TIDMSO4
RNS Number : 1077H
Salt Lake Potash Limited
30 July 2021
30 July 2021 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
-------------------------
June 2021 Quarterly Report
Salt Lake Potash Limited (SO4 or the Company) is pleased to
present its Quarterly Report for the period ending 30 June 2021.
The Company is focussed on delivering the Lake Way Sulphate of
Potash Project in Wiluna, Western Australia.
Construction of the Lake Way process plant was finalised with GR
Engineering Services handing over the plant to SO4 operations. Each
of the 34 Process Units in the plant were individually commissioned
with the SO4 operations team working towards achieving 'Stage 4'
commissioning - bringing the plant into continuous operation and
producing SOP. Recent activities have primarily focused on
calibration of the flotation circuit to achieve expected
recoveries. The company continues to work with the flotation
circuit vendor and Design Engineer to bring performance up to
modelled targets and expects the issue to be resolved this
quarter.
Part IV Environmental Approval was received for the Lake Way
project covering full-scale operations, including the expanded pond
footprint and required brine abstraction infrastructure to enable
production of 245kt per annum of SOP.
Salt harvesting activities continued with additional harvesting
taking place in Train 1 and removal of the in-cell stockpiles,
which were transported to the plant. Approximately 74kt of plant
feed salts have now been harvested and are ready as feedstock for
the plant.
A$28m in new equity was raised at A$0.35/share to enable the
final US$33m tranche of the Senior Debt Facility to be drawn. The
capital raise also enabled the implementation of an A$18m guarantee
facility provided by Sequoia Economic Infrastructure Income Fund
(SEQI), in support of the gas pipeline constructed by APA
Operations Pty Ltd (APA).
Following the period-end the Company announced it will be
implementing a revised ramp-up strategy that involves suspending
the initial plant feed programme, following the processing of the
first 90-110kt of harvest salts. As a result forecasted SOP
production in FY'22 has been reduced and the Company has determined
that it will require further funding before the end of 2021 to
continue operations at Lake Way. Discussions to resolve the funding
shortfall have commenced and once complete and agreed will be
announced to the market.
Tony Swiericzuk Chief Executive Officer
"The Lake Way Project took major strides forward during the June
quarter with the hand-over of the Process Plant and the granting of
EPA Part IV approval. The entire SO4 team has been working
tirelessly through the harvest salt pond management system and
plant commissioning challenges over the last few weeks. We are
disappointed these challenges have pushed out our expected ramp up
profile however the project fundamentals remain attractive. I am
grateful for the support and patience of our shareholders and our
lenders as we work towards delivering first SOP and positive cash
flow."
For further information please visit www.so4.com.au or
contact:
Tony Swiericzuk / Richard Knights Salt Lake Potash Limited Tel: +61 8 6559 5800
Colin Aaronson / Lukas Girzadas Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Derrick Lee / Peter Lynch Cenkos Securities plc (Broker) Tel: +44 (0) 131 220 6939
This announcement has been authorised for release by the Board
of Directors.
Process Plant handover and commissioning
Construction and practical completion of the Lake Way process
plant has been finalised with GR Engineering Services handing over
the plant to SO4 in late June. Each of the 34 process units in the
plant have been individually commissioned and the SO4 operations
team is now working through the 'Stage 4' load commissioning
process.
The SO4 operations team have been systematically working through
the plant to ensure each unit is functioning within design
parameters and the plant chemistry is established.
COVID-19 related border restrictions have impacted the travel
arrangements of key commissioning personnel as well as affecting
the timely transport of some commissioning supply items, impacting
the commissioning schedule.
The commissioning process has involved calibrating and fine
tuning several mechanical components in the plant including
crushers, screens, cyclones, thickeners, centrifuges, control
valves, agitators and pumps as well as the electronic control
systems. More recently work has focussed on the calibration of the
flotation circuit to achieve the designed waste mass pull. 'Batch
trials' each using 500-800t of low-grade feed salt have been run,
with mass-pull performance achieving variable results. The company
continues to work with the flotation circuit vendor and design
engineer to bring performance up to modelled targets and expects
the issue to be resolved this quarter.
