TIDMSO4
RNS Number : 3915S
Salt Lake Potash Limited
16 March 2021
16 March 2021 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
Interim Results
AIM and ASX listed company Salt Lake Potash Limited ("SO4" or
the "Company"), announces its interim results for the half-year
ended 31 December 2020.
The full version of the Interim Financial Report can be viewed
at www.so4.com.au .
OPERATING AND FINANCIAL REVIEW
The Company's primary focus is the development of its Lake Way
Project (the Project) near Wiluna, Western Australia.
On December 31 2020, the total project was 81% complete and the
process plant 88% complete on an earned value basis with first SOP
production expected in Q4 2021.
The Company's long-term plan is to develop an integrated SOP
operation producing from several Western Australian salt lakes.
Achievements during the half year ended 31 December 2020
included:
Process Plant construction significantly advanced
At December 31st, 2020 the Process Plant was 88% complete on an
earned value basis with site concrete work (including additional
NPI and bagging infrastructure) 94% complete, structural steel 80%
complete and tanks/vessels 81% complete.
Major items installed during the period included the SOP and
schoenite crystallisers, attritioners, drag feeder, conveyors, lump
breaker, various tanks and agitators, chillers, transformers,
utilities switch room and various pumps, hoppers and launders.
Associated piping, cabling and valves installation now comprise
most of the remaining work on an earned value basis.
Work on of the 27km APA gas pipeline that connects with the
Goldfields Gas Pipeline commenced in November 2020. At the end of
December, the pipeline was 99% welded and 67% placed and
backfilled.
Commencement of salt harvesting
Harvesting of potassium rich kainite and schoenite salts from
Train 1 commenced with approximately 27kt of salts stockpiled ahead
of plant commissioning.
Harvest trials in a section of the cells were successful using
an efficient tractor and scraper methodology. Assays from the
harvest salt stockpiles have returned grades in-line with the
system curve and planning models.
Paleochannel drilling
During the six month period, paleochannel exploration drilling
continued at Lake Way, with brine abstraction bores drilled into
the Paleochannel Basal Sand at pads 12, 14 and 23 and undergoing
test-pumping.
Logistics routes confirmed
A preferred logistics provider was also identified. Throughout
2020 the Company worked with short-listed providers to optimise its
logistics and sales/marketing platform, exploring various routes to
market and product packaging solutions. As part of this
optimisation process the Company has put in place a solution to
sell up to 82% of its SOP via Fremantle port in sea containers
loaded with product in loose bulk, 1 to 1.5t bulk bags and 25kg
bags.
Product exported from Fremantle will be transported to Leonora
by road where it will be transferred to rail for the remaining
journey to Fremantle. Shipping through Fremantle is expected to
provide access to broader global markets at no additional net cost.
Bagging and container premiums (verified by Argus) are expected to
offset incremental domestic logistics costs. Additional benefits of
using Fremantle are a reduction in inventory working capital and a
significant reduction in the logistics carbon footprint.
Bulk shipment sales will remain out of Geraldton port.
Executed Syndicated Facility Agreement and Project Financial
Close delivered
In August 2020, the Company executed the senior debt facility
for US$138m principal with Taurus Mining Finance Fund No. 2 L.P
(Taurus) and the Australian Government's Clean Energy Finance
Corporation (CEFC) (Taurus US$91m, CEFC US$47m).
As part of the project financing package the Company completed a
A$98.5m equity raise in August by way of a Placement and
accelerated non-renewable entitlement offer (ANREO) at A$0.50 per
share. Under the ANREO, eligible shareholders were invited to apply
for 1 New Share for every 3.2 shares held as at the Record
Date.
In July 2020, the Company raised A$15m through the placement of
unsecured convertible notes. The notes were structured as deferred
equity with zero coupon and mandatory conversion into equity at the
lower of A$0.45 per share and a 5% discount to any future equity
raising of at least A$10m. The Convertible Notes were exercised
following completion of the institutional component of the Equity
Raising and converted into equity at A$0.45 per share.
Financial Close for the Lake Way Project was achieved in
December 2020 with the Company drawing the first US$105m tranche of
the US$138m Taurus/CEFC debt facility and using US$45m to repay the
Taurus Bridge Facility.
In conjunction with delivering Project Financial Close the
Company conducted an equity offering in December which included an
A$52m share placement and A$5m Share Purchase Plan (subsequently
upsized to A$8m on strong demand), priced at A$0.40 per new share.
The equity funds were raised partially to satisfy the remaining
conditions precedent in the US$138m debt facility with Taurus and
CEFC.
Subsequent to period end, the Company announced the successful
syndication of the senior debt facility, with Sequoia Economic
Infrastructure Fund (SEQI) and the Commonwealth Bank of Australia
(CBA) joining the facility.
Board strengthened
In October Phil Montgomery and Peter Thomas were appointed to
the board as Non-Executive Directors. Mark Pearce stepped down from
his position as a Non-Executive Director.
Phil Montgomery is a highly experienced mining industry
executive who was most recently Vice President - Projects at BHP,
responsible for the development of BHP's Potash business through
its Jansen project in Saskatchewan, Canada. Mr Montgomery brings
significant experience in project development and operations having
held senior project development positions at BHP and Billiton for
over 20 years working across several commodities and geographies,
including leadership of BHP's Iron Ore growth program (2002-12). He
holds a BSc (Mechanical Engineering) from Oxford Brookes University
in the UK and completed the Executive Leadership Programme at
INSEAD.
Peter Thomas is a senior executive with significant experience
in project operations, construction, finance and strategy. Mr
Thomas held senior executive positions at Fortescue between
2004-2014 including Project Director in charge of the A$4.7bn T155
port and rail infrastructure investment and Director of Corporate
Services. He has previously worked for McKinsey and Lehman Brothers
in the USA and more recently held the position of CEO of the Balla
Balla Infrastructure Group (Todd Corporation). He is currently CFO
of Decmil, the ASX listed construction and engineering group with
c.A$500m in revenues. Mr Thomas holds an MBA from Harvard Business
School, a BEc (Finance and Actuarial Studies) and a BSc
(Mathematics) from Macquarie University and is a graduate of the
Australian Institute of Company Directors.
Community contribution recognised
SO4 received the Community Contribution Award at the 2020
Association of Mining and Exploration Company (AMEC) annual awards.
