TIDMSLV
RNS Number : 2499A
Sylvania Resources Ltd
28 January 2011
SYLVANIA RESOURCES LIMITED
("Sylvania" or the "Company")
(ASX/AIM: SLV)
A.C.N. 091 415 968
Quarterly Report to 31 December 2010
HIGHLIGHTS
-- Another record quarter for the Sylvania dump operations
("SDO")
- 9,772 ounces PGM 3E and Au produced by the five SDO plants in
the quarter;
- 10,135 ounces attributable to Sylvania including CTRP, 11%
improvement on last quarter;
- SDO revenue up 30% and cash costs reduced by 19% compared to
the previous quarter;
-- Proposed redomicile of Sylvania from Australia to Bermuda
announced;
-- Share exchange agreement with Africa Asia Capital Limited
("AACL") approved by shareholders.
OVERVIEW
Sylvania achieved another encouraging quarter of growth with
production yielding 10,135 ounces for the quarter to 31 December
2010. This is a 1 009 ounce increase on the previous quarter and
the Company remains on track to achieve the targeted 40,000 ounces
for the 2011 financial year. The Steelpoort operation had an
exceptional quarter with a 31% increase in production on the
previous quarter. SDO revenue increased by 30% from R60 million to
R79 million. The net basket price achieved rose 11% to US$1,123/oz
and the average cost per ounce decreased by 19% from R4 667/oz
(US$655/oz) to R3,758/oz (US$551/oz), further improving
profitability of the SDO. The Company had R149 million (A$22
million) cash available at the end of December 2010.
As announced on 29 September 2010, Sylvania entered into a share
exchange agreement with AACL ("Share Exchange Agreement") pursuant
to which Sylvania agreed to acquire, and AACL agreed to sell, a 26%
interest in Sylvania Metals (Pty) Limited ("Sylvania Metals"). On
23 November 2010, the shareholders of Sylvania ratified the issue
of 7,711 888 fully paid ordinary shares in the capital of Sylvania
("Sylvania Shares") to a nominee of AACL and approved a further
issue of 51,170,663 Sylvania Shares to AACL (or its nominee)
pursuant to the Share Exchange Agreement. The additional Sylvania
Shares were issued to a nominee of AACL on 1 December 2010, thereby
completing the Company's acquisition of the 26% interest in
Sylvania Metals. Sylvania now owns 100% of Sylvania Metals.
On 26 November 2010, Sylvania announced the proposed redomicile
of the Sylvania group of companies ("Sylvania Group") from
Australia to Bermuda. The proposed redomicile will be implemented
through a scheme of arrangement between Sylvania and its members
("Scheme"). Should Sylvania's members approve the Scheme and the
Scheme comes into effect in accordance with its terms, Sylvania
Platinum Limited ("Sylvania Platinum"), a company incorporated in
Bermuda, will become the new holding company of the Sylvania Group.
Subject to the Scheme being implemented, Sylvania Platinum will be
admitted to both the ASX and AIM and it is currently envisaged that
shares in Sylvania Platinum ("Sylvania Platinum Shares") will
commence trading on ASX and AIM on a normal settlement basis in
late March 2011.
Sep 2010 Dec 2010
* Unaudited - Group Unit Quarter Quarter % Change
--------------------- ------- --------- --------- ---------
Financials
Revenue R'000 62,844 81,507 30%
Ave R/US$ rate R/US$ 7.13 6.82 -4%
--------------------- ------- --------- --------- ---------
Production
PGM Plant Feed Tons t 155,951 159,533 2%
PGM 3E and Au oz 9,126 10,135 11%
A. SYLVANIA DUMP OPERATIONS
Health, safety and environment
Sylvania has worked since October 2009 without a lost time
injury and remains committed to keeping the incident frequency rate
at zero through continued education, improving safety procedures
and working to the highest possible standards.
