CAPITAL RAISE PRESENTATION
Released
Released
Announcement PDF
Capital Raising
Presentation
Monday, 27 November 2023
Disclaimer
IMPORTANT INFORMATION AND DISCLAIMER
This Investor Presentation is dated [insert] and has been prepared, approved and authorised for despatch by Aeris Resources Limited (“Aeris” or the “Company”). By attending an investor presentation or
briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out below.
This presentation has been prepared in relation to an equity capital raising by Aeris consisting of an accelerated non-renounceable entitlement offer of new fully paid ordinary shares in Aeris to be made to
eligible institutional and retail shareholders of Aeris (“New Shares”) under section 708AA of the Corporations Act 2001 (Cth) (“Corporations Act”) as modified by Australian Securities and Investments
Commission (“ASIC”) Corporations (Non-Trading Rights Issues) Instrument 2016/84 and ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73 (“Entitlement Offer”) and placement of New Shares
to certain ‘sophisticated’ and ‘professional’ investors (as defined by the Corporations Act) under section 708A of the Corporations Act ("Placement", and together with the Entitlement Offer, the "Offer")
Summary information
This presentation is for information purposes only and should be read in conjunction with the most recent financial reports and other documents lodged by Aeris with the Australian Securities Exchange
(“ASX”) in connection with its continuous disclosure obligations. This presentation does not purport to contain all of the information that an investor should consider when making an investment decision nor
does it contain all of the information which would be required in a product disclosure statement or prospectus prepared in accordance with the requirements of the Corporations Act. Other market and
industry data used in this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Aeris nor its advisers or
representatives have independently verified any such market or industry data provided by third parties or industry or general publications. No reliance should be placed on the information or opinions
contained in this presentation, which are provided as at the date of this presentation (unless otherwise stated) and to the maximum extent permitted by law, Aeris has no obligation to update the
information contained in this presentation.
Not financial product advice or offer
This presentation is not intended as, investment or financial advice (nor as tax, accounting or legal advice) and should not be treated as such. It is not a recommendation to acquire New Shares and has
been prepared without taking into account the objectives, financial situation and particular needs of individuals. Nor is the presentation a prospectus, product disclosure statement or other offering
document under Australian law (or any other law) but is simply to provide an overview to allow prospective investors to decide whether to carry out their own independent investigations and seek their own
advice before making a decision whether to invest in Aeris.
The retail offer booklet for the offer of new shares to retail shareholders under the Entitlement Offer will be available following its lodgement with ASX. Any eligible retail shareholder in Australia or New
Zealand who wishes to participate in the Entitlement Offer should consider the retail offer booklet before deciding whether to apply under that offer.
To the maximum extent permitted by law, Aeris and its officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence on the
part of Aeris, its officers, employees and agents) for any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this
presentation. In making an investment decision, investors must rely on their own examination of Aeris including the merits and risks involved. An investment in securities is subject to known and unknown risks,
some of which are beyond the control of Aeris. Prospective investors should have regard to Appendix B (Key Risks) of this presentation when making their investment decision. Investors should consult with
their own legal, tax, business and/or financial advisors in connection with any acquisition of securities.
The distribution of this presentation in jurisdictions outside Australia may be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a
violation of applicable securities laws. Particularly, this presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States of America or any other
jurisdiction in which such an offer would be illegal. The securities referred to in this presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended (Securities Act) or
the securities laws of any state or other jurisdiction of the United States of America and may not be offered or sold, directly or indirectly in the United States of America or to any person acting for the account
or benefit of a person in the United States of America unless the securities have been registered under the Securities Act (which Aeris has no obligation to do or procure) or are offered and sold in a
transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable securities laws. Refer to Appendix C of this presentation for further details about
international offer restrictions.
2
Disclaimer
Investment risk
All investments in securities are subject to known and unknown risks, including an investment in Aeris shares. Some of these risks are beyond the control of Aeris and its directors and officers, and Aeris does
not guarantee any particular rate of return or level of performance. You should consider the risk factors outlined in Appendix B of this presentation when deciding whether or not to invest in Aeris. Cooling off
rights do not apply to the acquisition of New Shares.