The award recognised the Company's efforts to deliver sustainable
and long-lasting social and economic benefits to the Wiluna region
through strategic partnerships, community investment and
opportunities in employment and training.
Approvals
The Company continued the advancement of the remaining
permitting required to support full-scale operations.
A revised Environmental Review Document (ERD) was submitted
during the quarter ended 31 December 2020, with the EPA confirming
acceptance and completing their draft assessment report. SO4
presented the project to the EPA board and the board assessed the
project in their December monthly meeting. The board agreed to
adopt the draft assessment report and the EPA commenced the final
assessment report, to be issued to the Minister.
The EPA has determined that the full project scope requires
formal assessment with no public review. In addition to the EPA
submission, the Company continues to seek other project approvals
as required.
Results of Operations
Net loss after tax for the half year ended 31 December 2020 was
$1,760,560 (Restated 31 December 2019: $13,391,500). This result is
attributable to the following:
(i) Exploration and evaluation expenses totalling $1,806,608 (31
December 2019: $12,249,743) which is attributable to the Group's
accounting policy of expensing exploration and development
expenditure incurred by the Group subsequent to the acquisition of
the rights to explore and up to the successful completion of
bankable feasibility studies (BFS) for each separate area of
interest. Majority of this spend relates to meeting exploration
commitments on the Company's remaining lake portfolio as
investigations on other lake developments progress and a minor
amount of expenditure on innovation at Lake Way and community
related programmes.
(ii) Corporate and administrative expenses of $2,547,438 (31
December 2019: $2,206,500) attributable to the administration of
the Company and its operations, as well as corporate expenses
including the Company's dual listing on ASX and AIM together with
investor relations activities. The Group's administrative expenses
have increased in 2020 to support the rapidly progressing
development activities at Lake Way;
(iii) Non-cash share-based payment expenses of $2,276,774 (31
December 2019: $3,563,842) which are attributable to the Group's
accounting policy of expensing the value (estimated using an option
pricing model, and performance rights valued using the underlying
share price) of Incentive Securities issued to key employees and
consultants. The value is measured at grant date and recognised
over the period during which the option/rights holders become
unconditionally entitled to the options and/or rights;
(iv) Business development and commercial expenses of $3,246,326
(31 December 2019: $1,790,686) which are attributable to additional
activities required to support the growth and development of the
Lake Way Project including indirect project funding costs and
offtake activities; and
(v) Unrealised/Realised FX gain of $8,000,923 (Restated 31
December 2019: $397,126) which is largely attributable to the
increased AUD strength applied against the Company's USD loan
exposure over the period.
Impact of COVID-19
The COVID-19 pandemic has had a significant impact on,
individuals, communities, and businesses globally. Employees at all
levels of the business were asked to change the way they work, and
how they interacted professionally and socially. Together with the
various Government health measures, the Company implemented
significant controls and requirements at all its sites to protect
the health and safety of its workforce, their families, local
suppliers, and neighbouring communities while ensuring a safe
environment for operations.
No adjustments have been made to the Company's result as at 31
December 2020 for the impacts of COVID-19. However, the scale and
duration of possible future Government measures, vaccine rollout,
and their impact on the Group's operations and financial situation,
necessarily remains uncertain.
Financial Position
At 31 December 2020, the Group had cash reserves of $96,966,372
(30 June 2020: $7,030,418) and net assets of $221,139,736 (Restated
30 June 2020: $60,126,961). In addition, the Syndicated Facility
Agreement (SFA) had US$33 million available to draw down as at 31
December 2020. The Group is in a financial position to conduct its
current and planned exploration and development activities.
Financial Position
At 31 December 2020, the Group had cash reserves of $ 96,966,372
(30 June 2020: $ 7,030,418 ) and net assets of $ 221,139,736
(Restated 30 June 2020: $ 60,126,961 ). In addition, the Syndicated
Facility Agreement (SFA) had US$33 million available to draw down
as at 31 December 2020. The Group is in a financial position to
conduct its current and planned exploration and development
activities.
SIGNIFICANT POST BALANCE DATE EVENTS
Other than as disclosed below, at the date of this report there
were no significant events occurring after balance date requiring
disclosure.
On 28 January 2021, the Company completed a Share Purchase Plan
to raise A$8 million for the intended use as announced in the 11
December 2020 ASX announcement.
On 4 March 2021, the Company has announced the successful
syndication of its US$138m Senior Debt Facility. Sequoia Economic
Infrastructure Income Fund (SEQI) and the Commonwealth Bank of
Australia (CBA) will invest US$39m and US$25m respectively into the
facility, complimenting existing investments led and arranged by
Taurus Mining Finance Fund No. 2 L.P (Taurus) and the Australian
Government's Clean Energy Finance Corporation (CEFC). Following the
syndication, the final facility holding will be Taurus US$35m (from
US$91m), CEFC US$39m (from US$47m), SEQI US$39m and CBA US$25m.
AUDITOR'S INDEPENCE DECLARATION
Section 307C of the Corporations Act 2001 requires our auditors,
Ernst & Young, to provide the directors of Salt Lake Potash
Limited with an Independence Declaration in relation to the review
of the half year financial report. This Independence Declaration is
attached to and forms part of this Directors' Report.
Signed in accordance with a resolution of the Directors.
TONY SWIERICZUK
Chief Executive Officer & Managing Director
16 March 2021
Forward Looking Statements
This report includes forward-looking statements. These
forward-looking statements are based on the Company'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 the Company, which could
cause actual results to differ materially from such statements.
Although the Company believes that its forward-looking statements
have reasonable grounds, the Company can give no assurance that
they will be achieved. They may be affected by a variety of
variables and changes in underlying assumptions that are subject to
risk factors associated with the nature of the Company's business
(including those described in pages 11 to 21 (inclusive) of the
Prospectus released to ASX on 11 February 2021), which cause actual
results to differ materially from those expressed herein. The
Company 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 this
announcement.
DIRECTORS' DECLARATION
In the opinion of the Directors of Salt Lake Potash Limited:
1. the interim consolidated financial statements comprising the
statement of profit or loss and other comprehensive income,
statement of financial position, statement of cash flows, statement
of changes in equity and notes set out on pages 8 to 25 are in
accordance with the Corporations Act 2001 including:
i) giving a true and fair view of the financial position of the
consolidated entity as at 31 December 2020 and of its performance
and cash flows for the six months ended on that date; and
ii) complying with Australian Accounting Standard AASB 134
Interim Financial Reporting and Corporations Regulations 2001;
and
2. Subject to matters stated in Note 1(b) of the interim
financial report, there are reasonable grounds to believe that the
Company will be able to pay its debts as and when they become due
and payable.
