Quarterly Activities/Appendix 5B Cash Flow Report
For immediate release                                                        30 October 2024
QUARTERLY ACTIVITIES REPORT
30 SEPTEMBER 2024
European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY and EMHLF) ("European Metals" or the "Company") is pleased to provide an update on its activities during the three-month period ending 30 September 2024 highlighting the continued progress in the development of the globally significant Cinovec Lithium Project ("the Project" or "Cinovec") in the Czech Republic during the quarter.
Cinovec Lithium Project and DFS Update
Early in the quarter, the Company shared an update regarding the Definitive Feasibility Study ("DFS") for the Cinovec Project (see the Company's ASX/ AIM announcement of 31 July 2024 "Cinovec Lithium Project Update"). Recent testwork and engineering as part of the DFS process have highlighted opportunities to improve the lithium processing flowsheet for the project. Geomet's management team, in collaboration with DRA Global, is reviewing these findings to enhance the project's economic, environmental and broad social outcomes.
The Company expects to update the market once a revised timeline for completing the DFS is confirmed. Meanwhile, the Company is advancing various DFS-related programs of work focused on the Front-End Comminution and Beneficiation circuit ("FECAB") and Lithium Chemical Plant circuit ("LCP"), to enhance the processing flowsheet and positively impact project economics.
Process Flowsheet Improvements - FECAB
The Company advised that in order to enhance FECAB performance and achieve a higher-grade concentrate, additional flotation testwork was conducted using ore samples milled to P80<150ÎĽm without removing the <20ÎĽm slimes fraction. This testwork has produced excellent results, and the project team is now evaluating the potential impacts on bulk materials handling, tailings storage, and mine backfilling on the basis the FECAB process flowsheet is changed to 100% flotation beneficiation (see the Company's ASX/ AIM announcement of 31 July 2024 "Cinovec Lithium Project Update").
Moving FECAB to an entirely flotation-based process, eliminating magnetic separation, resulted in an uplift in concentrate grade (LCP feed grade) from 1.198% Li (2.58% Li2O) to almost pure zinnwaldite concentrate, with an average grade of 1.46% Li (3.14% Li2O). Â The testwork also established the potential for overall FECAB lithium recovery improvement to be made from >87% to >94.7%, with these results proven on a repeated basis.
Process Flowsheet Improvements - Lithium Chemical Plant
The Cinovec Lithium Project Update announcement also highlighted the benefits and impacts of optimisation testwork across the LCP circuit. Recycling of the mixed sulphate waste stream is a crucial part of the patent-pending Cinovec LCP process. The updated LCP circuit design enables the recycling of approximately 50% of the total mixed sulphate produced back into the roast mix, with the remaining mixed sulphate treated as waste.
The benefits and impacts of this optimisation testwork of the LCP circuit include elimination of sodium sulphate as a roasting reagent, reducing opex/t for the project and enabling lithium not recovered in its first pass through the lithium phosphate reactor tank circuit to be reprocessed, increasing overall lithium recovery.
Just Transition Fund
The Cinovec Project remains vital for the EU's critical materials security, and the adoption of the Critical Raw Materials Act ("CRMA") will simplify the permitting process for projects such as Cinovec (refer to the Company's ASX/AIM releases dated 27 March 2024 and 31 July 2024 "Cinovec Project Update"). On 31 July 2024, the Company provided an update that Geomet representatives met with the Czech Republic's Regional Standing Conference ("RSK"), a body responsible for recommending Just Transition Fund ("JTF") support. Geomet submitted an initial funding application for early-stage construction works under the project's existing exploration licenses. As a result, the RSK has recommended the sub-project for JTF support, with final approval pending from the Ministry of Environment.
CORPORATE AND ADMINISTRATION
QUARTERLY CASHFLOW REPORT
In accordance with the ASX Listing Rules, the Company will also today lodge its cashflow report for the quarter ended 30 September 2024. There was no cash outflow for Cinovec associated costs in respect of the Company's investment in the Cinovec Lithium Project in the Czech Republic during the quarter.
The Company's total cash is $4.1 million as at 30 September 2024. It is noted that there is approximately a further $90k in receivables from the Company's associate, Geomet s.r.o, in relation to the provision of services in relation to managing the Cinovec Project development, as at 30 September 2024.Â
PAYMENTS TO RELATED PARTIES
As outlined in the attached Appendix 5B (section 6.1), during the quarter approximately $196,000 in payments were made to related parties and their associates for director salaries, consultancy fees, superannuation, and other related costs. A portion of these expenses is to be reimbursed directly from Geomet.
