REG - Sovereign Metals Ltd - December 2024 Quarterly Report
30/01/2025 07:00
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RNS Number : 2180V Sovereign Metals Limited 30 January 2025
NEWS RELEASE I 30 JANUARY 2025
DECEMBER 2024 QUARTERLY REPORT
Sovereign Metals Limited (ASX:SVM, AIM:SVML, OTCQX:SVMLF) (Sovereign or the
Company) is pleased to provide its quarterly report for the period ended 31
December 2024.
HIGHLIGHTS DURING AND SUBSEQUENT TO THE QUARTER
Optimised PFS Results Reaffirm Kasiya's Globally Strategic Significance
· In January 2025, the Optimised Prefeasibility Study (OPFS) was
completed with oversight from Sovereign-Rio Tinto Technical Committee
· Results of the OPFS reaffirm Kasiya's potential to become the largest and
lowest-cost producer of natural rutile and natural flake graphite while
generating exceptional economics
· Various optimisations have led to superior project delivery, operational
flexibility, environmental and social outcomes compared to the 2023
Prefeasibility Study (PFS)
Pilot Phase Advanced to Rehabilitation Stage following Mining Trials and
Backfilling
· In December 2024 material mined and stockpiled during the Pilot Mining
and Land Rehabilitation (Pilot Phase) was placed back in the test pit filling
it to its original ground level
· On-site soil remediation and land rehabilitation activities are underway
testing Sovereign's proposed rehabilitation approach and demonstrating how
mined land can support sustainable farming post-closure
Positive Initial Test Results for Use of Kasiya Graphite in Refractories
· In November 2024 Sovereign announced that preliminary tests confirmed
that graphite concentrate produced from Kasiya exhibits prerequisite
characteristics for selling graphite to the refractory materials sector
Infill Drilling Program Complete
· In October 2024 Sovereign announced the completion of an infill
drilling program designed to upgrade Kasiya's Mineral Resource Estimate (MRE)
and to facilitate conversion of Ore Reserves from Probable to Proven category
Next Steps
· Over the course of the next quarter, Sovereign will advance the
Definitive Feasibility Study (DFS), provide updates on the rehabilitation
component of the Pilot Phase, publish an upgrade to the MRE, continue with
further graphite testwork to support potential offtake discussions and further
its community and social development programs in Malawi.
Classification 2.2: This announcement includes Inside Information
Enquires
Frank Eagar, Managing Director & CEO Sapan Ghai, CCO
South Africa / Malawi London
+27 21 065 1890 +44 207 478 3900
Nominated Adviser on AIM and Joint Broker
SP Angel Corporate Finance LLP +44 20 3470 0470
Ewan Leggat
Charlie Bouverat
Joint Brokers
Stifel +44 20 7710 7600
Varun Talwar
Ashton Clanfield
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Buchanan + 44 20 7466 5000
Optimised PFS Results Reaffirm Kasiya's Globally Strategic Significance
Subsequent to the quarter, the Company announced the results of an Optimised
Pre-feasibility Study (OPFS) for its Kasiya Rutile-Graphite Project (Kasiya or
the Project) which was undertaken following a strategic investment by Rio
Tinto Mining and Exploration Limited (Rio Tinto) in 2023. Under the Investment
Agreement, a joint Technical Committee was established to oversee the
development of Kasiya; the OPFS was conducted with oversight from the
Sovereign-Rio Tinto Technical Committee.
Following input from various organisations, including internationally
recognised, independent consultancies, the Company's owner's team, and subject
matter experts from Rio Tinto, the OPFS has reconfirmed Kasiya as a leading
global future supplier of strategic critical minerals outside of China.
The OPFS proposes a large-scale, long-life operation to deliver substantial
volumes of natural rutile and graphite while generating significant returns.
Table 1 below summarises the key findings from the OPFS and includes a
comparison to the PFS results released 16 months ago, in September 2023. It is
important to note that the results for the 2023 PFS in Table 1 have not been
updated or adjusted for inflation since their release.
