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POLYMETALS RESOURCES LTD Interim / Quarterly Report 2021
65598_rns_2022-01-27_e08503fa-d3a2-4170-8734-396ed6a50239.pdf
Interim / Quarterly Report
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QUARTERLY ACTIVITIES REPORT PERIOD ENDED 31 DECEMBER 2021
Australian-based gold exploration and mining company Polymetals Resources Ltd (ASX: POL, Polymetals or the Company) is pleased to provide its Quarterly Activities Report for the quarter ended 31 December 2021 (Quarter).
KEY HIGHLIGHTS
- Commencement of planned 10,000m auger drilling program at Alahiné gold project in gold-rich Siguiri Basin, Guinea.
- Auger program focussed on near surface supergene gold zones previously identified by Polymetals and undrilled prospects which display significant (>100ppb) soil Au anomalies.
- Final assay results received from 2021 Exploration drill program (Phase 2) at Alahiné.
- Key gold intersections include:
- o AH21ARC094
- 1m @ 51.73 g/t Au from 9m
- o AH21ARC095
- 1m @ 96.00 g/t Au from 8m
- o AH21ARC096
- 1m @ 34.2g/t Au from 18m
- o AH21ARC102
- 13m @ 0.73 g/t Au from 8m, and
- 10m @ 0.89 g/t Au from 47m,
- o AH21ARC103
- 19m @ 0.99 g/t Au from 80m (hole ended in mineralisation)
- Including 9m @ 1.03 g/t Au from 90m,
- o AH21ARC094
- Completion of water bore installation at Alahiné and Saourou villages.
- Polymetals CEO attended site in December assessing operations onsite in addition to meeting with key Government officials.
GUINEA EXPLORATION
Polymetals is focused on exploring two licences within Guinea's Siguiri Basin which hosts several large active gold mining operations and is notable for its significant and widespread gold anomalism.
The Exploration Licences, known as Alahiné (64.2km2 ) and Mansala (48.2km2 ), host prolific historic and current small scale gold production conducted by artisanal miners confirming the extensive gold endowment of the area.
Figure 1: Regional West African gold deposits relative to the Company's Exploration Licences
COMMENCEMENT OF AUGER DRILLING AT ALAHINÉ IN SIGUIRI BASIN, GUINEA
During the quarter, Polymetals commenced its planned 10,000m auger drilling program at the Company's Alahiné Gold Project, located in Guinea's Siguiri Basin, West Africa (ASX announcement 22 November 2021 "Auger Drilling Commences at Alahine in Siguri Basin, Guinea").
Auger drilling will initially focus on near surface high grade supergene gold deposits. This will involve drilling of several examples of this ore type identified by the Company's Phase 2 drilling program.
The gold content of the near surface lateritic gravels is variable, but high grade values of 1m at 51.73 g/t in hole AH21ARC094 and 1m at 96.00 g/t in hole AH21ARC095 are considered very significant (refer to ASX release dated 20 October 2021 "Additional Positive Results From Phase 2 Drilling Program"). The planned targets proximate to the near surface high grade zones will be completed on a 20m x 20m grid (please refer to figure 2 for further detail).
The Company notes the successful use of auger drilling to identify gold mineralisation, with a recent case study being that of Predictive Discovery who delineated a multi-million ounce gold discovery at its Bankan Project, also in the Siguiri Basin. Predictive undertook considerable auger drilling to look beneath an expansive soil anomaly, and given the relatively low cost of auger drilling, this is a simple cost effective strategy the Company is seeking to replicate.
The Company has engaged Sahara Natural Resources to complete the auger program. The samples are to be analysed at the SGS laboratory in Bamako, Mali. The planned program will also test several undrilled prospects which display significant (>100ppb) soil Au anomalies.
Results from the Phase 2 drilling program suggest that soil values of this magnitude and higher are indicative of near surface high grade supergene gold deposits. Ten priority targets, adjacent to >100ppb gold in soil anomalies and nearby artisanal workings were selected for testing within this program. Testing will be completed on a 50m x 100m grid (please refer to figure 3 for further information). Further preparatory field work and laboratory studies will be carried out to confirm primary gold mineralisation targets within this well-endowed gold exploration licence.
