TIDMADT1
RNS Number : 9815M
Adriatic Metals PLC
27 January 2021
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
QUARTERLY ACTIVITIES REPORT
For the 3 months ended 31 December 2020
HIGHLIGHTS
-- Completed Pre-Feasibility Study for the Vares Silver Project
with NPV(8) of US$1,040 and IRR of 113%
-- Closed US$28 million of fundraising with EBRD and Queens Road Capital
-- Continued progress with Vares Silver Project permitting with
receipt of the Urban Planning Permit for the Veovaca area of the
project
-- Completed the acquisition of Tethyan Resource Corp
-- Settled litigation with Sandfire
-- Cash balance at 31 December 2020 of GBP29.2m (A$51.8m)
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) ("Adriatic" or the
"Company") is pleased to provide the following Quarterly Activities
Report ("QAR") that summarises the progress made and reported
during the three months ended 31 December 2020 ("Q4" or the
"Quarter").
Paul Cronin, Adriatic's Managing Director and CEO commented:
"The last quarter of 2020 culminated in the successful delivery
of several important workstreams including a hugely positive
Pre-Feasibility Study for the Vares Silver Project with improved
economics in comparison to our 2019 Scoping Study, raising US$28
million of funding from EBRD and Queens Road Capital and completing
the acquisition of Tethyan Resource Corp.
The Company is well positioned to build on these achievements
during 2021 as we progress the Definitive Feasibility Study for the
Vares Silver Project and associated financing and further prove up
the potential of the additional exploration ground acquired from
Tethyan to diversify and further strengthen the Company's asset
portfolio."
1. Pre-Feasibility Study
The Company released an exceptional Pre-Feasibility Study
("PFS") for its wholly owned Vares Silver Project in Bosnia &
Herzegovina on 15 October 2020. Highlights included:
-- US$1,040 million post-tax NPV(8)
-- Internal Rate of Return of 113%
-- Low upfront capital of US$ 173 million
-- 1.2 years payback
-- Average annual EBITDA of US$ 251 million in years 1-5
-- 11.1 Mt of Probable Ore Reserves mined over a 14-year mine
life, annual throughput of 800 kt
-- 88.5% conversion of Indicated Resources to Ore Reserves at Rupice
-- 45.3% of revenues from silver and gold
-- Low environmental impact with underground mining and partial
tailings backfill at Rupice, and use of brownfield Veovaca mine
site for majority of plant infrastructure
The PFS relies on significantly more robust inputs over 2019
Scoping Study including:
-- 2020 Mineral Resource estimate with improved geological interpretation
-- Metallurgical domaining of the orebody
The Company confirmed, that based on the positive outcome of the
PFS, work was immediately commencing on the Definitive Feasibility
Study.
2. Financing
On 27 October 2020 the Company announced that it had entered
into binding agreements for a US$28 million financing, comprising a
US$20 million private placement of 8.5% unsecured convertible
debentures (the "Debentures") to Queen's Road Capital Investment
Ltd. ("QRC") (TSXV: QRC) and a subscription by the European Bank
for Reconstruction and Development ("EBRD") for GBP6.2 million
(US$8 million) in ordinary shares of the Company ("Ordinary
Shares") at a price of GBP1.175 per share (the "EBRD
Subscription").
The EBRD Subscription settlement and completion was subsequently
announced on 2 November 2020 raising gross proceeds of GBP6.2
million.
On 1 December 2020 the Company advised it had closed the QRC
private placement raising gross proceeds of US$20 million before
transaction costs.
3. Vares Project Permitting Approvals
On 19 November 2020, Adriatic announced that it had received the
Urban Planning Permit for the Veovaca project area (Open Pit, Plant
& Tailings areas) from the Federal Ministry of Spatial
Planning. The approval reflects the strong support from government
and commercial stakeholders.
4. Acquisition of Tethyan Resource Corp.
On 7 October 2020 Adriatic announced that, except for Admission,
all conditions to closing had been satisfied in respect of the
business combination, pursuant to which Adriatic would acquire all
of the common shares of Tethyan Resource Corp. (TSX-V: TETH)
("Tethyan") by way of a court approved plan of arrangement (the
"Arrangement").
