TIDMSO4
RNS Number : 2889N
Salt Lake Potash Limited
29 January 2021
29 January 2021 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
-------------------------
December 2020 Quarterly Report
Salt Lake Potash Limited (SO4 or the Company) is pleased to
present its Quarterly Report for the period ending 31 December
2020.
The Company is focussed on transitioning from developer to
producer at the Lake Way SOP Project in Wiluna, Western Australia,
as it looks to complete construction and commence commissioning the
Process Plant in the current quarter.
Quarterly Report Highlights
Project Financial Close delivered
-- Financial Close for the Lake Way Project was achieved in
December with an equity financing including a A$52m share placement
and A$5m Share Purchase Plan (subsequently upsized to A$8m on
strong demand), priced at A$0.40 per new share. Following
completion of the placement the Company drew the first US$105m
tranche of the US$138m Taurus/CEFC debt facility with US$45m used
to repay the Taurus Bridge Facility.
Salt harvesting commenced
-- Harvesting of potassium rich kainite and schoenite salts from
Train 1 commenced with approximately 27kt of salts stockpiled ahead
of plant commissioning. Harvest trials in a section of the cells
were successful using an efficient tractor and scraper methodology.
Assays from the harvest salt stockpiles have returned grades
in-line with the system curve and planning models.
Process Plant reaches 88% completion
-- At December 31st, 2020 the Process Plant was 88% complete on
an earned value basis with site concrete work (including additional
NPI and bagging infrastructure) 94% complete, structural steel 80%
complete and tanks/vessels 81% complete.
Logistics routes confirmed
-- A preferred logistics provider has been selected and
contractual arrangements are expected to be finalised shortly. As
part of optimising the logistics and sales/marketing platform SO4
expects to have the flexibility to sell up to 82% of its SOP via
Fremantle.
Board Strengthened
-- In October Phil Montgomery and Peter Thomas were appointed to
the board as Non-Executive Directors. Mark Pearce stepped down from
his position as a Non-Executive Director.
Community contribution recognised
-- SO4 received the Community Contribution Award at the 2020
Association of Mining and Exploration Company (AMEC) annual awards.
The award recognised the Company's efforts to deliver sustainable
and long-lasting social and economic benefits to the Wiluna region
through strategic partnerships, community investment and
opportunities in employment and training.
Tony Swiericzuk Chief Executive Officer
" Significant progress was made in the December quarter in
financing, operations and construction as well as at the corporate
level with the strengthening of our board . We look forward to
commissioning the plant in the March 2021 quarter, shortly followed
by premium quality sop sales to the domestic and global markets
."
Project Financial Close
Equity Financing
In December, the Company achieved project Financial Close on the
Lake Way Project with an equity financing including a A$52m share
placement and a Share Purchase Plan (SPP), priced at A$0.40 per new
share. Directors applied for A$2m of shares in the placing
including 3.0 million shares by Chairman, Mr Ian Middlemas and 0.5
million shares by Managing Director and CEO, Mr Tony
Swiericzuk.
The SPP, originally intended to raise A$5 million, was heavily
oversubscribed with applications received for A$10.0 million. Given
the strong support from existing Shareholders, the Board exercised
its discretion under the terms of the SPP to increase the size of
the offer to A$8 million in recognition of the ongoing support of
its retail investors.
The funds were raised partially to satisfy the remaining
conditions precedent in the US$138m debt facility with Taurus and
CEFC. The funds are to be used as follows:
-- A$18m to cash back a bank guarantee for the APA gas pipeline;
-- A$15m to cover possible variations to ramp up schedule vs. bank model;
-- A$10m due to recent AUD strength;
-- A$2m financing transaction fees; and
-- Up to a further A$15m for additional working capital.
Debt Financing
On December 22(nd) the Company drew the first US$105m tranche of
the US$138m Taurus/CEFC debt facility with US$45m used to repay the
Taurus Bridge Facility.
The remaining US$33m is expected to be drawn in Q2'21, subject
to market standard conditions. The material terms of the SFA are
outlined in the table below.
