TIDMBKY
RNS Number : 3007N
Berkeley Energia Limited
29 January 2021
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 29 January 2021
Quarterly Report December 2020
Summary:
-- Permitting Update:
Berkeley Energia Limited's ("Berkeley" or the "Company") focus
continues to be on progressing the approvals required to commence
construction of the Salamanca mine and bring it into
production.
During the quarter, the Company received formal notification
from the Ministry for Ecological Transition and the Demographic
Challenge ("MITECO") that it had been granted the renewal of the
Initial Authorisation for the uranium concentrate plant as a
radioactive facility at the Salamanca project ("NSC I") until there
is a resolution on the Authorisation for Construction for the
uranium concentrate plant as a radioactive facility ("NSC II").
This renewal follows the Nuclear Safety Council ("NSC") issuing a
favourable report for the extension of the validity of NSC I in
July 2020.
NSC I was granted in September 2015 by the then Ministry of
Industry, Energy and Tourism, with a 5-year validity period. The
favourable report issued by the NSC in July considered that the
circumstances and characteristics of the uranium concentrate plant
are the same as those contained in the Initial Authorisation issued
in 2015.
The Company formally submitted updated official documentation in
relation to the NSC II in March 2020. The Company has subsequently
held numerous meetings with the NSC technical team to discuss and
clarify minor queries on the updated documentation. As requested,
the Company submitted written responses to these queries, along
with additional technical information, to the NSC in September
2020. The next step in the process is for the NSC technical team to
finalise their report and submit it to the NSC Board for
ratification.
With more than 120 previous permits and favourable reports
granted by the relevant authorities at the local, regional, federal
and European Union levels, NSC II is the only pending approval
required to commence full construction of the Salamanca mine.
The Company continues to engage with the relevant authorities in
a collaborative manner and maintain strong engagement with all key
stakeholders in Spain.
-- Outstanding Contribution to Sustainable Mining - Europe 2020 Award:
In December 2020, the Company was selected as the winner of the
Outstanding Contribution to Sustainable Mining - Europe category in
the 2020 Capital Finance International ("CFI.co") Sustainability
Awards
The CFI.co sustainability awards seek to recognise the best
responses to sustainability issues by country or region,
identifying companies that stand out as examples to others across
the world.
Berkeley is extremely pleased to be recognised for its efforts
in key area of Sustainable Mining. The Company's Salamanca mine is
being developed to the highest international standards and the
Company's commitment to health, safety and the environment is a
priority. It holds certificates in Sustainable Mining (UNE
22470-80), Environmental Management (ISO 14001), and Health and
Safety (ISO 45001) which were awarded by AENOR, an independent
Spanish government agency.
-- Uranium Market:
The uranium spot price closed 2020 at US$30.00 per pound having
drifted slightly lower after a period of strong growth in the first
half of 2020.
The market has however, been buoyed during the quarter due to
recent events including:
* Utilities have increased their spot market purchases,
especially in the US, subsequent to the finalisation
of the amendment to the Russian Suspension Agreement
in early October 2020;
* The US Congress tabled the artisan legislation aimed
at supporting the US' nuclear infrastructure. The
proposed "American Nuclear Infrastructure Act of
2020", provides that a national strategic uranium
reserve be funded and a carbon emissions avoidance
programme be established to support continued
operation of reactors at risk of premature shutdown;
* The UK published an energy policy paper entitled "Ten
Point Plan for a Green Industrial Revolution," which
incorporated an Advanced Nuclear Fund. The goal of
the fund is to provide financial support for small
modular reactor development and advanced modular
reactors; and
* The incoming Biden Administration has proposed a
sweeping clean energy plan including funding for
advanced nuclear reactors and small modular reactors.
-- Spanish Regulatory Regime:
During the quarter, the Company noted that the Spanish Supreme
Court had rejected an appeal filed by a group of opposition parties
against NSC I.
In September 2019, the Spanish National Court fully dismissed a
contentious-administrative appeal filed by the group of opposition
parties against NSC I. Subsequent to the National Court ruling, the
group of opposition parties appealed to the Supreme Court. The
Supreme Court has confirmed all aspects of the ruling of the
National Court and thus, has confirmed the legality of NSC I. As
noted above, MITECO has granted renewal of NSC I through until
there is a resolution on NSC II.
Parliamentary groups of two political parties in the Spanish
Government submitted a series of proposed amendments in October
2020 to a draft climate change and energy transition bill.