Figure 2: Planned auger program focussed on high-grade Phase 2 results (20x20 grid)
Figure 3: Alahiné planned auger program
FINAL ASSAYS RECEIVED FROM ALAHINÉ PHASE 2 DRILLING PROGRAM
The commencement of the Auger drilling follows completion of the Company's Alahiné Phase 2 drilling program. The Company received its third and final batch of assay results from Phase 2 in October (refer to ASX announcement dated 20 October 2021"Additional Positive Results from Phase 2 Driling Program").
The Phase 2 drilling program comprised 98 drill holes, consisting of 94 Air Core (AC) and 4 Reverse Circulation (RC), for a total of 7,320m. The drilling program was designed to test the prolific artisanal gold workings, areas enclosed by 40 ppb Au-in-soil contour and new priority targets identified by the Polymetals exploration team.
Key gold intersections reported within the final batch of assays include:
- o AH21ARC094
- 1m @ 51.73 g/t Au from 9m
- o AH21ARC095
- 1m @ 96.00 g/t Au from 8m
- o AH21ARC096
- 1m @ 34.2g/t Au from 18m
- o AH21ARC102
- 13m @ 0.73 g/t Au from 8m, and
- 10m @ 0.89 g/t Au from 47m,
- o AH21ARC103
- 19m @ 0.99 g/t Au from 80m (hole ended in mineralisation)
- Including 9m @ 1.03 g/t Au from 90m
- o AH21ARC109
- 3m @ 2.50 g/t Au from 32m
- o AH21ARC110
- 3m @ 1.26 g/t Au from 38m,
- 4m @ 2.50 g/t Au from 58m, and
- 7m @ 1.16 g/t Au from 76m
- o AH21ARC125
- 3m @ 6.81 g/t Au from 7m
Geological investigations of the Alahiné exploration licence are still at an early stage, but the broad strategy of the Phase 2 drilling program was to investigate the well-defined NNE trending soil gold response located in the eastern third of the licence area.
Plan and cross-sectional views of the reported holes are provided in Figures 4 to 7. Detailed results of significant intercepts can be found in Table 1.
The Phase 2 program has focused on:
-
- Follow-up of mineralised intercepts from the Phase 1 drilling program,
-
- Follow-up of the best soil-Au anomalies not yet tested, and
-
- Investigation of intense artisanal mining activity.
With a strike length in excess of 4km and with drill traverses spaced at 500m intervals, numerous anomalous responses remain untested.
As shown in Figures 4 to 7, very similar geology has been encountered over the strike length tested. Deep but variable weathering ranging from 50 to 100m vertical depth has been encountered. The nature of the lateritic profile is unclear at present, but appears to comprise auriferous lateritic gravels overlying a well-developed mottled zone which gives way to intensely bleached saprolite, saprock then fresh rock. Section 1294450N (Figure 4) records partial erosion of the present-day lateritic profile with thicknesses varying from 10m to zero, in the centre of the traverse. For the two more southerly traverses, the ferruginous profile is intact and varies in thickness from 15m in section 1293950N (Figure 5) to 5m in section 1291950N (Figure 6).
The gold content of the near surface lateritic gravels is variable, but values of 1m at 51.73 g/t in hole AH21ARC094 and 1m at 96.00 g/t in hole AH21ARC095 are significant (refer to Figure 2).
Within the zone of saprolitic weathering, Figures 4 to 6 illustrate the extent of quartz veining and gold mineralisation. These zones are extensive and contain two types of targets that require follow-up:
-
- Narrow intercepts of >10 g/t Au (eg. holes AH21ARC0651, AH21ARC0741, AH21ARC0751 and AH21ARC094), and
-
- Shallow but potentially economic low-grade intercepts such as shown in holes AH21ARC074 and AH21ARC102
The current program has focussed principally on shallow supergene gold resources within the weathered zone, but high gold values (eg. 21.40 g/t Au in hole AH21ARC065 and 11.56 g/t Au in hole AH21ARC075) encountered at Air Core refusal hints at deeper potential (Refer to ASX release dated 15 September 2021 "Further Positive Results From Phase 2 Drilling Program"). Similarly, intense artisanal activity recovering high grade gold from shallow depth implies a gold source nearby. Potentially deeper, unweathered portions of that source are an important target.
Figure 4: Alahiné Section 1294450N showing gold mineralised intercepts (Note: down hole length, true width not known)
Page 8of 23
Figure 5: Alahiné Section 1293950N showing gold mineralised intercepts (Note: down hole length, true width not known)
Page 9 of 23
Figure 6: Alahiné Section 1291950N showing gold mineralised intercepts (Note: down hole length, true width not known)
Page 10 of 23
Figure 7: Alahiné North plan view showing all Phase 2 results.
