(via TheNewswire)
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Delivering on business priorities
Following the
Priorities and key milestones delivered in the quarter are as follows:
Maximise margin and cash flow at Jervois Finland, and deliver operational improvements:
US$8.2 million Q3 operating cash flow at Jervois Finland, building onUS$33.2 million of operating cash flow delivered in the first half (positiveUS$41.4 million 2023 YTD).
Execute
U.S. Government (DoD )US$15.0 million funded ICO drilling programme andU.S. cobalt refinery BFS:Surface drilling commenced at the Sunshine deposit; a historic resource adjacent to Jervois’ ICO processing infrastructure.
Finalised engagement terms and study management execution arrangements with
AFRY USA LLC to undertake basic engineering and prepare an accompanying BFS for a greenfieldU.S. cobalt refinery.BFS is key to support Jervois’ existing
Department of Energy (“DOE ”) Advanced Technology Vehicle Manufacturing (“ATVM”) loan application for a domestic American cobalt refinery (see ASX Announcement “Jervois submits an ATVM loan application to theU.S. DOE”, 24 April 2023).Refinery site selection is ongoing.
Initial funds received from
DoD for work completed (programmes are 100% reimbursable).
Advance debt and partner financing process at SMP
Counterparty engagement and due diligence in
Brazil advancing.
Review partnership opportunities across the portfolio to crystalise and demonstrate value:
Additional initiatives advancing across all other portfolio assets – significant third-party interest at each asset.
Jervois Finland
Quarterly revenue US$42.2 million (Q2 2023:
US$56.6 million )Cash flow from operations
US$8.2 million (Q2 2023:US$31.9 million )Adjusted EBITDA1 US$0.5 million (Q2 2023:
US$2.6 million )Sales volume 1,216 metric tonnes (Q2 2023: 1,602 metric tonnes)
Production volume: 1,285metric tonnes (Q2 2023: 1,367metric tonnes)
Jervois Finland provided positive Adjusted EBITDA and unlocked further operating cash flow in the period, including through the continued release of working capital. Jervois Finland has now generated more than
Sales and marketing
Jervois Finland produced 1,285 metric tonnes and sold 1,216 metric tonnes of cobalt in the quarter.
Figure 1: Jervois Finland sales volume by quarter (mt)
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The decrease in sales volumes relative to the prior quarter reflected cyclical softness in demand in end-use segments, and intra-year variability in shipment and customer order timing. Sales volumes year-to-date to
The company’ssales performance and outlook for key market segments under which Jervois Finland operates are summarised below.
Batteries:
Destocking continues in battery supply chains, and customer inventory levels today remain above normal levels. Recovery from Jervois’ current customers is expected in 2024.
Interest continues from both European and
U.S. based EV OEMs (automakers) for long-term cobalt supply but with volumes starting in 2025 and beyond.U.S. Inflation Reduction Act (IRA”) continues to drive interest inU.S. and other Western supply of battery raw materials.
Chemicals, Catalysts and Ceramics:
Catalysts: Oil and gas segment (processing/refining) continues to be solid, and outlook remains positive.
Chemicals: Demand continues to be above last year in the main chemical applications (copper electrowinning, coatings, and rubber adhesion).
Ceramics: Short-term demand in pigments has increased on the back of recent cobalt price increases. Prices remain under pressure though as PRC competition into
Europe continues to be robust.
Powder Metallurgy:
Automotive production rates remain variable with lagging issues around semi-conductor supply continuing to affect plant utilisation. Jervois customers have expectations of improvement in 2024.
General engineering, including construction, remains soft.
In contrast to demand from the petroleum sector as pertains to catalysts (specific to refining), in powder metallurgy, as
U.S. oil and gas production (drilling) has fallen, and rig counts are expected to remain down for the balance of 2023, demand remains subdued.Aerospace continues to be one of the bright spots, as order books remain full due to rising demand from both civilian and military purchasers.
Financial performance
Jervois Finland achieved revenue of
Adjusted EBITDA
Jervois Finland achieved Adjusted EBITDA in the third quarter of
The decrease in Adjusted EBITDA relative to the prior quarter was principally due to lower sales volumes and a modest increase in feed costs realised in the profit and loss account. These factors more than offset the benefits of a reduction in production costs in the quarter.
