TIDMSO4
RNS Number : 7169R
Salt Lake Potash Limited
31 October 2019
31 October 2019 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
-------------------------
SEPTEMBER 2019 QUARTERLY REPORT
The Board of Salt Lake Potash Limited (the Company or SO4) is
pleased to present its Quarterly Report, including an ASX Appendix
5B, for the period ended 30 September 2019. The Company is focussed
on rapidly progressing the development of its Lake Way Project in
Wiluna, Western Australia.
HIGHLIGHTS
Completion of Bankable Feasibility Study (BFS) (announced 11
October 2019) for the commercial scale development of the 245,000t
per annum Sulphate of Potash (SOP) project at Lake Way (Project)
demonstrating outstanding economic returns:
-- Exceptional economics with estimated project post-tax NPV8 of
A$479 million (pre-tax NPV8 of A$696 million) and post-tax IRR of
28% (pre-tax IRR 38%)
-- Steady state Project EBITDA of A$111 million annually and
average annual after tax free cash flow of A$78 million (A$83
million during first 5 years)
-- Strong cash flow and low capital costs result in early
payback period of 3.5 years
-- First quartile operating costs for global SOP producers with
a C1 cash cost estimate of A$302/t (US$205/t)
-- Low development capital requirements of approximately A$254
million (US$173 million), including contingency of A$21 million,
which is supported by the close proximity to infrastructure
Significant Lake Way Ore Reserve Estimate
-- High-grade Probable Ore Reserve Estimate of 5.4Mt SOP (2.4Mt
contained potassium at an initial grade of 6.8kg/m3) underpins a
20-year life of mine
-- Increase in the paleochannel basal sands Mineral Resource
Estimate of 57% to 6.0Mt SOP in Total Porosity at 6.1kg/m(3) of
potassium (2.2Mt in Drainable Porosity) supports additional
production bores
-- Excess sulphates at Lake Way enables production of an
estimated 245,000t per annum of premium grade SOP with the addition
of 42,360t per annum KCl
Premium product confirmed
-- Very high grade potassium (>53% K(2) O) product confirmed,
with a low chloride (<0.1% Cl) and insoluble particle content
(<0.1%), and dissolution rate of >95% in one minute
-- Premium grade specifications from independent pilot plant
testwork supports premium pricing
Acquisition of strategic tenement package completed
-- Completion of the acquisition of strategic package of Lake
Way tenements and access to process water and power rights from
Blackham Resources
-- Transaction provides security of tenure and significant
synergies for the Lake Way Project including substantial capital
and operating cost savings
Lake Way Project Financing Secured
-- Project financing of up to US$150m to be provided by Taurus
Funds Management for the Lake Way Project
-- The debt is a staged facility to support the rapid
development of the Lake Way Project. The funding is split as
follows:
o Stage 1 Facility - US$30m (c.AUD44m)
o Project Development Facility - US$150m (c.AUD220m)
-- Draw down of the Stage 1 Facility has commenced with funds
used for On Lake Stage 1 and 2 Civils construction works, long lead
item ordering and for the completion of the Bankable Feasibility
Study
Fast Tracked to Production
-- Existing Mining Leases on Lake Way tenements has provided an
advanced permitting pathway for early development activity
-- Completion of Stage 1 evaporation ponds has enabled
dewatering of super saturated brine (25kg/m(3) SOP) from the
Williamson Pit
-- Contracts executed for long lead items include:
o Veolia Water Technologies to supply the SOP crystalliser
package
o Complete Hire & Sales for supply of permanent
accommodation village
o Mak Water for supply of RO and waste water treatment plant
Next steps following successful completion of the BFS
-- Continued construction on Lake Way with the commencement of
the next stage of evaporation ponds and brine extraction
infrastructure
-- Procurement of long lead items for the Process Plant and
Non-Process Infrastructure in line with the advanced Project
Schedule
-- Execution of Native Title Agreement over Lake Way
-- Execution of key offtake agreements with preferred marketing partners
-- Detailed design and documentation advancing
lake way Project Overview
Lake Way is located in the Northern Goldfields Region of Western
Australia, less than 15km south of Wiluna. The Lake Project
tenements comprise approximately 280km(2) .
SO4 currently holds nine Mining Leases and six Exploration
Licences[1] which cover the whole of the Lake Way surface and key
strategic areas off-lake, including the extensive paleochannel and
proposed process plant and village area. The Company has secured
several Miscellaneous Licenses within the surrounding Lake Way area
to support key infrastructure including process water bore fields,
gas pipelines and access roads.
The recently completed transaction with Blackham Resources Ltd
(Blackham), the owner of the adjacent Matilda-Wiluna Gold
Operation, has secured access to process water rights in the
Southern Borefield, in addition to key tenement acquisitions.
