TIDMSO4

RNS Number : 1527X

Salt Lake Potash Limited

30 April 2021

 
 30 April 2021   AIM/ASX Code: SO4 
 
 
 SALT LAKE POTASH LIMITED 
------------------------- 
 

March 2021 Quarterly Report

Salt Lake Potash Limited (SO4 or the Company) is pleased to present its quarterly report for the period ending 31 March 2021. The Company is focused on completing the development of the Lake Way SOP project in Wiluna, Western Australia.

Quarterly Report Highlights

Process plant commissioning commenced

-- Process Plant commissioning commenced in March with the introduction of first harvest salts to the front end of the plant. At the end of the quarter the Process Plant was 97% complete on an earned value basis, including engineering 99% complete, procurement 99% complete and construction 90% complete. First SOP product is expected during the June quarter.

Gas power plant commissioned

-- Following the period-end the five 2MW units in the power plant were successfully commissioned. All major non-process infrastructure items have now been completed and are ready to support full-scale operations.

Senior debt syndicated

-- Sequoia Economic Infrastructure Income Fund and the Commonwealth Bank of Australia invested US$39m and US$25m respectively into SO4's US$138m senior debt facility, complementing existing investments led and arranged by Taurus Mining Finance Fund No. 2 L.P and the Australian Government's Clean Energy Finance Corporation.

SOP Product suite unveiled

-- In March the Company unveiled its suite of SOP products designed to spread exposure across the various SOP sub-markets and maximise premiums and revenue. SOP Precision will be sold into the premium priced fertigation market, SOP Prime will target the direct application and compound NPK markets and SOP Premium will be a granular product, targeting basal applications and bulk NPK blending (from FY'23)..

Halite ponds harvested

-- During the quarter the company successfully proved halite harvesting methodology, harvesting 93k cubic meters of halite salts from cells in Train 1. Pond cells were maintained online throughout the harvesting.

Share purchase plan completed

-- A share purchase plan was conducted as part of the December equity capital raise and was upsized to A$8m from A$5m due to strong demand. The shares were issued at 40c.

"Significant progress was made on Process Plant construction as well as financing and product positioning during the March quarter, setting the Company up for first SOP sales in the June quarter. Our focus is now on successful commissioning and ramp-up of the process plant as we look to move into positive cash flow from our first operating SOP asset."

Tony Swiericzuk Chief Executive Officer

Process Plant commissioning commenced

In March the Company commenced pre-load commissioning of the Process Plant with harvest salts successfully fed into the into the feed hopper, conveyed to the surge bin, run through the lump breaker, and fed into the attritioning feed tank at the front-end of the plant.

During the June quarter the utilities, flotation circuits, conversion circuit, crystallisers and dryer will all be completed and dry commissioned ahead of full load commissioning and SOP production. Consultants from the plant designer, Wood Group, as well as vendors Veolia and Broadbent (among others) will be assisting in the commissioning process.

Process Plant 97% complete

At the end of the quarter the Process Plant was 97% complete on a value earned basis, including engineering 99% complete, procurement 99% complete and construction 90% complete, excluding product handling infrastructure.

All major plant components have now been installed. Among the last items to be fitted were the thickeners, conversion brine tanks, cyclone clusters and the SOP product dryer.

The majority of outstanding work to be completed ahead of full plant load commissioning is electrical, instrumentation and piping. At the end of the March quarter electrical cable installation was at 88% complete with 46,898 metres installed of a total 53,596 meters. Piping was at 63% complete with 6,290 meters installed of a total 10,022 metres.

Non-Process Infrastructure completed and commissioned

Following the period-end all five 2MW units in the gas power station were commissioned. The Company has now commissioned all major components on non-process infrastructure which are ready to support full scale operations, including the high pressure gas pipeline, power station, RO water plant, wastewater treatment plant, communications and accommodation.

Halite ponds successfully harvested

During the quarter the Company successfully proved halite harvesting methodology, harvesting 93k cubic meters of halite salts from cells in Train 1. Pond cells were maintained online throughout the harvesting.

Senior debt facility syndicated

In March the Company successfully syndicated its US$138m Senior Debt Facility with Sequoia Economic Infrastructure Income Fund (SEQI) who invested US$ 39m and the Commonwealth Bank of Australia (CBA) who invested US$25m, joining the facility alongside Taurus Mining Finance Fund No. 2 L.P (Taurus) and the Australian Government's Clean Energy Finance Corporation (CEFC).

SOP product suite unveiled

In March the Company unveiled its suite of SOP products designed to spread exposure across the various SOP sub-markets and maximise premiums and revenue.