Table 1 - Key loan terms
Facility Amount US$138m (Taurus US$91m, CEFC US$47m)
Tenor 4 Years (30 September 2024)
Availability Period Financial close until 30 June 2021
Interest rate 9% per annum payable quarterly on drawn
funds
Upfront Fee 2.75%
Undrawn Commitment 2.5% per annum
fee
Tranches Bridge: US$45m currently drawn
SFA: US$138m (including Bridge repayment)
Amortisation/Repayment No scheduled repayments or debt amortisation
until 31 March 2022 (approximately
12 months after first production) with
scheduled repayment profile commencing
at 2.0% of Principal
Additional cash sweep of 70% of surplus
cash available for debt service accelerating
SO4's deleveraging
Debt Service Reserve US$8m prior to project completion,
Account thereafter greater of US$8m and principal
and interest payable in next 6 months
Bullet US$92m (67%) at 31 December 2024 (less
early repayments)
Refinancing Restrictions Nil 18 months after signing
-------------------------- ----------------------------------------------
On-lake Operations
Plant feed salt harvesting commenced
Harvesting of potassium rich kainite and schoenite salts from
Train 1 commenced in the quarter with approximately 27kt of salts
now stockpiled ahead of plant commissioning. Harvest trials in a
section of the cells were successful using an efficient tractor and
scraper methodology. Assays from the harvest salt stockpiles have
returned grades in-line with the system curve and planning
models.
Paleochannel drilling
The paleochannel drilling programme continues with bores at pads
12, 14 and 23 now completed and undergoing test-pumping.
Off-Lake Operations
Process Plant construction
At December 31(st) , 2020 the Process Plant was 88% complete on
a value earned basis with site concrete work (including additional
NPI and bagging infrastructure) 94% complete, structural steel 80%
complete and tanks/vessels 81% complete.
Major items now installed include the SOP and schoenite
crystallisers, attritioners, drag feeder, conveyors, lump breaker,
various tanks and agitators, chillers, transformers, utilities
switch room and various pumps, hoppers and launders. Associated
piping, cabling and valves installation now comprise most of the
remaining work on an earned value basis.
The Company expects Process Plant commissioning to commence in
February with the introduction of first feed salts to the plant
occurring in March.
Non-process Infrastructure
The raw water pond has been lined and commissioned, and both the
Southern and West Creek Raw Water Borefields supplying the plant
and village have been commissioned.
Work on of the 27km APA gas pipeline that connects with the
Goldfields Gas Pipeline commenced in November 2020. At the end of
December, the pipeline was 99% welded and 67% placed and
backfilled. Full installation is expected to be completed in late
January.
Procurement
Total procurement for the Process Plant reached 96% on December
31st, 2020. Recently a small number of items have experienced minor
delays due to dynamics in the COVID effected global shipping
markets. Specifically, consignments including flooring grid mesh,
cage crusher, and some valves and pumps have been delayed by a few
weeks. The Company is working closely with GRES and its suppliers
to minimise the impact of any potential delays caused by shipping.
At this stage, the delays in shipping are not expected to impact
commissioning.
Logistics & Marketing
A preferred logistics provider was identified in the quarter and
contractual arrangements are currently being finalised. The Company
has been working with short-listed providers throughout 2020 to
optimise its logistics and sales/marketing platform, exploring
various routes to market and product packaging solutions.
As part of this optimisation process SO4 plans to have the
flexibility to sell up to 82% of its SOP via Fremantle port in sea
containers loaded with product in loose bulk, 1 to 1.5t bulk bags
and 25kg bags. Product exported from Fremantle will be transported
to Leonora by road where it will be transferred to rail for the
remaining journey to Fremantle.
Shipping through Fremantle is expected to provide access to
broader global markets at no additional net cost. Bagging and
container premiums (verified by Argus) are expected to offset
incremental domestic logistics costs. Additional benefits of using
Fremantle are a reduction in inventory working capital and a
significant reduction in the logistics carbon footprint.
Bulk shipment sales will remain out of Geraldton port.
A further logistics update will be provided upon finalisation of
all contractual arrangements.
Board & Management changes
In October Phil Montgomery and Peter Thomas were appointed to
the board as Non-Executive Directors. Mark Pearce stepped down from
his position as a Non-Executive Director.
Phil Montgomery is a highly experienced mining industry
executive who was most recently Vice President - Projects at BHP,
responsible for the development of BHP's Potash business through
its Jansen project in Saskatchewan, Canada. Mr Montgomery brings
significant experience in project development and operations having
held senior project development positions at BHP and Billiton for
over 20 years working across several commodities and geographies,
including leadership of BHP's Iron Ore growth program (2002-12). He
holds a BSc (Mechanical Engineering) from Oxford Brookes University
in the UK and completed the Executive Leadership Programme at
INSEAD.