Figure 2: Jervois Finland Adjusted EBITDA by quarter (US$M, unaudited)
The plant continued to perform well in the quarter, with internal targets for safety, production efficiency and product quality all met in the quarter. Near-term focus for Jervois Finland remains on operational performance, cash generation and risk management.
A reconciliation between Adjusted EBITDA, EBITDA, and Net Profit after Tax (“NPAT”) for Jervois and Jervois Finland is included on page 11. There were no material reconciliation differences between Adjusted EBITDA and EBITDA for Jervois Finland in the third quarter.
Cash flow performance
Cash flow from operations (before interest payments) was
Jervois made partial repayment of the Mercuria working capital facility in the period in line with the reduction of the underlying collateral value, with
Idaho Cobalt Operations (“ICO”),
Cash flow for ICO in the third quarter included
A further
Jervois commenced a surface drilling campaign at the Sunshine deposit adjacent to ICO in
Drilling occurred under the
Jervois expects to spend
Planning for an underground exploration programme at the RAM deposit within ICO progressed during the quarter.
Jervois’ Board also approved the appointment of
Jervois commenced site selection via its 100%-held subsidiary,
Site selection considers local, state, and federal incentives; permitting processes; security of supply chains; logistics; access to workforce capacity and capability; and other technical and operational requirements, all to underpin a globally competitive facility. The expected BFS completion schedule will be available upon a final location decision.
São Miguel Paulista (“SMP”) nickel and cobalt refinery,
Counterparty engagement and due diligence continues to advance at SMP. Jervois’ objective remains to conclude a partner financing solution before the end of 2023. SMP’s economic potential is strong, based on prevailing market conditions, with market pricing for both nickel metal and mixed hydroxide precipitate intermediate feed trending favourably compared to the BFS assumptions.
The SMP restart project is expected to resume promptly once the partnering process is concluded. Current activities at site are focussed on supporting due diligence, and review of opportunities to optimise and de-risk the restart capital project.
Monthly costs are currently tracking favourably against the
Nico Young nickel-cobalt project,
Jervois is undertakinga divestment process tosell all or part of its interest in the company’s 100%-owned Nico Young nickel and cobalt project which continued to progress during the quarter. Jervois has invested >
Corporate activities
Liquidity
Jervois completed a fully underwritten
--
US$25.0 million Notes maturing in July/August 2028 which are convertible into Jervois ordinary shares (Convertible Notes Offer”). The initial conversion price for the Notes isUS$0.0605 which represented a 40% premium to the Entitlement Offer Theoretical Ex Rights Price (“TERP”)2and the Notes carry a 6.5% p.a. coupon; and--
US$25.0 million Entitlement Offer, undertaken in parallel with the Convertible Notes Offer.
On
Jervois ended the
Environmental, social, governance
Jervois continues to chair the Cobalt Institute’s
Presentations and events
During the quarter, CEO
Results of meeting
At a general meeting of Jervois shareholders on
Resolution 1: Approval to issue Convertible Notes
Resolution 2: Ratification of prior issue of Convertible Notes.
Exploration and development expenditure
In relation to the
Insider compensation reporting
During the quarter,
Non-core assets
The non-core assets are summarised on the Company’s website.
ASX waiver information
On
As at
By Order of the Board
Chief Executive Officer
For further information, please contact:
Investors and analysts: Group Manager External Affairs Jervois GlobalLimited alicia.brown@jervoisglobal.com | Media: nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
Forward-Looking Statements
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to partnership for group operations, operations at Jervois Finland, drilling to be undertaken at ICO, refinery studies to be undertaken in the US, timing of restart of
Neither
Basis of preparation of financial information
Historical and forecast financial information
Financial information is prepared under
EBITDA for historical periods is presented as net income after adding back tax, interest, depreciation, and extraordinary items and is a non-IFRS/non-GAAP measure.
