TIDMBKY
RNS Number : 3455O
Berkeley Energia Limited
31 January 2023
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 31 January 2023
Quarterly Report December 2022
Highlights:
-- Spanish Advisory Committee
During the quarter, an Advisory Committee to the Board of
Berkeley Energia Limited's ("Berkeley" or the "Company") wholly
owned Spanish subsidiary, Berkeley Minera España S.L.U. ("BME"),
which holds the Salamanca Project ("Salamanca" or "Project"), was
established.
The Advisory Committee is comprised of Miguel Riaño, Rafael
Miranda and Jaime García-Legaz, all prominent, highly experienced,
and well-regarded Spanish businessmen with extensive networks.
The Advisory Committee has substantially strengthened Berkeley's
position in Spain, with the committee members' collective
corporate, commercial and operating expertise plus extensive
business and government networks greatly assisting the Company as
it continues to focus on resolving the current permitting
situation, and ultimately advancing the Project towards
production.
-- Project Update
In November 2022, the Company announced that it had submitted a
written notification of an investment dispute to the Prime Minister
of Spain and the Ministry for the Ecological Transition and the
Demographic Challenge ("MITECO") informing the Kingdom of Spain of
the nature of the dispute and the Energy Charter Treaty ("ECT")
breaches, and that it proposes to seek prompt negotiations for an
amicable solution pursuant to article 26.1 of the ECT.
In November 2021, the Company received formal notification from
MITECO that it had rejected the Authorisation for Construction for
the uranium concentrate plant as a radioactive facility ("NSC II")
at the Company's Salamanca project. This decision followed the
unfavourable report for the grant of NSC II issued by the Board of
the Nuclear Safety Council ("NSC") in July 2021.
The notification of an investment dispute was necessary in order
to preserve the Company's rights to initiate international
arbitration should the dispute not be satisfactorily resolved.
A study evaluating the design, permitting, construction and
operation of a solar power system at the Retortillo site was
initiated during the quarter.
The Company continued its strong engagement with key
stakeholders at a local, regional and federal level in Spain during
the quarter.
-- Exploration
A drilling program, comprising five reverse circulation ("RC")
holes for a total of 282m, designed to test the tin-lithium anomaly
defined by soil sampling at the Company's Investigation Permit,
Conchas, was completed during the quarter. Assay results are
pending.
-- Global Nuclear Power and Uranium Market:
The outlook for nuclear power and the uranium market continued
to strengthen during the quarter, with select recent activity and
updates including the following:
-- Spain - Spain's seven operating nuclear reactors were
reported to have generated 20.25% of the country's electricity in
2022 with average capacity factor of the units being 90%. It was
noted that "with just 7117 MWe of installed capacity, 6% of the
total, nuclear power generated over 20% of the electricity, a
consistent and consecutive figure for over a decade."
Spanish nuclear power plants produced a total of 55.9 TWh of
electricity in 2022, 3.6% more than in 2021.
-- United Kingdom - A new nuclear power plant to be built in
Suffolk was approved by the UK government. The UK government has
pledged to invest GBP700 million in the project (50% stakeholder),
which also includes Electricite de France, as well as committing to
advancing additional nuclear power projects as incorporated in the
proposed Energy Bill. Great British Nuclear is being established in
order to oversee nuclear new builds.
-- Netherlands - The lower house of the Dutch Parliament adopted
a proposal to pursue the construction of two nuclear power reactors
which the Dutch Cabinet hopes to be in operation by 2035. The
Netherlands currently operate a single reactor which entered
commercial operation in 1973, located at Borssele, the likely site
for the expansion.
-- Germany - Announced it will keep all three of its nuclear
plants operating until April 2023 to ensure the country's energy
supply remains robust amid uncertainty over Russian gas supply.
-- Poland - Announced that it had selected Westinghouse Electric
to build the country's initial nuclear power plant. The Polish
government has been seeking partners to develop 6-9 GWe of nuclear
capacity by the early 2040s and may ultimately order a total of six
Westinghouse reactors.
