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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Andrada Mining Limited | LSE:ATM | London | Ordinary Share | GG00BD95V148 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.22 | 4.21% | 5.44 | 5.30 | 5.50 | 5.50 | 5.10 | 5.10 | 14,910,709 | 16:35:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ferroalloy Ores, Ex Vanadium | 9.88M | -8.1M | -0.0051 | -10.59 | 85.35M |
From Apr 2019 to Apr 2024
TIDMATM
RNS Number : 9099X
AfriTin Mining Ltd
30 November 2017
30 November 2017
AfriTin Mining Limited
("AfriTin" or the "Company" and with its subsidiaries the "Group")
Unaudited Interim Results
for the Six Months Ended 31 August 2017
AfriTin Mining plc (AIM:ATM) announces its unaudited interim results for its underlying subsidiaries for the six months ended 31 August 2017.
Key Highlights
-- Since the end of the period under review, AfriTin Mining Limited was incorporated and acquired a portfolio of tin assets following a demerger from Bushveld Minerals (AIM: BMN).
-- At the same time, AfriTin was admitted to trading on AIM, a market of the London Stock Exchange having successfully raised GBP4.5m (3.5m in equity and a further GBP1m in convertible loan notes)
-- The Company's vision is to create a portfolio of world-class, conflict-free, tin producing assets as the first pure tin company listed in London
-- Afritin's flagship asset is the Uis tin mine in Namibia, formerly one of the world's largest hard-rock opencast tin mines
-- The Company is now positioned to expand its pilot plant production at the Uis mine into a commercial operation before completion of a definitive feasibility study for full scale production
Commenting on the first set of interims for the company, Chief Executive Officer, Anthony Viljoen stated "We are pleased to have completed the Admission of AfriTin over the course of this year; raising a good sum of money in an increasingly optimistic, but still difficult market. The Company has built a strong management team with the capabilities of bringing the Uis tin mine into production and we will be driving the company towards cash flow in as short a time frame as possible".
Summary
As required by the AIM Rules for Companies these interim accounts update the financial information provided for the individual entities that form the Group set out in the Company's Admission Document dated 8 November 2017. As AfriTin was incorporated on 1 September 2017 no financial information on this company is provided but information on the underlying subsidiaries - the Greenhills Group; the Dawnmin Group and Pamish Group are set out below. Further details on the Group can be found in the Company's Admission Document, which is on the Company's website www.afritinmining.com.
Chief Executive's Statement
Introduction
I am pleased to report on the first set of interims for the Company since its admission to AIM earlier this month. Following AfriTin's Admission, the Company's technical team have been prioritising final designs and procurement of key components for our upgraded plant, and the pit design aspects of the project. I am looking forward to providing shareholders with regular updates as we look to progress our activities at Uis, our flagship project in Namibia
Financing Activities
Afritin was incorporated on 1 September 2017 and, having acquired the tin assets of Bushveld Minerals Limited and Naminco Limited, was admitted to trading on AIM on 9 November 2017. We successfully raised GBP4.5m (GBP3.5million in Equity and GBP1 million by way of a convertible loan note that converted into ordinary shares upon admission) on Admission and will use the funds to advance our mineral resource management and mine development strategy with a particular focus on upgrading the pilot plant and advancing to production as quickly as possible. We look forward to providing further updates to shareholders in due course.
Strategy
The strategy of the Group, following Admission and as set out in the Company's Admission Document, is to become a primary producer of tin metal and concentrate and, through a consolidation of further assets and potential smelting facilities, becoming a global tin explorer and producer with a relative bias towards Africa. The Placing and Admission are an important part of executing this strategy. The critical component of this strategy lies in the upgrading of the current pilot plant operation into a producer of 65 tonnes per month of tin concentrate. The Directors believe the cash flows and test work conducted over the course of this development will allow the Company to develop a significant knowledge base to advance towards a bankable feasibility study and an expanded plant production of up to 5000 tons per annum of tin concentrate, grading at 65%.
The Tin Market
Tin is a highly versatile metal with its primary use being as a substitute for lead as a solder in the electronics market. Overall, global tin supply has been decreasing as older mines run short of mineable reserves and a long lead time for the development of new mines in difficult political geographies. The International Tin research institute have predicted a sustained deficit of Tin supply into the market. Afritin intends on exploiting this deficit by bringing one of the largest open cast deposits of its kind into full-scale production.
Prospects and Outlook
AfriTin's growth strategy is to focus on upgrading the pilot plant at Uis and advancing to production as quickly as possible, in the longer term the Company will also be seeking additional acquisition opportunities as it seeks to deliver on its stated strategy objective of becoming the African Tin Champion.
2017 has been a busy time in which we have completed acquisitions, a fundraising and the Admission to AIM and I would like to thank AfriTin's Board, employees, shareholders and stakeholders for their ongoing commitment and support. I look forward to a busy 2018.