Under one of the proposed amendments, investigation and
exploitation of radioactive minerals (e.g. uranium) would be
prohibited in the Spanish territory and any open proceedings
related to the authorisation of radioactive facilities of the
nuclear fuel cycle for the processing of such minerals would be
closed.
It is important to note that this is currently only a proposed
amendment to the draft climate change and energy transition bill
that must first be reviewed and approved or rejected by the
Commission of Ecological Transition of the Parliament, and
subsequently follow the same process in the Spanish Senate.
Accordingly, the specific proposed amendment relating to the
investigation and exploitation of radioactive minerals may or may
not be included in the final draft of the climate change and energy
transition bill.
Berkeley's position on the content of this proposed amendment is
clear: prohibition of economic activities in Spain with no
justified reasons is contrary to the Spanish Constitution and to
the legal rights recognised by other international instruments. In
particular, it must be taken into account that the Company
currently holds legal, valid and consolidated rights for the
investigation and exploitation of its mining projects, including a
valid 30-year mining licence (renewable for two further periods of
30 years) for the Salamanca mine. The approval of an amendment of
such nature would imply a retroactive measure which expropriates
the legal rights of Berkeley with no justification.
-- COVID-19:
Authorities in Spain, following a second surge in COVID-19 cases
during the quarter, tightened measures imposed to stem the spread
of the disease with many Spanish regions being subject to entry and
exit restrictions, including Madrid, the nearest large city to the
Salamanca mine.
Many regional authorities have also implemented tighter
restrictions on gatherings and businesses, including the
requirement to implement strict hygiene and social distancing
measures.
The ongoing nationwide state of emergency will remain in effect
until at least 9 May 2021, which empowers the government to limit
certain rights, including freedom of movement. Accordingly, social
gatherings are limited to six people nationwide and a 11pm to 6am
curfew is in effect throughout Spain.
International travel to and from Spain is still possible,
subject to travellers possessing a negative COVID-19 test which
must be taken within 72 hours prior to arrival.
All of the Berkeley team based in Spain are safe and well.
Consistent with current Government guidelines, the Company has
continued its 'work from home' policy. Regular communication has
however, been maintained with the relevant officials from the NSC
and the federal, regional and local governments to ensure the
permitting processes continues to advance.
For further information please contact:
Robert Behets Franciso Bellón
Acting Managing Director Chief Operations Officer
+61 8 9322 6322 +34 91 555 1380
info@berkeleyenergia.com
Permitting Update:
During the quarter, the Company received formal notification
from the MITECO that it had been granted the renewal of the NSC I
until there is a resolution on NSC II. This renewal follows the NSC
issuing a favourable report for the extension of the validity of
NSC I in July 2020.
NSC I was granted in September 2015 by the then Ministry of
Industry, Energy and Tourism, with a 5-year validity period. The
favourable report issued by the NSC in July considered that the
circumstances and characteristics of the uranium concentrate plant
are the same as those contained in the Initial Authorisation issued
in 2015.
The Company formally submitted updated official documentation in
relation to the NSC II in March 2020. The Company has subsequently
held numerous meetings with the NSC technical team to discuss and
clarify minor queries on the updated documentation. As requested,
the Company submitted written responses to these queries, along
with additional technical information, to the NSC in September
2020. The next step in the process is for the NSC technical team to
finalise their report and submit it to the NSC Board for
ratification.
With more than 120 previous permits and favourable reports
granted by the relevant authorities at the local, regional, federal
and European Union levels, NSC II is the only pending approval
required to commence full construction of the Salamanca mine.
The Company continues to engage with the relevant authorities in
a collaborative manner and maintain strong engagement with all key
stakeholders in Spain, as it progresses the approval process
required to commence full construction of the Salamanca mine and
bring it into production.
Project Update:
In December 2020, the Company was selected as the winner of the
Outstanding Contribution to Sustainable Mining - Europe category in
the 2020 CFI.co Sustainability Awards
The CFI.co sustainability awards seek to recognise the best
responses to sustainability issues by country or region,
identifying companies that stand out as examples to others across
the world.
Initial nominations for the awards come from CFI.co's readers,
subscribers and staff working for organisations that contribute and
support the publication such as the World Bank Group, various
United Nations and European Union bodies, as well as other
prominent entities, after which the judging panel determine a
shortlist based purely on merit.
The CFI.co award selection panel uses a wide range of criteria
to help inform decisions regarding the awards, in order to identify
top performing companies not based on the size of the nominated
organisation but rather on its excellence in sustainability.