Peter Thomas is a senior executive with significant experience
in project operations, construction, finance and strategy. Mr
Thomas held senior executive positions at Fortescue between
2004-2014 including Project Director in charge of the A$4.7bn T155
port and rail infrastructure investment and Director of Corporate
Services. He has previously worked for McKinsey and Lehman Brothers
in the USA and more recently held the position of CEO of the Balla
Balla Infrastructure Group (Todd Corporation). He is currently CFO
of Decmil, the ASX listed construction and engineering group with
c.A$500m in revenues. Mr Thomas holds an MBA from Harvard Business
School, a BEc and BSc from Macquarie University and is a graduate
of the Australian Institute of Company Directors.
In December, Shaun Day resigned as CFO. Grant Coyle has
subsequently been appointed interim CFO.
Grant is an experienced corporate finance executive having been
appointed as SO4's Head of Corporate Development in July 2018 and
playing a lead role in delivering the US$138m Taurus / CEFC funding
package. Prior to SO4 Grant held an executive position at Rio Tinto
working across the business analysis and business development areas
within the Iron Ore division. He is a former investment banker at
Macquarie Bank and corporate tax accountant for an international
accounting firm. Grant has extensive experience in finance,
budgeting, project evaluation, commercial negotiations and
strategic planning.
The Company is undertaking an external search ahead of the
appointment of a permanent CFO.
AMEC community contribution award
In December 2020 SO4 received the Community Contribution Award
at the 2020 Association of Mining and Exploration Company (AMEC)
annual awards.
The award recognised the Company's efforts to deliver
sustainable and long-lasting social and economic benefits to the
Wiluna region through strategic partnerships, community investment
and opportunities in employment and training.
Approvals
The Company continued the advancement of the remaining
permitting required to support full-scale operations.
A revised Environmental Review Document (ERD) was submitted
during the quarter, with the EPA confirming acceptance and
completing their draft assessment report. SO4 presented the project
to the EPA board and the board assessed the project in their
December monthly meeting. The board agreed to adopt the draft
assessment report and the EPA have commenced the final assessment
report, to be issued to the Minister.
The EPA has determined that the full project scope requires
formal assessment with no public review.
In addition to the EPA submission, the Company continues to seek
other project approvals as required.
For further information or to view a full version of this
announcement, including diagrams, please visit
https://www.so4.com.au/asx-announcements/ or contact:
Tony Swiericzuk / Richard Knights Salt Lake Potash Limited Tel: +61 8 6559 5800
Colin Aaronson / Seamus Fricker Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Derrick Lee / Peter Lynch Cenkos Securities plc (Joint Broker) Tel: +44 (0) 131 220 6939
Rupert Fane / Ernest Bell Hannam & Partners (Joint Broker) Tel: +44 (0) 20 7907 8500
This announcement has been authorised for release by the Board
of Directors.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the UK Market
Abuse Regulation. Upon the publication of this announcement, this
inside information is now considered to be in the public
domain.
APPIX A -DISCLAIMER
Forward Looking Statements
This announcement includes forward-looking statements. These
forward-looking statements are based on the Company's expectations
and beliefs concerning future events. Forward-looking statements
are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of the Company, which could
cause actual results to differ materially from such statements.
Although the Company believes that its forward-looking statements
have reasonable grounds, can give no assurance that they will be
achieved. They may be affected by a variety of variables and
changes in underlying assumptions that are subject to risk factors
associated with the nature of the Company's business (including
those described in pages 25 to 29 (inclusive) of the Presentation
released to ASX on 11 December 2020), which cause actual results to
differ materially from those expressed herein. The Company makes no
undertaking to subsequently update or revise the forward-looking
statements made in this announcement, save where required by law or
regulation, to reflect the circumstances or events after the date
of this announcement.