-- SOP Precision is designed for the fertigation market and will have class-leading dissolution characteristics. Fertigation is the fastest growing and highest price sub-segment of the SOP market. Key product characteristics include 53% K2O, <0.1% chloride, <0.1% insoluble material and with 95% dissolved in 60 seconds, enabling growers to employ the latest precision agriculture techniques for maximum nutrient efficiency and crop yield and quality.

-- SOP Prime is a high potassium content SOP suitable for direct application and compound (complex) NPK production. The product will be primarily sold in bulk containers and vessels. Key product characteristics include 53% K2O, <1% chloride, 18% Sulphate. The product characteristics give NPK producers the tools to produce best in class products with negligible chloride content and high potassium content.

-- SOP Premium is a granular SOP for basal applications and bulk blending. Shipments are targeted to commence in FY'23. Key product characteristics include 52% K2O, <0.1% chloride, granule particle size between 2-4mm with class leading crush strength. The combination of high potassium and ultra-low chloride facilitates the blenders to formulate custom blends with greater flexibility and increased value to blender and grower.

Approvals

The Company continued the advancement of the remaining permitting required to support ongoing full-scale operations. During the quarter the EPA issued its Report and Recommendations for the Lake Way Project to the Minister's office. These were made publicly available, with no appeals received. In addition to the EPA submission, the Company continues to seek other project approvals as required.

Share purchase plan completed

In January the company successfully completed the Share Purchase Plan (SPP) announced on 11 December 2020.

The SPP, originally intended to raise A$5 million, was heavily oversubscribed with applications received for A$10 million at the issue price of A$0.40 per share. 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$8.0 million in recognition of the ongoing support of its retail investors.

For further information or to view a full version of this announcement, including diagrams, please visit

https://www.so4.com.au/ASX-Announcements.php   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 Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

APPIX A - COMPETENT PERSON STATEMENT AND DISCLAIMER

Competent Person Statement

The information in this announcement that relates to Process Testwork Results is extracted from the announcement entitled 'Premium Grade Water Soluble Sulphate of Potash Produced from Lake Way Salts' dated 18 September 2019. This announcement is available to view on www.so4.com.au. The information in the original ASX Announcement that related to Process Testwork Results was based on, and fairly represents, information compiled by Mr Bryn Jones, BAppSc (Chem), MEng (Mining) who is a Fellow of the AusIMM. Mr Jones is a Director of Salt Lake Potash Limited. Mr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. Salt Lake Potash Limited confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

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, 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 (%) 
                                                                                    31-Dec-20      31-Mar-21 
--------------------  -------------  ------------------------  ----------------  -------------  ------------- 
 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                  Granted      Application to Granted        L53/225           100%           100% 
  West                   Granted      Application to Granted        L53/226           100%           100% 
  West                 Application               -                  L53/228           100%           100% 
  West                 Application               -                  L53/229           100%           100% 
  West                 Application          Application             L53/238            0%            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                Surrendered    Granted to Surrendered       EL 29787           100%            0% 
  North                Surrendered    Granted to Surrendered       EL 29903           100%            0% 
--------------------  -------------  ------------------------  ----------------  -------------  ------------- 
 

Related Party Payments

During the quarter ended 31 March 2021, the Company made payments of $185,000 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 March 2021 
                   ---------------------------------- 
 
 
 Consolidated statement of cash                          Current quarter   Year to date 
  flows                                                                     (9 months) 
                                                              $A'000           $A'000 
               1.   Cash flows from operating 
                     activities 
 1.1                Receipts from customers                            -              - 
 1.2                Payments for 
                    (a) exploration & evaluation                   (274)        (1,719) 
                    (b) development                                    -              - 
                    (c) production                                     -              - 
                    (d) staff costs                                (624)        (1,604) 
                    (e) administration and corporate 
                     costs                                         (593)        (2,632) 
 1.3                Dividends received (see note                       -              - 
                     3) 
 1.4                Interest received                                 35             84 
                    Interest and other costs of 
 1.5                 finance paid                                    (4)           (11) 
 1.6                Income taxes paid                                  -              - 
                    Government grants and tax 
 1.7                 incentives                                        -          3,639 
                         Other (provide details if 
                          material) 
                          - Business Development                   (721)        (4,052) 
 1.8                      - Other                                      -              - 
                                                        ----------------  ------------- 
                    Net cash from / (used in) 
 1.9                 operating activities                        (2,181)        (6,295) 
-----------------  -----------------------------------  ----------------  ------------- 
 
