), tantalum and niobium anomalous areas (comprising targets for tantalite) and previously highlighted nickel-copper-cobalt and PGE anomalies associated with the Mughal Nickel Prospect.
Clear trends of tantalum enrichment in soils are observed around The Raj project and in sparsely explored areas between Aga Khan and Poona East (Refer Figure 8). Consistently elevated tantalum, rubidium, caesium and niobium results are associated with a late granite stock with pegmatite stockworks. Further work is required to determine if economic mineralisation exists in this area, or whether tantalite in soil is caused by lithological enrichment in the granite itself.
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Figure 8. Li-Cs-Rb-Ta-Nb Soil anomalies on E20/885
COWALINYA PROJECT
EMT acquired 100% of the Cowalinya, Chiggarie Rock and Dodge-Yorquata Projects, by way of acquisition of SOC Resources Pty Ltd. The vendor had identified the three projects as prospective for rare earth element (REE) and base metal mineralisation.
The Cowalinya Project (E62/2049 and E63/2066) is located approximately 30km east of the locality of Salmon Gums. The geology of the project is comprised of deeply weathered Archaean and Proterozoic gneisses. The Project is prospective for Ionic Adsorption Clay (IAC) Type REE deposits. The Project demonstrates the key features associated with ionic clay deposits, deep & intense weathering, and REE-enriched bedrock.
Historical Exploration
The Cowalinya Project has been explored historically for gold, with 770 auger drill holes and 17 air core holes for 635m drilled on the tenements. Full details of these sample datasets within the tenure are presented in JORC Tables 1 and 2, and within the Appendices therein.
Auger samples were taken to analyse pedogenic calcrete for gold. Auger samples were assayed for 52 elements, including REE's, and Au using Aqua Regia B/ETA digest with a mass spectrometry or optical emissions spectrometry finish. Auger drilling in the Project area has defined laterite with up to 1,108ppm TREO + Y (NOR00702, 413798E 6338675N) with a substantial proportion of auger results in excess of 180ppm TREO+Y (Refer Figure 9).
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Figure 9. Auger REE results (as TREO+Y), Cowalinya Project
Air core drilling was undertaken to geochemically survey the region for Au enrichments and to characterise bedrock lithology. Drill holes were sampled from surface to end of hole via four metre composites for Au, with the end of hole sample sent for a full characterisation suite of 52 elements, including REE's, using Aqua Regia B/ETA. A total of seventeen aircore holes were drilled within the Cowalinya Project tenure, along the few established roads. These holes were not comprehensively sampled for REE's, with only one end of hole sample submitted for full characterisation. Within the project, five EOH samples $>400\mathrm{ppm}$ TREO with the maximum result of 1,380ppm $(0.13\%)$ TREO. This forms a cluster of enriched REE's within the basement and remains open in all directions.
Figure 10. End of hole aircore REE results (as TREO+Y), Cowalinya Project
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eMetals Limited considers that the auger drilling has identified an anomalous concentration of rare earth elements within the surface. The air core drilling end of hole samples have demonstrated that there are anomalous concentrations of REE within the fresh bedrock of the Project.
The Company has identified that the auger and air core datasets do not adequately test the full regolith profile for ionic clay type REE mineralisation. The full regolith profile must be assayed to determine if REE's have accumulated in the saprolite clays. Exploration of the full regolith profile for REE is planned to test for development of IAC type mineralisation.
Exploration Plan
eMetals Limited has developed three target areas within the Cowalinya Project that show enriched REE within auger drilling that require testing at depth (Refer Figure 11). The Company is planning an air core drilling program to sample the anomalous areas. These anomalies will be drilled at an approximate 800m x 100m pattern to identify areas with enriched saprolite REE contents. EMT is planning to drill the Cowalinya Project towards the end of April.
Figure 11. Ionic Clay REE target zones, Cowalinya Project
DODGEY-TORQUATA PROJECT
The Dodgey-Torquata (D-T) Project is a 25.5km², 9 sub-block tenement (E70/5654) located near Jerramungup, south-west WA. The Project prospective for rare earth elements and base metals. The D-T prospect a circular magnetic 'bullseye' anomaly approximately 2km x 1.2km in size (Refer Figure 12).
