Exhibit
|
Description
|
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Quarterly Report for the Quarter Ended September 30, 2023
|
ioneer Ltd
|
|||
(registrant)
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Date: October 30, 2023
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By:
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/s/ Ian Bucknell
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Name: Ian Bucknell
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Title: Chief Financial Officer & Company Secretary
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|
• |
Permitting Progress – the Project continues to advance through the NEPA permitting process with no major issues or delays. A draft EIS is expected in Q4 2023.
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• |
Construction and Operational Readiness – the Company continues its preparations for commencement of construction in 2024:
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o |
Steering and Technical committees in place with partner Sibanye Stillwater ahead of the expected formalization of joint venture in 2024
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|
o |
Continued progress on engineering and procurement including construction planning, securing long lead items, and ensuring deliverables are at an “issued for construction” stage
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|
o |
Advancing ESG and ESH programs and building the owner’s team
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|
o |
Ongoing engagement with community stakeholders, including Tribal Nations
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• |
Organic Growth Potential – 360Mt Mineral Resource Estimate (MRE)
|
|
o |
Three distinct types of mineralisation based on boron and clay content with Types 1 and 3 being low-clay types
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|
o |
Only Type 1 currently included in Project economics
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|
o |
Extensive testwork has shown that Type 3 (128Mt) is a candidate for vat or heap leaching methods, similar to those to be employed for processing Type 1 ore
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1. |
State of Nevada issued Air Quality Permit1 - received 24 June 2021.
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2. |
State of Nevada issued Water Pollution Control Permit2 - received 19 July 2021.
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3. |
The Mine Plan of Operations that must be approved by the federal Bureau of Land Management (BLM) – Notice of Intent published 20 December 2022 marking commencement of NEPA process.
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|
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1. |
Safe Driving Training
|
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2. |
Work from Heights Training
|
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3. |
Heat Stress Training
|
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4. |
MSHA/OSHA Program & Training Development
|
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5. |
Hazardous Material Permit Application
|
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6. |
Hazardous Material Storage Permit Application
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7. |
MSHA/CAT autonomous haulage regulatory meeting
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Package Size
|
% Complete
|
|
Large (>US2.5M)
|
91%
|
|
Medium (US$1M - 2.5M)
|
78%
|
|
Small (<US$1M)
|
78%
|
|
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• |
Type 1 Mineralisation: Lithium with high boron and low clay content
|
|
• |
Type 2 Mineralisation: Lithium with high clay content
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• |
Type 3 Mineralisation: Lithium with low boron and low clay content
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|
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• |
Advancing federal permitting through participation in the NEPA process
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• |
Continuing geotechnical drilling in the South Basin.
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• |
Evaluation of growth opportunities
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• |
Continuing the engineering effort to further decrease execution risk. This will include:
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o |
Releasing further engineering and vendor packages/contracts for bid/award
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|
o |
Ongoing implementation of ESG programs including Toward Sustainable Mining
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|
o |
Ongoing conservation efforts for Tiehm’s buckwheat
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Milestone
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Targeted timing8
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||
Anticipated ROD
|
2Q 2024
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Construction Period
|
24 Months
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First Production
|
2026
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|
• |
Bell Potter Emerging Leaders Conference, 13 September
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|
• |
SMEDG Presentation, 21 September
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|
• |
Stifel non-deal roadshow with institutional investors in London, 12-15 September
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• |
Columbia University Industry Roundtable discussions in association with Climate Week NYC, 21 September
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• |
Nevada Trade Mission to Canada with Nevada Governor, Joe Lombardo, 25-27 September
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1. |
ASX LR 5.3.1: Exploration and Evaluation Expenditure during the quarter was US$16.1 million. Details of the exploration activity are set out in this report. A
breakdown of the expenditure is shown below:
|
Expenditure
|
US$’000
|
||
Exploration
|
-
|
||
Engineering
|
11,075
|
||
Environmental
|
1,976
|
||
Sales & Marketing
|
134
|
||
Other
|
2,634
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||
Total
|
15,819
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2. |
ASX LR 5.3.2: The Company confirms there were no production or development activities during the quarter.
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3. |
ASX LR 5.3.5: Related party payments for the quarter totalled US$270,000, comprising salaries and fees for the Company’s executive and non-executive directors. No
other payments were made to any related parties of the entity or their associates.
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|
4. |
ASX LR 5.3.3: INR confirms that it has acquired tenements during the quarter (see appendix 1).