Lake Way has a number of compelling advantages which make it an
ideal site for SO4's initial SOP operation, including:
-- Granted Mining Leases with approvals that enables immediate
construction (Stage 1 evaporation ponds complete, Stage 2
evaporation ponds targeted to commence in Q4 2019)
-- The site has excellent freight solutions being adjacent to
the Goldfields Highway, which is permitted for heavy haulage that
supports direct access of quad trailer road trains to Geraldton
-- The Goldfields Gas Pipeline is adjacent to SO4 tenements,
running past the eastern side of the Lake
-- Existing site haul roads and service roads including the
Williamson Pit Causeway that connects the proposed process plant
area to the on-lake production ponds
-- The Wiluna Airport which is located 5km north of Lake Way and
provides foundational infrastructure to support operations
-- Access to an exceptionally high grade brine of 25kg/m(3) of
SOP from the Williamson Pit, which has enabled the Company to fill
the Stage 1 evaporation ponds and commence on lake production
-- The high grade brines at Lake Way will deliver lower capital
and operating costs due to lower extraction and evaporation
requirements
-- The presence of clays in the upper levels of the lake which
are amenable to low cost, on-lake evaporation pond construction
Bankable feasibility study
In October 2019, the Company reported the results of its
Bankable Feasibility Study (BFS) for the commercial scale
development of its 245,000t per annum Sulphate of Potash (SOP)
project at Lake Way (Project).
Strengthening the Scoping Study results
The BFS incorporated a number of changes to the previous Scoping
Study, including a revised processing methodology to include the
addition of potassium chloride (KCl) which has increased the annual
production rate to 245,000t and delivered improved economic
outcomes. While the addition of KCl to the process plant has
increased the C1 cash cost from the previous estimate in the
Scoping Study, SO4 will achieve better capital intensity and
maintain its position as a low cost producer at US$205/t while
significantly improving project economics.
Changes in key financial metrics for the Project from the
Scoping Study to the BFS are summarised in Table 1.
Table 1: Comparison of key financial metrics
Metric Unit Scoping Study BFS % change
====================== ======= ============== ======== =========
Production tpa 200,000 245,000 22.5%
====================== ======= ============== ======== =========
Life of mine years 20 20 _
====================== ======= ============== ======== =========
First production Qtr Q4 2020 Q4 2020 _
====================== ======= ============== ======== =========
C1 cash cost A$/t 264 302 14.4%
====================== ======= ============== ======== =========
Capital cost A$m 237 254 7.2%
====================== ======= ============== ======== =========
Capital intensity A$/t 1,185 1,038 (12.6%)
====================== ======= ============== ======== =========
NPV(8) (post-tax) A$m 381 479 25.7%
====================== ======= ============== ======== =========
IRR (post-tax) % 27% 28% 3.7%
====================== ======= ============== ======== =========
NPV(8) (pre-tax) A$m 580 696 20.0%
====================== ======= ============== ======== =========
IRR (pre-tax) % 33% 38% 15.2%
====================== ======= ============== ======== =========
EBITDA(1) A$m 90 111 23.3%
====================== ======= ============== ======== =========
Payback period years 3.2 3.5 7.9%
====================== ======= ============== ======== =========
Probable Ore Reserve Mt K - 2.4 _
====================== ======= ============== ======== =========
Note 1: Refers to average annual Project cash flows during
steady-state production.
SO4 has significantly advanced development of the Project since
the Scoping Study, including completion of 125ha of evaporation
ponds which are now filled with high grade brine (25kg/m(3) SOP)
from the Williamson Pit. This has provided the Company with
additional insight into the critical evaporation processes and
provided opportunities to further improve design and construction
of the remaining evaporation pond network.
Fast tracked production to maximise value
The optimised capital expenditure plan has considered a staged
approach to pond construction that aligns with the plant ramp-up
schedule and steady-state production requirements, enabling some
initial capital expenditure to be deferred for a period of up to 12
months.
Lowest quartile operating costs
The results of the BFS demonstrate the potential for very low
operating costs. It is estimated that the Project will have one of
the lowest operating costs of any SOP operation globally with a C1
cash cost of A$302/t (US$205/t).
Robust economics
The BFS further demonstrates the potential for the Project to
support an exceptionally high margin over a 20-year life of mine
through the production of high grade, premium SOP. This combined
with the low capital intensity delivers very strong returns with a
post-tax IRR of 28%.
Market analysis by CRU Consulting and Argus Media Group,
supported by internal SOP sales and marketing expertise, indicates
a significant opportunity for SO4 to capture additional pricing
upside associated with the premium potassium grade and solubility
properties of the specifications produced during pilot plant
testwork.
Table 2: Comparison of key financial metrics(1)
SOP price Breakeven US$400/t US$450/t US500/t Base US$600/t US$650/t
US$307/t US$550/t
=================== =========== ========= ========= ======== ========== ========= =========
NPV(8) (post tax) - 187 285 382 479 575 672
=================== =========== ========= ========= ======== ========== ========= =========
Note 1: Equivalent adjustment to the value of potassium assumed
for KCl input cost.
