TIDMBKY
RNS Number : 6585Q
Berkeley Energia Limited
29 October 2021
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 29 October 2021
Quarterly Report September 2021
Summary:
-- Permitting Update:
In July 2021, Berkeley reported that the Board of the Nuclear
Safety Council ("NSC") had issued an unfavourable report for the
grant of the Authorisation for Construction for the uranium
concentrate plant as a radioactive facility ("NSC II"). During the
quarter, the Company has taken a number of steps to overturn the
NSC II decision.
The Company submitted an 'Improvement Report' to supplement the
Company's initial NSC II Application, along with the corresponding
arguments that address all of the issues raised by the NSC, and has
requested its reassessment by the NSC. The Improvement Report
includes technical arguments that, in the Company's view, clearly
demonstrate that the project is compliant with all requirements for
NSC II.
Berkeley submitted further documentation to the Ministry of
Ecological Transition and Demographic Challenge ("MITECO") in which
the Company, with strongly supported arguments, dismantles all of
the technical issues used by the NSC as justification to issue the
unfavourable report.
The Company strongly refutes the NSCs assessment and believes
that the project is compliant with all requirements for NSC II to
be awarded however, the NSC still adopted an unfavourable decision.
In the Company's opinion therefore, the technical issues raised by
the NSC lack both technical and legal support.
In addition, Berkeley requested from MITECO access to the files
associated with the Authorisation for Construction and
Authorisation for Dismantling and Closure for the radioactive
facilities at La Haba and Saelices El Chico, in order to verify and
contrast the conditions approved by the competent administrative
and regulatory bodies for other similar uranium projects in
Spain.
Based on a detailed comparison of the different licensing files
undertaken by the Company and its legal advisors following receipt
of these files, it is clear that Berkeley, in its NSC II
submission, has been required to provide information that does not
correspond to: (i) the regulatory framework, (ii) the scope of the
current procedural stage (i.e. at the NSC II stage), and/or (iii)
the criteria applied in other licensing processes for similar
radioactive facilities). Accordingly, the Company considers that
the NSC has acted in a discriminatory and arbitrary manner when
assessing the NSC II application for the Salamanca project.
These additional arguments have been detailed in a further
letter sent to MITECO in which Berkeley requests that the
additional arguments be incorporated into its file and, in view of
the outlined deficiencies of the NSC's unfavourable report, the
procedure be returned to the NSC for a new report to be issued
correcting these deficiencies.
The Company is yet to receive a response from MITECO regarding
any of its submissions.
It should also be noted that more than 120 previous permits and
favourable reports have been granted by the relevant authorities at
the local, regional, federal and European Union levels in relation
to the Salamanca project, among which nine have been from the
NSC.
The Company will continue to strongly defend its position in
relation to the adverse decision by the NSC and will continue to
update the market on any material developments as they occur .
-- Exploration:
A regional exploration program which comprises mapping, soil
sampling, ground radon gas concentration and exhalation rate
surveys, and portable XRF analysis of sample pulps from previous
drilling, across a number of the Company's Investigation Permits in
Spain advanced during the quarter.
The Company also commenced a comprehensive review of known
lithium and other battery metals occurrences in Spain and Portugal,
with a view to generating new exploration targets and opportunities
in the battery and critical metals sectors.
-- Uranium Market:
Substantial spot market transactional volume (aggregate volume
during September reached 17.5 million pounds U(3) O(8) ) which
drove the near-term uranium price to a high of US$51.12 per pound
in September 2021. However, near-term demand slowed as the end of
the quarter approached with the spot price decreasing to US$43.00
per pound.
Forward uranium prices initially lagged the rise in the spot
market ending August at US$33.50 per pound (long-term), US$35.75
per pound (3-year forward) and US$39.50 per pound (5-year forward)
but increased to US$40.00 per pound, US$43.00 per pound and
US$47.00 per pound, respectively by the end of September.
