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IRIS METALS LIMITED — Interim / Quarterly Report 2022
Apr 28, 2022
65139_rns_2022-04-28_fcabb8df-bb83-4796-9318-9ef99adf5c85.pdf
Interim / Quarterly Report
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ASX Release: 29 April 2022
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QUARTERLY REPORT FOR THE PERIOD ENDED 31 MARCH 2022
Highlights:
-
High grade gold intercepts from maiden Reverse Circulation (RC) drill program at the Company’s flagship Kookynie Gold project.
-
Aeromagnetic interpretation at Leonora resulted in 7 high priority areas for follow up exploration.
-
Planning undertaken for the 2022 exploration season at Kookynie and Leonora.
-
Substantial work continuing in relation to a strategic acquisition, with an outcome nearing completion.
IRIS Metals Limited (“ IRIS ” or the “ Company ”) ( ASX:IR1 ) is pleased to provide an overview of the Company’s development activities for the quarter ended 31 March 2022.
Maiden Reverse Circulation (RC) Drill Results at Kookynie Gold Project
The Company reported very encouraging high-grade gold intercepts from its maiden RC drill program at Kookynie, with peak intercepts of 22.7g/t Au and 18.3g/t Au at the Lily and Big E prospects.
Additional stand out results include:
Lily Prospect:
-
8m @ 3.9 g/t Au from 17m, including 1m @ 7.6 g/t Au (LYRC005)
-
5m @ 6.1 g/t Au from 34m, including 1m @ 22.7 g/t Au (LYRC007)
-
5m @ 3.0 g/t Au from 26m, including 1m @ 6.7 g/t Au (LYRC006)
-
6m @ 3.7 g/t Au from 16m, including 1m @12.4 g/t Au (LYRC030)
-
5m @3.3 g/t Au from 45m, including 1m @ 8.3 g/t Au (LYRC032)
Big E Prospect:
-
1m @ 18.3 g/t Au from 9m (BERC004)
-
1m @ 6.6 g/t Au from 15m (BERC002)
Rise and Shine, Treasure, and Whale Prospects:
-
3m @ 2.9 g/t Au from 42m, including 1m @ 6.1g/t Au (RSRC030)
-
5m @ 1.3 g/t Au from 55m (RSRC012)
-
5m @ 1.0 g/t Au from 18m (RSRC016)
-
1m @ 8.2 g/t Au from 29m (TWRC018)
-
3m @3.1 g/t Au from 27m, including 1m @ 5.4 g/t Au (TWRC013)
The Company notes that these high grades are in keeping with the tenor of Kookynie as a high-grade gold field. Similarly, recent successful drill results from neighbouring companies highlight the fact that higher grades tend to occur at depth, whereas IRIS’ initial RC program was limited to shallow drilling.
Contact Details [email protected] www.irismetals.com
IRIS Metals Limited Contact Details ASX: IR1 www.irismetals.com Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000
Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary
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Figure 1: Peak Intercepts of IRIS Metals maiden RC drill program.
IRIS Metals Limited ASX: IR1
Contact Details [email protected] www.irismetals.com ABN 61 646 787 135
Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary
Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000
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The maiden Aircore (AC) drill program did not record any significant intercepts, however it is important to recognize that the program was limited in size due to rig availability prior to Christmas and that the initial AC program was only the first part of a much larger regional planned AC program, with further details provided below.
Aeromagnetic Interpretation Completed at Leonora Project
Aeromagnetic data interpretation of the Leonora airborne geophysical survey was successful in its identification of 7 high priority structures geological targets. The Leonora project is underexplored, and the new aeromagnetic data highlights the Company’s belief that utilising modern geological techniques can identify new structural targets and further delineate zones of known mineralisation.
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Figure 2: High resolution TMI aeromagnetic survey data covering all IRIS’ Leonora tenure.
Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary
IRIS Metals Limited Contact Details ASX: IR1 [email protected] www.irismetals.com Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000
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2022 Exploration Season
Throughout Q1, the Company has been actively planning its 2022 exploration program at both Kookynie and Leonora – reviewing information, data, undertaking desktop reviews, mapping and ultimately refining the proposed drill programs. Various Programs of Work (POWs) have been lodged with the Department of Mines for both drilling and various geochemical activities.
Kookynie
The Company is highly encouraged by the RC drill results achieved in its maiden RC drill program.
IRIS is fortunate to have one of the largest land positions in the heart of Kookynie, and as noted above, due to the Christmas/New Year period only had a small period within which it could undertake its planned regional AC exploration program.
The Company expects to resume its regional AC program at Kookynie, intended to test targets identified via ground mapping, desktop review and geophysics, in the short term.
In addition, various site reconnaissance ground truthing has led to the identification of additional areas of interest, which now form additional early-stage targets deserving of follow up.
Leonora
Since receipt of aeromagnetic interpretation and delineation of 7 high priority targets , the Company has been using this data in conjunction with historical geochemical data in an effort to further refine and confirm the identified areas of interest.
It is the Company’s intention to commence drill testing historic areas of interest as well as new targets delineated at Leonora after it concludes work at Kookynie.
Additional Tenure
On 26 April, the Company received confirmation from the Department of Mines that 2 Exploration leases have been granted.
-
E40/407 in Kookynie, adding a further 3km2 to the IRIS’ Kookynie land holding.
-
E29/1152 in Menzies (the Providence project), which as per the Company’s ASX release dated 9/11/2021 was identified by IRIS’s geophysicist and deemed prospective for Nickel and Gold.
Corporate
Strategic Acquisition
The concept of the Company entering into future acquisitions which meet its criteria was contemplated in the Company’s Prospectus and was reaffirmed in the September 2021 Quarterly Report and Half Yearly Report.
As announced initially on 10 January 2022 and then on 24 January 2022, IRIS advised that it was considering a potential material acquisition. This led to the voluntary suspension of its securities from trading.
The Company held discussions with the ASX in respect of that potential material acquisition. The Company sought to re-structure the potential material acquisition, but due to the uncertainty of the time frame by which this could be achieved in a manner that would satisfy the criteria for the Company to be able to re-
Directors IRIS Metals Limited Contact Details Simon Lill, Non-Executive Chairman ASX: IR1 [email protected] Tal Paneth, Executive Director www.irismetals.com Peter Marks, Executive Director Registered Office ABN Chris Connell, Non-Executive Director Level 6, 400 Collins Street 61 646 787 135 David Franks, Company Secretary MELBOURNE VIC 3000
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comply with Chapters 1 and 2 of the ASX Listing Rules, the Company has now made the decision to discontinue with this potential acquisition.
Ordinarily this would allow the Company to seek the re-instatement of its shares to trading on ASX, however during this period the Company identified a new project which it is in negotiations to acquire. As the Company is presently continuing these new discussions, its securities will remain in voluntary suspension pending the outcome of these new negotiations.
The Company will update the market as soon as possible.
IRIS Metals Limited ASX: IR1
Contact Details [email protected] www.irismetals.com
Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary
Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000
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Financial
Cash at the end of quarter was approximately $4.2 million, following net cash outflows from operations of $0.7 million for the period under review. . The material expense items of Exploration and Evaluation Costs and Administration and Corporate costs, being $0.52 million and $0.06 million respectively.
As per Section 6.1 of the 5B, Directors, being related parties of the Company, were paid remuneration in the amount of $113k during the March quarter. An amount of $43k was paid to one of the Directors for Geophysical work performed during the quarter.