TABLE 1: KEY OPFS METRICS
Units OPFS Results 2023 PFS
Jan 25 Sep 23
Production
Initial Mine Life Years 25 25
Plant Throughput (Stage 1: Years 1-4) Mtpa 12 12
Plant Throughput (Stage 2: Years 5-25) Mtpa 24 24
Average Annual Rutile Produced (95%+TiO(2)) ktpa 222 222
Annual Average Graphite Produced (96% TGC)* ktpa 233 244
Operating and Capital Expenditure
Capex to First Production (Stage 1) US$M 665 597
Total LOM Development Capex US$M 1,127 1,250
Total LOM Sustaining Capex US$M 397 470
Operating Costs (FOB Nacala) US$/t product 423 404
Financial Performance
Total Revenue* US$M 16,367 16,121
Annual Revenue (Average LOM) US$M 640 645
Annual EBITDA (Average LOM) US$M 409 415
NPV(8) (real, pre-tax) US$M 2,322 2,419
IRR (pre-tax) % 27% 32%
Revenue to Cost Ratio x 2.8 2.8
*Annual average graphite produced includes 292kt of graphite processed and
sold in two years post cessation of active ore mining. Average graphite
produced during the 25-year initial mine life only is 240ktpa; total revenue
during the same period is US$15,990 million. All rutile is produced and sold
during the 25-year initial mine life. Note: All cashflows and costs are
presented in US$ real January 2025 terms unless otherwise stated. Operating
costs exclude mineral royalties and community development support costs.
Summary of Optimisations
The OPFS optimises seven key areas compared to the 2023 PFS, as summarised
below.
Mining Method
The PFS proposed a 25-year initial LOM based on a hydraulic mining process
where slurry material would be screened and pumped overland to the processing
plants.
Based on findings from the mining trials undertaken as part of the Pilot
Phase, the OPFS proposes a large-scale open-pit dry mining operation using
draglines and trucking of material to the processing plants. The change in
mining method has not changed the initial mine life of 25 years.
Operating Model
The 2023 PFS envisaged mining would take place on a contractor basis.
During the OPFS, Sovereign undertook a trade-off analysis between the
following operating options:
· Fully owner-operated mine with draglines and trucks purchased by the
owner
· Owner-operated mine with draglines and trucks leased by the owner
· Mining contractor operation using excavators and trucks
Due to the preference for draglines and benefit of flexibility, an
owner-operated mine with leased equipment is selected as the preferred
operating model.
Plant Configuration
Dry mining Kasiya means the material received at the plant is not pre-wet and
pre-scrubbed. Therefore, the OPFS proposes a process plant front end
consisting of two scrubbers and two oversize screens per 12Mt plant. No
further changes are proposed to the processing plant flowsheet.
Plant Location
Per the 2023 PFS, mining would commence in the southern area of the Kasiya
deposit, ramping up to 12Mt per annum (Mtpa) and then scaling up to 24Mtpa in
Year 5 by constructing a second plant module in the same area, reaching
nameplate capacity by the end of that year.
In Year 10 of production, another new 12Mtpa plant module would be built and
commissioned in the northern area of Kasiya, supported by the relocation to
the north of one of the southern plants to maintain a steady state of 24Mtpa.
However, the OPFS has determined the most efficient plant locations to be an
initial 12Mtpa South Kasiya plant followed by the construction of another
12Mtpa North Kasiya plant in year 5 of production, negating any relocation
requirements in later years.
The OPFS maintains the ROM schedule with operations commencing with 12Mtpa of
throughput during the first four years of production (Stage 1) and expanding
to 24Mtpa in year 5, with full capacity reached by end of year 5 (Stage 2).
Tailings Management
Per the PFS, a conventional process would be used to produce rutile and
graphite concentrate with tailings in separate sand and fines streams being
pumped to a conventional TSF. Mined out pit areas would be backfilled as part
of a rehabilitation process.
The OPFS proposes maximising backfilling of pits as undertaken during the
Pilot Phase and the introduction of mud farming on the TSF to accelerate
dewatering. This approach has reduced tailings volumes in the TSF by 44% from
187 Mm³ to 105 Mm³.
Mud farming is a technique used by Rio Tinto at operations such as its
100%-owned Weipa bauxite operations in Queensland, Australia, which has been
in production since 1963 and produced 35.1Mt of bauxite in 2023.