-- Japan - Confirmed a major nuclear power policy shift in
December to tackle an energy crisis more than a decade after the
2011 Fukushima disaster prompted it to idle most of its reactors.
Quake-prone Japan, which previously said it had no plans to build
new reactors, will now seek to replace decommissioned ones and
extend the lifespan of others, with the government aiming to boost
nuclear to as much as 22% of its power mix by 2030.
-- India - The Indian government presented its road map to
attain net-zero carbon emissions by 2070 at the recent UN
Convention on Climate Change. The national plan calls for a focus
on renewable energy sources including solar, wind and hydro power
supplemented by a "three-fold rise in nuclear installed capacity by
2032."
Other developments in the uranium market during the quarter
included:
-- Spain's ENUSA says it and Westinghouse Electric Company has
formalised their cooperation agreement for the manufacture of
water-water energetic reactor ("VVER") fuel. The two companies have
reached an agreement that will allow operators to diversify the
supply of nuclear fuel and reduce dependence on the current
supplier, Russia, strategically complying with the will of the
European Union to provide a real alternative in the supply made out
of fuel. The ENUSA factory in Salamanca has begun the installation
of the new production line to be ready by the end of the year.
-- Finnish mining company, Terrafame, announced plans to start
recovering natural uranium as a by-product of zinc and nickel
production at its Sotkamo mine in the north-east of the country by
the summer of 2024. The state-owned company reported that it has
completed a feasibility study related to uranium recovery and has
decided to start preparing its operations for the uranium recovery
for next year.
-- Cameco reported the first packaged uranium from McArthur
River / Key Lake following the February 2022 announcement that the
production complex would be restarted after a four year shut-down.
McArthur River / Key Lake is expected to reach steady-state
production of 15 million pounds U(3) 0(8) in 2024.
-- The latest World Energy Outlook assessment published by the
International Energy Agency ("IEA"), underscores the crucial role
which nuclear power must assume over the next three decades.
Nuclear power increases under all three of the IEA government
policy-related scenarios (Stated Policies Scenario; Announced
Pledges Scenario, and; Net Zero Emissions by 2050 Scenario).
The report observes that "As markets rebalance, renewables,
supported by nuclear power, see sustained gains." Under the Net
Zero Emissions by 2050 Scenario, an average of 24 GWe/year must be
added over the 2022-2050 period, more than doubling current nuclear
capacity (compounded average annual growth rate = 2.6%).
-- Spot market activity reportedly slowed in the December
quarter with current term prices ending the quarter at US$47.75 per
pound. Longer-term uranium price indicators continued to remain
stable and closed at the end of December at US$51.00 per pound
(Long-Term); US$56.50 per pound (3-year forward price); and
US$60.00 per pound (5-year forward price).
-- IBEX SMALL CAP(R) index
During the quarter, Berkeley was included in the IBEX SMALL
CAP(R) index on the Spanish Stock Exchange. The index adjustment
took effect on 19 December 2022.
-- Balance Sheet
The Company is in a strong financial position with A$79 million
in cash reserves and no debt.
For further information please contact:
Robert Behets Franciso Bellón
Acting Managing Director Executive Director
+61 8 9322 6322 +34 923 193 903
info@berkeleyenergia.com
Salamanca Project Summary
The Salamanca Project is being developed in an historic uranium
mining area in Western Spain about three hours west of Madrid.
The Project hosts a Mineral Resource of 89.3Mlb uranium, with
more than two thirds in the Measured and Indicated category. In
2016, Berkeley published the results of a robust Definitive
Feasibility Study ("DFS") for Salamanca confirming that the Project
may be one of the world's lowest cost producers, capable of
generating strong after-tax cash flows.
In 2021, the Company received formal notification from MITECO
that it had rejected the NSC II application at Salamanca. This
decision followed the unfavourable NSC II report issued by the NSC
in July 2021.
Berkeley strongly refutes the NSC's assessment and, in the
Company's opinion, the NSC has adopted an arbitrary decision with
the technical issues used as justification to issue the
unfavourable report lacking in both technical and legal
support.