Berkeley is extremely pleased to be recognised for its efforts
in key area of Sustainable Mining. The Company's Salamanca mine is
being developed to the highest international standards and the
Company's commitment to health, safety and the environment is a
priority. It holds certificates in Sustainable Mining (UNE
22470-80), Environmental Management (ISO 14001), and Health and
Safety (ISO 45001) which were awarded by AENOR, an independent
Spanish government agency.
These management systems ensure that Company procedures are
compliant with current regulations, ensure that the environment is
protected, the project is sustainable, and that all activities are
carried out with respect for and in collaboration with the local
communities.
The Company also strives to uphold the United Nation's
Sustainable Development Goals ("SDGs"). A recent detailed review of
the Company's business strategy and activities in Spain has shown a
close alignment with the SDGs (compliance with 14 out of the 17
SDGs) demonstrating a commitment to the sustainable development
that will continue throughout the execution of the entire
project.
The Company's sustainability strategy is driven by a Programme
of Objectives defined in 2020, which strongly contributes to the
achievement of the SDGs. The Company is working according to the
following key focuses:
Ecodesign: The choice of transfer mining that minimises the
footprint of the project, the closed circuit of industrial water
and zero discharge, as well as heap leaching (that does not
generate tailings in the form of sludge) are some examples of
ecodesign.
Eco-Innovation: The re-use of waste-water and sludge from
municipalities for industrial use will minimise the flow of water
captured from streams and produce materials for the revegetation of
the site.
Circular Economy: Concerned with the Life Cycle perspective, the
objective is maximum efficiency of resources used. This strategy
focuses on responsible consumption, minimising waste, optimising
important resources such as water and energy, as well as reducing
CO(2) emissions. The objective is to minimise the environmental
footprint of activities.
Eco-efficiency: Digitisation of the Company contributes to the
optimisation of resources, which translates into minimising the
environmental impact. Likewise, installing LED lighting and
implementing Fleet Control for the optimisation of material
movement will help protect the environment while improving economic
performance.
Sustainable performance: Committed to creating employment in the
province of Salamanca, the project will create 500 jobs during
construction, and over 1000 direct and indirect jobs in the
operational phase - compatible with existing activities (since 2012
the Company has allowed neighbours to make temporary use of its
land for agricultural activity).
Environmental and sustainability training: Berkeley has set up a
training centre for staff and local people to be trained in new
skills. An interactive space will be created for environmental
education and the dissemination of information regarding the
importance of sustainability.
Spanish Regulatory Regime Update:
During the quarter, the Company noted that the Spanish Supreme
Court had rejected an appeal filed by a group of opposition parties
against NSC I.
In September 2019, the Spanish National Court fully dismissed a
contentious-administrative appeal filed by the group of opposition
parties against NSC I. Subsequent to the National Court ruling, the
group of opposition parties appealed to the Supreme Court. The
Supreme Court has now confirmed all aspects of the ruling of the
National Court and thus, has confirmed the legality of NSC I. As
noted above, MITECO has granted renewal of NSC I through until
there is a resolution on NSC II.
Parliamentary groups of two political parties in the Spanish
Government (Unidas Podemos and PSOE) submitted a series of proposed
amendments to the draft climate change and energy transition bill
in October 2020.
Under one of the proposed amendments, investigation and
exploitation of radioactive minerals (e.g. uranium) would be
prohibited in the Spanish territory and any open proceedings
related to the authorisation of radioactive facilities of the
nuclear fuel cycle for the processing of such minerals would be
closed.
It is important to note that this is currently only a proposed
amendment to the draft climate change and energy transition bill
that must now be reviewed and approved or rejected by the
Commission of Ecological Transition of the Parliament, and
subsequently follow the same process in the Senate. The processes
in both the Parliament and the Senate must be completed and
consistent, and the proposed amendment supported by a majority of
votes in both Commissions for it to be approved. Accordingly, the
specific proposed amendment relating to the investigation and
exploitation of radioactive minerals may or may not be included in
the final draft of the climate change and energy transition
bill.
Berkeley's position on the content of this proposed amendment is
clear: prohibition of economic activities in Spain with no
justified reasons is contrary to the Spanish Constitution and to
the legal rights recognised by other international instruments. In
particular, it must be taken into account that the Company
currently holds legal, valid and consolidated rights for the
investigation and exploitation of its mining projects, including a
valid 30-year mining licence (renewable for two further periods of
30 years) for the Salamanca mine. The approval of an amendment of
such nature would imply a retroactive measure which expropriates
the legal rights of Berkeley with no justification.