Non-process infrastructure
Installation of bagging plant and equipment were progressed with
the Flexicon bulk bagging plant completed and installed.
The form fill seal bagging plant installation has progressed
significantly and is expected to be completed during the September
quarter. The plant will bag the product into 25kg bags for export
via Fremantle.
On-Lake infrastructure
The paleochannel drilling campaign continued throughout the
quarter, with new production bores drilled on pads 4, 16 and
22.
Total trench length excavated remained at 65.5km, with design
for the upcoming Stage 3 extension programme finalised during the
period.
Salt harvesting recommenced in Train 1 with the in-cell
stockpiles that were harvested during the March quarter also
transported to the plant. Around 90-110kt of harvest salt harvested
ready as feedstock for the plant.
Equity raise to enable final debt drawdown
In May, the Company completed a A$28 million equity capital
raising by way of a placement of 79,947,858 Ordinary Shares at
A$0.35 per new share (Placement).
The proceeds from the Placement will be used for general
operating expenses during the ramp up of the Lake Way Project. The
Placement was a key condition to enable the Company to undertake
the final US$33 million drawdown under the Syndicated Facility
Agreement, as well as providing for the implementation of an A$18
million guarantee facility to be provided by SEQI in support of the
gas pipeline constructed by APA. The guarantee facility provided by
SEQI will release A$18m in equity that will be used for general
operating expenses during the ramp up of the project.
Within the Placement SO4 Directors subscribed for 2.8 million
Placement Shares, including 2.5 million shares by Chairman Ian
Middlemas and 250,000 by Managing Director and CEO Tony Swiericzuk,
approved in a July shareholder meeting.
The issue price of A$0.35 per share represented a 12.5% discount
to the last traded share price on ASX of A$0.40 and 14% to the
5-day volume weighted average share price on ASX prior to the
Company entering into the Trading Halt on 21 May 2021.
Grant of Part IV EPA permit
The Company's Part IV Environmental submission was approved by
the Government in April, having been recommended by the EPA with no
appeals in January.
The permit enables SO4 to finalise construction of the remaining
evaporation ponds as well as the trench and bore construction that
will support full scale operations at Lake Way of 245kt per annum
of SOP.
Revised ramp-up strategy
Following the period-end the Company announced it will be
implementing a revised ramp-up strategy that involves suspending
the initial plant feed programme, following the processing of the
first 90-110kt of harvest salts.
Under the revised ramp-up strategy the Company plans to process
90-110kt of plant feed salts to produce SOP for initial customer
sales. Plant feed will then be suspended for a period of 10-14
weeks before harvesting activities and SOP production recommence.
As a result, FY'22 forecast SOP production has reduced from
165-185kt to 85-105kt.
The revised mine plan is a result of three factors.
-- A change in operating methodology for the ramp up period of
the pond system has been implemented to manage salt grade
variability in the harvest cells, reducing SOP production by c.63kt
in FY'22: Ramp up of the ponds has followed the original modelling
and expert advice, applying a continuous flow model that has
resulted in brine with concentrations of less than 3.4%Mg (the
concentration at which potassium salts begin to precipitate), being
pumped into the harvest cells. As a result, salt formation in
several harvest cells has exhibited higher grade variability than
modelled, resulting in a lower average potassium and higher halite
content. To rectify this issue the Company has adopted a revised
operating methodology for the continued ramp up of the pond system
that suspends brine transfer into all harvest cells until the
chemistry reaches the required level, to minimise salt grade
variability.
-- Reduction in the estimation of available plant feed salt
inventory, reducing SOP production by c.12kt of SOP in FY'22: The
reduction in estimated plant feed salt inventory is based on the
change between the Mine Plan Inventory Model used for the previous
mine plan, and newly acquired data from bulk sampling taken during
and after harvesting activities in June. Prior to the opportunity
to undertake bulk sampling arising from cell harvesting, only
multiple single point data collection had been taken from across
the cells.
