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viewSalt Lake Potash Ltd

Salt Lake Potash Ltd - June 2020 Quarterly Report

RNS Number : 7341U
Salt Lake Potash Limited
31 July 2020
 

31 July 2020

 

AIM/ASX Code: SO4

 

 

SALT LAKE POTASH LIMITED

 

JUNE 2020 QUARTERLY REPORT

Salt Lake Potash Limited (SO4 or the Company) is pleased to present its Quarterly Report for the period ending 30 June 2020. The Company is focussed on rapidly developing the Lake Way SOP Project in Wiluna, Western Australia.

HIGHLIGHTS                                                             

On-Lake Construction & Operations

§ Stage 1 & 2 pond networks in operation and precipitating harvest salts.

§ 45km of brine transfer piping installed and site pumping capacity >600L/s to support pond operations.

§ Harvest salt and brine chemistry aligning with model. During the quarter a 277kg bulk sample of harvest salts was taken from the Stage 1 Kainite Ponds, reporting average potassium grades of 7.5%, above assumed average plant feed in the BFS of 6.8%.

§ Trench development recommenced in June with total trench length extended to 48km by the end of the June quarter (from 35km at end March quarter).

§ Paleochannel borefield development commenced with drilling and test pumping of brine extraction bores. Four bores were drilled during the quarter with two test pumped and one test currently underway. Results confirmed the BFS model for both aquifer parameters and brine grade.

Process Plant and Non-Process Infrastructure

§ EPC and EPCM contracts for the construction of the Lake Way processing plant and non-process infrastructure (NPI) were awarded to GR Engineering Services (ASX:GNG). 

§ During the quarter the bulk civil earthworks for the process plant and non-process infrastructure were completed.

§ Concrete placement is well progressed with more than 50% of the process plant work complete.

§ Structural steel started arriving on site and erection has commenced post period end.

§ 100 permanent and 160 temporary rooms constructed at the site village with associated infrastructure including Communications, WWTP and RO plant.

§ Project has procured approximately 90% of major vendor packages with all critical vendor contracts executed.

§ Construction of the process plant continues on schedule during the June quarter with practical completion and first SOP production planned for the March quarter 2021.

Corporate & Financial

§ Project debt financing substantially advanced with execution expected imminently.

§ SO4 was granted 'Green Label' certification for debt issued to develop the Lake Way Project.

§ In April 2020 the Company raised A$20m in a placement to existing and new institutional investors.

§ Immediately following period-end the Company raised A$15m via zero-coupon convertible notes, structured as deferred equity.

§ Matthew Bungey appointed to the board of directors.

Upcoming milestones/activity

§ Finalisation of full project funding.

§ Ongoing delivery of major plant components to site.

§ Process plant and non process infrastructure construction ramp up.

§ On-lake Stage 3 pond and trench construction activities ramp up.

§ Paleochannel borefield drilling and pump testing continues.

 

on-lake operations

Brine extraction: Trenches

Trench development re-commenced during the quarter with total trench length extended to 48km by the end of June (from 35km at end March quarter).

Paleochannel drilling

During the quarter SO4 commenced development of the Lake Way paleochannel, drilling the first four brine abstraction bores into the paleochannel basal sands at pads 8, 17, 18 and 21. Two of the four completed brine abstraction bores have now been test-pumped (Pad 8 and 17) with the third test currently underway (Pad 21).

Drilling is ongoing with the next tranche of bores being at Pads 12, 14 and 23.

Test pumping at pads 8 and 17 was conducted at flow rates ranging from 10-18 l/s and with grades observed during testing ranging from 7,240mg/l to 5,370mg/l.

Table 1 provides a summary of the completed bores (see Appendix C for further detail).

Drill Pad

Bore Name

Depth (m)

Basal sand intersection (mbgl)

Basal Sand Thickness (m)

Test pumping Rate (L/s)

Average Potassium Grade During Pumping (mg/L)

Completed test pumping:




8

LYPBB004

114

99 - 111

12

10

5,370

17

LYPPB001

113

95 - 113

18

18

7,240

Drilled but test pumping not concluded:





18

LYPBB006

112.5

88 - 110

22

not yet tested

6,890*

21

LYPZB002

114

92 - 111

19

12*

7,260

Note: *Potassium Grade from Bore LYPBB006 is from an airlift sample. Test pumping at bore LYPZB002 is ongoing.

Table 1: June Quarter Paleochannel drill programme summary

Separate monitoring bores were drilled adjacent to the brine abstraction bores at Pads 8 and 17 in both the paleochannel and the overlying paleovalley clays. Importantly, drawdown was observed in the monitoring bores during test pumping. Drawdown in both the basal sand aquifer and overlying clays demonstrates that brine flow is sourced from lateral flow within the basal sand aquifer as well as from downward vertical leakage from the overlying paleovalley clays. This is consistent with modelling assumptions set out in the BFS. In each case drawdown was also observed at more distant monitoring bores - in the case of Pad 8 a drawdown was observed in a monitoring bore on Pad 9 (878 m away), in the case of Pad 17 a drawdown was observed in a monitoring bore on Pad 21 (1.6km away).

By matching the measured drawdown curves with modelled drawdown curves the Company was able to estimate the aquifer parameters and confirm the continuity of the paleochannel.

In summary, the results from the paleochannel drilling campaign have validated SO4's BFS model in terms of the location, continuity and depth of the paleochannel basal sands and brine grades.