Enquiries:
AfriTin Limited Anthony Viljoen (CEO) +27 (11) 268 6555 Nominated Adviser and Broker WH Ireland Limited Katy Mitchell Adrian Hadden +44 (0) 207 220 1666 James Sinclair-Ford Joint Broker Beaufort Securities Limited Jon Belliss +44 (0) 207 382 8300 Financial Public Relations Tavistock Jos Simson / Barney Hayward +44 (0) 207 920 3150
PART A: GREENHILLS RESOURCES LIMITED
GREENHILLS RESOURCES LIMITED UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ending 31 August 2017
Hot Features
Premium
Six months Six months Year to 28 February
to to 2017 (unaudited)
31 August 2017 31 August GBP
(unaudited) 2016 (unaudited)
GBP GBP
Continuing operations
Revenue 5 084 - 37,976
Administrative expenses (96,248) (95,850) (261,990)
Operating loss (91 164) (95,850) (224,014)
Other income 43 4,090 176
Finance income 415 413 912
Finance costs (530) (364) (2,344)
Loss before tax (91,236) (91,711) (225,270)
Income tax expense - - -
Loss after tax (91,236) (91,711) (225,270)
============= ============ ============
Other Comprehensive
profit/(loss), net of
taxation:
Exchange difference
on translating foreign
operations attributable
to Owners of parent 204,496 (262,214) 255,869
___________ ___________ ___________
Total other comprehensive
profit/(loss) attributable
to Owners of parent 204,496 (262,214) 255,869
___________ ___________ ___________
Total comprehensive
profit/(loss) for the
year 113,260 (353,925) 30,599
___________ ___________ __________
Total comprehensive
profit/(loss) attributable
to:
Owners of the parent 113,260 (353,925) 30,599
Non-controlling interest - - -
____________ ___________ __________
113,260 (353 925) 30,599
____________ __________ __________
GREENHILLS RESOURCES LIMITED UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the six months ending 31 August 2017
As at As at As at 28 February
31 August 31 August 2016 2017 (unaudited)
2017 (unaudited) (unaudited) GBP
Note GBP GBP
Assets
Non-current assets
Intangible assets: exploration
and evaluation 2 2,035,273 1,694,843 2,155,139
Property, plant and
equipment - 6,985 3,727
Total non-current assets 2,035,273 1,701,828 2,158,866
Current assets
Trade and other receivables 3 679,253 3,939,029 5,501,022
Cash and cash equivalents 16,087 24,068
-
----------------- --------------- -----------------
Total current assets 679,253 3,955,116 5,525,090
Total assets 2,714,526 5,656,944 7,683,956
----------------- --------------- -----------------
Equity and liabilities
Current liabilities
Related party loans 4 3,160 5,142,796 6,716,948
Trade and other payables 5,070 52,875 121,211
Total current assets 8 230 5,195,671 6,838,159
Net assets 2,706,296 461,273 845,797
================= =============== =================
Equity
Share capital 5 100 100 100
Share premium 5 4,063,275 2,316,036 2,316,036
Accumulated deficit (1,173,821) (1,003,297) (1,082,585)
Foreign exchange translation
reserve (214,937) (883,245) (419,433)
Equity attributable
to the owners of the
parent 2,706,296 (429,594) 814,118
Non-controlling interests 31,679 31,679 31,679
Total equity 2,706,296 461,273 845,797
================= =============== =================
GREENHILLS RESOURCES LIMITED UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ending 31 August 2017
Six Months Six Months to
to 31 August 2016 Year to
31 August (unaudited) 28 February
2017 (unaudited) GBP 2017 (unaudited)
GBP GBP
Cash flows from
operating activities
Profit/(loss) before
taxation (91,236) (91,711) (225,270)
Adjustments for:
Depreciation property,
plant and equipment - 5,493 9,871
Finance income (415) (413) (912)
Finance costs 530 - 2,344
Changes in working
capital:
Decrease/(Increase)
in trade and other
receivables 4,751,499 (466,240) (1,113,077)
Increase/(Decrease)
in trade and other
payables (116,141) (76,888) (8,552)
Net cash (used in)/provided
by operations 4,544,237 (629,759) (1,335,596)
------------------ ---------------- ------------------
Cash flows from
investing activities
Finance income 415 413 912
Purchase of exploration
and evaluation assets 3,727 (2,402) (3,522)
Net cash used in
investing activities 4,142 (1,989) (2,610)
------------------ ---------------- ------------------
Finance costs (530) - (2,344)
Conversion of debt 1,747,239 - -
to equity
(Repayment of)/Proceeds
from borrowings (6,305,882) 630,947 1,326,563
------------------ ---------------- ------------------
Net cash generated
from/(used in) financing
activities (4,559,173) 630,947 1,324,219
------------------ ---------------- ------------------
Net decrease in
cash and cash equivalents (10,794) (801) (13,987)
Cash and cash equivalents
at the beginning
of the year 24,068 29,509 29,509
Effect of foreign
exchange rates (13,274) (12,621) 8,546
------------------ ---------------- ------------------
Cash and cash equivalents
at end of the year - 16,087 24,068
================== ================ ==================
GREENHILLS RESOURCES LIMITED: UNAUDITED NOTES
For the six months ending 31 August 2017
1. Accounting policies
The interim financial information comprises the financial statements of Greenhills Resources Limited and its subsidiaries, Mokopane Tin Company (Pty) Limited and Renetype (Pty) (Limited) (together the "Greenhills Group") for the six month ended 31 August 2017 ended 28 February 2017 as if they formed a single entity throughout the period.
