Wrap Text
Review of Operations for the quarter ended 31 December 2023
Kore Potash plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code: KP2
ISIN: GB00BYP2QJ94
("Kore Potash" or the "Company")
18 January 2024
Review of Operations for the quarter ended 31 December 2023
Kore Potash (AIM: KP2, ASX: KP2, JSE:KP2), the potash development company with 97% ownership of
the Kola Potash Project ("Kola" or the "Kola Project") and Dougou Extension Potash Project ("DX") in
the Sintoukola Basin, located in the Republic of Congo ("RoC"), provides its quarterly update for the
period ended 31 December 2023 (the "Quarter").
Quarterly Highlights
Projects
• PowerChina International Group Limited ("PowerChina") continues with the review process
of the Engineering, Procurement and Construction ("EPC") proposal, announced in December
2023.
Corporate
• Resignation of Brad Sampson, the Company's Chief Executive Officer ("CEO"), on 31 October
2023. The Company does not intend to appoint a new CEO until after the receipt of the
financing proposal for the construction of the Kola Potash Project.
• David Hathorn, (Chairman) has assumed the role of CEO in the interim.
• Acting Chief Financial Officer ("CFO") Amanda Farris resigned on 11 December 2023 with
Andrey Maruta appointed as non-board CFO.
• Successful completion of US$2.5 million equity fundraise.
• As of 31 December 2023, the Company held c.US$1.6 million in cash.
Operational Activities
Kola EPC
Kore Potash signed a Memorandum of Understanding with the Summit Consortium ("Consortium") in
April 2021 for the Optimisation of Kola, the provision of an EPC contract proposal, and a debt and
royalty financing proposal for the total construction cost of Kola.
The results of the Optimisation Study ("Study") announced on 27 June 2022 supported moving to the
next phase of Kola's development.
On 28 June 2022, the Company announced that it had signed a Heads of Agreement ("HoA") for the
construction of Kola with SEPCO. Under the HoA, SEPCO undertook to continue negotiations with Kore
Potash towards an EPC contract for the construction of Kola. Importantly, the HoA recognised that the
Study's outcomes confirmed the capital cost of Kola, the construction period and related EPC contract
terms.
Recognising the world-class scale of Kola, the length of the proposed construction period and the total
financing requirement, Kore Potash requested that SEPCO's parent company, PowerChina, provide
the typically required EPC contract guarantees, including performance and retention bonds supporting
the completion of construction and the operating performance of Kola.
On 8 August 2023, Kore Potash entered into a revised agreement ("Agreement") with SEPCO to
provide the Company with an EPC contract for the construction of the Kola Project. Following the
completion of SEPCO's parent company, PowerChina's, review of the Kola design and construction
schedule, one of the agreed outcomes was that further engineering design works must be completed
before PowerChina and SEPCO jointly presenting an EPC proposal and EPC contract to the Company.
PowerChina subcontracted five technical groups who commenced additional design and engineering
works. Specific design areas included the underground mine, mineral processing jetty and
transhipment operations, energy transportation and storage, conveyor systems and material handling
(the "Works"). PowerChina advised the Company that the Works would cost in excess of US$10 million
to complete. Illustrating PowerChina's commitment to Kola, it capped Kore Potash's contribution at a
maximum of US$5 million, with the balance of the costs to be paid by PowerChina.
Two payments of US$1.0 million each were made in August and November 2023 as required under
the Agreement. The remaining payments are contingent upon the Company completing further fund
raises and PowerChina and SEPCO's delivery of the EPC contract. The remaining payments are planned
to be paid in two tranches 12 months from date of the execution of the EPC contract.
PowerChina, SEPCO and the subcontractors, in pursuit of the timeline objectives, commenced the
Works before reaching an agreement with the Company on costs.
SEPCO has had personnel living in the Republic of Congo ("RoC") for the past 24 months who continue
dialogue with potential in-country service providers and who have conducted several Kola site visits
collecting information for both the Study and the Works. Additionally, SEPCO mobilised a larger team
to Kola for four months in the second half of 2023 to source additional information to enable the
Works finalisation, including the planned service corridors, conveyor route, and geomechanical
information on foundation materials in the proposed processing plant and infrastructure areas. These
findings were presented to PowerChina in early December 2023.
