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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| African Battery Metals Plc | LSE:ABM | London | Ordinary Share | GB00BYWJZ743 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.55 | 0.50 | 0.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMABM
RNS Number : 9162R
African Battery Metals PLC
20 June 2018
African Battery Metals plc / EPIC: ABM / Market: AIM
20 June 2018
African Battery Metals plc ("ABM" or the "Company")
Interim Results
AIM listed African Battery Metals plc is pleased to announce its unaudited interim results for the six months period ended 31 March 2018.
Overview
-- Appointed team with proven expertise in African exploration, mining and project generation;
-- Positioned to become a primary vehicle on the London market for investors to gain exposure to battery metal commodities, particularly cobalt, lithium, copper and nickel;
-- Current focus is on cobalt, with the initial portfolio targeting the Democratic Republic of Congo; and
-- Actively evaluating multiple opportunities across Africa to rapidly build portfolio.
FINANCIAL HIGHLIGHTS FOR THE PERIOD
-- Loss for the period, attributable to owners of the parent of GBP0.79 million (2017: GBP0.78 million loss), resulting in a loss per share of 0.01 pence (2017: 0.04 pence); and
-- Net assets of GBP6.09 million at the period end (30 September 2017: GBP7.15 million).
CHIEF EXECUTIVE OFFICER'S STATEMENT
Introduction
This has been a very busy period for the Company as we look to become a significant explorer, developer and ultimately producer of battery metals, specifically cobalt, lithium, copper and nickel. The Board, which has proven expertise in African exploration, mining and project generation, recognised the potential for a dedicated London listed vehicle, which could utilise its listing to become a significant participant in the battery metal arena through targeted project generation. The Company was renamed African Battery Metals Plc in January 2018.
Since then, we have been identifying and assessing prospective opportunities in proven jurisdictions to acquire or farm into projects that, with investment and development, have the potential to re-rate quickly and increase shareholder value. As part of this process, we have developed a team and strategic network to facilitate our strategy. This includes Madini Minerals, a shareholder and highly experienced African mining investment and project developer, and Serge Ngandu, a Democratic Republic of the Congo ("DRC") national and highly qualified and experienced metallurgist. Serge is President of our 70% owned subsidiary in the DRC, ABM Kobald SAS, Serge is also a partner of Madini Minerals. The Company currently has two cobalt projects in the DRC, Kisinka and Sakania, as well as the Ferensola Gold Project in Sierra Leone.
Cobalt in DRC
The Company's current focus is Kisinka, a 53km(2) exploration licence 35-40km east of Lubumbashi, the second-largest city in the DRC. The Board believes it is located on the relevant geology to host cobalt, with seven producing cobalt/copper mines within 30km of the licence; including Ruashi, Etoile, Karakuruku and Luswishi. The Kisinka licence is covered by soil and there is sparse outcrop which means indirect exploration techniques, notably soil sampling (which includes augering) and geophysics are the first exploration tool being utilised by the Company. The Company has acquired 70% of the Kisinka licence through the payment of $100,000, payable in two tranches, the first $50,000 was paid in January 2018 and the second payment is now being initiated. This represents the first of several potential acquisitions, with the objective being to assemble an extensive portfolio of projects at various stages of development.
Exploration work at Kisinka has commenced: a camp has been established and the ground has been surveyed with local geologists, supervised by John Gould, a Madini Minerals geologist. Two auger lines across the licence area have been drilled, one in the south-east of the licence and the second towards to the north-west. Samples from the auger drilling programmes have been dispatched for laboratory analysis and, when the results of the analysis have been received by the Company, we will ascertain the next steps including the potential for a targeted drill programme. Looking ahead, the plan is to conduct a licence wide soil sampling programme on a 100m x 100m grid whilst at the same time collecting magnetic data on the same grid. We then propose to test any anomalies and follow them up with more detailed work, including geophysics and drilling.
The Sakania licence is over 200km to the south-east of Lubumbashi and further from the traditional cobalt copper mining areas of Katanga within the DRC. It was identified because it is currently being targeted by artisanal miners who very frequently provide the first evidence of mineralisation. Sakania represents a low-cost option to be a first mover in a new prospective area.