Pond operation

The Stage 1 and 2 pond networks both operated at steady state during the June quarter.

Brine chemistry across the pond network continues to align with modelled outcomes. During the quarter, a 277kg bulk sample taken from Kainite Pond 1, Cell C4 was analysed and reported a potassium grade of 7.5%, ahead of the average modelled harvest salt grade in the BFS of 6.8%. In some areas of the Stage 1 harvest cells the salt pavement is now almost 500mm thick.

off-lake operations                                            

Process Plant construction and procurement

Construction of the process plant continued on schedule during the June quarter with practical completion and first SOP production targeted for the March quarter 2021.

In June the Company announced it had awarded the EPC and EPCM contracts for the construction of the Lake Way project to GR Engineering Services (ASX:GNG)(GRES).

The Engineering, Procurement and Construction (EPC) contract encompasses the provision of plant, labour, materials and construction services for the process plant and NPI valued at A$85m. The Engineering, Procurement and Construction Management (EPCM) contract encompasses the provision of services for the engineering, procurement and construction management for areas of the process plant and NPI, valued at A$22m.

As part of the detailed engineering undertaken since completion of the Bankable Feasibility Study (BFS) in October 2019, as well as the negotiated contract risk allocation undertaken with GRES, the Company agreed a revised capital budget of A$264m for the Lake Way Project. The revised number is a A$10m increase to the published BFS capital budget and includes an A$18m contingency allowance.

At the process plant site the Company completed bulk civil earthworks and commenced pouring concrete foundations during the quarter.

Procurement advanced significantly during the quarter with the project now over 90% procured for major packages and all key vendor contracts executed. The largest procurement package, the process plant crystalliser, arrived at site in July, weeks ahead of schedule. Other major plant components including centrifuges, attritioners, flotation cells, sizing screens, thickeners, rotary drier, impact crushers, lump breakers and conveyer belts have all been ordered and will arrive at site during the next two quarters.

Non-process Infrastructure

At Lake Way Village, construction of 100 permanent and 160 temporary rooms were completed.

Bulk civil earthworks were finalised including pad preparation for construction of the power plant, warehouse, workshop, administration and site village, as well as construction of the raw water pond, runoff settlement ponds and site access roads.

Following the quarter-end the Company commenced erecting NPI structural steel at the warehouse/workshop and the process plant site.

At West Creek process water borefield the Company drilled a total of 7 production bores and 2 monitoring bores, that will supply the RO Plant (potable water) and water for the process plant. The production bores have been test-pumped and the steady state operation pumping philosophy finalised.

Approvals                                                             

SO4 continued the advancement of the remaining permitting required to support full-scale operations with the submission of the Environmental Review Document (ERD) to the EPA during the quarter. The EPA has determined that the full project scope requires formal assessment with no public review. As part of the EPA submission the Company submitted various surveys, studies, preliminary plans and assessments.

Surveys conducted as part of the EPA submission included:

§ Flora survey

§ Terrestrial Fauna survey

§ Stygofauna survey of bores within the SO4 Lake Way production area

§ Shorebird assessment of Lake Way

§ Aquatic Invertebrates survey

§ Short Range Endemic assessment

Studies conducted as part of the submission included:

§ Visual Impact assessment

§ Ground Water modelling

§ H3 Hydrology Assessment for full project brine extraction

§ Flood study modelling

§ Vadoze Zone modelling

§ Salt Dissipation study

§ Greenhouse Gas study

Preliminary plans and assessments completed as part of the submission included:

§ Mine Closure Plan

§ Stage 3 Environmental Risk Assessment

§ Tecticornia Monitoring and Management Plan

In addition to the EPA submission, the Company continues to seek other project approvals as required. The key approvals granted or advanced during the quarter include:

§ Ministerial consent to use the land under section 18 of the Aboriginal Heritage Act 1972. Land usage includes additional development as needed to meet ongoing project requirements for the off lake non process infrastructure including access and infrastructure corridors, gas pipeline, process water, process plant and village.

§ Ongoing project approvals for the construction of paleo channel bores and the associated infrastructure, received from the Department of Mines, Industry, Regulation and Safety.

§ Submission of the brine extraction licence for on-lake Stage 3 to the Department of Water and Environmental Regulation (the Company has already obtained the necessary water licences to extract process water from the West Creek and Southern borefields).

covid-19 business update                                    

SO4 has continued to monitor Government advice regarding Covid-19 as it has evolved in order to minimise potential impacts. A number of restrictions including interaction with the Wiluna community have now been lifted or eased. 

As part of the Company's response to Covid-19, SO4 implemented a number of efficiencies and cost saving measures to ensure the ongoing success of the Project. The temporary reduction to Director fees, executive, management, employee and contractor salaries and fees was lifted effective 1 July 2020.

exploration                                                          

The Company is currently progressing resource development work at both Lake Marmion and Lake Ballard as part of a strategic review to determine its next project. During the quarter work focused on the integration of geophysical data and the development of Leapfrog models to assist in identifying future drilling targets within the paleochannel that lies beneath Lakes Ballard and Marmion.

corporate                                                             

Debt Financing

In August 2019, SO4 announced that it had mandated Taurus Funds Management (Taurus or the Lenders), to provide up to US$150m project financing for the Lake Way Project.