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Figure 12. Dodgey-Torquata Project REE Results, E70/5654
D-T was previously explored via a ground magnetics survey that resolved a series of 'dipping plate' magnetic bodies. These modelled bodies were targeted by 8 reverse circulation drill holes for 1,236m. Drilling encountered a series of gabbro intrusions. The drill holes were assayed for major and multi-elements plus rare earth elements on a 4m composite basis. The geochemically significant rare earth element intersections are presented below above a 500ppm TREO+Y cut-off with a maximum 4m internal dilution;
GHC001 80m @ 0.07% (701ppm) TREO+Y from 112m to end of hole
GHC002 176m @ 0.09% (934ppm) TREO+Y from 4m to end of hole
Including 120m from 4m containing 213ppm Nd₂O₃, 54ppm Pr₂O₃
GHC004 48m @ 0.08% (871ppm) TREO+Y from 24m
52m @ 0.06% (667ppm) TREO+Y from 80m
GHC005 104m @ 0.08% (822ppm) TREO+Y from 0m to EOH
GHC006 40m @ 0.09% (888ppm) TREO+Y from 48m to EOH
Including 171ppm Nd₂O₃ and 44ppm Pr₂O₃
GHC007 20m @ 0.06% (631ppm) TREO+Y from 40m
40m @ 0.06% (638ppm) TREO+Y from 104m
4m @ 0.06% (630ppm) TREO+Y from 112m to EOH
GHC008 88m @ 0.09% (909ppm) TREO+Y from 0m
Including 12m @ 0.13% (1309ppm) TREO+Y from 24m
and 16m @ 0.13% (1344ppm) TREO+Y from 64m
Significant base metal anomalous was returned from the following holes associated with metagabbroic units;
GHC008 88m of 237ppm Cu from 88m to 172m
GHC009 108m at 305ppm Cu from 4m to 108m.
The Dodgey-Torquata system shows elevated barium (to 0.7%), scandium (20-100ppm), and phosphorus (>0.5% to 4%) associated with hematite-biotite altered, alkaline gabbro-norite.
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Copper and REE enriched alkaline gabbros are associated with carbonatitic magma series. Inspection of the existing modelling shows that a magnetic isosurface model remains untested at depth (Refer Figure 12). This is a target for discovering deeper base metal bearing gabbros, or REE enriched intrusive units. EMT will renew the magnetic inversion model to firm up a target at depth. The magmatic complex has not been explored by electrical geophysics, which is a priority for EMT once all usual land access and compensation agreements are in place.
CHIGGARIE ROCK PROJECT
Chiggarie Rock (E20/976) is an unexplored magnetic anomaly located in the Murchison, approximately 110 kilometres west of Cue. The tenement is approximately 15 kilometres west of the Poona Project and is accessible by station tracks and roads.
The Chiggarie Rock anomaly lies directly along strike from the Gnangooragoo Complex, on the interpreted terrane boundary within between the Murchison Domain and the Narryer Terrane, and is a prominent magnetic feature composed of both positive and negative amplitude magnetic anomalies (Refer Figure 13). A series of these magnetic anomalies are present within proximity to the interpreted terrane boundary.
Figure 13. E20/976, Chiggarie Rock Project location on the terrane boundary
EMT's recent discovery of the Mughal PGE prospect on E20/885 at Poona has highlighted the prospectivity of this area to host Ni-Cu-PGE mineralisation. EMT is planning a surface geochemical program and a low-level detailed aeromagnetic survey.
COOKES CREEK PROJECT
The Company has progressed plans to drill the McLeod's Vein prospect and has an approved Program of Works for three RC holes which the Company intends to drill upon heritage clearance. Emetals has undertaken a heritage and ethnographic survey of the proposed drill sites and access tracks at Cookes Creek. The Company continues to consult with the
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traditional owner groups to finalise the heritage survey report and gain permission to drill McLeod's Vein.
ONGOING EXPLORATION
The Company is mobilizing a drill rig to the Twin Hills gold project to in-fill and extend upon an initial successful RC drilling (see ASX announcement 25 February 2021). A further 1,200 metres of AC and RC drilling is planned. Thereafter, the Company will mobilise the drill rig to the Cowalinya ionic clay REE prospect to drill approximately 800m in a 'proof of concept' test.