Signed in accordance with a resolution of Directors:
TONY SWIERICZUK
Chief Executive Officer & Managing Director
16 March 2021
CONSOLIDATED STATEMENT OF PROFIT
OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE HALF YEARED 31 DECEMBER 2020
Restated
31 December 2020 31 December 2019
Notes $ $
Finance income 47,784 98,377
Government grant income 80,000 -
Research and development rebate - 912,766
Exploration and evaluation expenses (1,806,608) (12,249,743)
Pre-development expenses - (12,850,219)
Corporate and administrative expenses (2,547,438) (2,206,500)
Business development and commercial expenses (3,246,326) (1,790,686)
Share based payments expenses (2,276,774) (3,563,842)
Loss on disposal of asset - (11,036)
Unrealised/Realised foreign exchange gains 8,000,923 397,126
Finance costs (5,235) (921,646)
Loss before tax (1,753,674) (32,185,403)
Income tax (expense)/benefit 3 (6,886) 18,793,903
Loss for the period (1,760,560) (13,391,500)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising during the period - -
Other comprehensive income for the period, net of tax - -
Total comprehensive loss for the period (1,760,560) (13,391,500)
Basic and diluted loss per share attributable to the ordinary equity
holders of the company
(cents per share) (0.33) (5.20)
The above Consolidated Statement of Profit or Loss and other
Comprehensive Income
should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
Restated
31 December 30 June
2020 2020
Notes $ $
ASSETS
Current Assets
Cash and cash equivalents 4 96,966,372 7,030,418
Security deposits 5 28,386,913 -
Trade and other receivables 1,927,551 4,032,181
Prepaid transaction costs 4,772,160 1,565,139
Inventory 6 5,352,179 1,534,657
Total Current Assets 137,405,175 14,162,395
Non-Current Assets
Security deposits 5 76,119 76,121
Property, plant and equipment 7 4,343,596 3,401,527
Right of use assets 8 5,382,942 5,617,305
Exploration and evaluation expenditure 9 2,276,736 2,276,736
Mine development 10 231,983,806 124,773,150
Deferred tax assets 23,466,194 21,056,646
Total Non-Current Assets 267,529,393 157,201,485
TOTAL ASSETS 404,934,568 171,363,880
LIABILITIES
Current Liabilities
Trade and other payables 26,041,692 28,170,764
Interest bearing liabilities 11 - 56,073,546
Other payables 7,202 7,202
Lease liabilities 12 1,359,501 1,332,297
Royalty liabilities 13 1,393,088 138,712
Provisions 14 1,093,930 670,989
Total Current Liabilities 29,895,413 86,393,510
Non-Current Liabilities
Lease liabilities 12 3,724,999 4,420,748
Other payables 1,200 4,801
Interest bearing liabilities 11 116,021,858 -
Royalty liabilities 13 29,956,047 16,580,799
Provisions 14 4,195,315 3,837,061
Total Non-Current Liabilities 153,899,419 24,843,409
TOTAL LIABILITIES 183,794,832 111,236,919
NET ASSETS 221,139,736 60,126,961
EQUITY
Contributed equity 15 368,870,678 209,611,743
Reserves 16 14,422,072 11,281,672
Accumulated losses (162,153,014) (160,766,454)
TOTAL EQUITY 221,139,736 60,126,961
The above Consolidated Statement of Financial Position should be
read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEARED 31 DECEMBER 2020
CONSOLIDATED
Contributed Equity Share- Based Payment Reserve Accumulated Losses Total Equity
$ $ $ $
Balance at 1 July 2020 - as
previously stated 209,611,743 10,605,822 (160,695,216) 59,522,349
Prior period adjustment - Refer
Note 1(d) - 675,850 (71,238) 604,612
Restated balance at 1 July 2020 209,611,743 11,281,672 (160,766,454) 60,126,961
Net loss for the period - - (1,760,560) (1,760,560)
Total comprehensive loss for the
period - - (1,760,560) (1,760,560)
Shares issued from placement 149,164,155 - - 149,164,155
Shares issued in lieu of fees 185,000 (185,000) - -
Shares issued in connection to
conversion of convertible note 15,000,000 - - 15,000,000
Performance rights - (115,000) - (115,000)
Shares issued in connection to
conversion of performance rights 548,126 (548,126) - -
Performance rights expiry - (374,000) 374,000 -
Share based payment expense - 4,362,526 - 4,362,526
Share issue costs (8,054,780) - - (8,054,780)
Deferred tax asset recognised in
equity 2,416,434 - - 2,416,434
Balance at 31 December 2020 368,870,678 14,422,072 (162,153,014) 221,139,736
Balance at 1 July 2019 - as
previously stated 155,917,578 4,273,967 (145,483,171) 14,708,374
Prior period adjustment - Refer
Note 1(d) - 1,477,895 - 1,477,895
Restated balance at 1 July 2019 155,917,578 5,751,862 (145,483,171) 16,186,269
Net loss for the period as
previously stated - - (13,325,505) (13,325,505)
Prior period adjustment - Refer
Note 1(d) - - (65,995) (65,995)
Restated total comprehensive loss
for the period - - (13,391,500) (13,391,500)
Shares issued from placement 30,415,501 - - 30,415,501
Deferred tax asset recognised in
equity 729,860 - - 729,860
Shares issued in lieu of fees 12,000 - - 12,000
Shares issued in connection to
conversion of performance rights 658,641 (227,814) 244,958 675,785
Share based payment expense - 6,287,058 - 6,287,058
Share issue costs (900,840) - - (900,840)
Prior period adjustment - Refer
Note 1(d) - (1,481,891) - (1,481,891)
Restated balance at 31 December
2019 186,832,740 10,329,215 (158,629,713) 38,532,242
The above Consolidated Statement of Changes in Equity should be
read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 31 DECEMBER 2020
31 December 31 December
2020 2019
$ $
Cash flows from operating activities
Payments to suppliers and employees (8,088,227) (34,842,969)
R & D tax incentive received 3,546,754 -
Interest received 48,909 78,223
Interest paid and on leases (7,206) (980,225)
Payments for security deposits - (126,121)
Government grants received 80,000 -
Net cash outflow from operating activities (4,419,770) (35,871,092)
Cash flows from investing activities
Payments for property, plant and equipment
and mine development (98,867,392) (19,679,459)
Payments for mine properties (714,915) -
Proceeds from the sale of property,
plant and equipment - 35,455
Payments for security deposits (18,000,000) -
Net cash outflow from investing activities (117,582,307) (19,644,004)
Cash flows from financing activities
Proceeds from borrowings 138,254,889 44,043,406
Payment of borrowings (59,257,908) -
Transaction costs relating to loans
and borrowings (7,890,806) (974,939)
Interest payment (3,321,438) (529,606)
Proceeds from the issue of shares 163,537,263 30,415,500
Transaction costs from the issue of
shares (7,998,472) (859,172)
Cash allocation to debt service reserve (10,386,913) -
Payment of lease contracts (685,088) (131,992)
Net cash inflow from financing activities 212,251,527 71,963,197
Net increase in cash and cash equivalents
held 90,249,450 16,448,101
Cash and cash equivalents at the beginning
of the half year 7,030,418 19,304,075
Effect of exchange rate fluctuations
on cash held (313,496) 483,068
Cash and cash equivalents at the end
of the half year 96,966,372 36,235,244
The above Consolidated Statement of Cash Flows should be read in
conjunction with the accompanying notes.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE HALF YEARED 31 DECEMBER 2019
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Statement of Compliance
The interim condensed consolidated financial statements of the
Group for the half year ended 31 December 2020 were authorised for
issue in accordance with the resolution of the directors on 15
March 2021.
