27 Jul - 17 min read

Review of Operations for the Quarter ended 30 June 2021

Review of Operations for the Quarter ended 30 June 2021

Kore Potash plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code:KP2
ISIN: GB00BYP2QJ94
(“Kore Potash” or the “Company”)

27 July 2021

                   Review of Operations for the Quarter ended 30 June 2021

Kore Potash plc, the potash development company with 97%-ownership of the Kola and DX Potash
Projects in the Sintoukola Basin, located within the Republic of Congo (“RoC”), provides the following
quarterly update for the period to 30 June 2021 (the “Quarter”).

Quarterly Highlights:

The Kola Potash Project
   • During the Quarter, the Company and the Summit Consortium signed the Optimisation
     Agreement for the Kola Potash Project (“Kola Project”) on terms congruent with the
     Memorandum of Understanding (“MoU”) announced by the Company on 6 April 2021.
   • The key engineering partner of the Summit Consortium, SEPCO Electric Power Construction
     Corporation (“SEPCO”) and its subcontractor China ENFI Engineering Corporation (“ENFI”),
     commenced work on the Optimisation Study for the Kola Project.
   • The study is considering capital cost reduction initiatives in most of the project areas including
     mine design, underground access, material transportation system, processing plant design
     and location, key infrastructure design and marine facilities.
   • The Optimisation Agreement requires the Summit Consortium to provide an interim report by
     the end of September 2021 and to complete the optimisation study by 29 January 2022.

DX Project
   • The Phase 1 work programme of the DX Definitive Feasibility Study was completed on budget
     within the Quarter and the results were released to shareholders on the 27 May 2021.
   • Work has commenced to develop an improved geological model for the DX deposit
     incorporating all recent drilling information and is expected to be completed before the end
     of 2021. The completion of this work may result in a re-estimate of the DX Mineral Resources.

Corporate Highlights
   • On 8 April 2021, the Company successfully completed an oversubscribed fundraising. A total
     of 823,475,6181 New Ordinary Shares were issued at the Placing Price of 1.1 pence (2.0
     Australian cents) for a total value of approximately US$12.50 million (the “Fundraise”),
     exceeding the initial US$11 million target.
   • Subsequent to the Fundraise, the Oman Investment Authority, Kore’s largest shareholder, in
     line with its rights under their investment agreement with the Company, subscribed for
     92,226,613 new ordinary shares in the Company at the Placing Price for a total cash
     consideration of $1.4m.
   • On 9 June 2021 the Company held its Annual General Meeting, at which all resolutions were
     passed.
     •   On 9 June 2021 the Company announced the appointment of Mr Jean-Michel Bour as the
         Chief Financial Officer. Subsequent to the close of the Quarter, on 15 July 2021 Mr Bour
         resigned as a result of his personal circumstances preventing his continued employment.
     •   Ms Amanda Farris was appointed as interim CFO on 15 July 2021 while the Company conducts
         a search for a permanent CFO. Ms Farris is a respected mining industry accountant who has
         been working with the Company since May 2021 and is familiar with the Company’s systems,
         processes and people.
     •   As at 30 June 2021, the Company held USD 14.2 million cash.

Brad Sampson, Chief Executive Officer of Kore Potash, commented:

“The Company is pleased that the agreement to deliver the Optimisation Study was signed and that
the engineering partner of the Summit Consortium (SEPCO) is committed to completing the study
within the same timeframe contemplated in the MoU.”

“Successful completion of the Optimisation Study will potentially lead to the Company receiving in the
first half of 2022 a binding engineering, procurement and construction contract and financing proposal
from the Summit Consortium to fully finance the construction of Kola.”

Operational activities

Kola
    •    During the Quarter representatives of SEPCO and the Company met with the RoC Minister of
         Mines and his staff in Brazzaville. A site inspection at the Kola Project was conducted with an
         ENFI representative and delegates from the Ministry of Mines.
     •   The Optimisation Agreement with SEPCO to undertake the Kola optimisation study was
         signed.
     •   Further Kola Project data was sent to SEPCO to facilitate the Optimisation Study.
     •   SEPCO and ENFI have commenced the Optimisation Study.
     •   The study is considering capital cost reduction initiatives in most of the project areas including
         mine design, underground access, material transportation system, processing plant design
         and location, key infrastructure design and marine facilities.
     •   The Optimisation Agreement requires the Summit Consortium to provide an interim report by
         the end of September 2021 and to complete the Optimisation Study by 29 January 2022.

