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PRESS RELEASE | NASDAQ: IPX | ASX: IPX
April 15, 2025
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Commissioning of the Titanium Manufacturing Campus in Virginia progressed rapidly during the quarter, with full system scrap-to-forged titanium product operational capacity expected by mid-2025.
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Repeated production cycles of the Hydrogen Assisted Metallothermic Reduction (HAMRTM) furnace continue to successfully produce high-quality titanium that exceeds industry standards.
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Commissioning-phase process improvements have reinforced the low-capex scalability of the HAMR process, and underscore strong potential to surpass original nameplate titanium powder production.
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Commissioning of initial pressing and Hydrogen Sintering and Phase Transformation (HSPTTM) sintering systems is complete, enabling forged near-net-shape titanium production.
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Product development and qualification continues to build momentum across key customer sectors - defense, automotive and consumer electronics.
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Strong customer engagement for high-performance titanium components that suffer from historically low material yields (high scrap rates) - such as titanium fasteners, housings, and precision components.
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IperionX is actively working on pilot production, with eight commercial partners supporting a rapid path-to-market for high-performance titanium manufactured components.
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IperionX was awarded up to $47.1 million in U.S. Department of Defense (DoD) funding to accelerate development of a secure, low-cost, mineral-to-metal titanium supply chain. An additional $11.0 million in financing was approved by the
U.S. Export-Import Bank for advanced manufacturing equipment.
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IperionX is progressing long-term, tax-exempt bond financing through Virginia’s Halifax County Industrial Development Authority to underpin future titanium production expansions.
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Multiple additional government funding applications are underway, with strong potential for fast-track review under the new U.S. administration.
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The DoD award provided the catalyst to commence engineering and design for expansion of titanium production capacity at the Titanium Manufacturing Campus.
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Expansion of titanium production capacity is targeted by the end of 2026, with future modular-based production expansions scoped through to 2030. Expansion plans are expected to be released mid-2025.
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Definitive Feasibility Study (DFS) commenced at the Titan Critical Minerals Project, funded in part by the recent U.S. DoD award. The Titan Project is the largest critical mineral sands project in the U.S.
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The DFS, expected to be completed in Q2 2026, will define engineering, flowsheets, and infrastructure for long-term supply of titanium feedstock and heavy rare earths, including dysprosium and terbium - key elements for high-performance
magnets and defense systems.
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At March 31, 2025, IperionX held US$66.1 million in cash
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North Carolina
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Tennessee
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Virginia
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Utah
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129 W Trade Street, Suite 1405
Charlotte, NC 28202
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279 West Main Street
Camden, TN 38320
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1092 Confroy Drive
South Boston, VA 24592
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1782 W 2300 S
West Valley City, UT 84119
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IperionX Limited ABN 84 618 935 372
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1.
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Commissioning of traditional vacuum furnace based HSPT sintering capacity, with future capacity enabled by minor modifications to existing HAMR units
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2.
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Installation of a cold-isostatic press, enabling manufacture of longer, high-aspect-ratio parts such as titanium tubes, rods, and fasteners
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3.
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Progression of binder jetting development, expanding the range of potential low-cost titanium product formats
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Agency
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Program
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Total program funding available
(2024-2025)1 / current estimate
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U.S. Department of Defense
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DPA – Ukraine Supplemental Bill Funding for
Strategic and Critical Materials
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$140m remains, as of March 2024
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U.S. Department of Defense
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DPA Title III – Casting & Forgings Initiative
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Up to ~$80m
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U.S. Department of Defense
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IBAS – Casting & Forgings Infrastructure
Investments
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Up to ~$80m
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U.S. Department of Defense
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SBIR Phase III
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Up to $50-$100m in funding
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U.S. EXIM Bank
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Make More in America Initiative / China and
Transformational Exports Program
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$11 million
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State / local authorities
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Tax-exempt private activity bonds
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~$150m
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Activity
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US$000
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Metallurgical consultants
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10
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Sustainability
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12
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Permitting
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2
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Community relations
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6
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Surveying
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10
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Field supplies, equipment rental, vehicles, travel and deposit refunds
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(11)
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Total as reported in Appendix 5B
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29
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Forward
Looking Statements
Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be
identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding the
timing of any Nasdaq listing, plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual
results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and
general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or
grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention
of personnel, industrial relations issues and litigation, as well as other uncertainties and risks summarized in filings made by the Company from time to time with the Australian Securities Exchange and in the Form 20-F filed with the
U.S. Securities and Exchange Commission.
