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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Horizonte Minerals Plc | LSE:HZM | London | Ordinary Share | GB00BMXLQJ47 | ORD 20P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.025 | -5.26% | 0.45 | 0.40 | 0.45 | 0.475 | 0.425 | 0.475 | 4,156,473 | 16:35:12 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -5.32M | -0.0197 | -0.21 | 1.13M |
From Apr 2019 to Apr 2024
TIDMHZM
RNS Number : 1120W
Horizonte Minerals PLC
14 August 2020
NEWS RELEASE
14 August 2020
INTERIM FINANCIAL RESULTS FOR THE SIX MONTHSED 30 JUNE 2020
Horizonte Minerals Plc, (AIM: HZM; TSX: HZM) (the "Company" or "Horizonte"), the nickel development company focused on developing its ferro-nickel project in Brazil ("Araguaia" or "the Project"), announces it has today published its unaudited financial results for the six month period to 30 June 2020 and the Management Discussion and Analysis for the same period. Both of the aforementioned documents have been posted on the Company's website www.horizonteminerals.com and are also available on SEDAR at www.sedar.com .
Highlights for the Period
-- Horizonte maintained a strong cash position of GBP15.6m following completion of the US$25 million royalty transaction with Orion Mine Finance in Q4 2019;
-- Well funded to advance Araguaia towards being construction ready;
-- Project financing process currently running to schedule with no negative effects on the process observed as a result of the Covid-19 pandemic, although a delay to the process may occur should a further period of 'lock-down' be implemented;
-- Work on Araguaia continued to advance the level of engineering from feasibility stage level through to being implementation ready;
-- Ms Sepanta Dorri was appointed to the board as the nominee Director for Teck Resources ("Teck") replacing Alex Christopher who stepped down due to other commitments;
-- All employees and relevant stakeholders continue to follow strict health and safety policies specifically tailored to Covid-19. Remote working, where practicable, remains in place with all major workstreams continuing as planned;
-- The Group donated 300 food parcels during April & May to the municipalities of Conceição do Araguaia, Floresta do Araguaia and Xinguara, in light of the socio-economic impact caused by Covid-19; and
-- Nickel market fundamentals remain robust, with analyst consensus price of $16,133/t at the time Araguaia is forecast to commence production, driven by growth in the EV battery sector and steady growth in the stainless steel market.
Events post the Reporting Date
-- A syndicate of five international financial institutions mandated for a US$325 million senior debt facility to part fund the development of Araguaia;
-- BNP Paribas, ING Capital LLC, Mizuho Bank, Ltd., Natixis, New York Branch, and Société Générale will act as the Mandated Lead Arrangers;
-- Closing of the facility, targeted for end of the calendar year 2020, remains subject to completion of due diligence, final credit approvals and execution of definitive facility documentation; and
-- Peel Hunt LLP appointed as nominated adviser and sole broker to the Company.
Horizonte Minerals plc
Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2020
Condensed consolidated statement of comprehensive income
Hot Features
Premium
6 months ended 3 months ended
30 June 30 June
2020 2019 2020 2019
------------------------------------------------------- ------ ------------- ------------ ------------ ----------
Unaudited Unaudited Unaudited Unaudited
------------------------------------------------------- ------ ------------- ------------ ------------ ----------
Notes GBP GBP GBP GBP
------------------------------------------------------- ------ ------------- ------------ ------------ ----------
Continuing operations
Revenue - - - -
Cost of sales - - - -
------------------------------------------------------- ------ ------------- ------------ ------------ ----------
Gross profit - - - -
Administrative expenses (1,565,142) (968,917) (890,685) (450,930)
Charge for share options granted - (237,171) - (107,178)
Change in value of contingent consideration (391,160) 192,201 91,850 (118,847)
Gain/(Loss) on foreign exchange 1,126,822 (4,049) 185,376 52,192
Loss from operations (829,480) (1,017,936) (613,459) (624,763)
Finance income 90,730 33,791 45,485 20,840
Finance costs (1,941,704) (146,837) (1,083,712) (73,589)
------------------------------------------------------- ------ ------------- ------------ ------------ ----------
Loss before taxation (2,680,454) (1,130,982) (1,651,686) (677,512)
Taxation - - - -
------------------------------------------------------- ------ ------------- ------------ ------------ ----------