PowerChina and SEPCO have confirmed that they have received all the information relating to the
Works, internal reports are being finalised, and the EPC contract is in draft form.
Regarding the Works detailed in the Agreement:
- Additional engineering design works – Completed;
- Finalisation of internal reports – week commencing 15 January 2024;
- EPC Proposal and EP Contract offer – on track to be delivered to the Company by the end of
January 2024;
- Kore Potash and SEPCO/PowerChina signing the EPC contract – targeting before the end of
February 2024.
Kola Financing
Kore Potash continues to work with the Consortium to provide financing for the total construction
cost of Kola, which is intended to be based on royalty and debt finance.
The successful outcomes of the Study were in line with the Consortium's requirements and supported
the ongoing financing discussions. The financing parties of the Consortium have again reinforced their
ongoing strong interest in financing Kola and await the finalisation of the EPC contract terms.
The Consortium has advised that the financing proposal for the total construction cost of Kola will be
provided to the Company within six weeks of EPC Contract terms finalisation.
Kore Potash maintains that the Consortium members can provide the required financing for Kola's
construction of Kola and that pursuing this financing opportunity remains the best path forward for
Kore Potash's shareholders.
Congo Government Relations
The Minister of Mines wrote a letter to Kore Potash that pledged the Ministry and the RoC's support
for Kore's development of its projects at Kola and Dougou ("Projects").
The Minister acknowledged that some of the development objectives for the Projects, as outlined in
the Mining Convention, have not yet been met. He also assured the Ministry's steadfast support, in
the form of a moral guarantee, to assist in addressing the remaining challenges to completing the
financing of Kola. The Minister reaffirmed the validity of the Company's mining tenement titles and
the Mining Convention, which is the operating agreement between the Company and the
Government.
He further conveyed a pledge of security reflecting the RoC's confidence in Kore Potash to support
ongoing dialogue and action towards developing our projects in the RoC.
The Minister of Mines of the RoC showed further support for the Company's development of the Kola
Project during a visit to the Kola Project in September.
Kore Potash held a ceremony at the intended location of the Kola processing plant in recognition of
the extensive development work completed by Kore Potash. The ceremony also recognised the
commencement of work on the ground at the Kola site by SEPCO.
The ceremony was held near the village of Yanga in the Kouilou province of the RoC. The Minster,
members of his Ministry and local dignitaries were in attendance, along with the Chairman and Interim
CEO of Kore Potash, David Hathorn, Warren Thompson from the Summit Consortium and SEPCO Vice
President Zhang Quan.
DX Potash Project
At present, the Company remains focused on completing the financing of Kola and moving forward to
the construction of Kola as soon as possible.
The Company is continuing to explore the strategic options available for the DX project.
Corporate
The Company successfully raised US$2.5 million through the issue of 542,250,000 new ordinary shares
of US$0.001 each in the Company ("Subscription Shares") to certain eligible existing shareholders at
a price of 0.38 pence per share ("Subscription Price"). The Company's Chairman has participated with
US$750,000 investment.
At the Company's GM, held on 7 December 2023, all resolutions were duly passed on a poll by the
requisite majority.
There were no mining production or construction activities during the Quarter.
Quarterly cashflow report
In accordance with the ASX Listing Rules, the Company will also lodge its cashflow report for the
Quarter today. Included in those cashflows are Brad Sampson's salary of US$164,000 settled in cash.
The Company invested US$1,683,000 in exploration in the Quarter, which comprised US$1,667,000
related to the Kola Study and US$16,000 for the DX DFS Study. The Company ended the Quarter with
c.US$1.6 million in cash.
This announcement has been approved for release by the Board of Kore Potash.
