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RAIDEN RESOURCES LIMITED Interim / Quarterly Report 2023
65675_rns_2023-10-25_1ac38d33-675e-4b20-8a0f-74dde565da38.pdf
Interim / Quarterly Report
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RAIDEN QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDED 30 SEPTEMBER 2023
Highlights of quarterly activities
- High-grade lithium pegmatites defined at the Andover South Project (E47/4061 & E47/4062)1,2,3
- Outcropping pegmatites defined across a ~3.5-kilometre long, 600m wide pegmatite field on Andover South Project tenements, with individual pegmatites outcropping up to 50 metre widths
- Multiple swarms of pegmatites have been mapped throughout E47/4062
- Significant results from Andover South (those >1% Li2O) include:
- o 2.42% Li2O sample R21896
- o 2.27% Li2O sample R21895
- o 2.22@ Li2O sample R21160
- o 2.11% Li2O sample R21826
- o 1.85% Li2O sample R21825
- o 1.81% Li2O sample R21876
- o 1.77% Li2O sample R21868
- o 1.69% Li2O sample R21887
- o 1.64% Li2O sample R21866
- o 1.52% Li2O sample R21871
- o 1.49% Li2O sample R21886
- o 1.44% Li2O sample R21869
- o 1.43% Li2O sample R21859
- o 1.35% Li2O sample R21870
- o 1.30% Li2O sample R21865
- First batch of assays from Andover South program (81 out of 301 rock chip assays received during the reporting period), with additional results still pending
- Consistently anomalous rubidium grades in rock samples, with grades up to 0.36% Rb
- Raiden acquired lithium-tantalum-caesium rights over its 100% owned Arrow Project
- Mt Sholl Metallurgical work underway
- Company entered into a binding agreement regarding its 100% owned Kalabak project in Bulgaria
ASX CODE: RDN DAX CODE: YM4
BOARD & MANAGEMENT
Non-Executive Chairman Mr Michael Davy
Managing Director Mr Dusko Ljubojevic
Non-Executive Director Mr Dale Ginn
Non-Executive Director & Company Secretary Ms Kyla Garic
Chief Operating Officer Mr Warrick Clent
ASSET PORTFOLIO
SERBIA Cu & Au (~150km2 )
BULGARIA Cu, Au & Ag (~409km2 )
AUSTRALIA Li, Au, Cu, Ni & PGE (~840km2 )
Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to provide its report on activities and progress made during the September 2023 Quarter:
Exploration Activities in Western Australia
Andover Project
The mapping and outcrop sampling program undertaken in August over E47/4061 & E47/4062, was the maiden detailed field program carried out over the project area. Following the recent acquisition of the tenements from Welcome Exploration Pty Ltd and on definition of the pegmatite hosted Li2O mineralisation the Andover project has become the focus for the Company and further systematic work over the entire project is being undertaken.
The Company conducted a program of mapping and rock sampling of outcropping pegmatites within the Andover South tenements, where likely Spodumene crystals were noted in several samples by the Company's geologists (Note: definitive XRD analysis of selected samples is currently being undertaken by ALS laboratory in Perth to confirm this visual interpretation of mineralisation – results are awaited). Subsequent to the quarter end, the Company confirmed spodumene content up to 29% from the initial reconnaissance sampling.
Figure 1: Raiden's Andover South Project and adjacent Azure Minerals Ltd.'s Andover Lithium project4
Figure 2: Andover South Project – mapped pegmatites with current and previously reported rock chip sampling samples3
Figure 3: Significant rock chip Li2O results within the E47/4062 (Andover South Project)3
Mapping defined a 50-metre-wide pegmatite zone, which outcrops over a 170-metre strike, and which has returned grades of up to 1.81% Li2O (sample R21876). These observations and results correlate well, and further substantiate, the reported pegmatite outcrops observed with up to 30m widths2 , located approximately 350 metres north-east of the 50m wide pegmatite outcrop. Potential extensions of the pegmatites are interpreted by Company geologists to extend beyond the currently defined outcrops and are based on vegetation anomalies located directly along strike.
During the reporting period, a total of 301 rock chip samples have been collected from outcrops on the Andover South Project. The first batch of assays accounts for only 81 of that total, with further results still pending during the reporting period. It is noted that of the 81 samples reported, 17% of the samples returned grades greater than 1.00% Li2O (14 samples out of 81), further confirming the high-grade prospectivity of the Andover South project3 .