Uranium market:
The uranium spot price closed 2020 at US$30.00 per pound having
drifted lower, after a period of strong growth in the first half of
2020.
The market has however been buoyed during the quarter due to
recent events, including:
* Spot market purchases by utilities have increase,
especially in the US, subsequent to the finalisation
of the amendment to the Russian Suspension Agreement
in early October 2020;
* The US Congress tabled the artisan legislation aimed
at supporting the US' nuclear infrastructure. The
proposed "American Nuclear Infrastructure Act of
2020", provides that a national strategic uranium
reserve be funded and a carbon emissions avoidance
programme be established to support continued
operation of reactors at risk of premature shutdown;
* The UK published an energy policy paper entitled "Ten
Point Plan for a Green Industrial Revolution," which
incorporated an Advanced Nuclear Fund. The goal of
the fund is to provide financial support for small
modular reactor development and advanced modular
reactors; and
* The incoming Biden Administration has proposed a
sweeping clean energy plan including funding for
advanced nuclear reactors and small modular reactors.
The COVID-19 pandemic has disrupted global uranium production,
adding to the supply curtailments that have occurred in the
industry for many years, creating uncertainty in the nuclear fuel
supply chain.
Analysts expect further tightening of market conditions as the
current structural supply deficit in the global uranium market is
exacerbated by these, and possible other, COVID-19 supply
disruptions. The current market uncertainty is also expected to
heighten concerns about the security of future supply.
IBEX Small Cap Index:
During the quarter, the Technical Advisory Committee of the IBEX
INDICES included Berkeley in the IBEX SMALL CAP(R) index. The index
adjustment took effect on the Spanish Stock Exchanges on 19 October
2020.
The IBEX indices measure the performance of securities listed on
the Spanish Stock Market. The IBEX SMALL CAP(R) index is a market
capitalisation weighted index adjusted by free float. It is
Euro-denominated and calculated in real-time within the European
time zone.
The IBEX SMALL CAP(R) index is composed of 30 securities listed
on the Spanish Stock Exchanges that follow certain requirements in
terms of stock market capitalisation, free floating capital, and
annual rotation of the free float capitalisation.
The Technical Advisory Committee of the IBEX INDICES reviews and
adjusts the composition of IBEX SMALL CAP(R) index on a biannual
basis.
COVID-19:
Authorities in Spain, following a second surge in COVID-19 cases
during the quarter, tightened measures imposed to stem the spread
of the disease with many Spanish regions being subject to entry and
exit restrictions, including Madrid, the nearest large city to the
Salamanca project .
Many regional authorities have also implemented tighter
restrictions on gatherings and businesses, including the
requirement to implement strict hygiene and social distancing
measures
The ongoing nationwide state of emergency will remain in effect
until at least 9 May 2021, which empowers the government to limit
certain rights, including freedom of movement. Accordingly, social
gatherings are limited to six people nationwide and a 11pm to 6am
curfew is in effect throughout Spain.
International travel to and from Spain is still possible,
subject to travellers possessing a negative COVID-19 test which
must be taken within 72 hours prior to arrival.
All of the Berkeley team based in Spain are safe and well.
Consistent with current Government guidelines, the Company has
continued its 'work from home' policy. Regular communication has
however, been maintained with the relevant officials from the NSC
and the federal, regional and local governments to ensure the
permitting processes continued to advance.
Corporate:
During the quarter, Mr Nigel Jones resigned as a Director of
Berkeley following the completion of the Company's Annual General
Meeting in November 2020. Mr Jones currently holds the position of
Managing Director of the Simandou iron ore project and corporate
governance policies at Rio Tinto did not allow Mr Jones to continue
to sit on other publicly listed boards.
Balance Sheet:
The Company is in a strong financial position with A$80 million
in cash.
Forward Looking Statements
Statements regarding plans with respect to Berkeley's mineral
properties are forward-looking statements. There can be no
assurance that Berkeley's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that Berkeley will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
Berkeley mineral properties. These forward-looking statements are
based on Berkeley'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 Berkeley, which could cause actual results to differ
materially from such statements. Berkeley makes no undertaking to
subsequently update or revise the forward-looking statements made
in this announcement, to reflect the circumstances or events after
the date of that announcement.
This announcement has been authorised for release by Mr Robert
Behets, Director.