Table 1: Alahiné significant mineralised intercepts from second batch of assay results.
| Hole ID | From (m) | To (m) | Significant Gold Intersections(Interval (m) @ g/t gold) |
|---|---|---|---|
| AH21ARC088 | 9 | 13 | 4m @ 0.32 g/t Au |
| AH21ARC092 | 1 | 9 | 8m @ 0.44 g/t Au |
| AH21ARC093 | 96 | 97 | 1m @ 1.05 g/t Au |
| 9 | 10 | 1m @ 51.73 g/t Au | |
| AH21ARC094 | 22 | 23 | 1m @ 1.07 g/t Au |
| 8 | 9 | 1m @ 96.00 g/t Au | |
| AH21ARC095 | 56 | 57 | 1m @ 0.52 g/t Au |
| AH21ARC096 | 18 | 19 | 1m @ 34.20 g/t Au |
| AH21ARC098 | 32 | 33 | 1m @ 0.82 g/t Au |
| AH21ARC099 | 37 | 38 | 1m @ 2.79 g/t Au |
| AH21ARC101 | 61 | 62 | 1m @ 3.01 g/t Au |
| 4 | 5 | 1m @ 1.11 g/t Au | |
| AH21ARC102 | 8 | 21 | 13m @ 0.73 g/t Au |
| 47 | 57 | 10m @ 0.89 g/t Au | |
| 55 | 56 | 1m @ 3.37 g/t Au | |
| 19m @ 0.99g/t Au | |||
| AH21ARC103 | 80 | 99 | Including 9m @ 1.03 g/t Au from 90m |
| (hole ended in mineralisation) | |||
| 58 | 59 | 1m @ 0.38 g/t Au | |
| AH21ARC104 | 77 | 78 | 1m @ 0.35 g/t Au |
| 86 | 87 | 1m @ 15.93 g/t Au | |
| AH21ARC107 | 16 | 17 | 1m @ 0.41 g/t Au |
| 23 | 24 | 1m @ 0.61 g/t Au | |
| 32 | 35 | 3m @ 2.50 g/t Au | |
| AH21ARC109 | 55 | 56 | 1m @ 5.17 g/t Au |
| 60 | 64 | 4m @ 0.78 g/t Au | |
| 86 | 87 | 1m @ 0.41 g/t Au | |
| 4 | 5 | 1m @ 0.46 g/t Au | |
| 33 | 34 | 1m @ 0.48 g/t Au | |
| 38 | 41 | 3m @ 1.26 g/t Au | |
| AH21ARC110 | 58 | 62 | 4m @ 2.50 g/t Au |
| 68 | 69 | 1m @ 2.24 g/t Au | |
| 76 | 83 | 7m @ 1.16 g/t Au | |
| 7 | 8 | 1m @ 0.64 g/t Au | |
| AH21ARC111 | 47 | 51 | 4m @ 0.76 g/t Au |
| AH21ARC112 | 5 | 6 | 1m @ 1.17 g/t Au |
| 2 | 3 | 1m @ 0.89 g/t Au | |
| 17 | 18 | 1m @ 0.35 g/t Au | |
| AH21ARC113 | 32 | 38 | 6m @ 0.88 g/t Au |
| 52 | 53 | 1m @ 0.33 g/t Au | |
| 27 | 28 | 1m @ 0.80 g/t Au | |
| 37 | 38 | 1m @ 0.40 g/t Au | |
| AH21ARC114 | 42 | 47 | 5m @ 0.45 g/t Au |
| 61 | 62 | 1m @ 0.43 g/t Au | |
| AH21ARC117 | 0 | 2 | 2m @ 0.41 g/t Au |
| AH21ARC118 | 10 | 13 | 3m @ 0.28 g/t Au |
| 15 | 16 | 1m @ 0.81 g/t Au |
Page 12 of 23
| Hole ID | From (m) | To (m) | Significant Gold Intersections(Interval (m) @ g/t gold) |
|---|---|---|---|
| 35 | 37 | 2m @ 1.07 g/t Au | |
| 44 | 45 | 1m @ 0.46 g/t Au | |
| 48 | 49 | 1m @ 0.37 g/t Au | |
| 51 | 52 | 1m @ 0.52 g/t Au | |
| 2m @ 0.58 g/t Au | |||
| 56 | 58 | (hole ended in mineralisation) | |
| AH21ARC120 | 90 | 92 | 2m @ 0.65 g/t Au |
| AH21ARC124 | 39 | 41 | 2m @ 0.74 g/t Au |
| 7 | 10 | 3m @ 6.81 g/t Au | |
| AH21ARC125 | 36 | 37 | 1m @ 0.45 g/t Au |
| 19 | 23 | 4m @ 0.49 g/t Au | |
| 43 | 47 | 4m @ 0.81 g/t Au | |
| 55 | 59 | 4m @ 0.58 g/t Au | |
| AH21ARC126 | 71 | 73 | 2m @ 1.99 g/t Au |
| 97 | 104 | 7m @ 0.28 g/t Au | |
| 108 | 109 | 1m @ 0.36 g/t Au |
GUINEA POLITICAL SITUATION
Polymetals advises that Moussa Magassouba, the former director general of AngloGold Ashanti's (JSE: ANG) (NYSE: AU) local subsidiary has been appointed as Guinea's mines and geology minister. Magassouba, has more than 20 years experience in the industry. Industry experts believe this appointment is reassuring for the wider mining industry and expect Magassouba will be attentive to industry stakeholders. Polymetals is pleased to advise that despite the coup in September of this year, its operations on the ground have not been impacted, and we further note the appointment of Guinea's new Prime Minister Mohamed Beavogui to oversee the transition to a civilian-led government (ASX announcement 22 November 2021 "Auger Drilling Commences at Alahine in Siguri Basin, Guinea").