Loss for the year from continuing operations (2,680,454) (1,130,982) (1,651,686) (677,512)
======================================================= ====== ============= ============ ============ ==========
Other comprehensive income
Items that may be reclassified subsequently to profit
or loss
Change in value of available for sale financial assets
Currency translation differences on translating
foreign operations (8,067,677) 465,523 (1,457,805) 1,560,085
------------------------------------------------------- ------ ------------- ------------ ------------ ----------
Other comprehensive income for the period, net of
tax (8,067,677) 465,523 (1,457,805) 1,560,085
------------------------------------------------------- ------ ------------- ------------ ------------ ----------
Total comprehensive income for the period
attributable to equity holders of the Company (10,748,131) (665,459) (3,109,491) 882,573
------------------------------------------------------- ------ ------------- ------------ ------------ ----------
Earnings per share from continuing operations
attributable to the equity holders of the Company
Basic and diluted (pence per share) 9 (0.185) (0.078) (0.114) (0.047)
Condensed consolidated statement of financial position
30 June 31 December
2020 2019
Unaudited Audited
------------------------------ ------ ------------- -------------
Notes GBP GBP
------------------------------ ------ ------------- -------------
Assets
Non-current assets
Intangible assets 6 8,039,824 7,057,445
Property, plant & equipment 26,007,694 32,260,544
34,047,518 39,317,989
------------------------------ ------ ------------- -------------
Current assets
Trade and other receivables 82,319 134,726
Derivative financial
asset 2,409,348 2,246,809
Cash and cash equivalents 15,594,717 17,760,330
------------------------------ ------ ------------- -------------
18,086,384 20,141,865
------------------------------ ------ ------------- -------------
Total assets 52,133,902 59,459,854
============================== ====== ============= =============
Equity and liabilities
Equity attributable
to owners of the parent
Issued capital 7 14,463,773 14,463,773
Share premium 7 41,785,306 41,785,306
Other reserves (12,734,607) (4,666,930)
Accumulated losses (22,515,546) (19,835,092)
------------------------------ ------ ------------- -------------
Total equity 20,998,926 31,747,057
------------------------------ ------ ------------- -------------
Liabilities
Non-current liabilities
Contingent consideration 6,859,764 6,246,071
Royalty Finance 23,692,173 20,570,411
Deferred tax liabilities 166,939 212,382
------------------------------ ------ ------------- -------------
30,718,876 27,028,864
------------------------------ ------ ------------- -------------
Current liabilities
Trade and other payables 416,100 683,933
Deferred consideration - -
------------------------------ ------ ------------- -------------
416,100 683,933
------------------------------ ------ ------------- -------------
Total liabilities 31,134,976 27,712,864 ------------------------------ ------ ------------- ------------- Total equity and liabilities 52,133,902 59,459,854 ============================== ====== ============= =============
Condensed statement of changes in shareholders' equity
Attributable to the owners of the parent
-------------------------------------------------------------------
Share Share Accumulated Other
capital premium losses reserves Total
GBP GBP GBP GBP GBP
---------------------- ----------- ----------- ------------- ------------ ------------
As at 1 January
2019 14,325,218 41,664,018 (16,990,291) (2,039,991) 36,958,954
---------------------- ----------- ----------- ------------- ------------ ------------
Comprehensive income
Loss for the period - - (1,130,982) - (1,130,982)
Other comprehensive
income
Currency translation
differences - - - 465,523 465,523
---------------------- ----------- ----------- ------------- ------------ ------------
Total comprehensive
income - - (1,130,982) 465,523 (665,459)
---------------------- ----------- ----------- ------------- ------------ ------------
Transactions with
owners
Issue of ordinary
shares 138,555 121,288 - - 259,843
Issue costs - - -
Share based payments 237,171 237,171
---------------------- ----------- ----------- ------------- ------------ ------------
Total transactions
with owners 138,555 121,288 237,171 - 497,014
As at 30 June 2019
(unaudited) 14,463,773 41,785,306 (17,884,102) (1,574,468) 36,790,509
====================== =========== =========== ============= ============ ============
Attributable to the owners of the parent
---------------------------------------------------------------------