Berkeley submitted documentation, including an 'Improvement
Report' to supplement the Company's initial NSC II application,
along with the corresponding arguments that address all the issues
raised by the NSC, and a request for its reassessment by the NSC,
to MITECO in July 2021.
Further documentation was submitted to MITECO in August 2021, in
which the Company, with strongly supported arguments, dismantled
all of the technical issues used by the NSC as justification to
issue the unfavourable report. The Company again restated that the
project is compliant with all requirements for NSC II to be awarded
and requested its NSC II Application be reassessed by the NSC.
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.
Based on a detailed comparison of the different licensing files
undertaken by the Company 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.
In Berkeley's strong opinion, MITECO has rejected the Company's
NSC II Application without following the legally established
procedure, as the Improvement Report has not been taken into
account and sent to the NSC for its assessment, as requested on
multiple occasions by the Company.
In this regard, the Company believes that MITECO have infringed
regulations on administrative procedures in Spain but also under
protection afforded to Berkeley under the ECT, which would imply
that the decision on the rejection of the Company's NSC II
Application is not legal.
The Company has previously submitted an administrative appeal
against MITECO's decision under Spanish law in December 2021 which
has still not been resolved to date.
Whilst Berkeley's focus is on resolving the current permitting
situation, and ultimately advancing the Salamanca project towards
production, the Company will continue to strongly defend its
position and take all necessary actions to preserve its rights.
The notification of an investment dispute submitted to the
Spanish Government in November 2022 was necessary in order to
preserve the Company's rights to initiate international arbitration
should the dispute not be satisfactorily resolved. The Company,
however, has informed the Spanish Government that it is prepared to
collaborate and remains hopeful that the dispute can be resolved
amicably through prompt negotiations.
The dispute notice is an initial step to request amicable
negotiations to overturn the rejection of NSC II. Berkeley will
continue to update the market in relation to this matter as
required.
Project Update:
The Company continued with its commitment to health, safety and
the environment as a priority.
An external audit of the Company's Environmental and Sustainable
Mining Management Systems was successfully carried out by
independent consultant AENOR during the quarter, with no
non-compliances and numerous strengths reported.
As previously reported, Berkeley initiated a study evaluating
the design, permitting, construction and operation of a solar power
system at the Project during the quarter.
The Project's location has a natural abundance of sunlight which
is conducive to solar power generation, which will become a
reliable source of low cost and carbon-free energy for the Project.
In addition to making a significant contribution to reduce carbon
emissions, the solar power system will potentially contribute to
reducing the Project operating costs.
The proposed facility will have an installed power of up to 20
MW and will be able to supply up to 68% of the power requirements
at the Project.
During the quarter, contracts for the engineering and design,
and environmental studies were awarded to companies based in
Salamanca who are specialists on the design of solar power systems
and environmental studies.
The engineering and design, as well as preparation of all
documents required for submission to relevant authorities, will be
completed in approximately 25 weeks, after which the permitting
process can commence.
The decision to pursue a solar power system is in line with
Berkeley's ongoing commitment to environmental sustainability and
to continue to have a positive impact on the people, environment
and society surrounding the mine.
Exploration:
During the quarter, the Company continued with its exploration
program focusing on battery and critical metals in Spain.
The exploration initiative is targeting lithium, cobalt, tin,
tungsten and rare earths, within the Company's existing tenement
package in western Spain. Further analysis of the mineral and metal
endowment across the entire mineral rich province and other
prospective regions in Spain is also being undertaken, with a view
to identifying additional targets and regional consolidation
opportunities.
Whilst Berkeley remains focused on defending its position in
relation to the adverse resolution by MITECO and ultimately
advancing the Salamanca project towards production, the planned
battery and critical metals exploration initiative also facilitates
the Company's participation in these important, rapidly evolving,
growth sectors which are integral to the global clean energy
transition.
Investigation Permit Conchas
The Investigation Permit ("I.P.") Conchas is located 10km south
of Berkeley's Alameda deposit, in the very western part of
Salamanca province, close to the Portuguese border.