Financial information
All financial information set out in this presentation is expressed in Australian Dollars unless stated otherwise.
Investors should be aware that certain financial measures included in this presentation are “non-IFRS financial information” under ASIC Regulatory Guide 230: “Disclosing non-IFRS financial information”
published by ASIC and also “Non-GAAP financial measures” within the meaning of Regulation G under the US Securities Exchange Act of 1934 and are not recognised under the AAS or IFRS. Aeris believes
the non-IFRS financial information and non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of Aeris. However, investors should note that
the non-IFRS financial information and non-GAAP financial measures do not have standardised meanings prescribed by AAS or IFRS. Therefore, the non-IFRS financial information is not a measure of financial
performance, liquidity or value under the IFRS and may not be comparable to similarly titled measures presented by other entities, nor should the information be construed as an alternative to other financial
measures determined in accordance with AAS or IFRS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial information included in this presentation.
Any pro forma historical financial information contained in this presentation is provided for illustrative purposes only and does not necessarily indicate Aeris's future financial position and/or performance.
Such information, which has not been audited or reviewed in accordance with the Australian Accounting Standards (“AAS”), have not been prepared in accordance with the disclosure requirements
prescribed by the AAS, nor does it purport to be in compliance with any Australian or foreign rules or regulations (including Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities and
Exchange Commission (the “SEC”)).
Further, certain figures, amounts, percentages, estimates and calculations provided in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ
from the figures set out in this presentation.
Past performance
Investors should be aware that past performance, including past share price performance of Aeris and pro-forma financial information given in this presentation, provides no guidance as to (and should not
be relied upon as an indicator of) the future financial performance of Aeris. None of the information made available to you under this presentation is, or shall be relied upon as, a promise, representation,
warranty or guarantee, whether as to the past, present or future.
Future performance and forward-looking statements
This presentation contains certain ‘forward-looking’ statements, opinions and estimates, which are based on assumptions and contingencies that are subject to change without notice and involve known
and unknown risks and uncertainties beyond the control of Aeris and its officers. This includes statements about market and industry trends, which are based on interpretations of current market conditions.
Indications of, and guidance on, future earnings and financial position and performance and any synergies of the combined businesses following the Transaction are forward-looking statements. As are
statements containing the words “expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions.
Forward-looking statements are based on information available to Aeris as at the date of this presentation and should not be relied upon as an indication or guarantee of future performance. Except as
required by law or regulation (including the ASX Listing Rules), none of Aeris, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a
change in expectations or assumptions, new information, future events or results or otherwise.
Investors are strongly cautioned against placing undue reliance on forward-looking statements, especially considering the current economic climate and significant volatility, uncertainty and disruption
caused by recent world events such as the COVID-19 pandemic and international hostilities and associated economic changes.
3
Disclaimer
Disclaimer
Since this presentation is the Company’s document, to the maximum extent permitted by law, Aeris and the Joint Lead Managers (Bell Potter Securities Limited and Jefferies (Australia) Pty Ltd) (otherwise
referred to as the ‘Underwriters’) and each of their respective related bodies corporate, shareholders and affiliates, and each of their respective officers, directors, partners, employees, representatives,
affiliates, agents, consultants and advisers (each a "Limited Party"):
•
•
•
expressly disclaim any and all responsibility and liability (other than liability that arises because of a Limited Party’s own fraud, negligence, or misconduct within the meaning of those terms under general
law) for any direct, indirect, consequential or contingent loss or damage arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this
presentation;
disclaim any obligations or undertaking to release any updates or revisions to the information in this presentation; and
do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation or that
this presentation contains all material information about Aeris or the Offer or that a prospective investor or purchaser may require in evaluating a possible investment in Aeris or acquisition of shares in
Aeris, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement.
The Joint Lead Managers and their Limited Parties have not authorised, permitted or caused the issue, lodgement, submission, dispatch or provision of this presentation and do not make or purport to make,
and has not verified, any statement in this presentation and there is no statement in this presentation that is based on any statement by any of those parties. Neither the Joint Lead Managers nor any of their
Limited Parties accepts any fiduciary obligations owed to or relationship with any investor or potential investor in connection with the Offer or otherwise and, by accepting this presentation, each recipient
expressly disclaims that they are in a fiduciary relationship with any of those parties.