Rubidium Results
Sampling results have returned consistently anomalous Rubidium results. A significant percentage of results returned >0.1% Rb, with highest values of up to 0.36% Rb. The Company is still evaluating the distribution of the elevated Rb values in regard to the highgrade lithium values and their relationships.
Rubidium is a high-value technology mineral mostly associated with pegmatite deposits. Rubidium Carbonate, the most widely used form of rubidium, is used in multiple applications, including in solar panels, fibre optic cables, GPS systems and night vision equipment, as well as sodium-ion batteries3 .
Drill Program Planning
The Company has commenced with planning of the maiden drilling program with a focus on the outcropping, high-grade lithium pegmatites, presenting clear drill targets on the basis of this initial work and results. Mapping teams will continue with further detailed evaluations of the major pegmatites identified thus far, in order to define their strike and dip orientations to aid in drill planning.
Raiden is proactively engaging with the Traditional Owners, through the NAC, to initiate heritage surveys across the area with primary focus on ensuring the Traditional Owner's knowledge of the area is used to avoid areas of cultural significance, while at the same time allowing exploration activities to progress in a timely manner.
Soil sampling and potential geophysical surveys are also being planned over the entire Andover Project where pegmatite hosted mineralisation may be obscured by sediment cover3 .
Mt Sholl Project
In early July the Company advised that it had engaged Strategic Metallurgy Pty Ltd ("Strategic Metallurgy") as the metallurgical consultant to conduct and manage a metallurgical test work program on the Company's Mt Sholl Ni-Cu-PGE Project, located in the Pilbara region of Western Australia.
Strategic Metallurgy have been engaged to design and undertake a metallurgical test work program focussed on establishing a preliminary economic processing flowsheet from the Mt Sholl Ni-Cu-PGE deposits, by producing saleable nickel and copper sulphide concentrates, either as a separate or a combined concentrate. The test work will also evaluate the optimal path to recover the significant PGE by-products in the process.
Arrow Project
During the reporting period the Company entered into an agreement with Arrow Minerals Limited (ASX:AMD) to earn-in to an 85% position on the Arrow Project (E47/3476 and E47/3478) Lithium-Caesium-Tantalum rights, with an option to purchase 100% of those rights5 .
The Company currently owns 100% of the two tenements, however the Li-Cs-Ta (LCT) rights are currently owned by Arrow Minerals Limited (ASX:AMD), and are subject of the above transaction. Historic exploration in the area has identified fertile and fractionated granitic intrusions, which are known to be related to mineralised LCT bearing pegmatites. Historical rock sampling and analysis, along with field observations confirmed that the Satirist Granite was a potential source rock for LCT bearing pegmatites.
Other Australian Projects
Management continued to engage with potential partners regarding the divestment and partnerships regarding non-core assets in Australia, whilst also undertaking a portfolio wide review of projects considered prospective for pegmatite hosted lithium mineralisation.
Exploration Activities in Bulgaria
Vuzel
The Company continued to progress the Vuzel project through low-cost field and desktop activities, with the objective of gaining a better understanding of the structural framework associated with the mineralised system and which management believe acts as controlling features for the high-grade gold mineralisation on the project.
Kalabak
On the 9th of August 2023, the Company announced that it entered into a binding letter agreement with Velocity Minerals Limited ("Velocity"), with regard to the Kalabak project in Bulgaria6 . Under the terms of the agreement, Velocity have the right to earn into a 75% project level position. The key terms of the agreement are as following:
Option terms
Velocity has the exclusive right to earn into a 75% project level interest by:
- Within 30 days of the Commencement Date, refund Raiden for all environmental and Ministerial work guarantees, which are in place in regard to the Kalabak project
- Completing at least 5,000 meters of reverse circulation or diamond drilling on the Property before the fifth anniversary of the Commencement Date and
- Delivering an Inferred Mineral Resource estimate on a deposit located within the Property Area prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), before the fifth anniversary of the Commencement Date
If Velocity exercises the Option, the parties will form a Joint Venture. If Velocity fails to meet the terms of the option agreement, it will not earn an interest and Raiden will retain 100% of the project. If Velocity earns into a 75% position, Raiden will have the option to cofinance its portion of further expenditure to maintain its position.