The tenement covers an area of 31km(2) in the western part of
the Ciudad Rodrigo Basin and is largely covered by Cenozoic aged
sediments. Only the north-western part of the tenement is uncovered
and dominated by the Guarda Batholith (Vilar Formoso-Fuentes de
Oñoro sector) intrusion. The tenement hosts a number of sites where
small-scale historical tin and tungsten mining was undertaken. In
addition, several mineral occurrences (tin, tungsten, titanium,
lithium) have been identified during historical mapping or stream
sediment sampling programs.
The Company completed initial soil sampling programs in northern
and central portions of the tenement during 2021. The sampling,
which was undertaken on a 200m by 200m grid, defined a tin-lithium
anomaly covering approximately 1.1km by 0.7km which correlated with
a mapped aplo-pegmatitic leucogranite.
An infill (100m by 100m spacing) and extension soil sampling
program was undertaken to follow-up the 2021 results. The results
of the infill program confirmed the spatial location, scale and
tenor of the tin-lithium anomaly defined in 2021 but failed to
extend the anomalism to the east.
The Company has also obtained a report summarising exploration
work undertaken by Billiton PLC on the I.P. Conchas between 1981
and 1983. Billiton's exploration was focused on tin and tantalum
(lithium was not taken into account) and comprised regional and
detailed geological mapping, geochemistry, trenching and limited
drilling.
The results of Berkeley's soil sampling program are encouraging
and the Company has now completed the process of verifying,
evaluating and incorporating the additional historical information
contained in the Billiton report.
A drilling program, comprising five RC holes for a total of
282m, designed to test the tin-lithium anomaly, was completed
during the quarter. Assay results are pending.
Spanish Advisory Committee:
During the quarter, an Advisory Committee to the Board of
Berkeley's wholly owned Spanish subsidiary, BME, which holds the
Project, was established.
The Advisory Committee is comprised of Rafael Miranda, Jaime
García-Legaz and Miguel Riaño, all prominent, highly experienced,
and well-regarded Spanish businessmen with extensive networks.
The Advisory Committee has substantially strengthened Berkeley's
position in Spain, with the committee members' collective
corporate, commercial and operating expertise plus extensive
business and government networks greatly assisting the Company as
it continues to focus on resolving the current permitting
situation, and ultimately advancing the Project towards
production
Details of the Advisory Committee members are as follows:
Rafael Miranda is a Spanish businessman and former Chief
Executive Officer of Endesa SA, one of Spain's largest electric
companies and nuclear power plant operators. He is credited for
expanding Endesa's footprint into Latin America and positioning the
company as an industry leader after Spain's liberalisation of the
electric market. More recently, he was Chairman of ACERINOX, the
Spanish giant steel manufacturing conglomerate and remains a member
of the Board of Directors of Brookfield Asset Management, one of
the world's largest investment funds, as well as a Board Member of
other Spanish companies and Institutions. He is also Honorary
Chairman of Eurelectric, the European Electricity Association, and
of APD (Spanish Management Association).
Jaime García-Legaz is a Spanish economist, businessman,
executive and academic. He is an experienced Executive Chairman,
Chief Executive Officer and Company Director with a 28-year career
in finance, airport management, IT, insurance, retail and
Government. He is a former Chairman and Chief Executive Officer at
AENA, an IBEX 35 (Spanish stock exchange index) company that
manages airports in Spain and Europe. AENA is 51% Spanish State
owned. He was Secretary of Commerce and Trade in the Government of
Spain from 2011 to 2016 and represented Spain on the EU Council of
Trade Ministers and the G20 Council of Ministers.
Miguel Riaño is the Managing Partner of Herbert Smith Freehills
("HSF") in Spain, specialising in energy, infrastructure, natural
resources, environment and public law matters. He is a highly
respected business leader in Spain with more than 20 years'
experience advising major corporations, global investment banks,
equity sponsors and public entities in domestic and cross-border
transactions.
In addition to his involvement in the Advisory Committee, Miguel
Riaño has also been appointed as BME's Company Secretary.