APPIX B - DISCLOSURES IN ACCORDANCE WITH ASX LISTING RULE
5.3
Summary of Mining Tenements
Project Status Type of Change License Number Interest (%) Interest (%)
30-Sep-20 31-Dec-20
-------------------- ------------- ---------------- ---------------- ------------- -------------
Western Australia
Lake Way
Central Granted - E53/1878 100% 100%
East Granted - E53/2057 100% 100%
South Granted - E53/1897 100% 100%
South Granted - E53/2059 100% 100%
South Granted - E53/2060 100% 100%
West Application - L53/208 100% 100%
Central Application - M53/1102 100% 100%
Central Application - M53/1103 100% 100%
Central Application - M53/1104 100% 100%
Central Application - M53/1105 100% 100%
Central Application - M53/1106 100% 100%
Central Application - M53/1107 100% 100%
East Application - M53/1109 100% 100%
Central Granted - E53/1862 100% 100%
West Granted - E53/1863 100% 100%
North Application - E53/1905 100% 100%
North Application - E53/1952 100% 100%
West Application - E53/1966 100% 100%
North Application - E53/2049 100% 100%
North Granted - P53/1642 100% 100%
West Granted - P53/1643 100% 100%
West Granted - P53/1644 100% 100%
West Granted - P53/1645 100% 100%
Central Granted - P53/1666 100% 100%
Central Granted - P53/1667 100% 100%
Central Granted - P53/1668 100% 100%
North Granted - M53/121 100% 100%
West Granted - M53/122 100% 100%
West Granted - M53/123 100% 100%
West Granted - M53/147 100% 100%
Central Granted - M53/253 100% 100%
Central Granted - M53/796 100% 100%
Central Granted - M53/797 100% 100%
Central Granted - M53/798 100% 100%
Central Granted - M53/910 100% 100%
West Granted - L53/51 100% 100%
West Granted - L53/207 100% 100%
West Granted - L53/211 100% 100%
North Granted - L53/212 100% 100%
-
West Granted - L53/214 100% 100%
West Granted - L53/215 100% 100%
North Granted - L53/216 100% 100%
-------------------- ------------- ---------------- ---------------- ------------- -------------
West Application - L53/217 100% 100%
West Granted - L53/218 100% 100%
West Application - L53/210 100% 100%
West Application - L53/219 100% 100%
South Application - L53/225 100% 100%
West Application - L53/226 100% 100%
West Application - L53/228 100% 100%
West Application - L53/229 100% 100%
West Granted - G53/24 100% 100%
West Granted - G53/25 100% 100%
Lake Wells
Central Granted - E38/2710 100% 100%
South Granted - E38/2821 100% 100%
North Granted - E38/2824 100% 100%
Outer East Granted - E38/3055 100% 100%
Single Block Granted - E38/3056 100% 100%
Outer West Granted - E38/3057 100% 100%
North West Granted - E38/3124 100% 100%
West Granted - L38/262 100% 100%
East Granted - L38/263 100% 100%
South West Granted - L38/264 100% 100%
South Granted - L38/287 100% 100%
South Western Granted - E38/3247 100% 100%
South Granted - M38/1278 100% 100%
Central Application - E38/3380 100% 100%
North Application - E38/3469 100% 100%
Central Application - E38/3470 100% 100%
Lake Ballard
West Granted - E29/912 100% 100%
East Granted - E29/913 100% 100%
North Granted - E29/948 100% 100%
South Granted - E29/958 100% 100%
South East Granted - E29/1011 100% 100%
South East Granted - E29/1020 100% 100%
South East Granted - E29/1021 100% 100%
South East Granted - E29/1022 100% 100%
South Granted - E29/1067 100% 100%
South Granted - E29/1068 100% 100%
East Granted - E29/1069 100% 100%
North Granted - E29/1070 100% 100%
Lake Irwin
West Granted - E37/1233 100% 100%
Central Granted - E39/1892 100% 100%
East Granted - E38/3087 100% 100%
North Granted - E37/1261 100% 100%
Central East Granted - E38/3113 100% 100%
South Granted - E39/1955 100% 100%
North West Granted - E37/1260 100% 100%
South West Granted - E39/1956 100% 100%
Lake Minigwal
West Granted - E39/1893 100% 100%
East Granted - E39/1894 100% 100%
-------------------- ------------- ---------------- ---------------- ------------- -------------
Central Granted - E39/1962 100% 100%
Central East Granted - E39/1963 100% 100%
South Granted - E39/1964 100% 100%
South West Granted - E39/1965 100% 100%
Lake Marmion
North Granted - E29/1000 100% 100%
Central Granted - E29/1001 100% 100%
South Granted - E29/1002 100% 100%
West Granted - E29/1005 100% 100%
West Application - E29/1069 100% 100%
Lake Noondie
North Granted - E57/1062 100% 100%
Central Granted - E57/1063 100% 100%
South Granted - E57/1064 100% 100%
West Granted - E57/1065 100% 100%
East Granted - E36/932 100% 100%
Central Granted - E36/984 100% 100%
Central Application - E36/985 100% 100%
Lake Barlee
North Granted - E30/495 100% 100%
Central Granted - E30/496 100% 100%
South Granted - E77/2441 100% 100%
Lake Raeside
North Granted - E37/1305 100% 100%
Lake Austin
North Application - E21/205 100% 100%
West Application - E21/206 100% 100%
East Granted - E58/529 100% 100%
South Granted - E58/530 100% 100%
South West Granted - E58/531 100% 100%
Northern Territory
Lake Lewis
South Granted - EL 29787 100% 100%
North Granted - EL 29903 100% 100%
-------------------- ------------- ---------------- ---------------- ------------- -------------
Related Party Payments
During the quarter ended 31 December 2020, the Company made
payments of $96,000 to related parties and their associates. These
payments relate to existing remuneration arrangements (executive
salaries, non-executive director fees and superannuation).