Adriatic allotted 13,278,937 new ordinary shares pursuant to the
Arrangement which were admitted to the Standard Segment of Official
List of the Financial Conduct Authority and to trading on the
London Stock Exchange's main market for listed securities on 8
October 2020.
Pursuant to the Arrangement, on Admission Adriatic also issued
4,128,633 warrants and 469,779 options to Tethyan warrant holders
and Tethyan option holders.
5. Kizevak and Sastavci Drill Results
On 3 December, 2020 Adriatic reported assay results from seven
diamond core holes at Kizevak and Adriatic's first drill hole at
Sastavci. Kizevak continues to yield thick zones of polymetallic
mineralisation, and confirmation drilling at Sastavci has been
complemented by the discovery of a separate, large gold bearing
structure.
Kizevak Highlights
KZDD-020 intercepted a broad, high-grade zone of mineralisation
down dip and outside the historically defined mineralisation:
o 53 metres at 4.2% zinc, 2.0% lead, 21g/t silver and 0.4/t gold
from 100 metres, including
-- 18 metres at 9.0% zinc, 4.1% lead, 43g/t silver and 0.6g/t
gold
KZDD-018 intercepted two broad and high-grade mineralised zones,
demonstrating excellent grade continuity between previously
reported, widely spaced holes:
o 22 metres at 4.3% zinc, 1.7% lead, 28g/t silver and 0.4g/t
gold from 48m, including
-- 5 metres at 8.4% zinc, 2.9% lead, 59g/t silver and 0.7g/t
gold, and
-- 4 metres at 9.4% zinc, 3.6% lead, 57g/t silver and 0.6g/t
gold
o 33.5 metres at 3.0% zinc, 1.5% lead, 23g/t silver and 0.2g/t
gold from 106m, including
-- 14.4 metres at 5.1% zinc, 2.7% lead, 45g/t silver and 0.2g/t
gold
KZDD-017 was collared in mineralisation and intercepted two
mineralised zones near surface in an area with no historic
drilling:
o 18.5 metres at 2.4% zinc, 0.2% lead from 2m
o 34.5 metres at 2.2% zinc, 1.1% lead, 13g/t silver and 0.1g/t
gold from 30.5m, including
-- 7 metres at 4.9% zinc, 2.7% lead, 31g/t silver and 0.2g/t
gold
KZDD-021 intercepted a narrow, but high-grade structure along
strike to the southeast from KZDD-017:
o 5.9 metres at 4.5% zinc, 2.2% lead, 26g/t silver and 0.3g/t
gold from 29.5 metres
Sastavci Highlights
SSDD-002 has confirmed the presence of near surface polymetallic
mineralisation reported historically, as well as a newly
discovered, broad gold anomalous structure at depth:
o 9 metres at 4.4% zinc, 1.2% lead, 18g/t silver and 0.4g/t gold
from 6m, including
-- 1.9 metres at 12.5% zinc, 4.8% lead, 72g/t silver and 1.7g/t
gold
o 10 metres at 3.0% zinc, 1.0% lead, 17g/t silver and 0.5g/t
gold from 28 metres, including
-- 1.8 metres at 10.7% zinc, 3.8% lead, 64g/t silver and 0.4g/t
gold
o 31 metres at 1.3 g/t gold from 279 metres, including
-- 1.0 metre at 13.6 g/t gold
6. Settlement of Sandfire Litigation
On 3 November 2020 Adriatic advised that it had entered into a
Deed of Settlement and Release ("the Deed") with Sandfire Resources
Limited ("Sandfire") where both parties had agreed to settle the
dispute relating to proceeding CIV 1820 of 2020 brought by Sandfire
against Adriatic in the Supreme Court of Western Australia, as
announced on 31 July 2020 ("Proceedings").
Sandfire agreed to pay Adriatic A$8,649,360.35 in cash for the
issue of 4,830,156 Chess Depository Interests in the Company
("Settlement Placement"), pursuant to Sandfire's anti-dilution
right under the previously announced Collaboration and Strategic
Partnership Deed.
Sandfire and Adriatic also agreed to having the Proceedings
dismissed with no order as to costs.