These financial statements are presented in Pound Sterling (GBP) because that is the currency the Group has raised funding on the AIM market in the United Kingdom.
Basis of preparation
The results presented in this report are unaudited and they have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards ('IFRS') as adopted by the EU that are expected to be applicable to the financial statements for the year ended 28 February 2018 and on the basis of the accounting policies to be used in those financial statements.
The interim financial information does not include all of the information required for full annual financial statements and accordingly, whilst the interim financial information has been prepared in accordance with the recognition and measurement principles of IFRS, it cannot be construed as being in full compliance with IFRS. The financial information contained in this announcement does not constitute statutory accounts as defined by the Companies (Guernsey) Law 2008.
Corporate information and principal activities
The Greenhill Group comprises:
Company Equity holding Country of Nature of activities
and voting incorporation
rights
Greenhills Resources Ltd 100% Guernsey Holding company
Mokopane Tin Company (Pty) 100% South Africa Holding company
Ltd
Renetype (Pty) Ltd 74% South Africa Tin exploration
The principal activities of the Greenhills Group are mining development, investment, administrative and all activities related to the mining industry.
GREENHILLS RESOURCES LIMITED: UNAUDITED NOTES
For the six months ending 31 August 2017
Going concern
In preparing the Interim financial information, the Directors have considered the current financial position of the Greenhills Group and the likely future cash flows for the period to 12 months from the date of this report. As with all exploration groups at this stage of the resource development cycle and with no cash flow from production, funding is derived principally through equity financing. In adopting the going concern basis the Directors have considered the receipt of the net proceeds and other financing from the placing of shares by the Company upon admission to AIM.
Intangible exploration and evaluation assets
All costs associated with mineral exploration and evaluation including the costs of acquiring prospecting licences; mineral production licences and annual licences fees; rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching, sampling and activities to evaluate the technical feasibility and commercial viability of extracting a mineral resource; are capitalised as intangible exploration and evaluation assets and subsequently measured at cost.
If an exploration project is successful, the related expenditures will be transferred at cost to property, plant and equipment and amortised over the estimated life of the commercial ore reserves on a unit of production basis (with this charge being taken through profit or loss). Where a project does not lead to the discovery of commercially viable quantities of mineral resources and is relinquished, abandoned, or is considered to be of no further commercial value to the Greenhills Group, the related costs are recognised in profit or loss.
The recoverability of deferred exploration costs is dependent upon the discovery of economically viable ore reserves, the ability of the Greenhills Group to obtain necessary financing to complete the development of ore reserves and future profitable production or proceeds from the extraction or disposal thereof.
Impairment of exploration and evaluation assets
Whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the asset is reviewed for impairment. Assets are also reviewed for impairment at each balance sheet date in accordance with IFRS 6. An asset's carrying value is written down to its estimated recoverable amount (being the higher of the fair value less costs to sell and value in use) if that is less than the asset's carrying value. Impairment losses are recognised in profit or loss.
An impairment review is undertaken when indicators of impairment arise but typically when one of the following circumstances applies:
-- unexpected geological occurrences that render the resources uneconomic; or -- title to the asset is compromised; or -- variations in mineral prices that render the project uneconomic; or -- variations in the foreign currency rates; or
-- the Greenhills Group determine that they no longer wish to continue to evaluate or develop the field.
GREENHILLS RESOURCES LIMITED: UNAUDITED NOTES
For the six months ending 31 August 2017
Use of estimates and judgements
In the application of the Greenhills Group accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Estimates and judgements are continually evaluated. Revisions to accounting estimates are recognised in the year in which the estimates are revised if the revision affects only that year, or in the year of revision and in future years if the revision affects both current and future years.
Management has chosen to organise the entity around differences in products and services. As the financial information relates to one product and service (Tin), the Interim financial information has been prepared on that basis.
Management's critical estimates and judgements in preparing the interim financial information relate to the going concern assumption (see above) and the valuation of intangible exploration assets of GBP2,035,273 (2016: GBP1,694,843).