DX
     •   The first phase of the DX Definitive Feasibility Study was completed, and results released in
         “Dougou Extension (DX) Project drilling results and progress update” on 27 May 2021.
     •   Work to incorporate all the recent drilling results into an improved geological model has
         commenced and is expected to be completed before the end of 2021. The completion of this
         work may result in a re-estimate of the DX Mineral Resources.

Sintoukola 2 exploration permit
    • The Company did not renew the Sintoukola 2 exploration permit. The Company’s focus is on
       the development of Kola and DX deposits.

There were no mining production or construction activities during the Quarter.

Planned Activity

During the Quarter ending 30 September 2021, the Company aims to:
Kola
    •    Continue to progress the Kola Optimisation Study with the Summit Consortium.

DX
     •   Progress the development of an improved geological model which incorporates the results of
         the recent drilling campaign. This work is expected to be completed by the end of 2021.

Quarterly cashflow report
In accordance with the ASX Listing Rules, the Company will also lodge its cashflow report for the
Quarter today. Included in those cashflows are non-executive directors’ fees and CEO salary of
approximately US $165,000 settled in cash. The Company settled outstanding directors’ fees for the
quarter ended 31 March 2021 through the issue of 1,103,296 ordinary shares, as announced on 9 April
2021. The Company also settled outstanding directors’ fees for the Quarter ended 30 June 2021
through the issue of 2,954,079 ordinary shares, as announced on 8 July 2021.

The Company raised US $14,025,000 during the quarter at a cost of US $931,000. The Company
invested US $1,768,000 in exploration in the Quarter which comprised US $1,548,000 related to the
Kola Study and US $214,000 for the DX DFS study. The Company ended the Quarter with US $14.2
million in cash.

This announcement has been approved for release by the Board of Kore Potash PLC.

The announcement is available on the JSE’s website at
https://senspdf.jse.co.za/documents/2021/jse/isse/kp2e/QJun21.pdf
and on the Company’s website at https://korepotash.com

                                               ENDS

                For further information, please visit www.korepotash.com or contact:

  Kore Potash                                                   Tel: +27 84 603 6238
  Brad Sampson – CEO

  Tavistock Communications                                      Tel: +44 (0) 20 7920 3150
  Jos Simson
  Oliver Lamb

  Canaccord Genuity – Nomad and Broker                          Tel: +44 (0) 20 7523 4600
  James Asensio
  Henry Fitzgerald-O’Connor

  Shore Capital – Joint Broker                                  Tel: +44 (0) 20 7408 4050
  Jerry Keen
  Toby Gibbs
  James Thomas
  Questco Corporate Advisory – JSE Sponsor                      Tel: +27 (11) 011 9208
  Mandy Ramsden

Tenement Details and Ownership
The Company is incorporated and registered in England and Wales and wholly owns Kore Potash
Limited of Australia. Kore Potash Limited has a 97% holding in SPSA in the RoC. SPSA is the 100% owner
of Dougou Potash Mining S.A. which will hold the Dougou Mining Lease upon the transfer from SPSA
to Dougou Potash Mining S.A. through the issue of a Presidential Decree. The Kola Deposit is located
within the Kola Mining Lease. The Dougou Mining lease hosts the Dougou Deposit and the Dougou
Extension Deposit.

Table 1: Schedule of mining tenements (Republic of Congo)

 Project & Type       Tenement Issued         Company Interest         Title Registered to
 Kola                 Decree 2013-412         100%                     Kola Potash Mining S.A.
 Mining               of 9 August 2013        potassium rights only

 Dougou               Decree 2017-139         100%                     Sintoukola Potash S.A.
 Mining               of 9 May 2017           potassium rights only


During the Quarter the Company surrendered the Sintoukola 2 Exploration Permit, comprising Decree
2018-34 of 9 February 2018.