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|
• |
2.1 billion ordinary shares
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|
• |
4.0 million options, and
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|
• |
27.6 million performance rights.
|
Chad Yeftich
Ioneer USA Corporation
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Jason Mack
Ioneer Limited
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Investor Relations (USA)
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Investor Relations (AUS)
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T: +1 775 993 8563
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T: +61 410 611 709
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E: ir@ioneer.com
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E: jmack@ioneer.com
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Date Released
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Title
|
||
03/07/2023
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Application for quotation of securities - INR
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04/07/2023
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Application for quotation of securities - INR
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||
04/07/2023
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Notification of cessation of securities - INR
|
||
04/07/2023
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Change of Director’s Interest Notice
|
||
05/07/2023
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Change of Director’s Interest Notice
|
||
11/07/2023
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Executive Chairman Employment Agreement Renewal
|
||
24/07/2023
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June 2023 – Quarterly Activities Report
|
||
24/07/2023
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June 2023 – Quarterly Cash Flow Report
|
||
07/09/2023
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Date of 2023 Annual General Meeting
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||
12/09/2023
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Notification regarding unquoted securities - INR
|
||
13/09/2023
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Investor Presentation – Bell Potter Conference
|
||
20/09/2023
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Annual Report to shareholders
|
||
20/09/2023
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Appendix 4G – 30 June 2023
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||
20/09/2023
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Corporate Governance Statement – 30 June 2023
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||
21/09/2023
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Tests reveal potential growth for Rhyolite Rodge
|
||
21/09/2023
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Change in substantial holding
|
||
27/09/2023
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Application for quotation of securities - INR
|
||
27/09/2023
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Change of Director’s Interest Notice – James Calaway
|
||
29/09/2023
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Notice of Annual General Meeting/Proxy Form
|
||
29/09/2023
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Notification of cessation of securities - INR
|
||
29/09/2023
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Application for quotation of securities - INR
|
Country
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Project
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Tenement ID
|
Tenement Name
|
Area (km2)
|
Interest at beginning of
quarter
|
Interest at end of quarter
|
Note
|
|||||||
USA
|
Rhyolite Ridge
|
NMC1118666
|
NLB claims (160)
|
13
|
100%
|
100%
|
No change
|
|||||||
USA
|
Rhyolite Ridge
|
NV106310781
|
NLB claims (41)
|
1.2
|
0%
|
100%
|
New claims staked
|
|||||||
USA
|
Rhyolite Ridge
|
NMC1117360
|
SLB claims (199)
|
16.5
|
100%
|
100%
|
No change
|
|||||||
USA
|
Rhyolite Ridge
|
NMC1117360
|
SLB claims (18)
|
1.5
|
100%
|
100%
|
No change
|
|||||||
USA
|
Rhyolite Ridge
|
NMC1171536
|
SLM claims (122)
|
9.7
|
100%
|
100%
|
No change
|
|||||||
USA
|
Rhyolite Ridge
|
NMC 1179516
|
RR claims (65)
|
5.4
|
100%
|
100%
|
No change
|
|||||||
USA
|
Rhyolite Ridge
|
NMC 1179516
|
RR claims (14)
|
1.1
|
100%
|
100%
|
No change
|
|||||||
USA
|
Rhyolite Ridge
|
NMC 1129523
|
BH claims (81)
|
7
|
0%, option to purchase 100%
|
100%
|
Option exercised
|
|||||||
USA
|
Rhyolite Ridge
|
NV105272779
|
RMS claims (23)
|
0.5
|
100%
|
100%
|
No change
|
|||||||
USA
|
Rhyolite Ridge
|
NMC1147932
|
SLP claims (120)
|
9.7
|
100%
|
100%
|
No change
|
|||||||
USA
|
Rhyolite Ridge
|
NV105272053
|
PR claims (11)
|
0.9
|
100%
|
100%
|
No change
|
|||||||
USA
|
SM
|
NMC1166813
|
SM claims (96)
|
7.7
|
100%
|
100%
|
No change
|
|||||||
USA
|
GD
|
NMC1166909
|
GD claims (13)
|
1.1
|
100%
|
100%
|
No change
|
|||||||
USA
|
CLD
|
NMC1167799
|
CLD claims (65)
|
5.2
|
100%
|
100%
|
No change
|
Name of entity
|
|
ioneer Ltd
|
|
ABN
|
Quarter ended (“current quarter”)
|
76 098 564 606
|
September 2023
|
Consolidated statement of cash flows
|
Current quarter
$US’000 |
Year to date
(3 months)
$US’000 |
||
1.
