Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
WEST WITS MINING LIMITED (ASX: WWI)ABN
89 124 894 060
Quarter ended ("current quarter")
30 June 2021
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 |
| - (6) - (16) (275) (156) - - - - - - | 5 (97) (9) (95) (1,142) (642) - - (123) (13) - - |
(453) | (2,116) |
2.
Cash flows from investing activities
2.1
Payments to acquire or for:
(a) | entities | - | - |
(b) | tenements | (46) | (415) |
(c) | property, plant and equipment | - | - |
(d) | exploration & evaluation (if capitalised) | (742) | (2,103) |
(e) | investments | - | - |
(f) | other non-current assets | - | - |
Page 1 |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 |
| - - - - - - - - | - - - - - - - - |
(788) | (2,518) |
| - - - (13) - - - - - | 3,401 - 1,422 (258) - (24) - - - |
(13) | 4,541 |
4. Net increase / (decrease) in cash and cash equivalents for the period |
2,220
4.1 Cash and cash equivalents at beginning of period
4.2 Net cash from / (used in) operating activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (item 2.6 above)
4.4 Net cash from / (used in) financing activities (item 3.10 above)
1,201
(453)
(2,116)
(788)
(2,518)
(13)
4,541
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 |
| 19 | (121) |
984 | 984 |
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 |
| 984 - - - | 2,220 - - - |
984 | 2,220 |
6. Payments to related parties of the entity and their associates | Current quarter $A'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. |
The amount at 6.1 includes payment of director's fees and salaries, legal fees & office rent (excluding GST where applicable). Further detail provided in Activities Statement.
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.
7.1 Loan facilities
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities
Total facility
Amount drawn at
amount at quarter
quarter end
end
$A'000
$A'000
- - - -
- - - -
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.
-
8.
Estimated cash available for future operating activities
$A'000
8.1 8.2
Net cash from / (used in) operating activities (item 1.9)
(Payments for exploration & evaluation classified as investing
(453) (742)
activities) (item 2.1(d))
8.3 8.4 8.5 8.6
Total relevant outgoings (item 8.1 + item 8.2)
(1,195)
Cash and cash equivalents at quarter end (item 4.6)
Unused finance facilities available at quarter end (item 7.5)
Total available funding (item 8.4 + item 8.5)
984 - 984
8.7
Estimated quarters of funding available (item 8.6 divided by item 8.3)
0.82
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: Net operating cash outflows are expected to decrease as major projects during the period reported have been completed, or are in the final stages with a significant majority of expenditure & cash outflow incurred (i.e. JORC resource update & DFS).
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: The Company has taken steps to raise further cash to fund operations, having commenced discussions with debt funders and other investors. The recent granting of the mining right at the Witwatersrand Basin Project (South Africa), combined with the Definitive Feasibility Study on the Qala Shallows nearing completion, has resulted in significant investor interest in WWI which gives the Company a high level of confidence the steps taken will be successful.
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. Major exploration and feasibility expenditure has been reduced which enables the Company to meet current commitments. Steps taken to fund WWI's operations are expected to sustain business objectives, mainly the commissioning of mine development at the WBP and advancing exploration at the Mt Cecelia 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
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: | 29 July 2021 |
Authorised by: By the Board
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.
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West Wits Mining Limited published this content on 20 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2022 00:54:02 UTC.