The Stage 1 Funding Facility (Facility) provided initial access to funding for early construction works at the Lake Way Project and enabled completion of the BFS prior to drawdown of the main Project Development Facility (PDF). The Facility also funded civil works for the on-lake Stage 2 trenches and evaporation ponds, which with Stage 1 ponds, will provide the initial harvest salt feed for plant commissioning.

The Company has made significant progress in finalising the debt financing that is required to deliver project financial close at Lake Way. Execution of the final agreement is imminent.

Insitutional Placement

On April 17th 2020, the Company raised A$20m at a share price of A$0.34, placing 58.8 million new ordinary shares with existing and new institutional investors. As part of the placement SO4 Directors and management subscribed for a total of 3.5 million shares, including 2,250,000 shares by Chairman, Mr Ian Middlemas and 505,883 shares by Managing Director and CEO, Mr Tony Swiericzuk.

Subsequent to the end of the quarter on July 2nd 2020, the Company raised a further A$15m through the placement of unsecured convertible notes. The notes were structured as deferred equity with zero coupon and mandatory conversion into equity at the lower of 45c/share or a 5% discount to any future equity raising of at least A$10m. The Convertible Note funds have been placed to a combination of new and existing institutional investors and a new corporate investor, Equatorial Resources Limited (ASX: EQX).

Funds from both capital raisings enabled the Company to continue to deliver the Lake Way Project on schedule, with first SOP production planned in Q1 2021.

R&D Tax Incentive

In July, the Company received an R&D tax incentive payment of A$3.5m from the Australian Taxation Office in respect of its research and development activities in the year ended 30 June 2019.

Green Label Certification

SO4 has been granted 'Green' label certification for debt issued to develop its Lake Way Project. The 'Green' label provides assurance to all stakeholders of the positive environmental contribution of solar brine fertiliser production.

The 'Green' loan label is as set out by the LMA and APLMA green loan principles and eligibility was assessed by DNV GL. As part of the review, Wood Canada Limited conducted a technical assessment of greenhouse gas emissions of SOP production at Lake Way, relative to Mannheim SOP production in other locations. The assessment concluded that a Mannheim process plant of comparable capacity would have 60% higher CO2 emissions than the Lake Way Project.

Director Appointment

On May 14th 2020, the Company announced the appointment of Mr Matthew Bungey to the board. Matthew is a Chemical Engineer with over 20 years experience in Natural Resources, most recently as Managing Director and Head of Mining and Metals with Barclays Investment Bank in London.

 

For further information or to view a full version of this announcement, including diagrams, please visit https://www.so4.com.au/asx-announcements/  or contact:

 

Tony Swiericzuk / Richard Knights

Salt Lake Potash Limited

Tel: +61 8 6559 5800

Colin Aaronson / Richard Tonthat / Ben Roberts

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0) 20 7383 5100

Derrick Lee / Peter Lynch

Cenkos Securities plc (Joint Broker)

Tel: +44 (0) 131 220 6939

Rupert Fane / Ernest Bell

Hannam & Partners (Joint Broker)

Tel: +44 (0) 20 7907 8500

 

This announcement has been authorised for release by the Board of Directors.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Appendix A - Competent Person Statement and Disclaimer

Competent Persons Statement

The information in this announcement that relates to Exploration Results for Lake Way is based on, and fairly represents, information reviewed by Mr Ben Jeuken, who is a member of the Australasian Institute of Mining and Metallurgy and a member of the International Association of Hydrogeologists. Mr Jeuken is employed by Groundwater Science Pty Ltd, an independent consulting company. Mr Jeuken has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Jeuken consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Process Testwork Results  is extracted from the announcement entitled 'Harvest Salt Results Report Above Modelled Potassium Grades' dated 28 May 2020. This announcement is available to view on www.so4.com.au. The information in the original ASX Announcement that related to Process Testwork Results was based on, and fairly represents, information provided by Mr Bryn Jones, BAppSc (Chem), MEng (Mining) who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Jones is a holder of shares and performance rights in, and is a Director of, Salt Lake Potash Limited. Mr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. Salt Lake Potash Limited confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake Potash Limited's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Salt Lake Potash Limited, which could cause actual results to differ materially from such statements. Salt Lake Potash Limited makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