Sylvania Dump Operations (100%) : Statistical Information
------------------------------------------------------------------------------
+- %
Sep 2010 Dec 2010 Quarter 2011 Financial
* Unaudited Unit Quarter Quarter on Quarter YTD
--------------- -------- --------- --------- ------------ ---------------
Revenue
Revenue R'000 60,393 78,697 30% 139,090
Gross Basket
Price US$/oz 1,423 1,563 10% 1,558
Net Basket
Price US$/oz 1,015 1,123 11% 1,118
Gross Cash
Margin - SDO % 33% 54% 64% 45%
Capital
Expenditure R'000 8,509 10,162 19% 18,671
Ave R/US$ rate R/US$ 7.13 6.82 -4% 6.86
EBITDA R'000 13,199 23,757 80% 36,956
SDO Cash Cost
Per PGM Feed
ton R/t 281 239 -15% 260
Per PGM Feed
ton US$/t 39 35 -10% 38
Per 3E & Au oz R/oz 4,667 3,758 -19% 4,191
Per 3E & Au oz US$/oz 655 551 -16% 611
Production
Plant Feed t 332,689 325,998 -2% 658,687
Feed Head
Grade g/t 2.37 2.49 5% 2.41
PGM Plant Feed
Tons t 145,481 153,705 6% 299,186
PGM Plant
Grade g/t 4.31 4.28 -1% 4.30
PGM Plant
Recovery % 42.7% 46.2% 8% 44.0%
Total 3E and
Au oz 8,758 9,772 12% 18,530
--------------- -------- --------- --------- ------------ ---------------
Millsell
The Millsell operation produced 2,014 ounces for the quarter
ended 31 December 2010, against 2,377 ounces in the previous
quarter. The reduction in ounce production is due to the reduced
current arising received from the Millsell mine over the December
holiday period. Recoveries remained consistent at 43.2% whilst unit
costs increased from R2,387/oz (US$335) to R2,783/oz (US$408/oz)
mainly due to lower feed grade. The planned feed to Millsell from
the main Milsell dump is nearing full depletion and processing of
material from the nearby Waterkloof tailings dump will commence in
February 2011. This action will see the plant continue to operate
at a similar ounce profile and unit cost to the current
quarter.
Steelpoort
The Steelpoort operation produced a record total of 3,612 ounces
for the quarter ended 31 December 2010, 862 ounces higher than the
previous quarter, primarily due to higher grades. Recoveries
remained stable at 61% with plant uptime at 96%. The cost per ounce
was reduced to R2 160/oz (US$317/oz) from R3,206/oz (US$450/oz), a
33% improvement on the previous quarter as a direct result of the
higher production ounces.
Lannex
The Lannex operation produced 1,348 ounces for the quarter ended
31 December 2010, a 281 ounce improvement on the previous quarter.
Cost per ounce also improved in Rand terms slightly from R5,961/oz
(US$836/oz) to R5,823/oz (US$854) however this gain was offset by
currency fluctuations.
Although production at Lannex has improved steadily since the
plant was restarted in June 2010, the limitations due to the
tailings disposal constraints continue to hamper production. The
construction of the new tailings facility continues and further
improvements are expected in the plant's production.
Mooinooi
The Mooinooi operation produced 1,318 ounces for the quarter to
31 December 2010, a 163 ounce decrease on the previous quarter. The
costs remained high at R4,994/oz (US$660/oz) compared to R4,659/oz
(US$653/oz) due to the additional mill maintenance and mining
costs. During the current quarter management commenced with the
installation of a second mill in anticipation of increased tonnage
throughput from underground as a result of the Mooinooi mine HMS
project. This mill is currently undergoing final commissioning and
is expected to be fully operational in the quarter to 31 March
2011.
Doornbosch
The Doornbosch plant produced 1,480 ounces for the quarter ended
31 December 2010 against 1,083 ounces in the previous quarter when
the plant was still in commissioning stage. This amounts to a 37%
(397 ounce) increase quarter on quarter. Float plant uptime of 98%
was achieved with recoveries averaging 65%. Cost per ounce showed a
35% improvement from R4,831/oz (US$678/oz) in the previous to
quarter to R3 137/oz (US$460/oz) for the quarter ended 31 December
2010.
Reduced feed available from the Doornbosch mine still remains a
limitation and thus delaying the plant in achieving design capacity
of 20,000 tons per month. In order to utilise the additional
capacity available the rougher tails are being recycled which aims
to achieve higher recoveries and optimum densities in the float
plant. A hydro mining facility was commissioned during the quarter
and this now allows the treatment of tailings from nearby dumps
thus augmenting the ounce production.
Tweefontein
Planning of the equipment configurations and processing options
for the Tweefontein plant are currently underway.