The Joint Lead Managers, together with their affiliates, are full-service financial institutions engaged in various activities, which may include trading, financing, financial advisory, investment management,
investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services including for which they have received or may receive customary
fees and expenses or other transaction consideration. In the course of these activities, the Joint Lead Managers and their affiliates may at any time for their own account and for the accounts of their clients
make or hold investments in equity securities or other financial products of Aeris or their affiliates, and receive customary fees and expenses or other transaction consideration in respect of such activities. The
Joint Lead Managers are acting as the joint lead managers, bookrunners and underwriters of the Offer and will receive fees and expenses for acting in this capacity.
You acknowledge and agree that the eligibility of investors for the purposes of the Offer is determined by reference to a number of matters (including legal and regulatory requirements, logistical and
registry constraints and the discretion of Aeris and the Joint Lead Managers), and each of Aeris and the Joint Lead Managers disclaim any duty or liability (other than liability that arises because of a Joint
Lead Manager’s own fraud, negligence, or misconduct within the meaning of those terms under general law) in respect of the exercise or otherwise of that discretion, to the maximum extent permitted by
law. The Joint Lead Managers may rely on information provided by or on behalf of institutional investors in connection with managing, conducting and underwriting the Offer without having independently
verified that information and the Joint Lead Managers do not assume responsibility for the fairness, currency, accuracy, reliability or completeness of that information.
The information in the presentation remains subject to change without notice. Aeris and the Joint Lead Managers reserve the right to withdraw or, where reasonable, vary the timetable for the Offer at any
time. Material changes to the timetable will be disclosed on ASX as soon as practicable.
Aeris has entered into an Underwriting Agreement in respect of the Offer to which only the Joint Lead Managers and the Company are a party (refer to Appendix D).
JORC Code
It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral
Resources and Ore Reserves (“JORC Code”). Investors outside Australia should note that while ore reserves and mineral resource estimates of the company in this document comply with the JORC Code
(such JORC Code-compliant ore reserves and mineral resources being “Ore Reserves” and “Mineral Resources” respectively), they may not comply with the relevant guidelines in other countries and, in
particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the “Canadian NI 43 - 101 Standard”); or (ii) Item 1300 of
Regulation S-K, which governs disclosure of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar
information made public by companies subject to the reporting and disclosure requirements of Canadian or U.S. securities laws.
4
Disclaimer
Mineral Resource and Ore Reserve Information
This presentation contains Mineral Resource and Ore Reserve information which has been previously issued with the written consent of the Competent Person responsible for that information.
This information and the Competent Person’s responsible for the information is as follows:
Competent Person
Estimates
Angela Dimond
Tritton, Murrawombie, Budgerygar, Avoca Tank and Budgery Mineral Resources
Brad Cox
Constellation, Lillymay and Stockman Project Mineral Resources
Andrew Fowler
Kurrajong, Mt Colin and Barbara Mineral Resources
Jan Coetzee
Tritton, Avoca Tank, Murrawombie underground and Budgerygar Ore Reserves
Ian Sheppard
Murrawombie pit Ore Reserve
Paul Napier
Cracow Mineral Resource
Max McInnis
Cracow Ore Reserve
John Hamill
Bentley, Triumph, Teutonic Bore and Jaguar Mineral Resources
Benjamin James
Jaguar Operations Ore Reserve
Aaron Layt
Mt Colin Ore Reserve
John McKinstry
Stockman Project Ore Reserve
Aeris Resources confirms that:
•
•
it is not aware of any new information or data that materially affects the Mineral Resource or Ore Reserve estimates and all material assumptions and technical parameters underpinning the estimates
continue to apply and have not materially changed; and
the form and context in which each Competent Person’s findings are presented have not been materially modified.
