TIDMBKY
RNS Number : 0399X
Berkeley Energia Limited
29 April 2021
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 29 April 2021
Quarterly Report March 2021
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.
With more than 120 previous permits and favourable reports
granted by the relevant authorities at the local, regional, federal
and European Union levels, the Authorisation for Construction for
the uranium concentrate plant as a radioactive facility ("NSC II")
is the only pending approval required to commence full construction
of the Salamanca mine.
During the quarter, the Company received, and promptly submitted
formal submitted formal responses to, two additional requests for
information in relation to the NSC II from the Nuclear Safety
Council ("NSC"). All documentation submitted by the Company in
relation to NCS II has been prepared following advice from
independent, internationally recognised advisors and consultants
who are experts in their field .
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 which it expects in the coming months following a
statement made by the NSC in April 2021.
The Company continues to engage with the relevant authorities
and maintain strong engagement with all key stakeholders in Spain
in relation to permitting for the Salamanca project.
Uranium Market:
The uranium spot price declined 6% during the first two months
of 2021 to reach US$28.20 per pound by the end of February 2021 but
then strengthened to US$30.65 per pound at the end of March 2021,
an increase of almost 9% for the month.
The month of March saw a surge in spot market volumes as several
potential uranium producers implemented a revised strategy
incorporating the near-term purchasing of physical uranium in
addition to pursuing the restart/development of uranium production
facilities.
There was strong investor interest in uranium during the quarter
as evidenced by a number of significant capital raises totalling
A$840 million. The market has been further buoyed during the
quarter due to recent events including:
o US President Biden's announcement on 31 March that the
proposed "American Jobs Plan," (proposed to be budgeted at US$2.25
trillion) would incentivise clean electricity providing funding for
the development of advanced nuclear reactors and supporting the
existing U.S. commercial nuclear power fleet;
o The European Commission's Research Centre draft report
concluded that nuclear energy does not harm the European Green Deal
sustainability objectives and that there is no science-based
evidence that nuclear energy does more harm to human health or to
the environment than other electricity production technologies
already included in the Taxonomy as activities supporting climate
change mitigation; and
o Russia's state nuclear power corporation, Rosatom, revealed
its future plans for new reactor construction within Russia which
may require the construction of 24 new commercial nuclear reactors
to increase energy provided by nuclear source to 25% by 2045.
Spanish Regulatory Regime:
Subsequent to the end of the quarter, the Company noted that at
a meeting of the Commission of Ecological Transition of the
Parliament in Spain ("Commission"), the Commission approved an
amendment to the draft climate change and energy transition bill
relating to the investigation and exploitation of radioactive
minerals (e.g. uranium).
The Commission reviewed and approved the modified amendment
proposed by the Ecological Transition Ponencia ("Ponencia") in
February 2021. At a meeting held subsequent to the quarter, the
Spanish Senate also approved this amendment.
As previously reported by the Company, under the modified
amendment proposed by the Ponencia (which has now been approved by
the Commission and the Senate):
o New applications for exploration, investigation or direct
exploitation concessions for radioactive materials, nor their
extensions, would not be accepted as of the entry into force of
this law.
o Existing concessions, and open proceedings and applications
related to these, would continue as per normal based on the current
legislation.
Importantly, existing rights for exploration, investigation and
exploitation concessions would remain in force during their
validity period. Existing proceedings underway would also continue
under the legal framework set up by the current regulations.
All amendments to the draft climate change and energy transition
bill approved by the Senate must now be reviewed and voted on by
the Parliament, as the Senate approved changes to a number of the
amendments previously approved by the Commission (note that the
amendment relating to the investigation and exploitation of
radioactive minerals was unchanged). Accordingly, the 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 any adverse changes that may be included
in the final draft of the climate change and energy transition bill
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 any amendment
which would imply a retroactive measure which expropriates the
legal rights of Berkeley with no justification is not
acceptable.
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, and promptly submitted
formal responses to, two additional requests for information in
relation to the NSC II from the NSC. The Company continued to
communicate with the NSC, and has requested the opportunity to meet
with the appropriate NSC representative/s to discuss and clarify
any queries on the documentation submitted by the Company, in order
to facilitate the timely completion of the NSC II process.