Water Management
The PFS proposed that the primary water supply for the Kasiya mining complex
would be created by building a water storage dam and collecting run-off water
from the greater catchment area. Following the introduction of dry mining and
mud farming, the size of the water storage dam proposed in the PFS has been
significantly reduced, with less process water required and more process water
recovered.
The OPFS mining trials and material deposition tests indicated a water demand
of 10.2 Mm³ per annum, almost a 40% decrease in water requirement from the
PFS (16.7 Mm³). The effect on the water storage dam wall could be a
reduction in volume from 0.79 Mm³ to 0.57 Mm³ and a reduction in dam wall
height from 20 metres to 17 metres.
Power
The 2023 PFS envisaged a hybrid hydro-generated grid power plus solar power
system solution.
The Malawi grid reliability has improved since completion of the PFS and is
expected to further improve considerably with the commissioning of the
country's first HV transmission interconnector to Mozambique in Q2 2025.
This will provide the Project with sufficient power and therefore the OPFS
proposes to connect the Project's power system to the hydro-sourced grid
network only. This mitigates any risks associated with commissioning a new
solar power project and reducing the overall power tariff by eliminating the
need for an Independent Power Producer as per the 2023 PFS.
Pilot Phase Advanced to Rehabilitation Stage Following Mining Trials and
Backfilling
In December 2024, the Company announced that the test pit mined during the
Pilot Phase at the Kasiya Project had been successfully backfilled. This
allowed Sovereign to commence on-site soil remediation and land rehabilitation
activities, testing our proposed rehabilitation approach and demonstrating
that the mined land can support sustainable farming post-closure.
During the Pilot Phase mining trials, 170,000m(3) was mined using a
conventional excavator fleet. The fleet was used to place mined material back
into the pit, filling the pit to the original ground level in less than two
months and ahead of schedule.
Rehabilitation is currently underway with an approach based on agronomic
principles, including promoting sustainable farming practices and providing
various end-land uses.
Positive Initial Test Results for Use of Kasiya Graphite in Refractories
In November 2024, the Company announced that downstream testwork targeting
the traditional graphite market, conducted at leading independent consultancy
ProGraphite GmbH (ProGraphite) in Germany, had delivered very positive initial
test results.
Preliminary tests confirmed that graphite concentrate produced from Kasiya in
Malawi exhibits prerequisite characteristics required for graphite sales into
the refractory materials sector.
Traditional demand for natural graphite is primarily tied to the steel
industry where it is used as a component in bricks that line both blast and
electric arc furnaces ("refractories") and as a liner for ladles and
crucibles. It is used in brake linings, gaskets and clutch materials in the
automotive industry. Graphite has many other industrial uses in lubricants,
carbon brushes for electric motors, fire retardants, and insulation and
reinforcement products.
Graphite's key properties for use in refractory applications are its
resistance to oxidation, chemical inertness and good thermal conductivity.
Additional evaluation of Kasiya's coarse flake for traditional and expandable
applications is underway, with results expected in the coming months. This
will generate the information required to further offtake discussions.
Infill Drilling Program Complete
In October 2024, the Company announced the completion of an infill drilling
program at Kasiya to support an upgrade of the MRE.
Aircore drilling, supported by hand auger, push tube and diamond core
drilling, was completed in the southern part of Kasiya. The drilling was
focused on the designated pits proposed to provide ore feed in the first eight
years of the Project's production schedule. Ore Reserves in these areas are
expected to convert from the Probable to Proven category with an upgrade of
the current MRE from Indicated to the Measured category under the JORC (2012)
Code.
Offsite laboratories in South Africa and Australia will assay all samples for
rutile and graphite. The drilling program's results and subsequent Resource
upgrade are expected in early 2025.
Kasiya is already the world's largest rutile deposit and second-largest flake
graphite deposit, with over 66% of the current MRE in the Indicated category.
Corporate Update
Sovereign remains in a strong financial position with cash at bank of
approximately A$34 million and no debt.