The BFS demonstrates that, even in the most extreme downside
pricing scenarios, the Project continues to deliver robust economic
returns. The breakeven pricing scenario of US$307/t is at a
significant decrease to the current SOP price.
Project funding advanced
SO4 has previously announced that it reached an agreement with
Taurus Funds Management (Taurus) for financing up to US$150m for
the Project. The Company has commenced drawdown of the initial
US$30m tranche of this facility. SO4 is working with Taurus to
finalise documentation of the full facility and access the
remaining portion of funding, with completion of the BFS being one
of the key conditions precedent.
Key Project Metrics
Table 3: Key Project Metrics
Element Unit Value
========================================= =========== ========
Physical
========================================= =========== ========
Life of mine years 20
========================================= =========== ========
Annual SOP production tpa 245,000
========================================= =========== ========
Production plan
========================================= =========== ========
Ore reserve
========================================= =========== ========
Brine volume GL 474
========================================= =========== ========
Brine grade (LOM average) kg/m(3) K 5.0
========================================= =========== ========
Contained potassium Mt 2.4
========================================= =========== ========
Production method(1)
========================================= =========== ========
Trenches km 132
========================================= =========== ========
Bores No. 18
========================================= =========== ========
Evaporation ponds
========================================= =========== ========
Halite ponds ha 686
========================================= =========== ========
Harvest ponds ha 96
========================================= =========== ========
Recovery of potassium from brine % 91%
========================================= =========== ========
Process plant
========================================= =========== ========
Operating time hours/yr 7,600
========================================= =========== ========
Harvest salt to plant Mtpa 2.27
========================================= =========== ========
KCl addition tpa 42,360
========================================= =========== ========
Recovery of potassium from harvest salt % 84%
========================================= =========== ========
Operating and capital costs
========================================= =========== ========
Operating costs
========================================= =========== ========
Mine gate cash operating cost A$/t 240
========================================= =========== ========
Transport and handling cost A$/t 62
========================================= =========== ========
C1 cash cost A$/t 302
========================================= =========== ========
Capital costs
========================================= =========== ========
Direct cost A$m 157
========================================= =========== ========
Indirect cost A$m 76
========================================= =========== ========
Contingency A$m 21
========================================= =========== ========
Total capital cost A$m 254
========================================= =========== ========
Financial performance
========================================= =========== ========
Price (FOB) US$/t 550
========================================= =========== ========
Exchange rate A$/US$ 0.68
========================================= =========== ========
Discount rate % 8%
========================================= =========== ========
NPV(8) (post-tax) A$m 479
========================================= =========== ========
IRR (post-tax) % 28%
========================================= =========== ========
NPV(8) (pre-tax) A$m 696
========================================= =========== ========
IRR (pre-tax) % 38%
========================================= =========== ========
EBITDA(2) A$m 111
========================================= =========== ========
Post tax annual cash flow(2) A$m 78
========================================= =========== ========
Payback years 3.5
========================================= =========== ========
Note 1: Refers to initial trench and bore development included
in the capital cost estimate.
Note 2: Refers to average annual Project cash flows during
steady-state production.
Mineral Resources and Ore Reserves
A Mineral Resource Estimate for the whole of Lake Way was first
reported to the ASX 18 March 2019. The Lake Way mineral resource
consists of a potassium rich brine contained in the superficial
lake bed sediment (or lake playa) and underground paleochannel.
Since publication of the March 2019 Mineral Resource Estimate,
additional test pumping and passive seismic geophysical surveys
have enhanced understanding of the route and dimensions of the
paleochannel. This led to a significant increase in the volume of
the Indicated resource within the paleochannel, as well as an
upgrade of a portion of the paleochannel resource to the Measured
category.
HydroGeoEnviro completed a number of column leach tests to
substantiate the leaching potential of potassium from the retained
porosity of the lake bed sediments. This testing supports the
modelling of changes in potassium grade over the life of mine, in
particular the effects of rainfall recharge and lake filling
events.
The Lake Way resource estimate was converted to a Probable Ore
Reserve with the development of a complex numerical hydrogeological
model. The model is based on results from the extensive field
programme and considers modifying factors such as recharge and
evapotranspiration to develop the life of mine production plan.
Reported Mineral Resources
The total Measured Mineral Resources Estimate from the northern
lake bed and the paleochannel calculated using Drainable Porosity
is estimated at 2.0Mt, an increase of 15% from the March 2019
estimate, and 7.6Mt using Total Porosity, an increase of 11% from
the March 2019 estimate.
The total Indicated Mineral Resource Estimate within the
remaining portion of the paleochannel calculated using Drainable
Porosity is estimated at 2.0Mt, an increase of 43%, and 5.3Mt using
Total Porosity, a 43% increase.
The remaining lake bed and paleochannel clay resource is
classified as Inferred.
The Mineral Resource estimate for Lake Way (inclusive of the Ore
Reserve reported in Table 5) is detailed in Table 4.
