Financial Reports and Filings

ESTMA Report

The Extractive Sector Transparency Measures Act (“ESTMA or the Act”) came into force on June 1, 2015. The Act introduces new reporting requirements to respond to Canada’s global efforts against corruption in the extractive sector. Headwater is required to report annually under ESTMA, beginning with the year ended December 31, 2016.

What needs to be reported?

Reportable payments to a payee must relate to the commercial development of oil, gas or minerals and total at least C$100,000 and include the following payment categories:

• Taxes (other than consumption and personal income).
• Fees (including rental fees, entry fees and regulatory charges, as well as fees or other consideration for licenses, permits or concessions).

Further information relating to the Act can be found on the Natural Resources Canada website.