If either party dilutes below a 15% interest in the joint venture, the interest will automatically convert to a 1% NSR, where the majority party will have the sole right, but not the obligation to purchase down 0.5% of the royalty for C$1.5m.
Zlatusha
The Zlatusha project, which is 100% owned by Raiden, is subject to a joint venture agreement with Velocity Minerals Ltd ("Velocity"). The work programs on the Zlatusha project are managed by Velocity. As results from the project become available, the Company will update the market.
BG1 project
No activities were undertaken on the project during the reporting period. Management continue to engage with the Ministry of Energy in Bulgaria to execute the Exploration Agreement for the project.
Exploration Activities in Serbia
Donje Nevlje
No field activities were undertaken during the reporting period. Management continue to engage with potential strategic partners regarding the Donje Nevlje project.
Corporate
During the reporting period the Company successfully raised $6,000,000 by issuing 272,727,272 shares at issue price of $0.022 to sophisticated and professional investors ("Placement"). The Company issued 7,828,966 ordinary fully paid at $0.022 to partly settle Joint Lead Manager fees and issued 120,000,000 broker options at issue price of $0.00001, exercisable at $0.015 expiring on 30 November 2024.
Summary of Expenditure
Of the total expenditure of the Company during the Quarter, A$467k of the Company's expenditure was on activities related to the exploration and development of the current projects as detailed in the Cashflow Report (5B) appended to this report. The Company did not incur any expenditure related to mining, production and development activities during the Quarter.
In accordance with ASX Listing Rule 5.3.5 payments totalling approximately A$198k were made to related parties of the Company, being Non-Executive, Managing Director fees and accounting and company secretarial fees (section 6.1 of the accompanying 5B).
Tenement Table: ASX Listing Rule 5.3.3
Mining tenement interests held at the end of the quarter and their location:
| Tenement reference | Location | Nature | Status | Interest |
|---|---|---|---|---|
| Donje Nevlje 310-02-1547/2015-02 | Serbia | Direct | Granted | 100% |
| Zapadni Majdanpek 310-02-1096/2016-02 | Serbia | Direct | Granted | 100% |
| Kalabak (Bulgaria) –Licence No. 405 | Bulgaria | Direct | Granted | 100% |
| Zlatusha (Bulgaria) –Licence No. 486 | Bulgaria | Direct | Granted | 100% |
| BG1 (Bulgaria) –Permit No. 527 | Bulgaria | Direct | Pending | 100% |
| Mt Sholl (E47/4309) | Western Australia | Direct | Granted | 100% |
| Mt Sholl (E47/3468) | Western Australia | Direct | Granted | 100% |
| Yandicoogina (E45/3571) | Western Australia | Direct | Granted | 100% |
| Yandicoogina (E45/3474) | Western Australia | Direct | Granted | 100% |
| Yandicoogina (M45/115) | Western Australia | Direct | Granted | 100% |
| Yandicoogina (M45/987) | Western Australia | Direct | Granted | 100% |
| Arrow (E47/3476) | Western Australia | Direct | Granted | 100% |
| Arrow (E47/3478) | Western Australia | Direct | Granted | 100% |
| Pyramid (E47/4300) | Western Australia | Direct | Granted | 100% |
| Welcome (E47/3339) | Western Australia | Direct | Granted | 80% |
| Welcome (E47/3181) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1762) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1787) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1788) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1789) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1790) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1791) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1792) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1793) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1794) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/1795) | Western Australia | Direct | Granted | 80% |
Mining tenement interests relinquished during the quarter and their location:
| Tenement reference and location | Location | Nature | Status | Interest |
|---|---|---|---|---|
| Boodalyerrie(E45/3586) | Western Australia | Direct | Surrendered | 100% |
Mining tenement interests acquired during the quarter and their location:
| Tenement reference | Location | Nature | Status | Interest |
|---|---|---|---|---|
| Welcome (E47/3849) | Western Australia | Direct | Granted | 80% |
| Welcome (E47/4061) | Western Australia | Direct | Granted | 80% |
| Welcome (E47/4062) | Western Australia | Direct | Application -pending | 80% |