On 24 December 2020 Adriatic advised that the Settlement
Placement had completed and the shares had been allotted in the
form of CDI's.
7. Summary of Expenditure Incurred
A summary of expenditure made by Adriatic on a consolidated
basis during the Quarter in relation to operating and investing
activities reported in the Appendix 5B Cash Flow Report is as
follows:
GBP'000
Exploration & Evaluation (capitalised) 1,500
Exploration & Evaluation (expensed) 889
Staff costs 544
Administration and corporate
costs 998
Property, plant and equipment
acquisitions 83
Property, plant and equipment
disposals (2)
Other - VAT Refunds (9)
Total GBP 4,003
During the Quarter, the Company also received GBP358k relating
to Tethyan's cash balance on acquisition which has been reported in
Item 2.5 of the Appendix 5B Cash Flow Report.
8. Payments to Related Parties
During the Quarter, Adriatic paid an aggregate total of GBP105k
to Directors, or companies controlled by them, comprised of
salaries, fees and reimbursement / recharge of corporate office
facilities & associated services used / provided by the
Company. This is disclosed in Item 6 of the accompanying Appendix
5B Cash Flow Report.
9. Annual General Meeting
The Company held its Annual General Meeting on 6 November 2020.
All resolutions were passed via a Poll. Full details of the results
of the Poll were announced by the Company immediately following the
meeting.
10. Change of Accounting Reference Date
On 23 November 2020, the Company changed its accounting
reference date from 30 June to 31 December to align it with that of
its subsidiary companies.
Accordingly, Adriatic has published audited accounts for the
year ended 30 June 2020 and will subsequently publish audited
accounts for the six months ending 31 December 2020. Thereafter,
interim and annual reports will be published each year for the 6
months to 30 June and 12 months to 31 December respectively.
11. Tenement Holdings
In accordance with ASX Listing Rule 5.3.3 please find below the
Company's tenements as at 31 December 2020.
Registration number Licence Company's Concession name Area Date Expiry date
Concession holder interest (Ha) granted
document in
license
holder
------------------------
Eastern
Bosnia and Concession Mining
Herzegovina Agreement No.:04-18-21389-1/13 d.o.o. 100% Veovaca1 107.69 12-Mar-2013 11-Mar-2038
------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Veovaca 2 90.54 12-Mar-2013 11-Mar-2038
------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Rupice-Jurasevac, 83.19 12-Mar-2013 13-Mar-2038
Brestic
------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Eastern
Annex 3 - Area No.: Mining
Extension 04-18-21389-3/18 d.o.o. 100% Rupice - Borovica 452.00 14-Nov-2018 13-Nov-2038
-------------------------------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Eastern
No.: Mining Veovaca - Orti -
04-18-21389-3/18 d.o.o. 100% Seliste - Mekuse 132.33 14-Nov-2018 13-Nov-2038
-------------------------------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Eastern
Annex 5 - Area Mining Barice- Smajlova
Extension (1) d.o.o. 100% Suma-Macak 1,945 (1) (1)
-------------------------------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Eastern
Mining Droskovac -
(1) d.o.o. 100% Brezik 288 (1) (1)
-------------------------------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Eastern
Mining Borovica -
(1) d.o.o. 100% Semizova Ponikva 991 (1) (1)
-------------------------------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Ras
Exploration Metals
Serbia License 310-02-1721/2018-02 doo 10%(2) Kizevak 1.84 03-Oct-2019 03-Oct-2022
------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Ras
Metals
Exploration License 310-02-1722/2018-02 doo 10%(2) Sastavci 1.44 12-Mar-2013 03-Oct-2022
-------------------------------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Exploration License 310-02-1114/2015-02 Taor doo 100% Kremice 8.54 21-Apr-2016 21-April-2022
-------------------------------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Deep
Research
Exploration License 310-02-00060/2015-02 doo 0%(2) Raska (Suva Ruda) 87.17 28-Dec-2015 18-Feb-2022
-------------------------------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
Tethyan
Resources
Exploration License 310-02-1452/2016-02 doo 100% Bucje 86.86 14-Feb-2018 14-Feb-2021
-------------------------------------- ---------------------- ----------- ----------- ------------------- -------- ------------- ---------------
(1) Concession awarded as announced on 2 September 2020. The
Company is the process of obtaining the exploration permit which
will have an initial exploration period of 7 years with the
possibility of extension for the further 3.5 years.