Additional Information on the Global Nuclear Power and Uranium
Market:
The outlook for nuclear power and the uranium market continued
to strengthen during the quarter, with a number of important recent
developments, including:
-- Bulgaria's Energy minister has set out an energy strategy for
2023 to 2053 for the country, which includes plans for two new
reactors at Kozloduy and two at Belene.
-- The French Senate has begun discussing a bill aimed at
accelerating procedures related to the construction of new nuclear
facilities near existing nuclear sites and to the operation of
existing facilities. Last year, President Emmanuel Macron proposed
the construction of six new EPR2 reactors, with an option for a
further eight EPR2 reactors to follow.
-- A proposal to amend Sweden's legislation on nuclear power has
been presented by the Prime Minister and Climate and Environment
Minister. The proposed changes would remove the current law
limiting the number of reactors in operation to ten, as well as
allowing reactors to be built on new plant sites, rather than just
existing sites.
-- The German Transport Minister has called for an independent
commission of experts to decide on a further extension of the
operation of the country's last three nuclear power plants. "We
don't need any political arguments or dogmatism now, we need a
professional answer to the question of how we can ensure a stable
and affordable energy supply and at the same time achieve our
climate protection goals" he said in an interview with the
Frankfurter Allgemeine Zeitung. "If we don't want to discuss it
politically, then we have to clarify it scientifically".
-- Support for nuclear power in Canada is growing, with nearly
twice as many Canadians now supporting the expansion of nuclear
power in the country as opposing it, new data from the non-profit
Angus Reid Institute has found.
-- Nuclear energy will account for 34.6% of South Korea's
electricity generation by 2036, compared with 27.4% in 2021,
according to the latest plan finalised by the country's Ministry of
Trade, Industry and Energy.
-- Japan and the USA plan to work together on the development
and construction of next-generation advanced reactors including
small modular reactors, Japan's Minister of Economy, Trade and
Industry and US Secretary of Energy said after meeting in
Washington DC.
-- Professional investors expect the price of uranium to rise in
the year ahead as more governments worldwide back nuclear power
plants, according to new research by European ETF platform HANetf.
"Coupled with the growing support from governments worldwide for
investing in nuclear energy there is strong support for the price
of uranium which is ultimately supportive of uranium miners" HANetf
said.
-- The Japanese government has adopted a plan to extend the
operation of existing nuclear power reactors and replace aging
facilities with new advanced ones. The move is part of a policy
that addresses global fuel shortages following Russia's invasion of
Ukraine and seeks to achieve carbon neutrality by 2050. Further,
Japan's Nuclear Regulation Authority has approved a draft of a new
rule that would allow the country's nuclear power reactors to be
operated for more than the current limit of 60 years. The amendment
will require parliamentary approval.
-- enCore Energy, Ur Energy and Uranium Energy Corp ("UEC") have
been selected to provide domestically produced uranium to the USA's
federal strategic uranium reserve. Further, UEC won a contract to
supply the US Department of Energy 300,000 pounds of uranium at
US$59.50 per pound for US strategic national uranium reserve (part
of first US$75 million of US$1.5 billion plan).
-- Bloomberg reports that NSN, India's largest power generator,
is planning to build 20-30GWe of nuclear capacity by 2040, mostly
in the form of 100-300MW SMRs. That's between a quarter and a third
of the US fleet = 10-12Mlbs of uranium pa plus initial loads will
be higher, plus 3 years of inventory = a 50Mlb draw on supply
between now and 2040, the timeline sounds extended but the next
generation of mines will be needed to meet supply growth.
IBEX SMALL CAP(R) index:
During the quarter, Berkeley was included in the IBEX SMALL
CAP(R) index on the Spanish Stock Exchange. The index adjustment
took effect on 19 December 2022.
The IBEX indices measure the performance of securities listed on
the Spanish Stock Market. The IBEX SMALL CAP(R) index is a market
capitalisation weighted index adjusted by free float. It is
Euro-denominated and calculated in real-time within the European
time zone.
The IBEX SMALL CAP(R) index is composed of 30 securities listed
on the Spanish Stock Exchanges that follow certain requirements in
terms of stock market capitalisation, free floating capital, and
annual rotation of the free float capitalisation.