Appendix B - disclosures in accordance with asx listing rule 5.3

Summary of Mining Tenements

Western Australia






Lake Way






Central

Granted

-

E53/1878

100%

100%

East

Granted

-

E53/2057

100%

100%

South

Granted

-

E53/1897

100%

100%

South

Granted

-

E53/2059

100%

100%

South

Granted

-

E53/2060

100%

100%

West

Application

-

L53/208

100%

100%

Central

Application

-

M53/1102

100%

100%

Central

Application

-

M53/1103

100%

100%

Central

Application

-

M53/1104

100%

100%

Central

Application

-

M53/1105

100%

100%

Central

Application

-

M53/1106

100%

100%

Central

Application

-

M53/1107

100%

100%

East

Application

Application

M53/1109

-

100%

Central

Granted

-

E53/1862

100%

100%

West

Granted

-

E53/1863

100%

100%

North

Application

-

E53/1905

100%

100%

North

Application

-

E53/1952

100%

100%

West

Application

-

E53/1966

100%

100%

North

Application

-

E53/2049

100%

100%

North

Granted

-

P53/1642

100%

100%

West

Granted

-

P53/1643

100%

100%

West

Granted

-

P53/1644

100%

100%

West

Granted

-

P53/1645

100%

100%

Central

Granted

-

P53/1666

100%

100%

Central

Granted

-

P53/1667

100%

100%

Central

Granted

-

P53/1668

100%

100%

North

Granted

-

M53/121

100%

100%

West

Granted

-

M53/122

100%

100%

West

Granted

-

M53/123

100%

100%

West

Granted

-

M53/147

100%

100%

Central

Granted

-

M53/253

100%

100%

Central

Granted

-

M53/796

100%

100%

Central

Granted

-

M53/797

100%

100%

Central

Granted

-

M53/798

100%

100%

Central

Granted

-

M53/910

100%

100%

West

Granted

-

L53/51

100%

100%

West

Application

-

L53/207

100%

100%

West

Granted

Granted

L53/211

-

100%

North

Granted

Granted

L53/212

-

100%

West

Application

-

-

L53/214

100%

100%

West

Application

-

 

L53/215

100%

100%

North

Application

-

L53/216

100%

100%

West

Application

-

L53/217

100%

100%

West

Granted

Granted

L53/218

-

100%

West

Application

-

L53/210

100%

100%

West

Application

-

L53/219

100%

100%

South

Application


L53/225

100%^

100%

West

Application


L53/226

100%

100%

West

Application


L53/228

100%

100%

West

Granted

-

G53/24

100%

100%

West

Application

-

G53/25

100%

100%

Lake Wells






Central

Granted

-

E38/2710

100%

100%

South

Granted

-

E38/2821

100%

100%

North

Granted

-

E38/2824

100%

100%

Outer East

Granted

-

E38/3055

100%

100%

Single Block

Granted

-

E38/3056

100%

100%

Outer West

Granted

-

E38/3057

100%

100%

North West

Granted

-

E38/3124

100%

100%

West

Granted

-

L38/262

100%

100%

East

Granted

-

L38/263

100%

100%

South West

Granted

-

L38/264

100%

100%

South

Granted

-

L38/287

100%

100%

South Western

Granted

-

E38/3247

100%

100%

South

Granted

-

M38/1278

100%

100%

Central

Application

-

E38/3380

100%

100%

    North

Application

-

E38/3469

100%

100%

    Central

Application

-

E38/3470

100%

100%

Lake Ballard






West

Granted

-

E29/912

100%

100%

East

Granted

-

E29/913

100%

100%

North

Granted

-

E29/948

100%

100%

South

Granted

-

E29/958

100%

100%

South East

Granted

-

E29/1011

100%

100%

South East

Granted

-

E29/1020

100%

100%

South East

Granted

-

E29/1021

100%

100%

South East

Granted

-

E29/1022

100%

100%

South

Granted

-

E29/1067

100%

100%

South

Granted

-

E29/1068

100%

100%

East

Granted

Granted

E29/1069

-

100%

North

Granted

-

E29/1070

100%

100%

Lake Irwin






West

Granted

-

E37/1233

100%

100%

Central

Granted

-

E39/1892

100%

100%

East

Granted

-

E38/3087

100%

100%

North

Granted

-

E37/1261

100%

100%

Central East

Granted

-

E38/3113

100%

100%

South

Granted

-

E39/1955

100%

100%

North West

Granted

-

E37/1260

100%

100%

South West

Granted

-

E39/1956

100%

100%

Lake Minigwal






West

Granted

-

E39/1893

100%

100%

East

Granted

-

E39/1894

100%

100%

Central

Granted

-

E39/1962

100%

100%

Central East

Granted

-

E39/1963

100%

100%

South

Granted

-

E39/1964

100%

100%

South West

Granted

-

E39/1965

100%

100%

Lake Marmion






North

Granted

-

E29/1000

100%

100%

Central

Granted

-

E29/1001

100%

100%

South

Granted

-

E29/1002

100%

100%

West

Granted

-

E29/1005

100%

100%

West

Application

-

E29/1069

100%

100%

Lake Noondie






North

Granted

-

E57/1062

100%

100%

Central

Granted

-

E57/1063

100%

100%

South

Granted

-

E57/1064

100%

100%

West

Granted

-

E57/1065

100%

100%

East

Granted

-

E36/932

100%

100%

Central

Application

-

E36/984

100%

100%

Central

Application

-

E36/985

100%

100%

Lake Barlee






North

Granted

-

E30/495

100%

100%

Central

Granted

-

E30/496

100%

100%

South

Granted

-

E77/2441

100%

100%

Lake Raeside






North

Granted

-

E37/1305

100%

100%

Lake Austin






North

Application

-

E21/205

100%

100%

West

Application

-

E21/206

100%

100%

East

Granted

-

E58/529

100%

100%

South

Granted

-

E58/530

100%

100%

South West

Granted

-

E58/531

100%

100%

Lake Moore






    Central

Relinquished

-

E59/2344

100%

-

Northern Territory






Lake Lewis






South

Granted

-

EL 29787

100%

100%

North

Granted

-

EL 29903

100%

100%

 

Related Party Payments

During the quarter ended 30 June 2020, the Company made payments of $21,000 to related parties and their associates. These payments relate to existing remuneration arrangements (executive salaries and superannuation).

