Wrap Text
Quarterly Activities Report for 30 September 2023
Southern Palladium Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 646 391 899
ASX share code: SPD
JSE share code: SDL
ISIN AU0000220808
31 October 2023
ASX:SPD, JSE:SDL
Quarterly Activities Report for 30 September
2023
ACN: 646 399 891
SEPTEMBER QUARTER HIGHLIGHTS
Corporate Directory Operational:
Chairman • First interim combined Mineral Resource update for the MR and UG2 at the
Mike Stirzaker (Interim) Bengwenyama Platinum Group Metal (PGM) project.
Managing Director • Total Mineral Resource (Indicated and Inferred) for the project has now
Johan Odendaal increased from a 3PGE+Au Inferred Resource of 18.80Moz to a 6PGE+Au
Indicated and Inferred Resource of 25.12Moz, comprising 5.11Moz Indicated
Non-Executive Directors and 20.01Moz Inferred – an overall increase of 34% since drilling began.
Rob Thomson
Daan van Heerden • As of 30 September, the drilling programme has completed 19,447m of
Geoff Hiller drilling; seven drill rigs are now on site and spread over the wider eastern
section and the defined Exploration Target within the Horst Block.
Company Secretary
Andrew J. Cooke • Latest assays received post quarter-end; results for 39 UG2 intersections to-
date have returned an average grade of 8.00g/t (3PGE+Au) and 9.63g/t
Top 5 Shareholders (6PGE+Au) over an average reef width of 69cm. These results continue to
confirm the recently stated JORC-2012 Indicated and Inferred Mineral
Nicholas Daniel Resources Pty ltd Resource estimate.
Nurinox Investments Pty Ltd
Citicorp Nominees Pty Ltd • Early indications are that the UG2 reef increases in width to the northwest
Legacy Platinum Corporation (NW) of Eerstegeluk. Notably, drillhole E032 has a reef width of 136cm and
UBS Nominees Pty Ltd E001 has a reef width of 118cm, which would suggest a wider mining cut for
this area.
Company Overview
• Formal submission of Mining Right application. Post quarter-end, the
Dual-listed platinum group metal company received notification from the Department of Mineral Resource
(PGM) company developing the and Energy (DMRE) that its application for the Mining Right has been
advanced Bengwenyama PGM accepted (refer ASX Announcement 23 October 2023).
project, particularly rich in
palladium/rhodium, located in South • Also post quarter-end, a geotechnical study by independent consulting firm
Africa's prolific Bushveld Complex. OHMS confirmed the suitability of both conventional and mechanised
underground mining methods for the UG2 Reef. Parameters are in line with
Contact: existing PGM production mines in the Bushveld Complex.
E: info@southernpalladium.com
_www.southernpalladium.com Corporate:
• As at 30 September 2023, Southern Palladium held approximately $9.98
million (30 June 2023: $11.55 million) in cash.
Southern Palladium (ASX: SPD, JSE: SPL, "Southern Palladium" or the "Company") is pleased to announce its quarterly
activities summary for the three months ended September 30, 2023.
The Company's primary focus is advancing its exploration program to PFS and then to development of the Bengwenyama
PGM (platinum group metals) project, in which it holds a direct 70% stake.
Following its successful ASX listing on 8th June 2022, Southern Palladium remains well-funded to continue its multi-phase
exploration program at Bengwenyama. During the September quarter, the Company completed its Phase 1a drill program
and has now increased its resource from a 3PGE+Au Inferred Resource of 18.80Moz to a 6PGE+Au Indicated and Inferred
Resource of 25.12Moz.
Southern Palladium is led by an experienced on-ground management team and is currently executing several core operational
objectives, with the planned completion of a Pre-Feasibility Study early in Q2 2024.
The Bengwenyama project presents a significant shallow advance exploration/pre-development opportunity for Platinum
Group Metals. It is located on the Eastern Limb of the Bushveld Complex in South Africa.
Overview of September Quarter Activities
PFS drill programme
As of 30 September, the drilling programme has completed 19,447m of drilling (including deflections) with assay results for
39 UG2 intersections and 10 MR intersections received from the laboratory. An additional 19 UG2 drillhole intersections
(including five deflections) and two MR drillhole intersections have been submitted to the laboratory and awaiting results
(Figure 1).