-- The deferment and sterilisation of lower grade inventories
determined as unsuitable for plant feed during ramp up, reducing
SOP production by c.7kt of SOP in FY'22. As part of the plant
modelling that was undertaken from bulk sampling results in June,
the lower potassium grade threshold has been increased for the
plant ramp-up period. As a result some material was sterilised (not
to be used) and other deferred with the intention of being fed
through the plant at a later date, once in steady state.
DISCLOSURES IN ACCORDANCE WITH ASX LISTING RULE 5.3
Summary of Mining Tenements
Project Status Type of Change License Number Interest (%)
31-Mar-21 Interest (%)
30-Jun-21
------------------- ------------- -------------------------- ---------------- ------------- --------------
Western Australia
Lake Way
Central Granted - E53/1878 100% 100%
East Granted - E53/2057 100% 100%
South Granted - E53/1897 100% 100%
South Granted - E53/2059 100% 100%
South Granted - E53/2060 100% 100%
West Application - L53/208 100% 100%
Central Granted Application to Granted M53/1102 100% 100%
Central Granted Application to Granted M53/1103 100% 100%
Central Granted Application to Granted M53/1104 100% 100%
Central Granted Application to Granted M53/1105 100% 100%
Central Granted Application to Granted M53/1106 100% 100%
Central Granted Application to Granted M53/1107 100% 100%
East Application - M53/1109 100% 100%
Central Granted - E53/1862 100% 100%
West Granted - E53/1863 100% 100%
North Application - E53/1905 100% 100%
North Withdrawn Application to Withdrawn E53/1952 100% 0%
West Application - E53/1966 100% 100%
North Application - E53/2049 100% 100%
North Surrendered Granted to Surrendered P53/1637 100% 0%
North Surrendered Granted to Surrendered P53/1642 100% 0%
West Granted - P53/1643 100% 100%
West Granted - P53/1644 100% 100%
West Granted - P53/1645 100% 100%
West Surrendered Granted to Surrendered P53/1646 100% 0%
Central Surrendered Granted to Surrendered P53/1666 100% 0%
Central Surrendered Granted to Surrendered P53/1667 100% 0%
Central Surrendered Granted to Surrendered P53/1668 100% 0%
North Granted - M53/121 100% 100%
West Granted - M53/122 100% 100%
West Granted - M53/123 100% 100%
West Granted - M53/147 100% 100%
Central Granted - M53/253 100% 100%
Central Granted - M53/796 100% 100%
Central Granted - M53/797 100% 100%
Central Granted - M53/798 100% 100%
Central Granted - M53/910 100% 100%
West Application Application L29/147 0% 100%
West Granted - L53/51 100% 100%
West Granted - L53/207 100% 100%
West Granted - L53/211 100% 100%
North Granted - L53/212 100% 100%
-
West Granted - L53/214 100% 100%
West Granted - L53/215 100% 100%
North Granted - L53/216 100% 100%
West Application - L53/217 100% 100%
West Granted - L53/218 100% 100%
West Application - L53/210 100% 100%
West Application - L53/219 100% 100%
South Granted - L53/225 100% 100%
West Granted - L53/226 100% 100%
West Application - L53/228 100% 100%
------------------- ------------- -------------------------- ---------------- ------------- --------------
West Granted Application to Granted L53/229 100% 100%
West Application - L53/238 100% 100%
West Granted - G53/24 100% 100%
West Granted - G53/25 100% 100%
Lake Wells
Central Granted - E38/2710 100% 100%
South Granted - E38/2821 100% 100%
North Granted - E38/2824 100% 100%
Outer East Granted - E38/3055 100% 100%
Single Block Granted - E38/3056 100% 100%
Outer West Granted - E38/3057 100% 100%
North West Granted - E38/3124 100% 100%
West Granted - L38/262 100% 100%
East Granted - L38/263 100% 100%
South West Granted - L38/264 100% 100%
South Granted - L38/287 100% 100%
South Western Granted - E38/3247 100% 100%
South Granted - M38/1278 100% 100%
Central Application - E38/3380 100% 100%
North Application - E38/3469 100% 100%
Central Application - E38/3470 100% 100%
Lake Ballard
West Granted - E29/912 100% 100%
East Granted - E29/913 100% 100%
North Granted - E29/948 100% 100%
South Granted - E29/958 100% 100%
South East Granted - E29/1011 100% 100%
South East Granted - E29/1020 100% 100%
South East Granted - E29/1021 100% 100%
South East Granted - E29/1022 100% 100%
South Granted - E29/1067 100% 100%
South Granted - E29/1068 100% 100%
East Granted - E29/1069 100% 100%
North Granted - E29/1070 100% 100%
Lake Irwin
West Granted - E37/1233 100% 100%
Central Granted - E39/1892 100% 100%
East Granted - E38/3087 100% 100%
North Granted - E37/1261 100% 100%
Central East Granted - E38/3113 100% 100%
South Granted - E39/1955 100% 100%
North West Granted - E37/1260 100% 100%
South West Granted - E39/1956 100% 100%
Lake Minigwal
West Granted - E39/1893 100% 100%