B. CTRP (Sylvania 25% attributable, managed by Aquarius
Platinum)
CTRP production decreased from 367 ounces to 363 ounces. Ounce
production has stabilised due to the elimination of the pipeline
blockages. Further design changes are expected to improve ounce
recovery in future quarters.
CTRP (25%): Statistical Information
------------------------------------------------------------------------------
+- %
Sep 2010 Dec 2010 Quarter 2011 Financial
* Unaudited Unit Quarter Quarter on Quarter YTD
--------------- -------- --------- --------- ------------ ---------------
Revenue
Revenue R'000 2,451 2,810 15% 5,261
Basket Price US$/oz 1,426 1,559 9% 1,492
Ave R/US$ rate R/US$ 7.34 6.92 -6% 7.16
Site Cash Cost
Per ROM ton R/t 193 359 86% 257
Per ROM ton US$/t 26 52 100% 36
Per PGM oz R/oz 5,504 5,763 5% 5,742
Per PGM oz US$/oz 750 833 11% 802
Production
Plant Feed
Tons t 10,470 5,828 -44% 16,298
Grade g/t 2.72 3.36 24% 2.95
Recovery % 40% 58% 45% 47%
Total 3E and
Au Oz 367 363 -1% 730
--------------- -------- --------- --------- ------------ ---------------
For a graph showing the Sylvania Resources Quarterly production
please click on the following web link (Graph 1):
http://www.rns-pdf.londonstockexchange.com/rns/2499A_-2011-1-28.pdf
C. NORTHERN LIMB OPERATIONS
Volspruit Project
The Volspruit Project (formerly Grass Valley) is located at the
Southern end of the Northern Limb of the Bushveld Igneous Complex
in South Africa.
On 29 September 2010, Sylvania announced that a JORC compliant
resource had been declared for the Volspruit project. This resource
comprises 28.4 million tons in the measured category, 16.6 million
tons in the indicated category and 0.76 million tons in the
inferred category. This is equivalent to 1.15 million ounces of 3E
measured and 620,000 ounces of 3E in the indicated and inferred
categories. The Southern Ore Body comprises 47.8 million tons or
equivalent of 1.8 million ounces of 3E in the indicated and
inferred categories. The Southern Ore Body will be reappraised
during the third quarter of financial year 2011.
During the last quarter of 2010 SRK prepared a mining study for
the northern deposit in order to determine whether more drilling
(for geotechnical and evaluation purposes) should be carried out.
The design of the practical pit seeks to ensure that all material
can be mined with a minimum of difficulty and endeavours to extract
the majority of the economic ore within the pit limits.
A pre-feasibility level engineering study was carried out by MDM
Engineering during the quarter, informing the strategy, cost and
project schedule for a platinum concentrator plant with a
throughput of 100,000 tons per month, associated infrastructure and
a tailings storage facility. Ultimately three identical plants will
provide an annual throughput of 3.6 million tons. Construction is
expected to take 18 months and include the establishment of mine
infrastructure. Feasibility design of the plant and detailed
planning is continuing.
Sylvania has appointed independent contractors to carry out the
mining works program, the social labour plan as well as the
environmental impact assessment (EIA).
Conversion of the exploration licence to a mining right is
expected to be lodged shortly.
Northern Platreef Project
The Northern platreef project is in the process of evaluating
mineralisation at ten farms on the Northern Limb of the Bushveld
Igneous Complex.
To date 41,301m of exploration drilling has been completed and
the results sent for review by external consultants who identified
several areas for additional drilling. The new drilling program,
designed to generate the information necessary to upgrade the
exploration targets is being planned for 2011.
D. SYLVANIA GROUP
Redomicile of Sylvania from Australia to Bermuda
On 26 November 2010, Sylvania announced that the Company intends
to redomicile the holding company of the Sylvania Group from
Australia to Bermuda ("Redomicile Proposal").
Under the Redomicile Proposal, all existing shares in Sylvania
will be exchanged for shares in Sylvania Platinum, a company
incorporated in Bermuda. It is intended that the redomicile will be
effected through a scheme of arrangement between Sylvania and its
members. Sylvania Platinum will then become the new holding company
for the Sylvania Group.