To view the announcement in full, including all illustrations
and figures, please refer to the company's website at
www.berkeleyenergia.com.
Appendix 1: Summary of Mining Tenements
As at 31 December 2020, the Company had an interest in the
following tenements:
Location Tenement Name Percentage Status
Interest
--------------- ----------------------------- ----------- --------
Spain
Salamanca D.S.R Salamanca 28 (Alameda) 100% Granted
D.S.R Salamanca 29 (Villar) 100% Granted
E.C. Retortillo-Santidad 100% Granted
E.C. Lucero 100% Pending
I.P. Abedules 100% Granted
I.P. Abetos 100% Granted
I.P. Alcornoques 100% Granted
I.P. Alisos 100% Granted
I.P. Bardal 100% Granted
I.P. Barquilla 100% Granted
I.P. Berzosa 100% Granted
I.P. Campillo 100% Granted
I.P. Casta ñ os 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Conchas 100% Granted
I.P. Dehesa 100% Granted
I.P. El Á guila 100% Granted
I.P. El Vaqueril 100% Granted
I.P. Espinera 100% Granted
I.P. Horcajada 100% Granted
I.P. Lis 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Pedreras 100% Granted
E.P. Herradura 100% Granted
C á ceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P. Don Benito Este 100% Granted
I.P. Don Benito Oeste 100% Granted
--------------- ----------------------------- ----------- --------
During the quarter ended 31 December 2020, Investigation Permit
Conchas was granted to the Company. The permit covers 106 mining
grids, equivalent to 31 km(2) , in the western part of Salamanca
province. No tenements expired or lapsed during the quarter ended
31 December 2020. There were no other changes to beneficial
interest, acquired or disposed of, in any mining tenements due to
farm-in or farm-out agreements.
Appendix 2: Related Party Payments
During the quarter ended 31 December 2020, the Company made
payments of $30,462 to related parties and their associates. These
payments relate to existing remuneration arrangements (director and
consulting fees plus statutory superannuation).
Appendix 3: Exploration and Mining Expenditure
During the quarter ended 31 December 2020, the Company made the
following payments in relation to exploration and development
activities:
Activity $000
---------------------------------------- ------
Radiological protection and monitoring 196
Permitting related expenditure 747
Consultants and other expenditure 257
Total as reported in the Appendix 5B 1,120
---------------------------------------- ------
There were no mining or production activities and expenses
incurred during the quarter ended 31 December 2020.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
40 052 468 569 31 December 2020
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (6 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,200) (1,932)
(b) development - -
(c) production - -
(d) staff costs (379) (721)
(e) administration and corporate
costs (202) (585)
1.3 Dividends received (see note - -
3)
1.4 Interest received 7 8
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
1.8 Other (provide details if
material) - -
---------------- -------------
Net cash from / (used in)
1.9 operating activities (1,774) (3,230)
----- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other - -
entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if - -
material)
---------------- -------------
2.6 Net cash from / (used in)
investing activities - -
----- ----------------------------------- ---------------- -------------
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 - (17)
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 - (17)
----- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 86,950 91,764
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,774) (3,230)
4.3 Net cash from / (used in)
investing activities (item
2.6 above) - -
Net cash from / (used in)
financing activities (item
4.4 3.10 above) - (17)
Effect of movement in exchange
4.5 rates on cash held (5,419) (8,760)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 79,757 79,757
----- ----------------------------------- ---------------- -------------
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 79,707 86,900
5.2 Call deposits 50 50
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) 79,757 86,950
---- ----------------------------------- ---------------- -----------------
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 (30)
-----------------
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
Note: the term "facility' amount at quarter Amount drawn
includes all forms of financing end at quarter end
arrangements available to $A'000 $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 - -
------------------- ----------------
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.
---- ------------------------------------------------------------------------
Not applicable
----
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (1,774)
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) -
8.3 Total relevant outgoings (item 8.1 + item (1,774)
8.2)
8.4 Cash and cash equivalents at quarter end 79,757
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 79,757
8.5)
--------
8.7 Estimated quarters of funding available
(item 8.6 divided by item 8.3) >10
--------
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: 29 January 2021
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
UPDGBGDBDBDDGBC
(END) Dow Jones Newswires
January 29, 2021 02:00 ET (07:00 GMT)
Berkeley Energia (LSE:BKY)
Historical Stock Chart
From Feb 2024 to Mar 2024
Berkeley Energia (LSE:BKY)
Historical Stock Chart
From Mar 2023 to Mar 2024