Figure 1: Location of Completed and Planned Drillholes
UG2 Reef Width and Grade trends
Data trends are starting to develop with the additional reef intersections. The images in Figure 2 and Figure 3 are simple
contour plots utilising Golden Software, Surfer 11 to contour the reefwidth and grade of the UG2 to visualise the trends in
the Payback Area and the PFS focus area. Figure 2 (left image) clearly shows the increase in the UG2 reef width from the
southeast corner of Eerstegeluk to thenorthwest of Eerstegeluk. Notably, drillhole E032 has a reef width of 136cm and E001
has a reef width of 118cm, which wouldsuggest a wider mining cut. Due to the narrower nature of the reef width of the UG2
in the SE, the results to-date indicatethe mining cut may be around 1m. Note that the drillhole density in the SE is less than
in the NW, so there could be changes
to this trend with further drilling.
The UG2 grade (6PGE + Au g/t) is consistent across the drilling area, as can be seen in Figure 2 (right image). As per the drilling
results to date the average cm.g/t of the UG2 (3PGE + Au) averages around 550 cm.g/t and for the 6PGE + Au averages around
665 cm.g/t, which is evident in Figure 3. Indications from this figure is that the PGM content of the UG2 increases toward the
northwest of Eerstegeluk.
For comparison the average cm.g/t (3PGE+Au) for the Anglo-American Platinum/African Rainbow Modikwa 7km to resource
to the north is 607 cm.g/t*11, comparable to the Bengwenyama deposit. The Modikwa mine, located some the north of
Bengwenyama project is regarded as a Tier 1 PGM operation. The Modikwa mine produced 290Koz (6PGE+Au) in 2022.
Figure 2: UG2 Reef Width and Grade Trends:
1
Cautionary statement: The reference to the Amplats / ARM 'Modikwa' project in this announcement refers to data that is based
on a Measured and Indicated resource. As such, the Modikwa is in a different stage of development to Southern Palladium's
Bengwenyama project, and further exploration and development of the Bengwenyama project will be required to fully realise a
comparison with respect to the measurement criteria used in this announcement (cm.g/t - centimetre-grams per tonne). There is
no certainty that the advancement of infill drilling and ongoing development works at Bengwenyama will result in the same grade
of cm.g/t. The Indicated and Inferred Resource at Bengwenyama has been prepared and reported in accordance with the 2012
Edition of the JORC Code. Note: Anglo American Platinum report the average for the Modikwa UG2 Measured and Indicated
resource as a grade of 5.89g/t (3PGE +Au) over a resource cut width of 103cm (Reserves and Resources Report 2022).
Ongoing Drilling Programme
Seven drill rigs are now on site (Figure 1) and the focus has been moved from the payback area only to a spread over the
wider eastern section and the defined Exploration Target within the Horst Block.
With the additional drillhole intersections and more data on the UG2 being collected there is now sufficient information to
start compiling a meaningful facies plan for the deposit.
Of the initial 24,500m of planned drilling (63 drillholes with deflections), 19,447m have been completed, which is comprised
of 59 completed drillholes and 21 deflections. Additional drillholes have been planned (Figure 1) with the remaining budget
to fill in gaps to assist with structural modelling.
Submission of Mining Right Application
On September 29, 2023, Southern Palladium officially submitted its application for a Mining Right. On 17 October 2023, the
company received notification from the Department of Mineral Resource and Energy (DMRE) that its application for the
Mining Right has been accepted. This approval confirms that Southern Palladium can now initiate comprehensive expert
studies and consultations which will pave the way for a decision by the Department of Mineral Resources and Energy (DMRE)
by the end of 2024 (refer ASX Announcement 23 October 2023).
Project Studies
Over the past two months, numerous deflections were drilled to obtain metallurgical samples for metallurgical testing and
to support the geotechnical studies conducted as part of the scoping study. These tasks have been completed and our focus
has now returned to exploration and infill drilling to secure additional UG2 reef intersections for structural and estimation
modelling.
The second resource update is currently in progress and is expected to be completed by the end of November 2023. It's
important to note that the drilling conducted during this period was aimed at converting some of the Inferred resources in
the East into the Indicated category rather than expanding the resource, which already comprises a substantial 25 million
ounces (6E+Au).
Additionally, the geotechnical report is being reviewed, and the results of this study will be made available in the coming
weeks. Metallurgical testing is ongoing with results from that analysis also expected to be made available in Q4.
