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Kore Potash Plc (JSE:KP2) News - Review of Operations for the Quarter ended 31 December 2021
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”)
20 January 2022
Review of Operations for the Quarter ended 31 December 2021
Kore Potash, the potash development company with 97%-ownership of the Kola and DX Potash
Projects in the Sintoukola Basin, located in the Republic of Congo (“RoC”), provides the following
quarterly update for the period ended 31 December 2021 (the “Quarter”).
Quarterly Highlights:
Kola Potash Project
• The process to potentially finance the construction of the Kola Potash Project (“Kola” or the
"Kola Project") progressed in line with the Memorandum of Understanding (“MoU”) signed
with the Summit Consortium (“Consortium”) in April 2021.
• The receipt of the Interim Report for the Optimisation Study (“Study”) on the Kola Project was
announced to shareholders on 10 November 2021.
• The Company expects to receive the following from the Consortium by the end of Q1 2022
• The completed Optimisation Study Report.
• An Engineering, Procurement and Construction (“EPC”) contract proposal for the
construction of Kola consistent with the 2017 2nd edition FIDIC Silver book.
• The Company expects to receive the Consortium’s financing proposal for the full construction
cost of Kola 60 days after the successful completion of the Study.
• Kore Potash management continued to brief potential offtake partners with the capability to
procure all the planned Kola MOP production.
DX Potash Project
• An updated geological model for the DX deposit was completed.
Corporate Highlights
• Mr Pablo Mac-Donald was appointed as a Non-Executive Director on the Board as a nominee
of Sociedad Química y Minera de Chile S.A (“SQM”) replacing Mr Ignacio Majluf.
• As of 31 December 2021, the Company held US$ 11.1 million in cash.
Brad Sampson, Chief Executive Officer of Kore Potash, commented:
“The first half of 2022 is set to be a very busy period for Kore particularly with the imminent completion
of the Study and receipt of the EPC proposal for our flagship Kola potash project. The Company
expects to receive the Financing Proposal from the Consortium 60 days after the Study is completed
and we are pleased that the work of the Consortium continues to track the timeline agreed in our MoU.
The delivery of the financing proposal for the full financing of the construction of Kola is a key milestone
for our Company. We are looking forward to the completion of the financing phase and being able to
move rapidly into the construction of Kola.”
Operational activities
Kola Potash Project
The financing process for the construction of the Kola Project progressed in line with the MoU signed
with the Consortium in April 2021.
Optimisation Study (“Study”)
The Consortium’s first key milestone in the MoU is to complete the Study on the Kola Project to
improve the project value, reduce the capital cost and shorten the construction schedule.
During the Quarter, the Consortium presented a set of documents that collectively formed the Interim
Report on the Study to the Company.
The Interim Report was provided following the Consortium’s review of the Definitive Feasibility Study
(“DFS”) of the Kola Potash project as released in our announcement dated 29 January 2019 entitled
“Kola Definitive Feasibility Study” and their investigation of a number of improvement opportunities.
The Interim Report details optimisation opportunities that offer the potential to substantially reduce
the capital cost of Kola compared to the DFS capital cost and identified 53 capital cost reduction
initiatives, of which 45 have been incorporated into the current optimisation of Kola.
The 53 capital reduction initiatives identified in the Interim Report focused on the following areas:
• Potential relocation of the processing plant site closer to the Mine site.
• Mining: Two initiatives related to alternate sourcing of major equipment and construction
materials.
• Processing: Eight initiatives related to optimising processing layouts, major equipment
selection and sourcing.
• Processing wet area: 21 initiatives related to the process design and major equipment
selection.
• Processing dry areas: 12 initiatives related to the muriate of potash product produced,
processing reagent management and MoP product storage.
• Infrastructure: Three initiatives related to road design and construction and run of mine
overland conveyor belt and product conveyor belt optimisations.
• Utilities: Six initiatives related to electrical transmission, instrumentation designs and
laboratory area cost reductions.
During the period, the Company reviewed the Interim Report and continued to discuss the technical
details in relation to the cost reduction initiatives to be included in the Study.
Subsequent to the Interim Report, the Consortium appointed Marine Engineers CCCC-FHDI
Engineering Co. Ltd to propose potential cost reduction opportunities in the marine area, including
changes to the method of jetty construction and the design of the breakwater.
The Study continues to progress as planned, and the Company expects to receive the report on the
completed Study by the end of Q1 2022. The Company intends to update shareholders on the Study
outcomes following its review of the completed Study Report.