|
Cash flows from operating activities
|
-
|
-
|
|
1.1
|
Receipts from customers
|
|||
1.2
|
Payments for
|
-
|
-
|
|
(a)
|
exploration & evaluation (if expensed) | |||
(b)
|
development |
-
|
-
|
|
(c)
|
production |
-
|
-
|
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(d)
|
staff costs |
(110)
|
||
(e)
|
administration and corporate costs |
(2,780)
|
||
1.3
|
Dividends received (see note 3)
|
-
|
-
|
|
1.4
|
Interest received
|
525
|
||
1.5
|
Interest and other costs of finance paid
|
|||
1.6
|
Income taxes paid
|
|||
1.7
|
Government grants and tax incentives
|
-
|
-
|
|
1.8
|
Other (provide details if material)
|
-
|
-
|
|
1.9
|
Net cash from / (used in) operating activities
|
(2,365)
|
||
2.
|
Cash flows from investing activities
|
-
|
-
|
|
2.1
|
Payments to acquire:
|
|||
(a)
|
entities | |||
(b)
|
tenements |
-
|
-
|
|
(c)
|
property, plant and equipment |
-
|
||
(d)
|
exploration & evaluation (if capitalised) |
(13,454)
|
||
(e)
|
investments |
-
|
-
|
|
(f)
|
other non-current assets |
-
|
-
|
Appendix 5B
|
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
|
Consolidated statement of cash flows
|
Current quarter
$US’000 |
Year to date
(3 months)
$US’000 |
||
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
|
(13,454)
|
||
3.
|
Cash flows from financing activities
|
-
|
-
|
|
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
|
54
|
-
|
|
3.4
|
Transaction costs related to issues of equity securities or convertible debt securities
|
(9)
|
||
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)
|
(36)
|
||
3.10
|
Net cash from / (used in) financing activities
|
9
|
||
4.
|
Net increase / (decrease) in cash and cash equivalents for the period
|
|||
4.1
|
Cash and cash equivalents at beginning of period
|
52,709
|
52,709
|
|
4.2
|
Net cash from / (used in) operating activities (item 1.9 above)
|
(2,365)
|
||
4.3
|
Net cash from / (used in) investing activities (item 2.6 above)
|
(13,454)
|
||
4.4
|
Net cash from / (used in) financing activities (item 3.10 above)
|
9
|
Appendix 5B
|
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
|
Consolidated statement of cash flows
|
Current quarter
$US’000 |
Year to date
(3 months)
$US’000 |
|
4.5
|
Effect of movement in exchange rates on cash held
|
(363)
|
|
4.6
|
Cash and cash equivalents at end of period
|
36,536
|
5.
|
Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts |
Current quarter
$US’000 |
Previous quarter
$US’000 |
5.1
|
Bank balances
|
14,253
|
16,317
|
5.2
|
Call deposits
|
22,283
|
36,470
|
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)
|
36,536
|
52,787
|
6.
|
Payments to related parties of the entity and their associates
|
Current quarter
$US'000 |
6.1
|
Aggregate amount of payments to related parties and their associates included in item 1
|
270
|
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
|
Appendix 5B
|
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
|
7.
|
Financing facilities
Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity.
|
Total facility amount at quarter end
$US’000 |
Amount drawn at quarter end
$US’000 |
7.1
|
Loan facilities
|
-
|
-
|
7.2
|
Credit standby arrangements
|
-
|
-
|
7.3
|
Other (please specify)
|
-
|
-
|
7.4
|
Total financing facilities
|
-
|
-
|
7.5
|
Unused financing facilities available at quarter end
|
-
|
|
7.6
|
Include in the box below a description of each facility above, including the lender, 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
|
$US’000
|
8.1
|
Net cash from / (used in) operating activities (Item 1.9)
|
(2,365)
|
8.2
|
Capitalised exploration & evaluation (Item 2.1(d))
|
(13,454)
|
8.3
|
Total relevant outgoings (Item 8.1 + Item 8.2)
|
(15,819)
|
8.4
|
Cash and cash equivalents at quarter end (Item 4.6)
|
36,536
|
8.5
|
Unused finance facilities available at quarter end (Item 7.5)
|
-
|
8.6
|
Total available funding (Item 8.4 + Item 8.5)
|
36,536
|
8.7
|
Estimated quarters of funding available (Item 8.6 divided by Item 8.3)
|
2.3
|
8.8
|
If Item 8.7 is less than 2 quarters, please provide answers to the following questions:
|
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: N/A
|
||
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: N/A
|
||
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: N/A
|
Appendix 5B
|
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
|
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.
|
30 October 2023
|
||
Date:
|
|
Bernard Rowe – Managing Director
|
||
Authorised by:
|
|
|
(Name of body or officer authorising release – see note 4)
|
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.
|