CORPORATE
| CATEGORY | ASX CODE | NUMBER |
|---|---|---|
| Issued Ordinary Shares | EMT | 425,000,000 |
| Options ($0.05 – 31 Dec 2022) | Unlisted Options | 25,000,000 |
The Company engages Cicero Group Pty Ltd for accounting, administrative and company secretarial services at $6,000 per month (exclusive of GST). Mr Mathew Walker is a shareholder in Cicero Group Pty Ltd as disclosed in the Prospectus lodged on 5 November 2019. Payments of monthly and accrued Director fees, superannuation and provision of administration/consulting services totaled $42,355 during the March quarter.
eMetals provides the following disclosures required by ASX Listing Rule 5.3.4 regarding a comparison of its actual expenditure to date since listing on 24 January 2020 against the "use of funds" statement in its Prospectus dated 5 November 2019.
| EXPENDITURE ITEM | 2 Year Use of Funds $ 000 | MAR Q Use of Funds¹ $ 000 | Actual MAR Q SB $ 000 | Variance $ 000 | Notes and Expenditure details during the Quarter |
|---|---|---|---|---|---|
| Expenses of the Offer | $311 | $- | $- | $- | No costs incurred during quarter |
| Exploration Program costs and AMI | $3,200 | $346 | $512 | $166 | • Logistics planning, reconnaissance and geological mapping |
| • Geochemical sample collection (rock chip and soils) | |||||
| • Geophysical programs | |||||
| • RC Drilling Program | |||||
| • Sample transport and assay Analysis and reporting | |||||
| • Technical geologist and consultants. | |||||
| • Tenement legal, administration, reporting and management | |||||
| Acquisition costs and deposit | $50 | $- | $- | $- | Tenement applications and acquisitions. |
| Administration, Corporate and working capital | $982 | $106 | $79 | -$27 | • Staff Costs |
| • Legal expenses | |||||
| • Compliance and listing fees | |||||
| • Marketing and IR | |||||
| • Accounting and Company secretarial |
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| Other - GST | $ | $ | $ | -$66 | GST BAS Refund and interest income |
|---|---|---|---|---|---|
| Refund |
1 The use of funds is allocated on a budgeted basis to which expenditure incurred will be dependent on timing factors, resourcing, sequence & priority of work programs and impact of external economic & operational factors.
TENEMENT SCHEDULE AND UPDATES
Subsequent to the end of quarter the Kimber Well exploration license application E08/3285 was withdrawn.
| Tenements | Projects | No of Shares | Granted | Expires | Area (Blocks) |
|---|---|---|---|---|---|
| E09/2114 | NARDOO WELL | 100 | 28/08/2015 | 27/08/2025 | 42 |
| E09/2156 | YINNETHARRA | 100 | 6/02/2017 | 5/02/2022 | 35 |
| E09/2302 | PYRAMID HILL | 100 | 18/05/2020 | 17/5/2025 | 34 |
| E09/2358 | NARDOO WEST | 100 | 13/03/2019 | 12/03/2024 | 35 |
| E20/0885 | POONA | 90 | 26/07/2016 | 25/07/2021 | 50 |
| E20/0896 | POONA | 100 | 9/10/2017 | 8/10/2022 | 32 |
| E20/854 | CALLIES SOAK | 100 | 9/92016 | 6/9/2021 | 6 |
| E20/0963 | KYARRA | 100 | - | - | 67 |
| E20/0964 | KYARRA | 100 | - | - | 148 |
| E29/0950 | TWIN HILLS | 100 | 23/09/2015 | 22/09/2020 | 10 |
| E46/1095 | COOKES CREEK | 100 | 5/04/2017 | 4/04/2022 | 13 |
| E46/1163 | COOKES CREEK | 100 | 8/02/2018 | 7/02/2023 | 3 |
| E09/2464 | WILLI CREEK | 100 | - | - | 69 |
| E09/2463 | EUDAMULLAH | 100 | - | - | 28 |
| E63/2049 | COWALINYA | 100 | - | - | - |
| E63/2066 | COWALINYA | 100 | - | - | - |
| E20/976 | CHIGGARIE ROCK | 100 | - | - | - |
| E70/4555 | JERRAMUNGUP | 100 | - | - | - |
This announcement has been authorised by the Board of eMetals Limited.