Market Abuse Regulation
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
ENDS
For further information, please visit www.korepotash.com or contact:
Kore Potash Tel: +27 84 603 6238
David Hathorn – Chairman & Interim CEO
Tavistock Communications Tel: +44 (0) 20 7920 3150
Nick Elwes
Adam Baynes
SP Angel Corporate Finance – Nomad and Broker Tel: +44 (0) 20 7470 0470
Ewan Leggat
Charlie Bouverat
Kasia Brzozowska
Shore Capital – Joint Broker Tel: +44 (0) 20 7408 4050
Toby Gibbs
James Thomas
Questco Corporate Advisory – JSE Sponsor Tel: +27 (11) 011 9205
Doné Hattingh
Tenement Details and Ownership
The Company is incorporated and registered in England and Wales and wholly owns Kore Potash
Limited of Australia. Kore Potash Limited has a 97% shareholding in Sintoukola Potash SA ("SPSA") in
the RoC. SPSA has 100% ownership of Kola Potash Mining SA ("KPM"). KPM has 100% ownership of
the Kola Mining Lease on which the Kola Deposit is situated. The Kola Deposit is located within the
Kola Mining Lease. SPSA is also the 100% owner of the Dougou Mining Lease. The Dougou Mining lease
hosts the Dougou Deposit and the DX Deposit.
Under the existing Mining Convention, the RoC Government is entitled to 10% ownership in the Kola
and DX Projects. The transfer of this 10% awaits instructions from the Government and the Mineral
Resources and Ore Reserves are shown below in gross and 90% attributable bases.
Table 1: Schedule of mining tenements (Republic of Congo)
Project & Type Tenement Issued Company Interest Title Registered to
Kola Decree 2013-412 100% Kola Potash Mining S.A.
Mining of 9 August 2013 potassium rights only
Dougou Decree 2017-139 100% Sintoukola Potash S.A.
Mining of 9 May 2017 potassium rights only
Revised Decree No
2021-389 of 2
August 2021
Kore Potash Mineral Resources and Ore Reserves - Gross and according to future 90% interest (10%
by the RoC government)
KOLA SYLVINITE DEPOSIT
Gross Net Attributable (90% interest)
Mineral Resource Sylvinite Million Average Grade Contained KCl Sylvinite Million Average Grade Contained KCl
Category Tonnes KCl % million tonnes Tonnes KCl % million tonnes
Measured 216 34.9 75.4 194 34.9 67.8
Indicated 292 35.7 104.3 263 35.7 93.9
Sub-Total Measured
508 35.4 179.7 457 35.4 161.7
+ Indicated
Inferred 340 34.0 115.7 306 34.0 104.1
TOTAL 848 34.8 295.4 763 34.8 265.8
Gross Net Attributable (90% interest)
Ore Reserve Sylvinite Million Average Grade Contained KCl Sylvinite Million Average Grade Contained KCl
Category Tonnes KCl % million tonnes Tonnes KCl % million tonnes
Proved 62 32.1 19.8 56 32.1 17.9
Probable 91 32.8 29.7 82 32.8 26.7
TOTAL 152 32.5 49.5 137 32.5 44.6
Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors
DOUGOU EXTENSION SYLVINITE DEPOSIT (HWSS and TSS)
Gross Net Attributable (90% interest)
Mineral Resource Sylvinite Million Average Grade Contained KCl Sylvinite Million Average Grade Contained KCl
Category Tonnes KCl % million tonnes Tonnes KCl % million tonnes
Measured 20 32.4 6.5 18 32.4 5.9
Indicated 8 23.1 1.8 7 23.1 1.6
Sub-Total Measured
28 29.9 8.3 25 29.9 7.5
+ Indicated
Inferred 101 23.5 23.8 91 23.5 21.4
TOTAL 129 24.8 32.1 116 24.8 28.9
Gross Net Attributable (90% interest)
Sylvinite Million Average Grade KCl Contained KCl Sylvinite Million Average Grade Contained KCl
Ore Reserve Category
Tonnes % million tonnes Tonnes KCl % million tonnes
Proved 6.1 32.5 2.0 5.5 32.5 1.8
Probable 3.2 41.8 1.3 2.9 41.8 1.2
TOTAL 9.3 35.7 3.3 8.4 35.7 3.0
Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors
DOUGOU CARNALLITE DEPOSIT
Gross Net Attributable (90% interest)
Mineral Resource Million Tonnes Average Grade Contained KCl Million Tonnes Average Grade KCl Contained KCl
Category carnallite KCl % million tonnes carnallite % million tonnes
Measured 148 20.1 29.7 133 20.1 26.8
Indicated 920 20.7 190.4 828 20.7 171.4
Sub-Total Measured
1,068 20.6 220.2 961 20.6 198.2
+ Indicated
Inferred 1,988 20.8 413.5 1,789 20.8 372.2
TOTAL 3,056 20.7 633.7 2,750 20.7 570.3
KOLA CARNALLITE DEPOSIT
Gross Net Attributable (90% interest)
Mineral Resource Million Tonnes Average Grade Contained KCl Million Tonnes Average Grade KCl Contained KCl
Category carnallite KCl % million tonnes carnallite % million tonnes
Measured 341 17.4 59.4 307 17.4 53.5
Indicated 441 18.7 82.6 397 18.7 74.4
Sub-Total Measured
783 18.1 142.0 705 18.1 127.8
+ Indicated
Inferred 1,266 18.7 236.4 1,140 18.7 212.8
TOTAL 2,049 18.5 378.5 1,844 18.5 340.6
Competent Persons Statements
All Mineral Resource and Ore Reserves are reported in accordance with the JORC Code (2012 edition).