CORPORATE ACTIVITY
The Company announced the change of Nominated Adviser and Broker to Zeus Capital Limited on 30 August 2024 following the acquisition of WH Ireland Capital Markets Division from WH Ireland Limited by Zeus Capital Limited (refer to the Company's ASX/AIM releases dated 30 August 2024 "Change of Nominated Adviser and Broker").
GEOMET TENEMENT SCHEDULE
Table 1: Geomet Tenements
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Permit | Code | Deposit | Interest at beginning of Quarter | Acquired / Disposed | Interest at end of Quarter |
 Exploration Area | Cinovec | N/A | 100% | N/A | 100% |
Cinovec II | 100% | N/A | 100% | ||
Cinovec III | 100% | N/A | 100% | ||
Cinovec IV | 100% | N/A | 100% | ||
Preliminary Mining Permit | Cinovec II | Cinovec South | 100% | N/A | 100% |
Cinovec III | Cinovec East | 100% | N/A | 100% | |
Cinovec IV | Cinovec Northwest | 100% | N/A | 100% |
This announcement has been approved for release by the Board.
CONTACT
For further information on this update or the Company generally, please visit our website at www.europeanmet.com or see full contact details at the end of this release.
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BACKGROUND INFORMATION ON CINOVEC
PROJECT OVERVIEW
Cinovec Lithium Project
Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O containing a combined 7.39 million tonnes Lithium Carbonate Equivalent (refer to the Company's ASX/AIM release dated 13 October 2021) (Resource Upgrade at Cinovec Lithium Project).
An initial Probable Ore Reserve of 34.5Mt at 0.65% Li2O reported 4 July 2017 (Cinovec Maiden Ore Reserve - Further Information) has been declared to cover the first 20 years mining at an output of 22,500tpa of lithium carbonate (refer to the Company's ASX/AIM release dated 11 July 2018) (Cinovec Production Modelled to Increase to 22,500tpa of Lithium Carbonate).
This makes Cinovec the largest hard rock lithium deposit in Europe and the fifth largest hard rock deposit in the world.
The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation.
On 19 January 2022, EMH provided an update to the 2019 PFS Update. It confirmed the deposit is amenable to bulk underground mining (refer to the Company's ASX/AIM release dated 19 January 2022) (PFS Update delivers outstanding results). Metallurgical test-work has produced both battery-grade lithium hydroxide and battery-grade lithium carbonate at excellent recoveries. In February 2023 DRA Global Limited ("DRA") was appointed to complete the Definitive Feasibility Study ("DFS").
Cinovec is centrally located for European end-users and is well serviced by infrastructure, with a sealed road adjacent to the deposit, rail lines located 5 km north and 8 km south of the deposit, and an active 22 kV transmission line running to the historic mine. The deposit lies in an active mining region.
The economic viability of Cinovec has been enhanced by the recent push for supply security of critical raw materials for battery production, including the strong increase in demand for lithium globally, and derived from within Europe specifically, as demonstrated by the European Union's Critical Raw Materials Act (CRMA).
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BACKGROUND INFORMATION ON CEZ
Headquartered in the Czech Republic, CEZ a.s. is one of the largest companies in the Czech Republic and a leading energy group operating in Western and Central Europe. CEZ's core business is the generation, distribution, trade in, and sales of electricity and heat, trade in and sales of natural gas, and coal extraction. The foundation of power generation at CEZ Group are emission-free sources. The CEZ strategy named Clean Energy for Tomorrow is based on ambitious decarbonisation, development of renewable sources and nuclear energy. CEZ announced that it would move forward its climate neutrality commitment by ten years to 2040.
The largest shareholder of its parent company, CEZ a.s., is the Czech Republic with a stake of approximately 70%. The shares of CEZ a.s. are traded on the Prague and Warsaw stock exchanges and included in the PX and WIG-CEE exchange indices. CEZ's market capitalisation is approximately EUR 20.3 billion.
As one of the leading Central European power companies, CEZ intends to develop several projects in areas of energy storage and battery manufacturing in the Czech Republic and in Central Europe.
CEZ is also a market leader for E-mobility in the region and has installed and operates a network of EV charging stations throughout Czech Republic. The automotive industry in the Czech Republic is a significant contributor to GDP, and the number of EV's in the country is expected to grow significantly in the coming years.