APPIX C -
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
Salt Lake Potash Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
98 117 085 748 31 December 2020
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (6 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,045) (1,445)
(b) development - -
(c) production - -
(d) staff costs (439) (980)
(e) administration and corporate
costs (1,234) (2,039)
1.3 Dividends received (see note - -
3)
1.4 Interest received 52 100
Interest and other costs of
1.5 finance paid (3) (7)
1.6 Income taxes paid - -
Government grants and tax
1.7 incentives - 3,589
Other (provide details if
material)
- Business Development (1,003) (3,331)
1.8 - Other - -
---------------- -------------
Net cash from / (used in)
1.9 operating activities (3,672) (4,113)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
Payments to acquire or for:
(a) entities - -
(b) tenements - (715)
(c) property, plant and equipment (889) (1,645)
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets
- Mine Properties in development (56,934) (96,748)
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 (Bank Guarantee) (18,000) (18,000)
---------------- -------------
Net cash from / (used in)
2.6 investing activities (75,823) (117,108)
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 50,000 163,537
3.2 Proceeds from issue of convertible - -
debt securities
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (2,635) (7,802)
3.5 Proceeds from borrowings 138,257 138,257
Repayment of borrowings and
3.6 leases (59,652) (60,008)
Transaction costs related
3.7 to loans and borrowings (6,247) (12,126)
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- -------------
Net cash from / (used in)
3.10 financing activities 119,723 221,858
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 67,337 7,030
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (3,672) (4,113)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (75,823) (117,108)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 119,723 221,858
Effect of movement in exchange
4.5 rates on cash held (212) (314)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 107,353 107,353
----------------- ----------------------------------- ---------------- -------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 96,916 49,287
5.2 Call deposits 10,437 18,050
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 107,353 67,337
----------------- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 (96)
----------------
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.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
7.1 Loan facilities 179,174 136,328
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities 179,174 136,328
------------------- ----------------
Unused financing facilities available at
7.5 quarter end 42,846
----------------
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.
----------------- ---------------------------------------------------------------------------
In August 2020, the Company and its subsidiaries and Taurus
Mining Finance Fund No. 2, L.P. and the Clean Energy Finance
Corporation entered into the Syndicated Facility Agreement
for a US$138 million debt financing package (SFA). After
achieving financial close in December 2020, the Company
announced its first draw down under the SFA totalling
US$105 million enabling repayment of the US$45 million
Stage 1 Bridge facility originally entered into in 2019.
The SFA is secured and interest payable at 9.00% pa with
a further draw down US$33 million available to the Lake
Way Project.
As the loan is denominated in USD, the facility amount
and amount drawn down has been converted at an FX rate
of $0.7702 USD/AUD, being the FX cross rate at 31 December
2020.
-----------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (3,672)
8.2 (Payments for exploration & evaluation classified -
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (3,672)
8.2)
8.4 Cash and cash equivalents at quarter end 107,353
(item 4.6)
8.5 Unused finance facilities available at quarter 42,846
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 150,199
8.5)
--------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 40
--------
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: Not applicable.
-------------------------------------------------------------------
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: Not applicable.
-------------------------------------------------------------------
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: Not applicable.
-------------------------------------------------------------------
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: 29 January 2021
Authorised by: By the Board
(Name of body or officer authorising release - see note 4)
Notes
1. 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.
2. 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.
3. 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.
4. If this report has been authorised for release to the market
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UPDBPMTTMTJTTPB
(END) Dow Jones Newswires
January 29, 2021 02:00 ET (07:00 GMT)
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