TIDMMCM
RNS Number : 2483U
MC Mining Limited
29 July 2022
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
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MC Mining Limited
ABN Quarter ended ("current quarter")
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98 008 905 388 30 June 2022
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Consolidated statement of cash Current quarter Year to date
flows (twelve months)
$USD'000 $USD'000
1. Cash flows from operating
activities
1.1 Receipts from customers 4,670 30,481
1.2 Payments for
(a) exploration & evaluation - -
(b) development
(c) production (7,106) (25,594)
(d) staff costs (484) (1,822)
(e) administration and corporate
costs (1,151) (4,777)
1.3 Dividends received (see note
3)
1.4 Interest received - -
Interest and other costs of
1.5 finance paid (49) (123)
1.6 Income taxes paid
1.7 Government grants and tax
incentives
1.8 Other (provide details if - -
material)
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Net cash from / (used in)
1.9 operating activities (4,120) (1,835)
----------------- ----------------------------------- ---------------- -----------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (128) (3,340)
(d) exploration & evaluation (1) (8)
(e) investments (95) (378)
(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)
---------------- -----------------
Net cash from / (used in)
2.6 investing activities (224) (3,726)
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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 4,823 9,396
3.6 Repayment of borrowings (194) (2,617)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
Other (provide details if
3.9 material) (93) (1,006)
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Net cash from / (used in)
3.10 financing activities 4,536 5,773
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4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 2,954 3,230
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (4,120) (1,835)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (224) (3,726)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 4,536 5,773
Effect of movement in exchange
4.5 rates on cash held (78) (374)
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Cash and cash equivalents
4.6 at end of period 3,068 3,068
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5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $USD'000 $USD'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 4,638 4,625
5.2 Call deposits 36 38
5.3 Bank overdrafts (1,606) (1,709)
5.4 Other (provide details)
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Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 3,068 2,954
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6. Payments to related parties of the entity and Current quarter
their associates $USD'000
Aggregate amount of payments to related parties
6.1 and their associates included in item 1 106
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6.2 Aggregate amount of payments to related parties
and their associates included in item 2
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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
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $USD'000
arrangements available to $USD'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
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7.1 Loan facilities 13,922 13,606
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7.2 Credit standby arrangements
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7.3 Other (please specify) 1,606 1,606
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7.4 Total financing facilities 15,528 15,212
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7.5 Unused financing facilities available at 316
quarter end
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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.
----------------- --------------------------------------------------------------------------------------
All facilities are ZAR denominated and are repayable in
South African Rand (ZAR)
7.1 Loan Facilities $USD10.1 million:
Lender: Industrial Development Corporation of South Africa
(IDC).
Maturity date: 30 November 2022 (note). In the case of
an un-remedied default, the debt is convertible into shares
Interest rate: accrues at a real after-tax rate of return
of 16% on the amount advanced.
Security: Unsecured
7.3 Other $USD2.1 million :
Lender: ABSA Group Limited
a) $USD 1.3 million overdraft facility
b) USD 0.3 million short term loan
c) USD 0.5 million finance leases
Maturity Date
a) Reviewed annually
b) 30 June 2022
c) Various dates
Interest Rate:
a) Floating rate: South African Prime plus 3%
b) Floating rate: South African Prime plus 13%
c) Various floating rates above the South African Prime
rate
Security
a) Receivables
b) Receivables, bond over Uitkomst assets
c) Underlying leased assets
7.3 Standby Loan Facility $USD3.8 million :
Lender: Dendocept (Proprietary) Ltd
Maturity Date: June 2023
Interest Rate: South African Prime plus 3%
Security: Unsecured
The outstanding balance on the final maturity date is
payable in cash or convertible to MC Mining equity at
a price per share calculated as the prevailing 30-day
Volume Weighted Average Price minus 15% on the date of
conversion. Payment in MC Mining equity is at the sole
discretion of MC Mining and is subject to all required
shareholder and regulatory approvals, including South
African exchange control approval.
-----------------
8. Estimated cash available for future operating $USD'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (4,120)
8.2 (Payments for exploration & evaluation classified (1)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (4,121)
8.2)
8.4 Cash and cash equivalents at quarter end 3,068
(item 4.6)
8.5 Unused finance facilities available at quarter 316
end (item 7.5)
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8.6 Total available funding (item 8.4 + item 3,384
8.5)
-----------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 0.82
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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?
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Answer: Net operating cash flows will improve with the
sale of the 37,703 tonnes of export quality coal on hand
at the end of the reporting quarter, of which 22,169t
of this is already at the Durban port awaiting upliftment
by the customer.
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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?
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Answer: The Group anticipates that the funding of the
operations will originate from the sale of coal on the
export market. The Group has secured access to export
markets through the Coal Sales & Marketing Agreement announced
on 28 July 2022.
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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?
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Answer: Yes - refer 8.8.2 and 8.8.3 above.
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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.
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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:
...................................................................................
Authorised by: .......... Disclosure
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.
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END
MSCPPUQCMUPPURB
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