(2) The Company holds an option agreement to acquire 100% of the license holder.
Authorised by, and for further information please contact:
Paul Cronin
Managing Director & CEO
info@adriaticmetals.com
-ends-
MARKET ABUSE REGULATION DISCLOSURE
The information contained within this announcement is deemed by
the Company (LEI: 549300OHAH2GL1DP0L61) to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. The person responsible for arranging and authorising
the release of this announcement on behalf of the Company is Paul
Cronin, Managing Director and CEO.
For further information please visit www.adriaticmetals.com ,
@AdriaticMetals on Twitter, or contact:
Adriatic Metals PLC
Paul Cronin / Emma Chetwynd Stapylton Tel: +44 (0) 7515 357842
Tavistock Communications Limited
Charles Vivian Tel: +44 (0) 7977 297903
Edward Lee Tel: +44 (0) 7736 220565
Gareth Tredway Tel: +44 (0) 7785 974264
The Capital Network
Julia Maguire/Lelde Smits Tel: +61 2 8999 3699
ABOUT ADRIATIC METALS
Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base
metals explorer and developer that owns the world-class Vares
Silver Project in Bosnia & Herzegovina and holds licences
across the Raska District in Serbia.
The Vares project's captivating economics and impressive
resource inventory have attracted Adriatic's highly experienced
team, which is expediting exploration efforts to expand the current
JORC resource. Results of a recent pre-feasibility study announced
on 15 October 2020 indicate a post-tax NPV(8) of US$1,040 million
and IRR of 113%. Leveraging its first-mover advantage, Adriatic is
rapidly advancing the project into the development phase and
through to production with significant cornerstone investment of
US$28 million from Queen's Road Capital Investment and European
Bank for Reconstruction and Development .
There have been no material changes to the assumptions
underpinning the forecast financial information derived from the
production target in the 15 October 2020 announcement and these
assumptions continue to apply. There have been no material changes
to the assumptions and technical parameters on the updated Mineral
Resource Estimate announced on 1 September 2020 and these
assumptions continue to apply.
Adriatic Metals acquired TSX-listed Tethyan Resource Corp in
2020, to advance the former Kizevak and Sastavci polymetallic mines
in the Raska District, southern Serbia.
COMPETENT PERSONS' REPORT
The information in this report which relates to Exploration
Results is based on, and fairly represents, information compiled by
Mr Philip Fox, who is a member of the Australian Institute of
Geoscientists (AIG). Mr Fox is a consultant to Adriatic Metals PLC,
and has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the
activity he is undertaking 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 Fox
consents to the inclusion in this report of the matters based on
that information in the form and context in which it appears.
The information in this report which relates to Metallurgical
Results is based on, and fairly represents, information compiled by
Mr Philip King of Wardell Armstrong. Mr King and Wardell Armstrong
are consultants to Adriatic Metals plc and Mr King has sufficient
experience in metallurgical processing of the type of deposits
under consideration and to the activity he is undertaking 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 King is a Fellow of the Institute
of Materials, Minerals & Mining (which is a Recognised
Professional Organisation (RPO) included in a list that is posted
on the ASX website from time to time), and consents to the
inclusion in this report of the matters based on that information
in the form and context in which it appears.