 2.                      Cash flows from investing 
                          activities 
                         Payments to acquire or for: 
                    (a) entities                                       -              - 
                    (b) tenements                                      -          (715) 
                    (c) property, plant and equipment              (328)        (1,972) 
                    (d) exploration & evaluation                       -              - 
                    (e) investments                                    -              - 
                    (f) other non-current assets 
                     - Mine Properties in development           (54,575)      (151,323) 
 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) 
                                                        ----------------  ------------- 
                    Net cash from / (used in) 
 2.6                 investing activities                       (54,903)      (172,010) 
-----------------  -----------------------------------  ----------------  ------------- 
 
 3.                 Cash flows from financing 
                     activities 
                    Proceeds from issues of equity 
                     securities (excluding convertible 
 3.1                 debt securities)                              9,973        173,547 
 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                (161)        (7,999) 
 3.5                Proceeds from borrowings                           -        138,254 
                    Repayment of borrowings and 
 3.6                 leases                                        (258)       (60,264) 
                    Transaction costs related 
 3.7                 to loans and borrowings                     (3,578)       (15,704) 
 3.8                Dividends paid                                     -              - 
                    Other (Cash allocation of 
 3.9                 Debt Service Reserve)                             -       (10,387) 
                                                        ----------------  ------------- 
                    Net cash from / (used in) 
 3.10                financing activities                          5,976        217,447 
-----------------  -----------------------------------  ----------------  ------------- 
 
 4.                 Net increase / (decrease) 
                     in cash and cash equivalents 
                     for the period 
                    Cash and cash equivalents 
 4.1                 at beginning of period                       96,966          7,030 
                    Net cash from / (used in) 
                     operating activities (item 
 4.2                 1.9 above)                                  (2,181)        (6,295) 
                    Net cash from / (used in) 
                     investing activities (item 
 4.3                 2.6 above)                                 (54,903)      (172,010) 
                    Net cash from / (used in) 
                     financing activities (item 
 4.4                 3.10 above)                                   5,976        217,447 
                    Effect of movement in exchange 
 4.5                 rates on cash held                              208          (106) 
                                                        ----------------  ------------- 
                    Cash and cash equivalents 
 4.6                 at end of period                             46,066         46,066 
-----------------  -----------------------------------  ----------------  ------------- 
 
 
               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                                 46,016             96,916 
 5.2                Call deposits                                     50                 50 
 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)                        46,066             96,966 
-----------------  -----------------------------------  ----------------  ----------------- 
 
 
               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                                                (185) 
                                                                 ---------------- 
 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                                  181,531           138,122 
                                                         -------------------  ---------------- 
 7.2                Credit standby arrangements                            -                 - 
                                                         -------------------  ---------------- 
 7.3                Other (please specify)                                 -                 - 
                                                         -------------------  ---------------- 
 7.4                Total financing facilities                       181,531           138,122 
                                                         -------------------  ---------------- 
 
                    Unused financing facilities available at 
 7.5                 quarter end                                                        43,409 
                                                                              ---------------- 
 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 $0.7602 USD/AUD, being the FX cross rate at 31 March 
                      2021. 
----------------- 
 
 
               8.   Estimated cash available for future operating              $A'000 
                     activities 
                    Net cash from / (used in) operating activities 
 8.1                 (item 1.9)                                                (2,181) 
 8.2                (Payments for exploration & evaluation classified                - 
                     as investing activities) (item 2.1(d)) 
 8.3                Total relevant outgoings (item 8.1 + item                  (2,181) 
                     8.2) 
 8.4                Cash and cash equivalents at quarter end                    46,066 
                     (item 4.6) 
 8.5                Unused finance facilities available at quarter              43,409 
                     end (item 7.5) 
                                                                              -------- 
 8.6                Total available funding (item 8.4 + item                    89,475 
                     8.5) 
                                                                              -------- 
 
                    Estimated quarters of funding available 
 8.7                 (item 8.6 divided by item 8.3)                                 41 
                                                                              -------- 
                    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, however the Company expects to 
                     have similar levels of total net operating and investing 
                     cash flows for the current quarter. 
                   ------------------------------------------------------------------- 
                    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:                30 April 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 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".

5. 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCZZGFDGGLGMZG

(END) Dow Jones Newswires

April 30, 2021 02:00 ET (06:00 GMT)

Grafico Azioni Salt Lake Potash (LSE:SO4)
Storico
Da Mar 2024 a Apr 2024 Clicca qui per i Grafici di Salt Lake Potash
Grafico Azioni Salt Lake Potash (LSE:SO4)
Storico
Da Apr 2023 a Apr 2024 Clicca qui per i Grafici di Salt Lake Potash