Reconciliation of NPAT to EBITDA and Adjusted EBITDA
EBITDA is a non-IFRS financial measure. EBITDA is presented as net income after adding back interest, tax, depreciation and amortisation, and extraordinary items. Adjusted EBITDA represents EBITDA adjusted to exclude items which do not reflect the underlying performance of the company’s operations. Exclusions from adjusted EBITDA are items that require exclusion in order to maximise insight and consistency on the financial performance of the company’s operations.
Exclusions include gains/losses on disposals, impairment charges (or reversals), certain derivative items, NRV adjustments to inventories, and one-off costs related to post-acquisition integration.
Refer to the table below for a reconciliation of NPAT to EBITDA and Adjusted EBITDA.
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Tenements
Australian Tenements
Description | Tenement number | Interest owned (%) |
Ardnaree (NSW) | EL 5527 | 100.0 |
Thuddungra (NSW) | EL 5571 | 100.0 |
Nico Young (NSW) | EL 8698 | 100.0 |
West Arunta (WA) | E80 4820 | 17.9 |
West Arunta (WA) | E80 4986 | 17.9 |
West Arunta (WA) | E80 4987 | 17.9 |
Uganda Exploration Licences
Description | Exploration licence number | Interest owned (%) |
Kilembe Area | EL0292 | 100.0 |
Kilembe Area | EL0012 | 100.0 |
Idaho Cobalt Operations – 100% Interest owned | ||
Claim | County # | IMC # |
SUN 1 | 222991 | 174156 |
SUN 2 | 222992 | 174157 |
SUN 3 Amended | 245690 | 174158 |
SUN 4 | 222994 | 174159 |
SUN 5 | 222995 | 174160 |
SUN 6 | 222996 | 174161 |
SUN 7 | 224162 | 174628 |
SUN 8 | 224163 | 174629 |
SUN 9 | 224164 | 174630 |
SUN 16 Amended | 245691 | 177247 |
SUN 18 Amended | 245692 | 177249 |
Sun 19 | 277457 | 196394 |
228059 | 176755 | |
228060 | 176756 | |
228049 | 176769 | |
228050 | 176770 | |
228051 | 176771 | |
DEWEY FRAC Amended | 248739 | 177253 |
Powder 1 | 269506 | 190491 |
Powder 2 | 269505 | 190492 |
LDC-1 | 224140 | 174579 |
LDC-2 | 224141 | 174580 |
LDC-3 | 224142 | 174581 |
LDC-5 | 224144 | 174583 |
LDC-6 | 224145 | 174584 |
LDC-7 | 224146 | 174585 |
LDC-8 | 224147 | 174586 |
LDC-9 | 224148 | 174587 |
LDC-10 | 224149 | 174588 |
LDC-11 | 224150 | 174589 |
LDC-12 | 224151 | 174590 |
LDC-13 Amended | 248718 | 174591 |
LDC-14 Amended | 248719 | 174592 |
LDC-16 | 224155 | 174594 |
LDC-18 | 224157 | 174596 |
LDC-20 | 224159 | 174598 |
LDC-22 | 224161 | 174600 |
LDC FRAC 1 Amended | 248720 | 175880 |
LDC FRAC 2 Amended | 248721 | 175881 |
LDC FRAC 3 Amended | 248722 | 175882 |
LDC FRAC 4 Amended | 248723 | 175883 |
LDC FRAC 5 Amended | 248724 | 175884 |
RAM 1 | 228501 | 176757 |
RAM 2 | 228502 | 176758 |
RAM 3 | 228503 | 176759 |
RAM 4 | 228504 | 176760 |
RAM 5 | 228505 | 176761 |
RAM 6 | 228506 | 176762 |
RAM 7 | 228507 | 176763 |
RAM 8 | 228508 | 176764 |
RAM 9 | 228509 | 176765 |
RAM 10 | 228510 | 176766 |
RAM 11 | 228511 | 176767 |
RAM 12 | 228512 | 176768 |
RAM 13 Amended | 245700 | 181276 |
RAM 14 Amended | 245699 | 181277 |
RAM 15 Amended | 245698 | 181278 |
RAM 16 Amended | 245697 | 181279 |
245696 | 178081 | |
245695 | 178082 | |
245694 | 178083 | |
245693 | 178084 | |
HZ 1 | 224173 | 174639 |
