Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
+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 | |
Finders Resources Limited | |
ABN | Quarter ended ("current quarter") |
82 108 547 413 | 31 March 2019 |
Consolidated statement of cash flows | Current quarter | Year to date |
$A'000 | (3 months) | |
$A'000 |
1.Cash flows from operating activities
1.1 | Receipts from customers | 58,160 | 58,160 |
1.2Payments for
(a) | exploration & evaluation | - | - | |
(b) | development | - | - | |
(c) | production | (29,675) | (29,675) | |
(d) | staff costs | (4,151) | (4,151) | |
(e) administration and corporate costs | (152) | (152) | ||
1.3 | Dividends received (see note 3) | - | - | |
1.4 | Interest received | 133 | 133 | |
1.5 | Interest and other costs of finance paid | (573) | (573) | |
1.6 | Income taxes paid | - | - | |
1.7 | Research and development refunds | - | - | |
1.8 | Other (provide details if material) | - | - | |
1.9 | Net cash from / (used in) operating | 23,742 | 23,742 | |
activities |
Note the receipts from customers includes the proceeds from the US$18m cathode advanced payment announced on 22 January 2019.
2.Cash flows from investing activities
2.1Payments to acquire:
(a) property, plant and equipment | (5,149) | (5,149) | |
(b) tenements (see item 10) | - | - | |
(c) | investments | - | - |
(d) | other non-current assets | - | - |
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Consolidated statement of cash flows | Current quarter | Year to date |
$A'000 | (3 months) | |
$A'000 |
2.2Proceeds from the disposal of:
(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 | (5,149) | (5,149) | |
activities |
3.Cash flows from financing activities
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 | |||
3.5 | Proceeds from borrowings | 5,097 | 5,097 |
3.6 | Repayment of borrowings | (29,683) | (29,683) |
3.7 | Transaction costs related to loans and | - | - |
borrowings | |||
3.8 | Dividends paid | - | - |
3.9 | Other (Net Hedge Payments) | (3,551) | (3,551) |
3.10 | Net cash from / (used in) financing | (28,137) | (28,137) |
activities |
4.Net increase / (decrease) in cash and cash equivalents for the period
4.1Cash and cash equivalents at beginning of
period | 14,299 | 14,299 | |
4.2 | Net cash from / (used in) operating | 23,742 | 23,742 |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | (5,149) | (5,149) |
(item 2.6 above) | |||
4.4 | Net cash from / (used in) financing activities | (28,137) | (28,137) |
(item 3.10 above) | |||
4.5 | Effect of movement in exchange rates on | (113) | (113) |
cash held | |||
4.6 | Cash and cash equivalents at end of | 4,642 | 4,642 |
period | |||
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
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 | Previous quarter |
$A'000 | $A'000 |
5.1 | Bank balances | 4,642 | 1,422 |
5.2 | Call deposits | - | - |
5.3 | Bank overdrafts | - | - |
5.4 | Other (Debt Service Reserve Account) | - | 12,877 |
5.5 | Cash and cash equivalents at end of | 4,642 | 14,299 |
quarter (should equal item 4.6 above) |
6. | Payments to directors of the entity and their associates | Current quarter |
$A'000 | ||
6.1 | Aggregate amount of payments to these parties included in item 1.2 | 258 |
6.2 | Aggregate amount of cash flow from loans to these parties included | - |
in item 2.3 |
6.3Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
7. | Payments to related entities of the entity and their | Current quarter |
associates | $A'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 |
7.3Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
8. | Financing facilities available | Total facility amount | Amount drawn at |
Add notes as necessary for an | at quarter end | quarter end | |
understanding of the position | $A'000 | $A'000 | |
8.1 | Loan facilities | - | - |
8.2 | Credit standby arrangements | - | - |
8.3 | Other (shareholder loans) | 61,000 | 42,316 |
8.4Include 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.
The Group has US$44.0 million of shareholder loan facilities provided by PT Merdeka Gold Tbk and Posco Deawoo Corporation. These shareholder loan facilities were drawn to US$30.0 million plus capitalised interest as at 31 March 2019. Interest rates are 10% for the first US$19.0 million and 3M LIBOR plus a margin of 5.50% thereafter.
The Group made the final payments in relation to the Senior Secured Project Finance Facility Agreement term loan (US$21.0M payment).
9. | Estimated cash outflows for next quarter | $A'000 |
9.1 | Exploration and evaluation | 750 |
9.2 | Development | 11,400 |
9.3 | Production | 20,500 |
9.4 | Staff costs | 3,750 |
9.5 | Administration and corporate costs | 750 |
9.6 | Other (provide details if material) | - |
Interest and other costs of finance paid | - | |
Repayment of borrowings | - | |
Net hedge payments | - | |
9.7 | Total estimated cash outflows | 37,150 |
Production Q1 2019 has stabilised since Q4 2018 with further improvements expected over Q2 2019. Substantial capex is still required to complete the Lerokis Haul Road and Neutralisation Plant implementation.
10. | Changes in | Tenement Nature of interest | Interest at | Interest |
tenements | reference | beginning | at end of | |
(items 2.1(b) and | and | of quarter | quarter | |
2.2(b) above) | location |
10.1Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced
10.2Interests in mining tenements and petroleum tenements acquired or increased
+See chapter 19 for defined terms
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Compliance statement
1This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2This statement gives a true and fair view of the matters disclosed.
Sign here: | Date: 30 April 2019 |
(Director/Company secretary) | |
Print name: | David Fowler |
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.
+ See chapter 19 for defined terms | Page 5 |
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Finders Resources Limited published this content on 01 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 May 2019 00:57:10 UTC