COMMUNITY DEVELOPMENT PROGRAM
During October, the Company drilled and installed water wells within Alahiné and Saourou villages, which will provide accessible water to the community. These wells show Polymetals' active engagement and strong relationship with the local communities. (ASX announcement 22 November 2021 "Auger Drilling Commences at Alahine in Siguri Basin, Guinea").
Figure 8: Saourou Village Chief drawing the first water from the village water bore.
INVESTOR PRESENTATION
The Company's Chief Executive Officer, Mr Alex Hanly, presented about the Company to investors at the virtual NWR Resources Series "Mining's Top Microcaps and Midcaps" in October. A copy of the presentation can be found attached to the ASX announcement dated 26 October 2021. (ASX announcement 22 October 2021 "Polymetals to Present at NWR Resources Series").
BUSINESS DEVELOPMENT
The Company is currently reviewing and investigating various new business opportunities within the Siguiri Basin and Australia.
CORPORATE
Annual General Meeting and issuing of Loan Funded Shares
The Company held its Annual General Meeting on 29 November 2021. All resolutions put to the meeting were passed by way of a poll. Details of the resolutions are included in the Company's Notice of Meeting (NoM) (ASX announcement 28 October 2021 "Notice of Annual General Meeting").
Following the approval of resolutions at the AGM, the Company issued 3,100,000 Loan Funded Shares (LFS) which included 1,600,000 LFS to Non-Executive Directors. The LFS are unlisted and subject to terms outlined in the NoM.
Appointment of Joint Company Secretary
The Company appointed Mr Kurt Laney as Joint Company Secretary in October (ASX announcement 29 October 2021 "Appointment of Joint Company Secretary").
Mr Laney is an experienced Chartered Accountant (CAANZ) who has worked alongside Mr Vincent Fayad in the CFO and Company Secretarial roles of Polymetals since the Company's listing on the ASX. Mr Laney is an Associate Director of Vince Fayad and Associates Pty Ltd. Mr Laney has also worked in several similar roles for other ASX listed companies and is highly experienced in exploration company requirements.
Mr Vincent Fayad and Mr Laney will act as Joint Company Secretaries.
ASX Additional Information
The Company provides the following information pursuant to ASX Listing Rule requirements:
- ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure spend during the quarter was $334,128.
Full details of exploration activity during the December 2021 quarter are set out in this report. Below is the breakdown of the expenditure incurred:
Table 1: Breakdown of the expenditure incurred
| Property | Nature of expenses | Amount ($) |
|---|---|---|
| Mansala | Wage for people onsite, security and storage | 14,392 |
| Mansala | Geology and Geophysics | 1,429 |
| Alahiné | Wages, security and storage | 69,821 |
| Alahiné | Drilling | 142,921 |
| Alahiné | Geology and Geophysics | 105,565 |
| Total Exploration costs | 334,128 |
2. ASX Listing Rule 5.3.2:
The Company confirms that there was no mine production and development activities for the quarter.