Determining whether an exploration and evaluation asset is impaired requires an assessment of whether there are any indicators of impairment, including by reference to specific impairment indicators prescribed in IFRS 6 Exploration for and Evaluation of Mineral Resources. If there is any indication of potential impairment, an impairment test is required based on value in use of the asset. The valuation of intangible exploration assets is dependent upon the discovery of economically recoverable deposits which, in turn, is dependent on future iron ore and tin prices, future capital expenditures and environmental and regulatory restrictions. The Directors have concluded that there are no indications of impairment in respect of the carrying value of intangible assets at 31 August 2017 based on planned future development of the projects and current and forecast commodity prices.
2. Intangible exploration and evaluation assets
Total
GBP
Cost
As at 28 February 2015 1,803,033
Additions 163,385
Exchange differences (310,710)
As at 29 February 2016
(unaudited) 1,655,708
-------------------------- ----------
Additions -
Exchange differences 39,135
As at 31 August 2016
(unaudited) 1,694,843
-------------------------- ----------
Additions -
Exchange differences 460,296
As at 28 February 2017
(unaudited) 2,155,139
-------------------------- ----------
Additions -
Exchange differences (119,866)
As at 31 August 2017
(unaudited) 2,035,273
-------------------------- ----------
The Greenhills Group has a 74% interest in Renetype (Pty) Limited which holds an interest in prospecting right 2205 ("Renetype 2205").
REENHILLS RESOURCES LIMITED: UNAUDITED NOTES
For the six months ending 31 August 2017
3. Trade and other receivables
Six months Six months Year to 28
to to February 2017
31 August 31 August (unaudited)
2017 (unaudited) 2016 (unaudited) GBP
GBP GBP
Advances and deposits - 2,938 22,171
Amounts due from related
parties 679,253 3,891,730 5,164,420
Other receivables - 44,361 314,431
------------------ ------------------ ---------------
679,253 3,939,029 5,501,022
------------------ ------------------ ---------------
Included in the amounts due from related parties above are the following entities:
Relationship
Frontier Subsidiary of
Platinum Bushveld Minerals
(Pty) Ltd Limited - 236,830 280,406
Pamish Investment Subsidiary of
39 (Pty) Bushveld
Ltd Minerals Limited - 3,257,922 4,332,605
Amaraka Investment Subsidiary of
85 (Pty) Bushveld Minerals
Ltd Limited - 303,359 356,342
Company with related
Bushveld directors/ shareholders
Energy (Pty) (Fortune Mojapelo
Ltd and Anthony Viljoen) - 93,619 146,409
Company with related
directors/shareholders
VM Investment (Fortune Mojapelo
(Pty) Ltd and Anthony Viljoen) - - 48,658
Lerama 62,913 - -
Dawnmin Africa 616,340 - -
Investments 10% Investment
(Pty) Ltd of a subsidiary
(Renetype (Pty)
Ltd)
679,253 3,891,730 5,164,420
======== ========== ==========
The related parties referred to above as "Investment in subsidiary", are investments by fellow subsidiaries that have not been consolidated into the Greenhills Group as they do not meet the relevant criteria in terms of IFRS 3.
The total trade and other receivables denominated in South African Rand amount to GBP679 253 (2016: GBP3,939,029).
The Directors consider that the carrying value of the trade and other receivables approximates to fair value.
There was no income statement impact from transactions with related parties in the previous table.
GREENHILLS RESOURCES LIMITED: UNAUDITED NOTES
For the six months ending 31 August 2017
4. Related party loans
Six months Six months Year to 28
to to February
31 August 31 August 2017 (unaudited)
2017 (unaudited) 2016 (unaudited) GBP
GBP GBP
VMI Investment Proprietary
Limited 3,160 4,475 -
Bushveld Minerals Limited - 4,007,781 5,457,937
Lemur Holdings Limited - 1,130,540 1,259,011
3,160 5,142,796 6,716,948
================== ================== ==================
The loans which are denominated in South African Rand, are unsecured, interest free and have no fixed repayment terms.
There was no income statement impact from transactions with related parties in the previous table.
