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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Katoro Gold Plc | LSE:KAT | London | Ordinary Share | GB00BSNBL022 | ORD GBP0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.09 | 0.08 | 0.10 | 0.09 | 0.09 | 0.09 | 1,635,234 | 07:38:04 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -1.05M | -0.0016 | -0.56 | 602.55k |
From Apr 2019 to Apr 2024
TIDMKAT
RNS Number : 4418A
Katoro Gold PLC
11 September 2018
Katoro Gold Plc
(Incorporated in England and Wales)
(Registration Number: 9306219
Share code on the AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
Unaudited Interim results for the six months ended 30 June 2018
Dated 11 September 2018
Katoro Mining plc ('Katoro' or the 'Company') (AIM: KAT), the Tanzanian focused exploration and development company, is pleased to announce its unaudited results for the six months ended 30 June 2018. The interim results will also shortly be available on the Company's website www.katorogold.com.
Overview
-- Positive progress made in building a diversified mining portfolio to provide shareholders with multiple value accretive development opportunities
-- Entered into an agreement to conditionally acquire a 100% interest in Kibo Nickel Ltd, which is the 100% owner of the polymetallic Haneti Nickel Project ('Haneti') in Tanzania
o The main condition precedent, being the successful completion of due diligence, is well advanced and, pending the outcome, it is expected that the transaction will be completed shortly
-- Completed all technical aspects of the pre-feasibility study for its Imweru Gold Project, Tanzania ('Imweru') and continuing engagement with the Tanzanian Ministry of Minerals to determine the next steps with regards to the development of Imweru
-- Successfully raised GBP325,000 (before expenses) via a placing involving new and existing shareholders to finance the continued development of the Company's Tanzanian projects and to provide general working capital purposes
Louis Coetzee, Executive Chairman of Katoro, said: "2018 has already been a highly active year for the Company. We have focused on the development of the Imweru gold project as well as delivering on our strategy to diversify the Company's asset portfolio by agreeing to the conditional acquisition of Kibo Nickel. We now believe that we have a strong platform for growth in order to provide value to our shareholders."
For further information please visit www.katorogold.com or contact:
Louis Coetzee louisc@katorogold.com Katoro Gold plc Executive Chairman Richard Tulloch +44 (0)20 7409 Strand Hanson Nominated Adviser Ritchie Balmer 3494 Limited Frederick Twist Ben Tadd +44 (0)20 3700 SVS Securities Broker Tom Curran 0093 Isabel de Salis +44 (0)20 7236 St Brides Partners Investor and Media Priit Piip 1177 Ltd Relations Adviser
Chairman's Report
Dear Shareholders
Following a highly active year in 2017, I am pleased to report that 2018 continues to be just as positive for the Company, with significant progress made in delivering on our strategy to build a diverse, value accretive portfolio.
During the period under review, we maintained our focus on the Imweru Gold Project, to build upon the expanded drill programme and various studies and surveys undertaken in 2017. We have successfully completed all the technical aspects of the pre-feasibility study ('PFS') and are now assessing the project's economic viability, particularly in light of the new mining legislation that was introduced in the summer of 2017. This involves continuing engagement with the Tanzanian Ministry of Minerals regarding the mining licence application process and counsel on the economic impacts of the mining legislation. Whilst this process remains ongoing, I would like to take this opportunity to confirm that our confidence in Tanzania has been recently bolstered by public statements from the newly formed Mining Commission, reiterating its commitment to supporting highly prospective projects, which we believe Imweru is.
Imweru is situated in the greater Lake Victoria Goldfields area in Tanzania, a proven mineral district that currently hosts both AngloGold Ashanti's Geita Gold Mine and Acacia Mining's Bulyanhulu Gold Mine. The current JORC-compliant mineral resource at Imweru consists of 11.6 Mt at a grade of 1.38 g/t for 515,110 oz Au and crucially we believe that there is significant potential to enhance this further, especially considering that exploration work to date has only covered 50% of the project area. In support of this and subject to the economic viability of Imweru being confirmed, the board will likely seek to upgrade and expand the Imweru resource to the 1 million oz threshold.