Kore’s Potash Mineral Resources and Ore Reserves - Gross and according to future 90% interest (10% by the RoC government)

               KOLA SYLVINITE DEPOSIT
                                                                     Gross                                                    Net Attributable (90% interest)
                                                                                        Contained KCl                                                           Contained KCl
               Mineral      Resource      Sylvinite Million    Average Grade KCl                               Sylvinite Million       Average Grade
                                                                                                 million                                                                 million
                           Category                  Tonnes                 %                                             Tonnes                KCl %
                                                                                                 tonnes                                                                  tonnes
               Measured                         216                    34.9                   75.4                   194                    34.9                    67.8
               Indicated                        292                    35.7                  104.3                   263                    35.7                    93.9
               Sub-Total Measured +
                                                508                    35.4                  179.7                   457                    35.4                    161.7
                          Indicated
               Inferred                         340                    34.0                  115.7                   306                    34.0                    104.1
               TOTAL                            848                    34.8                  295.4                   763                    34.8                    265.8

                                                                     Gross                                                    Net Attributable (90% interest)
                                                                                        Contained KCl                                                         Contained KCl
                                          Sylvinite Million    Average Grade KCl                              Sylvinite Million         Average Grade
               Ore Reserve Category                                                               million                                                              million
                                                     Tonnes                   %                                          Tonnes                   KCl %
                                                                                                  tonnes                                                               tonnes
               Proved                             62                  32.1                   19.8                    56                      32.1                 17.9
               Probable                           91                  32.8                   29.7                    82                      32.8                 26.7
               TOTAL                             152                  32.5                   49.5                    137                     32.5                 44.6
               Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors

               DOUGOU EXTENSION SYLVINITE DEPOSIT (HWSS and TSS)
                                                           Gross                                                              Net Attributable (90% interest)
                                                                                        Contained KCl                                                           Contained KCl
               Mineral      Resource      Sylvinite Million    Average Grade KCl                               Sylvinite Million       Average Grade
                                                                                                 million                                                                 million
                           Category                  Tonnes                 %                                             Tonnes                KCl %
                                                                                                 tonnes                                                                  tonnes
               Measured                           -                      -                     -                       -                      -                        -
               Indicated                         79                    39.1                 30.8                      71                    39.1                    27.7
               Sub-Total Measured +
                                                 79                    39.1                  30.8                     71                    39.1                    27.7
                          Indicated
               Inferred                          66                    40.4                  26.7                    59                     40.4                    24.0
               TOTAL                            145                    39.7                  57.5                    130                    39.7                    51.8

                                                                     Gross                                                    Net Attributable (90% interest)
                                                                                        Contained KCl                                                           Contained KCl
                                          Sylvinite Million    Average Grade KCl                               Sylvinite Million       Average Grade
               Ore Reserve Category                                                              million                                                                 million
                                                     Tonnes                 %                                             Tonnes                KCl %
                                                                                                 tonnes                                                                  tonnes
               Proved                             -                      -                     -                       -                      -                        -
               Probable                         17.7                   41.7                  7.4                      16                    41.7                     6.6
               TOTAL                            17.7                   41.7                  7.4                      16                    41.7                     6.6
 
Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors

DOUGOU CARNALLITE DEPOSIT
                                                      Gross                                                   Net Attributable (90% interest)
                                                                        Contained KCl                                                           Contained KCl
Mineral     Resource        Million Tonnes        Average Grade                                Million Tonnes        Average Grade KCl
                                                                                  million                                                                 million
            Category                 carnallite            KCl %                                        carnallite                %
                                                                                  tonnes                                                                  tonnes
Measured                         148                    20.1                 29.7                    133                    20.1                     26.8
Indicated                        920                    20.7                190.4                    828                    20.7                    171.4
Sub-Total Measured +
                                 1,068                  20.6                 220.2                   961                    20.6                    198.2
           Indicated
Inferred                         1,988                  20.8                 413.5                  1789                    20.8                    372.2
TOTAL                            3,056                  20.7                 633.7                  2750                    20.7                    570.3

KOLA CARNALLITE DEPOSIT
                                                      Gross                                                   Net Attributable (90% interest)
                                                                        Contained KCl                                                           Contained KCl
Mineral     Resource        Million Tonnes        Average Grade                                Million Tonnes        Average Grade KCl
                                                                                 million                                                                 million
            Category                 carnallite            KCl %                                        carnallite                %
                                                                                 tonnes                                                                  tonnes
Measured                         341                    17.4                59.4                     307                    17.4                    53.5
Indicated                        441                    18.7                82.6                     397                    18.7                    74.4
Sub-Total Measured +
                                 783                    18.1                 142.0                   705                    18.1                    127.8
           Indicated
Inferred                         1,266                  18.7                 236.4                  1140                    18.7                    212.8
TOTAL                            2,049                  18.5                 378.5                  1844                    18.5                    340.6