5. Share capital and share premium
Six months to Six months 28 February
31 August 2017 to 31 August 2017
2016
(unaudited) (unaudited) (unaudited)
GBP GBP GBP
Authorised
--------------- ------------- ------------
100 Ordinary shares of
1 GBP each 100 100 100
=============== ============= ============
Six months to Six months 28 February
31 August 2017 to 31 August 2017
2016
(unaudited) (unaudited) (unaudited)
GBP GBP GBP
Issued
100 Ordinary shares of
1 GBP 100 100 100
Share premium 4,063,275 2,316,036 2,316,036
------------------------ ------------
4,063,375 2,316,136 2,316,136
============================= ======================== ============
6. Subsequent events
On [9] November 2017, the Greenhills Group was acquired by the Afritin group which was admitted to AIM on the same date. For the year ended February 2018, the Greenhills group will therefore be reported as part of the Afritin group's consolidated
PART B: DAWNMIN GROUP Dawnmin group unaudited Consolidated STATEMENT OF COMPREHENSIVE Income
For the six months ended 31 August 2017
Notes Six months Six months Year ended
ended 31 August ended 31 28 February
2017 August 2016 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Other operating expenses (63 933) (5,244) (12,327)
------------------- --------------- ---------------
Loss before tax (63,933) (5,244) (12,327)
------------------- --------------- ---------------
Taxation 2 - - -
------------------- --------------- ---------------
Loss after tax (63,933) (5,244) (12,327)
------------------- --------------- ---------------
Other comprehensive income - - -
------------------- --------------- ---------------
Total comprehensive loss for
the year (63,933) (5,244) (12,327)
------------------- --------------- ---------------
Attributable to:
Owners of the parent (54,343) (4.457) (10,478)
Non-controlling interest (9 590) (787) (1,849)
------------------- --------------- ---------------
(63,933) (5,244) (12,327)
------------------- --------------- ---------------
Other Comprehensive loss,
net of taxation:
Exchange difference on translating
foreign operations attributable
to Owners of parent - (11,086) (25,939)
___________ ___________ ___________
Total other comprehensive
loss attributable to Owners
of parent - (11,086) (25,939)
___________ ___________ ___________
Exchange difference on translating
foreign operations attributable
to Non-controlling interest - (1,956) (4,577)
___________ ___________ ___________
Total comprehensive loss for
the year (63,933) (18,286) (42 843)
___________ ___________ __________
Total comprehensive loss attributable
to:
Owners of the parent (54,343) (15,543) (36,417)
Non-controlling interest (9,590) (2,743) (6,426)
____________ ___________ __________
(63,933) (18,286) (42,843)
All results relate to continuing activities.
dawnmin GROUP UNAUDITED Consolidated Statement of Financial Position
As at 31 August 2017
Note As at 28
As at 31 As at 31 February
August 2017 August 2016 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Assets
Non-current assets
Intangible assets:
exploration and evaluation 3 493,072 419,500 493 072
Total non-current
assets 493,072 419,500 493,072
Current assets
Trade and other receivables 4 12 12 12
Total current assets 12 12 12
Total assets 493,084 419,512 493,084
------------- ------------- ----------
Equity and liabilities
Non-current liabilities
Loans from related
parties 5 686,436 524,375 622,503
-------------
Total non-current
assets 686,436 524,375 622,503
Net (liabilities) (193,352) (104,863) (129,419)
============= ============= ==========
Equity
Share capital 6 12 12 12
Accumulated deficit (173,952) (78,059) (110,019)
Foreign exchange translation - (11,086) -
reserve
-------------
Equity attributable
to the owners of the
parent (173,940) (89,133) (110,007)
Non-controlling interests (19,412) (15,730) (19,412)
Total equity (193,352) (104,863) (129,419)
============= ============= ==========
DAWNMIN gROUP Consolidated Statement of Cash Flows
For the six months ended 31 August 2017
Year ended Year ended Year ended
31 August 31 August 2016 28 February
2017 GBP 2017
GBP GBP
(Unaudited) (Unaudited) (Audited)
Note
Cash flows from operating
activities
Loss before taxation (63,933) (5,244) (12,327)
Adjustments for:
Net cash used in operating
activities (63,933) (5,244) (12,327)
----------- --------------- ------------
Cash flows from investing
activities
Net cash used in investing - - -
activities
----------- --------------- ------------
Cash flows from financing
activities
Net proceeds from loans 63,933 5,244 12,327
Net cash generated from/(used
in) financing activities 63,933 5,244 12,327
----------- --------------- ------------
Net decrease in cash and - - -
cash equivalents
Cash and cash equivalents - - -
at the beginning of the year
Effect of foreign exchange - - -
rates
Cash and cash equivalents
at end of the year - - -
=========== =============== ============
DAWNMIN GROUP: UNAUDITED NOTES
1. Accounting Policies
Dawnmin Africa Investments (Pty) Ltd ("Dawnmin") was incorporated on 5(th) February 2014 and is domiciled in Namibia. The address of its registered office and principal place of business is Shop 48, Second Floor, Old Power Station Complex, Armstrong Street, Windhoek, Namibia. The principal activities of Dawnmin and its subsidiaries (the "Dawmnin Group") are set out in corporate information and principal activities below.
These financial statements are presented in Pound Sterling (GBP) because it is the currency the Group has raised funding on the AIM market in the United Kingdom.
Basis of preparation
The results presented in this report are unaudited and they have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards ('IFRS') as adopted by the EU that are expected to be applicable to the financial statements for the year ended 28 February 2018 and on the basis of the accounting policies to be used in those financial statements.