The NSC II process commenced in 2016 following the Company's
award of the Initial Authorisation for the uranium concentrate
plant as a radioactive facility ("NSC I") at the end of 2015. All
documentation submitted by the Company in relation to NCS II has
been prepared following advice from independent, nationally and
internationally recognised advisors and consultants who are experts
in their field.
Since the commencement of the process in 2016, the NSC has to
date held six meetings with the Company and on seven occasions
requested additional information in relation to NSC II; which the
Company has promptly responded to with updated information. The
overall time to work though the additional NSC information requests
and submit formal responses has accumulated to approximately three
and a half months in total, which is substantially shorter than the
approximate four and half years the NSC has had the NSC II file
for. It is also important to note that, in the Company's view, a
large part of the additional information requested by the NSC
relates to the Authorisation for Operation for the uranium
concentrate plant as a radioactive facility ("NSC III") which
should only have been dealt with following the award of NSC II.
However, to ensure the process was conducted in a collaborative
manner, the Company provided its responses to the NSC as
requested.
The next step in the process is for the NSC technical team to
finalise their report for NSC II and submit it to the NSC Board for
ratification which it expects in the coming months following a
statement made by the Chairman of the NSC at a hearing before the
Commission of Ecological Transition and Demographic Challenge of
the Spanish Parliament in April 2021.
The Company continues to engage with the relevant authorities
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:
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. The Company currently
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.
The Company closely monitors and evaluates its performance
against the targets implemented on as part of this process an
annual basis to ensure a high level of performance in the areas of
environmental management, health and safety, and sustainability is
maintained.
During the quarter, an assessment of the Company's performance
against key indicators and targets during 2019 and 2020
demonstrated that significant improvement had been achieved,
including a 63% reduction in fuel consumption, a 28% reduction in
energy consumption, a 50% reduction in water consumption, a 85%
reduction in paper consumption, and a 49% reduction in CO(2)
emissions. The Company notes that its 'work from home' policy which
was maintained for much of 2020 has positively impacted the 2020
data however, a longer-term trend of continuous improvement is
clearly evident.
Monitoring Programs
The monitoring programs associated with the NSC approved
pre-operational Surveillance Plan for Radiological and
Environmental Affections and pre-operational Surveillance Plan for
the Control of the Underground Water continued during the
quarter.
Exploration
A region exploration program which comprised soil sampling and
ground radon gas concentration and exhalation rate surveys covering
three Investigation Permits (Castaños 2, Alcornoques and Barquilla)
was undertaken during the quarter. An assessment of this regional
exploration program will be completed once all results are returned
and interpreted.
Spanish Regulatory Regime Update:
Subsequent to the end of the quarter, the Company noted that at
a meeting of the Commission, an amendment to the draft climate
change and energy transition bill relating to the investigation and
exploitation of radioactive minerals (e.g. uranium) was
approved.
The Commission reviewed and approved the modified amendment
proposed by the Ponencia in February 2021 (see ASX announcement
dated 25 February 2021). At a meeting held subsequent to the end of
the quarter, the Spanish Senate also approved this amendment.
As previously reported by the Company, under the modified
amendment proposed by the Ponencia (which has now been approved by
the Commission and the Senate):
-- New applications for exploration, investigation or direct
exploitation concessions for radioactive materials, nor their
extensions, would not be accepted as of the entry into force of
this law.
-- Existing concessions, and open proceedings and applications
related to these, would continue as per normal based on the current
legislation.
Importantly, existing rights for exploration, investigation and
exploitation concessions would remain in force during their
validity period. Existing proceedings underway would also continue
under the legal framework set up by the current regulations.
All amendments to the draft climate change and energy transition
bill approved by the Senate must now be reviewed and voted on by
the Parliament, as the Senate approved changes to a number of the
amendments previously approved by the Commission (note that the
amendment relating to the investigation and exploitation of
radioactive minerals was unchanged). Accordingly, the 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 any adverse changes that may be included
in the final draft of the climate change and energy transition bill
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 any amendment
which would imply a retroactive measure which expropriates the
legal rights of Berkeley with no justification is not
acceptable.
