PILBARA MINERALS LIMITED Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Appendix 5B
Rule 5.5
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
Pilbara Minerals Limited
ABN
95 112 425 788
Quarter ended ("current quarter")
31 December 2018
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (6 months) $A'000 |
| 239 (1,406) (522) (6,023) (1,945) (1,659) - 578 (4,171) - - - | 16,662 (2,991) (1,758) (13,449) (4,245) (2,844) - 1,376 (8,310) - 176 (7) |
(14,909) | (15,390) |
2. Cash flows from investing activities Sales proceeds from pre-production ** 2.1 Payments to acquire:
| 47,733 (1,963) (40) - (50,476) | 47,733 (4,343) (40) - (88,299) |
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Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
| - - - - - - - | - - - - - - - |
(4,746) | (44,949) |
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities | - - - - - (4) (721) - 69 | - - - - - (225) (1,377) - 12,302 |
(656) | 10,700 |
10,700
| 90,598 (14,909) (4,746) (656) (26) | 119,978 (15,390) (44,949) 10,700 (78) |
70,261 | 70,261 |
119,978
10,700
70,261
* Represents cash received and operating costs paid in relation to prior quarter activities under the minegate DSO Sale Agreement with Atlas Iron.
** Includes Stage 1 pre-production commissioning and ramp costs, and costs associated with the development and construction of both Stage 1 and Stage 2 of the Pilgangoora Project. At 31 December 2018 the Pilgangoora Project remained in commissioning and ramp-up phase and had not yet achieved commercial production. Prior to the declaration of commercial production, all commissioning and pre-production ramp-up costs incurred at the Pilgangoora Project (net of revenue derived from the sale of spodumene concentrate) are capitalised against project development costs. Similarly, cash flows associated with commissioning and pre-production ramp-up activities are classified as cash flows from investing activities until such time as commercial production is declared.
+ See chapter 19 for defined terms
1 September 2016
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Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
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 5.1 Bank balances 5.2 Call deposits 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) | Current quarter $A'000 18,931 51,330 - - | Previous quarter $A'000 5,431 85,167 - - |
70,261 | 90,598 |
90,598
5,431 85,167
- -
6.
Payments to directors of the entity and their associates
6.1
6.2
6.3
Aggregate amount of payments to these parties included in item 1.2
Aggregate amount of cash flow from loans to these parties included in item 2.3
Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
7.
Payments to related entities of the entity and their associates
7.1
7.2
7.3
Aggregate amount of payments to these parties included in item 1.2
Aggregate amount of cash flow from loans to these parties included in item 2.3
Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
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Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
7.
Payments to related entities of the entity and their associates
7.1
Aggregate amount of payments to these parties included in item 1.2
7.2
Aggregate amount of cash flow from loans to these parties included in item 2.3
7.3
Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
8.
Financing facilities available
Add notes as necessary for an understanding of the position
8.1
8.2
8.3
Loan facilities | 141,683 |
Credit standby arrangements | - |
Other (please specify) | - |
Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
141,683 | 141,683 |
- | - |
- | - |
8.4
Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.
The Company's Loan facility is a USD $100M senior debt bond facility. The coupon rate is 12% per annum with interest payable quarterly in arrears. The facility amount shown above of $141.7M has been restated to reflect the closing AUD:USD foreign exchange rate at 31 December 2018 of 0.7058.
9. Estimated cash outflows for next quarter | $A'000 |
| 917 22,707 52,039 1,790 1,365 4,445 |
83,263 |
917
22,707
52,039
1,790
1,365
4,445
83,263
* Includes development costs associated with Stage 1 of Pilgangoora Project, commissioning/pre-production costs associated with Stage 1, sustaining capital for Stage 1 and certain costs associated with the Stage 2 expansion of the project (including feasibility study, early works and long lead items)
** Represents costs associated with operations. Forecast cash inflows for the quarter associated with the sale of concentrate products are not included in the table above
*** Other cash flows include $4.3M for interest payments due under the senior secured bond facility.
+ See chapter 19 for defined terms
1 September 2016
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Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
10. Changes in tenements (items 2.1(b) and 2.2(b) above) | Tenement reference and location | Nature of interest | Interest at beginning of quarter | Interest at end of quarter |
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced | ||||
10.2 Interests in mining tenements and petroleum tenements acquired or increased | L45/477 | Application | 0% | 100% |
L45/478 | Application | 0% | 100% | |
L45/479 | Application | 0% | 100% | |
L45/480 | Application | 0% | 100% | |
L45/481 | Application | 0% | 100% | |
L45/482 | Application | 0% | 100% | |
L45/497 | Application | 0% | 100% | |
P45/3096 | Application | 0% | 100% | |
M45/1275 | Application | 0% | 100% |
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.
Sign here:
............................................................
Date: 25 January 2019
(Director/Company secretary)
Print name: Alex Eastwood
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 that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
2. If this quarterly 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 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.
+ See chapter 19 for defined terms
1 September 2016
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Pilbara Minerals Limited published this content on 25 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 January 2019 01:53:07 UTC