Competent Persons Statements
All Mineral Resource and Ore Reserves are reported in accordance with the JORC Code (2012 edition). Numbers
are rounded to the appropriate decimal place. Rounding ‘errors’ may be reflected in the “totals”. The Kola
Mineral Resource Estimate was reported 6 July 2017 in an announcement titled ‘Updated Mineral Resource for
the High -Grade Kola Deposit’. It was prepared by Competent Person Mr. Garth Kirkham, P.Geo., of Met-Chem
division of DRA Americas Inc., a subsidiary of the DRA Group, and a member of the Association of Professional
Engineers and Geoscientists of British Columbia. The Ore Reserve Estimate for sylvinite at Kola was first reported
29 January 2019 in an announcement titled “Kola Definitive Feasibility Study” and was prepared by Met-Chem;
the Competent Person for the estimate was Mr Mo Molavi, member of good standing of Engineers and
Geoscientists of British Columbia.

The Dougou carnallite Mineral Resource estimate was reported on 9 February 2015 in an announcement titled
‘Elemental Minerals Announces Large Mineral Resource Expansion and Upgrade for the Dougou Potash Deposit’.
It was prepared by Competent Persons Dr. Sebastiaan van der Klauw and Ms. Jana Neubert, senior geologists
and employees of ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH and members of good
standing of the European Federation of Geologists.

The Dougou Extension sylvinite Mineral Resource Estimate and Ore Reserve Estimate were reported in an
announcement titled “Dougou Extension (Dx) Project Pre-Feasibility Study” on 13 May 2020. Ms. Vanessa
Santos, P.Geo. of Agapito Associates Inc. was the Competent Person, for the Exploration Results and Mineral
Resources. Ms. Santos is a licensed professional geologist in South Carolina (Member 2403) and Georgia
(Member 1664), USA, and is a registered member (RM) of the Society of Mining, Metallurgy and Exploration,
Inc. (SME, Member 04058318). Dr. Michael Hardy was the Competent Person for the Ore Reserves and he is a
registered member in good standing (Member #01328850) of Society for Mining, Metallurgy and Exploration
(SME) which is an RPO included in a list that is posted on the ASX website from time to time

The Company confirms that, other than the activity currently underway to develop an improved geological
model for the DX deposit which may in the future necessitate a change in the DX Mineral Resources, that it is
not aware of any new information or data that materially affects the information included in the original market
announcements and, in the case of estimates of Mineral Resources or Ore Reserves that all material assumptions
and technical parameters underpinning the estimates in the relevant market announcement continue to apply
and have not materially changed. The Company confirms that the form and context in which the Competent
Person’s findings are presented have not been materially modified from the original market announcement.

Forward-Looking Statements
This release contains certain statements that are "forward-looking" with respect to the financial condition,
results of operations, projects and business of the Company and certain plans and objectives of the management
of the Company. Forward-looking statements include those containing words such as: “anticipate”, “believe”,
"expect," “forecast”, “potential”, "intends," "estimate," "will", “plan”, “could”, “may”, “project”, “target”,
“likely” and similar expressions identify forward-looking statements. By their very nature forward-looking
statements are subject to known and unknown risks and uncertainties and other factors which are subject to
change without notice and may involve significant elements of subjective judgement and assumptions as to
future events which may or may not be correct, which may cause the Company’s actual results, performance or
achievements, to differ materially from those expressed or implied in any of our forward-looking statements,
which are not guarantees of future performance. Neither the Company, nor any other person, gives any
representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any
forward-looking statement will occur. Except as required by law, and only to the extent so required, none of the
Company, its subsidiaries or its or their directors, officers, employees, advisors or agents or any other person
shall in any way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of
whatever nature arising in any way out of, or in connection with, the information contained in this document.
                                         
Appendix 5B
Mining exploration entity or oil and gas exploration entity
               quarterly cash flow report
Name of entity

Kore Potash Plc

ABN                                                    Quarter ended (“current quarter”)

621 843 614                                            30 June 2021



Consolidated statement of cash flows                   Current quarter           Year to date
                                                          $US’000                (6 months)
                                                                                  $US’000
1.     Cash flows from operating activities
1.1    Receipts from customers                                   -                          -
1.2    Payments for
       (a) exploration & evaluation (if expensed)                -                          -
       (b) development                                           -                          -
       (c) production                                            -                          -
       (d) staff costs                                         (339)                     (546)
       (e) administration and corporate costs                  (35)                    (1,186)
1.3    Dividends received (see note 3)                           -                          -
1.4    Interest received                                         9                         10
1.5    Interest and other costs of finance paid                 (1)                        (2)
1.6    Income taxes paid                                         -                          -
1.7    Government grants and tax incentives                      -                          -
1.8    Intercompany payments                                     -                          -
1.9    Net cash from / (used in) operating
                                                               (366)                   (1,724)
       activities