COMPETENT PERSONS
Information in this release that relates to the FECAB metallurgical testwork is based on, and fairly reflects, technical data and supporting documentation compiled or supervised by Mr Walter Mädel, a full-time employee of Geomet s.r.o an associate of the Company. Mr Mädel is a member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and a mineral processing professional with over 27 years of experience in metallurgical process and project development, process design, project implementation and operations. Of his experience, at least 5 years have been specifically focused on hard rock pegmatite Lithium processing development. Mr Mädel consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears. Mr Mädel is a participant in the long-term incentive plan of the Company.
Information in this release that relates to exploration results is based on, and fairly reflects, information and supporting documentation compiled by Dr Vojtech Sesulka. Dr Sesulka is a Certified Professional Geologist (certified by the European Federation of Geologists), a member of the Czech Association of Economic Geologist, and a Competent Person as defined in the JORC Code 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Sesulka has provided his prior written consent to the inclusion in this report of the matters based on his information in the form and context in which it appears. Dr Sesulka is an independent consultant with more than 10 years working for the EMH or Geomet companies. Dr Sesulka does not own any shares in the Company and is not a participant in any short- or long-term incentive plans of the Company.
Information in this release that relates to metallurgical test work and the process design criteria and flow sheets in relation to the LCP is based on, and fairly reflects, information and supporting documentation compiled by Mr Grant Harman (B.Sc Chem Eng, B.Com). Mr Harman is an independent consultant and the principal of Lithium Consultants Australasia Pty Ltd with in excess of 14 years of lithium chemicals experience. Mr Harman has provided his prior written consent to the inclusion in this report of the matters based on his information in the form and context that the information appears. Mr Harman is a participant in the long-term incentive plan of the Company.
The information in this release that relates to Mineral Resources and Exploration Targets is based on, and fairly reflects, information and supporting documentation prepared by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australasian Institute of Geoscientists, is a full-time employee of Widenbar and Associates and produced the estimate based on data and geological information supplied by European Metals. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Widenbar has provided his prior written consent to the inclusion in this report of the matters based on his information in the form and context that the information appears. Mr Widenbar does not own any shares in the Company and is not a participant in any short- or long-term incentive plans of the Company.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement 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.
CAUTION REGARDING 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 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 licences 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.
Forward looking statements are based on the company and its management's good faith 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.
Although the company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, 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. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information 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.
LITHIUM CLASSIFICATION AND CONVERSION FACTORS
Lithium grades are normally presented in percentages or parts per million (ppm). Grades of deposits are also expressed as lithium compounds in percentages, for example as a percent lithium oxide (Li2O) content or percent lithium carbonate (Li2CO3) content.
Lithium carbonate equivalent ("LCE") is the industry standard terminology for, and is equivalent to, Li2CO3. Use of LCE is to provide data comparable with industry reports and is the total equivalent amount of lithium carbonate, assuming the lithium content in the deposit is converted to lithium carbonate, using the conversion rates in the table included below to get an equivalent Li2CO3 value in percent. Use of LCE assumes 100% recovery and no process losses in the extraction of Li2CO3 from the deposit.
Lithium resources and reserves are usually presented in tonnes of LCE or Li.
The standard conversion factors are set out in the table below:
Conversion Factors for Lithium Compounds and Minerals
Convert from | Â | Convert to Li | Convert to Li2O | Convert to Li2CO3 | Convert to LiOH.H2O |
Lithium | Li | 1.000 | 2.153 | 5.325 | 6.048 |
Lithium Oxide | Li2O | 0.464 | 1.000 | 2.473 | 2.809 |
Lithium Carbonate | Li2CO3 | 0.188 | 0.404 | 1.000 | 1.136 |
Lithium Hydroxide | LiOH.H2O | 0.165 | 0.356 | 0.880 | 1.000 |
Lithium Fluoride | LiF | 0.268 | 0.576 | 1.424 | 1.618 |
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WEBSITE
A copy of this announcement is available from the Company's website at www.europeanmet.com/announcements/.