The interim condensed consolidated financial statements for the
half year reporting period ended 31 December 2020 have been
prepared in accordance with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Act 2001.
This half year financial report does not include all the notes
of the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the
annual report of Salt Lake Potash Limited for the year ended 30
June 2020 and any public announcements made by Salt Lake Potash
Limited and its controlled entities during the half year reporting
period in accordance with the continuous disclosure requirements of
the Corporations Act 2001.
Basis of Preparation of Half Year Financial Report
The financial statements have been prepared on an accruals basis
and are based on historical cost. All amounts are presented in
Australian dollars.
The interim condensed consolidated financial statements for the
half year have been prepared on a going concern basis which assumes
the continuity of normal business activity and the realisation of
assets and the settlement of liabilities in the ordinary course of
business.
For the half year ended 31 December 2020, the Consolidated
Entity incurred a net loss of $1,760,560 (Restated 31 December
2019: $13,391,500) and experienced net cash outflows from operating
and investing activities of $122,002,077 (31 December 2019:
$55,515,096). As at 31 December 2020, the Group had cash and cash
equivalents of $96,966,372 (30 June 2020: $7,030,418) primarily
from the injection of $163,537,263 in capital from shareholder
participants and $138,254,889 from debt funding.
The Company continues to construct the Lake Way Project in line
with the capex budget of A$264m and expects to have sufficient
funds to meet its committed expenditure up to the date of its
completion. The Company will shortly commission the Lake Way
Project to enable first production of SOP. Due to the uncertain
timing of revenue receipts, and in order for the Company to begin
investigating bringing additional lakes online, the Company may
require additional funds to continue as a going concern. The
Company has demonstrated that it can secure funds from multiple
sources. In addition, the Directors have been involved in a number
of recent successful capital raisings for the Company and for other
listed resource companies and are satisfied that they will be able
to raise additional capital if and when required to enable the
Consolidated Entity to meet its obligations as and when they fall
due. Accordingly, the Directors consider that it is appropriate to
prepare the financial statements on the going concern basis.
In the event that the Consolidated Entity is unable to achieve
the matters referred to above, uncertainty would exist that may
cast doubt on the ability of the Consolidated Entity to continue as
a going concern.
These consolidated financial statements do not include any
adjustments relating to the recoverability and classification of
recorded asset amounts, or to the amounts and classification of
liabilities that might be necessary should the Consolidated Entity
be unable to continue as a going concern.
New Standards, Interpretations and amendments adopted by the
Group
In the current period, the Group has adopted all of the new and
revised standards, interpretations and amendments that are relevant
to its operations and effective for annual reporting periods
effective from 1 July 2020. The adoption of new and revised
standards and amendments has not affected the amounts reported for
the current or prior half-year period.
AASB 3 Business Combinations
The amendment to IFRS 3 clarifies that to be considered a
business, an integrated set of activities and assets must include,
at a minimum, an input and a substantive process that together
significantly contribute to the ability to create output.
Furthermore, it clarified that a business can exist without
including all of the inputs and processes needed to create outputs.
These amendments had no impact on the consolidated financial
statements of the Group but may impact future periods should the
Group enter into any business combinations.
AASB 101 Presentation of Financial Statements and AASB 108
Accounting Polices, Changes in Accounting Estimate and Errors
The amendments provide a new definition of material that states
"information is material if omitting, misstating or obscuring it
could reasonably be expected to influence decisions that the
primary users of general purpose financial statements make on the
basis of those financial statements, which provide financial
information about a specific reporting entity."
The amendments clarify that materiality will depend on the
nature or magnitude of information, either individually or in
combination with other information, in the context of the financial
statements. A misstatement of information is material if it could
reasonably be expected to influence decisions made by the primary
users. These amendments had no impact on the consolidated financial
statements of, nor is there expected to be any future impact to the
Group.
Conceptual Framework for Financial Reporting
The Conceptual Framework is not a standard, and none of the
concepts contained therein override the concepts or requirements in
any standard. The purpose of the Conceptual Framework is to assist
the IASB in developing standards, to help preparers develop
consistent accounting policies where there is no applicable
standard in place and to assist all parties to understand and
interpret the standards.
The revised Conceptual Framework includes some new concepts,
provides updated definitions and recognition criteria for assets
and liabilities and clarifies some important concepts. These
amendments had no impact on the consolidated financial statements
of the Group.
Prior Period Adjustments
Following a review of the mandate letter with Taurus Funds
Management ("Taurus") and the terms of the Bridge Facility
Agreement ("Bridge Facility") and the Syndicated Facility Agreement
("SFA") relating to the interest bearing loans (see note 11), the
Group has adjusted the accounting for royalty rights (see note 13)
and options granted as consideration for services rendered by
Taurus in establishing each loan facility which had been
incorrectly accounted for in prior periods.