The DRC is the world's premier cobalt jurisdiction and we are delighted to be building a position in country. Companies currently operating mines in the country include Glencore, China Molybdenum, Zheijiang Huayou Cobalt, Jinchuan, Shalina, ENRC and many others. The largest mines are Glencore's, Mutanda Mining (23,900tpa cobalt(1) ), and China Molybdenum's Tenke Fungurume (16,800tpa cobalt(1) ). There is currently no other AIM listed cobalt explorer operating in the DRC, which makes ABM a unique investment proposition. As we write this report, we see that Glencore has reached resolution of its dispute with the DRC state miner Gecamines, which is a welcome development in our view.
Gold in Sierra Leone
In Sierra Leone, we continue to look at the optimal path for the development of the Ferensola Gold Project on the back of encouraging, high-grade gold intersections over several targets. Analysis and structural interpretation work based on the data captured from our 9,000m of drilling and the soil sampling programme completed in July 2017, has allowed us to further understand the deposit's potential. We have been examining various options, which have included soliciting expressions of interest for a joint venture or farm-out as the Board is of the view that this will provide a cost-effective means to prove-up the potential inherent value that we believe this project contains.
Outlook
On a wider project generation level, we continue to evaluate multiple projects across Africa to rapidly build our portfolio, capitalise on the battery metal demand fundamentals and deliver value for shareholders. Although our primary focus is cobalt, the Board continues to assess additional exploration projects within the wider battery metal arena.
During the period we undertook several corporate initiatives including a restructuring of the Board. We also raised additional capital to implement our strategy and I would like to take this opportunity to thank investors for their support and endorsement of what we believe to be an exciting strategy.
With an established team of international and African based personnel, I believe the Company now possesses the right ingredients to leverage and create a successful investment grade vehicle and I look forward to updating the market on progress moving forward. I would like to thank all our employees for their hard work and commitment as we enter the next stage in our development.
Roger Murphy
Chief Executive Officer
20 June 2018
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information please visit https://www.abmplc.com/ or contact:
African Battery Metals plc Roger Murphy (CEO) +44 (0) 20 7583 8304 SP Angel Corporate Finance (Nomad and Broker) Ewan Leggat +44 (0) 20 3470 0470 St Brides Partners Ltd (Public Relations) Isabel de Salis / Juliet Earl +44 (0) 20 7236 1177 Madini Minerals (Financial and Technical Adviser) Iain Macpherson / Ilja Graulich +27 (0) 11 469 0629
(1) Source: Darton Commodities Ltd Cobalt Market Review 2017-18, 2017 production estimates
AFRICAN BATTERY METALS PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 March 2018
Hot Features
Premium
6 months 6 months Year
ended ended ended
31-Mar-18 31-Mar-17 30-Sep-17
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
------------- --- ------------- --- -----------
Revenue - - -
Cost of - - -
sales
------------- ------------- -----------
Gross - - -
profit
Administrative
expenses (881) (780) (3,312)
Results from operating
activities (881) (780) (3,312)
Finance costs (5) - (633)
Loss before taxation (886) (780) (3,945)
Taxation - - -
------------- ------------- -----------
Loss for the period (886) (780) (3,945)
------------- ------------- -----------
Other comprehensive (loss)/Income
Exchange translation (81) 82 (41)
Total other comprehensive
loss for the period (967) (698) (3,986)
============= ============= ===========
Loss for the period
attributable to:
Owners of the parent (790) (780) (3,945)
Non-controlling (96) - -
interests
(886) (780) (3,945)
Total comprehensive
loss attributable
to:
Owners of the parent (863) (698) (3,986)
Non-controlling (104) - -
interests
------- ------- --------
(967) (698) (3,986)
------- ------- --------
Loss per share attributable
to the ordinary equity holder
of the parent:
Basic and diluted
(pence) 5 (0.01) (0.04) (0.18)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 March 2018
31-Mar-18 31-Mar-17 30-Sep-17
(unaudited)
GBP'000 (unaudited) (audited)
Notes GBP'000 GBP'000
------------- --- ------------- --- ----------------
Assets
Property, plant
and equipment 98 206 141
Intangible assets 5,578 6,155 5,661
------------- -------------
Non-current assets 5,676 6,361 5,802
------------- ------------- ----------------
Trade and other
receivables 69 66 111
Cash and cash equivalents 601 923 180
------------- ------------- ----------------
Current assets 670 989 291
------------- ------------- ----------------
Total assets 6,346 7,350 6,093
============= ============= ================
Equity
Share capital 6 6,534 5,426 6,330
Share premium 10,399 8,521 9,049
Warrant reserve 437 197 365
Share based payments
reserve 648 648 648
