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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.005 | -4.55% | 0.105 | 0.10 | 0.11 | 0.125 | 0.105 | 0.11 | 53,285,975 | 16:03:46 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -1.05M | -0.0016 | -0.63 | 669.5k |
From May 2019 to May 2024
TIDMKAT
RNS Number : 7484Z
Katoro Gold PLC
22 September 2020
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 2020
Dated 22 September 2020
Katoro Gold PLC ('Katoro' or the 'Company') (AIM: KAT), the AIM listed gold and nickel exploration and development company, is pleased to announce its unaudited results for the six months ended 30 June 2020. The interim results will also shortly be available on the Company's website: https://www.katorogold.com/
Overview
-- Entered into a binding conditional agreement to participate in a strategic gold production opportunity in South Africa, focused on the reprocessing of an existing 1.34 million ounce of gold JORC compliant tailings resource
-- R eaching a final agreement with Lake Victoria Gold Limited ("LVG") for the disposal of Reef Miners Limited for a total staged cash consideration of up to US$1.0 million and a 1.5% Net Smelter Royalty
-- Post period end:
o raised GBP1.1m (gross) through an oversubscribed placing to new and existing shareholders to finance the continued development of the Company's project portfolio
o exercise of option by Power Metal Resources plc to increase its ownership interest from 25% to 35% in the Haneti Nickel Project in Tanzania through the payment of GBP25,000
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.katorogold.com or contact:
Hot Features
Premium
Louis Coetzee Katoro Gold Executive Chairman louisc@katorogold.com
plc
Bhavesh Patel RFC Ambrian
Andrew Thomson Limited Nominated Adviser +44 20 3440 6800
-------------------- -------------------- ----------------------
Nick Emerson +44 (0) 1483 413
Sam Lomanto SI Capital Ltd Broker 500
-------------------- -------------------- ----------------------
Investor and
Isabel de Salis St Brides Partners Media Relations +44 (0) 20 7236
Beth Melluish Ltd Adviser 1177
-------------------- -------------------- ----------------------
Chairman's Statement
Significant progress has been made by the Company in a year that presented a whole new series of challenges to people and businesses alike with the world-wide COVID-19 pandemic. As Chairman I would like to thank Katoro's Directors, Management team and shareholders for their patience shown during this difficult time.
Despite the challenges presented by COVID-19, the Company has advanced the Haneti Polymetallic Project in Tanzania to a drill ready status with several high priority targets. Furthermore, the Company entered into a 50/50 joint venture agreement for the near term producing Blyvoor Gold Tailings Project in South Africa. On a corporate level the Company disposed of Imweru for a total staged consideration of US$1.0 million and a 1.5% Net Smelter Royalty on all future gold production from Imweru.
The Haneti Project is a large-scale Polymetallic project covering an area of approximately 5,000 sq. km, where the principle target zone is an 80km long ultra-mafic belt with grades from surface sampling of up to 13.6% nickel and 2.33g/t combined PGM's.
During this reporting period, Katoro developed plans to implement a drill programme at Haneti, focused on nickel sulphide and PGM targets at Mihanza Hill and Mwaka Hill, the two priority targets. In parallel to this activity, Katoro received approaches with a view to earn-in, joint venture or other similar structures in respect of the project, with a primary focus on the nickel sulphide potential. Discussions with our joint venture partner Power Metal Resources (LON:POW) continue with regard these approaches.
In early 2020 the Company entered into a strategic gold production opportunity in South Africa, focused on the reprocessing of an existing 1.34 million ounce of gold JORC compliant tailings resource. Katoro entered into a binding conditional agreement to form a 50/50 unincorporated joint venture to advance the project to near term production. During the period, Katoro and its joint venture partners made tremendous progress in advancing the project including the appointment of Graham Briggs as JV Manager, delivering exceptional improved economics via a new scoping study and attracting a significant number of expressions of interest to finance the project. With the high level of finance interest shown, Katoro and its joint venture partners worked diligently to assess each of the expressions of interest shown.
Post reporting period, the Company has continued to make significant progress on all aspects of the business. The company raised GBP1.1M in an oversubscribed placing which has put the company in a solid financial footing for the foreseeable future. With a pending drill programme at Haneti and Blyvoor advancing rapidly to financial close, the remainder of 2020 is looking to be a news rich period for all shareholders.