HZ 2 | 224174 | 174640 |
HZ 3 | 224175 | 174641 |
HZ 4 | 224176 | 174642 |
HZ 5 | 224413 | 174643 |
HZ 6 | 224414 | 174644 |
HZ 7 | 224415 | 174645 |
HZ 8 | 224416 | 174646 |
HZ 9 | 224417 | 174647 |
HZ 10 | 224418 | 174648 |
HZ 11 | 224419 | 174649 |
HZ 12 | 224420 | 174650 |
HZ 13 | 224421 | 174651 |
HZ 14 | 224422 | 174652 |
HZ 15 | 231338 | 178085 |
HZ 16 | 231339 | 178086 |
HZ 18 | 231340 | 178087 |
HZ 19 | 224427 | 174657 |
Z 20 | 224428 | 174658 |
HZ 21 | 224193 | 174659 |
HZ 22 | 224194 | 174660 |
HZ 23 | 224195 | 174661 |
HZ 24 | 224196 | 174662 |
HZ 25 | 224197 | 174663 |
HZ 26 | 224198 | 174664 |
HZ 27 | 224199 | 174665 |
HZ 28 | 224200 | 174666 |
HZ 29 | 224201 | 174667 |
HZ 30 | 224202 | 174668 |
HZ 31 | 224203 | 174669 |
HZ 32 | 224204 | 174670 |
HZ FRAC | 228967 | 177254 |
JC 1 | 224165 | 174631 |
JC 2 | 224166 | 174632 |
JC 3 | 224167 | 174633 |
JC 4 | 224168 | 174634 |
JC 5 Amended | 245689 | 174635 |
JC 6 | 224170 | 174636 |
JC FR 7 | 224171 | 174637 |
JC FR 8 | 224172 | 174638 |
JC 9 | 228054 | 176750 |
JC 10 | 228055 | 176751 |
JC 11 | 228056 | 176752 |
JC-12 | 228057 | 176753 |
JC-13 | 228058 | 176754 |
JC 14 | 228971 | 177250 |
JC 15 | 228970 | 177251 |
JC 16 | 228969 | 177252 |
JC 17 | 259006 | 187091 |
JC 18 | 259007 | 187092 |
JC 19 | 259008 | 187093 |
JC 20 | 259009 | 187094 |
JC 21 | 259010 | 187095 |
JC 22 | 259011 | 187096 |
CHELAN NO. 1 Amended | 248345 | 175861 |
GOOSE 2 Amended | 259554 | 175863 |
GOOSE 3 | 227285 | 175864 |
GOOSE 4 Amended | 259553 | 175865 |
GOOSE 6 | 227282 | 175867 |
GOOSE 7 Amended | 259552 | 175868 |
GOOSE 8 Amended | 259551 | 175869 |
GOOSE 10 Amended | 259550 | 175871 |
GOOSE 11 Amended | 259549 | 175872 |
GOOSE 12 Amended | 259548 | 175873 |
GOOSE 13 | 228028 | 176729 |
GOOSE 14 Amended | 259547 | 176730 |
GOOSE 15 | 228030 | 176731 |
GOOSE 16 | 228031 | 176732 |
GOOSE 17 | 228032 | 176733 |
GOOSE 18 Amended | 259546 | 176734 |
GOOSE 19 Amended | 259545 | 176735 |
GOOSE 20 | 228035 | 176736 |
GOOSE 21 | 228036 | 176737 |
GOOSE 22 | 228037 | 176738 |
GOOSE 23 | 228038 | 176739 |
GOOSE 24 | 228039 | 176740 |
GOOSE 25 | 228040 | 176741 |
SOUTH ID 1 Amended | 248725 | 175874 |
SOUTH ID 2 Amended | 248726 | 175875 |
SOUTH ID 3 Amended | 248727 | 175876 |
SOUTH ID 4 Amended | 248717 | 175877 |
SOUTH ID 5Amended | 248715 | 176743 |
SOUTH ID 6 Amended | 248716 | 176744 |
South ID 7 | 306433 | 218216 |
South ID 8 | 306434 | 218217 |
South ID 9 | 306435 | 218218 |
South ID 10 | 306436 | 218219 |
South ID 11 | 306437 | 218220 |
South ID 12 | 306438 | 218221 |
South ID 13 | 306439 | 218222 |
South ID 14 | 306440 | 218223 |
OMS-1 | 307477 | 218904 |
Chip 1 | 248956 | 184883 |
Chip 2 | 248957 | 184884 |
Chip 3 Amended | 277465 | 196402 |
Chip 4 Amended | 277466 | 196403 |
Chip 5 Amended | 277467 | 196404 |
Chip 6 Amended | 277468 | 196405 |
Chip 7 Amended | 277469 | 196406 |
Chip 8 Amended | 277470 | 196407 |
Chip 9 Amended | 277471 | 196408 |
Chip 10 Amended | 277472 | 196409 |
Chip 11 Amended | 277473 | 196410 |
Chip 12 Amended | 277474 | 196411 |
Chip 13 Amended | 277475 | 196412 |
Chip 14 Amended | 277476 | 196413 |
Chip 15 Amended | 277477 | 196414 |