The royalty rights, representing a contractual obligation to
make future cash payments, are financial liabilities which should
have been recognised on the signing of each facility agreement. In
this regard, the royalty rights relating to the Bridge Facility
(signed on 5 August 2019) were not recognised by the Group in the
prior year. The royalty rights have now been recognised and are
measured at fair value on initial recognition and are subsequently
carried at amortised cost ($16,378,248 at 31 December 2019 and
$16,719,511 at 30 June 2020). The Group has used the forecast cash
flows from its latest corporate model as the basis for measuring
the royalty obligation.
The options granted to Taurus under these arrangements are an
equity settled, share-based payment transaction. The value of the
services received should have been recognised as the services were
rendered over the mandate period. In prior periods, the options
were incorrectly recognised on signing the related facility
agreement. The Group has now recognised and measured the services
as they are received with reference to the fair value of the equity
instruments granted. In this regard, the fair value of the options
granted has been recalculated using a Binomial option pricing. The
recalculation resulted in a cumulative adjustment to share-based
payments of $1,477,895 for the year ended 30 June 2019 and $675,850
for the year ended 30 June 2020.
In advance of the drawdowns under each facility agreement, costs
recognised in relation to the associated royalty rights and options
granted should have been deferred as a prepayment on the balance
sheet. On drawdown of each facility, an appropriate portion of the
prepaid transaction costs should have been reclassified such that
the loan was recognised net of transaction costs. This has resulted
in a cumulative adjustment to recognise prepayments of $1,477,895
at 30 June 2019, $9,870,807 at 31 December 2019 and $1,565,139 at
30 June 2020; and a cumulative adjustment to reduced interest
bearing liabilities by $ 5,784,336 at 31 December 2019 and $
7,766,571 at 30 June 2020 .
As a result of the restatement of loan balances in the prior
period and the recognition of the royalty rights in respect of the
Bridge Facility, the Group has retranslated the balances of these
financial liabilities at each reporting date using the closing
exchange rate.
Due to additional transaction costs being recognised on the
drawdowns under the Bridge Facility, the effective interest rate on
the loan was recalculated. Additional borrowing costs have been
capitalised to mine development costs in accordance with the
Group's stated accounting policy. This has resulted in a cumulative
adjustment to mine properties of $653,114 at 31 December 2019 and
$7,992,413 at 30 June 2020.
The restatements noted above, had no significant current income
tax or net deferred tax consequences for each of the periods ended
30 June 2019, 31 December 2019 and 30 June 2020.
The adjustments have been made by restating prior periods. The
impact of the adjustments on the financial statements is as
follows:
Cumulative impact on the Statements of Financial Position
30 June 31 December 30 June
2020 2019 2019
$ $ $
Current Assets
Increase in prepaid transaction
costs 1,565,139 9,870,807 1,477,895
Non-Current Assets
Increase in mine development 7,992,413 653,114 -
Current Liabilities
Increase in current royalty
liabilities (138,712) - -
Non-Current Liabilities
Increase in non-current royalty
liabilities (16,580,799) (16,378,248) -
Decrease in interest bearing
liabilities 7,766,571 5,784,336 -
Net assets 604,612 (69,991) 1,477,895
Increase/(Decrease) in share-based
payment reserve 675,850 (3,996) 1,477,895
Net increase in accumulated
loss (71,238) (65,995) -
Total Equity 604,612 (69,991) 1,477,895
Impact on Statements of Profit or Loss and Other Comprehensive
Income
30 June 31 December 30 June
2020 2019 2019
$ $ $
Decrease in finance costs 53,254 53,254 -
Decrease in unrealised/realised
foreign exchange gain (124,492) (119,249) -
Net increase in loss ( 71,238 ) (65,995) -
Impact of basic and diluted earnings per share (cents per
share)
30 June 31 December 30 June
2020 2019 2019
$ $ $
Increase in loss per share (0.02) (0.02) -
The changes did not have any impact on the Statement of Cash
Flows.
2. SEGMENT INFORMATION
AASB 8 requires operating segments to be identified on the basis
of internal reports about components of the Consolidated Entity
that are regularly reviewed by the chief operating decision maker
in order to allocate resources to the segment and to assess its
performance.
The Consolidated Entity operates in one segment, being Sulphate
of Potash exploration and mine development in the Northern
Goldfields Region of Western Australia. This is the basis on which
internal reports are provided to the Directors for assessing
performance and determining the allocation of resources within the
Consolidated Entity.
3. INCOME TAX EXPENSE
Restated
31 December 31 December
2020 2019
$ $
(a) Recognised in the statement of comprehensive
income
Current income tax
Current income tax expense/(benefit) in
respect of the current year - -
Deferred income tax
Deferred income tax 6,886 ( 18,793,903)
Income tax expense/(benefit) reported in
the statement of Profit or Loss and other
Comprehensive income 6,886 (18,793,903)
(b) Recognised in the equity
Deferred income tax related to items charged
or credited to equity
Deferred tax assets not previously brought
to account - (459,608)
Deferred tax assets recognised in equity (2,416,434) (270,252)
Income tax benefit reporting in equity (2,416,434) (729,860)
Total deferred tax asset recognised (2,409,548) (19,523,763)
(c) Reconciliation between tax expense
and accounting loss before income tax
Accounting loss before income tax (1,753,674) (32,185,403)
At the domestic income tax rate of 30.0%
(31 December 2019: 30.0%) (526,102) (9,655,621)
Expenditure not allowable for income tax
purposes 806,111 1,945,582
Income not assessable for income tax purposes (15,000) (273,830)
Capital allowances - -
Adjustment to deferred tax assets of prior - -
periods
Change in tax rate - -
Adjustment in respect of current income - -
tax of prior periods
Deferred tax assets brought to account
(1) - (10,829,833)
Deferred tax assets not brought to account - -
Other movements (258,123) 19,799
Income tax expense/(benefit) reported in
the statement of Profit or Loss and other
Comprehensive income 6,886 (18,793,903)
Notes:
(1) Following completion of a Bankable Feasibility Study in
October 2019 that demonstrated the economic returns of the Lake Way
Project, the Group has determined that it is now considered
probable that sufficient taxable income will be generated in future
periods and therefore deferred tax assets were recognised for the
first time during half-year ended 31 December 2019 for temporary
differences and unused tax losses .