Uranium market:
The uranium spot price declined 6% during the first two months
of 2021 to reach US$28.20 per pound by the end of February 2021 but
then strengthened to US$30.65 per pound at the end of March 2021,
an increase of almost 9% for the month.
The month of March 2021 saw a surge in spot market volumes as
several potential uranium producers implemented a revised strategy
incorporating the near-term purchasing of physical uranium in
addition to pursuing the restart/development of uranium production
facilities.
There was strong investor interest in uranium during the quarter
as evidenced by a number of significant capital raises totalling
A$840 million which included raisings from Paladin Energy (A$192
million), Yellow Cake (A$182 million), Nexgen Energy (A$ 154
million) and Denison Mines (A$144 million).
The market has been further buoyed during the quarter due to
recent events including:
-- US President Biden's announcement on 31 March that the
proposed "American Jobs Plan," (proposed to be budgeted at US$2.25
trillion) would incentivise clean electricity providing funding for
the development of advanced nuclear reactors and supporting the
existing U.S. commercial nuclear power fleet;
-- The European Commission's Research Centre draft report
concluded that nuclear energy does not harm the European Green Deal
sustainability objectives and that there is no science-based
evidence that nuclear energy does more harm to human health or to
the environment than other electricity production technologies
already included in the Taxonomy as activities supporting climate
change mitigation; and
-- Russia's state nuclear power corporation, Rosatom, revealed
its future plans for new reactor construction within Russia which
may require the construction of 24 new commercial nuclear reactors
to increase energy provided by nuclear source to 25% by 2045.
COVID-19:
The ongoing nationwide state of emergency remains 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. Facemasks are mandatory in
enclosed public spaces and in outdoor areas where social distancing
cannot be maintained. Where businesses are permitted to remain
open, they must implement strict hygiene and social distancing
measures.
Many regional authorities have also implemented tighter
restrictions including their own entry and exit restrictions,
permitting travel out of the locality for essential reasons
only.
Spanish authorities have extended certain international entry
restrictions, in particular for any travellers flying from
locations where highly transmissible COVID-19 variants are in
general circulation who are required to self-isolate for 10 days on
arrival. A ban on non-essential travel from countries outside the
European Union and Schengen Area also remains in effect.
Other 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.
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.
Appendix 1: Summary of Mining Tenements
As at 31 March 2021, 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 March 2020, no tenements were
issued, expired or lapsed during the quarter ended. 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 March 2021, the Company made
payments of $93,750 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 March 2021, the Company made the
following payments in relation to exploration and development
activities:
Activity $000
---------------------------------------- ------
Radiological protection and monitoring 243
Permitting related expenditure 609
Consultants and other expenditure 305
Total as reported in the Appendix 5B 1,157
---------------------------------------- ------
There were no mining or production activities and expenses
incurred during the quarter ended 31 March 2021.
To view this announcement in full, including all infographics
and figures, please refer to the Company's website at
www.berekeleyenergia.com .
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
---------------------------------------------------------------
Berkeley Energia Limited
ABN d Quarter ended ("current quarter")
--------------- ----------------------------------
40 052 468 569 31 March 2021
----------------------------------
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 (1,157) (3,090)
(b) development - -
(c) production - -
(d) staff costs (334) (1,055)
(e) administration and corporate
costs (212) (797)
1.3 Dividends received (see note - -
3)
1.4 Interest received 8 16
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 (1,695) (4,926)
----- ----------------------------------- ---------------- -------------
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 79,757 91,764
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,695) (4,926)
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 1,042 (7,717)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 79,104 79,104
----- ----------------------------------- ---------------- -------------
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 79,054 79,707
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) 79,104 79,757
---- ----------------------------------- ---------------- -----------------
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 (94)
-----------------
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) (1,695)
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) -
8.3 Total relevant outgoings (item 8.1 + item (1,695)
8.2)
8.4 Cash and cash equivalents at quarter end 79,104
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 79,104
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 April 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.
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