Construction Contract Terms
In advance of completion of the Study and to facilitate the earliest possible receipt of a construction
proposal from the Consortium, the Company is engaging with the Consortium to agree to EPC contract
terms consistent with the 2017 2nd edition Fédération Internationale des Ingénieurs-Conseils (“FIDIC”)
Silver book and appropriate for the construction of Kola.
The Consortium has also advised it remains on track to present an EPC proposal for the construction
of Kola to the Company at the end of Q1 2022 following successful completion of the Study.
Kola Financing
The Study and the EPC proposal are two key milestones committed to in the MoU the Company signed
with the Consortium in April 2021. The Study will confirm the total capital required to construct Kola
and the construction timeframe. This is important information the Consortium requires to present
the financing proposal to the Company.
Kore Potash management continued twice-weekly meetings with the Consortium to remain briefed
on the Consortium’s progress towards forming its debt and royalty financing proposal. The Consortium
has also continued to keep the Company informed on their level of Muriate of Potash product offtake
interest.
The Consortium advises that it is pleased with the progress of the Study and that it remains on track,
subject to the completion of a successful Study, to provide the royalty and debt financing proposal for
the full construction cost of Kola to the Company within 60 days of the successful completion of the
Study.
Other Kola matters
Separate from the Consortium’s activity, Kore Potash management also continued to brief potential
offtake partners with the capability to procure all the Kola production and who have expressed
interest in partnering with the Company.
DX Potash Project
Following the completion of the drilling at the DX Potash Project (“DX Project”) by the Company earlier
in 2021, the Company’s geological consultants developed an updated geological model for the DX
deposit.
This new model incorporates all information received from the latest drilling programme. It
improves confidence in the geological modelling of the DX deposit and improves our understanding
of the Sylvinite / Carnallite boundaries in the Top Seams and Hangingwall seams.
There has been no update of the DX Mineral Resources or Ore Reserves.
The Company is assessing the most appropriate next steps for developing the DX deposit and intends
to update shareholders further once these steps have been confirmed.
Corporate
As a result of the COVID-19 pandemic, two long term Congolese consultants to the Company sadly
passed away during the Quarter. The Company expresses its deepest sympathy to their families,
friends, and colleagues. The Company has provided support to the families in line with best practice
in the Congo.
The Company’s Pointe Noire office was temporarily closed in October 2021 to reduce potential staff
exposures to COVID, and our staff worked from home. The office reopened in November 2021. This
had no material impact on the activities during the Quarter.
On 1 December 2021, the Company announced the appointment of Mr Pablo Mac-Donald as a Non-
Executive Director. SQM nominated Mr Mac-Donald to replace Mr Ignacio Maijluf, who resigned
from SQM and the Kore Potash Board on 30 November 2021.
As at 31 December 2021, the Company held US$ 11.1 million cash.
There were no mining production or construction activities during the Quarter.
Planned Activity
During the quarter ending 31 March 2022, the Company aims to:
Kola Potash Project
• Receive the Study Report from the Consortium.
• Receive an EPC proposal for the construction of Kola from the Consortium.
• Continue discussing the financing proposal with the Consortium for the royalty and debt
financing for the full cost of construction of the Kola Project.
DX Potash Project
• Determine the appropriate next steps in developing the DX Project.
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 non-executive directors’ fees and CEO salary of US$
198,000 settled in cash.
The Company invested US$1,111,000 in exploration in the Quarter, which comprised US$ 1,080,000
related to the Kola Study and US$ 31,000 for the DX DFS Study. The Company ended the Quarter with
US$ 11.1 million in cash.
This announcement has been approved for release by the Board of Kore Potash.
The announcement is available on the JSE’s website at:
https://senspdf.jse.co.za/documents/2022/jse/isse/kp2e/QDec21.pdf
ENDS
For further information, please visit www.korepotash.com or contact:
Kore Potash Tel: +27 84 603 6238
Brad Sampson – CEO
Tavistock Communications Tel: +44 (0) 20 7920 3150
Jos Simson
Oliver Lamb
SP Angel Corporate Finance – Nomad and Broker Tel: +44 (0) 20 7470 0470
Tel: +44 (0) 20 7470 0470
Ewan Leggat
Charlie Bouverat
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 Dougou Extension (“DX”) Deposit.