Table 4: Lake Way Mineral Resource
Resource Total volume Brine grade Mineral Tonnage Mineral Tonnage
component from total porosity from drainable porosity
=============== ======================== ====================== ========================== =============================
Total Brine SOP Brine SOP
K Mg SO(4) porosity volume tonnage Drainable porosity volume tonnage
(Mm(3) (kg/m(3) (kg/m(3) ) (kg/m(3) % (Mm(3) (Mt) % (Mm(3) (Mt)
) ) ) ) )
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
Measured
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
North lake bed
sediment
(0.4-8.0m) 1,060 6.8 8.0 27.6 0.43 452 6.9 0.11 117 1.8
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
Paleochannel
basal sands 119 6.1 8.2 25.0 0.40 48 0.7 0.15 18 0.2
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
Indicated
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
Paleochannel
basal sands 981 6.1 8.2 25.0 0.40 384 5.3 0.15 147 2.0
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
Inferred
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
South lake bed
sediment
(0.4-8.0m) 316 6.8 8.0 27.6 0.43 135 2.0 0.11 35 0.5
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
Paleochannel
sediment 15,200 6.8 8.0 27.6 0.40 6,080 92.2 0.03 456 6.9
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
Total 107.1 11.4
=============== ====== ======== ========== ======== ======== ====== ======= ==================== ====== ==========
Brines by their nature are not a static resource as they are
subject to groundwater movement, dilution and grade depletion over
time. Reporting both Total Porosity and Drainable Porosity allows
the reflection of this dynamic resource environment, including the
consideration of the recharge, leaching and physical diffusion
impacts on the mine plan and production output.
Reporting of Ore Reserves
The Ore Reserve estimate is based on the brine volume and grade
that will be produced for a defined period and a specific
abstraction scheme. The grade of produced brine will change over
time as leakage, mixing and rainfall-recharge occurs within the
aquifer.
The Ore Reserve is based on a production plan comprising a
combination of surface trenches and bores. The brine pumping rate
and brine grade incorporated in the production plan is based on the
results of detailed numerical modelling of the lake bed sediments
and paleochannel. The model outlines the brine production profile
from a combination of surface trenches and bores, capable of
delivering 118,700t per annum of contained potassium to the
evaporation ponds
The initial brine extraction rate after a 12-month ramp-up
period is 18.2GL per annum with 71% of brine to be sourced from
trenches and the remaining 29% from bores. Over time the production
plan will shift to compensate a decline in brine grade within the
lake playa and maintain the steady-state production requirements of
118,700t per annum of contained potassium to the evaporation ponds,
with increased brine sourced from bores. During the final years of
the mine plan, an expanded network of bores will be used to source
47% of the total brine from the paleochannel.
The numerical model used to simulate the production plan employs
the aquifer properties used in the Mineral Resource Estimate and
incorporates other modifying factors (such as recharge and
evapotranspiration) to predict brine production and brine grade
over the life of mine. A steady state calibration and extensive
sensitivity analysis was undertaken.
Two models were developed to simulate production of the
resource:
-- A regional groundwater flow model was developed to simulate
the combined brine production from a trench network and a
paleochannel borefield to meet the proposed production target of
118,700ktpa of contained potassium at Lake Way for 20 years.
-- Cross-sectional flow and transport models were developed to
estimate the decline of brine grade with time, and to test the
dependence of the predictions on density and viscosity.
The models were used to define the base case production plan
that will achieve annual brine abstraction of 118,700kt of
contained potassium, delivered to the evaporation pond network.
To test the robustness of the model, an approach of testing
assumptions to failure was employed and the predicted scenario
stress-tested monthly for a total length of 20 years (representing
the projected mine life). Annual production scenarios were
simulated to understand the volume of brine.
No cut-off grade was applied given the large potential of the
paleochannel, the manageable dilution rate and the excess of
sulphate with respect to potassium (enabling the addition of KCl to
the production process).
The Ore Reserve estimate for Lake Way is detailed in Table 5.
The brine flow rate and grade estimates are based on modelling and
extrapolation of testwork which provides an Ore Reserve classed as
Probable.
Table 5: Lake Way Probable Reserve
Mine Brine Potassium Potassium
duration volume tonnage grade(1)
========== ======== ========== ===========
(years) (GL) (Mt) (kg/m(3) )
========== ======== ========== ===========
20 474 2.4 5.0
========== ======== ========== ===========
Note 1: Average grade to be sourced from trenches and bores over
LOM.
2.4Mt of contained potassium includes 60% produced from the
Measured resource category, and 40% produced from the Indicated
resource category. No brine from the Inferred resource category is
included in the Ore Reserve.
The results of the test pumping and the consistent nature of the
brine grade within the paleochannel mean that the Measured and
Indicated Mineral Resource Estimates have been converted to a
Probable Ore Reserve.
The northern zone of the lake playa has been classified as a
Measured Mineral Resource Estimate for the initial 8m at surface.