Refer to the Appendix 5B for an overview of the Company’s financial activities during the Quarter Use of Funds. IRIS provides the following disclosures required by ASX Listing Rule 5.3.4 regarding a comparison of its actual expenditure to date since listing on 23 September 2021 against the ‘Use of Funds’ statement in its Prospectus dated 16 July 2021. Going forward, it is expected that, barring any unforseen circumstances, the Use of Funds will be in line with that set out in the Company’s 2021 Prospectus.
| Funds available | Note | Use of funds statement ($000s) |
Actual ($000s) | Variance ($000s) |
|---|---|---|---|---|
| Existingcash reserves | 1 | 100 | 194 | (94) |
| Funds raised from thepublic offer | 7,000 | 7,000 | (-) | |
| Total | 7,100 | 7,194 | (94) | |
| Allocation of funds | Note | Estimate expenditure Quarter to March 2022 ($000s) |
Actual expenditure to 31 March 2022 ($000s) |
Variance ($000s) |
| Exploration Expenditure | 2 | 1,568 | 1192 | 376 |
| Payment to vendors of tenements contingent upon IPO |
2 | 105 | 110 | (5) |
| Workingcapital and administration costs | 2 | 742 | 1,137 | (395) |
| Expenses of thepublic offer | 3 | 721 | 566 | 155 |
| Total | 3,136 | 3,005 | 131 |
Notes:
-
The actual opening cash balance at 1 July 2021 was higher than the balance used in the prospectus.
-
The company settled the transactions contemplated in the prospectus as maximum subscription on 15 September 2021. The actual use of funds to 31 March 2022 represents expenditure incurred since 01 July 2021 regarding exploration and evaluation of its two wholly owned projects.
-
Some expenses of the public offer were incurred in the preceding quarter.
ASX Announcements
During the quarter, the Company made 10 ASX announcements, 6 of which were deemed market sensitive. This announcements were as follows:
Directors IRIS Metals Limited Contact Details Simon Lill, Non-Executive Chairman ASX: IR1 [email protected] Tal Paneth, Executive Director www.irismetals.com Peter Marks, Executive Director Registered Office ABN Chris Connell, Non-Executive Director Level 6, 400 Collins Street 61 646 787 135 David Franks, Company Secretary MELBOURNE VIC 3000
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| Date | Description | Market Sensitive |
|---|---|---|
| 6/1/2022 | Pause in Trading | ✓ |
| 6/1/2022 | TradingHalt | ✓ |
| 7/1/2022 | Aeromagnetic SurveyHighlights the Potential at Leonora | ✓ |
| 10/1/2022 | Suspension from OfficialQuotation | ✓ |
| 17/1/2022 | Extension of Suspension fromQuotation | |
| 21/1/2022 | Release of Securities from Escrow | |
| 24/1/2022 | Proposed Material Acquisition & VoluntarySuspension Update | |
| 28/1/2022 | QuarterlyActivities/Appendix 5B Cash Flow Report | ✓ |
| 21/2/2022 | High Grade Intercepts Confirm Potential of Kookynie | ✓ |
| 2/3/2022 | Application forQuotation of Securities – IR1 |
Directors
IRIS Metals Limited ASX: IR1
Contact Details [email protected]
Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary
www.irismetals.com
Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000
ABN 61 646 787 135
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Tenement Schedule
| License | Location | License Type | Ownership |
|---|---|---|---|
| P37/8657 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P37/8686 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/8696 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P37/8720 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P37/8812 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P37/8936 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/8980 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/8981 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/8982 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/8983 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/8984 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/8985 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/8986 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/8987 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9033 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9034 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9035 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9159 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P37/9351 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9352 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9353 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9354 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9355 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9356 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9357 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9373 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P37/9374 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9385 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9386 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9387 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9388 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9389 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9390 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9391 | Leonora, WA | Prospecting Licence | IRIS METALS LTD (100%)* |
| P37/9468 | Leonora, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P37/9469 | Leonora, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P37/9470 | Leonora, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P37/9471 | Leonora, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P37/9472 | Leonora, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P37/9473 | Leonora, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P37/9474 | Leonora, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
Directors IRIS Metals Limited Contact Details Simon Lill, Non-Executive Chairman ASX: IR1 [email protected] Tal Paneth, Executive Director www.irismetals.com Peter Marks, Executive Director Registered Office ABN Chris Connell, Non-Executive Director Level 6, 400 Collins Street 61 646 787 135 David Franks, Company Secretary MELBOURNE VIC 3000
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| M40/336 | Kookynie, WA | Mining Lease | IRIS METALS LTD (100%) |
|---|---|---|---|