Share Share Accumulated Other
capital premium losses reserves Total
GBP GBP GBP GBP GBP
---------------------- ----------- ----------- ------------- ------------- -------------
As at 1 January
2020 14,463,773 41,785,306 (19,835,092) (4,666,930) 31,747,057
---------------------- ----------- ----------- ------------- ------------- -------------
Comprehensive income
Loss for the period - - (2,680,454) - (2,680,454)
Other comprehensive
income
Currency translation
differences - - - (8,067,677) (8,067,677)
---------------------- ----------- ----------- ------------- ------------- -------------
Total comprehensive
income - - (2,680,454) (8,067,677) (10,748,131)
---------------------- ----------- ----------- ------------- ------------- -------------
Transactions with
owners
Issue of ordinary - - - - -
shares
Issue costs - - - - -
Share based payments - - - - -
---------------------- ----------- ----------- ------------- ------------- -------------
Total transactions - - - - -
with owners
As at 30 June 2020
(unaudited) 14,463,773 41,785,306 (22,515,546) (12,734,607) 20,998,926
====================== =========== =========== ============= ============= =============
Condensed Consolidated Statement of Cash Flows
6 months ended 3 months ended
30 June 30 June
---------------------------------------------------- ---- -------------------------- -----------------------------
2020 2019 2020 2019
---------------------------------------------------- ---- ------------ ------------ ------------ ---------------
Unaudited Unaudited Unaudited Unaudited
---------------------------------------------------- ---- ------------ ------------ ------------ ---------------
GBP GBP GBP GBP
Cash flows from operating activities
Loss before taxation (2,680,454) (1,130,982) (1,651,686) (677,512)
Interest income (90,730) (33,791) (45,485) (20,840)
Finance costs 1,941,704 146,837 1,083,712 72,589
Exchange differences (1,126,822) 4,049 (185,376) (52,192)
Employee share options charge - 237,171 - 107,178
Change in fair value of contingent consideration 391,160 (192,201) (91,850) 118,847
Depreciation - - - -
---------------------------------------------------- ---- ------------ ------------ ------------ ---------------
Operating loss before changes in working capital (1,565,142) (968,918) (890,685) (450,931)
Decrease/(increase) in trade and other receivables 53,126 (3,275) 56,001 10,840
(Decrease)/increase in trade and other payables (137,320) 26,406 (15,113) 23,616
---------------------------------------------------- ---- ------------ ------------ ------------ ---------------
Net cash outflow from operating activities (1,649,336) (945,787) (849,797) (416,475)
==================================================== ==== ============ ============ ============ ===============
Cash flows from investing activities
Purchase of intangible assets (1,326,585) (1,289,208) (599,918) (621,873)
Purchase of property, plant and equipment (407,243) - (180,092) -
Interest received 90,730 33,791 45,485 20,840
---------------------------------------------------- ---- ------------ ------------ ------------ ---------------
Net cash used in investing activities (1,643,098) (1,255,417) (734,525) (601,033)
---------------------------------------------------- ---- ------------ ------------ ------------ ---------------
Cash flows from financing activities
Proceeds form issue of ordinary shares - - - -
Issue costs - - - -
---------------------------------------------------- ---- ------------ ------------ ------------ ---------------
Net cash used in financing activities - - - -
---------------------------------------------------- ---- ------------ ------------ ------------ ---------------
Net decrease in cash and cash equivalents (3,292,434) (2,201,204) (1,584,322) (1,017,508)
Cash and cash equivalents at beginning of period 17,760,330 6,527,115 16,993,664 5,288,014
Exchange gain/(loss) on cash and cash equivalents 1,126,822 (3,212) 185,376 52,192
---------------------------------------------------- ---- ------------ ------------ ------------ ---------------
Cash and cash equivalents at end of the period 15,594,718 4,322,699 15,594,718 4,322,699
==================================================== ==== ============ ============ ============ ===============
Notes to the Financial Statements
1. General information
The principal activity of the Company and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. There is no seasonality or cyclicality of the Group's operations.
The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Toronto Stock Exchange (TSX). The Company is incorporated and domiciled in the United Kingdom. The address of its registered office is Rex House, 4-12 Regent Street, London SW1Y 4RG.