5
Contents
1. Overview
2. Asset Overview and Business Update
Production Assets
Development Assets
Corporate Strategy
3. Capital Raising Details
Appendices
Appendix A – Resources and Reserves
Appendix B – Risk Factors
Appendix C – International Offer Restrictions
Appendix D – Underwriting Agreement
Overview
2023 a transformational but challenging year with the platform set for 2024 and beyond
2023 overview
▪
2024 onwards…
Integration of the Round Oak business and commissioning
two new mines at Tritton
✓ $30 million equity raising reduces balance sheet risk
and provides improved financial flexibility
▪
Operational challenges at Tritton and Jaguar significantly
impacted production and cash generation
▪
Washington H. Soul Pattinson (‘WHSP’) debt facility put in
place in July to enable an orderly transition to care and
maintenance of Jaguar and associated closure costs
✓ Equity raise supported by Aeris’ largest shareholder,
Washington H. Soul Pattinson
▪
Extended periods between processing runs at Mt Colin and
accelerated tailing storage facilities capital spend at
Cracow has placed further stress on the balance sheet
✓ FY24 guidance maintained from three operating
mines (Tritton, Cracow and North Queensland)
Mt Colin tolling typically requires 3-4 months of working capital1
✓ Significant copper inventory, valuable mine
extensions, development projects and exploration
upside
80
40
(40)
1.
Oct-23
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
Oct-22
Sep-22
Aug-22
(80)
Jul-22
Ore mined Ore processed
(kt)
(kt)
120
All mined tonnes are indicative and before stockpile survey adjustments. Ore stockpiles of 113kt at end of October 2023.
✓ Seeking to unlock long term value from multiple
growth projects
7
Overview (cont.)
Fully underwritten $30 million capital raising
Capital raising
▪
$30 million capital raising:
Fully underwritten Placement and Entitlement Offer, comprising:
̶
▪
▪
~$13.9m Institutional Placement
•
1 for 4.73, ~$16.2m Accelerated Non-Renounceable Entitlement Offer (‘ANREO’)
Offer price of $0.11 per share representing:
̶
21% discount to TERP as at Friday, 24 November 2023
̶
27% to last close of $0.15 as at Friday, 24 November 2023
Net proceeds from the capital raising to be used to provide:
̶
▪
•
General working capital and increased financial flexibility
WHSP to take-up its full entitlement and sub-underwrite the entitlement offer up to an aggregate amount of $12.3m
8
Investment Highlights
Copper focused production portfolio with high value development opportunities
1
2
Tier 1 located mining
portfolio
Diversified production from three
operating assets
3
Weighted to copper – Critical to
electrification
FY24 production guidance
FY24 Cu eq. production guidance1
North Queensland
Cracow
Jaguar
North
Queensland
23%
Stockman
4
Set for growth
Cu
Tritton
55%
Cracow
22%
▪ Tritton – Progress Constellation
▪ Cracow – Completion of TSF / Golden
Plateau opportunity
▪ Jaguar – Restart opportunity at higher
production rates and revenue
enhancement
▪ Stockman – DFS underway, primary permits
in place
▪ North Queensland – Barbara feasibility
1.
29
Tritton
5
30
Zn
Copper
Zinc
28 - 35 kt
1.2 – 1.5 kt
79
Au
47
Ag
Gold
Silver
48 - 60 koz
181 - 227 koz
Strengthened financial position to
deliver 2024 plan
Debt
Assets
Equity
Capital structure review
Re-finance of existing
debt facility
Mine optimisation
Focus on sustainable /
profitable production and
growth
Copper equivalent calculations based on mid point of guidance excluding Jaguar using the following prices: Copper US$8,725/t, Zinc US$2,415/t, Gold US$1,930/oz and Silver US$23.5/oz.
9
1 Tier 1 Located Mining Portfolio
Production Assets
Development Projects
Asset
Tritton
Cracow
North Queensland
Jaguar
Stockman
Ownership
100%
100%
100%
100%
100%
Primary
commodity
Copper / Gold
Gold
Copper / Gold
Copper / Zinc
Copper / Zinc
Mineral
Resource1
371kt Cu @1.5% Cu
240koz Au @ 0.3g/t Au
526koz Au @ 3.3g/t Au
74kt Cu @ 2.2% Cu
26koz Au @ 0.3g/t Au
97kt Cu @ 1.2% Cu
455kt Zn @ 5.8% Zn
296kt Cu @ 2.0% Cu
623kt Zn @ 4.2% Zn
Plant capacity
1.80 Mtpa
0.57 Mtpa
N/A
0.60 Mtpa
0.80 – 1.00 Mtpa
design
FY24 production
guidance
Copper: 19 – 24kt
Gold: 6 – 7koz
Silver: 148 – 185koz
Gold: 38 – 48koz
Copper: 8 – 10Kt
Gold: 4 – 5koz
-
-
Tritton / Budgerygar, Avoca
Tank, Constellation
Western Vein Field, Golden
Plateau
Mt Colin, Barbara
Bentley, Triumph, Jaguar,
Teutonic Bore
Currawong, Wilga
Key
deposits
Next 12 months
focus / catalysts
1.
