TIDMSVML
RNS Number : 7937X
Sovereign Metals Limited
28 April 2023
SOVEREIGN METALS LIMITED
NEWS RELEASE I 28 APRIL 2023
MARCH 2023 QUARTERLY REPORT
Sovereign Metals Limited (Company or Sovereign) (ASX:SVM &
AIM:SVML) is pleased to provide its quarterly report for the period
ended 31 March 2023.
HIGHLIGHTS
Indicated Resource Increased by over 80%
-- Kasiya's Indicated Resource now stands at 1.2 Billion tonnes
at 1.0% rutile and 1.5% graphite with over 66% of tonnes now in the
Indicated category.
-- Updated Mineral Resource Estimate (MRE) moves over 0.5
Billion tonnes from Inferred to Indicated - an increase of 81% to
the Indicated category.
-- The updated MRE will underpin the mining inventory and mine plan for the forthcoming PFS.
Kasiya's Graphite Global Warming Potential to be Amongst the
Lowest in the World
-- Independent benchmarking indicates Sovereign's graphite
co-product from Kasiya has the lowest GWP compared with currently
known and planned future natural graphite projects.
-- Global warming potential (GWP) of producing one tonne of
flake graphite concentrate at Kasiya estimated to be 0.2 tonnes of
CO(2) equivalent emissions (CO(2) e):
o 3x less polluting than proposed Tanzanian natural graphite production from hard rock sources.
o 6x less polluting than current Chinese natural graphite
production which accounts for up to 80% of current global graphite
supply.
Kasiya Rutile Project PFS in advanced stages
-- Sovereign is in the advanced stages of the Pre-Feasibility
Study (PFS) for the Kasiya Rutile Project (Kasiya), a potential
industry-leading major source of critical raw materials from
Malawi.
-- The PFS will build on the Expanded Scoping Study (ESS) which
confirmed Kasiya as one of the world's largest and potentially
lowest cost producers of natural rutile and natural graphite with a
carbon-footprint substantially lower than other current and planned
producers.
-- The PFS is progressing well and is expected to be completed in the coming months.
Sovereign Demerges Standalone Graphite Projects
-- Sovereign has demerged its standalone Graphite Projects
(Nanzeka, Malingunde, Duwi and Mabuwa Projects) into NGX Limited
effective from 27 March 2023.
-- The Demerger allows Sovereign and the existing management
team to focus on its flagship Kasiya Project while retaining
extensive exposure to graphite through the Kasiya co-product.
Classification: 3.1 Additional regulated information required to
be disclosed under the laws of a Member State
ENQUIRIES
Dr Julian Stephens (Perth) Sam Cordin (Perth) Sapan Ghai (London)
Managing Director +61(8) 9322 6322 +44 207 478 3900
+61(8) 9322 6322
Nominated Adviser on AIM
RFC Ambrian
Andrew Thomson +61 8 9480 2500
Joint Brokers
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Optiva Securities +44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis
KASIYA - THE LARGEST RUTILE DEPOSIT IN THE WORLD
Kasiya, located in central Malawi, is the largest natural rutile
deposit and one of the largest flake graphite deposits in the
world. Sovereign is aiming to develop an environmentally and
sustainable operation to supply highly sought-after natural rutile
and graphite to global markets.
The ESS confirmed Kasiya as potentially one of the world's
largest and lowest cost producers of natural rutile and natural
graphite with a carbon-footprint substantially lower than other
existing and planned operations.
The Company is in the advanced stages of the PFS for Kasiya
which will build on the on the ESS, with significant advancements
made throughout the quarter. The Company expects to announce the
outcomes of the PFS in the coming months.
INDICATED RESOURCE UPGRADE
In April 2023, Sovereign announced the updated MRE for its
world-class Kasiya rutile-graphite deposit in Malawi. The updated
MRE resulted in over 0.5 Billion tonnes converting from Inferred to
Indicated, an 81% increase in the Indicated category. Kasiya now
contains 1.2Bt @ 1.0% rutile and 1.5% graphite in the Indicated
category and a total MRE of 1.8Bt @ 1.0% rutile and 1.4%
graphite.
Kasiya remains the world's largest natural rutile deposit and
one of the largest flake graphite deposits.