The interim financial information does not include all of the information required for full annual financial statements and accordingly, whilst the interim financial information has been prepared in accordance with the recognition and measurement principles of IFRS, it cannot be construed as being in full compliance with IFRS. The financial information contained in this announcement does not constitute statutory accounts as defined by the Companies (Guernsey) Law 2008.
Corporate information and principal activities
As at 28 February 2017, 31 August 2016 and 31 August 2017, the subsidiaries of Dawnmin were as follows:
Company Equity holding Country of Nature of activities
and voting incorporation
rights
Guineafowl Investments 85% Namibia Holding of tin
Twenty Seven (Pty) Ltd license
Going concern
The directors have considered the current financial position of the Dawnmin Group and the likely future cash flows for the period of 12 months following the approval of this interim financial information in preparing the interim financial information. As with all exploration groups at this stage of the resource development cycle and with no cash-flow from production, funding is derived principally through equity financing. In adopting the going concern basis the Directors have considered the receipt of the net proceeds from the placing of shares by the Company upon admission to AIM.
Intangible exploration and evaluation assets
All costs associated with mineral exploration and evaluation including the costs of acquiring prospecting licences; mineral production licences and annual licences fees; rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching, sampling and activities to evaluate the technical feasibility and commercial viability of extracting a mineral resource; are capitalised as intangible exploration and evaluation assets and subsequently measured at cost.
If an exploration project is successful, the related expenditures will be transferred at cost to property, plant and equipment and amortised over the estimated life of the commercial ore reserves on a unit of production basis (with this charge being taken through profit or loss). Where a project does not lead to the discovery of commercially viable quantities of mineral resources and is relinquished, abandoned, or is considered to be of no further commercial value to the Dawnmin Group, the related costs are recognised in profit or loss.
The recoverability of deferred exploration costs is dependent upon the discovery of economically viable ore reserves, the ability of the Dawnmin Group to obtain necessary financing to complete the development of ore reserves and future profitable production or proceeds from the extraction or disposal thereof.
Impairment of exploration and evaluation assets
Whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the asset is reviewed for impairment. Assets are also reviewed for impairment at each balance sheet date in accordance with IFRS 6. An asset's carrying value is written down to its estimated recoverable amount (being the higher of the fair value less costs to sell and value in use) if that is less than the asset's carrying value. Impairment losses are recognised in profit or loss.
An impairment review is undertaken when indicators of impairment arise but typically when one of the following circumstances applies:
-- unexpected geological occurrences that render the resources uneconomic; or -- title to the asset is compromised; or -- variations in mineral prices that render the project uneconomic; or -- variations in the foreign currency rates; or -- the Group determines that it no longer wishes to continue to evaluate or develop the field.
Use of estimates and judgements
In the application of the Dawnmin Group's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Estimates and judgements are continually evaluated. Revisions to accounting estimates are recognised in the year in which the estimates are revised if the revision affects only that year, or in the year of revision and in future years if the revision affects both current and future years.
Management's critical estimates and judgements in preparing the interim financial information relate to the going concern assumption (see above) and the valuation of intangible exploration assets of GBP0.493m.
Determining whether an exploration and evaluation asset is impaired requires an assessment of whether there are any indicators of impairment, including by reference to specific impairment indicators prescribed in IFRS 6 Exploration for and Evaluation of Mineral Resources. If there is any indication of potential impairment, an impairment test is required based on value in use of the asset. The valuation of intangible exploration assets is dependent upon the discovery of economically recoverable deposits which, in turn, is dependent on future iron ore and tin prices, future capital expenditures and environmental and regulatory restrictions. The directors have concluded that there are no indications of impairment in respect of the carrying value of intangible assets at 31 August 2017 based on planned future development of the projects and current and forecast commodity prices. An annual fee of GBP0.012m ($N200 000) is payable to the SMU (Small Miners of Uis).
2. Taxation
6 months ended 31 August 2017 6 months ended 31 August 2016 Year ended 28 February 2017
(Unaudited) (Unaudited) (Audited)
Factors affecting tax for the year: GBP GBP GBP
Loss before taxation (63,933) (5,244) (12,327)
------------------------------ ------------------------------ ----------------------------
Loss before taxation multiplied by the
Namibian corporation tax charge rate of
33% (21,098) (1,731) (4,068)
Effects of:
Unrelieved tax losses 21,098 1,731 4,068
------------------------------
Tax for the year - - -
============================== ============================== ============================
No provision for taxation or deferred tax has been provided as the company has a trading loss for the reporting periods under review.