Implementation of the newly-formed Sprott Physical Uranium Trust
("SPUT") is the reason for the spot market volume increasing during
the quarter.
UxC reported that a total of 73.9 million pounds has been
transacted in the nine months to the end of quarter.
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:
In July 2021, the Company reported that the Board of the NSC had
issued an unfavourable report for the grant of the NSC II. Berkeley
has however, subsequently taken a number of steps to overturn the
NSC II decision.
The Company submitted an 'Improvement Report' to supplement the
Company's initial NSC II Application, along with the corresponding
arguments that address all of the issues raised by the NSC, and
requested its reassessment by the NSC in late July. The Improvement
Report was complemented by an Independent Expert's technical
opinion on the hydrogeological aspects of the project produced by
Prof. Rafael Fernández Rubio, Emeritus Professor of Hydrogeology at
the Polytechnic University of Madrid. The Improvement Report
includes technical arguments that, in the Company's view, clearly
demonstrates that the project is compliant with all requirements
for NSC II.
Berkeley also submitted further documentation to the MITECO in
which the Company, with strongly supported arguments, dismantles
all of the technical issues used by the NSC as justification to
issue the unfavourable report. This documentation was submitted to
MITECO in early August, as part of the previously disclosed hearing
process in relation to the unfavourable NSC II decision, prior to
the deadline for submissions.
The Company strongly refutes the NSCs assessment and believes
that the project is compliant with all requirements for NSC II to
be awarded however, the NSC still adopted an unfavourable decision.
In the Company's opinion therefore, the technical issues raised by
the NSC lack both technical and legal support.
In addition, the Company requested from MITECO access to the
files associated with the Authorisation for Construction and
Authorisation for Dismantling and Closure for the radioactive
facilities at La Haba (Badajoz) and Saelices El Chico (Salamanca),
which are owned by ENUSA Industrias Avandas S.A., in order to
verify and contrast the conditions approved by the competent
administrative and regulatory bodies for other similar uranium
projects in Spain.
The Company has now received and reviewed these files. Based on
a detailed comparison of the different licensing files undertaken
by the Company and its legal advisors, it is clear that Berkeley,
in its NSC II submission, has been required to provide information
that does not correspond to: (i) the regulatory framework, (ii) the
scope of the current procedural stage (i.e. at the NSC II stage),
and/or (iii) the criteria applied in the La Haba and Saelices El
Chico licensing processes (i.e. for similar radioactive
facilities). Accordingly, the Company considers that the NSC has
acted in a discriminatory and arbitrary manner when assessing the
NSC II application for the Salamanca project.
These additional arguments have been detailed in a further
letter sent to MITECO in which Berkeley requests that the
additional arguments be incorporated into its file and, in view of
the outlined deficiencies of the NSC's unfavourable report, the
procedure be returned to the NSC for a new report to be issued
correcting these deficiencies.
The Company is yet to receive a response from MITECO regarding
any of its submissions.
It should also be noted that more than 120 previous permits and
favourable reports have been granted by the relevant authorities at
the local, regional, federal and European Union levels in relation
to the Salamanca project, among which nine have been from the
NSC.
The Company will continue to strongly defend its position in
relation to the adverse decision by the NSC and will continue to
update the market on any material developments as they occur.
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.
During the quarter, an external audit was successfully completed
by AENOR, an independent Spanish government agency, for the renewal
of the Company's certificates in Sustainable Mining (UNE 22470-80)
and Environmental Management (ISO 14001).
These Sustainable Mining, Environmental Management and Health
and Safety (ISO 45001) management systems ensure that Company
procedures are compliant with current regulations, ensure that the
environment is protected, that the project is sustainable, and that
all activities are carried out with respect for and in
collaboration with the local communities.
Berkeley has also published its first Sustainability Report, a
voluntary transparency initiative through which the Company openly
communicates information regarding its management systems in the
areas of health, safety, environmental protection and social
responsibility, as well as its performance in sustainability, to
all stakeholders.