This resource has been converted to a Probable Ore Reserve given
the effects of variable recharge, dilution and liberation of the
mineral salts contained within the retained porosity across the
lake bed surface.
Premium Grade Water Soluble SOP Produced
In September 2019, SO4 completed the Pilot Plant test work of
the Lake Way salts at the Saskatchewan Research Council (SRC). The
test work yielded a premium Sulphate of Potash (SOP) product that
is highly water soluble with a >53% K(2) O grade.
SRC, the world leading potash processing institute, completed
Pilot Plant studies that are representative of the proposed Lake
Way Project process flowsheet. The Pilot Plant operation included
the addition of Potassium Chloride (KCl) to take advantage of the
excess sulphate that naturally occurs within the Lake Way
brine.
Two independent Pilot Plant runs utilised 5 tonnes of salt
harvested from Lake Way site evaporation trials as feed and
produced premium grade, highly water soluble SOP. The Total
Solubility and Dissolution Rate indicates the product would be
suitable for application in drip irrigation (otherwise known as
fertigation) systems.
Table 6: Lake Way Pilot Plant 2 Specifications
Specification(1)
Potassium K(2) O >53%
----------------- -----------------
Sulphate SO(4) >55%
----------------- -----------------
Chloride Cl <0.1%
----------------- -----------------
Insolubles <0.1%
----------------- -----------------
Total Solubility (g/100g H(2) O) 11.8
----------------- -----------------
Dissolution Rate % in 1 minute >95%
----------------- -----------------
Note 1: Results of composite sample from Pilot Plant 2.
The outstanding results achieved from the Pilot Plant indicate
that the product is comparable with other premium grade water
soluble products on the market and supports SO4's marketing
strategy to supply into the premium SOP markets. The premium
achievable for soluble grade SOP can be up to 20%[2] above the
standard SOP pricing.
The process flowsheet that has been developed and confirmed as
part of the Pilot Plant test work is incorporated in the Lake Way
BFS.
Acquisition of strategic tenement package
In July 2019, SO4 and Blackham Resource Limited (Blackham)
entered into a Sales Agreement whereby SO4 will acquire a package
of tenements and other key assets for the Lake Way Project. The
conditions precedent to the Sales Agreement were satisfied in early
October 2019 and the transaction has completed. The acquisition is
another important step in providing the Company with certainty over
tenure, timing and capital expenditure required to bring the Lake
Way Sulphate of Potash Project near Wiluna in Western Australia's
northern goldfields into production.
SO4 and Blackham have been cooperating on their respective
projects in the Wiluna/Lake Way region for the past 18 months. SO4
identified specific Blackham assets that would provide synergies
for the Lake Way Project and material value to SO4.
In July 2019, the two parties entered the Agreement whereby SO4
would acquire outright:
Ø the tenements owned by Blackham that sit on the northern end
of Lake Way and to the east of the Goldfields Highway;
Ø access and rights to process water from Blackham borefields
with an option to outright acquire a key borefield which will
underwrite the Lake Way Project.
Under the Agreement, Blackham agreed to provide immediate access
to process water, and consent to the grant of new tenure over its
tenements to enable SO4 to advance early works including camps and
water infrastructure. The remaining conditions precedent have now
been satisfied and the Agreement has completed.
Approvals
Lake Way is located in an area with a long history of minerals
exploration and associated environmental assessment. SO4 has taken
advantage of existing environmental knowledge to support the
permitting of its early works programme and focus additional
investigations required for permitting of full-scale
operations.
Environmental work to date has not identified any social or
environmental factors that could constitute fatal flaws or
insurmountable obstacles to gaining necessary statutory approvals.
The final outstanding approvals for the Project are currently being
progressed.
The referral for Stage 2 Project development works submitted to
the Environmental Protection Agency (EPA) in March 2019 was
determined not to require formal assessment under Part IV of the
Environmental Protection Act 1986[3] supporting the commencement of
these construction activities in Q4 2019.
The Company has since received approvals from the Department of
Mines, Industry Regulation and Safety (DMIRS) for the Mining
Proposal, and the Department of Water and Environmental Regulation
(DWER) for the next stage of on lake ponds and trench construction
at Lake Way. These approvals include a disturbance area to
construct ponds and trenches totalling up to 757ha.
The Company has also obtained Ministerial consent to use the
land under section 18 of the Aboriginal Heritage Act 1972.
Further approvals are required for the full commercial scope of
the Project with allowance for these approvals included in the
Project schedule. The referral for the full scope was submitted to
the EPA for assessment in September 2019.
Native Title and Heritage
SO4 has been working collaboratively with Tarlka Matuwa Piarku
Aboriginal Corporation (TMPAC), the registered native title body
corporate determined to hold native title rights and interests on
trust for the native title holders over the area within which the
Project is located. The Project is located on, and in the vicinity
of Lake Way, which is an Aboriginal site and area of particular
significance and sensitivity to the native title holders.