2. Basis of preparation
The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2019 were approved by the Board of Directors on 7 April 2020 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.
The condensed consolidated interim financial statements of the Company have not been audited or reviewed by the Company's auditor, BDO LLP.
Going concern
The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed consolidated interim financial statements for the period ended 30 June 2020. Please refer to note 2.2 in the annual report for 2019 for the assessment of the current Covid-19 pandemic on the operations of the Group.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2018 Annual Report and Financial Statements, a copy of which is available on the Group's website: www.horizonteminerals.com and on Sedar: www.sedar.com The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.
Critical accounting estimates
The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 2018 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Significant accounting policies
The condensed consolidated interim financial statements have been prepared under the historical cost convention as modified by the revaluation of certain of the subsidiaries' assets and liabilities to fair value for consolidation purposes.
The same accounting policies, presentation and methods of computation have been followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group's Financial Statements for the year ended 31 December 2019.
4 Segmental reporting
The Group operates principally in the UK and Brazil, with operations managed on a project by project basis within each geographical area. Activities in the UK are mainly administrative in nature whilst the activities in Brazil relate to exploration and evaluation work. The reports used by the chief operating decision maker are based on these geographical segments.
2020 UK Brazil Other Total
6 months ended 6 months 6 months 6 months
30 June 2020 ended ended ended
GBP 30 June 30 June 30 June
2020 2020 2020
GBP GBP GBP
------------------------- --------------- ------------ ----------- ------------
Revenue - - -
------------------------- --------------- ------------ ----------- ------------
Administrative expenses (1,026,821) (328,537) (209,784) (1,565,142)
Profit on foreign
exchange 1,065,995 35,342 25,485 1,126,822
(Loss) from operations
per reportable segment 39,174 (293,195) (184,299) (438,320)
Inter segment revenues - - - -
Depreciation charges - - - -
Additions and foreign
exchange movements
to non-current assets (6,252,503) - (6,252,503)
Reportable segment
assets 9,557,383 39,893,444 2,683,075 52,133,902
Reportable segment
liabilities 7,018,073 424,730 23,692,173 31,134,976
2019 UK Brazil Other Total
6 months ended 6 months 6 months 6 months
30 June 2019 ended ended ended
GBP 30 June 30 June 30 June
2019 2019 2019
GBP GBP GBP
------------------------- --------------- ------------ ----------- ------------
Revenue - - - -
------------------------- --------------- ------------ ----------- ------------
Administrative expenses (639,106) (329,811) - (968,917)
Profit on foreign
exchange (12,344) 8,295 - (4,049)
(Loss) from operations
per reportable segment (651,450) (321,516) - (972,966)
Inter segment revenues - - - -
Depreciation charges - - - -
Additions and foreign
exchange movements
to non-current assets - 1,734,262 - 1,734,262
Reportable segment
assets 3,435,042 38,400,272 - 41,835,314
Reportable segment
liabilities 4,595,902 448,902 - 5,044,804
2020 UK Brazil Other Total
3 months 3 months 3 months 3 months
ended ended ended ended
30 June 30 June 30 June 30 June
2020 2020 2020 2020
GBP GBP GBP GBP
---------------------------- ---------- ---------- ---------- ----------
Revenue - - - -
---------------------------- ---------- ---------- ---------- ----------
Administrative expenses (588,360) (164,143) (138,182) (890,685)
Profit on foreign exchange 65,848 94,043 25,485 185,376
(Loss) from operations
per (522,512) (70,100) (112,697) (705,309)
reportable segment
---------------------------- ---------- ---------- ---------- ----------
Inter segment revenues - - - -
Depreciation charges - - - -
Additions and foreign
exchange movements to
non-current assets - 1,589,722 - 1,589,722
2019
UK Brazil Other Total
3 months 3 months 3 months 3 months
ended ended ended ended
30 June 30 June 30 June 30 June 2019
2019 2019 2019
GBP GBP GBP GBP
-------------------------- ---------- --------------------------- --------- --------------
Revenue - - - -
-------------------------- ---------- --------------------------- --------- --------------
Administrative expenses (310,048) (140,882) - (450,930)
Profit/(Loss) on foreign
exchange 8,249 43,943 - 52,192
(Loss) from operations
per (301,799) (96,939) - (398,738)
reportable segment
-------------------------- ---------- --------------------------- --------- --------------
Inter segment revenues - - - -
Depreciation charges - - - -
Additions and foreign
exchange movements to
non-current assets - 2,195,257 - 2,195,257
A reconciliation of adjusted loss from operations per reportable segment to loss before tax is provided as follows:
6 months 6 months 3 months 3 months
ended ended ended ended
30 June 30 June 30 June 30 June
2020 2019 2020 2019
GBP GBP GBP GBP
------------------------------ ------------ ------------ ------------ ----------
Loss from operations
per reportable segment (438,320) (972,966) (705,309) (398,738)
- Change in fair value
of contingent consideration (391,160) 192,201 91,850 (118,847)
- Charge for share options
granted - (237,171) - (107,178)
- Finance income 90,730 33,791 45,485 20,840
- Finance costs (1,941,704) (146,837) (1,083,712) (73,589)
Loss for the period from
continuing operations (2,680,454) (1,130,982) (1,651,686) (677,512)
============================== ============ ============ ============ ==========
5 Change in Fair Value of Contingent Consideration
Contingent Consideration payable to Xstrata Brasil Mineração Ltda.