The Technical Advisory Committee of the IBEX INDICES reviews and
adjusts the composition of SMALL CAP(R) index on a biannual
basis.
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.
Competent Persons Statement
The information in this report that relates to the Mineral
Resource Estimate is extracted from the announcement entitled
'Annual Report 2022' dated 31 August 2022, which is available to
view on Berkeley's website at www.berkeleyenergia.com. Berkeley
confirms that: a) it is not aware of any new information or data
that materially affects the information included in the original
announcement; b) all material assumptions and technical parameters
underpinning the Mineral Resource Estimate in the original
announcement continue to apply and have not materially changed; and
c) the form and context in which the relevant Competent Persons'
findings are presented in this announcement have not been
materially modified from the original announcement.
The information in this report that relates to Exploration
Results is extracted from the announcement entitled 'Quarterly
Report June 2022' dated 29 July 2022, which is available to view on
Berkeley's website at www.berkeleyenergia.com. Berkeley confirms
that: a) it is not aware of any new information or data that
materially affects the information included in the original
announcement; b) all material assumptions and technical parameters
underpinning the Exploration Results in the original announcement
continue to apply and have not materially changed; and c) the form
and context in which the relevant Competent Persons' findings are
presented in this announcement have not been materially modified
from the original announcement.
Appendix 1: Mineral Resource at Salamanca
Deposit Resource Tonnes U(3) O(8) U(3) O(8)
Category
Name (Mt) (ppm) (Mlbs)
-------------------------- ------------ -------- ----------- -----------
Retortillo Measured 4.1 498 4.5
Indicated 11.3 395 9.8
Inferred 0.2 368 0.2
--------------------------------------- -------- ----------- -----------
Total 15.6 422 14.5
--------------------------------------- -------- ----------- -----------
Zona 7 Measured 5.2 674 7.8
Indicated 10.5 761 17.6
Inferred 6.0 364 4.8
--------------------------------------- -------- ----------- -----------
Total 21.7 631 30.2
--------------------------------------- -------- ----------- -----------
Alameda Indicated 20.0 455 20.1
Inferred 0.7 657 1.0
--------------------------------------- -------- ----------- -----------
Total 20.7 462 21.1
--------------------------------------- -------- ----------- -----------
Las Carbas Inferred 0.6 443 0.6
Cristina Inferred 0.8 460 0.8
Caridad Inferred 0.4 382 0.4
Villares Inferred 0.7 672 1.1
Villares North Inferred 0.3 388 0.2
-------------------------- ------------ -------- ----------- -----------
Total Retortillo
Satellites Total 2.8 492 3.0
-------------------------- ------------ -------- ----------- -----------
Villar Inferred 5.0 446 4.9
Alameda Nth Zone 2 Inferred 1.2 472 1.3
Alameda Nth Zone 19 Inferred 1.1 492 1.2
Alameda Nth Zone 21 Inferred 1.8 531 2.1
-------------------------- ------------ -------- ----------- -----------
Total Alameda Satellites Total 9.1 472 9.5
-------------------------- ------------ -------- ----------- -----------
Gambuta Inferred 12.7 394 11.1
-------------------------- ------------ -------- ----------- -----------
Salamanca Project
Total Measured 9.3 597 12.3
Indicated 41.8 516 47.5
Inferred 31.5 395 29.6
--------------------------------------- -------- ----------- -----------
Total (*) 82.6 514 89.3
======================================= ======== =========== ===========
Appendix 2: Summary of Mining Tenements
As at 31 December 2022, 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
--------------- ----------------------------- ----------- --------
*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 3: Related Party Payments
During the quarter ended 31 December 2022, the Company made
payments of $196,000 to related parties and their associates. These
payments relate to existing remuneration arrangements (director and
consulting fees plus statutory superannuation).