For, and on behalf of, the Board of the Company
Mathew Walker
Director
EMETALS Limited
-ENDS-
Shareholders and other interested parties can speak to Mr Sonu Cheema if they have any queries in relation to this announcement: +618 6489 1600
Forward looking statements
This announcement contains forward-looking statements which are identified by words such as 'may', 'could', 'believes', 'estimates', 'targets', 'expects', or 'intends' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and our management. We cannot and do not give any assurance that the results, performance or
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achievements expressed or implied by the forward-looking statements contained in this prospectus will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. We have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by law. These forward looking statements are subject to various risk factors that could cause our actual results to differ materially from the results expressed or anticipated in these statements.
Competent Persons Statement
The information in this announcement that relates to Exploration Results is based on and fairly represents information and supporting documentation prepared by Mr Roland Gotthard. Mr Gotthard is a consultant geologist for eMetals and a member of the Australian Institute of Mining and Metallurgy. Mr Gotthard has sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this announcement and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ("JORC Code"). Mr Gotthard consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
ASX Listing Rules Compliance
In preparing the Quarterly Report for the period ended 31 March 2021 and to date, the Company has relied on the following ASX announcements.
| ASX Announcement | 12/04/2021 | EXPLORATION UPDATE |
|---|---|---|
| ASX Announcement | 29/03/2021 | EXPLORATION UPDATE |
| ASX Announcement | 25/02/2021 | HIGH GRADE GOLD IN MAIDEN DRILLING AT TWIN HILLS |
| ASX Announcement | 11/02/2021 | THE RAJ DELIVERS EXCEPTIONAL TANTALUM RESULTS |
| ASX Announcement | 4/02/2021 | ACQUISITION OF COWALINYA IONIC RARE EARTH PROJECT |
| ASX Announcement | 29/01/2021 | QUARTERLY ACTIVITIES REPORT AND APPENDIX 5B DEC 2020 |
| ASX Announcement | 8/12/2020 | EMETALS LIMITED INVESTOR PRESENTATION |
| ASX Announcement | 12/11/2020 | SIGNIFICANT NICKEL AND RARE METAL RESULTS AT POONA PROJECT |
| ASX Announcement | 30/10/2020 | QUARTERLY ACTIVITIES REPORT AND APPENDIX 5B SEP 2020 |
| ASX Announcement | 19/10/2020 | ADDITIONAL GOLD ANOMALIES DEFINED AT TWIN HILLS GOLD PROJECT |
| ASX Announcement | 28/06/2020 | ANNUAL REPORT 30 JUNE 2020 |
| ASX Announcement | 04/08/2020 | AUGER PROGRAM CONFIRMS TARGETS AT TWIN HILLS GOLD PROJECT |
| ASX Announcement | 30/07/2020 | QUARTERLY ACTIVITIES REPORT AND APPENDIX 5B JUN 2020 |
| ASX Announcement | 02/07/2020 | NEW TUNGSTEN, NIOBIUM AND RARE EARTH ANOMALIES DISCOVERED |
| ASX Announcement | 18/06/2020 | POONA PROJECT - COMPLETION OF ACQUISITION AND SETTLEMENT |
| ASX Announcement | 11/06/2020 | POONA PROJECT ACQUISITION FROM VENUS METALS CORPORATION |
| ASX Announcement | 29/05/2020 | EXPLORATION PROGRESS REPORT |
| ASX Announcement | 14/05/2020 | FURTHER EXPLORATION RESULTS - EXPLORATION RECOMMENCES |
| ASX Announcement | 29/04/2020 | QUARTERLY ACTIVITIES REPORT AND APPENDIX 5B MAR 2020 |
| ASX Announcement | 27/04/2020 | EXPLORATION RESULTS |
| ASX Announcement | 24/03/2020 | PROSPECTUS |
| ASX Announcement | 16/03/2020 | NARDOO HILL TENEMENT ACQUISITION |
| ASX Announcement | 16/03/2020 | VMC: AGREEMENT TO SELL NARDOO HILL TENEMENT |
| ASX Announcement | 9/03/2020 | NARDOO WELL EXPLORATION UPDATE |
| ASX Announcement | 5/11/2019 | PROSPECTUS |
Compliance Statement
This report contains information extracted from reports cited herein. These are available to view on the website. In relying on the above ASX announcements and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the abovementioned announcements or this Quarterly Report for the period ended 31 March 2021 and to date.