Looking at the broader development of the project, the Company's decision to undertake a thorough assessment of Imweru's economic viability has meant that timelines have had to be altered. Whilst our opinion of the project's inherent resource value potential remains unchanged, it is important that we gain a full understanding of the operating environment in which we now operate before making a strategic development decision.
Alongside advancing Imweru, and in line with our strategy to diversify our portfolio, Katoro has been exploring a number of additional growth opportunities. I am delighted to report that we have delivered on this strategy by entering into a conditional agreement with Kibo Energy plc to acquire Kibo Nickel Limited and its wholly owned subsidiary Eagle Exploration Limited to gain full ownership of the polymetallic Haneti Nickel Project in Tanzania. Good progress is being made on completing the conditions relating to the acquisition, including the completion of due diligence, and I look forward to updating shareholders in this regard.
The board were attracted to Haneti, as it is a highly prospective, high-grade nickel sulphide asset. Previous work has identified stellar grades of up to 13.59% nickel with additional gold, cobalt, platinum credits and some significant lithium anomalies. Independent work has confirmed the potential for a significant nickel deposit and on completion of the acquisition, we will implement our own work programme to further confirm Haneti's prospectivity.
The board believes that the project is made all the more attractive by the notably strong market fundamentals for nickel, driven primarily by demand from the electric vehicle and energy storage sectors. This demand is being driven by global government initiatives to reduce the production and use of conventional diesel or petrol engine vehicles and to promote electric vehicles as a more environmentally conscious solution. Electric vehicles and energy storage technologies use Li-ion batteries, of which nickel is a key component. Currently a Li-ion battery consists of 39% nickel, but it is predicted that this composition will change so that by 2025 the nickel content will increase to 58%. Increased composition combined with rapidly increasing sales of electric vehicles is expected to significantly drive demand from the current 36,000 tonnes per annum to 350,000-500,000 tonnes per annum by 2025. Accordingly, we believe that this diversification of Katoro's portfolio is ideally timed. I look forward to updating shareholders as we progress the acquisition of the Haneti and move forward with our proposed work programme.
Financial Review
During the period under review, the Company was also able to raise GBP325,000 (before expenses) via a placing involving new and existing investors, with the monies being received after the period end. In the placing, Katoro's majority shareholder, Kibo Energy plc ('Kibo') invested a further GBP75,000 in the Company, thereby maintain its interest in Katoro at over 50%. This investment is testament to board of Kibo's confidence in Katoro and its asset portfolio. We will utilise the net proceeds from this placing for the advancement of both Imweru and Haneti as well as general working capital. Following the placing, we currently have a robust cash position of approximately GBP620,000 subsequent to expenditure in the normal course of business.
Following completion of the placing in July 2018, in accordance with the terms of their employment, the board has also decided to commence paying directors' remuneration.
Outlook
On completion of the Haneti acquisition, which is expected in due course, Katoro will have a strong asset portfolio that provides exposure to two highly sought-after commodities. Our focus will continue to be the efficient and cost-effective development of Imweru and Haneti so that we can further unlock their value potential and capitalise on the growing market opportunities available. Alongside this, we continue to maintain an active growth strategy and will continue to assess strategic assets that we believe complement our current portfolio and provide shareholders with value upside opportunity.
With a defined development strategy in place and multiple workstreams underway, I believe the second half of this year will continue to be highly active and I look forward to updating shareholders on developments in due course. We hope these developments will be positively reflected in the share price, as we appreciate the current price is far from where investors would like it to be and where the Company believes it should be.
Finally, I would like to extend my sincerest gratitude to those involved in Katoro for their consistent hard work and to our shareholders for their commitment to the Company.
