Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Orion Minerals Ltd | |
ABN | Quarter ended ("current quarter") |
76 098 939 274 | December 2020 |
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (6 months) | |||
$A'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | --- | --- | |
1.2 | Payments for | |||
(a) | exploration & evaluation | (908) | (1,516) | |
(b) | development | --- | --- | |
(c) | production | --- | --- | |
(d) | staff costs | (462) | (814) | |
(e) | administration and corporate costs | (433) | (1,184) | |
1.3 | Dividends received (see note 3) | --- | --- | |
1.4 | Interest received | 6 | 14 | |
1.5 | Interest and other costs of finance paid | (75) | (75) | |
1.6 | Income taxes paid | --- | --- | |
1.7 | Government grants and tax incentives | 9 | 61 | |
1.8 | Other (provide details if material) | 110 | 127 | |
1.9 | Net cash from / (used in) operating | (1,753) | (3,387) | |
activities | ||||
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 | (465) | (804) | |
(e) | investments | --- | --- | |
(f) | other non-current assets | --- | --- |
ASX Listing Rules Appendix 5B (17/07/20) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (6 months) | |||
$A'000 | ||||
2.2 | Proceeds from the disposal of: | |||
(a) | entities | --- | --- | |
(b) | tenements | --- | --- | |
(c) property, plant and equipment | --- | 5 | ||
(d) | investments | --- | --- | |
(e) | other non-current assets | --- | --- | |
2.3 | Cash flows from loans to other entities | (169) | (214) | |
2.4 | Dividends received (see note 3) | --- | --- | |
2.5 | Other (provide details if material) | (48) | (35) | |
2.6 | Net cash from / (used in) investing | (682) | (1,048) | |
activities |
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) | 3,073 | 8,956 | |
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 | --- | (10) |
securities or convertible debt securities | |||
3.5 | Proceeds from borrowings | --- | --- |
3.6 | Repayment of borrowings | (2,000) | (2,000) |
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 | 1,073 | 6,946 |
activities |
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 | Cash and cash equivalents at beginning of | 5,081 | 1,219 |
period | |||
4.2 | Net cash from / (used in) operating | (1,753) | (3,387) |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | (682) | (1,048) |
(item 2.6 above) | |||
4.4 | Net cash from / (used in) financing activities | 1,073 | 6,946 |
(item 3.10 above) |
ASX Listing Rules Appendix 5B (17/07/20) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Consolidated statement of cash flows
- Effect of movement in exchange rates on cash held
- Cash and cash equivalents at end of period
Current quarter | Year to date |
$A'000 | (6 months) |
$A'000 | |
(8) | (19) |
3,711 | 3,711 |
5. | Reconciliation of cash and cash | Current quarter | Previous quarter |
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 | 3,711 | 5,081 |
5.2 | Call deposits | --- | --- |
5.3 | Bank overdrafts | --- | --- |
5.4 | Other (provide details) | --- | --- |
5.5 | Cash and cash equivalents at end of | 3,711 | 5,081 |
quarter (should equal item 4.6 above) |
6. | Payments to related parties of the entity and their | Current quarter |
associates | $A'000 | |
6.1 | Aggregate amount of payments to related parties and their | 207 |
associates included in item 1 | ||
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.
ASX Listing Rules Appendix 5B (17/07/20) | Page 3 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
7. Financing facilities
Note: the term "facility' includes all forms of financing arrangements available to the entity.
Add notes as necessary for an understanding of the sources of finance available to the entity.
7.1 Loan facilities
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities
Total facility | Amount drawn at |
amount at quarter | quarter end |
end | $A'000 |
$A'000 | |
4,880 | 4,880 |
--- | --- |
--- | --- |
4,880 | 4,880 |
Note: Amounts above exclude capitalised interest and fees and include movement in exchange rates (where applicable).
7.5 | Unused financing facilities available at quarter end | --- |
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.
Convertible Loan Facility
On 25 January 2019, Orion Minerals Ltd (Orion) announced a $3.6M unsecured loan facility with Tembo Capital Mining Fund II LP (Tembo) (Convertible Loan Facility). The key terms of the Convertible Loan Facility are:
- Loan Facility Amount: $3.6M;
- Interest: Capitalised at 12% per annum accrued daily on the amount drawn down;
- Repayment: Tembo may elect for repayment of the balance of the Convertible Loan Facility (including capitalised interest and fees) (Outstanding Amount) to be satisfied by the issue of fully paid ordinary shares (Shares) by Orion to Tembo at a deemed issue price of 2.6 cents per Share (subject to shareholder and Foreign Investment Review Board (FIRB) approvals). The Outstanding Amount must be repaid by 30 June 2021, or if Tembo elects to receive Shares in repayment of the Outstanding Amount in lieu of payment in cash, the date on which the Shares are to be issued to Tembo (or such later date as may be agreed between Tembo and Orion);
- Establishment fee:
- Cash - capitalised 5% of the Convertible Loan Facility Amount and capitalised 4% of the
Outstanding Amount as of 24 January 2020, payable on the Repayment date; and
- Options - 11M unlisted Orion options, exercisable at a price of 3.0 cents per option, expiring on 17 June 2024.
- Security: Unsecured.
At Quarter end, the Convertible Loan Facility balance was $4.8M (including capitalised interest and fees).
AASMF Loan
On 2 November 2015, Prieska Copper Zinc Mine (Pty) Ltd (a 70% owned subsidiary of Orion) (PCZM) and Anglo American sefa Mining Fund (AASMF) entered into a ZAR14.25M loan agreement for the further exploration and development of the Prieska Copper-Zinc Project (Loan). Under the terms of the Loan, AASMF advanced ZAR14.25M to PCZM. The key terms of the Loan are:
- Loan amount: ZAR14.25M (~$1.3M) (on 1 August 2017);
- Interest: Prime lending rate in South Africa;
- Repayment: 30 April 2021; and
- Security: 29.17% of the shares held in PCZM by Agama Exploration and Mining (Pty) Ltd (a wholly owned subsidiary of Orion), have been pledged as security to AASMF for the performance of PCZM's obligations in terms of the loan.
At Quarter end, the Loan balance was $1.7M (ZAR19.7M) (including capitalised interest).
ASX Listing Rules Appendix 5B (17/07/20) | Page 4 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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Orion Minerals Ltd. published this content on 27 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2021 22:59:05 UTC