Numbers are rounded to the appropriate decimal place. Rounding 'errors' may be reflected in the
"totals".
The Kola Mineral Resources were reported 6 July 2017 in an announcement titled 'Updated Mineral
Resource for the High -Grade Kola Deposit'. It was prepared by Competent Person Mr. Garth Kirkham,
P.Geo., of Met-Chem division of DRA Americas Inc., a subsidiary of the DRA Group, and a member of
the Association of Professional Engineers and Geoscientists of British Columbia. The Ore Reserves for
sylvinite at Kola was first stated on 29 January 2019 in an announcement titled "Kola Definitive
Feasibility Study" and was prepared by Met-Chem. The Competent Person for the estimate was Mr Mo
Molavi, member of good standing of Engineers and Geoscientists of British Columbia. The Ore Reserves
were reviewed when the changes to the underlying assumptions (as detailed in the 27 June 2022
announcement "Kola Project optimisation study outcomes") were made and Mr Molavi verified that
the Ore Reserves remained unchanged.
The Dougou carnallite Mineral Resources were reported on 9 February 2015 in an announcement titled
'Elemental Minerals Announces Large Mineral Resource Expansion and Upgrade for the Dougou Potash
Deposit'. It was prepared by Competent Persons Dr. Sebastiaan van der Klauw and Ms. Jana Neubert,
senior geologists and employees of ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH
and members of good standing of the European Federation of Geologists.
The Dougou Extension sylvinite Mineral Resource Estimate and Ore Reserve Estimate were reported
in an announcement titled "Updated Dougou Extension (DX) PFS and Production Target" on 24 January
2023. Dr. Douglas F. Hambley, Ph.D., P.E., P.Eng., P.G of Agapito Associates Inc., for the Exploration
Results and Mineral Resources. Mr. Hambley is a licensed professional geologist in states of Illinois
(Member 196-000007) and Indiana (Member 2175), USA, and is an Honorary Registered Member
(HRM) of the Society of Mining, Metallurgy and Exploration, Inc. (SME, Member 1299100RM), a
Recognized RPO included in a list that is posted on the ASX website from time to time and Dr. Michael
Hardy was the Competent Person for the Ore Reserves, and he is a registered member in good
standing (Member #01328850) of Society for Mining, Metallurgy and Exploration (SME) which is an
RPO included in a list that is posted on the ASX website from time to time.
The Company confirms that, it is not aware of any new information or data that materially affects the
information included in the original market announcements and, in the case of estimates of Mineral
Resources or statements of Ore Reserves that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed. The Company confirms that the form and context in which the Competent Person's
findings are presented have not been materially modified from the original market announcement.