The contingent consideration payable to Xstrata Brasil Mineração Ltda has a carrying value of GBP3,268,329 at 30 June 2020 (30 June 2019: GBP3,106,152). It comprises US$5,000,000 consideration in cash as at the date of first commercial production from any of the resource areas within the Enlarged Project area. The key assumptions underlying the treatment of the contingent consideration the US$5,000,000 are based on the current rates of tax on profits in Brazil of 34% and a discount factor of 7.0% along with the estimated date of first commercial production.
As at 30 June 2020, there was a finance expense of GBP106,025 (2019: GBP100,946 ) recognised in finance costs within the Statement of Comprehensive Income in respect of this contingent consideration arrangement, as the discount applied to the contingent consideration at the date of acquisition was unwound.
The change in the fair value of contingent consideration payable to Xstrata Brasil Mineração Ltda generated a loss of GBP186,367 for the six months ended 30 June 2020 (30 June 2019: GBP197,617 credit) due to changes in the exchange rate of the functional currency in which the liability is payable.
Contingent Consideration payable to Vale Metais Basicos S.A.
The contingent consideration payable to Vale Metais Basicos S.A. has a carrying value of GBP3,591,433 at 30 June 2020 (2019: GBPnil ). It comprises US$6,000,000 consideration in cash as at the date of first commercial production from the Vermelho project and was recognised for the first time in December 2019, following the publication of a PFS on the project. The key assumptions underlying the treatment of the contingent consideration the US$6,000,000 are the same as those for the Xstrata contingent consideration and are based on the current rates of tax on profits in Brazil of 34% and a discount factor of 7.0% along with the estimated date of first commercial production.
As at 30 June 2020, there was a finance expense of GBP116,507 (2019: GBPnil ) recognised in finance costs within the Statement of Comprehensive Income in respect of this contingent consideration arrangement, as the discount applied to the contingent consideration at the date of acquisition was unwound.
The change in the fair value of contingent consideration payable to Vale Metais Basicos S.A. generated a loss of GBP204,792 for the six months ended 30 June 2020 (2019: GBPnil) due to changes in the value of the functional currency in which the liability is payable (USD).
6 Finance income and costs
6 months 6 months
ended ended
30 June 30 June
2020 2019
GBP GBP
---------------------------------------------- ------------ ----------
Finance income
- Interest income on cash and short-term
deposits 90,730 33,791
Finance costs
- Contingent and deferred consideration:
unwinding of discount (222,532) (146,837)
- Amortisation of Royalty Finance (1,619,744) -
- Royalty Fair Value Adjustment (99,428) -
- Movement in fair value of derivative asset - -
Total finance costs (1,941,704) (146,837)
Net finance costs (1,850,974) (113,046)
============================================== ============ ==========
7 Intangible assets
Intangible assets comprise exploration and evaluation costs and goodwill. Exploration and evaluation costs comprise internally generated and acquired assets.