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
--------------------------------------------------
ADRIATIC METALS PLC
ABN Quarter ended ("current quarter")
------------ ----------------------------------
624 403 163 31 DECEMBER 2020
----------------------------------
Consolidated statement of cash (a) Current (b) Year to
flows quarter date (6 months)
GBP'000 GBP'000
1. Cash flows from operating
activities
1.1 Receipts from customers 0 0
1.2 Payments for
(a) exploration & evaluation
(if expensed) (889) (889)
(b) development 0 0
(c) production 0 0
(d) staff costs (544) (811)
(e) administration and corporate
costs (998) (1,594)
Dividends received (see note
1.3 3) 0 0
1.4 Interest received 0 1
Interest and other costs of
1.5 finance paid 0 0
1.6 Income taxes paid 0 (2)
Government grants and tax
1.7 incentives 0 0
1.8 Other - VAT refund 9 (21)
------------ -----------------
Net cash from / (used in)
1.9 operating activities (2,422) (3,316)
----- ----------------------------------- ------------ -----------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) entities 0 0
(b) tenements 0 0
(c) property, plant and equipment (83) (116)
(d) exploration & evaluation
(if capitalised) (1,500) (3,180)
(e) investments 0 0
(f) other non-current assets 0 0
2.2 Proceeds from the disposal
of:
(a) entities 0 0
(b) tenements 0 0
(c) property, plant and equipment 2 2
(d) investments 0 0
(e) other non-current assets 0 0
Cash flows from loans to other
2.3 entities 0 0
Dividends received (see note
2.4 3) 0 0
Other (Tethyan's cash balance
2.5 on acquisition) 358 358
------------ -----------------
Net cash from / (used in)
2.6 investing activities (1,223) (2,936)
----- ----------------------------------- ------------ -----------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 11,055 12,208
Proceeds from issue of convertible
3.2 debt securities 0 0
Proceeds from exercise of
3.3 options 108 108
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (280) (280)
3.5 Proceeds from borrowings 14,957 14,957
3.6 Repayment of borrowings 0 0
Transaction costs related
3.7 to loans and borrowings (768) (768)
3.8 Dividends paid 0 0
Other (Pre-acquisition loan
3.9 to Tethyan) 0 (727)
------------ -----------------
Net cash from / (used in)
3.10 financing activities 25,072 25,498
----- ----------------------------------- ------------ -----------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 7,727 9,692
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (2,422) (3,316)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (1,223) (2,936)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 25,072 25,498
Effect of movement in exchange
4.5 rates on cash held 95 311
------------ -----------------
Cash and cash equivalents
4.6 at end of period 29,249 29,249
----- ----------------------------------- ------------ -----------------
5. Reconciliation of cash and (c) Current (d) Previous
cash equivalents quarter quarter
at the end of the quarter GBP'000 GBP'000
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 29,249 7,727
5.2 Call deposits 0 0
5.3 Bank overdrafts 0 0
5.4 Other (provide details) 0 0
------------ -------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 29,249 7,727
---- ----------------------------------- ------------ -------------
6. Payments to related parties of the entity (e) Current
and their associates quarter
GBP'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 105
-------------
6.2 Aggregate amount of payments to related 0
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 (f) Total facility (g) Amount
Note: the term "facility' amount at quarter drawn at quarter
includes all forms of financing end end
arrangements available to GBP'000 GBP'000
the entity.
Add notes as necessary for
an understanding of the sources
of finance available to the
entity.
7.1 Loan facilities 14,957 14,957
------------------- ------------------
7.2 Credit standby arrangements 0 0
------------------- ------------------
7.3 Other (please specify) 0 0
------------------- ------------------
7.4 Total financing facilities 14,957 14,957
------------------- ------------------
Unused financing facilities available at
7.5 quarter end 0
------------------
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.
---- --------------------------------------------------------------------------
Funding from Queens Road Capital Investment Limited - $20m
USD (GBP14,957k), 8.5% interest, unsecured convertible debentures,
maturity date December 2024. For further details see announcement
dated 27 October 2020.
8. Estimated cash available for future operating (h) GBP'000
activities
Net cash from / (used in) operating activities
8.1 (Item 1.9) (2,422)
8.2 Capitalised exploration & evaluation (Item (1,500)
2.1(d))
8.3 Total relevant outgoings (Item 8.1 + Item (3,922)
8.2)
8.4 Cash and cash equivalents at quarter end 29,249
(Item 4.6)
8.5 Unused finance facilities available at quarter 0
end (Item 7.5)
8.6 Total available funding (Item 8.4 + Item 29,249
8.5)
Estimated quarters of funding available
8.7 (Item 8.6 divided by Item 8.3) 7.5
---- ----------------------------------------------------
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:
-------------------------------------------------------------------
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:
-------------------------------------------------------------------
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:
-------------------------------------------------------------------
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: 26 January 2021
Authorised by: Audit and Risk 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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