Table 1: Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off
grade
Classification Resource Rutile Grade Contained Rutile Graphite Grade (TGC) (%) Contained Graphite
(Mt) (%) (Mt) (Mt)
================ ========= ============= ================= ========================= ===================
Indicated 1,200 1.0% 12.2 1.5% 18.0
================ ========= ============= ================= ========================= ===================
Inferred 609 0.9% 5.7 1.1% 6.5
================ ========= ============= ================= ========================= ===================
Total 1,809 1.0% 17.9 1.4% 24.4
================ ========= ============= ================= ========================= ===================
The updated MRE has further defined broad and contiguous zones
of high-grade rutile and graphite which occur across a very large
area of over 201km(2) . Rutile mineralisation is concentrated in
laterally extensive, near surface, flat "blanket" style bodies in
areas where the weathering profile is preserved and not
significantly eroded. Graphite is depleted near surface with grades
improving at depths generally >4m to the base of the saprolite
zone which averages about 22m.
Sovereign's 2022 drill program at Kasiya used push tube (PT)
core holes to in-fill and convert Inferred mineralisation into the
Indicated category. The consistency and robustness of the geology
allowed for an efficient conversion of this previously Inferred
material on a near-identical one-for-one basis to the Indicated
category.
A total of 66% of the MRE now reports to the Indicated category
@ 1.0% rutile and 1.5% TGC - up from 33% previously. Overall, the
new Indicated components show coherent, broad bodies of
mineralisation that have coalesced well, particularly in the
southern parts of the MRE.
Further advancement in this MRE update was the application of
air-core (AC) drilling to define the depth of mineralisation in a
number of selected higher-grade areas. As expected, this drilling
shows that high-grade rutile and graphite mineralisation extends to
the base of the soft saprolite unit terminating on the saprock
basement averaging about 22m depth. This deeper AC drilling
targeted early-scheduled mining pits mainly in the southern areas
of the MRE footprint.
A number of higher-grade graphite zones at depth were identified
which are generally associated with higher grade rutile at surface.
Some of these zones have graphite grades at depths >6m in the 4%
to 8% TGC range and represent significant contained coarse flake
graphite tonnages.
The highlighted cut-off of 0.7% rutile presents 1.8 billion
tonnes at a rutile grade of 1.0%. (Table 2). The overall recovered
rutile equivalent grade for the MRE at the global 0.7% cut-off is
1.65% RutEq*.
Table 2: Kasiya Total Indicated + Inferred Mineral Resource Estimate
at various rutile cut-off grades
Cut-off Resource Rutile Grade Contained Graphite Contained
(rutile) (Mt) (%) Rutile Grade (%) Graphite
(Mt) (Mt)
=========== ========== =============== =========== ============ ==========
0.40% 3,215 0.80% 25.7 1.30% 41.9
=========== ========== =============== =========== ============ ==========
0.50% 2,779 0.85% 23.8 1.35% 37.4
=========== ========== =============== =========== ============ ==========
0.60% 2,304 0.92% 21.1 1.37% 31.7
=========== ========== =============== =========== ============ ==========
0.70% 1,809 0.99% 17.9 1.35% 24.4
=========== ========== =============== =========== ============ ==========
0.80% 1,335 1.08% 14.4 1.25% 16.6
=========== ========== =============== =========== ============ ==========
0.90% 934 1.17% 11.0 1.06% 9.9
=========== ========== =============== =========== ============ ==========
1.00% 643 1.28% 8.2 0.84% 5.4
=========== ========== =============== =========== ============ ==========
1.10% 449 1.38% 6.2 0.65% 2.9
=========== ========== =============== =========== ============ ==========
1.20% 324 1.47% 4.7 0.53% 1.7
=========== ========== =============== =========== ============ ==========
1.30% 230 1.56% 3.6 0.48% 1.1
=========== ========== =============== =========== ============ ==========
1.40% 163 1.64% 2.7 0.45% 0.7
=========== ========== =============== =========== ============ ==========
* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price
(US$1,308/t) + Graphite Grade x Recovery (62%) x Graphite Price
(US$1,085/t) / Rutile Price (US$1,308/t). All assumptions are taken
from the Expanded Scoping Study (ESS) released June 2022
KASIYA'S GWP TO BE AMONGST THE LOWEST IN THE WORLD
Sovereign combined results of internal company analysis,
supplemented with an independent benchmarking study by UK-based
consultancy Minviro Ltd (Minviro) which compared the global warming
potential (GWP) of producing natural flake graphite from the Kasiya
against relevant current and future natural graphite projects.
