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Kore Potash PLC (KP2)

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Thursday 30 January, 2020

Kore Potash PLC

Quarterly Cashflow Report

RNS Number : 3057B
Kore Potash PLC
30 January 2020
 

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

 

Name of entity

KORE POTASH LIMITED

ARBN


Quarter ended ("current quarter")

621 843 614


31 December 2019

 

Consolidated statement of cash flows

Current quarter $US'000

Year to date
$US'000

1.

Cash flows from operating activities

-

-

1.1

Receipts from customers

1.2

Payments for

(1,314)

(3,792)


(a)   exploration and evaluation


(b)   development

-

-


(c)   production

-

-


(d)   staff costs

(1,216)

(3,851)


(e)   administration and corporate costs

(668)

(3,603)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

25

56

1.5

Interest and other costs of finance paid

-

-

1.6

Income taxes paid

(24)

(45)

1.7

Research and development refunds

-

-

1.8

Other (provide details if material)

-

-

1.9

Net cash from / (used in) operating activities

(3,197)

(11,235)


2.

Cash flows from investing activities

-


2.1

Payments to acquire:


(a)   property, plant and equipment

-

(19)


(b)   tenements (see item 10)

-

-


(c)   investments

-

-


(d)   other non-current assets

-

-

2.2

Proceeds from the disposal of:

1

1


(a)   property, plant and equipment


(b)   tenements (see item 10)

-

-


(c)   investments

-

-


(d)   other non-current assets

-

-

2.3

Cash flows from loans to other entities

-

-

2.4

Dividends received (see note 3)

-

-

2.5

Other (provide details if material)

-

-

2.6

Net cash from / (used in) investing activities

1

(18)


3.

Cash flows from financing activities

1

12,762

3.1

Proceeds from issues of shares

3.2

Proceeds from issue of convertible notes

-

-

3.3

Proceeds from exercise of share options

-

-

3.4

Transaction costs related to issues of shares, convertible notes or options

(30)

(43)

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

(29)

12,719


4.

Net increase / (decrease) in cash and cash equivalents for the period

10,798

6,187

4.1

Cash and cash equivalents at beginning of period

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(3,197)

(11,235)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

1

(18)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

(29)

12,719

4.5

Effect of movement in exchange rates on cash held

5

(75)

4.6

Cash and cash equivalents at end of period

7,578

7,578

 

5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$US'000

Previous quarter
$US'000

5.1

Bank balances

7,578

10,798

5.2

Call deposits

-

-

5.3

Bank overdrafts

-

-

5.4

Other (provide details)

-

-

5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

7,578

10,798

 

6.

Payments to directors of the entity and their associates

Current quarter
$US'000

6.1

Aggregate amount of payments to these parties included in item 1.2

182

6.2

Aggregate amount of cash flow from loans to these parties included in item 2.3

-

6.3

Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2

All transactions included in item 6.1 are for payment of directors fees.

 

 

7.

Payments to related entities of the entity and their associates

Current quarter
$US'000

7.1

Aggregate amount of payments to these parties included in item 1.2

-

7.2

Aggregate amount of cash flow from loans to these parties included in item 2.3

-

7.3

Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

 

 

 

 

8.

Financing facilities available
Add notes as necessary for an understanding of the position

Total facility amount at quarter end
$US'000

Amount drawn at quarter end
$US'000

8.1

Loan facilities

-

-

8.2

Credit standby arrangements

-

-

8.3

Other (please specify)

-

-

8.4

Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.


 

9.

Estimated cash outflows for next quarter

$US'000

9.1

Exploration and evaluation

432

9.2

Development

-

9.3

Production

-

9.4

Staff costs

747

9.5

Administration and corporate costs

1051

9.6

Other (provide details if material)

-

9.7

Total estimated cash outflows

2,230

 

10.

Changes in tenements
(items 2.1(b) and 2.2(b) above)

Tenement reference and location

Nature of interest

Interest at beginning of quarter

Interest at end of quarter

10.1

Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced

-

-

-

-

10.2

Interests in mining tenements and petroleum tenements acquired or increased

-

-

-

-

 

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.

 

                                   

 

Sign here:         ........(signed electronically) ...........................                 Date: 30 January 2020

Joint Company Secretary

 

Print name:       Henko Vos.

 

Notes

1.       The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2.       If this quarterly 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 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.

 


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