| Welcome (E47/4063) | Western Australia | Direct | Granted | 80% |
| Welcome (P47/2028) | Western Australia | Direct | Application -pending | 80% |
Mining tenement interests under application during the quarter and their location:
| Tenement reference | Location | Nature | Status | Interest |
|---|---|---|---|---|
| Majdanpek Pojas-310-02-1999/2020-02 | Serbia | Direct | Application -pending | 100% |
| Tabba Tabba (E45/6182) | Western Australia | Direct | Application -pending | 100% |
| Tabba Tabba (E45/6701) | Western Australia | Direct | Application -pending | 100% |
| Mt Sholl (P47/2024) | Western Australia | Direct | Application -pending | 100% |
| Pyramid (E47/4307) | Western Australia | Direct | Application -pending | 100% |
| Roebourne (E47/4603) | Western Australia | Direct | Application -pending | 100% |
| Roebourne (E47/5038) | Western Australia | Direct | Application -pending | 100% |
Beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter:
| Tenement reference | Location | Nature | Status | Interest |
|---|---|---|---|---|
| Vuzela (Bulgaria) –Licence No. 522 | Bulgaria | Joint Venture | Granted | 51% |
a The Company has an agreement to earn-in up to 90% position within the project and an option to purchase 100% of the project. At the end of the quarter the Company held 51% interest in Vuzel Minerals EOOD, which holds the Vuzel licence.
This ASX announcement has been authorised for release by the Board of Raiden Resources Limited.
FOR FURTHER INFORMATION PLEASE CONTACT
DUSKO LJUBOJEVIC
Managing Director
RAIDEN RESOURCES LIMITED
ASX Announcements referenced to directly, or in the commentary of, this quarterly activities release
ASX:RDN 20 June 2023 Roebourne Lithium Project Review Confirms Prospectivity ASX:RDN 23 August 30m wide outcropping pegmatites defined at Andover South ASX:RDN 19 September 2023 Andover High-grade Li2O samples & New 50m wide pegmatite ASX:AZS 13 June 2023 Exceptional Lithium Drill Intersections from Andover ASX:RDN 7 August 2023 Raiden acquires lithium rights over the Arrow Project ASX:RDN 9 August 2023 RDN options Kalabak project in Bulgaria to Velocity Minerals
Competent Person's and Compliance Statement
The information in the referenced announcement 1,2,3, 5 and 6 footnoted above that relate to Exploration Results has previously been released to the ASX. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters underpinning the announcements continue to apply. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Disclaimer:
Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", "potential(s)"and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company's prospects, properties and business strategy. Investors are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and the Company does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or nonoccurrence of any events.
About Raiden Resources
Raiden Resources Limited (ASX:RDN / DAX:YM4) is a dual listed transition energy-metal—gold exploration Company focused on exploring and developing the Andover Lithium project, and the Mt Sholl Ni-Cu-Co-PGE deposit in the Pilbara region of Western Australia. The Company also has a significant portfolio of
exploration projects in WA, including the Arrow Lithium-Gold project, which is located 30km along strike from the Hemi discovery. In the emerging and prolific Western Tethyan metallogenic belt in Eastern Europe, where it has established a significant exploration footprint in Serbia and Bulgaria. The Directors believe that the Company is well positioned to unlock value from this exploration portfolio and deliver a significant mineral discovery.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 66 009 161 522 | 30 September 2023 |
|---|---|
| ABN | Quarter ended ("current quarter") |
| RAIDEN RESOURCES LIMITED (RDN) | |
| Name of entity |
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date (3months)$A'000 | |
|---|---|---|---|
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | ||
| (a)exploration & evaluation | (467) | (467) | |
| (b)development | - | - | |
| (c)production | - | - | |
| (d)staff costs | (162) | (162) | |
| (e)administration and corporate costs | (357) | (357) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 3 | 3 |
| 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) | 8 | 8 |
| 1.9 | Net cash from / (used in) operatingactivities | (975) | (975) |
* This includes GST refund of $128k relating to expenditure incurred and paid in the previous quarter.