4. CASH AND CASH EQUIVALENTS
31 December 30 June
2020 2020
$ $
Cash on hand and at bank 96,916,372 6,980,418
Deposit on call 50,000 50,000
96,966,372 7,030,418
The Group has assessed the credit risk on cash and cash
equivalents using the life time expected credit losses method and
concluded that the probability of default is insignificant.
5. SECURITY DEPOSITS
31 December 30 June
2020 2020
$
$
Current security deposits
Security deposits (1) 18,000,000 -
Restricted cash (2) 10,386,913 -
Total current security deposits 28,386,913 -
Non-Current security deposits
Security deposits 76,119 76,121
Total non-current security deposits 76,119 76,121
Notes:
(1) Relates to a one month rolling cash backed bank guarantee
for the APA gas pipeline at Lake Way.
(2) Relates to the Debt Service Reserve Account for the
financing facility with Taurus/CEFC.
6. INVENTORY
31 December 30 June
2020 2020
$ $
Raw materials and consumables at cost
(1) 232,667 -
Harvestable salt at cost (2) 5,119,512 1,534,657
Total 5,352,179 1,534,657
Notes:
(1) Spares, consumables and other supplies yet to be utilised in
the production process or in the rendering of services.
(2) The Company has determined the tonnes of Sulphate of Potash
equivalent at 31 December 2020 by estimating the tonnes of
harvestable salts that could be used for processing at Lake
Way.
7. PROPERTY, PLANT AND EQUIPMENT
31 December 30 June
2020 2020
$ $
(a) Plant and Equipment
Gross carrying amount - at cost 5,140,692 4,012,800
Accumulated depreciation (797,096) (611,273)
Carrying amount at end of period, net
of accumulated depreciation 4,343,596 3,401,527
(b) Reconciliation
Carrying amount at beginning of period,
net of accumulated depreciation 3,401,527 715,714
Additions 1,140,832 3,021,925
Depreciation charge (capitalised and
expensed) (198,763) (336,112)
Carrying amount at end of period, net
of accumulated depreciation 4,343,596 3,401,527
8. RIGHT OF USE ASSETS
Office and
Property Lake Way
Dec 2020 Lake Way
Village Comms' Total Total
$ Dec 2020 Dec 2020 Dec 2020 Jun 2020
$ $ $ $
(a) Right of Use Assets
Gross carrying amount
- at cost 978,565 4,193,450 982,435 6,154,450 6,155,651
Accumulated amortisation (278,319) (310,611) (182,578) (771,508) (538,346)
Carrying amount at
end of year, net of
accumulated amortisation 700,246 3,882,839 799,857 5,382,942 5,617,305
(b) Reconciliation
Opening balance at
1 July 2020 758,931 3,996,435 861,939 5,617,305 940,767
Additions 28,710 - 75,535 104,245 5,262,237
Terminations - - - - (47,353)
Amortisation charge (87,395) (113,596) (32,171) (233,162) (538,346)
Reassessment - - (105,446) (105,446) -
Carrying amount at
end of year, net of
accumulated amortisation 700,246 3,882,839 799,857 5,382,942 5,617,305
9. EXPLORATION AND EVALUATION ASSETS
31 December 30 June
2020 2020
$ $
(a) Areas of Interest
SOP Projects 2,276,736 2,276,736
Carrying amount at end of period, net of impairment (1) 2,276,736 2,276,736
(b) Reconciliation
Carrying amount at start of period 2,276,736 2,276,736
Additions
- Lake Way Project (2) - 10,714,915
Transferred to Mine development assets
- Lake Way Project (2) - (10,714,915)
Impairment losses - -
Carrying amount at end of period, net of impairment (1) 2,276,736 2,276,736
Notes:
(1) The SOP Projects, including Lake Wells and Lake Ballard,
were acquired in 2015. The ultimate recoupment of costs carried
forward for exploration and evaluation is dependent on the
successful development and commercial exploitation or sale of the
respective areas of interest. In accordance with the Group's
accounting policy for exploration and evaluation expenditure, the
acquisition costs of these tenements remain as an exploration and
evaluation asset.
(2) The Company completed the acquisition of tenements from
Wiluna Mining Corporation (formerly Blackham Resources Limited) on
8 October 2019. The cost of acquisition was initially recognised as
an 'Exploration and Evaluation Asset' before being transferred to
Mine Development assets following completion of a bankable
feasibility study for the Lake Way Project with effect from 1
November 2019.
10. MINE DEVELOPMENT
Restated
31 December 30 June
2020 2020
$ $
Mine Development
Mine properties 10,714,915 10,714,915
Capitalised borrowing costs 29,358,402 14,873,167
Capitalised assets under construction 134,910,802 59,662,737
Mine development 56,999,687 39,522,331
Carrying amount at end of period 231,983,806 124,773,150
Borrowing costs that are directly attributable to the
acquisition, construction or production of Mine Development Assets,
have been capitalised. Capitalisation of borrowing costs ceases
once productions starts and assets included in 'Mine Development'
are transferred to 'Producing Mines' or are otherwise ready for
their intended use or sale.
Following completion of the bankable feasibility study on the
Lake Way Project in October 2019, the Group determined that it was
appropriate to transfer the Lake Way Project from 'Exploration and
Evaluation Assets' to 'Mine Development' with effect from 1
November 2019 and for all subsequent expenditure on the
construction, installation or completion of infrastructure
facilities to be capitalised in 'Mine Development'. This date marks
the first month-end post completion of the BFS and the commencement
of the second stage of on-lake construction at Lake Way.
11. INTEREST BEARING LIABILITIES
Restated
31 December 30 June
2020 2020
$ $
Interest Bearing Liabilities
Face value drawn down 136,328,226 65,568,993
Transaction costs and establishment fees
net of interest amortisation (20,306,368) (9,495,447)
Carrying Amount of Interest Bearing Liabilities 116,021,858 56,073,546
On 22 December 2020 , the Company announced that it drew down
the first tranche of the US$138m Syndicated Facility Agreement
(SFA) from Taurus Funds Management (Taurus) and the Clean Energy
Finance Corporation (CEFC) having achieved project financial close
on the Lake Way Project.
The first tranche of US$105m was used to repay the Taurus Bridge
Facility (Stage 1 Facility) totalling US$45m. The remaining US$33m
of the Syndicated Facility Agreement is expected to be drawn in Q2
2021, subject to market conditions. The interest rate on the SFA is
9% per annum, with outstanding debt and principal components
repayable from 31 March 2022 to 30 September 2024.