Next Steps
The Company plans to update the market on the following progress in the coming
months:
· Rehabilitation component of the Pilot Phase
· MRE upgrade during the current quarter
· Further graphite testwork results as the Company continues to advance
the qualification of its graphite product for the lithium-ion battery and
traditional graphite sectors
· Progress in discussions with future potential end-users of rutile and
graphite
· Updates on community and social development programs
· Progress of the DFS, which is targeted for completion by Q4, 2025
Competent Person Statement
The information in this announcement that relates to Production Targets, Ore
Reserves, Processing, Infrastructure and Capital and Operating Costs is
extracted from an announcement dated 22 January 2025, which is available to
view at www.sovereignmetals.com.au. Sovereign confirms that: a) it is not
aware of any new information or data that materially affects the information
included in the original announcement; b) all material assumptions and
technical parameters underpinning the Production Target, and related forecast
financial information derived from the Production Target included in the
original announcement continue to apply and have not materially changed; and
c) the form and context in which the relevant Competent Persons' findings are
presented in this presentation have not been materially modified from the
original announcement.
The information in this announcement that relates to the Exploration Results
(metallurgy - rutile and graphite) is extracted from announcements dated 8 May
2024, 15 May 2024, 4 September 2024 and 21 November 2024, which are available
to view at www.sovereignmetals.com.au. Sovereign confirms that a) it is not
aware of any new information or data that materially affects the information
included in the original announcement; b) all material assumptions included in
the original announcement continue to apply and have not materially changed;
and c) the form and context in which the relevant Competent Persons' findings
are presented in this report have not been materially changed from the
announcement.
The information in this announcement that relates to the Mineral Resource
Estimate is extracted from Sovereign's 2024 Annual Report and is based on, and
fairly represents information compiled by Mr Richard Stockwell, a Competent
Person, who is a fellow of the Australian Institute of Geoscientists (AIG). Mr
Stockwell is a principal of Placer Consulting Pty Ltd, an independent
consulting company. Sovereign confirms that a) it is not aware of any new
information or data that materially affects the information included in the
original announcement; b) all material assumptions included in the 2024 Annual
Report continue to apply and have not materially changed; and c) the form and
context in which the relevant Competent Persons' findings are presented in
2024 Annual Report have not been materially changed from the disclosure in the
2024 Annual Report.
Ore Reserve for the Kasiya Deposit
Classification Tonnes Rutile Grade Contained Rutile Graphite Grade (TGC) (%) Contained Graphite RutEq. Grade*
(Mt)
(%)
(Mt)
(Mt)
(%)
Proved - - - - - -
Probable 538 1.03% 5.5 1.66% 8.9 2.00%
Total 538 1.03% 5.5 1.66% 8.9 2.00%
* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price (US$1,484/t) +
Graphite Grade x Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price
(US$1,484/t). All assumptions are from the Kasiya PFS ** Any minor summation
inconsistencies are due to rounding
Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile
cut-off grade (inclusive of Ore Reserves)
Classification Resource Rutile Grade Contained Rutile Graphite Grade (TGC) (%) Contained Graphite
(Mt)
(%)
(Mt)
(Mt)
Indicated 1,200 1.0% 12.2 1.5% 18.0
Inferred 609 0.9% 5.7 1.1% 6.5
Total 1,809 1.0% 17.9 1.4% 24.4
Forward Looking Statement
This release may include forward-looking statements, which may be identified
by words such as "expects", "anticipates", "believes", "projects", "plans",
and similar expressions. These forward-looking statements are based on
Sovereign'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 Sovereign, which could cause actual
results to differ materially from such statements. There can be no assurance
that forward-looking statements will prove to be correct. Sovereign makes no
undertaking to subsequently update or revise the forward-looking statements
made in this release, to reflect the circumstances or events after the date of
that release.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
APPENDIX 1: SUMMARY OF MINING TENEMENTS
As at 31 December 2024, the Company had an interest in the following
tenements:
Licence Holding Entity Interest Type Licence Renewal Date Expiry Term Date(1) Licence Area (km(2)) Status
EL0609 MML 100% Exploration 25/09/2026 25/09/2028 219.5 Granted
EL0582 SSL 100% Exploration 15/09/2025 15/09/2027 141.3 Granted
EL0492 SSL 100% Exploration 29/01/2025 29/01/2025(2) 454.9 Granted
EL0528 SSL 100% Exploration 27/11/2025 27/11/2025 16.2 Granted
EL0545 SSL 100% Exploration 12/05/2026 12/05/2026 24.2 Granted
EL0561 SSL 100% Exploration 15/09/2025 15/09/2027 61.9 Granted
EL0657 SSL 100% Exploration 3/10/2025 3/10/2029 2.3 Granted
EL0710 SSL 100% Exploration 1/02/2027 1/02/2031 38.4 Granted
Notes:
SSL: Sovereign Services Limited, MML: McCourt Mining Limited
(1) An exploration licence (EL) covering a preliminary period in accordance
with the Malawi Mines and Minerals Act (No 8. Of 2019) (2019 Mines Act) is
granted for a period not exceeding three (3) years. Thereafter two successive
periods of renewal may be granted, but each must not exceed two (2) years.