Chip 16 Amended | 277478 | 196415 |
Chip 17 Amended | 277479 | 196416 |
Chip 18 Amended | 277480 | 196417 |
Sun 20 | 306042 | 218133 |
Sun 21 | 306043 | 218134 |
Sun 22 | 306044 | 218135 |
Sun 23 | 306045 | 218136 |
Sun 24 | 306046 | 218137 |
Sun 25 | 306047 | 218138 |
Sun 26 | 306048 | 218139 |
Sun 27 | 306049 | 218140 |
Sun 28 | 306050 | 218141 |
Sun 29 | 306051 | 218142 |
Sun 30 | 306052 | 218143 |
Sun 31 | 306053 | 218144 |
Sun 32 | 306054 | 218145 |
Sun 33 | 306055 | 218146 |
Sun 34 | 306056 | 218147 |
Sun 35 | 306057 | 218148 |
Sun 36 | 306058 | 218149 |
Chip 21 Fraction | 306059 | 218113 |
Chip 22 Fraction | 306060 | 218114 |
Chip 23 | 306025 | 218115 |
Chip 24 | 306026 | 218116 |
Chip 25 | 306027 | 218117 |
Chip 26 | 306028 | 218118 |
Chip 27 | 306029 | 218119 |
Chip 28 | 306030 | 218120 |
Chip 29 | 306031 | 218121 |
Chip 30 | 306032 | 218122 |
Chip 31 | 306033 | 218123 |
Chip 32 | 306034 | 218124 |
Chip 33 | 306035 | 218125 |
Chip 34 | 306036 | 218126 |
Chip 35 | 306037 | 218127 |
Chip 36 | 306038 | 218128 |
Chip 37 | 306039 | 218129 |
Chip 38 | 306040 | 218130 |
Chip 39 | 306041 | 218131 |
Chip 40 | 307491 | 218895 |
DRC NW 1 | 307492 | 218847 |
DRC NW 2 | 307493 | 218848 |
DRC NW 3 | 307494 | 218849 |
DRC NW 4 | 307495 | 218850 |
DRC NW 5 | 307496 | 218851 |
DRC NW 6 | 307497 | 218852 |
DRC NW 7 | 307498 | 218853 |
DRC NW 8 | 307499 | 218854 |
DRC NW 9 | 307500 | 218855 |
DRC NW 10 | 307501 | 218856 |
DRC NW 11 | 307502 | 218857 |
DRC NW 12 | 307503 | 218858 |
DRC NW 13 | 307504 | 218859 |
DRC NW 14 | 307505 | 218860 |
DRC NW 15 | 307506 | 218861 |
DRC NW 16 | 307507 | 218862 |
DRC NW 17 | 307508 | 218863 |
DRC NW 18 | 307509 | 218864 |
DRC NW 19 | 307510 | 218865 |
DRC NW 20 | 307511 | 218866 |
DRC NW 21 | 307512 | 218867 |
DRC NW 22 | 307513 | 218868 |
DRC NW 23 | 307514 | 218869 |
DRC NW 24 | 307515 | 218870 |
DRC NW 25 | 307516 | 218871 |
DRC NW 26 | 307517 | 218872 |
DRC NW 27 | 307518 | 218873 |
DRC NW 28 | 307519 | 218874 |
DRC NW 29 | 307520 | 218875 |
DRC NW 30 | 307521 | 218876 |
DRC NW 31 | 307522 | 218877 |
DRC NW 32 | 307523 | 218878 |
DRC NW 33 | 307524 | 218879 |
DRC NW 34 | 307525 | 218880 |
DRC NW 35 | 307526 | 218881 |
DRC NW 36 | 307527 | 218882 |
DRC NW 37 | 307528 | 218883 |
DRC NW 38 | 307529 | 218884 |
DRC NW 39 | 307530 | 218885 |
DRC NW 40 | 307531 | 218886 |
DRC NW 41 | 307532 | 218887 |
DRC NW 42 | 307533 | 218888 |
DRC NW 43 | 307534 | 218889 |
DRC NW 44 | 307535 | 218890 |
DRC NW 45 | 307536 | 218891 |
DRC NW 46 | 307537 | 218892 |
DRC NW 47 | 307538 | 218893 |
DRC NW 48 | 307539 | 218894 |
EBatt 1 | 307483 | 218896 |
EBatt 2 | 307484 | 218897 |
EBatt 3 | 307485 | 218898 |
EBatt 4 | 307486 | 218899 |
EBatt 5 | 307487 | 218900 |
EBatt 6 | 307488 | 218901 |
EBatt 7 | 307489 | 218902 |
EBatt 8 | 307490 | 218903 |
OMM-1 | 307478 | 218905 |
OMM-2 | 307479 | 218906 |
OMN-2 | 307481 | 218908 |
OMN-3 | 307482 | 218909 |
BTG-1 | 307471 | 218910 |
BTG-2 | 307472 | 218911 |
BTG-3 | 307473 | 218912 |
BTG-4 | 307474 | 218913 |
BTG-5 | 307475 | 218914 |
BTG-6 | 307476 | 218915 |
NFX 17 | 307230 | 218685 |
NFX 18 | 307231 | 218686 |
NFX 19 | 307232 | 218687 |