The GWP of producing one tonne of flake graphite concentrate at
Kasiya estimated to be 0.2 tonnes of CO(2) equivalent emissions
(CO(2) e). Kasiya has the lowest GWP compared with currently known
and planned future natural graphite projects:
-- Up to 60% lower than currently reported GWP of graphite
producers and developers, including suppliers to Tesla Inc.
-- 3x less polluting than proposed Tanzanian natural graphite
production from hard rock sources.
-- 6x less polluting than current Chinese natural graphite
production which accounts for up to 80% of current global graphite
supply.
The cradle-to-gate life cycle assessment (LCA) was carried out
by Minviro comparing current natural graphite production from China
which produces almost 80% of the world's natural graphite, and
proposed near-term production from Tanzania, which offers a
regional benchmark against Kasiya in Malawi. The LCA study followed
ISO 14067:2008 guidelines and was critically reviewed by a panel of
three independent experts.
A number of graphite producers and explorers/developers have
conducted their own LCAs, with conclusions of a select number being
made public. Kasiya's graphite product currently has the lowest GWP
of publicly reported current and future potential graphite
production.
The benchmarking study found that the total GWP of 0.2 tonnes
CO(2) e per tonne of natural flake graphite concentrate produced at
Kasiya is significantly lower than the total GWP per tonne produced
in Heilongjiang Province, China (1.2 tonnes CO(2) e) and the total
GWP per tonne produced in Tanzania (0.6 tonnes CO(2) e).
Why is Kasiya's Graphite able to achieve such a low
carbon-footprint?
The GWP for Kasiya's flake graphite product was based on the
ESS. The significantly lower GWP for Kasiya graphite is due to the
fact that it is hosted in soft, friable saprolite material which
will be mined via hydro methods (high pressure water monitors)
powered by predominantly renewable energy sources - hydro power
from the Malawi grid and on-site solar power. This is opposed to
the production in Heilongjiang Province, China where hard-rock ore
requires drilling, blasting, excavation, trucking, crushing, and
grinding - overall high CO(2) e activities.
SUCCESSFULLY DEMERGES STANDALONE GRAPHITE PROJECTS
During the quarter, Sovereign successfully demerged its
standalone graphite projects; Nanzeka Project, Malingunde Project,
Duwi Project and Mabuwa Project (Graphite Projects) into NGX
Limited (NGX).
The Demerger allows Sovereign and the existing management team
to focus on its flagship Kasiya, while retaining extensive graphite
exposure via Kasiya's graphite co-product.
Competent Person Statement
The information in this announcement that relates to the Mineral
Resource Estimate is extracted from the announcement dated 5 April
2023. The announcement is available to view on
www.sovereignmetals.com.au . Sovereign confirms that a) it is not
aware of any new information or data that materially affects the
information included in the announcement; b) all material
assumptions included in the announcement continue to apply and have
not materially changed; and c) the form and context in which the
relevant Competent Persons' findings are presented in this report
have not been materially changed from the announcement.
The information in this announcement that relates to Production
Targets, Processing, Infrastructure and Capital and Operating
Costs, is extracted from the announcement dated 16 June 2022
entitled 'Kasiya Expanded Scoping Study Results'. Sovereign
confirms that: a) it is not aware of any new information or data
that materially affects the information included in the
announcement; b) all material assumptions and technical parameters
underpinning the Production Target, and related forecast financial
information derived from the Production Target included in the
Announcement continue to apply and have not materially changed; and
c) the form and context in which the relevant Competent Persons'
findings are presented in this presentation have not been
materially modified from the Announcement.
The information in this announcement that relates to the
Metallurgy is extracted from the announcement dated 7 December
2021. The announcement is available to view on
www.sovereignmetals.com.au . Sovereign confirms that a) it is not
aware of any new information or data that materially affects the
information included in the announcement; b) all material
assumptions included in the announcement continue to apply and have
not materially changed; and c) the form and context in which the
relevant Competent Persons' findings are presented in this report
have not been materially changed from the announcement.
The information in this announcement that relates to the
Exploration Results is extracted from the announcement dated 8
September 2022, 26 October 2022 and 30 January 2023. The
announcements are available to view on www.sovereignmetals.com.au .