Environmental, Social and Governance
Southern Palladium works closely with the community, actively promoting inclusivity and project awareness. Ethical inclusion
extends to fair representation via Royal Family, Traditional Council and other Community representatives. Weekly exploration
meetings are held virtually with the two Community representatives, together with the environmental and exploration
management consulting firm contracted to the project. Quarterly meetings are held on site with extended representation
from the greater Royal Family, Traditional Council and community representatives.
To further communicate the Company's activities to community members, a Facebook page:
(https://www.facebook.com/SouthernPalladium) was launched. This platform will serve as a means to share updates,
news, and relevant information with the community in a more accessible and real-time manner.
Additionally, a newsletter was published and printed in July for distribution within the Community and surrounding Areas.
The Newspaper was well received and will be published on a Bi-annual basis. An electronic copy is available on the Southern
palladium website: https://www.southernpalladium.com/site/news-insights/media
Health And Safety
Southern Palladium is committed to upholding high standards of employee and workplace health and safety. Exploration
activities at Bengwenyama are conducted in compliance with all regulations including the South African Mine Health and
Safety Act (29 of 1996). A comprehensive safety file, emergency response plan, policies and codes of practice are
implemented, incorporating key guidelines published by the Chamber of Mines. Legal appointments are made in terms of
policies and Mine Health and Safety regulations.
Health and safety inductions are held for all new persons arriving on site at the Bengwenyama project. Daily safety meetings
are held, and a working incident reporting and management system is established. The use of PPE is enforced, and provision
is made for such equipment to all persons.
December Quarter Planned Activities
• Drilling and exploration activities at the Bengwenyama Project will continue throughout the December quarter. The focus of
the drilling has been narrowed down to infill drilling over the shallow eastern portion of the UG2 block. The aim is to extend
the indicated resource to the southeast, providing a larger indicated block. This will enable the company to publish both an
Updated Scoping Study (1Q 2024) and a Prefeasibility Study (PFS) (2Q 2024).
• Drilling rigs have also been allocated and moved to the "Horst Block area to get a better understanding of the area to the
west. The Southern Horst Block has limited geological structure information, primarily from historical collars. Therefore,
drilling in this region is crucial to improve the understanding of the geological structure. There are currently two rigs drilling
in this area.
• Ongoing metallurgical work is being conducted. The results from these works, combined with the Phase 1b resource-
definition results for the Payback Area, will be incorporated into the Pre-Feasibility Study, which is currently scheduled for
completion in Q2 2024.
Corporate
Interim Board Position
Southern Palladium is presently engaged in the process of finding a new non-executive Director and selecting a Chairman
following the departure of Mr. Terence Goodlace earlier this year.
Expenditure Summary
A summary of the exploration and project evaluation expenditures for the quarter is provided as follows:
For the purpose of ASX Listing Rule 5.3.1, payments for exploration, evaluation and development during the quarter totalled
$1,054,000 (30 Jun 2023: $974,037). The Phase 1a and Phase 1b drilling programme, and facilities set up and details of
activities undertaken during the quarter are as described in this report.
For the purpose of ASX Listing Rule 5.3.2, the Company confirms there were no mining production and development activities
undertaken during the quarter.
For the purpose of ASX Listing Rule 5.3.5, payments to directors of Southern Palladium Limited during the quarter totalled
$108,000. The payments were in respect of directors' salaries, fees and superannuation.
Payment to Minxcon Pty Ltd, a related party of two of the Company's Directors, Johan Odendaal and Daan van Heerden during
the quarter totalled approximately $162,000. The payments were in respect of expenses incurred for management of the
Bengwenyama Project.
Pursuant to ASX Listing Rule 5.3.4, the Company provides its actual expenditure on the individual items in the two year "use of
funds" statement in its IPO Prospectus since the date of its admission to ASX's Official List (being 8 June 2022) against the
estimated expenditure on those items and an explanation of any differences.
Use of Funds Prospectus: Estimated Actual use from 8 June 2022 Variance
Expenditure to quarter end
Phase 1 drilling $7,716,000 $4,513,205 $3,202,795
Phase 2 drilling $3,805,000 $0 $3,805,000
Other technical work on the Project $1,677,000 $391,323 $1,285,677
Corporate and other related costs $3,918,000 $2,278,637 $1,639,363
Costs of the Offer $1,737,000 $1,406,949 $330,051
Total $18,853,000 $8,590,114 $10,262,886
The variances are a result of the Company being admitted to the Official List on 8 June 2022, therefore actual expenditure up
to 30 September 2023 is represented against the two year "use of funds" statement. The Company believes it is on schedule to
achieve its objectives as stated in its IPO Prospectus.
