Outback Goldfields Corp.
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Climate Goals & Targets
Medium-term Goals:
- Complete Phase 2 exploration work program on the Paana Project (3,000 meters of diamond drilling, high-resolution magnetics, and baseline IP measurements), contingent on Phase 1 results.
Short-term Goals:
- Initiate Phase 1 exploration work program on the Paana Project (2,300 meters of diamond drilling).
Environmental Challenges
- Negative cash flow from operating activities and no current revenue generation.
- Significant losses expected in the near future.
- Dependence on additional financing for exploration and development.
- Competition from other mineral exploration and mining companies.
- Fluctuations in gold and cobalt prices.
- Exchange rate fluctuations.
- Government regulations.
- Climate change impacts on operations and resource availability.
- Inadequate infrastructure.
- Potential land title issues.
- Amendments in Finnish Legislation
- Environmental risks in Natura 2000 areas.
Mitigation Strategies
- Maintaining insurance to protect against certain risks (though not all potential risks).
- Compliance with applicable laws, regulations, and permitting requirements.
- Risk management practices (though no assurance of effectiveness).
- Seeking additional financing through debt and/or equity offerings.
- Prioritizing exploration on most prospective properties (Yeungroon and Silver Spoon).
Supply Chain Management
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events (flooding, inadequate water supplies)
- Lack of snow for winter drilling
Reporting Standards
Frameworks Used: IFRS
Certifications: ISO/IEC 17025 (ALS Minerals Sodankylä laboratory)
Third-party Assurance: D&H Group LLP