+61 8 6489 1600 • [email protected] • www.emetalslimited.com.au
Suite 9, 330 Churchill Avenue, Subiaco WA 6008 • PO Box 866, Subiaco WA 6904
EMETALS
LIMITED
JORC CODE, 2012 EDITION – TABLE 1
- SECTION 1 SAMPLING TECHNIQUES AND DATA
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Sampling techniques | • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. | |
| • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. | ||
| • Aspects of the determination of mineralisation that are Material to the Public Report. | ||
| • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. | • Rock chip samples were collected from outcrops | |
| • Stream sediment samples were taken as 115 mesh (0.1-0.4mm) dry sieved samples of outwash stream bed material | ||
| • Soil samples were taken by sieving ~100-300g of +0.4/-0.96mm material | ||
| • 100g of samples were taken in paper bags | ||
| • Every 20th sample was taken as a duplicate | ||
| • 2 standards of lithium pegmatite material were inserted every 100 samples | ||
| • Drill sampling is being undertaken via 4 metre composite samples in areas with no visual mineralization, and single metre cone split sampling in mineralized intervals | ||
| • Historical sampling methods include scoop, spear and single metre sampling via riffle or cone splitter | ||
| Drilling techniques | • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | • Drilling at Twin Hills is being undertaken with a reverse circulation face-sampling hammer bit |
| • Historical drilling includes RAB, AC and RC drilling of various diameters | ||
| Drill sample recovery | • Method of recording and assessing core and chip sample recoveries and results assessed. | |
| • Measures taken to maximise sample recovery and ensure representative nature of the samples. | ||
| • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | • Drilling is incomplete and quality of sample recovery data is therefore not finalized | |
| • Sample recovery was maximised via drilling of dry samples, at high air pressure | ||
| • No relationship between grade and sample recovery can be established at this time |
- 61 8 6489 1600 [email protected] www.emetalslimited.com.au
Suite 9, 330 Churchill Avenue, Subiaco WA 6008 PO Box 866, Subiaco WA 6904
EMETALS
LIMITED
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. | |
| • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. | ||
| • The total length and percentage of the relevant intersections logged. | • Rock chip samples were qualitatively logged | |
| • RC drilling is logged qualitatively by the on-site geologist from drill chip samples taken every metre | ||
| • Logging is undertaken on geology, alteration, veining, sulphides and shearing. Logging of vein and sulphide percentages is semi-quantitative | ||
| • All drill metres are logged | ||
| • Sub-sampling techniques and sample preparation | • If core, whether cut or sawn and whether quarter, half or all core taken. | |
| • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. | ||
| • For all sample types, the nature, quality and appropriateness of the sample preparation technique. | ||
| • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. | ||
| • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. | ||
| • Whether sample sizes are appropriate to the grain size of the material being sampled. | • Soil sampling is considered an appropriate regional exploration technique | |
| • Soil samples were taken of the +0.48 to -0.96mm size fraction, dry sieved in the field | ||
| • 100g of soil is considered a sufficient mass of sample for analysis | ||
| • +1kg of rock is considered acceptable, given the sampling had to be conducted on foot | ||
| • 20th samples were field duplicated to control for sampling biases in the field. | ||
| • 2 samples from every 100 were commercially available standards. Insufficient analyses exist for a statistically robust analysis of laboratory performance but results are within acceptable deviations from published values | ||
| • Every 6th sample from the RC drilling is duplicated from an alternate sample port into a 1m bag | ||
| • Every 20th composite sample is duplicated in the field and submitted for assay | ||
| • Quality of assay data and laboratory tests | • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. | |
| • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. | ||
| • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. | • Samples were analysed at Intertek Genalysis via 4 acid digest for 48 elements and rare earth elements (REE). Elements of economic significance which were likely to be hosted within refractory mineralogy (Nb, Ta, W, Y) were also assayed via peroxide fusion FP6 or FP1 methodology, to ensure accurate low detection limit assays and total digestion. | |
| • 4-Acid OES assays are considered appropriate for the elements assayed in this procedure | ||
| • Composite RC drill samples and auger drill samples are analysed by 33 element Aqua Regia digest | ||
| • Single metre RC samples are analysed by 25g lead-collection Fire Assay | ||
| • Laboratory standards, duplicates and blanks are considered appropriate for semi-quantitative stream sediment assaying |
- 61 8 6489 1600 [email protected] www.emetalslimited.com.au
Suite 9, 330 Churchill Avenue, Subiaco WA 6008 PO Box 866, Subiaco WA 6904
EMETALS
LIMITED