3. ASX Listing Rule 5.3.4:
The Company provides the following update between its actual expenditure incurred during the quarter to that of the Use of Funds (refer to ASX release dated 25 June 2021 "Updated Use of Funds Table").
Table 2: Updated Use of Funds Table
| Use of Funds | Estimate of the | Actual to | Balance |
|---|---|---|---|
| first 2 years after | December 2021 | Remaining ($) | |
| ASX admission ($) | Quarter ($) | ||
| Expenditure at Alahiné and Mansala | 2,350,000 | 1,254,736 | 1,095,264 |
| Environmentalsurveysand | 150,000 | - | 150,000 |
| consultants | |||
| Guinea operations and logistics | 500,000 | 93,693 | 406,307 |
| Expenses of the Offer | 637,000 | 486,848 | 150,152 |
| Administrative Costs | 1,845,815 | 569,540 | 1,276,275 |
| Total | 5,491,815 | 2,404,817 | 3,086,998 |
1 Polymetals Use of Funds – ASX Prospectus 25 June 2021 Item 5.6 'Proposed Exploration Program and Expenditure''
2 The variance between the Company's cash balance contained within its quarterly Appendix 5B compared to the 'Balance Remaining' in Table 2 above, reflects the Company's bank balance prior to its listing on the Australian Securities Exchange (ASX).
Variances in the above table are due to the expenditures incurred up to the December 2021 quarter only representing a period of 6 months against the proposed use of funds which has been tabled over a 2-year period within the Company's Prospectus.
- ASX Listing Rule 5.3.5: Payment to related parties of the Company and their associates during the quarter was $16,000 in cash.
The Company advises that this relates to remuneration of Directors only. Please see the Remuneration Report in the Company's Prospectus for further details on Directors' Remuneration. Set out below is the following additional information in relation to the cash flow statement:
| Name of Director | Nature of Payment | Amount ($) |
|---|---|---|
| David Sproule | Ongoing Director fees | - |
| Christopher Johnston | Ongoing Director fees | 16,000 |
| Christopher Schroor | Ongoing Director fees | - |
| Total | 16,000 |
Table 3: Director's remuneration
Tenements
In accordance with Listing Rule 5.3.3, Polymetals provides the following Information concerning its exploration licences. No applications were made during the quarter by the Company to acquire further licences or surrender its existing licences.
The following table lists the Company's exploration licences held at the end of the quarter, and their location:
Table 4: Polymetals exploration licences
| Project | Exploration Licence | Location | Status | Ownership |
|---|---|---|---|---|
| Alahiné | EL22123 | Republic of Guinea | Granted | 100% |
| Mansala | EL22694 | Republic of Guinea | Granted | 100% |
SCHEDULE OF ANNOUNCEMENTS
Table 5: Announcements referenced within this report.
| Announcement Description | Date |
|---|---|
| Proposed Loan Funded Share Plan | 7 Oct 2021 |
| Alahine Phase 2 Drilling Program - Updated Results | 20 Oct 2021 |
| Polymetals to Present at NWR Resources Series | 22 Oct 2021 |
| Notice of Annual General Meeting | 28 Oct 2021 |
| Appointment of Joint Company Secretary | 29 Oct 2021 |
| Auger Drilling Commences at Alahine | 22 Nov 2021 |
| Loan Funded Share Plan Rules | 29 Nov 2021 |
COMPETENT PERSON STATEMENT
The information in this ASX Announcement that relates to Exploration Results is based on information compiled by Dr Christopher Johnston, a Competent Person who is a Member of the Australian Institute of Geoscientists. Dr Johnston is a Director of Polymetals Resources Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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". Dr Johnston consents to the inclusion in this ASX Announcement of the matters based on his information in the form and context in which it appears.
This announcement was authorised for release by the Board of Polymetals Resources Ltd.
Contact information:
Alex Hanly Chief Executive Officer [email protected] +61 (0) 448 418 725
Victoria Humphries Media & Investor Relations [email protected] +61 (0) 431 151 676
For more information, visit www.polymetals.com.