Forward looking statements are based on the Company and its management’s assumptions relating to the financial, market, regulatory and other
relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or
that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.
There may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or
intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date
of issue. Except as required by applicable law or stock exchange listing rules, the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events,
conditions or circumstances on which any such statement is based.
Competent Persons Statement
The information in this announcement that relates to Exploration Results is based on information compiled and/or reviewed by Mr. Adam Karst,
P.G. Mr. Karst is a consultant to IperionX. Mr. Karst is a Registered Member of the Society of Mining, Metallurgy and Exploration (SME) which is a Recognized Overseas Professional Organization (ROPO) as well as a Professional Geologist in
the state of Tennessee. Mr. Karst has sufficient experience which is relevant to the style and type of mineralization present at the Titan Project area and to the activity that he is undertaking to qualify as a Competent Person as defined
in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the 2012 JORC Code). Mr. Karst consents to the inclusion in this report of the matters based on this information in
the form and context in which it appears.
The information in this announcement that relates to Mineral Resources is extracted from
IperionX’s ASX Announcement dated October 6, 2021 (“Original ASX Announcement”) which is available to view at IperionX’s website at www.iperionx.com. IperionX confirms that a) it is not aware of any new information or data that
materially affects the information included in the Original ASX Announcement; b) all material assumptions and technical parameters underpinning the Mineral
Resource Estimate included in the Original ASX Announcement continue to apply and have not materially changed; and c) the form and context in which the
relevant Competent Persons’ findings are presented in this report have not been materially changed from the Original ASX Announcement.
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Name of entity
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IperionX Limited
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ABN
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Quarter ended (“current quarter”)
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84 618 935 372
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March 31, 2025
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Consolidated statement of cash flows
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Current
quarter
USD$’000
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Year to date
(9 months)
USD$’000
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1.
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Cash flows from operating activities
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||
1.1
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Receipts from customers
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32
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532
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1.2
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Payments for
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(a) exploration & evaluation
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(29)
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(117)
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(b) development
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-
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-
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(c) production
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-
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-
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(d) staff costs
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(4,781)
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(11,998)
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(e) administration and corporate costs
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(1,109)
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(3,345)
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1.3
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Dividends received (see note 3)
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-
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-
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1.4
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Interest received
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645
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1,650
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1.5
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Interest and other costs of finance paid
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(80)
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(199)
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1.6
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Income taxes paid
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-
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-
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1.7
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Government grants and tax incentives
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-
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-
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1.8
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Other (provide details if material):
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(a) research & development | (1,079) | (3,420) | |
(b) business development | (116) | (308) | |
1.9
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Net cash from / (used in) operating activities
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(6,517)
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(17,205)
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2.
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Cash flows from investing activities
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-
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-
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2.1
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Payments to acquire:
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(a) entities
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(b) tenements
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(83)
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(503)
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(c) property, plant and equipment
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(4,562)
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(9,570)
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(d) exploration & evaluation
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-
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-
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(e) investments
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-
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-
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(f) other non-current assets
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-
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-
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Appendix 5B |
Mining exploration entity and oil and gas exploration entity quarterly report
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Consolidated statement of cash flows |
Current
quarter
USD$’000
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Year to date
(9 months)
USD$’000
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2.2
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Proceeds from the disposal of:
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(a) entities
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-
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-
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(b) tenements
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-
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-
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(c) property, plant and equipment
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-
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-
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(d) investments
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-
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-
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(e) other non-current assets
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-
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(6,000)
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2.3
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Cash flows from loans to other entities
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-
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-
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2.4
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Dividends received (see note 3)
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-
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-
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2.5
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Other (provide details if material)
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-
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-
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2.6
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Net cash from / (used in) investing activities
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(4,645)
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(16,073)
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3.
