A Mineral Company must:—
(1) establish to the Exchange's satisfaction that it has the right to participate actively in the exploration for and/or extraction of Natural Resources, either:—
(a) through control over a majority (by value) of the assets in which it has invested together with adequate rights over the exploration for and/or extraction of Natural Resources; or
Note: 'control over a majority' means an interest greater than 50%.
(b) through adequate rights (arising under arrangements acceptable to the Exchange), which give it sufficient influence in decisions over the exploration for and/or extraction of the Natural Resources;
(2) establish to the Exchange's satisfaction that it has at least a portfolio of:—
(a) Indicated Resources; or
(b) Contingent Resources,
identifiable under a Reporting Standard and substantiated in a Competent Person's Report. This portfolio must be meaningful and of sufficient substance to justify a listing;
(3) if it has commenced production, provide an estimate of cash operating costs including the costs associated with:—
(a) workforce employment;
(c) fuel, electricity, water and other services;
(d) on and off-site administration;
(e) environmental protection and monitoring;
(f) transportation of workforce;
(g) product marketing and transport;
(h) non-income taxes, royalties and other governmental charges; and
(i) contingency allowances;
Note: A Mineral Company must:
set out the components of cash operating costs separately by category;
explain the reason for any departure from the list of items to be included under cash operating costs; and
discuss any material cost items that should be highlighted to investors.
(4) demonstrate to the Exchange's satisfaction that it has available working capital for 125% of the group's present requirements, that is for at least the next 12 months, which must include:—
(a) general, administrative and operating costs;
(b) property holding costs; and
(c) the cost of any proposed exploration and/or development; and
Note: Capital expenditures do not need to be included in working capital requirements. Where they are financed out of borrowings, relevant interest and loan repayments must be included.
(5) ensure that its working capital statement in the listing document under Listing Rule 8.21A
states it has available sufficient working capital for 125% of the group's present requirements, that is for at least 12 months from the date of its listing document.