Under the existing Mining Convention, the Government of the Congo is entitled to 10% ownership in
the Kola and Dougou 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
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)
Contained KCl Contained KCl
Mineral Resource Sylvinite Million Average Grade KCl Sylvinite Million Average Grade
million million
Category Tonnes % Tonnes KCl %
tonnes 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)
Contained KCl Contained KCl
Sylvinite Million Average Grade KCl Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes % Tonnes KCl %
tonnes 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)
Contained KCl Contained KCl
Mineral Resource Sylvinite Million Average Grade KCl Sylvinite Million Average Grade
million million
Category Tonnes % Tonnes KCl %
tonnes tonnes
Measured - - - - - -
Indicated 79 39.1 30.8 71 39.1 27.7
Sub-Total Measured +
79 39.1 30.8 71 39.1 27.7
Indicated
Inferred 66 40.4 26.7 59 40.4 24.0
TOTAL 145 39.7 57.5 130 39.7 51.8
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Sylvinite Million Average Grade KCl Sylvinite Million Average Grade
Ore Reserve Category million million
Tonnes % Tonnes KCl %
tonnes tonnes
Proved - - - - - -
Probable 17.7 41.7 7.4 16 41.7 6.6
TOTAL 17.7 41.7 7.4 16 41.7 6.6
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)
Contained KCl Contained KCl
Mineral Resource Million Tonnes Average Grade Million Tonnes Average Grade KCl
million million
Category carnallite KCl % carnallite %
tonnes 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 1789 20.8 372.2
TOTAL 3,056 20.7 633.7 2750 20.7 570.3
KOLA CARNALLITE DEPOSIT
Gross Net Attributable (90% interest)
Contained KCl Contained KCl
Mineral Resource Million Tonnes Average Grade Million Tonnes Average Grade KCl
million million
Category carnallite KCl % carnallite %
tonnes 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 1140 18.7 212.8
TOTAL 2,049 18.5 378.5 1844 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 Resource Estimate was 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 Reserve Estimate for sylvinite at Kola was first reported
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 Dougou carnallite Mineral Resource estimate was 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 ( “DX”) sylvinite Mineral Resource Estimate and Ore Reserve Estimate were reported in
an announcement titled “Dougou Extension (DX) Project Pre-Feasibility Study” on 13 May 2020. Ms. Vanessa
Santos, P.Geo. of Agapito Associates Inc. was the Competent Person, for the Exploration Results and Mineral
Resources. Ms. Santos is a licensed professional geologist in South Carolina (Member 2403) and Georgia
(Member 1664), USA, and is a registered member (RM) of the Society of Mining, Metallurgy and Exploration,
Inc. (SME, Member 04058318). 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, other than the activity currently underway to develop an improved geological
model for the DX deposit which may in the future necessitate a change in the DX Mineral Resources, 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 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 2021
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 (156) (567)
(e) administration and corporate costs (197) (1,129)
1.3 Dividends received (see note 3) - -
1.4 Interest received - 15
1.5 Interest and other costs of finance paid (2) (5)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Intercompany payments - -
1.9 Net cash from / (used in) operating
(355) (1,686)
activities
2. Cash flows from investing activities
2.1 Payments to acquire:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment (2) (2)
(d) exploration & evaluation (if capitalised) (1,111) (5,811)
(e) investments - -
(f) other non-current assets - -
ASX Listing Rules Appendix 5B (01/12/19) Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Consolidated statement of cash flows Current quarter Year to date
$US’000 (12 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 (1,113) (5,813)
activities
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
- 14,027
(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
- (959)
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 - 13,068
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
12,620 5,555
period
4.2 Net cash from / (used in) operating
(355) (1,686)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities
(1,113) (5,813)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities
- 13,068
(item 3.10 above)
ASX Listing Rules Appendix 5B (01/12/19) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
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 (59) (31)
cash held
4.6 Cash and cash equivalents at end of
11,093 11,093
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 11,093 12,620
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
11,093 12,620
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
129
associates included in item 1
6.2 Aggregate amount of payments to related parties and their
69
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.
ASX Listing Rules Appendix 5B (01/12/19) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
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 $US’000
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 $US’000
8.1 Net cash from / (used in) operating activities (Item 1.9) (355)
8.2 Capitalised exploration & evaluation (Item 2.1(d)) (1,111)
8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (1,466)
8.4 Cash and cash equivalents at quarter end (Item 4.6) 11,093
8.5 Unused finance facilities available at quarter end (Item 7.5) -
8.6 Total available funding (Item 8.4 + Item 8.5) 11,093
8.7 Estimated quarters of funding available (Item 8.6 divided by
Item 8.3) 7.6
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
ASX Listing Rules Appendix 5B (01/12/19) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
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: 20 January 2022
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) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
Date: 20-01-2022 09:00:00
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