Louis Coetzee
Executive Chairman
11 September 2018
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
Unaudited Interim Results for the six months ended 30 June 2018
Unaudited condensed consolidated interim Statement of Comprehensive Income
For the six months ended 30 June 2018
Hot Features
Premium
6 months to 6 months to 12 months to
Note 30 June 30 June 31 December
2018 2017 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
------------ ------------ -------------
Revenue - - -
Cost of sales - - -
------------ ------------ -------------
Gross Profit - - -
------------ ------------ -------------
Administrative expenses (109,364) (67,746) (177,205)
Foreign exchanges gain/(loss) 4,690 (145,712) (36,005)
AIM IPO transaction costs - (540,784) (556,935)
Exploration expenditure (47,605) (175,597) (911,649)
Deemed cost of listing - (206,670) (206,670)
------------ ------------ -------------
Operating Loss (152,279) (1,136,509) (1,888,464)
------------ ------------ -------------
Investment and Other Income - - -
------------ ------------ -------------
Loss before Tax (152,279) (1,136,509) (1,888,464)
------------ ------------ -------------
Tax - - -
------------ ------------ -------------
Loss for the period (152,279) (1,136,509) (1,888,464)
------------ ------------ -------------
Other comprehensive income:
Exchange differences on translating of foreign operations, net of
taxes 162,949 145,404 (15,212)
------------ ------------ -------------
Total Comprehensive Income/ (Loss) for the Period 10,670 (991,105) (1,903,676)
------------ ------------ -------------
Loss per share
Basic and diluted loss per share (pence) 3 0.14 1.35 1.93
Unaudited condensed consolidated interim Statement of Financial Position
As at 30 June 2018
6 months to 6 months to 12 months to
30 June 30 June 31 December
Note 2018 2017 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
------------ ------------ -------------
Current assets
Trade receivables - 3,855 -
Other receivables - 1,877 1,818
Cash and cash equivalents 384,677 1,495,632 564,840
------------ ------------ -------------
Total current assets 384,677 1,501,364 566,658
------------ ------------ -------------
Total Assets 384,677 1,501,3264 566,658
------------ ------------ -------------
Equity
Called up share capital 5 1,090,631 1,082,833 1,082,833
Share premium 2,065,252 2,055,266 2,050,418
Capital contribution reserve 10,528 10,528 10,528
Translation reserve (449,920) (282,146) (442,762)
Merger reserve 1,271,715 1,271,715 1,271,715
Warrant reserve 41,808 41,808 41,808
Retained deficit (3,775,445) (2,871,211) (3,623,166)
------------ ------------ -------------
Total Equity 254,569 1,308,793 391,374
------------ ------------ -------------
Liabilities
Current liabilities
Trade and other payables 2 130,108 192,571 175,284
------------ ------------ -------------
Total current liabilities 130,108 192,571 175,284
------------ ------------ -------------
Total Equity and Liabilities 384,677 1,501,364 566,658
------------ ------------ -------------
Unaudited Condensed Consolidated Statement of Changes in Equity
Share Share Warrant Merger Capital Foreign Retained Total
Capital Premium reserve Reserve Contribution currency deficit
Reserve translation
reserve
GBP GBP GBP GBP GBP GBP GBP GBP
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Balance at 31 December 2017
(audited) 1,082,833 2,050,418 41,808 1,271,715 10,528 (442,762) (3,623,166) 391,374
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Loss for the period - - - - - - (152,279) (152,279)
Other comprehensive loss-
exchange differences on
translating of foreign
operations - - - - - (7,158) - (7,158)
Proceeds of share issue of
share capital 7,798 14,834 - - - - - 22,632
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Balance as at 30 June 2018 1,090,631 2,065,252 41,808 1,271,715 10,528 (449,920) (3,775,445) 254,569
(unaudited)
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Balance at 1 January 2017
(audited) 172,500 918,631 - (945,378) 10,528 (427,550) (1,734,702) (2,005,971)
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Loss for the period - - - - - - (1,136,509) (1,136,509)
Other comprehensive income
- exchange differences - - - - - 145,404 - 145,404
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Total comprehensive loss - - - - - 145,404 (1,136,509) (991,105)
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Issue of share capital 910,333 1,501,710 - 2,217,093 - - - 4,629,136