2.      Cash flows from investing activities
2.1     Payments to acquire:
       (a) entities                                              -                          -
       (b) tenements                                             -                          -
       (c) property, plant and equipment                         -                          -
       (d) exploration & evaluation (if capitalised)          (1,768)                 (2,763)
       (e) investments                                           -                          -
       (f)    other non-current assets                           -                          -

Consolidated statement of cash flows                    Current quarter   Year to date
                                                           $US’000        (6 months)
                                                                           $US’000
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 (provide details if material)                     -                -
2.6    Net cash from / (used in) investing                  (1,768)          (2,763)
       activities


3.     Cash flows from financing activities
3.1    Proceeds from issues of equity securities
                                                            14,025           14,025
       (excluding convertible debt securities)
3.2    Proceeds from issue of convertible debt
                                                             (931)           (931)
       securities
3.3    Proceeds from exercise of options                       -                -
3.4    Transaction costs related to issues of equity
                                                               -                -
       securities or convertible debt securities
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                  13,094           13,094
       activities


4.     Net increase / (decrease) in cash and
       cash equivalents for the period
4.1    Cash and cash equivalents at beginning of
                                                             3,181           5,556
       period
4.2    Net cash from / (used in) operating
                                                             (366)           (1,724)
       activities (item 1.9 above)
4.3    Net cash from / (used in) investing activities
                                                            (1,768)          (2,763)
       (item 2.6 above)
4.4    Net cash from / (used in) financing activities
                                                            13,094           13,094
       (item 3.10 above)

Consolidated statement of cash flows                           Current quarter               Year to date
                                                                  $US’000                    (6 months)
                                                                                              $US’000
4.5      Effect of movement in exchange rates on                         22                           -
         cash held
4.6      Cash and cash equivalents at end of
                                                                       14,163                     14,163
         period


5.       Reconciliation of cash and cash                        Current quarter            Previous quarter
         equivalents                                               $US’000                     $US’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                                                 14,163                      3,181
5.2      Call deposits                                                    -                           -
5.3      Bank overdrafts                                                  -                           -
5.4      Other (provide details)                                          -                           -
5.5      Cash and cash equivalents at end of
                                                                              14,163               3,181
         quarter (should equal item 4.6 above)


6.       Payments to related parties of the entity and their                                Current quarter
         associates                                                                           $USD'000
6.1      Aggregate amount of payments to related parties and their
                                                                                                    165
         associates included in item 1
6.2      Aggregate amount of payments to related parties and their
                                                                                                    165
         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 at
       Note: the term “facility’ includes all forms of financing   amount at quarter     quarter end
       arrangements available to the entity.
                                                                         end              $US’000
       Add notes as necessary for an understanding of the              $US’000
       sources of finance available to the entity.

7.1    Loan facilities                                                     -                  -
7.2    Credit standby arrangements                                         -                  -
7.3    Other (please specify)                                              -                  -
7.4    Total financing facilities                                          -                  -


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.


8.     Estimated cash available for future operating activities                           $US’000
8.1    Net cash from / (used in) operating activities (Item 1.9)                            (366)
8.2    Capitalised exploration & evaluation (Item 2.1(d))                                  (1,768)
8.3    Total relevant outgoings (Item 8.1 + Item 8.2)                                      (2,134)
8.4    Cash and cash equivalents at quarter end (Item 4.6)                                 14,163
8.5    Unused finance facilities available at quarter end (Item 7.5)                          -
8.6    Total available funding (Item 8.4 + Item 8.5)                                                 14,163
8.7    Estimated quarters of funding available (Item 8.6 divided by Item 8.3)                 6.64       
         
8.8    If Item 8.7 is less than 2 quarters, please provide answers to the following questions:
       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 entity expects the expenditure to remain the same for the remainder of the calendar year
       as it continues to work on the Optimisation Study of the Kola Project.


       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:
       As the company raised fund in the current quarter it is not anticipated that another funds raise
       would be undertaken until the Kola Optimisation is complete.


       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:
          Yes, The company will be able to continue its operations. The company will use its existing
          cash reserves to fund the Kola Optimisation study an general working capital.


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:               27 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.

Date: 27-07-2021 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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