3. Intangible - Mineral rights
Tin Total
GBP GBP
As at 29 February 2016
(Unaudited) 364,596 364,596
Exchange differences 54,916 54,916
------------------------------------ -------- --------
As at 31 August 2016 (Unaudited) 419,500 419,500
Exchange differences 73,572 73,572
------------------------------------ -------- --------
As at 28 February 2017
(Audited) 493,072 493,072
Exchange differences - -
---------------------------------- -------- --------
As at 31 August 2017 (Unaudited) 493,072 493,072
------------------------------------ -------- --------
Mineral Rights
The Dawnmin Group is the owner of the following active mining licenses:
Mining license 129 in the Uis district expiring on 7 July 2023.
Mining license 133 in the Uis district expiring on 21 August 2028.
Mining license 134 in the Uis district expiring on 21 August 2028
4. Trade and other receivables
6 months 6 months Year ended
ended 31 ended 31 28 February
August 2017 August 2016 2017
GBP GBP GBP
(Unaudited) (Unaudited) (Audited)
Unpaid share capital 12 12 12
12 12 12
============= ============= =============
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value due to their short-term nature. As at the year end, no receivables are past their due date, hence no allowance for doubtful receivables is provided.
5. Loans from related companies
6 months 6 months Year ended
ended 31 ended 31 28 February
August 2017 August 2016 2017
GBP GBP GBP
(Unaudited) (Unaudited) (Audited)
Naminco Limited 6,163 - 6,163
Sweltering Desert Investment
(Pty) Limited - 524,375 616,340
Greenhills Resources Limited 680,273 - -
686,436 524,375 622,503
------------------- -------------
6. Subsequent events
On [9] November 2017, the Dawnmin Group was acquired by the Afritin group which was admitted to AIM on the same date. For the year ended February 2018, the Dawnmin group will therefore be reported as part of the Afritin group's consolidated
PART C: PAMISH INVESTMENTS
pamish investments No. 71 (pty) ltd UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ending 31 August 2017
Six months Six months Year to 28 February
to to 2017 (unaudited)
31 August 2017 31 August 2016 GBP
(unaudited) (unaudited)
Note GBP GBP
Continuing operations
Revenue 22,834 12,031 28,367
Administrative expenses - (9,754) (43,354)
Operating profit / (loss) 22,834 2,277 (14,987)
Other income
Finance income 3 67 78
Finance costs (63) - (290)
Profit / (loss) before
tax 22,774 2,344 (15,199)
Income tax expense - - -
Profit / (loss) after
tax 22,774 2,344 (15,199)
============== ============ ==============
Attributable to:
Owners of the Parent 22,774 2,344 (15,199)
Non - controlling interest - - -
_____________ ___________ _____________
22,774 2,344 (15,199)
=========== ========= ===========
Other Comprehensive profit/(loss),
net of taxation:
Exchange difference on
translating foreign operations
attributable to Owners
of parent (71,757) (199,851) 188,728
___________ ___________ ___________
Total other comprehensive
(loss)/profit attributable
to Owners of parent (71,757) (199,851) 188,728
___________ ___________ ___________
Total comprehensive (loss)/profit
for the year (48,983) (197,507) 173,529
___________ ___________ __________
Total comprehensive (loss)/profit
attributable to:
Owners of the parent (48,983) (197,507) 173,529
Non-controlling interest - - -
____________ ___________ __________
(48,983) (197,507) 173,529
____________ __________ __________
pamish investments No.71 (Pty) Ltd CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the six months ending 31 August 2017
Six months Six months Year to 28
to to February 2017
31 August 2017 31 August (unaudited)
(unaudited) 2016 (unaudited) GBP
Note GBP GBP
Assets
Non-current assets
Intangible assets: exploration
and evaluation 135,345 119,275 141,359
Total non-current assets 135,345 119,275 141,359
Current assets
Trade and other receivables 88,808 78,264 41,869
Cash and cash equivalents 7,480 6,592 127
Total current assets 96,288 84,856 41,996
Total assets 231,633 204,131 183,355
--------------- ----------------- --------------
Equity and liabilities
Current liabilities
Trade and other payables 21,030 18,533 21,735
Total current liabilities 21,030 18,533 21,735
Net assets 210,603 185,598 161,620
=============== ================= ==============
Equity
Share capital 100 100 100
Share premium
Accumulated deficit (7,033) (29,039) (59,651)
Foreign exchange translation
reserve 217,536 214,537 221,171
Total equity 210,603 185,598 161,620
=============== ================= ==============
pamish investments No.71(pty) Ltd Aggregated STATEMENT OF CASH FLOWS
For the six months ending 31 August 2017
Six months Six months Year to 28
to to February 2017
31 August 2017 31 August (unaudited)
(unaudited) 2016 (unaudited) GBP
Note GBP GBP
Cash flows from operating
activities
Profit/(loss) before taxation 22,774 2,344 (15,199)
Adjustments for:
Depreciation property,
plant and equipment
Finance income (3) (67) (78)
Finance costs - -
Changes in working capital:
(Increase) in trade and
other receivables (14,716) (26,616) (20,534)
(Decrease)Increase in
trade and other payables (705) 12,550 15,752
--------- --------- ---------
Net cash used in operations 7,350 11,789 (20,059)
--------- --------- ---------
Cash flows from investing
activities
Finance income 3 67 78
Net cash used in investing
activities 3 67 78
--------- --------- ---------
Proceeds from borrowings - - -
--------- --------- ---------
Net cash generated from/(used - - -
in) financing activities
--------- --------- ---------
Net decrease in cash and
cash equivalents 7,353 (11,722) (19,981)
Cash and cash equivalents
at the beginning of the