This means that an EL has a potential life span of seven (7) years under the
2019 Mines Act. ELs that have come to the end of their term can be converted
by the EL holder into a retention licence (RL) for a term of up to 5 years
subject to meeting certain criteria. All of Sovereign's ELs were originally
granted under the 2019 Mines Act. On 28 June 2024, the Mines and Minerals Act
(2023) (2023 Mines Act) was gazetted and came into force. As previously
disclosed, the New Act introduces amendments to improve transparency and
governance of the mining industry in Malawi. Sovereign notes the following
updates in the New Act which may affect the Company going forward: (i) ELs
granted under the 2023 Mines Act will be granted for an initial period of 5
years with the ability to extend by 3 years on two occasions (total 11 years);
(ii) the Malawian Government maintains a right to free equity ownership for
large-scale mining licences but the New Act has removed the automatic free
government equity ownership with the right to be a negotiation matter; and
(iii) A new Mining and Regulatory Authority will be responsible for
implementing the objectives of the New Act.
(2) In October 2024, SSL applied for RLs in relation to EL0492 in accordance
with the 2023 Mines Act.
APPENDIX 2: RELATED PARTY PAYMENTS
During the quarter ended 31 December 2024, the Company made payments of
A$306,000 to related parties and their associates. These payments relate to
existing remuneration arrangements (executive salaries, director fees,
superannuation and bonuses (A$209,000)) and provision of serviced office
facilities, company secretarial services and administration services
(A$97,000).
APPENDIX 3: MINING EXPLORATION EXPENDITURES
During the quarter, the Company made the following payments in relation to
mining exploration activities:
Activity A$'000
OPFS, Pilot Phase (mining trials, rehabilitation process, etc) 3,506
Drilling related 300
Assaying and Metallurgical Test-work 533
ESG related (including community and social development programs) 1,080
Malawi Operations - Site Office, Personnel, Field Supplies, Equipment, 1,772
Vehicles and Travel
Total as reported in Appendix 5B 7,191
There were no mining or production activities and expenses incurred during the
quarter ended 31 December 2024, other than the mining trials (disclosed above)
completed as part of the Pilot Phase.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Sovereign Metals Limited
ABN Quarter ended ("current quarter")
71 120 833 427 31 December 2024
Consolidated statement of cash flows Current quarter Year to date
$A'000
(6 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (7,191) (14,856)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (369) (645)
(e) administration and corporate costs (326) (970)
1.3 Dividends received (see note 3) - -
1.4 Interest received 650 1,030
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other - Business Development (342) (830)
1.9 Net cash from / (used in) operating activities (7,578) (16,271)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (148) (965)
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities (148) (965)
3. Cash flows from financing activities - 19,174
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt (8) (45)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities (8) 19,129
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 41,193 31,562
4.2 Net cash from / (used in) operating activities (item 1.9 above) (7,578) (16,271)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (148) (965)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (8) 19,129
4.5 Effect of movement in exchange rates on cash held 72 76
4.6 Cash and cash equivalents at end of period 33,531 33,531
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 14,991 4,153
5.2 Call deposits 18,540 37,040
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 33,531 41,193
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included (306)
in item 1
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 at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any 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.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (7,578)
8.2 (Payments for exploration & evaluation classified as investing activities) -
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (7,578)
8.4 Cash and cash equivalents at quarter end (item 4.6) 33,531
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 33,531
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.4
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8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: Not applicable
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: Not applicable
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: Not applicable
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 30 January 2025
Authorised by: Company Secretary
(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
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