Appendix 5B
Mining exploration entity or oil
and gas exploration entity
quarterly cash flow report
Name of entity
|
|
MC Mining
Limited
|
ABN
|
|
Quarter ended ("current
quarter")
|
|
98 008 905
388
|
|
31 March
2024
|
Consolidated statement of cash
flows
|
Current quarter
$USD'000
|
Year to date (nine months)
$USD'000
|
|
1.
|
Cash flows from operating
activities
|
8,589
|
27,263
|
|
1.1
|
Receipts from customers
|
|
1.2
|
Payments for
|
-
|
-
|
|
|
(a) exploration &
evaluation
|
|
|
(b)
development
|
|
|
|
|
(c)
production
|
(6,105)
|
(18,990)
|
|
|
(d) staff
costs
|
(1,452)
|
(3,802)
|
|
|
(e) administration and
corporate costs
|
(1,431)
|
(5,466)
|
|
1.3
|
Dividends received (see
note 3)
|
|
|
|
1.4
|
Interest received
|
(4)
|
(6)
|
|
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)
|
-
|
-
|
|
1.9
|
Net
cash from / (used in) operating activities
|
(403)
|
(1,001)
|
|
|
|
2.
|
Cash flows from investing activities
|
|
|
|
2.1
|
Payments to acquire or
for:
|
|
|
(a) entities
|
|
|
(b) tenements
|
|
|
|
|
(c) property, plant and
equipment
|
(432)
|
(4,808)
|
|
|
(d) exploration &
evaluation
|
-
|
-
|
|
|
(e)
investments
|
(84)
|
(256)
|
|
|
(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
|
(516)
|
(5,064)
|
|
|
|
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
|
-
|
1,361
|
|
3.6
|
Repayment of borrowings
|
(89)
|
(89)
|
|
3.7
|
Transaction costs related to loans
and borrowings
|
|
|
|
3.8
|
Dividends paid
|
-
|
-
|
|
3.9
|
Other (provide details if
material)
|
(118)
|
(459)
|
|
3.10
|
Net
cash from / (used in) financing activities
|
(207)
|
813
|
|
|
|
4.
|
Net
increase / (decrease) in cash and cash equivalents for the
period
|
|
|
|
4.1
|
Cash and cash equivalents at
beginning of period
|
3,366
|
7,499
|
|
4.2
|
Net cash from / (used in) operating
activities (item 1.9 above)
|
(403)
|
(1,001)
|
|
4.3
|
Net cash from / (used in) investing
activities (item 2.6 above)
|
(516)
|
(5,064)
|
|
4.4
|
Net cash from / (used in) financing
activities (item 3.10 above)
|
(207)
|
813
|
|
4.5
|
Effect of movement in exchange rates
on cash held
|
(70)
|
(77)
|
|
4.6
|
Cash and cash equivalents at end of period
|
2,170
|
2,170
|
|
5.
|
Reconciliation of cash and cash
equivalents
at the end of the quarter
(as shown in the consolidated statement of cash flows) to the
related items in the accounts
|
Current quarter
$USD'000
|
Previous quarter
$USD'000
|
|
5.1
|
Bank balances
|
3,419
|
4,705
|
|
5.2
|
Call deposits
|
23
|
23
|
|
5.3
|
Bank overdrafts
|
(1,272)
|
(1,362)
|
|
5.4
|
Other (provide details)
|
|
|
|
5.5
|
Cash and cash equivalents at end of quarter (should equal
item 4.6 above)
|
2,170
|
3,366
|
|
6.
|
Payments to related parties of the
entity and their associates
|
Current quarter
$USD'000
|
|
6.1
|
Aggregate amount of payments to
related parties and their associates included in
item 1
|
356
|
|
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
Note: the term "facility'
includes all forms of financing arrangements available to the
entity.
Add notes as necessary for an
understanding of the sources of finance available to the
entity.
|
Total facility amount at quarter
end
$USD'000
|
Amount drawn at quarter end
$USD'000
|
|
|
7.1
|
Loan facilities
|
8,478
|
8,478
|
|
|
7.2
|
Credit standby
arrangements
|
|
|
|
|
7.3
|
Other (please specify)
|
1,324
|
1,272
|
|
|
7.4
|
Total financing facilities
|
9,802
|
9,750
|
|
|
|
|
|
|
|
7.5
|
Unused financing facilities available at quarter
end
|
52
|
|
|
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.
|
|
|
All facilities are ZAR denominated
and are repayable in South African Rand (ZAR)
7.1a Loan Facilities $USD8.5
million:
Lender: Industrial Development Corporation of South Africa
(IDC).
Maturity date: 30 September
2024
In the case of an un-remedied
default, the debt is convertible into shares.
Interest rate: accrues at a real
after-tax rate of return of 16% on the amount advanced.
Security: Unsecured
7.3 Other $USD1.32
million:
Lender: ABSA Group
Limited
a) $USD 1.32 million
overdraft facility
Maturity Date
a) Reviewed
annually
Interest Rate:
a) Floating rate: South
African Prime plus 3%
Security
a) Receivables, bond
over Uitkomst assets
|
|
|
|
|
|
|
| |
|
8.
|
Estimated cash available for future
operating activities
|
$USD'000
|
|
8.1
|
Net cash from / (used in) operating
activities (item 1.9)
|
(403)
|
|
8.2
|
(Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
|
-
|
|
8.3
|
Total relevant outgoings
(item 8.1 + item 8.2)
|
(403)
|
|
8.4
|
Cash and cash equivalents at quarter
end (item 4.6)
|
2,170
|
|
8.5
|
Unused finance facilities available
at quarter end (item 7.5)
|
-
|
|
8.6
|
Total available funding
(item 8.4 + item 8.5)
|
2,170
|
|
|
|
|
|
8.7
|
Estimated quarters of funding available (item 8.6 divided
by item 8.3)
|
5.4
|
|
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:
|
|
|
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:
|
|
|
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:
|
|
|
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:
......30 April
2024.............................................................................
Authorised
by: .......... Disclosure
Committee.........................................................................
(Name of
body or officer authorising release - see note 4)
Notes
1. This
quarterly cash flow report and the accompanying activity report
provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If
this quarterly cash flow report has been prepared in accordance
with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6:
Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash
Flows apply to this report. If this quarterly cash flow
report has been prepared in accordance with other accounting
standards agreed by ASX pursuant to Listing Rule 19.11A, the
corresponding equivalent standards apply to this report.
3.
Dividends received may be classified either as cash flows from
operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If
this report has been authorised for release to the market by your
board of directors, you can insert here: "By the board". If it has
been authorised for release to the market by a committee of your
board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it
has been authorised for release to the market by a disclosure
committee, you can insert here: "By the Disclosure
Committee".
5. If
this report has been authorised for release to the market by your
board of directors and you wish to hold yourself out as complying
with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance
Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion,
the financial records of the entity have been properly maintained,
that this report complies with the appropriate accounting standards
and gives a true and fair view of the cash flows of the entity and
that their opinion has been formed on the basis of a sound system
of risk management and internal control which is operating
effectively.