The Sustainability Report, which provides a detailed overview of
environmental, social and governance ("ESG") activities over the
12-month period to 31 December 2020, has been distributed to key
stakeholders. The Sustainability Report can also be accessed and
downloaded from the Company's website at
www.berekleyenergia.com.
The Company also strives to uphold the United Nation's
Sustainable Development Goals ("SDGs").
Following on from the successful 2020 program, the Company has
approved a Sustainability Program for 2021. This plan takes into
account the Berkeley's past performance and the findings of a risks
and opportunities assessment undertaken as part of the planning
process. As part of the 2021 Program, a sustainable Eco-Garden
initiative has been launched, with the objective of:
-- Promoting local socio-economic development;
-- Promoting the diversity of economic activities in the environment;
-- Providing food to those most in need; and
-- Promoting sustainable practices in agriculture.
The Company engaged the services of a resident of the local
community of Retortillo with extensive experience in the management
of natural gardens to assist with the cultivation of the
Sustainable Eco-Garden. In addition, all of the necessary
consumables and resources have been acquired from within the
Salamanca Province in order to promote local socioeconomic
development.
All the products of the Sustainable Eco-Garden are of a natural
origin. The compost that has been used is of animal origin, no
chemical compound or fertilizer has been used for its cultivation,
and the water is obtained directly from a well located on the plot
itself.
During the quarter, the Company donated 70kg of various types of
vegetables grown in the Sustainable Eco-Garden to the
DOWN-SALAMANCA Association, a charitable organisation that promotes
the defense of rights, normalisation and integration, respect for
diversity, and improvement of the quality of life of people with
Down syndrome and their families. The organisation provides twenty
families in the Salamanca region with care and support on a regular
basis.
Another initiative recently undertaken by the Company is the
installation of a twenty-five bee hives on Berkeley's property at
Retortillo. The implementation of this activity through the
agreement with one of the local producers, constitutes further
proof of the compatibility of the mining activity with other
business activities related to the environment.
During the quarter, the beehives were removed to collect the
honey, with over 80kg of honey produced.
Monitoring Programs
Collection of samples for 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:
The regional exploration program which comprises mapping, soil
sampling, ground radon gas concentration and exhalation rate
surveys, and portable XRF analysis of sample pulps from previous
drilling, across a number of the Company's Investigation Permits in
Spain continued during the quarter. A full assessment of this
regional exploration program, which will include target
identification, ranking, and follow-up work program design, will be
completed once all results are returned and interpreted.
The Company also commenced a comprehensive review of known
lithium and other battery metals occurrences in Spain and Portugal,
with a view to generating new exploration targets and opportunities
in the battery and critical metals sectors.
Uranium Market:
Substantial spot market transactional volume (aggregate volume
during September reached 17.5 million pounds U(3) O(8) ) drove the
near-term uranium price to a high of US$51.12/lb in September 2021.
However, near-term demand slowed as the end of the quarter
approached with the spot price decreasing to US$43.00/lb.
Implementation of the newly-formed SPUT is the reason for the spot
market volume increasing during the quarter.
Forward uranium prices initially lagged the rise in the spot
market ending August at US$33.50/lb (long-term), $35.75/lb (3-year
forward) and US$39.50/lb (5-year forward) but increased to
US$40.00/lb, US$43.00/lb and US$47.00/lb, respectively by the end
of September.
UxC reported that a total of 73.9 million pounds has been
transacted in the nine months to the end of quarter.
Resignation of Director:
Subsequent to the quarter, the Company advised that Mr Deepankar
Panigrahi had resigned as a non-executive director of the
Company.
Mr Panigrahi became a director of the Company in November 2017
as the nominee director of the Oman Investment Fund ("OIA")
(formerly the State General Reserve Fund of Oman) pursuant to the
investment agreement following the issue of the convertible note to
OIA. He was appointed as OIA's nominee director to oversee OIA's
interests in the Company and the development of the Salamanca
project. Mr Panigrahi was due for re-election at the Company's
upcoming Annual General Meeting to be held on Wednesday, 17
November 2021, however this resolution will no longer be put to
shareholders.