Foreign exchange
reserve 458 654 531
Capital redemption 5 - -
reserve
Retained deficit (12,287) (8,292) (11,497)
------------- ------------- ----------------
6,194 7,154 5,426
------------- ------------- ----------------
Non-controlling (104) - -
interests
------------- ------------- ----------------
6,090 7,154 5,426
------------- ------------- ----------------
Liabilities
Trade and other
payables 220 183 519
Deferred Consideration 36 - -
Short term borrowings - 13 15
Derivative financial
liability - - 133
------------- ------------- ----------------
Current liabilities 256 196 667
------------- ------------- ----------------
Total liabilities 256 196 667
------------- ------------- ----------------
Total equity and
liabilities 6,346 7,350 6,093
============= ============= ================
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 March 2018
Share
Capital based
Share Share redemption Warrant payment Exchange Retained Non-controlling Total
capital premium reserve reserve reserve reserve deficit Total interests Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 October
2017
(audited) 6,330 9,049 - 365 648 531 (11,497) 5,426 - 5,426
Loss for the
period - - - - - - (790) (790) (96) (886)
Total other
comprehensive
income - - - - - (73) - (73) (8) (81)
--------
Total
comprehensive
income /
(expense)
for the
period - - - - - (73) (790) (863) (104) (967)
-------- -------- ----------- -------- -------- --------- --------- -------- ---------------- --------
Issue of
ordinary
shares 209 1,741 - 72 - - - 2,022 - 2,022
Cost of share
issues - (130) - - - - - (130) - (130)
Cancellation
of shares (5) (261) 5 - - - - (261) - (261)
204 1,350 5 72 - - - 1,631 - 1,631
-------- -------- ----------- -------- -------- --------- --------- -------- ---------------- --------
Balance at
31 March 2018
(unaudited) 6,534 10,399 5 437 648 458 (12,287) 6,194 (104) 6,090
======== ======== =========== ======== ======== ========= ========= ======== ================ ========
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 MARCH 2017
Share
Shares based
Share Share to be Warrant payment Exchange Retained Total
capital premium issued reserve reserve reserve deficit Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
October
2016
(audited) 4,114 7,422 152 197 648 572 (7,552) 5,553
Loss for the
period - - - - - - (780) (780)
Total other
comprehensive
income - - - - - 82 - 82
---------
Total
comprehensive
income /
(expense)
for the
period - - - - - 82 (780) (698)
-------- --------- --------- --------- --------- --------- --------- ---------
Issue of
ordinary
shares 1,312 1,270 (152) - - - - 2,430
Cost of share
issues - (171) - - - - - (171)
Share-based
payments - - - - - - 40 40
---------
1,312 1,099 (152) - - - 40 2,299
-------- --------- --------- --------- --------- --------- --------- ---------
Balance at 31
March 2017
(unaudited) 5,426 8,521 - 197 648 654 (8,292) 7,154
======== ========= ========= ========= ========= ========= ========= =========
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 30 September 2017
Share
Shares based
Share Share to be Warrant payment Exchange Retained Total
capital premium issued reserve reserve reserve deficit Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
October
2016 (audited) 4,114 7,422 152 197 648 572 (7,552) 5,553
Loss for the
period - - - - - - (3,945) (3,945)
Total other
comprehensive
income - - - - - (41) - (41)
Total
comprehensive
income /
(expense)
for the period - - - - - (41) (3,945) (3,986)
--------- --------- --------- --------- --------- --------- --------- ---------
Issue of
ordinary
shares 2,064 1,882 - 168 - - - 4,114
Issue of shares
held for issue 152 - (152) - - - - -
Cost of share
issues - (255) - - - - - (255)
2,216 1,627 (152) 168 - - - 3,859
--------- --------- --------- --------- --------- --------- --------- ---------
Balance at 30
September 2017
(audited) 6,330 9,049 - 365 648 531 (11,497) 5,426
========= ========= ========= ========= ========= ========= ========= =========
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 March 2018
6 months 6 months Year
ended ended ended
31-Mar-18 31-Mar-17 30-Sep-17
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------- --- ------------- -----------
Cash flows from operating
activities
Results from operating
activities: (886) (780) (3,945)
* Depreciation 38 53 90
* Expenses financed by shares 259 87 175
- 40 -
* Share based payment transaction
* Impairment of fixed assets - - 15
* Foreign exchange differences 1 (4) 13
* Loss on derivative - - 633
------------- ------------- -----------
(588) (604) (3,019)
------------- ------------- -----------
Changes in:
- trade and other receivables 40 (6) (55)
- trade and other payables (268) (287) 55
------------- ------------- -----------
Net cash from operating
activities (816) (897) (3,019)
------------- -------------
Cash flows from investing
activities
Acquisition of property,
plant and equipment - (72) (70)
Purchase of intangibles - (355) -
------------- -------------
Net cash used in investing
activities - (427) (70)
------------- ------------- -----------
Cash flows from financing
activities