 

Appendix C - Paleochannel drilling Summary

Drill Pad

Bore Name

Easting

Northing

Total Drilled Depth (m)

 

Geological Unit Screened

Basal sand intersection (mbgl)

Basal Sand Thickness (m)

Airlift Yield (L/s)

Potassium Concentration (mg/L)

Constant rate test pumping flow rate (L/s)

Observed Drawdown (m)

8

LYPBB004

251750.856

7028285.591

114

Paleochannel Basal Sand

99 - 111

12

22.6

5,630

10

15.79

8

LYPZB004a

251756.889

7028272.859

114

Paleochannel Basal Sand

99 - 111

12

17

5,340


10.93

8

LYPZB004c

251749.212

7028295.219

71

Paleochannel Clay




4,600


n/a

8

LYPZB004b

251746.101

7028294.044

47

Paleochannel Clay




4,100


0.05

9

LYPZP003a

251082.502

7028856.555

97

Paleochannel Basal Sand

74 - 95

21


5390



17

LYPPB001

239815.477

7040118.794

113

Paleochannel Basal Sand Paleochannel Basal Sand

95 - 113

18

35

7,240

17.7

26.44

17

LYPZB001a

239807.198

7040112.502

115

Paleochannel Basal Sand

95 - 113

18

12

7,260


21.45

17

LYPZB001b

239810.761

7040121.82

72

Paleochannel Clay




6,890


6.8

18

LYPZB006a

238340.229

7042468.541

112

Paleochannel Basal Sand

88 - 110

22

10

6,960



18

LYPZB006b

238341

7042441

112.5

Paleochannel Basal Sand

88 - 110

22

10

6,890



18

LYPBB006

238768

7041324

64

Paleochannel Clay




6,300



21

LYPBB002

238759.272

7041333.307

114

Paleochannel Basal Sand

92 - 111

19

16

7,230



21

LYPZB002a

238769.49

7041332.51

108

Paleochannel Basal Sand

92 - 111

19


7,200



21

LYPZB002b

238779.725

7041335.349

68

Paleochannel Clay




6,320

12


Note: Drilled depth equates to end of hole and all holes are vertical. LYPBB denotes pumping bore. LYPZB denotes piezometer.

 

Estimated acquifer parameters

Pumping test data was analysed by calibrating a model of the paleochannel sand aquifer to the water level drawdown data measured at observation bores during the pumping tests.  Model calibration was performed by manually varying model parameters until a best match was achieved between predicted and observed water levels.

The following parameters were varied during the estimation process:

·    Horizontal hydraulic conductivity (Kh) and Specific Storage (Ss) of the paleochannel sand; and

·    Vertical hydraulic conductivity (Kv) and Specific Storage (Ss) of the overlying clay.

The calibrated parameters for both Pads 8 and 17 are presented in Tables A1 and A2, and the match between predicted and observed water levels are shown in the Figures available in the full version of this announcement.

 

Table A1: Pad 8 Estimated Aquifer Parameters

Paleochannel Sand

Paleovalley Clay

Parameter

Value

Parameter

Value

Kh (m/d)

5.5

Kv (m/d)

0.0001

Ss (m/m)

1.7x10-5

Ss (m/m)

2.8x10-5

 

Table A2: Pad 17 Estimated Aquifer Parameters

Paleochannel Sand

Paleovalley Clay

Parameter

Value

Parameter

Value

Kh (m/d)

5.9

Kv (m/d)

0.0004

Ss (m/m)

1.7x10-5

Ss (m/m)

1.1x10-5

APPENDIX D - JORC CODE, 2012 EDITION - TABLE 1

Section 1 - Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

·    Nature and quality of sampling (e.g.  cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.).  These examples should not be taken as limiting the broad meaning of sampling.

·    Include reference to measures taken to ensure sample presentively and the appropriate calibration of any measurement tools or systems used.

·    Aspects of the determination of mineralisation that are Material to the Public Report.

·    In cases where 'industry standard' work has been done, this would be relatively simple (e.g.  'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay').  In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems.  Unusual commodities or mineralisation types (e.g.  submarine nodules) may warrant disclosure of detailed information.

Drill cuttings were sampled every 2m. The mud rotary method used means that the samples are only considered representative of the geology which is sufficient for the purposes of planning the construction of the brine pumping bore in this instance.

 

A brine sample and duplicate were taken from every bore after development.  Brine samples and duplicates were taken from the pumping bore at 1 hour after pumping commenced, 24 hours after pumping commenced and every 24 hours for the remainder of the test duration.

 

Samples were taken manually from a sampling valve on the side of the pump headworks.  Prior to taking the sample the bottle was rinsed with brine from the pumping bore.

 

Samples were analysed for K, Mg, Ca, Na, Cl, SO4, HCO3, NO3, pH, TDS and specific gravity.

 

Test pumping entailed pumping from between 80 and 90m below ground level depending on the bore (4m above the top of the screens) using a submersible electric pump.

 

Water levels in the pumping bore and monitoring bores were measured manually and by pressure transducers with barometric pressure and brine density correction.

Drilling techniques

·    Drill type (e.g.  core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g.  core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

Mud rotary drilling was used in all cases.  The pumping bores at Pads 8, 17, 21 and 18 were drilled to 113m, 114m, 114m and 112.5m respectivly at 15" diameter and completed with 10" PVC casing and wire wrap screens,   18m of screen was placed in the Pad 18 bore from 94m to 112m, Pad 17 bore from 94.5mbgl to 112.5mbgl and Pad 21 bore from 93 - 111mbgl, at Pad 18 the pumping bore was completed with 24m of screen from 88m - 112m. 