The Directors believe that the main advantages of the Redomicile
Proposal include a reduction in operational and administrative
costs associated with an Australian incorporated entity and the
potential to create a more effective tax structure. The Redomicile
Proposal is also expected to create a corporate structure that is
able to facilitate flexibility in the terms and conditions upon
which the Sylvania Group can participate in future corporate
transactions and will make it easier to access international
investor markets, particularly in North America.
Although the Redomicile Proposal will result in once-off
implementation costs and reduced investor protection due to many
provisions in the Australian Corporations Act 2001 (Cth)
("Corporations Act") no longer applying, the Directors are of the
opinion that the advantages far outweigh the disadvantages and
intend to vote all Sylvania Shares held by, or on behalf of them in
favour of the proposed scheme.
On 18 January 2011, the Supreme Court of Western Australia made
orders to allow Sylvania to convene a meeting of its members to
consider the proposed scheme of arrangement between Sylvania and
its members to effect the merger with Sylvania Platinum. The
meeting of Sylvania's members is scheduled for 2 March 2011.
Details of the Scheme are set out in the Scheme Booklet. The
Scheme Booklet, a copy of which is available on Sylvania's website,
has been registered with the Australian Securities and Investments
Commission.
Sylvania Platinum has applied for official quotation on ASX of
all Sylvania Platinum Shares to be issued under the Scheme. The
application is conditional upon the Scheme coming into effect
pursuant to the Corporations Act.
On 25 January 2011, Sylvania Platinum issued a pre-admission
announcement plus appendix in respect of the proposed admission of
Sylvania Platinum Shares to trading on AIM. It is currently
expected that the Sylvania Platinum Shares will begin trading on
ASX and AIM on a normal settlement basis on or about 25 March 2011,
subject to implementation of the Scheme.
Consolidation of SDO through share exchange agreement
On 29 September 2010, Sylvania announced that it had entered
into the Share Exchange Agreement with AACL to acquire the
remaining 26% interest it did not already own in Sylvania Metals,
which operates the SDO.
On 29 September 2010, Sylvania issued an initial tranche of
7,711,888 Sylvania Shares to a nominee of AACL. In accordance with
shareholder approval obtained at the Company's general meeting on
23 November 2010, the remaining tranche of 51,170,663 Sylvania
Shares was issued to AACL's nominee. The full consideration of
58,882,551 Sylvania Shares has now been issued to AACL's nominee,
Rene Nominees (IOM) Limited, pursuant to the terms of the Share
Exchange Agreement.
In accordance with the terms of the Share Exchange Agreement,
and also upon implementation of the Scheme, AACL has agreed,
subject to certain exceptions, that it will not dispose of
51,170,663 Sylvania Shares issued to it under the Share Exchange
Agreement for a period of 12 months from the date of issue, being 1
December 2010, without the prior written consent of Sylvania (which
must not be unreasonably withheld or delayed).
Vygenhoek Mining Application (Everest North)
Sylvania and Aquarius Platinum (SA) (Pty) Ltd are currently
investigating the business model to develop the Everest North mine
to the mutual advantage of both parties. Should an agreement not be
reached between the parties, the matter will then be heard by an
arbitrator on a date to be arranged.
Jubilee/Sylvania Alliance
On 26 November 2010 Sylvania and Jubilee Platinum Plc
("Jubilee") jointly announced that they have expanded the previous
framework agreement by entering into a smelting and refining
agreement that sets out the respective responsibilities of the
parties and timeframe deliverables for the next phase of their
strategic partnership ("Smelting and Refining Agreement"). The
parties have agreed to extend their joint investigations to
progress a study into the design and construction of a smelter and
refinery complex allocated to processing concentrate from the
proposed Volspruit mine that will be developed by Sylvania.
The Volspruit mine project will be developed concurrently by
Sylvania and the Volspruit smelter/refinery project will be managed
by the Sylvania/Jubilee JV. The JV with Jubilee will allow benefits
to be derived from the combination of the ConRoast process with a
DC arc smelter associated with a base metal refining process.
Under the Smelting and Refining Agreement the parties have
agreed that study work will be undertaken, and if satisfied with
the outcome the parties will incorporate a new company and
subscribe equally for the shares in the new company and enter into
a shareholder agreement.
Termination of SA Metals Royalty Agreement
Further to the Company's announcement on 1 July 2010, receipt of
approval from the South African Reserve Bank to issue 3 million
Sylvania Shares to Minex Projects (Pty) Ltd ("Minex") in final
settlement of the termination of the royalty agreement between
Minex and SA Metals Limited is still pending. Minex will receive 6
tranches of 500,000 Sylvania Shares bi-annually once this approval
has been obtained.