Sovereign confirms that a) it is not aware of any new information
or data that materially affects the information included in the
announcements; b) all material assumptions included in the
announcements continue to apply and have not materially changed;
and c) the form and context in which the relevant Competent
Persons' findings are presented in this report have not been
materially changed from the announcements.
Forward Looking Statement
This release may include forward-looking statements, which may
be identified by words such as "expects", "anticipates",
"believes", "projects", "plans", and similar expressions. These
forward-looking statements are based on Sovereign's expectations
and beliefs concerning future events. Forward looking statements
are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of Sovereign, which could
cause actual results to differ materially from such statements.
There can be no assurance that forward-looking statements will
prove to be correct. Sovereign makes no undertaking to subsequently
update or revise the forward-looking statements made in this
release, to reflect the circumstances or events after the date of
that release.
Qualified Person
Information disclosed in this announcement has been reviewed by
Dr Julian Stephens (B.Sc (Hons), PhD, MAIG), Managing Director, a
Qualified Person for the purposes of the AIM Rules for
Companies.
To view the announcement in full including all illustrations and
figures, please refer to the full announcement at
http://sovereignmetals.com.au/announcements/
APPIX 1: RELATED PARTY PAYMENTS
During the quarter ended 31 March 2023, the Company made
payments of $237,000 to related parties and their associates. These
payments relate to existing remuneration arrangements (executive
salaries, director fees, superannuation and bonuses of $125,000),
business development services ($25,000) and provision of serviced
office facilities, company secretarial services and administration
services ($87,000).
APPIX 2: SUMMARY OF MINING TENEMENTS
As at 31 March 2023, the Company had an interest in the
following tenements:
Licence Holding Interest Type Licence Expiry Licence Status
Entity Renewal Term Date(1) Area (km(2)
Date )
============ ========= ========= ============ ============== ============== ============= ========
Sovereign:
============ ========= ========= ============ ============== ============== ============= ========
EL0609 MML 100% Exploration 25/09/2024 25/09/2028 440.5 Granted
============ ========= ========= ============ ============== ============== ============= ========
EL0582 SSL 100% Exploration 15/09/2023 15/09/2027 285.0 Granted
============ ========= ========= ============ ============== ============== ============= ========
EL0492 SSL 100% Exploration 29/01/2023(2) 29/01/2025 935.4 Granted
============ ========= ========= ============ ============== ============== ============= ========
EL0528 SSL 100% Exploration 27/11/2023 27/11/2025 16.2 Granted
============ ========= ========= ============ ============== ============== ============= ========
EL0545 SSL 100% Exploration 12/05/2024 12/05/2026 53.2 Granted
============ ========= ========= ============ ============== ============== ============= ========
EL0561 SSL 100% Exploration 15/09/2023 15/09/2027 124.0 Granted
============ ========= ========= ============ ============== ============== ============= ========
EL0657 SSL 100% Exploration 3/10/2025 3/10/2029 2.3 Granted
============ ========= ========= ============ ============== ============== ============= ========
Transferred to NGX:
================================================ ============== ============== ============= ========
RL0012 NGX(4) 100% Retention N/A 26/07/2026 6.0 Granted
============ ========= ========= ============ ============== ============== ============= ========
EL0372 SSL(5) 100% Exploration N/A 13/03/2022(3) 729.2 Granted
============ ========= ========= ============ ============== ============== ============= ========
RL0032 SSL(5) 100% Retention N/A 4/10/2027 24.64 Granted
============ ========= ========= ============ ============== ============== ============= ========
Notes:
SSL: Sovereign Services Limited, MML: McCourt Mining Limited
& NGX Exploration Limited
(1) An exploration licence (EL) covering a preliminary period in
accordance with the Malawi Mines and Minerals Act (No 8. Of 2019)
(Mines Act) is granted for a period not exceeding three (3) years.
Thereafter two successive periods of renewal may be granted, but
each must not exceed two (2) years. This means that an EL has a
potential life span of seven (7) years. ELs that have come to the
end of their term can be converted by the EL holder into a
retention licence (RL) for a term of up to 5 years subject to
meeting certain criteria.
(2) The Company has submitted an extension application for
EL0492 prior to the renewal date in accordance with the Mines
Act.