 

In all pumping bores the annulus was gravel packed with 1.6 - 3.2mm washed gravel from total depth to 10m above the screens then a 10m cement plug was installed from and the bore backfilled with gravel to surface where a 6m sanitary cement seal was emplaced. 

 

The deep monitoring bore Pad 17 was drilled to 115m, at a diameter of 9 7/8" and cased with 6" slotted at the base and blank PVC, the bore was gravel packed to the surface using 1.6 - 3.2mm washed gravel.  A 6m sanitary cement seal was emplaced at the surface.

 

The deep monitoring bores at Pads 8, and 18 were drilled to 114m and 112m respectively at a diameter of 9 7/8" and cased with 6" slotted at the base and blank PVC, the bores were gravel packed using 1.6 - 3.2mm washed gravel to 10m above the screen and a 10m cement plug installed prior to being gravel packed to surfaece.  A 6m sanitary cement seal was emplaced at the surface.

 

The deep monitoring bore at Pad 21 was drilled to 108m at a diameter of 6" and cased with 50mm slotted at the base and blank PVC, the bore was gravel packed using 1.6 - 3.2mm washed gravel to 10m above the screen and a 10m cement plug installed prior to being gravel packed to surface.  A 6m sanitary cement seal was emplaced at the surface.

 

The clay monitoring bores were all drilled at a diameter of 6" and cased with 6m of slotted 50mm PVC at the base and blank 50mm PVC to the surface.  The bores were gravel packed with 1.6 - 3.2mm washed gravel and a neat 10m cement seal with 5% bentonite was installed via tremmie 5m above the 6m slotted PVC section.  A 6m sanitary cement seal was emplaced at the surface in all cases.

 

Two clay bores were installed at Pad 8 to depth of 70m and 50m respectively, One clay bore was installed at Pad 17 to a depth of 72m, one at Pad 21 to 68m and one at 18 to 64m.

 

All bores were developed using airlift techniques including surging until the discharge was clear of drill muds and sand.

 

Drill sample recovery

·    Method of recording and assessing core and chip sample recoveries and results assessed.

·    Measures taken to maximise sample recovery and ensure representative nature of the samples.

·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Drill cutting were collected at the top of the hole using a sieve every 2m.  Chip trays were also completed for future reference.

 

The sample provides an indication of the lithology only. There is not a relationship between the lithology and brine grade.

 

Flow and grade cannot be sampled during drilling when the mud rotary method is used.

 

Logging

·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

·    Whether logging is qualitative or quantitative in nature.  Core (or costean, channel, etc.) photography.

·    The total length and percentage of the relevant intersections logged.

The geological logging is sufficient for the purposes of identifying variations in sand/ clay and silt fraction within the paleochannel lithology. 

 

For a brine abstraction project, the key parameters are the hydraulic conductivity and storativity of the host rock, which will be determined during test pumping of the bores.

 

The logging is qualitative.

 

The entire bore depth was logged in every case.

 

Sub-sampling techniques and sample preparation

·    If core, whether cut or sawn and whether quarter, half or all core taken.

·    If non-core, whether riffled, tube sampled, rotary split, etc.  and whether sampled wet or dry.

·    For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·    Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for field duplicate/second-half sampling.

·    Whether sample sizes are appropriate to the grain size of the material being sampled.

Not applicable, mud rotary drilling.

 

Not applicable, cutting sampled at the borehead only.

 

The brine samples were taken after airlift development when each bore was clear of drilling mud and residual sand.

 

Brine samples and duplicates were taken during the test pumping at approximately 11am each day of the test pump in order to identify any variation in brine grade during the test pump duration.

 

All the samples taken were incorporated into a rigorous QA / QC program in which Standards and Duplicates were taken. The samples were taken in sterile plastic bottles of 125ml or 250ml capacity. The samples were labelled with the alphanumeric code Y20001, Y80002 ...etc.

 

 

Quality of assay data and laboratory tests

·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·    For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·    Nature of quality control procedures adopted (e.g.  standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e.  lack of bias) and precision have been established.

The brine samples were sent to Bureau Veritas Laboratories in Perth, WA with the duplicates being held by SO4.  Every 10th duplicate was sent to Intertek, an alternate laboratory for comparison purposes.

 

No analysis was undertaken with geophysical tools.

 

QA/ QC procedures are considered acceptable for this type exploration and sampling.

 

Samples and their duplicates have been compared for their relative difference form the mean and the individual charge balance.

 

Verification of sampling and assaying

·    The verification of significant intersections by either independent or alternative company personnel.

·    The use of twinned holes.

·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·    Discuss any adjustment to assay data.

Not applicable for brine sampling.

 

Not applicable, however monitoring bores have been drilled to measure changes in water levels during test pumping.

 

All sampling and assaying is well documented and contained on SO4's internal database.

 

No adjustments have been made to assay data.

 

Location of data points

·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·    Specification of the grid system used.

·    Quality and adequacy of topographic control.

All bore locations and heights  have been surveyed by a qualified surveyor, the coordinates are considered accurate to +/- 20mm.  The surveyed heights was measured at the ground surface and at the top of casing and are considred accurate to +/1 50mm, these variations are considered sufficient for this application.