Forward-Looking Statements
This release contains certain statements that are "forward-looking" with respect to the financial
condition, results of operations, projects and business of the Company and certain plans and objectives
of the management of the Company. Forward-looking statements include those containing words such
as: "anticipate", "believe", "expect," "forecast", "potential", "intends," "estimate," "will", "plan",
"could", "may", "project", "target", "likely" and similar expressions identify forward-looking
statements. By their very nature forward-looking statements are subject to known and unknown risks
and uncertainties and other factors which are subject to change without notice and may involve
significant elements of subjective judgement and assumptions as to future events which may or may
not be correct, which may cause the Company's actual results, performance or achievements, to differ
materially from those expressed or implied in any of our forward-looking statements, which are not
guarantees of future performance. Neither the Company, nor any other person, gives any
representation, warranty, assurance or guarantee that the occurrence of the events expressed or
implied in any forward-looking statement will occur. Except as required by law, and only to the extent
so required, none of the Company, its subsidiaries or its or their directors, officers, employees, advisors
or agents or any other person shall in any way be liable to any person or body for any loss, claim,
demand, damages, costs, or expenses of whatever nature arising in any way out of, or in connection
with, the information contained in this document.
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Kore Potash Plc
ABN Quarter ended ("current quarter")
621 843 614 31 December 2023
Consolidated statement of cash flows Current quarter Year to date
$US'000 (12 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 - -
(d) staff costs (33) (148)
(e) administration and corporate costs (308) (1,158)
1.3 Dividends received (see note 3) - -
1.4 Interest received 1 54
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Intercompany payments - -
1.9 Net cash from / (used in) operating
(340) (1,252)
activities
2. Cash flows from investing activities
2.1 Payments to acquire:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - (1)
(d) exploration & evaluation (if capitalised) (1,683) (5,691)
(e) investments - -
Consolidated statement of cash flows Current quarter Year to date
$US'000 (12 months)
$US'000
(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
(1,683) (5,692)
activities
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities 2,505 3,506
(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 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
2,505 3,506
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
1,105 5,047
period
4.2 Net cash from / (used in) operating
(340) (1,252)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities
(1,683) (5,692)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities
2,505 3,506
(item 3.10 above)
Consolidated statement of cash flows Current quarter Year to date
$US'000 (12 months)
$US'000
4.5 Effect of movement in exchange rates on (3) (25)
cash held
4.6 Cash and cash equivalents at end of
1,584 1,584
period
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents $US'000 $US'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 1,584 1,105
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
1,584 1,105
quarter (should equal item 4.6 above)
6. Payments to related parties of the entity and their Current quarter
associates $USD'000
6.1 Aggregate amount of payments to related parties and their
123
associates included in item 1
6.2 Aggregate amount of payments to related parties and their
41
associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of,
and an explanation for, such payments.
7. Financing facilities Total facility Amount drawn at
Note: the term "facility' includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end $US'000
Add notes as necessary for an understanding of the
sources of finance available to the entity. $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) (340)
8.2 Capitalised exploration & evaluation (Item 2.1(d)) (1,683)
8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (2,023)
8.4 Cash and cash equivalents at quarter end (Item 4.6) 1,584
8.5 Unused finance facilities available at quarter end (Item 7.5) -
8.6 Total available funding (Item 8.4 + Item 8.5) 1,584
8.7 Estimated quarters of funding available (Item 8.6 divided by
0.78
Item 8.3)
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: The Company does not expect to have the same level of net operating cashflow in
the foreseeable future. Future payments are based on milestones as included and
explained in the Quarterly Activities Report and related announcements.
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: The Company plans to undertake a fundraise with certain existing and potential
new shareholders. It is assumed that the funding can be secured based on the raise
announced on 31 August 2023 and the Company's history of successfully completing
fundraises.
This assumption also depends on the outcome on the current work being done to secure
the EPC contract.
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: The operations are expected to continue subject to the delivery of an Engineering,
Procurement and Construction contract proposal for the Kola Project and further
fundraising.
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: 18 January 2024
Authorised by: By the Board
(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An
entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is
encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash
Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting
standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing
activities, depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the
board". If it has been authorised for release to the market by a committee of your board of directors, you can insert
here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the
market by a disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out
as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles
and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this report complies with the appropriate accounting
standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (01/12/19)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Date: 18-01-2024 09:00:00
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