Constellation resource
Resource extension drilling at
Dewatering,
Feasibility study,
extension drilling and
Western Vein Field
Barbara feasibility
exploration drilling, re-start
final permitting and license
permitting
and Golden Plateau
optimisation studies
approvals
Note: 1) A$75M AUD/USD exchange rate of $0.669 applied (25 June 2023); 2) Issue of convertible notes subject to satisfaction of customary conditions, refer to slide 24 for further details on the convertible note; 3) The theoretical ex-rights price (“TERP”) is the
theoretical price at which Jervois’ shares should trade at immediately after the ex-date for the Entitlement Offer based only on the last traded price and issuance of shares at the Offer Price under the Entitlement Offer. TERP is a theoretical calculation only and the
Refer to ASX announcements
"Group Mineral Resource and Ore Reserve Statement" dated 18 Apr 2023, "Barbara Mineral Resource Update" dated 28 Jun 2023, "Correction - Jaguar Deposit Mineral Resource Update" dated 12 Jul 2023 and "Avoca Tank
actual price at which Jervois shares trade immediately after the ex-date for the Entitlement Offer may be different from the TERP; 4) US Geological Survey (Cobalt Statistics), refer to slide 11.
Mineral Resource Update" dated 25 Oct 2023.
10
2 Diversified Production From Three Operating
Assets
Tritton
Cracow
North Queensland
Copper production (kt)
Gold production (koz)
Copper production (kt)
25
24
23
Aeris
acquisition
Aeris
acquisition
88
Copper production (kt)
19
17
74
19
54
48
48
10
7
38
8
FY20
FY21
FY22
FY23
FY24
Guidance
range
Investment in new mines starting to pay off
FY20
FY21
FY22
FY23
FY24
Guidance
range
Extending mine life through tailings dam
investment and exploration
FY20
FY21
FY22
FY23
FY24
Guidance
range
Cash harvesting; investigating follow on
operation at Barbara
Note: 1) A$75M AUD/USD exchange rate of $0.669 applied (25 June 2023); 2) Issue of convertible notes subject to satisfaction of customary conditions, refer to slide 24 for further details on the convertible note; 3) The theoretical ex-rights price (“TERP”) is the
theoretical price at which Jervois’ shares should trade at immediately after the ex-date for the Entitlement Offer based only on the last traded price and issuance of shares at the Offer Price under the Entitlement Offer. TERP is a theoretical calculation only and the
actual price at which Jervois shares trade immediately after the ex-date for the Entitlement Offer may be different from the TERP; 4) US Geological Survey (Cobalt Statistics), refer to slide 11.
11
3 Weighted to Copper – Critical to Electrification
Renewable and EV thematic driving demand…
Global 2020 copper demand1 (Mt)
…Limited copper exposure available from tier 1 jurisdictions2
Global 2040 forecast copper demand1 (Mt)
2022 global copper mine production (Mt)
Other countries
17%
Electrical /
renewables
9.0
15.1
Electrical / renewables
1.3
Africa
14%
0.8
South
America
37%
Building and
construction
6.2
Tier 1
12%
~22.0Mt
9.7
Building and construction
0.5
China
9%
United States
S-E Asia
4%
Machinery &
equipment
4.4
8.0
Machinery & equipment
2.3
Transportation
1.
2.