Share issue costs - (365,075) 41,808 - - - - (323,267)
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Balance at 30 June 2017
(unaudited) 1,082,833 2,055,266 41,808 1,271,715 10,528 (282,146) (2,871,211) 1,308,793
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Balance at 1 January 2017
(audited) 172,500 918,631 - (945,378) 10,528 (427,550) (1,734,702) (2,005,971)
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Loss for the period - - - - - - (1,888,464) (1,888,964)
Other comprehensive loss -
exchange differences - - - - - (15,212) - (15,212)
Issue of share capital 910,333 1,501,710 - 2,217,093 - - - 4,629,136
Share issue costs - (369,923) 41,808 - - - - (323,267)
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Balance at 31 December 2017
(audited) 1,082,833 2,050,418 41,808 1,271,715 10,528 (442,762) (3,623,166) 391,374
---------- ---------- -------- ---------- ------------- ------------ ------------ ------------
Unaudited condensed consolidated interim statement of cash flow
For the six months ended 30 June 2018
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2018 2017 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
------------ --------------- --------------------
Loss for the period before taxation (152,279) (1,136,509) (1,888,464)
Adjusted for:
Foreign exchange (gain)/ loss (4,690) 145,712 36,005
Deemed cost of listing - 206,670 206,670
Costs settled in shares 8,217 302,000 155,539
Operating income before working
capital changes (148,752) (482,127) (1,490,250)
Decrease/ (Increase) in trade
and other receivables 1,818 (5,690) 261,898
(Decrease)/ Increase in trade
and other payables (45,176) 262,372 (1,818)
Net cash outflows from operating
activities (192,110) (225,445) (1,230,170)
Cash flows from financing activities
Issue of shares (net of share
issue costs) 14,400 1,176,733 1,318,345
Cash acquired as part of business
combination - 465,408 465,408
Increase in loans advanced from - 67,679 -
related parties
------------ --------------- --------------------
Net cash proceeds from financing
activities 14,400 1,709,820 1,783,753
Net increase in cash and cash
equivalents (177,710) 1,484,375 553,583
Cash and cash equivalents at beginning
of period 564,840 11,257 11,257
------------ --------------- --------------------
Exchange fluctuation (2,453) - -
------------ --------------- --------------------
Cash and Cash equivalents at end
of period 384,677 1,495,632 564,840
------------ --------------- --------------------
Notes to the unaudited condensed consolidated interim financial statements
For the six months ended 30 June 2018
Note 1 General information
Katoro Gold PLC (formerly Opera Investments PLC) ('Katoro' or the 'Company') is incorporated in England & Wales as a public limited company. The Company's registered office is located at 60 Gracechurch Street, London EC3V OHR.
The principal activity of Katoro, through its subsidiaries (together the 'Group'), is to carry out evaluation and exploration studies within a licenced portfolio area with a view to generating commercially viable Mineral Resources, namely gold mines. In Lake Victoria, Tanzania, the Group has two gold mining projects, Imweru and Lubando, which have mineral exploration licences.
The condensed interim consolidated financial statements do not represent statutory accounts within the meaning of section 435 of the Companies Act 2016.
The condensed interim financial information is unaudited and has been prepared on the basis of the accounting policies as set out in the audited financial statements for the period ended 31 December 2017.
Accounting policies applied are consistent with those of the previous financial period.
The seasonality or cyclicality of operations does not impact the interim financial statements.
From 1 January 2018, the following standards, amendments and interpretations were adopted by the group:
-- IFRS 9 Financial instruments; and -- IFRS 15 Revenue from contracts with Customers.
The adoption of the above has not had a significant impact on the groups result for the period or equity.
Going concern
The Group currently generates no revenue and had net assets of GBP254,569 as at 30 June 2018. Following completion of the placing in June 2018 and the receipt of monies post the period end in July 2018, the Group currently has a cash balance of approximately GBP620,000.