East Granted - E39/1894 100% 100%
Central Granted - E39/1962 100% 100%
Central East Granted - E39/1963 100% 100%
South Granted - E39/1964 100% 100%
South West Granted - E39/1965 100% 100%
Lake Marmion
North Granted - E29/1000 100% 100%
Central Granted - E29/1001 100% 100%
South Granted - E29/1002 100% 100%
West Granted - E29/1005 100% 100%
West Application - E29/1069 100% 100%
Lake Noondie
North Granted - E57/1062 100% 100%
Central Granted - E57/1063 100% 100%
------------------- ------------- -------------------------- ---------------- ------------- --------------
South Granted - E57/1064 100% 100%
West Granted - E57/1065 100% 100%
East Granted - E36/932 100% 100%
Central Granted - E36/984 100% 100%
Central Application - E36/985 100% 100%
Lake Barlee
North Granted - E30/495 100% 100%
Central Granted - E30/496 100% 100%
South Granted - E77/2441 100% 100%
Lake Raeside
North Granted - E37/1305 100% 100%
Lake Austin
North Application - E21/205 100% 100%
West Application - E21/206 100% 100%
East Granted - E58/529 100% 100%
South Granted - E58/530 100% 100%
South West Granted - E58/531 100% 100%
------------------- ------------- -------------------------- ---------------- ------------- --------------
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
Salt Lake Potash Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
98 117 085 748 30 June 2021
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (12 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (105) (1,825)
(b) development - -
(c) production - -
(d) staff costs (545) (2,149)
(e) administration and corporate
costs (467) (3,099)
1.3 Dividends received (see note - -
3)
1.4 Interest received 12 96
Interest and other costs of
1.5 finance paid (109) (120)
1.6 Income taxes paid - -
Government grants and tax
1.7 incentives - 3,639
Other (provide details if
material)
- Business Development (1,537) (5,588)
1.8 - Other - -
---------------- -------------
Net cash from / (used in)
1.9 operating activities (2,751) (9,046)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
Payments to acquire or for:
(a) entities - -
(b) tenements - (715)
(c) property, plant and equipment (295) (2,267)
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets
- Mine Properties in development (51,725) (203,048)
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other - -
entities
2.4 Dividends received (see note - -
3)
2.5 Other - (Bank Guarantee) - (18,000)
---------------- -------------
Net cash from / (used in)
2.6 investing activities (52,020) (224,030)
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 27,000 200,547
3.2 Proceeds from issue of convertible - -
debt securities
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (1,730) (9,728)
3.5 Proceeds from borrowings 61,279 199,535
Repayment of borrowings and
3.6 leases (849) (61,116)
Transaction costs related
3.7 to loans and borrowings (3,864) (19,568)
3.8 Dividends paid - -
Other (Cash allocation of
Debt Service Reserve and Debt
3.9 Prepayment Reserve) (14,533) (25,069)
---------------- -------------
Net cash from / (used in)
3.10 financing activities 67,303 284,601
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 46,066 7,030
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (2,751) (9,046)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (52,020) (224,030)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 67,303 284,601
Effect of movement in exchange
4.5 rates on cash held 202 245
---------------- -------------
Cash and cash equivalents
4.6 at end of period 58,800 58,800
----------------- ----------------------------------- ---------------- -------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
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 58,750 46,016
5.2 Call deposits 50 50
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 58,800 46,066
----------------- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 (223)
----------------
6.2 Aggregate amount of payments to related -
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
7.1 Loan facilities 176,909 176,909
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities 176,909 176,909
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
In August 2020, the Company and its subsidiaries and Taurus
Mining Finance Fund No. 2, L.P. and the Clean Energy Finance
Corporation entered into the Syndicated Facility Agreement
for a US$138 million debt financing package (SFA). After
achieving financial close in December 2020, the Company
announced its first draw down under the SFA totalling
US$105 million enabling repayment of the US$45 million
Stage 1 Bridge facility originally entered into in 2019.