Cash
As at 30 September 2023, Southern Palladium held approximately $9.98 million (30 June 2023: $11.55 million) in cash.
September 2023 Quarter – ASX Announcements
This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with
the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("2012
JORC Code"). Further details can be found in the following announcements lodged on the ASX:
10-Jul-2023 Bengwenyama Drilling and PFS Progress Update
ASX Announcement Post Quarter
2-October-2023 Bengwenyama Project Mining Right Application Submitted
10-October-2023 Bengwenyama drilling update
JORC Competent Persons Statement
Uwe Engelmann
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is
based on information compiled by Mr Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08,
FGSSA). Mr Engelmann is a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific
Professions. Minxcon provides geological consulting services to Southern Palladium Limited. Mr. Engelmann has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being
undertaken 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'. Mr. Engelmann consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears. Mr Engelmann has a beneficial interest in
Southern Palladium through a shareholding in Nicolas Daniel Resources Proprietary Limited.
Daan van Heerden
The scientific and technical information contained in this announcement has been reviewed, prepared, and approved by Mr
Daan van Heerden (B Eng (Min.), MCom (Bus.Admin.), MMC, Pr.Eng. No. 20050318, AMMSA, FSAIMM). Mr van Heerden is
a director of Minxcon (Pty) Ltd and a Registered Professional Engineer with the Engineering Council of South Africa, a
Member of the Association of Mine Managers South African Council, as well as a Fellow Member of the South African
Institute of Mining and Metallurgy. Mr. van Heerden has sufficient experience relevant to the styles of mineralisation and
activities being undertaken to qualify as a Competent Person, as such term is defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr van Heerden has a
beneficial interest in Southern Palladium through a shareholding in Nicolas Daniel Resources Proprietary Limited.
For further information, please contact:
Johan Odendaal
Managing Director
Southern Palladium
Phone: +27 82 557 6088
Email: johan.odendaal@southernpalladium.com
JSE Sponsor
Merchantec Capital
Media & investor relations inquiries: Sam Jacobs, Six Degrees Investor Relations: +61 423 755 909
Appendix 1
Tenements
The Company held the following tenement during the quarter. The Project comprises the full extent of the farms
Nooitverwacht 324 KT and Eerstegeluk 327 KT, both of which are in the Limpopo Province of South Africa. The Project is
located 250 km east-northeast of Pretoria. The Exploration tenement is 100% held through Miracle Upon Miracle (Pty) Ltd
the 70% subsidiary of SPD.
The Company did not enter into any farm-in or farm-out agreements during the quarter.
The following information is provided pursuant to Listing Rule 5.3.3 for the quarter:
Prospecting Right Prospecting Right Interest at beginning Interest at end of
Farm name Extent (ha) of quarter quarter
number expiry date
Nooitverwacht 324 KT 2,971.01
Eerstegeluk 327 KT 2,308.73 LP30/5/1/1002PPR 12-Feb-24 70% 70%
Total 5,279.74
No tenement has been disposed during the quarter.
Appendix 2
Mineral Resource
Table 1 is the total combined Mineral Resource for the UG2 and MR as at 10 July 2023. The
combined Indicated Mineral Resource for the project, on a 6PGE+Au basis, is now 5.11 Moz, with a combined Inferred Mineral
Resource of 20.01 Moz. The total Mineral Resource (Indicated and Inferred) is now 25.12 Moz. These Mineral Resources
include 14.61Moz indicated and inferred for the UG2 reef which is currently the target reef for the Pre-feasibility.