Exploration
and
Goodwill Exploration evaluation Total
licences costs
GBP GBP GBP GBP
------------------------- --------- ------------ ------------ ----------
Cost
At 1 January 2020 210,585 4,534,392 2,312,467 7,057,444
Additions - - 1,264,906 1,264,906
Exchange rate movements (45,057) 302,836 (540,305) (282,526)
Net book amount at
30 June 2020 165,528 4,837,228 3,037,068 8,039,824
========================= ========= ============ ============ ==========
8 Share Capital and Share Premium
Issued and fully Ordinary
paid Number of shares Share premium Total
shares GBP GBP GBP
------------------- -------------- ----------- -------------- -----------
At 1 January 2020 1,446,377,287 14,463,773 41,785,306 56,249,079
At 30 June 2020 1,446,377,287 14,463,773 41,785,306 56,249,079
------------------- -------------- ----------- -------------- -----------
9 Dividends
No dividend has been declared or paid by the Company during the six months ended 30 June 2020 (2019: nil).
10 Earnings per share
The calculation of the basic loss per share of 0.185 pence for the 6 months ended 30 June 2020 (30 June 2019 loss per share: 0.078 pence) is based on the loss attributable to the equity holders of the Company of GBP (2,680,454) for the six month period ended 30 June 2020 (30 June 2019: (GBP1,130,982)) divided by the weighted average number of shares in issue during the period of 1,446,337,287 (weighted average number of shares for the 6 months ended 30 June 2019: 1,444,616,645 ).
The calculation of the basic loss per share of 0.114 pence for the 3 months ended 30 June 2020 (30 June 2019 loss per share: 0.047 pence) is based on the loss attributable to the equity holders of the Company of GBP (1,651,686) for the three month period ended 30 June 2020 (3 months ended 30 June 2019: (GBP677,512) divided by the weighted average number of shares in issue during the period of 1,446,337,287 (weighted average number of shares for the 3 months ended 30 June 2019: 1,432,521,800 ).
The basic and diluted loss per share is the same, as the effect of the exercise of share options would be to decrease the loss per share.
Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2019 and in note 10 below.
11 Issue of Share Options
On 12 February 2019, the Company awarded 2,000,000 share options to leading members of the Brazilian operations team. All of these share options have an exercise price of 4.80 pence. One third of the options are exercisable from August 2019, one third from February 2019 and one third from August 2020.
12 Ultimate controlling party
The Directors believe there to be no ultimate controlling party.
13 Related party transactions
The nature of related party transactions of the Group has not changed from those described in the Group's Annual Report and Financial Statements for the year ended 31 December 2019.
14 Events after the reporting period
There are no events which have occurred after the reporting period which would be material to the financial statements.
Approval of interim financial statements
These Condensed Consolidated Interim Financial Statements were approved by the Board of Directors on 12 August 2020.
* *S * *
For further information contact:
Horizonte Minerals plc Jeremy Martin (CEO) +44 (0)203 356 2901 Anna Legge (Corporate Communications) a.legge@horizonteminerals.com Peel Hunt (NOMAD & Joint Broker) Ross Allister +44 (0)207 418 8900 David McKeown Tavistock (Financial PR) Gareth Tredway +44 (0) 207 920 3150 Annabel de Morgan horizonte@tavistock.co.uk
About Horizonte Minerals:
Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil. The Company is developing the Araguaia project, as the next major ferronickel mine in Brazil, and the Vermelho nickel-cobalt project, with the aim of being able to supply nickel and cobalt to the EV battery market. Both projects are 100% owned.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company's current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; the realization of mineral resource and reserve estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: exploration and mining risks, competition from competitors with greater capital; the Company's lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company's future payment obligations; potential disputes with respect to the Company's title to, and the area of, its mining concessions; the Company's dependence on its ability to obtain sufficient financing in the future; the Company's dependence on its relationships with third parties; the Company's joint ventures; the potential of currency fluctuations and political or economic instability in countries in which the Company operates; currency exchange fluctuations; the Company's ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company's plans to continue to develop its operations and new projects; the Company's dependence on key personnel; possible conflicts of interest of directors and officers of the Company, and various risks associated with the legal and regulatory framework within which the Company operates. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
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
IR DZGMRNFDGGZM
(END) Dow Jones Newswires
August 14, 2020 02:00 ET (06:00 GMT)
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