Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity | |
PALADIN ENERGY LTD | |
ABN | Quarter ended ("current quarter") |
47 061 681 098 | 31 March 2022 |
ASX Listing Rules Appendix 5B (17/07/20) |
Consolidated statement of cash flows | Current quarter US$'000 | Year to date (9 months) US$'000 |
| 4,700 - - (4,692) (550) (515) (805) - 18 - - - 24 | 4,700 - - (4,692) (1,852) (1,544) (2,379) - 46 - (1) - 153 |
(1,821) | (5,569) |
2. Cash flows from investing activities 2.1 Payments to acquire or for:
| - - (10) (174) - - | - - (154) (836) - - |
Consolidated statement of cash flows | Current quarter US$'000 | Year to date (9 months) US$'000 |
| 2,000 - - - - - - (399) | 2,000 - - 13,386 - - (1,330) |
1,417 | 13,066 |
| - - - - - - - - 81 | - - - - - - - - 618 |
81 | 618 |
Appendix 5B | |
Mining exploration entity or oil and gas exploration entity quarterly cash flow report | |
(1) | Sale of 85% interest in Paladin (Africa) Ltd - third tranche of repayment of funds advanced |
to provide security for the US$10M environmental performance bond. | |
(2) | Sale of 90M shares in Lotus Resources Ltd |
(3) | Funds received by way of loan from CNNC to Langer Heinrich Uranium Pty Ltd to fund care |
& maintenance activities. |
4. Net increase / (decrease) in cash and cash equivalents for the period | ||
| 38,040 (1,821) 1,417 | 30,661 (5,569) 13,066 |
Consolidated statement of cash flows | Current quarter US$'000 | Year to date (9 months) US$'000 |
| 81 1,052 | 618 (7) |
38,769 | 38,769 |
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter US$'000 | Previous quarter US$'000 |
| 19,061 19,708 - - | 19,027 19,013 |
38,769 | 38,040 |
6. Payments to related parties of the entity and their associates | Current quarter US$'000 |
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. (1) Payments relate to Directors' Fees. |
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 US$'000
Amount drawn at quarter end
US$'000
7.1 Loan facilities
82,890
82,523
7.2 Credit standby arrangements
-
-
7.3 Other (please specify)
-
-
7.4 Total financing facilities
82,890
82,523
7.5 Unused financing facilities available at quarter end
367
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.
A total of US$368.6m have been provided to Langer Heinrich Uranium Pty Ltd (LHU) by Paladin and its wholly-owned subsidiary companies (US$285.7M) and CNNC Overseas Uranium Holding Limited (CNNC) (US$82.9M). Repayment of Shareholder Loans is dependent on LHU generating sufficient free cash flows to repay the relevant loans. The Shareholder Loans are not guaranteed by Paladin and are unsecured.
Paladin's Shareholder Loans to LHU are eliminated on accounting consolidation. Details of the unsecured Shareholders Loans that CNNC has provided to LHU are set out below:
CNNC Shareholder Loan Amount | Maturity Date | Interest Rate |
US$63.9M | 17 December 2027 | No interest payable during care and maintenance. |
US$18M | 17 December 2027 | 10% + 2% administration fee pa |
US$0.98M | 1 July 2026 | SOFR* + 4% + 2.5% administration fee pa |
*Secured Overnight Financing Rate
Under the Shareholders' Agreement between Paladin and CNNC each shareholder has agreed not to demand repayment of the Shareholder Loans without the prior written consent of the other shareholder.
8.
8.1 8.2
8.3 8.4 8.5 8.6
8.7
Estimated cash available for future operating activities | US$'000 |
Net cash from / (used in) operating activities (item 1.9) | (1,821) |
(Payments for exploration & evaluation classified as investing | (174) |
activities) (item 2.1(d)) | |
Total relevant outgoings (item 8.1 + item 8.2) | (1,995) |
Cash and cash equivalents at quarter end (item 4.6) | 38,769 |
Unused finance facilities available at quarter end (item 7.5) | 367 |
Total available funding (item 8.4 + item 8.5) | 39,136 |
Estimated quarters of funding available (item 8.6 divided by | |
item 8.3) |
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
20
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:
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:
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:
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.
This release has been authorised for release by the Board of Directors of Paladin Energy Ltd.
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.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Paladin Energy Ltd. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 03:53:06 UTC.