ENQUIRIES: European Metals Holdings Limited Keith Coughlan, Executive Chairman  Kiran Morzaria, Non-Executive Director  Henko Vos, Company Secretary |     Tel: +61 (0) 419 996 333 Email: [email protected]  Tel: +44 (0) 20 7440 0647  Tel: +61 (0) 400 550 042 Email: cosec@europeanmet.com  |
WH Ireland Ltd (Nomad & Broker) James Joyce / Darshan Patel / Isaac Hooper (Corporate Finance) Harry Ansell (Broking) Â | Â Tel: +44 (0) 20 7220 1666 Â |
BlytheRay (Financial PR) Tim Blythe Megan Ray  Chapter 1 Advisors (Financial PR - Aus) David Tasker  | Tel: +44 (0) 20 7138 3222     Tel: +61 (0) 433 112 936 |
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity | ||
European Metals Holdings Limited (ASX: EMH) | ||
ABN | Â | Quarter ended ("current quarter") |
55 154 618 989 | 30 September 2024 |
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Consolidated statement of cash flows | Current quarter | Year to date (3 months) | |
1. | Cash flows from operating activities | - | - |
1.1 | Receipts from associate | ||
1.2 | Payments for | - | - |
(a)Â Â exploration & evaluation | |||
(b)Â Â development | - | - | |
(c)Â Â production | - | - | |
(d)Â Â staff costs | (319) | (319) | |
(e)Â Â administration and corporate costs | (513) | (513) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | 189 | 189 |
1.5 | Interest and other costs of finance paid | - | - |
1.6 | Income taxes paid | - | - |
1.7 | Government grants and tax incentives | - | - |
1.8 | Other (Cinovec associated costs) | - | - |
1.9 | Net cash from / (used in) operating activities | (643) | (643) |
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
(a)Â Â entities | |||
(b)Â Â tenements | - | - | |
(c)Â Â property, plant and equipment | - | - | |
(d)Â Â exploration & evaluation | - | - | |
(e)Â Â investments | - | - | |
(f)Â Â Â other non-current assets | - | - | |
2.2 | Proceeds from the disposal of: | - | - |
(a)Â Â entities | |||
(b)Â Â tenements | - | - | |
(c)Â Â property, plant and equipment | - | - | |
(d)Â Â investments | - | - | |
(e)Â Â other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other | - | - |
2.6 | Net cash from / (used in) investing activities | - | - |
3. | Cash flows from financing activities | - | - |
3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | ||
3.2 | Proceeds from issue of convertible debt 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 (Lease Payments) | (18) | (18) |
3.10 | Net cash from / (used in) financing activities | (18) | (18) |
4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
4.1 | Cash and cash equivalents at beginning of period | 4,727 | 4,727 |
4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (643) | (643) |
4.3 | Net cash from / (used in) investing activities (item 2.6 above) | - | - |
4.4 | Net cash from / (used in) financing activities (item 3.10 above) | (18) | (18) |
4.5 | Effect of movement in exchange rates on cash held | 45 | 45 |
4.6 | Cash and cash equivalents at end of period | 4,111 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4,111 |
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5. | Reconciliation of cash and cash equivalents | Current quarter | Previous quarter |
5.1 | Bank balances | 2,361 | 2,990 |
5.2 | Call deposits | 1,750 | 1,737 |
5.3 | Bank overdrafts | - | - |
5.4 | Term deposit less than 3 months | Â Â Â Â Â Â Â Â Â Â Â Â - | - |
5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 4,111 |  4,727 |
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6. | Payments to related parties of the entity and their associates | Current quarter |
6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 196 |
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. |
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Amounts paid to directors as director remuneration. Included in 6.1 are also payments to Nexia Perth Pty Ltd (a company in which a spouse of a director is a key management personnel), for company secretarial support, accounting, bookkeeping and tax fees of $40.4k. |
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7. | Financing facilities | Total facility amount at quarter end | Amount drawn at quarter end |
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. Â | ||
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8. | Estimated cash available for future operating activities | $A'000 |
8.1 | Net cash from / (used in) operating activities (item 1.9) | (643) |
8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (643) |
8.4 | Cash and cash equivalents at quarter end (item 4.6) | 4,111 |
8.5 | Unused finance facilities available at quarter end (item 7.6) | - |
8.6 | Total available funding (item 8.4 + item 8.5) | 4,111 |
8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 6.39 |
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: | |
8.8.1Â Â Â Â 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: N/A Â | ||
8.8.2Â Â Â Â 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: N/A Â | ||
8.8.3Â Â Â Â Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? | ||
Answer: N/A Â | ||
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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Compliance statement
1       This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2Â Â Â Â Â Â Â This statement gives a true and fair view of the matters disclosed.
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Date:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 30 October 2024
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Authorised by:Â The Board
(Name of body or officer authorising release - see note 4)
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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.
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