NFX 20 | 307233 | 218688 |
NFX 21 | 307234 | 218689 |
NFX 22 | 307235 | 218690 |
NFX 23 | 307236 | 218691 |
NFX 24 | 307237 | 218692 |
NFX 25 | 307238 | 218693 |
NFX 30 | 307243 | 218698 |
NFX 31 | 307244 | 218699 |
NFX 32 | 307245 | 218700 |
NFX 33 | 307246 | 218701 |
NFX 34 | 307247 | 218702 |
NFX 35 | 307248 | 218703 |
NFX 36 | 307249 | 218704 |
NFX 37 | 307250 | 218705 |
NFX 38 | 307251 | 218706 |
NFX 42 | 307255 | 218710 |
NFX 43 | 307256 | 218711 |
NFX 44 | 307257 | 218712 |
NFX 45 | 307258 | 218713 |
NFX 46 | 307259 | 218714 |
NFX 47 | 307260 | 218715 |
NFX 48 | 307261 | 218716 |
NFX 49 | 307262 | 218717 |
NFX 50 | 307263 | 218718 |
NFX 56 | 307269 | 218724 |
NFX 57 | 307270 | 218725 |
NFX 58 | 307271 | 218726 |
NFX 59 | 307272 | 218727 |
NFX 60 Amended | 307558 | 218728 |
NFX 61 | 307274 | 218729 |
NFX 62 | 307275 | 218730 |
NFX 63 | 307276 | 218731 |
NFX 64 | 307277 | 218732 |
OMN-1 revised | 315879 | 228322 |
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
ABN | Quarter ended (“current quarter”) | |
52 007 626 575 |
Consolidated statement of cash flows | Current quarter | Year to date (9 months) $US’000 | |
1. | Cash flows from operating activities | 51,607 | 192,129 |
1.1 | Receipts from customers | ||
1.2 | Payments for | - | - |
| |||
| (4,588) | (8,583) | |
| (42,892) | (149,623) | |
| (2,777) | (11,554) | |
| 826 | (2,832) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | 263 | 1,074 |
1.5 | Interest and other costs of finance paid | (7,593) | (18,776) |
1.6 | Income taxes refunded / (paid) | (454) | (1,082) |
1.7 | Other1 | (3,995) | - |
1.9 | Net cash (used in) from operating activities | (9,603) | 753 |
1. During the quarter ended
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
| |||
| - | - | |
| (8,746) | (78,375) | |
| (260) | (625) | |
| - | - | |
| - | - | |
| - | - | |
2.2 | Proceeds from the disposal of: | - | - |
| |||
| - | - | |
| 675 | 1,069 | |
| - | - | |
| - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other1 | 2,693 | - |
2.6 | Net cash used in investing activities | (5,638) | (77,931) |
3. | Cash flows from financing activities | 24,985 | 24,985 |
3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | ||
3.2 | Proceeds from issue of convertible debt securities | 25,000 | 25,000 |
3.3 | Proceeds from exercise of options | - | - |
3.4 | Transaction costs related to issues of equity securities or convertible debt securities | (3,209) | (3,264) |
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | (8,638) | (66,138) |
3.7 | Transaction costs related to loans and borrowings | - | - |
3.8 | Dividends paid | - | - |
3.9 | Other – incl. lease liabilities | (525) | (1,405) |
Other - Government grants and tax incentives | 8 | 175 | |
Other | - | - | |
3.10 | Net cash from (used in) financing activities | 37,621 | (20,647) |
4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
4.1 | Cash and cash equivalents at beginning of period | 32,181 | 152,647 |
4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (9,603) | 753 |
4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (5,638) | (77,931) |
4.4 | Net cash from / (used in) financing activities (item 3.10 above) | 37,621 | (20,647) |