 

The grid system is the Australian National Grid Zone MGA 51 (GDA 94).

 

There is no specific topographic control as the depth of the hole is determined by the intersection of the target horizon and the end of the hole by the basement contact.

 

Data spacing and distribution

·    Data spacing for reporting of Exploration Results.

·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·    Whether sample compositing has been applied.

The results provided represent a single point at each bore.

 

Sample compositing not applicable.

Orientation of data in relation to geological structure

·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

The target aquifers are contained within paleovalleys incised into the granitic or greenstone basement.  There are no structural controls that impact brine flow within the basal sand aquifer.

 

Geological influence on the brine is limited to the aquifer parameters of the host rock, namely the hydraulic conductivity, total porosity and storativity.

 

Sample security

·    The measures taken to ensure sample security.

SO4 field hydrogeologists were responsible for collecting, labelling and recording brine samples prior to shipping to the BV lab and the SO4 offices in Perth.  The security measures for the material and type of sampling at hand was appropriate.

 

Audits or reviews

·    The results of any audits or reviews of sampling techniques and data.

No audits or reviews of sampling techniques and data have been undertaken.

 

 

Section 2 -  Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

·    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·    The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

Bore Pads 17, 21 and 8 are on E53/1878. Bore Pad 18 is on E53/2057.

 

All tenure is granted to Piper Preston Pty Ltd, a wholly owned subsidiary of Salt Lake Potash Limited.

Exploration done by other parties

·    Acknowledgment and appraisal of exploration by other parties.

There has been significant mineral exploration on and around Lake Way.  The primary source for the information is the publicly available Western Australian Mineral Exploration (WAMEX) report data base.

 

Some bores drilled by WMC in 1992 for the Mt Keith mine water supply have proved useful in determining paleochannel grade and aquifer parameters.

 

The data has been shown to be useful in the determination of the top of the paleochannel basal sand and for the calibration of the passive seismic data.

 

Geology

·    Deposit type, geological setting and style of mineralisation.

The deposit is a paleochannel brine deposit lying beneath the eastern shore of Lake Way.

 

The lake and paleochannel setting is typical of a Western Australian palaeovalley environment. Ancient hydrological systems have incised palaeovalleys into Archaean basement rocks, which were then infilled by Tertiary-aged sediments typically comprising a coarse-grained fluvial basal sand overlaid by palaeovalley clay with some coarser grained interbeds. The clay is overlaid by recent Cainozoic material including lacustrine sediment, calcrete, evaporite and aeolian deposits. 

 

Drill hole Information

·    A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

·    easting and northing of the drill hole collar

·    elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

·    dip and azimuth of the hole

·    downhole length and interception depth

·    hole length.

·    If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Bore coordinates and elevations were located by surveyor which is sufficient for this type of exploration activity.

 

All bores are vertical.

 

Total drilled depths, basal sand interceptions and screened intervals are included in a table in Appendix C for the abstraction bores and deep monitoring bores.  The screened interval is also stated for the clay monitoring bores.

 

No information related to the drilling and test pumping of the bores has been excluded.

 

Data aggregation methods

·    In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g.  cutting of high grades) and cut-off grades are usually Material and should be stated.

·    Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

·    The assumptions used for any reporting of metal equivalent values should be clearly stated.

No cut off grade is stated.

 

No data aggregation has been undertaken.

 

Relationship between mineralisation widths and intercept lengths

·    These relationships are particularly important in the reporting of Exploration Results.

·    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

·    If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g.  'down hole length, true width not known').

The chemical analysis from the test pumping has shown the that the brine resource is consistent and continuous within the section of paleochannel between Pads 18 and 21 and between Pads 8 and historic bore 3_4. The unit is flat lying and the intersected thickness of the basal sands is equivalent to the vertical depth and the thickness of mineralisation.

 

Diagrams

·    Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

All location maps are contained within the body of the ASX version of this report, in this instance no sections are provided although a typical cross section of the paleochannel has been previously reported.  The intercept of the basal sands has been provided in the table contained within Appendix C.

Balanced reporting

·    Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

A summary of the brine grade results is included in the report and in Appendix C.

 

Other substantive exploration data

·    Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

All material exploration data has been reported.

Further work

·    The nature and scale of planned further work (e.g.  tests for lateral extensions or depth extensions or large-scale step-out drilling).

·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

The drilling programme is ongoing with Pads at locations 12, 14 and 23 planned to be drilled in the next quarter as well as the commencement of onlake deep drilling, the locations for the on lake bores is still being determined.

 

Once drilled all pumping bores will be test pumped.

 

All approved off lake locations are shown on maps included in the report.

 

 

APPENDIX E - APPENDIX 5B                                      

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity

Salt Lake Potash Limited

ABN

 

Quarter ended ("current quarter")

98 117 085 748

 


30 June 2020

Consolidated statement of cash flows

Current quarter
$A'000

Year to date (12 months)
$A'000

1.

Cash flows from operating activities

-

-

1.1

Receipts from customers

1.2

Payments for

(2,170)

(32,559)


(a)   exploration & evaluation


(b)   development

-

-


(c)   production

-

-


(d)   staff costs

(1,147)

(7,297)


(e)   administration and corporate costs

(113)

(1,971)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

19

167

1.5

Interest and other costs of finance paid

-

(980)

1.6

Income taxes paid

-

-

1.7

Government grants and tax incentives

170

1,082

1.8

Other (provide details if material)

      - Business Development

      - Security Deposits

 

(520)

-

 

(3,043)

(76)

1.9

Net cash from / (used in) operating activities

(3,761)

(44,677)


2.