SO4 and TMPAC have entered into a native title exploration
agreement and are finalising a comprehensive land access agreement
that provides certainty for the Project, cultural heritage
management protocols and lasting social and economic benefits to
the native title holders.
Project Funding
In August 2019, SO4 announced that it had mandated Taurus Funds
Management (Taurus or the Lenders), to provide up to US$150m
project financing for the Lake Way Project.
The arrangement with Taurus is an important step in progressing
the development and financing of the Lake Way Project. The staged
project financing enabled the Company to complete the BFS, conclude
the acquisition of strategic tenements from Blackham and continue
early construction works to advance the Lake Way Project prior to
the drawdown of the main Project Development Facility (PDF).
Stage 1 Facility of USD30m (c.AUD44m)
The Stage 1 Facility (Facility) provides initial access to
funding for early construction works for the Lake Way Project and
completion of the BFS. The Facility will also partly fund civil
works including the second stage of construction of trenches and
key evaporation ponds, which will provide the initial harvest salts
to enable the feed for plant commissioning. Given the lead-time
required to generate harvest salts, the Facility is a crucial part
of accelerating Lake Way's development towards commercial SOP
production.
Formal documentation for the Stage 1 Facility was completed in
August 2019, and the Company has commenced drawing the
Facility.
Project Development Facility (PDF) of up to USD150m
(c.AUD220m)
The PDF will be used for refinancing the Stage 1 Facility and
for project development and working capital associated with the
development of the Lake Way Project. The PDF will become available
upon satisfaction of conditions precedent to the Lender's
satisfaction, including completion of the BFS. Conditions precedent
are customary for a project financing of this nature and include
execution of financing agreements, satisfying the equity
requirement based upon a cost to complete analysis and offtake
agreements being agreed.
Corporate
Institutional Placement to Fund Acquisition
The Company completed a placement of 10.58 million shares to
Fidelity International at A$0.70 each to raise A$7.4 million before
costs in August 2019. The Placement under the Company's existing
Listing Rule 7.1 placement capacity was used to fund the majority
of the acquisition costs in the Blackham transaction.
Key Appointments
During the Quarter, the Company made a number of key
appointments strengthening the already experienced executive
team.
Mr Shaun Day commenced in the role of Chief Financial Officer
and is responsible for the delivery of the financial, commercial
and strategic outcomes for SO4. He is a Chartered Accountant and
experienced CFO with over 20 years' experience in executive and
financial positions across mining, investment banking and
international accounting firms. Most recently, Mr Day was Chief
Financial Officer of Northern Star Resources during a period of
significant growth with the market cap of Northern Star increasing
from $700 million to $8 billion. He holds a Bachelor of Commerce
from UWA and is a member of the Australian Institute of Company
Directors.
Mr Mark Wilde joined the Company as Director - Sales and
Marketing, overseeing these functions. He is an experienced senior
sales and marketing executive with more than 30 years' experience
working in sales, marketing, business development and technical
functions. Most recently, Mr Wilde was Global Sales Director,
Sulphate of Potash (SOP) Business Unit, for Tessenderlo Group (one
of the top three largest SOP producers outside of China). In this
role Mr Wilde was responsible for sales and marketing 500ktpa of
SOP predominately in the premium market space, in more than 90
countries. He has a Bachelor of Chemistry from Stockport College of
Technology.
Ms Rowena Roberts joined as Director - People, Culture, Heritage
and Community. She is responsible for overseeing the human
resources, heritage and community relations functions for SO4. Ms
Roberts brings a broad depth of knowledge and experience with over
25 years' in People Management, Indigenous Training and Education,
Aboriginal Economic Development, Community Relations and Native
Title negotiations. Most recently, Ms Roberts has worked at
Fortescue Metals Group, the Water Corporation and Sinosteel leading
areas covering People, Culture and Community Relations.
For further information please visit www.so4.com.au or
contact:
Tony Swiericzuk / Clint McGhie Salt Lake Potash Limited Tel: +61 8 6559 5800
Colin Aaronson / Richard Tonthat / Ben Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Roberts
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
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Appendix A - Competent Person Statement and Disclaimer
Competent Persons Statement
The information in this announcement that relates to Production
Targets and Ore Reserves for Lake Way is extracted from the
announcement entitled 'Outstanding Bankable Feasibility Results for
Lake Way' dated 11 October 2019. This announcement is available to
view on www.so4.com.au. The information in the original ASX
Announcement that related to Production Targets and Ore Reserves
was based on, and fairly represents, information compiled by Mr Ben
Jeuken, who is a member of the Australasian Institute of Mining and
Metallurgy and a member of the International Association of
Hydrogeologists, and Mr Robert Kinnell, who is a member of the
Australasian Institute of Mining and Metallurgy and a Fellow of the
Geological Society of London. Mr Jeuken is employed by Groundwater
Science Pty Ltd, an independent consulting company. Mr Kinnell is a
full time employee of Salt Lake Potash Limited. Mr Jeuken and Mr
Kinnell have sufficient experience, which is relevant to the style
of mineralisation and type of deposit under consideration and to
the activity, which they are
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.
