MOD Resources Limited Quarterly Cashflow Report (1558H)
30 Julio 2019 - 1:02AM
UK Regulatory
TIDMMOD
RNS Number : 1558H
MOD Resources Limited
30 July 2019
+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
-----------------------------------------------------
MOD RESOURCES LIMITED
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
78 003 103 544 30 June 2019
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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(1) (2,438) (4,096)
(b) feasibility studies (395) (2,055)
(c) development - -
(d) production - -
(e) staff costs (504) (1,427)
(f) administration and corporate
costs (744) (1,580)
1.3 Dividends received - -
1.4 Interest received 78 93
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Research and development refunds - -
Other - MTR transaction, London
Stock Exchange listing and
1.8 Advisory fees(2) (569) (779)
---------------- ----------------
Net cash used in operating
1.9 activities (4,572) (9,844)
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Notes
(1) Based on 100% of Exploration and Evaluation payments and
therefore includes Metal Tiger (MTR) 30% contribution on JV
licences (refer section 3.9).
(2) Current quarter includes success fees in relation to the
MTR Transaction and fees for advisors and independent technical
experts on the strategic investor and debt process for the
T3 Copper Project.
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2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant and equipment(3) (806) (961)
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
------- ------------------------------------- ---------------- ----------------
2.2 Proceeds from the disposal
of:
(a) property, plant and equipment 44 44
(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)
---------------- ----------------
Net cash used in investing
2.6 activities (762) (917)
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Notes
(3) Includes instalment payment for the purchase of the farm
on which the T3 Copper Project is located. This is lower than
the forecasted cash outflow in the 31 March 2019 quarterly
cash flow report as MOD has not yet taken a decision to develop
the T3 Project.
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3. Cash flows from financing
activities
3.1 Proceeds from issues of shares - 15,125
3.2 Proceeds from issue of convertible - -
notes
3.3 Proceeds from exercise of - -
share options
Transaction costs related
to issues of shares, convertible
notes, options or performance
3.4 rights (140) (1,218)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
MTR contributions to Joint
3.9 Venture 42 275
---------------- ----------------
3.10 Net cash from financing activities (98) 14,182
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4. Net increase/(decrease) in
cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 13,820 5,038
Net cash used in operating
4.2 activities (item 1.9 above) (4,572) (9,844)
Net cash used in investing
4.3 activities (item 2.6 above) (762) (917)
Net cash from financing activities
4.4 (item 3.10 above) (98) 14,182
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Effect of movement in exchange
4.5 rates on cash held (90) (161)
---------------- ----------------
Cash and cash equivalents
4.6 at end of period 8,298 8,298
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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 3,798 2,820
5.2 Call deposits 4,500 11,000
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) 8,298 13,820
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $A'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 332
----------------
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
----- ---------------------------------------------------------------------------
Included in 6.1 are payments for director fees and company
secretarial fees paid to a director or director associated
companies.
7. Payments to related entities of the entity Current quarter
and their associates $A'000
----------------
7.1 Aggregate amount of payments to these parties 50
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
----- ---------------------------------------------------------------------------
Included in 7.1 are consultancy services for metallurgical
test work and feasibility study work provided by Metallurgy
Pty Ltd, companies associated with Steve McGhee and consultancy
services provided by Integra Management Solutions a company
associated with Bronwyn Barnes.
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $A'000
$A'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 $A'000
quarter
9.1 Exploration and evaluation 1,400
9.2 Studies(1) 150
T3 Project capital cost and other
9.3 capital cost(2) 750
9.4 Staff costs(3) 900
9.5 Administration and corporate costs 600
Other (provide details if material)
9.6 (4) 670
Other (provide details if material)
(5) (120)
-----------------------------------
9.7 Total estimated cash outflow 4,350
----- -------------------------------------------------------- -----------------------------------
Notes:
1. Finalisation of costs associated with the T3 Feasibility
Study and supplementary studies.
2. Predominantly consisting of a further payment for the purchase
the farm on which the T3 Copper Project is located, subject
to MOD taking a decision to develop the T3 Copper Project.
3. Includes short term incentive payments for the half year
to 30 June 2019.
4(.) Transaction costs in relation to the Scheme of Arrangement
between Sandfire Resources NL and MOD Resources Limited.
5 Reflects the MTR JV contributions.
10. Changes in tenements Tenement Nature of interest Interest Interest
(items 2.1(b) reference at beginning at end
and 2.2(b) above) and location of quarter of quarter
------- --------------------- -------------- --------------------- -------------- -----------------
10.1 Interests in
mining tenements
and petroleum
tenements lapsed,
relinquished
or reduced
------- --------------------- -------------- --------------------- -------------- -----------------
Interests in
mining tenements
and petroleum
tenements acquired
10.2 or increased PL334/2018 100% 100%
PL335/2018 100% 100%
PL336/2018 100% 100%
PL065/2018 100% 100%
------- --------------------- -------------- --------------------- -------------- -----------------
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.
Mark Clements
Company Secretary
26 July 2019
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.
This information is provided by RNS, the news service of the
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END
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