Renergen : Quarterly Appendix 5B Cash Flow Report

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

For personal use only

Name of entity

RENERGEN LIMITED

ABN

93998352675

Consolidated statement of cash flows

1. Cash flows from operating activities

1.1 Receipts from customers

1.2 Payments for

(a) exploration & evaluation

(b) development

(c) production

(d) staff costs

(e) administration and corporate costs

1.3 Dividends received (see note 3)

1.4 Interest received

1.5 Interest and other costs of finance paid

1.6 Income taxes paid

1.7 Government grants and tax incentives

1.8 Other - Quarter: comprised mainly of working capital changes (R5.4m), movement of restricted cash (-R1.8m) and other (R1.1m).

1.9 Net cash used in operating 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

1. investments
2. other non-current assets - other intangible assets

Quarter ended ("current quarter")

30 November 2021

Current	Year to date
quarter	(9 months)
ZAR'000	ZAR'000
792	1 948
(989)	(1 350)
-	-
(937)	(1 516)
(4 116)	(14 282)
(7 966)	(23 891)
-	-
459	480
(103)	(416)
-	-
-	-

4 748	(11 731)
(8 112)	(50 758)

-	-
-	-
(60 758)	(166 229)
(11 853)	(29 802)
-	-
(1 741)	(7 625)

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

For personal use only

Consolidated statement of cash flows

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)

2.6 Net cash used in investing activities

3. Cash flows from financing activities

1. Proceeds from issues of equity securities (excluding convertible debt securities)
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 financing activities

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

1. Cash and cash equivalents at beginning of period
2. Net cash used in operating activities (item 1.9 above)
3. Net cash used in investing activities (item 2.6 above)
4. Net cash from financing activities (item 3.10 above)

Current	Year to date
quarter	(9 months)
ZAR'000	ZAR'000
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
(74 352)	(203 656)
-	109 874
-	-
-	-
-	(2 443)
112 145	112 145
(8 758)	(22 535)
-	-
-	-
(740)	(2 250)
102 647	(194 791)
51 179	130 878
(8 112)	(50 758)
(74 352)	(203 656)
102 647	194 791

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

	Current	Year to date
Consolidated statement of cash flows	quarter	(9 months)
ZAR'000	ZAR'000

only

1. Effect of movement in exchange rates on cash held
2. Cash and cash equivalents at end of period

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

3 945	4 052
75 307	75 307
Current	Year to date
quarter	(9 months)
ZAR'000	ZAR'000

For personal use

5.1	Bank balances	57 110	57 110
5.2	Call deposits	18 197	18 197
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of	75 307	75 307
	quarter (should equal item 4.6 above)
6.	Payments to related parties of the entity and their associates	Current
			quarter
			ZAR'000

6.1 Aggregate amount of payments to related parties and their

associates included in item 1

2 914

6.2 Aggregate amount of payments to related parties and their

associates included in item 2

2 613

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.

The amounts disclosed under 6.1 and 6.2 relate to remuneration paid to directors and prescribed officers.

ASX Listing Rules Appendix 5B (17/07/20)	Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.

For personal use only

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7.	Financing facilities	Total facility	Amount drawn
	Note: the term "facility' includes all forms of	amount at quarter	at quarter
	financing arrangements available to the	end	end
	entity.	ZAR'000	ZAR'000
	Add notes as necessary for an
	understanding of the sources of finance
	available to the entity.
7.1	Loan facilities	648 328	648 328
7.2	Credit standby arrangements	-	-
7.3	Other (please specify)	-	-
7.4	Total financing facilities	648 328	648 328
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.

The amounts disclosed above were translated at a rate of R16.2082/US$1 on 30 November 2021.

Tetra4 entered into a US$40.0 million finance agreement with the US International Development Finance Corporation (DFC) on 20 August 2019 ("Facility Agreement"). The first draw down of US$20.0 million took place in September 2019, the second draw down of US$12.5 million in June 2020 and the final draw down of US$7.5 million in September 2021. Tetra4 will repay the loan in equal quarterly instalments of US$1.1 million on each payment date beginning 1 August 2022 and ending on 15 August 2031. The loan is secured by a pledge of the Group's assets under construction, land and the Debt Service Reserve Account.

The first drawdown of $20.0 million attracts interest of 2.11% per annum. Interest on the second and final drawdowns is 1.49% and 1.24% per annum, respectively. Interest is payable by Tetra4 to the DFC quarterly on 15 February, 15 May, 15 August and 15 November of each year (Repayment Dates) for the duration of the loan.

A guaranty fee of 4% per annum is payable by Tetra4 to the DFC on any outstanding loan balance. The guaranty fee is payable quarterly on the Repayment Dates.

A commitment fee of 0.5% per annum is payable by Tetra4 to the DFC on any undisbursed amounts under the Facility Agreement. Commitment fees are payable quarterly on the Repayment Dates.

An annual maintenance fee of $0.04 million is payable by Tetra4 to the DFC for the duration of the loan term and is payable on 15 November of each year.

ASX Listing Rules Appendix 5B (17/07/20)	Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.

For personal use only

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

	Facility which became available after the quarter end:
	Tetra4 entered into a R160.7 million loan agreement with the Industrial Development
	Corporation ("IDC") on 17 December 2021. The loan amount was drawn down in full on 22
	December 2021 and is repayable in 102 equal monthly payments commencing in July 2023.
	The loan terms include a 12-month interest capitalisation and an 18-month capital repayment
	moratorium. The loan accrues interest at the prime overdraft rate plus 3.5% and is secured
	by a pledge of the Group's assets under construction, land and the Debt Service Reserve
	Account.
8.	Estimated cash available for future operating activities	ZAR'000
8.1	Net cash used in operating activities (item 1.9)	(8 112)
8.2	(Payments for exploration & evaluation classified as investing	(11 853)
	activities) (item 2.1(d))
8.3	Total relevant outgoings (item 8.1 + item 8.2)	(19 965)
8.4	Cash and cash equivalents at quarter end (item 4.6)	75 307
8.5	Unused finance facilities available at quarter end (item 7.5)	-
8.6	Total available funding (item 8.4 + item 8.5)	75 307
8.7	Estimated quarters of funding available (item 8.6 divided by	3.77
	item 8.3)

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.

ASX Listing Rules Appendix 5B (17/07/20)	Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.