The information in this announcement that relates to Exploration
Results and Mineral Resources for Lake Way is extracted from the
announcement entitled 'Outstanding Bankable Feasibility Results for
Lake Way' dated 11 October 2019. This announcement is available to
view on www.so4.com.au. The information in the original ASX
Announcement that related to Exploration Results and Mineral
Resources was based on, and fairly represents, information compiled
by Mr Ben Jeuken, who is a member of the Australasian Institute of
Mining and Metallurgy and a member of the International Association
of Hydrogeologists. Mr Jeuken is employed by Groundwater Science
Pty Ltd, an independent consulting company. Mr Jeuken 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.
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.
The information in this announcement that relates to Processing
and the Process Plant is extracted from the announcement entitled
'Outstanding Bankable Feasibility Results for Lake Way' dated 11
October 2019. This announcement is available to view on
www.so4.com.au. The information in the original ASX Announcement
that related to Processing and the Process Plant was based on, and
fairly represents, information provided by Mr Kevin Martina,
Professional Engineer, who is a Member of the Association of
Professional Engineers and Geoscientists of Saskatchewan (APEGS), a
'Recognised Professional Organisation' (RPO) included in a list
promulgated by the ASX from time to time. Mr Martina is employed by
Wood Canada Limited, Saskatoon. Wood is engaged as a consultant by
Salt Lake Potash Limited. Mr Martina 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.
Production Target
The Lake Way 245ktpa Production Target stated in this
presentation is based on the Company's Bankable Feasibility Study
as released to the ASX on 11 October 2019. The information in
relation to the Production Target that the Company is required to
include in a public report in accordance with ASX Listing Rule 5.16
and 5.17 was included in the Company's ASX Announcement released on
11 October 2019. The Company confirms that the material assumptions
underpinning the Production Target referenced in the 11 October
2019 release continue to apply and have not materially changed.
Forward Looking Statements
This announcement may include forward-looking statements. These
forward-looking statements are based on Salt Lake Potash Limited'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 Salt Lake
Potash Limited, which could cause actual results to differ
materially from such statements. Salt Lake Potash Limited 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 that announcement.
Appendix 2 - Summary of Exploration and Mining Tenements as at
30 September 2019
Project Status Type of Change License Number Interest (%) Interest (%)
30-Jun-19 30-Sep-19
Lake Way[4]
==================== ============= ================ ================ ============= =============
Central Granted - E53/1878 100% 100%
==================== ============= ================ ================ ============= =============
East Application - E53/2057 100% 100%
==================== ============= ================ ================ ============= =============
South Granted - E53/1897 100% 100%
==================== ============= ================ ================ ============= =============
South Application - E53/2059 100% 100%
==================== ============= ================ ================ ============= =============
South Application - E53/2060 100% 100%
==================== ============= ================ ================ ============= =============
West Application - L53/208 100% 100%
==================== ============= ================ ================ ============= =============
Central Application - M53/1102 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%
==================== ============= ================ ================ ============= =============
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 Granted E29/1067 - 100%
==================== ============= ================ ================ ============= =============
South Granted Granted E29/1068 - 100%
==================== ============= ================ ================ ============= =============
East Application - E29/1069 100% 100%
==================== ============= ================ ================ ============= =============
North Granted Granted E29/1070 - 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%
==================== ============= ================ ================ ============= =============
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 Granted E58/529 - 100%
==================== ============= ================ ================ ============= =============
South Granted Granted E58/530 - 100%
==================== ============= ================ ================ ============= =============
South West Granted Granted E58/531 - 100%
==================== ============= ================ ================ ============= =============
Lake Moore
==================== ============= ================ ================ ============= =============
Central Granted - E59/2344 100% 100%
==================== ============= ================ ================ ============= =============
Northern Territory
==================== ============= ================ ================ ============= =============
Lake Lewis
==================== ============= ================ ================ ============= =============
South Granted - EL 29787 100% 100%
==================== ============= ================ ================ ============= =============
North Granted - EL 29903 100% 100%
==================== ============= ================ ================ ============= =============
Appendix 3 - asx aPPIX 5B
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-----------------------------------------------------
Salt Lake Potash Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
98 117 085 748 30 September 2019
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows $A'000 (3 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (9,040) (9,040)
(b) development (2,196) (2,196)
(c) production - -
(d) staff costs (2,218) (2,218)
(e) administration and corporate
costs (637) (637)
1.3 Dividends received (see note - -
3)
1.4 Interest received 47 47
Interest and other costs of
1.5 finance paid (3) (3)
1.6 Income taxes paid - -
1.7 Research and development refunds - -
Other (provide details if
material)
- Business Development (458) (458)
