(1) The listing applicant's directors must state, without making a profit forecast, that in their reasonable opinion, the working capital available to the listing applicant is sufficient for the present requirements and for at least 18 months after listing. Such working capital must include (i) operating, general and administrative and financing costs; (ii) property holding costs; and (iii) costs of any proposed exploration and / or development. Working capital shall be considered as the applicant's ability to access cash and other available liquid resources (including proceeds from the initial public offering and projected cashflows but excluding future borrowings / financing which have not been obtained) in order to meet its liabilities as they fall due. Where projected cashflows are relied upon, the sponsor must submit a confirmation to the Exchange that it is satisfied that the projections are prepared by the applicant's directors after due and careful enquiry. Proceeds from the initial public offering can be taken into consideration only if the invitation is fully underwritten. If the invitation is not underwritten but the listing is subject to a specified minimum amount to be raised from the invitation, the proceeds taken into consideration shall be limited to the minimum amount to be raised.

(2) In addition to the statement by the listing applicant's directors required by Rule 444(1), the listing applicant's sponsor must state, without requiring a profit forecast, that in its reasonable opinion, the working capital available to the listing applicant is sufficient for the present requirements and for at least 18 months after listing. Such working capital must include (i) operating, general and administrative and financing costs; (ii) property holding costs; and (iii) costs of any proposed exploration and / or development. Working capital shall be considered as the applicant's ability to access cash and other available liquid resources (including proceeds from the initial public offering and projected cashflows but excluding future borrowings / financing which have not been obtained) in order to meet its liabilities as they fall due. Where projected cashflows are relied upon, the sponsor must submit a confirmation to the Exchange that it is satisfied that the projections are prepared by the applicant's directors after due and careful enquiry. Proceeds from the initial public offering can be taken into consideration only if the invitation is fully underwritten. If the invitation is not underwritten but the listing is subject to a specified minimum amount to be raised from the invitation, the proceeds taken into consideration shall be limited to the minimum amount to be raised.