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Verification of sampling and assaying | • The verification of significant intersections by either independent or alternative company personnel. | |
| • The use of twinned holes. | ||
| • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. | ||
| • Discuss any adjustment to assay data. | • Samples were recorded in the field on hard copy maps and notebooks and locations compared to GPS data | |
| • Lithium, beryllium, tantalum, niobium, rare earth element and tungsten results in this release are presented as oxides, with conversion factors applied to convert from element to oxide. | ||
| • Element oxides for rare earth elements, Y, Ta, Nb and W were converted from elemental assays using conversion factors from https://www.jcu.edu.au/advanced-analytical-centre/services-and-resources/resources-and-extrac/element-to-stoichiometric-oxide-conversion-factors | ||
| • Location of data points | • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. | |
| • Specification of the grid system used. | ||
| • Quality and adequacy of topographic control. | • Samples and drill holes were located in the field on appropriate aerial photography and fixed with a handheld Garmin GPS unit | |
| • Datum is MGA 1994 Zone 50 South (Nardoo Well) and Zone 51 South (Twin Hills, Cowalinya) | ||
| • Accuracy is +/-3m and adequate | ||
| • Data spacing and distribution | • Data spacing for reporting of Exploration Results. | |
| • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. | ||
| • Whether sample compositing has been applied. | • N/A | |
| • Orientation of data in relation to geological structure | • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. | |
| • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. | • Drilling has been planned to be at a steep angle to the mapped structures but the orientation of structures to drilling at Twin Hills is not yet definitively known | |
| • Sample security | • The measures taken to ensure sample security. | • Samples were delivered by company personnel to the laboratory |
| • Iron Clad Prospecting data was provided exclusively to Iron Clad Prospecting Pty Ltd | ||
| • Audits or reviews | • The results of any audits or reviews of sampling techniques and data. | • N/A |
- 61 8 6489 1600 [email protected] www.emetalslimited.com.au
Suite 9, 330 Churchill Avenue, Subiaco WA 6008 PO Box 866, Subiaco WA 6904
EMETALS
LIMITED
Section 2 Reporting of Exploration Results
Criteria listed in the preceding section also apply to this section
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenure status | • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. | |
| • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | • Heritage Access agreements with native title holders exist over the tenure | |
| • All tenure is held 100% EMT save for E20/885 which is 90% EMT | ||
| Exploration done by other parties | • Acknowledgment and appraisal of exploration by other parties. | • Exploration results were sourced from WAMEX exploration reports available from the Department of Mines and Resources of Western Australia online databases as detailed on 28th January 2021 |
| Geology | • Deposit type, geological setting and style of mineralisation. | • Nardoo Well tungsten skarn is an epidote-scheelite exoskarn hosted in metamorphosed calcareous rocks |
| • Beryl Well is a Ta-Nb-Bi-Be-Li-Y-REE bearing pegmatite of an intermediate LCT-NYF type | ||
| • Skarnified gabbro containing rare earth element enrichments have been identified as a source of REE anomalous at New Well | ||
| • Callies Soak is a wolframite bearing greisen vein within granite | ||
| • Mughal Proepsct is hosted within mafic and ultramafic schists believed associated with the Gnangooragoo Complex layered intrusion | ||
| Drill hole Information | • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: | |
| • easting and northing of the drill hole collar | ||
| • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar | ||
| • dip and azimuth of the hole | ||
| • down hole length and interception depth | ||
| • hole length. | ||
| • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. | • Drilling at Twin Hills is incomplete and it is not appropriate to report this drill hole information at this stage of the exploration program |
- 61 8 6489 1600 [email protected] www.emetalslimited.com.au
Suite 9, 330 Churchill Avenue, Subiaco WA 6008 PO Box 866, Subiaco WA 6904
EMETALS
LIMITED
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Data aggregation methods | • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. | |
| • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. | ||
| • The assumptions used for any reporting of metal equivalent values should be clearly stated. | N/A | |
| • Relationship between mineralisation widths and intercept lengths | • These relationships are particularly important in the reporting of Exploration Results. | |
| • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. | ||
| • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). | N/A | |
| • Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | • A map showing tenement locations has been included |
| • Maps showing the distribution of mineralised occurrences and anomalies has been provided | ||