Table 1: Combined UG2 and MR Mineral Resource Estimate as at 10 July 2023
Resource Tonnes Thickness Pt Pd Rh Au Ir Os Ru 4E 7E Cu Ni Moz Moz
Reef
Category Mt (m) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%) (4E) (7E)
Merensky Indicated 21.59 2.05 1.59 0.65 0.10 0.12 0.03 0.03 0.21 2.48 2.75 0.038 0.125 1.72 1.91
Merensky Inferred 77.90 1.97 2.01 0.81 0.13 0.15 0.04 0.04 0.25 3.10 3.43 0.035 0.119 7.77 8.60
Total 99.49 1.99 1.92 0.78 0.12 0.14 0.04 0.04 0.24 2.97 3.28 0.035 0.120 9.49 10.50
UG2 Indicated 10.76 0.71 3.48 3.34 0.75 0.12 0.25 0.16 1.19 7.65 9.24 0.031 0.160 2.64 3.20
UG2 Inferred 39.09 0.69 3.47 3.16 0.74 0.1 0.25 0.16 1.21 7.48 9.08 0.032 0.156 9.40 11.42
Total 49.85 0.69 3.47 3.20 0.74 0.10 0.25 0.16 1.20 7.51 9.12 0.032 0.157 12.04 14.61
Total 149.34 1.56 2.44 1.59 0.33 0.13 0.11 0.08 0.56 4.48 5.23 0.034 0.133 21.53 25.12
Note: All elements have been estimated individually and their combined grade will vary slightly from the estimated composite 4E and 7E modelled grades.
Platinum Group Minerals (PGMs) within the Bushveld Complex exhibit varying ratios (referred to as the Prill Split), with
platinum (Pt), palladium (Pd), and rhodium (Rh) constituting the predominant components. Additionally, other PGMs such as
ruthenium (Ru), iridium (Ir), and osmium (Os) are also present, although in smaller quantities. These ratios exhibit variations
from one section of the complex to another. Notably, the UG2 reef at the Bengwenyama project represents an even
distribution of Platinum and Palladium, accompanied by a notable concentration of Rhodium. Conversely, the Merensky Reef
is characterized by a high platinum content.
Figure 3: Platinum Group Metal + Gold Prill Split
Figure 4: Project Stratigraphic Column (E056 and E057)
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Southern Palladium Limited
ABN Quarter ended ("current quarter")
59 646 391 899 30-Sep-23
Consolidated statement of cash flows Current Year to date
quarter (3 months)
$A'000 $A'000
1 Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (31) (31)
(e) administration and corporate costs (313) (313)
1.3 Dividends received (see note 3)
1.4 Interest received 72 72
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other - Miracle Upon Miracle Pty Ltd operating expenditure (214) (214)
1.9 Net cash from / (used in) operating activities (486) (486)
2 Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation (1 054) (1 054)
(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 MUM (27) (27)
2.4 Dividends received (see note 3)
2.5 Other
2.6 Net cash from / (used in) investing activities (1 081) (1 081)
Current Year to date
Consolidated statement of cash flows quarter (3 months)
$A'000 $A'000
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
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
3.1 Net cash from / (used in) financing activities - -
4 Net increase / (decrease) in cash and cash equivalents for
the period
4.1 Cash and cash equivalents at beginning of period 11 548 11 548
4.2 Net cash from / (used in) operating activities (item 1.9 above) (486) (486)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (1 081) (1 081)
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held
4.6 Cash and cash equivalents at end of period 9 981 9 981
Current Previous
5 Reconciliation of cash and cash equivalents quarter quarter
at the end of the quarter (as shown in the consolidated statement of
cash flows) to the related items in the accounts
$A'000 $A'000
5.1 Bank balances 481 348
5.2 Call deposits 9 500 11 200
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal
9 981 11 548
item 4.6 above)
6 Payments to related parties of the entity and their Current
associates quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates
included in item 1 108
6.2 Aggregate amount of payments to related parties and their associates
included in item 2 162
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.
A total approximately of $270,000 was paid to related parties of the entities and their associates as follow:
- $108,000 are in respect of Directors' fees, salaries and superannuation accruing to Directors' for services rendered during the period.
- $162,000 was paid to Minxcon Pty Ltd for project management of the Bengwenyama Project. Two of the Company's Directors, Johan
Odendaal and Daan van Heerden, are significant and controlling shareholders in Minxcon Pty Ltd.
7 Financing facilities Total facility Amount
Note: the term "facility' includes all forms of financing arrangements available to the amount at drawn at
entity. quarter end quarter end
Add notes as necessary for an understanding of the sources of finance available to the
entity.
$A'000 $A'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 $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (486)
8.2 (Payments for exploration & evaluation classified as investing (1 054)
activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (1 540)
8.4 Cash and cash equivalents at quarter end (item 4.6) 9 981
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 9 981
8.7 Estimated quarters of funding available (item 8.6 divided by
item 8.3)
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: N/A
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: N/A
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: N/A
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: 31 October 2023
Authorised by: The Audit Committee
(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.
Date: 31-10-2023 08:18:00
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