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
| Name of entity | |||
|---|---|---|---|
| POLYMETALS RESOURCES LTD | |||
| ABN | Quarter ended ("current quarter") | ||
| 73 644 736 247 | December 2021 | ||
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date (6months)$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 | (70) | (215) | |
| (e) administration and corporate costs | (96) | (222) | |
| 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) operatingactivities | (166) | (437) |
| 2. | Cash flows from investing activities | ||
| 2.1 | Payments to acquire: | ||
| (a) entities | - | - | |
| (b) tenements | - | - | |
| (c) property, plant and equipment | (93) | (93) | |
| (d) exploration & evaluation | (334) | (1,033) | |
| (e) investments | - | - | |
| (f)other non-current assets | - | - |
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date (6months)$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) investingactivities | (427) | (1,126) |
| 3. | Cash flows from financing activities | ||
| 3.1 | Proceedsfromissuesofequitysecurities (excluding convertible debtsecurities) | - | - |
| 3.2 | Proceeds from issue of convertible debtsecurities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.4 | Transaction costs related to issues ofequity securities or convertible debtsecurities | - | (97) |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | - | (250) |
| 3.7 | Transaction costs related to loans andborrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | - | - |
| 3.10 | Net cash from / (used in) financingactivities | - | (347) |
| 4. | Net increase / (decrease) in cash andcash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginningof period | 3,698 | 5,015 |
| 4.2 | Net cash from / (used in) operatingactivities (item 1.9 above) | (166) | (437) |
| 4.3 | Net cash from / (used in) investingactivities (item 2.6 above) | (427) | (1,126) |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms. Page 2
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date (6months)$A'000 | |
|---|---|---|---|
| 4.4 | Net cash from / (used in) financingactivities (item 3.10 above) | - | (347) |
| 4.5 | Effect of movement in exchange rateson cash held | - | - |
| 4.6 | Cash and cash equivalents at end ofperiod | 3,105 | 3,105 |
| 5. | Reconciliationofcashandcashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) tothe related items in the accounts | Current quarter$A'000 | Previous quarter$A'000 |
|---|---|---|---|
| 5.1 | Bank balances | 105 | 698 |
| 5.2 | Call deposits | 3,000 | 3,000 |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end ofquarter (should equal item 4.6 above) | 3,105 | 3,698 |
| 6. | Payments to related parties of the entity and theirassociates | Current quarter$A'000 |
|---|---|---|
| 6.1 | Aggregate amount of payments to related parties and theirassociates included in item 1 (Director Fees) | 16 |
| 6.2 | Aggregate amount of payments to related parties and theirassociates included in item 2 | - |
Note : The above payments to directors reflect fees for services rendered during the current quarter. More information concerning the breakdown of the relevant director payments can be found within the accompanying Quarterly Announcement.
| 7. | FinancingfacilitiesNote: the term "facility' includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity. | Total facilityamount at currentquarter end$A'000 | Amount drawnamount atprevious quarter$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 additionalfinancing facilities have been entered into or are proposed to be entered into afterquarter end, include a note providing details of those facilities as well. | ||
| Not applicable. | |||
| 8. | Estimated cash available for future operating activities | $A'000 | |
| 8.1 | Net cash from / (used in) operating activities (Item 1.9) | (166) | |
| 8.2 | (Payments for exploration & evaluation classified as investingactivities) (item 2.1(d)) | (334) | |
| 8.3 | Total relevant outgoings (Item 8.1 + Item 8.2) | (500) | |
| 8.4 | Cash and cash equivalents at quarter end (Item 4.6) | 3,105 | |
| 8.5 | Unused finance facilities available at quarter end (Item 7.5) | - | |
| 8.6 | Total available funding (Item 8.4 + Item 8.5) | 3,105 | |
| 8.7 | Estimated quarters of funding available (Item 8.6 dividedby Item8.3) | 6.21 | |
| 8.8 | If Item 8.7 is less than 2 quarters, please provide answers to the following questions: | ||
| 1.Does the entity expect that it will continue to have the current level of netoperating cash flows for the time being and, if not, why not? | |||
| Answer: N/A as item 8.7 is greater than 2. | |||
| 2.Has the entity taken any steps, or does it propose to take any steps, to raisefurther cash to fund its operations and, if so, what are those steps and howlikely does it believe that they will be successful? | |||
| Answer: N/A as item 8.7 is greater than 2. | |||
- 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 as item 8.7 is greater than 2.
Compliance statement
- 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- 2 This statement gives a true and fair view of the matters disclosed.
Date: 28 January 2022
Authorised by: By the Board
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.