Transaction costs include establishment fees, options issued and
royalties granted under the Stage 1 Facility and the SFA.
Taurus and CEFC have security over the Lake Way assets.
12. LEASE LIABILITIES
31 December 30 June
2020 2020
$ $
Opening balance 5,753,045 931,906
Additions 112,931 5,262,327
Terminations - (34,705)
Interest expense 24,663 5,056
Payments (1) (685,088) (411,539)
Accrued Payments (15,605) -
Reassessment (105,446) -
As at 31 December 5,084,500 5,753,045
Current Lease Liabilities 1,359,501 1,332,297
Non Current Lease Liabilities 3,724,999 4,420,748
5,084,500 5,753,045
Notes:
(1) The Company had total cash outflows for lease liabilities
related to right of use assets of $685,088 (30 June 2020:
$411,539).
13. ROYALTY LIABILITIES
Restated
31 December 30 June
2020 2020
$ $
Current liabilities
Royalty liabilities 1,393,088 138,712
Non-Current liabilities
Royalty liabilities 29,956,047 16,580,799
As part of the terms of the Stage 1 Facility and the SFA
agreements, the Company granted a 2% royalty right based on the net
revenue of the Lake Way project on a life of mine basis. The
royalty liability has been measured at fair value on initial
recognition and is subsequently carried at amortised cost. The fair
value on initial recognition was determined based on forecast cash
flows discounted at 9%. Royalty payments will commence following
the first sale of SOP, which is expected in Q4 2021.
14. PROVISIONS
31 December 30 June
2020 2020
$ $
Current Provisions
Annual Leave 1,093,930 670,989
Non-Current Provisions
Mine Rehabilitation(1) 4,195,315 3,837,061
Notes:
(1) SO4 has recognised the need to provide for the costs of
rehabilitating the land at Lake Way associated with development up
to and including 31 December 2020.
31 December 30 June
2020 2020
$ $
Movement in mine rehabilitation
At 1 July 3,837,061 711,885
Change in cost estimate (1) - (410,528)
Arising during the year 276,523 3,489,843
Unwinding of discount 81,731 45,861
At 31 December 4,195,315 3,837,061
Notes:
(1) During the year ended 30 June 2020, there was a reassessment
of the disturbed area and cost estimate which resulted in an impact
of $410,528 to the statement of profit and loss and other
comprehensive income.
15. CONTRIBUTED EQUITY
31 December 30 June
2020 2020
$ $
(a) Share Capital
711,002,885 (30 June 2020: 353,285,840)
Ordinary Shares 368,870,678 209,611,743
368,870,678 209,611,743
(a) Movement in Share Capital during the past six months
Number of
Ordinary Issue Price
Shares $ $
1 Jul 20 Opening Balance 353,285,840 209,611,743
17 Aug 20 Placement 142,083,323 0.50 71,041,663
Conversion of Convertible
17 Aug 20 Notes 11,111,113 0.45 5,000,000
1 Sep 20 Placement 54,991,200 0.50 27,495,600
Conversion of Convertible
29 Sep 20 Notes 22,222,223 0.45 10,000,000
Shares issued in lieu of consultant
29 Sep 20 fees 370,000 0.50 185,000
Shares issued in lieu of transaction
16 Oct 20 costs 1,248,788 0.50 626,891
17 Dec 20 Placement 125,000,000 0.40 50,000,000
Conversion of Performance
18 Dec 20 Rights 690,398 0.79 548,126
Jul 20 to
Dec 20 Placement costs - - (8,054,779)
Deferred tax asset recognised
31 Dec 20 in equity - - 2,416,434
31 Dec 20 Closing balance 711,002,885 - 368,870,678
16. RESERVES
Restated
31 December 30 June
2020 2020
$ $
Share-based payment reserve 14,422,072 11,281,672
14,422,072 11,281,672
(b) Movement in share-based payment reserve during the past six months
Number of Number of Number of Unlisted
Date Details Performance Rights Performance Shares Options $
Opening Balance -
as previously
1 Jul 20 stated 18,560,398 - 24,500,000 10,605,822
Prior year adjustment - Refer Note 1(d) - - 7,500,000 672,850
Restated opening
1 Jul 20 balance 18,560,398 - 32,000,000 11,281,672
Grant of performance
1 Jul 20 rights 569,067 - - -
Grant of incentive
23 Jul 20 options - - 7,500,000 -
Grant of shares in
29 Sep 20 lieu of fees - - - (185,000)
Grant of incentive
19 Dec 20 options - - 1,000,000 -
Grant of performance
19 Dec 20 rights 379,377 - - -
Performance rights
19 Dec 20 converted to shares (690,398) - - (548,126)
Expiry of performance
31 Dec 20 rights (500,000) - - (374,000)
Cancellation of
31 Dec 20 performance rights (250,000) - - (115,000)
Share based payments
Jul 20 to Dec 20 expense - - - 4,362,526
31 Dec 20 Closing Balance 18,068,444 - 40,500,000 14,422,072
17. SHARE-BASED PAYMENTS
For the six months ended 31 December 2020, the Group recognised
$2,276,774 in share-based payments expenses in the statement of
profit or loss (31 December 2019: $3,563,842) and $1,970,752 as
part of the debt facility.
Included within the share-based payments expenses in the
statement of profit or loss are:
-- Expensing of the fair value of equity instruments (options
and performance rights) over the vesting period and $185,000 of
shares issued to consultants, totalling $2,391,774.
-- Reversal of share-based payments expense as a result of
unvested performance rights totalling ($115,000).
(a) Options
During the current period 8,500,000 unlisted options were
granted consisting of 7,500,000 granted on 23 July 2020 (Series 73)
and 1,000,000 granted on 20 November 2020 (Series 74 to Series 77).
The options granted to Taurus (Series 73) are an equity settled,
share-based payment transaction. The value of the options should
have been based on the value of the services received. However, as
this cannot be valued, the Company has reverted to valuing the
options. The Company has recognised and measured the services as
they are received with reference to the fair value of the equity
instruments granted. In this regard, the fair value of the options
granted has been recalculated using a Binomial option pricing.
The fair value of the equity-settled incentive options (Series
74 to Series 77) granted is estimated as at the date of grant using
the Binomial option valuation model taking into account the terms
and conditions upon which the options were granted.