(3) Prior to expiry of EL0372, the Company applied for the grant
of a mining licence (ML) over EL0372. Under the Mines Act, an EL
term automatically extends until the ML application has been
processed and/or granted. The ML has been granted subject to the
approval of an ESIA for Malingunde.
(4) During the quarter the Company completed the Demerger with
NGX.
(5) To be transferred to NGX pursuant to the terms of the
Demerger Deed with NGX.
Subsequent to the end of the quarter, the Company notes the
Government of Malawi has proposed a new Mines and Minerals Bill
(2023) (New Bill) which has been passed by the Malawian Parliament
and now awaits Malawian Presidential Assent and publication in the
Malawi Gazette before coming into force. If approved, the New Bill
will replace the Mines and Minerals Act (2019). The New Bill
introduces amendments to improve transparency and governance of the
mining industry in Malawi. Sovereign notes the following updates in
the New Bill which may affect the Company in the future: (i) ELs
will now be granted for an initial period of 5 years with the
ability to extend by 3 years on two occasions (total 11 years);
(ii) the Malawian Government maintains a right to free equity
ownership for large-scale mining licences but the New Bill proposes
to remove the automatic free government equity ownership with the
right to be a negotiation matter; and (iii) A new Mining and
Regulatory Authority will be responsible for implementing the
objectives of the New Bill.
APPIX 3: MINING EXPLORATION EXPITURES
During the quarter, the Company made the following payments in
relation to mining exploration activities:
Activity A$'000
-------------------------------------------------------------------------------------------- -------
Drilling (96)
Assaying and Metallurgical Test-work (267)
Studies and Reserve/Resource Estimation (947)
Tenement Rents and Rates (50)
Malawi Operations - Site Office, Personnel, Field Supplies, Equipment, Vehicles and Travel (815)
Total as reported in Appendix 5B (2,175)
-------------------------------------------------------------------------------------------- -------
There were no mining or production activities and expenses
incurred during the quarter ended 31 March 2023.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
Sovereign Metals Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
71 120 833 427 31 March 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (9 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (2,175) (7,219)
(b) development - -
(c) production - -
(d) staff costs (318) (1,193)
(e) administration and corporate
costs (245) (1,097)
1.3 Dividends received (see note - -
3)
1.4 Interest received 74 225
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
1.8.1 Other - NGX Demerger Costs (70) (109)
1.8 Other - Business Development (182) (679)
----------------- --------------
Net cash from / (used in)
1.9 operating activities (2,916) (10,072)
------ ----------------------------------- ----------------- --------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - (23)
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities (135) (135)
(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 (135) (158)
------ ----------------------------------- ----------------- --------------
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
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities - (601)
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)
----------------- --------------
Net cash from / (used in)
3.10 financing activities - (601)
------ ----------------------------------- ----------------- --------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 11,115 18,894
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (2,916) (10,072)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (135) (158)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) - (601)
Effect of movement in exchange
4.5 rates on cash held 27 28
----------------- --------------
Cash and cash equivalents
4.6 at end of period 8,091 8,091
------ ----------------------------------- ----------------- --------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'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 449 846
5.2 Call deposits 7,642 10,269
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 8,091 11,115
---- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 237
-----------------
6.2 Aggregate amount of payments to related -
parties and their associates included in
item 2
-----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity.
Add notes as necessary for
an understanding of the sources
of finance available to the
entity.
7.1 Loan facilities - -
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
Other (please specify)
7.3 Loan receivable from NGX 561 -
------------------- ----------------
7.4 Total financing facilities - 561
------------------- ----------------
Unused financing facilities available at
7.5 quarter end 561
----------------
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 $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (2,916)
8.2 (Payments for exploration & evaluation classified -
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (2,916)
8.2)
8.4 Cash and cash equivalents at quarter end 8,091
(item 4.6)
8.5 Unused finance facilities available at quarter 561
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 8,652
8.5)
--------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 3.0
--------
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: Not applicable
-------------------------------------------------------------------
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: Not applicable
-------------------------------------------------------------------
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: Not applicable
-------------------------------------------------------------------
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: 28 April 2023
Authorised by: Company Secretary
(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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
QRTPPUUGCUPWUPR
(END) Dow Jones Newswires
April 28, 2023 02:00 ET (06:00 GMT)
Sovereign Metals (LSE:SVML)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sovereign Metals (LSE:SVML)
Historical Stock Chart
From Jul 2023 to Jul 2024