CORPORATE INFORMATION
Registered office: Sylvania Resources Limited
Unit 2, Level 1
Churchill Court
331 - 335 Hay Street
Subiaco WA 6008
Australia
(+61 8) 9226 4777
Postal address: PO Box 524
Wembley WA 6913
Australia
CONTACT DETAILS
South Africa: Terry McConnachie Louis Carroll
(CEO) (Finance Director/Joint
Sylvania Resources Company Secretary)
Limited Sylvania Resources
(+27 11) 673 1171 Limited
(+27 11) 673 1171
Australia: Richard Rossiter Grant Button
(Chairman) (Joint Company Secretary)
Sylvania Resources Sylvania Resources
Limited Limited
(+61 8) 9226 4777) (+61 8 9226 4777)
United Kingdom: Richard Brown/Ben Wright Laurence Read
Ambrian Partners Limited Threadneedle Communications
(+44 20) 7634 4700 (+44 20) 7653 9855
Sylvania Website: www.sylvaniaresources.com
The technical exploration and mining information contained in
this report was compiled by Mr Ed Nealon, a former Sylvania
Resources Limited director. Mr Nealon provides consulting services
via his company Athlone International Pty Limited. Mr Nealon is a
member of the Australasian Institute of Mining and Metallurgy and
is considered to be a Competent Person in his respective area of
expertise pursuant to the Australasian Code for Reporting of
Mineral Resources and Ore Reserves. Mr Nealon consents to the
inclusion in the report of the matters based on his information in
the form and context in which it appears.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98,
30/9/2001 01/06/10.
Name of entity
SYLVANIA RESOURCES LIMITED
--------------------------
ABN Quarter ended ("current
quarter")
091 415 968 31 December 2010
----------- -----------------------
Consolidated statement of cash flows
Year to date
Current quarter (6.months)
Cash flows related to operating activities $A'000 $A'000
---------------- -------------
Receipts from product sales and
1.1 related debtors 10,407 22,003
Payments for (a) exploration &
evaluation (406) (783)
(b) development (1,256) (2,824)
(c) production (5,033) (9,733)
1.2 (d) administration (3,795) (9,047)
1.3 Dividends received
Interest and other items of a
1.4 similar nature received 335 627
Interest and other costs of finance
1.5 paid
1.6 Income taxes paid (202) (202)
1.7 Other (provide details if material) (552) (943)
Net Operating Cash Flows (502) (902)
------ ------------------------------------- ---------------- -------------
Cash flows related to investing
activities
Payment for purchases of:
(a) prospects
(b) equity investments
1.8 (c) other fixed assets (10)
Proceeds from sale of:
(a) prospects
(b) equity investments
1.9 (c) other fixed assets 3
1.10 Loans to other entities (1) (7)
1.11 Loans repaid by other entities 6 15
1.12 Other (provide details if material)
Net investing cash flows 5 1
---------------- -------------
Total operating and investing
1.13 cash flows (carried forward) (497) (901)
------ ------------------------------------- ---------------- -------------
Total operating and investing
1.13 cash flows (brought forward) (497) (901)
------ ------------------------------------- -------------
Cash flows related to financing
activities
Proceeds from issues of shares,
1.14 options, etc.