After reviewing the Group's financial projections, the directors of the Company (the 'Directors') have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future, including, assuming all the conditions are satisfied regarding the acquisition of Kibo Nickel Limited, the proposed initial work programme for the Haneti nickel project. For this reason, the Directors have adopted the going concern basis in preparing the Group Financial Information.
Note 2 Trade and other payables
30 June 2018 30 June 2017 31 Dec 2017
GBP GBP GBP
------------- ------------- ------------
Trade payables 111,529 169,813 70,926
Other payables - - 70,954
Accruals 18,579 22,758 33,368
------------- ------------- ------------
130,108 192,571 175,248
------------- ------------- ------------
Note 3 Earnings per share
The calculation of loss per share is based on the following loss and number of shares:
30 June 2018 30 June 2017 31 Dec 2017
GBP GBP GBP
------------- ------------- ------------
Loss for the period
from continuing
operations (152,279) (1,136,509) (1,888,464)
------------- ------------- ------------
Basic and diluted
number of shares 109,015,814 87,426,851 97,997,944
------------- ------------- ------------
Basic and diluted
loss per share (pence) 0.14 1.30 1.93
Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to shareholders and the weighted average number of shares outstanding for the effects of all dilutive potential shares. The Group presents basic and diluted EPS data on the basis that the current structure has always been in place. Therefore, the number of ordinary shares in issue as at the period end has been used in the calculation. Basic loss per share is calculated by dividing the loss for the period from continuing operations of the Group by the weighted average number of shares in issue during the period.
Katoro has no dilutive instruments in existence and therefore, the same denominator has been used to calculate the basic and diluted EPS.
Note 4 Unaudited results
These condensed consolidated interim financial results have not been audited or reviewed by the Group's auditors.
Note 5 Share Capital
The called-up and fully paid share capital of the Company is as follows:
30 June 30 June
2018 2017 31 Dec 2017
GBP GBP GBP
---------- ---------- ------------
Allotted, called-up
and fully paid: 109,063,210
(2017: 108,283,332) 1,090,631 1,082,833 1,082,833
---------- ---------- ------------
A reconciliation of share capital is set out below:
Allotted,
called-up
and fully
Number of paid
shares GBP
------------ -----------
As at 1 January 2018 108,283,332 1,082,833
Shares issued during the period 779,878 7,798
At 30 June 2018 109,063,210 1,090,631
------------ -----------
On 11 January 2018, the Company announced that it has issued 779,878 ordinary shares of GBP0.01 each to suppliers for the execution of a Light Detection and Ranging survey and other services at its Imweru gold project at a price of GBP0.029 per share.
Note 6 Board of Directors
There were no changes to the board of directors during the interim period, or any other committee's composition.
Note 7 Subsequent events
During June 2018, the Group entered into a conditional agreement to acquire Kibo Nickel Limited and its wholly owned subsidiary, Eagle Exploration Limited (the 'Kibo Nickel Group'), from the Company's majority shareholder, Kibo Mining plc ('Kibo') (the 'Acquisition'), which is the 100% owner of the polymetallic Haneti Nickel Project ('Haneti' or the 'Project') in Tanzania. The consideration payable is GBP200,000 to be settled through the issue of new ordinary shares in the Company and a 2% royalty payable on any sales revenue of nickel or nickel concentrates.
As at 30 June 2018, conditions relating to the completion of the acquisition had not been met in order for Katoro to take control over the Kibo Nickel Group.
On 22 June 2018, the Company announced that it has raised GBP325,000 via a placing of 25,000,000 new ordinary shares at a price of GBP0.0130 pence per share. The shares were admitted to trading on AIM on 6 July 2018.
Note 8 Commitments and contingencies
There are no material contingent assets or liabilities as at 30 June 2018.
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 UARURWVAKAAR
(END) Dow Jones Newswires
September 11, 2018 08:09 ET (12:09 GMT)
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