Louis Coetzee
Executive Chairman
Unaudited Interim Results for the six months ended 30 June 2020
Unaudited condensed consolidated interim Statement of Comprehensive Income
For the six months ended 30 June 2020
6 months to 6 months to 12 months to
Note 30 June 30 June 31 December
2020 2019 2019
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Revenue - - -
Cost of sales - - -
------------ ------------ -------------
Gross Profit - - -
------------ ------------ -------------
Administrative expenses (432,928) (387,452) (605,817)
Profit from disposal of subsidiary 815,691 - -
Foreign exchanges gain/(loss) (293) 1,245 1,649
Exploration expenditure (26) (46,974) (102,152)
Finance costs (17,701) - -
------------ ------------ -------------
Operating profit/loss 364,743 (433,181) (706,320)
------------ ------------ -------------
Investment and Other Income - - 37,661
------------ ------------ -------------
Profit/(loss) before Tax 364,743 (433,181) (668,659)
------------ ------------ -------------
Tax - - -
------------ ------------ -------------
Profit/(loss) for the period 364,743 (433,181) (668,659)
------------ ------------ -------------
Other comprehensive Income/(loss):
Exchange differences on translating of foreign operations (7,789) 1,746 4,582
------------ ------------ -------------
Total Comprehensive Income/(loss) 356,954 (431,435) (664,077)
Profit/(loss) for the period 364,743 (433,181) (668,659)
Attributable to owners of the parent 364,743 (433,181) (661,902)
Attributable to non-controlling interest - - (6,757)
------------ ------------ -------------
Total comprehensive Income/(loss) 356,954 (431,435) (664,077)
Attributable to owners of the parent 356,954 (431,435) (658,465)
Attributable to non-controlling interest - - (5,612)
------------ ------------ -------------
Earnings/(loss) Profit per share
Basic and diluted Earnings/(loss) per share (pence) 3 0.17 (0.28) (0.39)
Unaudited condensed consolidated interim Statement of Financial Position
As at 30 June 2020
As at As at As at
30 June 30 June 31 December
Note 2020 2019 2019
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Assets
Non-current assets
Intangible assets 209,500 209,500 209,500
Other financial assets 11 405,700 - -
Investments 37,661 - 37,661
------------ ------------ ------------
652,861 209,500 247,161
------------ ------------ ------------
Current assets
Cash and cash equivalents 61,769 179,896 27,972
Other receivables 13,020 - 13,017
Other financial assets 11 1,159,200 - -
Assets classified as held for sale - - 6,966
Total current assets 1,233,989 179,896 47,955
------------ ------------ ------------
Total Assets 1,886,850 389,396 295,116
------------ ------------ ------------
Equity
Called up share capital 5 2,503,650 1,679,625 1,795,555
Share premium 2,505,634 2,211,950 2,216,729
Capital contribution reserve 10,528 10,528 10,528
Translation reserve (459,039) (454,086) (451,250)
Merger reserve 1,271,715 1,271,715 1,271,715
Warrant and share-based payment reserve 141,055 182,728 105,467
Retained deficit (4,439,559) (4,576,189) (4,804,302)
------------ ------------ ------------
Reserves attributable to owners 1,533,984 326,271 144,442
Minority interest 33,272 40,637 33,272
------------ ------------ ------------
Total Equity 1,567,256 366,908 177,714
------------ ------------ ------------
Liabilities
Current liabilities
Trade and other payables 2 236,704 22,488 106,145
Other financial liabilities 82,890 - 11,257
------------ ------------ ------------
Total current liabilities 319,594 22,488 117,402
------------ ------------ ------------
Total Equity and Liabilities 1,886,850 389,396 295,116
------------ ------------ ------------
Unaudited Condensed Consolidated Statement of Changes in Equity
Share Share Warrant Merger Capital Foreign Retained Minority Total
Capital Premium reserve Reserve Contribution currency deficit interest
and Reserve translation
share reserve
based
payment
reserve
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 31 December 2019
(audited) 1,795,555 2,216,729 105,467 1,271,715 10,528 (451,250) (4,804,302) 33,272 177,714
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Loss for the period - - - - - - 364,743 - 364,743
Other comprehensive loss -
exchange differences - - - - - (7,789) - - (7,789)
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Proceeds of share issue of
share capital 708,095 288,905 - - - - - - 997,000
Issue of share options and
share warrants - - 35,588 - - - - - 35,588
Balance as at 30 June 2020 2,503,650 2,505,634 141,055 1,271,715 10,528 (459,039) (4,439,559) 33,272 1,567,256
(unaudited)
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Balance at 1 January 2019
(audited) 1,494,478 2,186,406 41,808 1,271,715 10,528 (455,832) (4,102,371) - 446,732
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Loss for the period - - - - - - (433,181) - (433,181)
Other comprehensive income
- exchange differences - - - - - 1,747 - - 1,747
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Proceeds of share issue of