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Cash flows from financing activities
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3.1
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Proceeds from issues of equity securities (excluding convertible debt securities)
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-
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70,245
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3.2
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Proceeds from issue of convertible debt securities
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-
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-
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3.3
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Proceeds from exercise of options
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-
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120
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3.4
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Transaction costs related to issues of equity securities or convertible debt securities
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(56)
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(2,634)
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3.5
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Proceeds from borrowings
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-
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-
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3.6
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Repayment of borrowings
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-
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-
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3.7
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Transaction costs related to loans and borrowings
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-
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-
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3.8
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Dividends paid
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-
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-
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3.9
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Other (provide details if material)
(a) principal portion of lease liabilities
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(149)
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(390)
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3.10
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Net cash from / (used in) financing activities
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(205)
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67,341
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4.
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Net increase / (decrease) in cash and cash equivalents for the period
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4.1
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Cash and cash equivalents at beginning of period
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77,126
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33,157
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4.2
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Net cash from / (used in) operating activities (item 1.9 above)
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(6,517)
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(17,205)
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4.3
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Net cash from / (used in) investing activities (item 2.6 above)
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(4,645)
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(16,073)
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4.4
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Net cash from / (used in) financing activities (item 3.10 above)
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(205)
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67,341
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4.5
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Effect of movement in exchange rates on cash held
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335
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(1,126)
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4.6
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Cash and cash equivalents at end of period
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66,094
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66,094
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Appendix 5B |
Mining exploration entity and oil and gas exploration entity quarterly report
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5.
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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
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Current quarter
USD$’000
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Previous quarter
USD$’000
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5.1
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Bank balances
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43,345
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52,466
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5.2
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Call deposits
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22,749
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24,660
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5.3
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Bank overdrafts
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-
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-
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5.4
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Other (provide details)
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-
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-
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5.5
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Cash and cash equivalents at end of quarter (should equal item 4.6 above)
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66,094
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77,126
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6.
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Payments to related parties of the entity and their associates
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Current quarter
USD$’000
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6.1
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Aggregate amount of payments to related parties and their associates included in item 1
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733
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6.2
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Aggregate amount of payments to related parties and their associates included in item 2
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-
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Appendix 5B |
Mining exploration entity and oil and gas exploration entity quarterly report
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7.
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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.
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Total facility
amount at
quarter end
USD$’000
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Amount
drawn at
quarter end
USD$’000
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7.1
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Loan facilities
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-
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-
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7.2
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Credit standby arrangements
|
-
|
-
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7.3
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Other (please specify)
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-
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-
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7.4
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Total financing facilities
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-
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-
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7.5
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Unused financing facilities available at quarter end
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-
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7.6
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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.
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Not applicable
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8.
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Estimated cash available for future operating activities
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USD$’000
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8.1
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Net cash from / (used in) operating activities (item 1.9)
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(6,517)
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8.2
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(Payments for exploration & evaluation classified as investment activities) (item 2.1(d))
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-
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8.3
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Total relevant outgoings (item 8.1 + item 8.2)
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(6,517)
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8.4
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Cash and cash equivalents at quarter end (item 4.6)
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66,094
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8.5
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Unused finance facilities available at quarter end (item 7.5)
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-
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8.6
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Total available funding (item 8.4 + item 8.5)
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66,094
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8.7
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Estimated quarters of funding available (item 8.6 divided by item 8.3)
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10.1
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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.
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8.8
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8.8.1.
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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? |
Not applicable.
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8.8.2.
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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? | |
Not applicable.
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8.8.3.
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Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? | |
Not applicable.
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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.
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Appendix 5B |
Mining exploration entity and oil and gas exploration entity quarterly report
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1 |
This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
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2 |
This statement gives a true and fair view of the matters disclosed.
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Date: | April 15, 2025 | |
Authorized by: |
Chief Financial Officer | |
(Name of body or officer authorizing release – see note 4) |
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.
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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.
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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.
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4. |
If this report has been authorized for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorized 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 authorized for release to the market by a disclosure committee, you
can insert here: “By the Disclosure Committee”.
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5. |
If this report has been authorized 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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