2.0
Consumer & general products
97.0
5.7
South
America
36%
Consumer & general
products
Canada
Global Reserves (Mt)
Other countries
26%
Transportation
Australia
Central Asia
7%
~886Mt
Tier 1
17%
44.0
7.6
4.7
Central Asia
9%
S-E Asia China Africa
3%
6%
3%
Source: International Copper Association March 2023, Copper – The Pathway to Net Zero, https://copperalliance.org/wp-content/uploads/2023/02/ICA-GlobalDecarbonization-202301-Final-singlepgs.pdf
Source: United States Geological Survey, Mineral Commodity Summaries 2023 - COPPER Data Release, https://www.sciencebase.gov/catalog/item/63d1a36ed34e06fef150068f
Australia
United States
Canada
12
4 Set for Growth
FY23 was a year of transformation with FY24 expected to deliver on key milestones post the capital raising
Last 12 months
▪
▪
Round Oak integration
̶
North Queensland
̶
Jaguar
̶
Stockman
Tritton transition to higher
grade ore sources
̶
Avoca Tank commissioned
̶
Budgerygar ramping up
̶
Kurrajong Maiden
Resource
Constellation resource
update and extension of
mineralisation
̶
▪
▪
Next 12 months
Cracow operating life
extended
̶
Tailings Storage Facility
construction commenced
̶
Maiden Mineral Resource
for Golden Plateau
Barbara resource update
$30m
capital
raising
Longer term
Tritton
▪ Budgerygar and Avoca Tank
production increases
▪ Updated Constellation resource
▪ Constellation feasibility
▪ Kurrajong, Budgery and South Wing
exploration
▪ Murrawombie pit cut-back
Cracow
▪ Golden Plateau exploration
decline development and resource
drilling
▪ Western Vein Field exploration
▪ Southern Vein Field exploration
▪ Mt Colin optimised for cash
generation
▪ Barbara permitting
▪ Barbara Underground feasibility study
and Final Investment Decision
Jaguar
▪ Ongoing care and maintenance
▪ Restart feasibility – incorporating
resource base from 4 deposits and
mill enhancements
▪ Regional VMS target exploration
▪ Heather Bore gold anomaly / exploration
▪ Final Investment Decision upon
supportive feasibility study and market
conditions
Stockman
▪ Definitive Feasibility Study update
▪ Metallurgical flowsheet update
▪ Final Investment Decision upon
supportive feasibility study and market
conditions
North
Queensland
Note: 1) A$75M AUD/USD exchange rate of $0.669 applied (25 June 2023); 2) Issue of convertible notes subject to satisfaction of customary conditions, refer to slide 24 for further details on the convertible note; 3) The theoretical ex-rights price (“TERP”) is the theoretical price at which Jervois’ shares should trade at immediately after the ex-date for the Entitlement Offer based only on the last traded price and issuance of shares at the Offer Price under the Entitlement Offer. TERP is a theoretical calculation only and the actual price at which Jervois shares trade immediately after the ex-date for the Entitlement Offer may be different from the TERP; 4) US Geological Survey (Cobalt Statistics), refer to slide 11.
13
5 Strengthened Financial Position to Deliver
2024 Plan
Capital raising outcomes
Post capital raising pro forma financial position
✓Reduced balance sheet risk
Pre equity raise
Post equity raise
$21.9m1
Cash
$50.5m2
Pro forma cash
$18.1m3
Net debt
$10.5m
Pro forma
net cash
✓Improve working capital flexibility
✓Assets optimised for cash generation
Physical inventories
✓Progressing strategic growth initiatives
Cash as at 30 September 2023 (unaudited).
Net proceeds of Equity Raising of $28.6m ($30m less $1.4m for fees relating to the Equity Raise).
Cash less WHSP $50m debt facility – balance drawn as at 30 September 2023 (unaudited). Net
debt excludes trade creditors of $63.9m (unaudited) as at 30 September 2023.
113,080
Tritton concentrate stockpiles (dmt)5
1,080
Additional Information
▪ The reconciled Cu grade of Mt Colin ore toll processed through the toll processing facility in
August 2023 was 1.99% as per the Final Concentrate Quality Determination Certificate
provide by the toll processing facility
✓Maintained FY24 guidance
1.
2.
3.
Mt Colin ore stockpiles (t)4
▪
4.
5.
The copper content in Tritton copper concentrate as per the provisional sales invoice i
Share your feedback
Discover