year 127 20,108 20,108
Effect of foreign exchange - (1,794) -
rates
Cash and cash equivalents
at end of the year 7,480 6,592 127
========= ========= =========
PAMISH INVESTMENTS: UNAUDITED NOTES
For the six months ending 31 August 2017
1. Accounting policies
Basis of preparation
The Pamish Group, comprising Pamish Investments 71 Pty Ltd and Zaaiplaats Pty Ltd represents the South African tin assets of Bushveld Minerals and was under the common control of the same beneficial owners and effectively operated as a group under common management throughout the reporting periods. It did not form a legal group or comprise a group as defined by International Financial Reporting Standards. The Financial Information has therefore been presented on an aggregated basis. Under this method the assets, liabilities and results of the individual companies have been aggregated (with intercompany transactions and balances eliminated) to present the interim financial information as if the Pamish Group had been under the control of a single common parent company throughout the financial periods presented.
These financial statements are presented in Pound Sterling (GBP) because that is the currency the Group has raised funding on the AIM market in the United Kingdom.
The results presented in this report are unaudited and they have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards ('IFRS') as adopted by the EU that are expected to be applicable to the financial statements for the year ended 28 February 2017 and on the basis of the accounting policies to be used in those financial statements.
The interim financial information does not include all of the information required for full annual financial statements and accordingly, whilst the interim financial information has been prepared in accordance with the recognition and measurement principles of IFRS, it cannot be construed as being in full compliance with IFRS. The financial information contained in this announcement does not constitute statutory accounts as defined by the Companies (Guernsey) Law 2008.
Corporate information and principal activities
The Pamish Group comprises Pamish Investments No.71 (Pty) Ltd and the following subsidiary
Company Equity holding Country of Nature of activities
and voting incorporation
rights
Zaaiplaats Mining (Pty) 74% South Africa Property owning
Ltd
Going concern
In preparing the Interim financial information, the Directors have considered the current financial position of the Greenhills Group and the likely future cash flows for the period to 12 months from the date of this report. As with all exploration groups at this stage of the resource development cycle and with no cash flow from production, funding is derived principally through equity financing. In adopting the going concern basis the Directors have considered the receipt of the net proceeds and other financing from the placing of shares by the Company upon admission to AIM.
Intangible exploration and evaluation assets
All costs associated with mineral exploration and evaluation including the costs of acquiring prospecting licences; mineral production licences and annual licences fees; rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching, sampling and activities to evaluate the technical feasibility and commercial viability of extracting a mineral resource; are capitalised as intangible exploration and evaluation assets and subsequently measured at cost.
If an exploration project is successful, the related expenditures will be transferred at cost to property, plant and equipment and amortised over the estimated life of the commercial ore reserves on a unit of production basis (with this charge being taken through profit or loss). Where a project does not lead to the discovery of commercially viable quantities of mineral resources and is relinquished, abandoned, or is considered to be of no further commercial value to the Greenhills Group, the related costs are recognised in profit or loss.
The recoverability of deferred exploration costs is dependent upon the discovery of economically viable ore reserves, the ability of the Greenhills Group to obtain necessary financing to complete the development of ore reserves and future profitable production or proceeds from the extraction or disposal thereof.
Impairment of exploration and evaluation assets
Whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the asset is reviewed for impairment. Assets are also reviewed for impairment at each balance sheet date in accordance with IFRS 6. An asset's carrying value is written down to its estimated recoverable amount (being the higher of the fair value less costs to sell and value in use) if that is less than the asset's carrying value. Impairment losses are recognised in profit or loss.
An impairment review is undertaken when indicators of impairment arise but typically when one of the following circumstances applies:
-- unexpected geological occurrences that render the resources uneconomic; or -- title to the asset is compromised; or -- variations in mineral prices that render the project uneconomic; or -- variations in the foreign currency rates; or
-- The Greenhills Group determine that they no longer wish to continue to evaluate or develop the field.
2. Subsequent events
On 8 November 2017, the Pamish Group was acquired by the Afritin group which was admitted to AIM on the same date. For the year ended February 2018, the Pamish group will therefore be reported as part of the Afritin group's consolidated
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FELFAUFWSESF
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