The SFA is secured and interest payable at 9.00% pa and
as of June 2021 the entire $138 million has been drawn
down.
As the loan is denominated in USD, the facility amount
drawn down has been converted at an FX rate of $0.7518
USD/AUD, being the FX cross rate at 30 June 2021.
In June 2021, the company also executed an A$18m Guarantee
Facility with Sequoia Economic Infrastructure Fund (SEQI)
at an interest rate of 12.00% pa.
-----------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (2,751)
8.2 (Payments for exploration & evaluation classified -
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (2,751)
8.2)
8.4 Cash and cash equivalents at quarter end 58,800
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
---------------
8.6 Total available funding (item 8.4 + item 76,800
8.5)
---------------
8.7 Estimated quarters of funding available n/a refer note
(item 8.6 divided by item 8.3) below
---------------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
---------------------------------------------------------------------------------------
Answer: The c onstruction and practical completion of
the Lake Way process plant was finalised in late June
2021 and the SO4 operations team is now working through
the 'Stage 4' load commissioning process of the process
plant. As operations are moving from construction into
a commissioning / production phase historical cash flows
are not indicative of future expenditure hence the formula
in 8.7 is not reflective the Company's future funding
availability. Refer to the June 2021 quarterly report
for further information on the Group's future funding
requirements.
---------------------------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
---------------------------------------------------------------------------------------
Answer: Not applicable.
---------------------------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
---------------------------------------------------------------------------------------
Answer: Not applicable.
---------------------------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of questions
8.8.1, 8.8.2 and 8.8.3 above must be answered.
---------------------------------------------------------------------------------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: xx July 2021
Authorised by: By the Board
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
Related Party Payments
During the quarter ended 30 June 2021, the Company made payments
of $223,000 to related parties and their associates. These payments
relate to existing remuneration arrangements (executive salaries,
director fees and superannuation).
Additional Disclosures
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018 . Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Forward Looking Statements
This announcement includes forward-looking statements. These
forward-looking statements are based on the Company's expectations
and beliefs concerning future events. Forward-looking statements
are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of the Company, which could
cause actual results to differ materially from such statements.
Although the Company believes that its forward-looking statements
have reasonable grounds, can give no assurance that they will be
achieved. They may be affected by a variety of variables and
changes in underlying assumptions that are subject to risk factors
associated with the nature of the Company's business (including
those described in pages 25 to 29 (inclusive) of the Presentation
released to ASX on 11 December 2020), which cause actual results to
differ materially from those expressed herein. The Company makes no
undertaking to subsequently update or revise the forward-looking
statements made in this announcement, save where required by law or
regulation, to reflect the circumstances or events after the date
of this announcement.
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END
UPDKZGFNMGKGMZM
(END) Dow Jones Newswires
July 30, 2021 08:03 ET (12:03 GMT)
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