Cash flows from investing activities

-

-


Payments to acquire or for:


(a)   entities


(b)   tenements

-

(10,000)


(c)   property, plant and equipment

(781)

(2,410)


(d)   exploration & evaluation

-

-


(e)   investments

-

-


(f)    other non-current assets - Mine Properties in development

(24,875)

(67,192)

2.2

Proceeds from the disposal of:

-

-


(a)   entities


(b)   tenements

-

-


(c)   property, plant and equipment

-

35


(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 from / (used in) investing activities

(25,656)

(79,567)


3.

Cash flows from financing activities

20,000

50,891

3.1

Proceeds from issues of equity securities (excluding convertible debt securities)

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 securities or convertible debt securities

(800)

(1,782)

3.5

Proceeds from borrowings

-

66,600

3.6

Repayment of borrowings

(117)

(355)

3.7

Transaction costs related to loans and borrowings

-

(3,080)

3.8

Dividends paid

-

-

3.9

Other (provide details if material)

-

-

3.10

Net cash from / (used in) financing activities

19,083

112,274


4.

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



4.1

Cash and cash equivalents at beginning of period

17,310

19,304

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(3,761)

(44,677)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(25,656)

(79,567)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

19,083

112,274

4.5

Effect of movement in exchange rates on cash held

27

(331)

4.6

Cash and cash equivalents at end of period

7,003

7,003

 

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
$A'000

Previous quarter
$A'000

5.1

Bank balances

6,953

17,310

5.2

Call deposits

50

-

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)

7,003

17,310

 

6.

Payments to related parties of the entity and their associates

Current quarter
$A'000

6.1

Aggregate amount of payments to related parties and their associates included in item 1

(21)

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
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.

Total facility amount at quarter end
$A'000

Amount drawn at quarter end
$A'000

7.1

Loan facilities

65,569

65,569

7.2

Credit standby arrangements

-

-

7.3

Other (please specify)

-

-

7.4

Total financing facilities

65,569

65,569




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 Company has mandated Taurus Funds Management (as manager of the Taurus Mining Finance Fund L.P., Taurus Mining Finance Annex Fund L.P. and Taurus Mining Finance Fund No. 2 L.P.) to provide up to US$150m project financing for the Lake Way Project.

The Stage 1 Facility was extended from US$30 million to US$45 million as announced to the market on 6 December 2020 and has been fully drawn down. The facility is secured and interest is payable at 9.75% pa.

The Project Development Facility (PDF) will be used to refinancing the Stage 1 Facility and for project development and working capital associated with the development of the Lake Way Project. Draw down of the PDF will be subject to a number of Conditions Precedent, The PDF will be secured and interest will be payable at 9.00% pa.

As the loan is denominated in USD, the facility amount and amount drawn down has been converted at an FX rate of $0.6863 USD/AUD, being the FX cross rate at 30 June 2020.

 

 

8.

Estimated cash available for future operating activities

$A'000

8.1

Net cash from / (used in) operating activities (item 1.9)

(3,761)

8.2

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))

-

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(3,761)

8.4

Cash and cash equivalents at quarter end (item 4.6)

7,003

8.5

Unused finance facilities available at quarter end (item 7.5)

-

8.6

Total available funding (item 8.4 + item 8.5)

7,003




8.7

Estimated quarters of funding available (item 8.6 divided by item 8.3)

1.86

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: The Company expects to have similar levels of total net operating and investing cash flows for the current quarter.

 


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: Yes. In July 2020, the Company placed A$15m in zero coupon Convertible Notes to enable it to continue to deliver the Lake Way Project to schedule. The Company continues to work closely with Taurus to complete the PDF documentation, derisk the Project and satisfy the conditions precedent to the PDF (refer 7.6 above). The Company expects to provide an update to the market on funding to complete the Project in accordance with the schedule in the near future.


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: Yes. Further to the responses above, the Company has a reasonable expectation that it will complete project funding in the near future. The Company has an existing mandate with Taurus to provide staged project financing (refer 7.6 above). Negotiations with Taurus on the PDF have entered the final stage and satisfaction of conditions precedent are substantially advanced, which will allow completion of the Project in accordance with schedule. As evidenced by the recent placements, the Company has a strong institutional shareholder base and support for the Project remains strong. The Company is actively managing its cash and commitments to ensure that it can continue its operations and to meet its business objectives of constructing the Lake Way Project.

 


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

2        This statement gives a true and fair view of the matters disclosed.

 

 

Date:                31 July 2020

 

Authorised by:  By the Board

(Name of body or officer authorising release - see note 4)

 

Notes

1.          This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.          If this quarterly cash flow 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 cash flow 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.

4.          If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5.          If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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Price: 27

Market: AIM
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Salt Lake Potash CEO says project's 'flying along' as it passes 60% completion

  Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) CEO Tony Swiericzuk tells Proactive's Andrew Scott the project's 'flying along' as it passes 60% completion and adds that they're still on schedule to deliver first SOP production in the March quarter of 2021. He says the major vendor...

1 day, 23 hours ago