share capital 185,147 25,544 - - - - - - 210,691
Issue of share options and
share warrants - - 140,920 - - - - - 140,920
Sale of interest in a
subsidiary - - - - - - (40,637) 40,637 -
Balance at 30 June 2019
(unaudited) 1,679,625 2,211,950 182,728 1,271,715 10,528 (454,085) (4,576,189) 40,637 366,909
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Balance at 1 January 2019
(audited) 1,494,478 2,186,406 41,808 1,271,715 10,528 (455,832) (4,102,371) - 446,732
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Loss for the period - - - - - - (661,902) (6,757) (668,659)
Other comprehensive loss -
exchange differences - - - - - 4,582 - - 4,582
Issue of share capital 301,077 30,323 - - - - - - 331,400
Issue of share warrants and
options - - 63,659 - - - - - 63,659
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Disposal of interest in
subsidiary without losing
control (40,029) 40,029 -
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Balance at 31 December 2019
(audited) 1,795,555 2,216,729 105,467 1,271,715 10,528 (451,250) (4,804,302) 33,272 177,714
---------------------------- ---------- ---------- -------- ---------- ------------- ------------ ------------ --------- ----------
Unaudited condensed consolidated interim statement of cash flow
For the six months ended 30 June 2020
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2020 2019 2019
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Profit/(loss) for the period before
taxation 364,743 (433,181) (668,659)
Adjusted for:
Foreign exchange (gain)/ loss (7,789) 1,747 1,649
Costs settled in shares - 110,691 91,597
Warrants issued for facilitation
fees 35,588 71,230 -
Share based payment transactions - 69,689 103,461
Profit on disposal of subsidiaries (815,691) - -
Investment obtained for no consideration - - (37,661)
Operating income before working
capital changes (423,149) (179,824) (509,613)
Decrease/ (Increase) in trade
and other receivables 85 - (58,097)
(Decrease)/ Increase in trade
and other payables 130,561 (153,011) (13,017)
Net cash outflows from operating
activities (292,503) (332,835) (580,727)
Cash flows from financing activities
Issue of shares (net of share
issue costs) 287,000 100,000 202,934
Borrowings raised 792,800 - -
Net cash proceeds from financing
activities 1,079,800 100,000 202,934
Cash forfeited on disposal of
subsidiary (6,966)
Cash advanced to Joint Venture (753,500) - -
------------ ------------ ------------
Net cash outflow from investing (760,466) - -
activities
------------ ------------ ------------
Net increase in cash and cash
equivalents 26,831 (232,835) (377,793)
Cash and cash equivalents at beginning
of period 34,938 412,731 412,731
------------ ------------ ------------
Exchange fluctuation - - -
------------ ------------ ------------
Cash and Cash equivalents at End
of Period 61,769 179,896 34,938
------------ ------------ ------------
Notes to the unaudited condensed consolidated interim financial statements
For the six months ended 30 June 2020
Note 1 General information
Katoro Gold 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 and nickel mines. In Haneti, the Group has one nickel mining project, which has mineral exploration licences currently held by Eagle Exploration Ltd.
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 2019.
Accounting policies applied are consistent with those of the previous financial period.
The seasonality or cyclicality of operations does not impact on the interim financial statements.
Going concern
The Company currently generates no revenue and had net assets of GBP 1,567,256 as at 30 June 2020.
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. For this reason, they adopted the going concern basis in preparing the Group Financial Information. This expectation is based on the GBP1.1 million oversubscribed placing raised during July 2020.
Note 2 Trade and other payables
30 June 2020 30 June 2019 31 Dec 2019
GBP GBP GBP
------------- ------------- ------------
Trade payables 130,390 18,147 13,619
Cash received on unlisted
placing 45,000 - -
Accruals 68,280 4,341 92,526
------------- ------------- ------------
243,670 22,488 106,145
------------- ------------- ------------
Note 3 Earnings per share
The calculation of loss per share is based on the following loss and number of shares:
30 June 2020 30 June 2019 31 Dec 2019
GBP GBP GBP
------------- ------------- ------------
Profit/(loss) for
the period from
continuing operations 364,743 (433,181) (661,902)
------------- ------------- ------------
Weighted Average
basic and diluted
number of shares 214,713,873 154,307,631 168,054,153
------------- ------------- ------------
Basic and diluted
Earnings/(loss)
per share (pence) 0.17 (0.28) (0.39)
The Group presents basic and diluted EPS data on the basis that the current structure has always been in place. Therefore the number of Katoro shares in issue as at the period end has been used in the calculation. Basic Earnings/loss per share is calculated by dividing the Profit/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.