1.8 - R&D Rebate Received - -
---------------- ----------------
Net cash from / (used in)
1.9 operating activities (14,505) (14,505)
----- ------------------------------------- ---------------- ----------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant and equipment (158) (158)
(b) tenements (see item 10) (3,000) (3,000)
(c) investments - -
(d) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) property, plant and equipment - -
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.3 Cash flows from loans to - -
other entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if - -
material)
---------------- ----------------
Net cash from / (used in)
2.6 investing activities (3,158) (3,158)
------- ----------------------------------- ---------------- ----------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of shares 7,408 7,408
3.2 Proceeds from issue of convertible - -
notes
3.3 Proceeds from exercise of - -
share options
Transaction costs related
to issues of shares, convertible
3.4 notes or options (97) (97)
3.5 Proceeds from borrowings 14,817 14,817
3.6 Repayment of borrowings (38) (38)
Transaction costs related
3.7 to loans and borrowings (1,740) (1,740)
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- ----------------
Net cash from / (used in)
3.10 financing activities 20,350 20,350
------- ----------------------------------- ---------------- ----------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 19,304 19,304
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (14,505) (14,505)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (3,158) (3,158)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 20,350 20,350
Effect of movement in exchange
4.5 rates on cash held (2) (2)
---------------- ----------------
Cash and cash equivalents
4.6 at end of period 21,989 21,989
------- ----------------------------------- ---------------- ----------------
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 21,862 19,174
5.2 Call deposits 127 130
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) 21,989 19,304
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $A'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 (109)
----------------
6.2 Aggregate amount of cash flow from loans -
to these parties included in item 2.3
----------------
6.3 Include below any explanation necessary to understand
the transactions included in items 6.1 and 6.2
----- -----------------------------------------------------------------
Payments include salaries, director and consulting fees and
superannuation.
7. Payments to related entities of the entity Current quarter
and their associates $A'000
7.1 Aggregate amount of payments to these parties -
included in item 1.2
----------------
7.2 Aggregate amount of cash flow from loans -
to these parties included in item 2.3
----------------
7.3 Include below any explanation necessary to understand
the transactions included in items 7.1 and 7.2
---- ----------------------------------------------------------------
Not applicable.
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $A'000
$A'000
8.1 Loan facilities 44,182 14,727
------------------- ----------------
8.2 Credit standby arrangements - -
------------------- ----------------
8.3 Other (please specify) - -
------------------- ----------------
8.4 Include below a description of each facility above, including
the lender, interest rate and whether it is secured or
unsecured. If any additional facilities have been entered
into or are proposed to be entered into after quarter
end, include details of those facilities as well.
---- -------------------------------------------------------------------------
The Company has mandated Taurus Funds Management (as manager
of the Taurus Mining Finance Fund L.P., Taurus Mining Finance
Annex Fund L.P. and Taurus Mining Finance Fund No.2 L.P.) to
provide up to US$150m project financing for the Lake Way Project.
The Stage 1 Facility for US$30m (A$44.2m) has been documented
and the Company has commenced draw down during the quarter.
The facility is secured and interest is payable at 9.75% pa.
The Project Development Facility (PDF) for up to US$150m (A$221m)
will be used for refinancing the Stage 1 Facility and for project
development and working capital associated with the development
of the Lake Way Project. Draw down of the PDF is subject to
a number of Conditions Precedent. The PDF will be secured and
interest will be payable at 9.00% pa.
As the loan is denominated in USD, the facility amount and
amount drawn down has been converted at an FX rate of $0.679
USD/AUD, being the FX crossrate at 30 September 2019.
9. Estimated cash outflows for next $A'000
quarter
9.1 Exploration and evaluation 7,000
9.2 Development 6,000
9.3 Production -
9.4 Staff costs 3,000
9.5 Administration and corporate costs 750
9.6 Other (provide details if material)
- Business Development 250
- Blackham transaction consideration 7,000
- Long lead deposits 4,000
--------
9.7 Total estimated cash outflows 28,000
---- -------------------------------------- --------
10. Changes in tenements Tenement Nature of interest Interest Interest
(items 2.1(b) reference at beginning at end
and 2.2(b) above) and location of quarter of quarter
10.1 Interests in Refer to Appendix
mining tenements 1
and petroleum
tenements lapsed,
relinquished
or reduced
----- --------------------- -------------- ------------------- -------------- ------------
10.2 Interests in
mining tenements
and petroleum
tenements acquired
or increased
----- --------------------- -------------- ------------------- -------------- ------------
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.
Sign here:
............................................................ Date:
31 October 2019
(Director/Company secretary)
Print name: Clint McGhie
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly 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 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.
[1] In accordance with the Blackham Transaction, refer ASX
Announcements dated 23 July 2019 and 8 October 2019.
[2] CRU SOP Market Study May 2019
[3] EPA non-assessment decision was received June 2019 and
relates to the Lake Way SOP Demonstration Plant submission
[4] Acquisition of Lake Way tenements from Blackham Resources
completed in October 2019.
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.
END
UPDCKKDKNBDBKKN
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October 31, 2019 03:00 ET (07:00 GMT)
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