| • Balanced reporting | • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | • It is unfeasible and not considered relevant to present >2,600 soil samples in tabulated form |
| • All significantly anomalous samples referred to in the text are presented in the Appendices where appropriate | ||
| • The reader is referred to the appropriate historical exploration information that is readily available from Government websites. The Company does not republish WAMEX reports in order to maintain the integrity of the data as presented by the Department of Mines and Resources. | ||
| • Significantly anomalous samples are defined by >90° percentile of sample populations OR >300% average crustal abundance for REE’s | ||
| • Photographs of mineral specimens were collected by company personnel and are provided to illustrate the nature of mineralisation | ||
| • Other substantive exploration data | • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. | N/A |
- 61 8 6489 1600 [email protected] www.emetalslimited.com.au
Suite 9, 330 Churchill Avenue, Subiaco WA 6008 PO Box 866, Subiaco WA 6904
EMETALS
LIMITED
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Further work | • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). | |
| • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | • Field work planned includes confirmation sampling of pegmatite outcrops, mapping, surface geochemistry and drilling |
- 61 8 6489 1600 [email protected] www.emetalslimited.com.au
Suite 9, 330 Churchill Avenue, Subiaco WA 6008 PO Box 866, Subiaco WA 6904
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
eMetals Limited
ABN
Quarter ended ("current quarter")
71 142 411 390
31 March 2021
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
|---|---|---|
| 1. Cash flows from operating activities | ||
| 1.1 Receipts from customers | - | - |
| 1.2 Payments for | ||
| (a) exploration & evaluation | (87) | (605) |
| (b) development | - | - |
| (c) production | - | - |
| (d) staff costs | (42) | (206) |
| (e) administration and corporate costs | (37) | (174) |
| 1.3 Dividends received (see note 3) | - | - |
| 1.4 Interest received | 2 | 7 |
| 1.5 Interest and other costs of finance paid | (1) | (1) |
| 1.6 Income taxes paid | - | - |
| 1.7 Government grants and tax incentives | 3 | 11 |
| 1.8 Other (ATO Payments / Receivables) | 62 | 134 |
| 1.9 Net cash from / (used in) operating activities | (100) | (834) |
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
ASX Listing Rules Appendix 5B (17/07/20)
- 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
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 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 | (425) | (567) |
| 3. | Cash flows from financing activities | ||
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | - | - |
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | - | - |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | - | - |
| 3.7 | Transaction costs related to loans and borrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | - | - |
| 3.10 | Net cash from / (used in) financing activities | - | - |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 2,151 | 3,027 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (100) | (834) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (425) | (567) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | - | - |
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 4.5 | Effect of movement in exchange rates on cash held | - | - |
| 4.6 | Cash and cash equivalents at end of period | 1,626 | 1,626 |
| 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 | 116 | 73 |
| 5.2 | Call deposits | - | - |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (High Interest Account) | 1,510 | 2,078 |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 1,626 | 2,151 |
| 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 | 42 | |
| 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)
+ 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
| 7. | 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 |
| --- | --- | --- | --- |
| 7.1 | Loan facilities | - | - |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | - | - |
| 7.4 | Total financing facilities | - | - |
| 7.5 | Unused financing facilities available at quarter end | | - |
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | | |
| | - | | |
| 8. | Estimated cash available for future operating activities | $A'000 |
| --- | --- | --- |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (100) |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | (425) |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (525) |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 1,626 |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 1,626 |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 3.10 |
| | 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: NA | |
| | 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: NA | |
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
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: NA
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: 27/04/2021
Authorised by: 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.
- 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.
- 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".
- 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.