Proceeds from issue
of share capital 1,500 2,335 3,939
Issue costs (130) (171) (255)
Funds applied to short
term loans - (18) (16)
Loan under equity agreement (133) - (500)
------------- ------------- -----------
Net cash flows from
financing activities 1,237 2,146 3,168
------------- ------------- -----------
Net increase in cash and
cash equivalents 421 822 79
Cash and cash equivalents
at beginning of period 180 101 101
Cash and cash equivalents
at end of period 601 923 180
============= ============= ===========
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT
1. Reporting entity
African Battery Metals plc (the "Company") is a company domiciled in the United Kingdom. The unaudited condensed consolidated interim financial report of the Company as at and for the period ended 31 March 2018 comprises the results of the Company and its subsidiaries (together referred to as the "Group"). The Group primarily is involved in the exploration and exploitation of mineral resources in the Democratic Republic of the Congo ("DRC") and in Sierra Leone.
2. Basis of preparation
(a) Statement of compliance
As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report.
The financial information presented in this interim report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 30 September 2018.
These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board as endorsed for use in the European Union, and these principles are disclosed in the Financial Statements for the year ended 30 September 2017.
The interim financial report has been prepared on a going concern basis. The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The 2018 interim financial report has not been audited or reviewed.
The Annual Report and Financial Statements for 2017 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for 2016 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
This condensed consolidated interim financial report was approved by the Board of Directors on 19 June 2018.
(b) Judgements and estimates
Preparing the interim financial report requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing this condensed consolidated interim financial report, significant judgements made by Management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 September 2017.
(c) Going concern
The interim financial report has been prepared on a going concern basis. Although the Group's assets are not generating revenues, an operating loss has been reported for the reporting period and an operating loss is expected to be incurred in the 12 months subsequent to the date of this report, the Directors believe, having considered all available information, including the Company's proven ability to raise further equity funds from its supportive shareholder base, that the Group will have sufficient funds to meet its expected committed and contractual expenditure for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the interim financial report for the period ended 31 March 2018.
3. Significant accounting policies
The accounting policies applied by the Group in this condensed consolidated interim financial report are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 September 2017.
4. Dividends
No dividends were declared or paid during the period (2017: GBPnil).
5. Loss per share
Basic and diluted loss per share
The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders of GBP0.79 million (2017: GBP0.78 million) and a weighted average number of ordinary shares in issue of 5,817,108,493 (2017: 1,858,339,160).
6. Issues of Equity
In October 2017, the Company issued 152,977,298 new ordinary shares to Equity Drilling Ltd, based upon a price of 0.1p each. This was in final settlement for completion of the Phase 3 drilling as part of the Ferensola gold project.
In December 2017, the Company completed, subject to shareholder approval, a placing of 3,000,000,000 new Ordinary Shares, and a subscription of 500,000,000 new Ordinary Shares at a price of 0.05p. The net proceeds were used to capitalise a new subsidiary, ABM Kobald SAS, in the DRC, 70% owned by ABM and 30% by the vendor holding the DRC cobalt licence ("Cobalt Licence"); to provide working capital to commence systematic geological exploration work under the Cobalt Licence; to buy back 532,438,356 of its shares; to provide working capital to Blue Horizon, its wholly owned subsidiary in Sierra Leone; to assess other cobalt-copper opportunities in DRC; and for general working capital purposes.
In December 2017, the Company purchased 532,438,356 of its own ordinary shares of 0.001p each, having received approval from its shareholders at a general meeting, at a price of 0.05p. These shares were subsequently cancelled in January 2018.
In May 2018, the Company issued 5,000,000 new ordinary shares in settlement of an invoice to a consultant to the value of GBP2,500.
As at the period end, the Company had 6,450,536,315 Ordinary Shares in issue. At the date of this interim report, the Company has 6,455,536,315 Ordinary Shares in issue.
**Ends**
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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