COVID-19:
Authorities in Spain continue to maintain international entry
restrictions as part of measures to reduce the spread of COVID-19.
In particular, international travellers arriving from countries
designated as high-risk must present a certificate of vaccination,
a certificate of having recovered from COVID-19 within the previous
11-180 days, a negative COVID-19 PCR test taken in the 72 hours
before arrival, or a negative antigen test taken in the 48 hours
before arrival. EU citizens traveling from EU countries may also
present an EU Digital COVID Certificate to expedite processing.
Nonessential travel to Spain is only permitted for travellers
from the EU, Australia, Bosnia-Herzegovina, Canada, China, Jordan,
Moldova, New Zealand, Qatar, Saudi Arabia, Singapore, South Korea,
Taiwan, Ukraine, and Uruguay. Nonessential travel is also permitted
from all countries for individuals who possess a certificate of
vaccination confirming they have completed a full course of a
COVID-19 vaccine authorized by the European Medicines Agency or
World Health Organization (WHO) no less than 14 days before entry.
Travelers from the UK may also use a negative COVID-19 PCR test no
more than 48 hours old to enter Spain for nonessential purposes, in
addition to the vaccine certificate.
Nationwide, most businesses and services are permitted to
operate but must adhere to social distancing or capacity
requirements. Facemasks remain mandatory in enclosed public spaces
across most of Spain, though in many areas masks are no longer
necessary outdoors where social distancing guidelines can be
followed.
All of the Berkeley team based in Spain are safe and well.
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 this announcement in full, including all images, please
refer to the announcement on the website at
www.berkeleyerngia.com.
Appendix 1: Summary of Mining Tenements
As at 30 September 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 30 September 2021, 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. An
application for a 1-year extension at E.P. Herradura was previously
rejected however this decision has been appealed and the Company
awaits the decision regarding its appeal.
Appendix 2: Related Party Payments
During the quarter ended 30 September 2021, the Company made
payments of $73,000 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 30 September 2021, the Company made the
following payments in relation to exploration and development
activities:
Activity $000
---------------------------------------- ------
Radiological protection and monitoring 179
Permitting related expenditure 531
Consultants and other expenditure 141
Return of VAT in Spain (116)
Total as reported in the Appendix 5B 735
---------------------------------------- ------
There were no mining or production activities and expenses
incurred during the quarter ended 30 September 2021.
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 30 September 2021
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (3 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (735) (735)
(b) development - -
(c) production - -
(d) staff costs (239) (239)
(e) administration and corporate
costs (437) (437)
1.3 Dividends received (see note - -
3)
1.4 Interest received 6 6
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
Other (provide details if
material)
1.8 (a) Business Development (3) (3)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (1,408) (1,408)
----- ----------------------------------- ---------------- -------------
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
3.4 Transaction costs related
to issues of equity securities
or convertible debt securities - -
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)
---------------- -------------
3.10 Net cash from / (used in)
financing activities - -
----- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 79,064 79,064
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,408) (1,408)
4.3 Net cash from / (used in)
investing activities (item
2.6 above) - -
4.4 Net cash from / (used in)
financing activities (item
3.10 above) - -
Effect of movement in exchange
4.5 rates on cash held 3,054 3,054
---------------- -------------
Cash and cash equivalents
4.6 at end of period 80,710 80,710
----- ----------------------------------- ---------------- -------------
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 80,660 79,014
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) 80,710 79,064
---- ----------------------------------- ---------------- -----------------
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 (73)
-----------------
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) (1,408)
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) -
8.3 Total relevant outgoings (item 8.1 + item (1,408)
8.2)
8.4 Cash and cash equivalents at quarter end 80,710
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 80,710
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 October 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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END
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