Appendix 4: Exploration and Mining Expenditure
During the quarter ended 31 December 2022, the Company made the
following payments in relation to exploration and development
activities:
Activity $000
------------------------------------------------- -----
Radiological protection and monitoring 3
Permitting related expenditure (including legal
dispute expenses) 398
Consultants and other expenditure 252
Payment/(return) of VAT in Spain 21
Total as reported in the Appendix 5B 674
------------------------------------------------- -----
There were no mining or production activities and expenses
incurred during the quarter ended 31 December 2022.
To view all figure and illustrations, please refer to the full
announcement at
https://app.sharelinktechnologies.com/announcement/asx/f3e090776bef4e32001451a4ae249bb5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
GreenX Metals Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
23 008 677 852 31 December 2022
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (6 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (107)* (471)*
(b) development - -
(c) production - -
(d) staff costs (122) (258)
(e) administration and corporate
costs (85) (204)
1.3 Dividends received (see note - -
3)
1.4 Interest received 15 28
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
1.8 material)
(a) Business Development (80) (141)
(b) Property rental and gas
sales 73 96
(c) Arbitration related expenses (862) (1,446)
(d) Receipt of arbitration
funding 420 1,187
(e) Occupancy (80) (415)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (828) (1,624)
----------------- ----------------------------------- ---------------- -------------
*includes legal and permitting expenditure and payments made
to consultants (Debiensko technical statutory operations personnel).
---------------------------------------------------------------------------------------
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 (839) (1,908)
(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) - -
---------------- -------------
Net cash from / (used in)
2.6 investing activities (839) (1,908)
----------------- ----------------------------------- ---------------- -------------
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 4,243 6,108
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (828) (1,624)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (839) (1,908)
4.4 Net cash from / (used in)
financing activities (item
3.10 above) - -
4.5 Effect of movement in exchange
rates on cash held - -
---------------- -------------
Cash and cash equivalents
4.6 at end of period 2,576 2,576
----------------- ----------------------------------- ---------------- -------------
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 2,576 4,243
5.2 Call deposits - -
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) 2,576 4,243
----------------- ----------------------------------- ---------------- -----------------
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 (166)
----------------
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: Total facility
the term "facility' includes amount at quarter Amount drawn
all forms of financing arrangements end at quarter end
available to the entity. Add $A'000 $A'000
notes as necessary for an
understanding of the sources
of finance available to the
entity.
7.1 Loan facilities 18,036* 11,935
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities 18,036* 11,935
------------------- ----------------
Unused financing facilities available at
7.5 quarter end 6,101
----------------
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.
----------------- ----------------------------------------------------------------------------
On 30 June 2020, the Company executed a Litigation Funding
Agreement (LFA) for US$12.3 million (*now worth A$18.0
million with the movement of the A$ compared to the $US)
with LCM Funding UK Limited a subsidiary of Litigation
Capital Management Limited (LCM), to pursue damages claims
in relation to the investment dispute between GreenX and
the Polish Government that has arisen out of certain measures
taken by Poland in breach of the Energy Charter Treaty
and the Australia - Poland Bilateral Investment Treaty
(BIT). LCM will provide up to US$12.3million (A$18.0
million), denominated in US$, in limited recourse financing
which is repayable to LCM in the event of a successful
Claim or settlement of the Dispute that results in the
recovery of any monies. If there is no settlement or award,
then LCM is not entitled to any repayment of the financing
facility. In return for providing the financing facility,
LCM shall be entitled to receive repayment of any funds
drawn plus an amount equal to between two and five times
the total of any funds drawn from the funding facility
during the first five years, depending on the time frame
over which funds have remained drawn, and then a 30% interest
rate after the fifth year until receipt of damages payments.
-----------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (828)
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) (839)
8.3 Total relevant outgoings (item 8.1 + item (1,667)
8.2)
8.4 Cash and cash equivalents at quarter end 2,576
(item 4.6)
8.5 Unused finance facilities available at quarter 6,101
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 8,677
8.5)
--------
8.7 Estimated quarters of funding available
(item 8.6 divided by item 8.3) >5
--------
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: 31 January 2023
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
MSCGSGDBRXXDGXB
(END) Dow Jones Newswires
January 31, 2023 02:00 ET (07:00 GMT)
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