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
2020 2019 31 Dec 2019
GBP GBP GBP
---------- ---------- ------------
Allotted, called-up
and fully paid: 2,503,650 1,679,625 1,795,555
---------- ---------- ------------
A reconciliation of share capital is set out below:
Allotted,
called-up
and fully
Number of paid
shares GBP
------------ -----------
As at 1 January 2020 179,555,462 1,795,555
Shares issued during the period 70,809,515 708,095
At 30 June 2020 250,364,977 2,503,650
------------ -----------
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
Cash placing
The Group has raised GBP1.1m (gross) through a placing and subscription of 73,333,333 new ordinary shares of 1 pence each in the capital of the Company at 1.5 pence per share with new and existing shareholders.
Every two Financing Shares has an attaching warrant to subscribe for a further new Ordinary Share at an exercise price of 3 pence per warrant, with a life to expiry of 3 years from the Financing Shares admission to trading on AIM, creating 36,666,666 new warrants.
Non-controlling interest in Haneti Project
Power Metal Resources plc exercised their option to increase its ownership interest from 25% to 35% in the Haneti Nickel Project in Tanzania through the payment of GBP25,000.
Share Option plan
The Board has resolved to grant options ("Options") over a total of 17,300,000 new ordinary shares of GBP0.01 each in the capital of the Company ("Ordinary Shares") to the Board and Management of the Company. The Options are exercisable at 2.6 pence per Ordinary Share, constituting a c. 10% premium to the Company's recent closing share price on 28 August 2020. The Options have an expiry date of the seventh anniversary from the date of grant of 28 August 2020, with 50% vesting on issue and the remaining 50% vesting in one year.
Note 8 Commitments and contingencies
There are no material contingent assets or liabilities as at 30 June 2020.
Note 9 Segment report
Segmental disclosure per category
Mining Corporate Total
2019
Loss after tax (172,104) (261,077) (433,181)
Segmental assets 286,968 102,428 389,396
Segmental liabilities 5,556 16,933 22,489
2020
Loss after tax (516) 365,259 364,743
Segmental assets 218,734 1,675,082 1,893,816
Segmental liabilities 17,017 309,543 326,560
Segmental disclosure per geographical location
Tanzania Cyprus UK Total
2019
Loss after
tax (55,525) (116,489) (261,167) (433,181)
Segmental assets 52,169 25,299 102,428 179,896
Segmental liabilities 4,930 626 16,933 22,489
2020
Loss after
tax (516) (138,339) 503,598 364,743
Segmental assets 218,734 1,495 1,673,587 1,893,816
Segmental liabilities 17,017 85,776 223,767 326,560
Note 10 Disposal of subsidiary
Katoro Gold PLC sold a 100% interest in Reef Miners Limited, effective from 12 June 2020, for the cash consideration receivable of $1million.
The following financial impact is noted:
Cash (6,966) Trade creditors 11,266 ---------------------------------- -------- Net liabilities disposed 4,300 Other financial asset receivable 811,391 ---------------------------------- -------- Profit on disposal 815,691 ---------------------------------- -------- Note 11 Other financial assets
Other financial assets comprise of the following balances as at 30 June 2020:
Other financial assets - current GBP
Lake Victoria Gold Limited 405,700
Blyvoor Joint Venture - Loans advanced 753,500
----------
1,159,200
----------
Other financial assets - non-current GBP
Lake Victoria Gold Limited 405,700
405,700
----------
Terms associated with the receivable from Lake
Victoria Gold Limited
* US$100,000 upon the satisfaction of the conditions
precedent
* US$100,000 upon registration of the Sale Shares in
the name of LVG
* US$100,000 on the date 4 months from the date of the
Agreement
* US$200,000 on the date 9 months from the date of the
Agreement
* US$500,000 upon the earlier of the commissioning of
the first producing mine of LVG in the United
Republic of Tanzania or the date 24 months from the
date of the Agreement
Terms associated with the receivable from Blyvoor
Joint Venture:
* Katoro was required to provide a loan facility in
aggregate of GBP790,000 to the joint venture to fund
ongoing development work;
* the loan facility will bear interest at the 12-month
London Inter Bank Offered Rate, or its successor;
* the loan facility will be repayable within 12 months
after the last third-party creditor participating in
the project financing shall have been paid or any
earlier date on which the parties may agree.
**ENDS**
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