| P40/1333 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1334 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1379 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1383 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1384 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1385 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1386 | Kookynie, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P40/1391 | Kookynie, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P40/1400 | Kookynie, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P40/1413 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1419 | Kookynie, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P40/1420 | Kookynie, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P40/1448 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1463 | Kookynie, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P40/1471 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1489 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1494 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1505 | Kookynie, WA | Prospecting Licence | LOFASZ PTY LTD (100%) |
| P40/1535 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| P40/1509 | Kookynie, WA | Prospecting Licence | IRIS METALS LTD (100%) |
| E40/270 | Kookynie, WA | Exploration Licence | IRIS METALS LTD (100%) |
| E40/348 | Kookynie, WA | Exploration Licence | IRIS METALS LTD (100%) |
| E40/406 | Kookynie, WA | Exploration Licence | IRIS METALS LTD (100%) |
| E40/407 | Kookynie, WA | Exploration Licence | IRIS METALS LTD (100%) |
| E45/5939 | Paterson Province, WA | Exploration Licence | IRIS METALS LTD (100% - Under Application) |
| E29/1152 | Menzies, WA | Exploration Licence | IRIS METALS LTD (100%) |
- Subject to royalty agreement.
IRIS Metals Limited ASX: IR1
Contact Details [email protected] www.irismetals.com ABN 61 646 787 135
Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary
Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000
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This release is approved by the Board of IRIS Metals Limited.
About IRIS Metals Limited:
IRIS Metals (ASX:IR1) is a West Australian-focused exploration company. Its wholly-owned tenement portfolio includes a compelling landholding in central Kookynie - a gold camp renowned for its historical high grade gold production and bonanza gold grades, and strategic tenure in the highly prospective Tier-1 mining jurisdiction of Leonora. IRIS is pursuing a strategy of rapid prospect evaluation in recognised gold belts with a view to making economic discoveries, thereby enhancing shareholder value.
Forward looking Statements:
This announcement may contain certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These factors include, among other things, commercial and other risks associated with exploration, estimation of resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to IRIS Metals or not currently considered material by the company. IRIS Metals accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information.
IRIS Metals Limited Contact Details ASX: IR1 [email protected] www.irismetals.com Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000
Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity IRIS METALS LIMITED ABN Quarter ended (“current quarter”) 61 646 787 135 31 March 2022
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (12 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 |
(516) - - (168) (55) - - - - - - |
(1,494) - - (650) (486) - - - - - - |
| (739) | (2,630) | |
| 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 |
- - (2) - - - |
- - (54) - - - |
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 (12 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 |
- - - - - - - - - |
- - - - - - - - - |
| (2) | (54) | |
| 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 |
- - - (1) - - - - - |
7,000 - - (623) - - - - - |
| (1) | 6,377 | |
| 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) |
4,931 (739) (2) (1) |
496 (2,630) (54) 6,377 |
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 | Current quarter $A’000 |
Year to date (12 months) $A’000 |
|---|---|---|
| 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
||
| 4,189 | 4,189 | |
| 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 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
4,189 - - - |
4,931 - - - |
| 4,189 | 4,931 | |
| 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 1 156 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note to item 6.1: The amount of $156k was payment to Directors for the quarter ended 31 March 2022. |
156 | |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 3
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 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 |
|---|---|---|---|
| - | - | ||
| - | - | ||
| - | - | ||
| - | - | ||
| 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) (739) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (739) Cash and cash equivalents at quarter end (item 4.6) 4,189 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 4,189 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.67 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? |
(739) - (739) 4,189 - |
|
| 4,189 | |||
| Answer: N/A | |||
| 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? |
|||
| Answer: N/A |
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
8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
-
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
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2 This statement gives a true and fair view of the matters disclosed.
29 April 2022
Date: ...................................................................................
Board of Director
Authorised by: ...................................................................................
(Name of body or officer authorising release – see note 4)
Notes
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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.
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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.
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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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