Series Issuing Entity Security Type Number Grant Expiry Date Exercise Price Grant Date
Date $ Fair Value
$
2020
Salt Lake Potash 23-Jul-20 -
Series 73 Limited Options 7,500,000 4-Aug-20 (1) 23-Jul-24 0.52 0.245
Salt Lake Potash
Series 74 Limited Options 200,000 20-Nov-20 1-Nov-23 0.60 0.169
Salt Lake Potash
Series 75 Limited Options 200,000 20-Nov-20 1-Nov-23 0.60 0.169
Salt Lake Potash
Series 76 Limited Options 300,000 20-Nov-20 1-Nov-23 1.00 0.097
Salt Lake Potash
Series 77 Limited Options 300,000 20-Nov-20 1-Nov-23 1.00 0.097
Salt Lake Potash
Series 78 Limited Rights 569,067 1-Jul-20 31-Dec-21 - 0.536
Salt Lake Potash
Series 79 Limited Rights 379,077 20-Nov-20 31-Dec-21 - 0.525
Notes:
(1) This is considered to be the service period for arranging the SFA financing facility.
Inputs Series 73 Series 74 Series 75
Exercise price $0.52 $0.60 $0.60
Grant date share price $0.55 $0.52 $0.52
Dividend yield (1) - - -
Volatility (2) 57% 56% 56%
Risk-free interest rate 0.29% 0.11% 0.11%
Grant date 23-Jul-20 - 4-Aug-20(4) 20-Nov-20 20-Nov-20
Expiry date 23-Jul-24 1-Nov-23 1-Nov-23
Expected life of option (3) 4.02 years 2.95 years 2.95 years
Fair value at grant date $0.245 $0.169 $0.169
Inputs Series 76 Series 77
Exercise price $1.00 $1.00
Grant date share price $0.52 $0.52
Dividend yield (1) - -
Volatility (2) 56% 56%
Risk-free interest rate 0.11% 0.11%
Grant date 20-Nov-20 20-Nov-20
Expiry date 1-Nov-23 1-Nov-23
Expected life of option (3) 2.95 years 2.95 years
Fair value at grant date $0.097 $0.097
Notes:
(1) The dividend yield reflects the assumption that the current
dividend payout will remain unchanged.
(2) The expected volatility reflects the assumption that the
historical volatility is indicative of future trends, which may not
necessarily be the actual outcome.
(3) The expected life of the options is based on the expiry date
of the options as there is limited track record of the early
exercise of options.
(4) This is considered to be the service period for arranging
the SFA financing facility.
(b) Performance Rights
During the current period 948,444 performance rights were
granted subject to short term performance milestones. The fair
value of performance rights granted is estimated as at the date of
grant based on the underlying share price. The table below lists
the inputs to the valuation model used for the performance rights
granted by the Group:
Inputs Series 78 Series 79
Milestones Short Term Short Term
Exercise price - -
Grant date share price $0.535 $0.52
Grant date 1-Jul-20 20-Nov-20
Expiry date 31-Dec-21 31-Dec-21
Expected life (1) 1.50 years 1.11 years
Fair value at grant date (2) $0.536 $0.525
Notes:
(1) The expected life of the Performance Rights is based on the
expiry date of the performance rights as there is limited track
record of the early conversion of performance rights.
(2) The fair value of Performance Rights granted is estimated as
at the date of grant based on the 5 day volume weighted average
share price prior to the date of issuance.
18. COMMITMENTS AND CONTINGENCIES
Management have identified the following material commitments
for the consolidated group as at 31 December 2020:
31 December 30 June
2020 2020
$ $
Exploration commitments
Within one year 9,805,906 12,447,619
Later than one year but not later than
five years 25,574,923 8,929,299
35,380,829 21,376,918
There are no material contingent liabilities or contingent
assets as at 31 December 2020.
19. DIVIDS PAID OR PROVIDED FOR
No dividend has been paid or provided for during the half year
ended 31 December 2020 (31 December 2019: nil).
20. FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value Measurement
Royalty rights have now been recognised and are measured at fair
value on initial recognition and subsequently carried at amortised
cost. The Group has used forecast cash flows from its latest
corporate model as the basis for measuring the royalty obligation
using a discount rate of 9% with first sale of SOP expected in Q4
2021. Please refer Note 13 for further information.
21. RELATED PARTIES
Balances and transaction between the Company and its
subsidiaries, which are related parties to the Company, have been
eliminated on consolidation. There have been no other transactions
with related parties during the half-year ended 31 December 2020,
other than remuneration with Key Management Personnel.
22. SUBSEQUENT EVENTS AFTER BALANCE DATE
Other than as disclosed below, at the date of this report there
were no significant events occurring after balance date requiring
disclosure.
On 28 January 2021, the Company completed a Share Purchase Plan
to raise A$8 million for the intended use as announced in the 11
December 2020 ASX announcement.
On 4 March 2021, the Company has announced the successful
syndication of its US$138m Senior Debt Facility. Sequoia Economic
Infrastructure Income Fund (SEQI) and the Commonwealth Bank of
Australia (CBA) will invest US$39m and US$25m respectively into the
facility, complimenting existing investments led and arranged by
Taurus Mining Finance Fund No. 2 L.P (Taurus) and the Australian
Government's Clean Energy Finance Corporation (CEFC). Following the
syndication, the final facility holding will be Taurus US$35m (from
US$91m), CEFC US$39m (from US$47m), SEQI US$39m and CBA US$25m.
The full version of the Interim Financial Report for the Half-Year
Ended 31 December 2020 Report is available on the Company's website
at www.so4.com.au
For further information please visit www.so4.com.au or
contact:
Tony Swierizcuk / Richard Knights Salt Lake Potash Limited Tel: +61 8 6559 5800
Colin Aaronson / Seamus Fricker Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Derrick Lee / Peter Lynch Cenkos Securities plc (Joint Broker) Tel: +44 (0) 131 220 6939
Rupert Fane / Ernest Bell Hannam & Partners (Joint Broker) Tel: +44 (0) 20 7907 8500
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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
IR DQLBFFXLXBBF
(END) Dow Jones Newswires
March 16, 2021 11:47 ET (15:47 GMT)
Salt Lake Potash (LSE:SO4)
Historical Stock Chart
From Mar 2024 to Apr 2024
Salt Lake Potash (LSE:SO4)
Historical Stock Chart
From Apr 2023 to Apr 2024