| 2. | Cash flows from investing activities | |||
|---|---|---|---|---|
| 2.1 | Payments to acquire or for: | |||
| (a) | entities | - | - | |
| (b) | tenements | (100) | (100) | |
| (c) | property, plant and equipment | - | - | |
| (d) | exploration & evaluation | - | - | |
| (e) | investments | - | - | |
| (f) | other non-current assets | - | - |
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date (3months)$A'000 | |
|---|---|---|---|
| 2.2 | Proceeds from the disposal of: | ||
| (a)entities | - | - | |
| (b)tenements | 11 | 11 | |
| (c)property, plant and equipment | - | - | |
| (d)investments | - | - | |
| (e)other non-current assets | - | - | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (cash acquired on acquisition ofsubsidiary) | - | - |
| 2.6 | Net cash from / (used in) investingactivities | (89) | (89) |
| 3. | Cash flows from financing activities | ||
|---|---|---|---|
| 3.1 | Proceeds from issues of equity securities(excluding convertible debt securities) | 6,001 | 6,001 |
| 3.2 | Proceeds from issue of convertible debtsecurities | - | - |
| 3.3 | Proceeds from exercise of options | 1 | 1 |
| 3.4 | Transaction costs related to issues of equitysecurities or convertible debt securities | (181) | (181) |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | - | - |
| 3.7 | Transaction costs related to loans andborrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Loan from Velocity Minerals Ltd | 227 | 227 |
| 3.10 | Net cash from / (used in) financingactivities | 6,048 | 6,048 |
| 4. | Net increase / (decrease) in cash andcash equivalents for the period | ||
|---|---|---|---|
| 4.1 | Cash and cash equivalents at beginning ofperiod | 738 | 738 |
| 4.2 | Net cash from / (used in) operatingactivities (item 1.9 above) | (975) | (975) |
| 4.3 | Net cash from / (used in) investing activities(item 2.6 above) | (89) | (89) |
| 4.4 | Net cash from / (used in) financing activities(item 3.10 above) | 6,048 | 6,048 |
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date (3months)$A'000 | |
|---|---|---|---|
| 4.5 | Effect of movement in exchange rates oncash held | (19) | (19) |
| 4.6 | Cash and cash equivalents at end ofperiod | 5,703 | 5,703 |
| *Refer additional information provided at8.2.2 below |
| 5. | Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts | Current quarter$A'000 | Previous quarter$A'000 |
|---|---|---|---|
| 5.1 | Bank balances | 5,703 | 737 |
| 5.2 | Call deposits | - | - |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end ofquarter (should equal item 4.6 above)*Refer additional information provided at8.2.2 below | 5,703 | 737 |
| 6. | Payments to related partiesof the entityand theirassociates | Current quarter$A'000 | ||
|---|---|---|---|---|
| 6.1 | Aggregate amount of payments to related parties and theirassociates included in item 1 | 198 | ||
| 6.2 | Aggregate amount of payments to related parties and theirassociates 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 anexplanation for, such payments. | ||||
| Payment of executive salary and non-executive director fees ($151,332), and payments to related parties for accounting andcompany secretarial services ($46,250). |
| 7. | FinancingfacilitiesNote: the term "facility' includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity. | Total facilityamountat quarterend$A'000 | Amount drawnatquarter 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, interestrate, maturity date and whether it is secured or unsecured. If any additional financingfacilities have been entered into or are proposed to be entered into after quarter end,include a note providing details of those facilities as well. | |||
| N/A |
| 8. | Estimated cash available for future operating activities | $A'000 | |
|---|---|---|---|
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (976) | |
| 8.2 | (Payments for exploration & evaluation classified as investingactivities) (item 2.1(d)) | - | |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (976) | |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 5,703 | |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - | |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 5,703 | |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by5.84item 8.3) | ||
| Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A".Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. | |||
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: | ||
| 8.8.1Does the entity expect that it will continue to have the current level of net operatingcash flows for the time being and, if not, why not? | |||
| Answer: N/A | |||
| 8.8.2Has the entity taken any steps, or does it propose to take any steps, to raise furthercash to fund its operations and, if so, what are those steps and how likely does itbelieve that they will be successful? | |||
| Answer: N/A | |||
| 8.8.3 | |||
| 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.
- 2 This statement gives a true and fair view of the matters disclosed.
Date: 26.10.2023
Authorised by: By the Board of Raiden Resources Limited
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.