4.5 | Effect of movement in exchange rates on cash held | 290 | 29 |
4.6 | Cash and cash equivalents at end of period | 54,851 | 54,851 |
5. | Reconciliation of cash and cash equivalents | Current quarter | Previous quarter |
5.1 | Bank balances | 54,851 | 32,181 |
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) | 54,851 | 32,181 |
6. | Payments to related parties of the entity and their associates | Current quarter |
6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 202 |
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. |
7. | Financing facilities Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end | Amount drawn at quarter end |
7.1 | Bond Facility1 | 100,000 | 100,000 |
7.2 | Secured Revolving Credit Facility2 | 150,000 | 48,862 |
7.3 | Unsecured Convertible Notes3 | 25,000 | 25,000 |
7.4 | Total financing facilities | 275,000 | 173,862 |
7.5 | Unused financing facilities available at quarter end ($US’000)4 | - | |
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. | ||
On Key terms:
On Key terms:
| |||
On
The Borrowers may draw to the lower of the maximum amount or 80% of the collateral value (referred to as the “Maximum Available Amount”), where collateral is defined as the value of the Borrower’s inventory and receivables, calculated monthly (reduced to 70% for eligible inventory in Subject to the Maximum Available Amount, the total unused financing facility may increase in the future to the maximum facility amount of |
8. | Estimated cash available for future operating activities | $US’000 |
8.1 | Net cash from / (used in) operating activities (item 1.9) | (9,603) |
8.2 | (Payments forexploration & evaluation classified as investing activities)(item 2.1(d)) | (260) |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (9,863) |
8.4 | Cash and cash equivalents at quarter end (item 4.6) | 54,851 |
8.5 | Unused finance facilities available at quarter end (item 7.5 and see item 7.6 – footnote 3) | - |
8.6 | Total available funding (item 8.4 + item 8.5) | 54,851 |
8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 5.6 |
Note: if the entity has reported positive relevant outgoings (i.e., 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: N/A | ||
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: N/A | ||
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: N/A | ||
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. |
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.
Date:
Authorised by: Disclosure Committee
(
1 Information on the basis of preparation for the financial information included in this Quarterly Activities Report is set out on page 11.
2 TERP is the theoretical price at which Jervois’ ordinary shares should trade at immediately after the ex-date for the Entitlement Offer based only on the last traded price and issuance of Jervois’ ordinary shares at the offer price under the Entitlement Offer.
3 Drawn senior debtrepresents the aggregate of amounts drawn under the company’s senior debt facilities (excludes Unsecured Convertible Notes that mature in Jul/
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