Proceeds from sale of forfeited
1.15 shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings (83) (181)
1.18 Dividends paid
1.19 Other (provide details if material) (430) (443)
---------------- -------------
Net financing cash flows (513) (624)
------ ------------------------------------- -------------
Net increase (decrease) in cash
held (1,010) (1,525)
Cash at beginning of quarter/year
1.20 to date 23,016 23,539
Exchange rate adjustments to item
1.21 1.20 (228) (236)
---------------- -------------
1.22 Cash at end of quarter 21,778 21,778
------ ------------------------------------- ---------------- -------------
Payments to directors of the entity and associates of the
directors
Payments to related entities of the entity and associates of the
related entities
Current quarter
$A'000
----------------
Aggregate amount of payments to the parties
1.23 included in item 1.2 448
----------------
1.24 Aggregate amount of loans to the parties included
in item 1.10
------ ---------------------------------------------------- ----------------
1.25 Explanation necessary for an understanding of the transactions
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities
but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase
their share in projects in which the reporting entity has an
interest
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities
----------------- ------------
3.2 Credit standby
arrangements
---- ---------------- ----------------- ------------
Estimated cash outflows for next quarter
$A'000
-------
4.1 Exploration and evaluation 868
-------
4.2 Development 4,603
-------
4.3 Production 5'600
-------
4.4 Administration 2,999
-------
Total 14,070
---- --------------------------- -------
Reconciliation of cash
Reconciliation of cash at the end of the
quarter (as shown in the consolidated
statement of cash flows) to the related Current quarter Previous quarter
items in the accounts is as follows. $A'000 $A'000
----------------------------------------- ---------------- -----------------
5.1 Cash on hand and at bank 6,581 7,408
---------------- -----------------
5.2 Deposits at call 15,197 15,608
---------------- -----------------
5.3 Bank overdraft
---------------- -----------------
5.4 Other (provide details)
------ --------------------------------- ---------------- -----------------
Total: cash at end of quarter
(item 1.22) 21,778 23,016
------ --------------------------------- ---------------- -----------------
Changes in interests in mining tenements
Tenement Nature of Interest Interest
reference interest at beginning at end of
(note (2)) of quarter quarter
----------- ------------ -------------- -----------
6.1 Interests in
mining
tenements
relinquished,
reduced or
lapsed
----------- ------------ -------------- -----------
6.2 Interests in
mining
tenements
acquired or
increased
----------- ------------ -------------- -----------
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.
Issue price Amount paid
per up per
security security
Number (see note (see note
Total number quoted 3) (cents) 3) (cents)
--------------------- ------------- ------------ ------------ ------------
Preference
+securities
7.1 (description)
------------- ------------ ------------ ------------
Changes
during
quarter (a)
Increases
through
issues (b)
Decreases
through
returns of
capital,
buy-backs,
7.2 redemptions
----- -------------- ------------- ------------ ------------ ------------
+Ordinary
7.3 securities 301,961,805 301,961,805 N/A N/A
------------- ------------ ------------ ------------
Changes
during
quarter (a)
Increases
through
issues (b)
Decreases
through
returns of
capital,
7.4 buy-backs 51,170,663 51,170,663 N/A N/A
7.5 +Convertible
debt
securities
(description)
------------- ------------ ------------ ------------
7.6 Changes
during
quarter (a)
Increases
through
issues (b)
Decreases
through
securities
matured,
converted
7.7 Options 359,909 Nil Exercise Expiry date
(description 400,000 Nil price $1.40 30 June
and 600,000 Nil $2.89 $2.67 2011 30
conversion 5,633,000 Nil $1.63 June 2011
factor) 6,000,000 Nil $1.05 30 June
2011 30
June 2011
30 June
2012
------------- ------------ ------------ ------------
7.8 Issued during
quarter
------------- ------------ ------------ ------------
7.9 Exercised
during
quarter
------------- ------------ ------------ ------------
7.10 Expired
during
quarter
------------- ------------
7.11 Debentures
(totals
only)
------------- ------------
7.12 Unsecured
notes (totals
only)
------------- ------------
Compliance statement
1 This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Act or other standards acceptable to ASX (see note
4).
2 This statement does give a true and fair view of the matters
disclosed.
Sign
here:............................................................
Date: 28 January 2011
(Director/Company secretary)
Print name: Louis Carroll
Financial Director
Notes
1 The quarterly report provides a basis for informing the market
how the entity's activities have been financed for the past quarter
and the effect on its cash position. An entity wanting to disclose
additional information is encouraged to do so, in a note or notes
attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options
in respect of interests in mining tenements acquired, exercised or
lapsed during the reporting period. If the entity is involved in a
joint venture agreement and there are conditions precedent which
will change its percentage interest in a mining tenement, it should
disclose the change of percentage interest and conditions precedent
in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid
up is not required in items 7.1 and 7.3 for fully paid
securities.
4 The definitions in, and provisions of, AASB 1022: Accounting
for Extractive Industries and AASB 1026: Statement of Cash Flows
apply to this report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the
standards used do not address a topic, the Australian standard on
that topic (if any) must be complied with.
== == == == ==
This information is provided by RNS
The company news service from the London Stock Exchange
END
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