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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kore Potash Plc | LSE:KP2 | London | Ordinary Share | GB00BYP2QJ94 | ORD USD0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.005 | 0.97% | 0.52 | 0.50 | 0.54 | 0.525 | 0.515 | 0.515 | 7,175,744 | 08:20:50 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMKP2
RNS Number : 5462A
Kore Potash PLC
12 September 2018
12 September 2018
Kore Potash Plc
("Kore Potash" or the "Company")
FINANCIAL REPORT FOR THE HALF YEARED 30 JUNE 2018
Kore Potash, the potash exploration and development company whose flagship asset is the Kola Project ("Kola" or the "Project"), located within the Company's 97%-owned Sintoukola Potash Project in the Republic of Congo, is pleased to provide its financial statements for the half year ended 30 June 2018 (the "Period"). The full report is available on the Company's website at http://www.korepotash.com/wp-content/uploads/2018/09/Half-Year-Report-June-2018.docx.pdf.
Highlights
-- On 29 March 2017 Kore Potash completed its listing on the AIM market of the London Stock Exchange ("AIM") as well as a secondary listing on the main board of the Johannesburg Stock Exchange ("JSE"), in addition to its existing Australian Securities Exchange ("ASX") listing.
-- US$13.14M was raised through the placing and direct subscription of new ordinary shares in the Company, and a convertible loan note, at a 67% premium to the Company's last closing share price on the ASX. The Placees have been granted equity warrants on the basis of one equity warrant for every US$1.00 invested in the Placing exercisable at AUS$0.30 for one ordinary share with a 3 year subscription period.
-- Kore Potash through its 97% subsidiary Sintoukola Potash S.A. was awarded the Sintoukola 2 Exploration Permit, dated 9th February 2018, by the government of the Republic of Congo (RoC). This permit covers areas the Company believes are prospective for Potash mineralisation.
-- The Kola Definitive Feasibility Study ("DFS") is at an advanced stage. Work continues to complete the overall estimate of the construction schedule, capital and operating costs and the DFS Report and the Company expects to receive the DFS from the engineering consortium undertaking the work by the end of September 2018 upon which it will commence its review.
-- The Company has contracted a consortium of French engineering companies comprising of Technip France, Vinci Construction Grands Projets, Egis International and Louis Dreyfus Armateurs SAS. ("the French Consortium" or "FC") to complete the DFS.
-- The FC now anticipate completion of the current scope of work for the DFS by the end of September 2018 following which the Company will commence its review of the completed DFS, prior to finalising and publishing the report.
-- A licence for the Company to use an Offshore Area for the transhipment of potash and the discharge of waste brine has been authorised by the Minister of Transport, Civil Aviation and Merchant Marine of the Republic of Congo was issued to the Company on 6 September 2018.
-- Amendments to the Kola environmental and social impact assessment (the "ESIA") have been made reflecting project design changes since the ESIA was approved on 10 October 2013. The amendments were submitted to the Director General of the office of the Minister of Environment and Tourism on 7 July 2018 for their review.
-- The ratification, into RoC law, of the mining convention for the Kola Project is still in progress.
-- Appointment of Brad Sampson to replace Sean Bennett as Chief Executive Officer and Executive Director, effective from 4 June 2018.
-- Appointment of Jose Antonio Merino as a Non-Executive Director on 23 May 2018. Jose Antonio is nominated by Sociedad Quimica y Minera de Chile S.A. ("SQM") and replaced Pablo Altimiras, whose resignation was announced on 26 April 2018.
-- The Company declared a maiden sylvinite Mineral Resource Estimate for the Dougou Extension sylvinite Deposit on 20 August 2018.
For further information, please visit www.korepotash.com or contact:
Kore Potash Tel: +27 11 469 9140 Brad Sampson - CEO Tavistock Communications Tel: +44 (0) 20 7920 3150 Jos Simson Edward Lee Canaccord Genuity - Nomad and Tel: +44 (0) 20 7523 4600 Broker Martin Davison James Asensio
Operating results
Net operating loss after tax for the half-year ended 30 June 2018 was US$4,570,790 (H1 2017: US$691,130). The Company incurred a one-off expenses totalling US$1,087,911 for the half-year relating to the London and Johannesburg listings and re-domicile expenses, non-cash expense in regard to the issuance of options and performance rights of US$676,255 (H1 2017: US$ 906,265), salaries, employee benefits and consultancy expense of US$712,539 (H1 2017: US$455,012) and other administration expenses of US$1,994,967 (H1 2017: US$865,694). The foreign exchange gain for the period was US$99,749 (H1 2017: USD 1,664,560 gain).
At 30 June 2018, the Group had $145,043,137 in capitalised Exploration and Evaluation asset (31 Dec 2017: $140,254,520). Cash and cash equivalents reduced by US$2,236,134 during the period to US$14,219,356 at 30 June 2018. Expenditure incurred on the Kola Definitive Feasibility Study and capitalised into Exploration and Evaluation Assets along with operating expenses was partially offset by the capital raise described below. The total equity of the Group increased from $154,286,056 at 31 December 2017 to $158,820,432 at 30 June 2018.
Corporate activities
London and JSE listings successfully completed along with a well-supported Fundraising
-- On 29 March 2018 the Company successfully completed its admission to AIM and a concurrent secondary listing of its ordinary shares on the main board of the Johannesburg Stock Exchange ("JSE") as part of its strategy to better access capital markets where there is a strong understanding of large scale African mining projects and therefore attract a broader investor base. The Company remains listed on the ASX.
-- On 29 March 2018, the Company also raised gross aggregate proceeds of US$13.14m, comprising a total of US$12.89m raised from existing and new investors (the "Placees") through the placing and direct subscription of 83,523,344 ordinary shares in the Company at a placing price of AUD0.20 per new Ordinary Share, which was at a 67% premium to the Company's last closing share price on the ASX prior to the raise. In addition, the Company raised US$250,000 from the Chairman, David Hathorn, through a convertible loan note that has converted into ordinary shares on 27 July 2018 pursuant to shareholder approval at the annual general meeting of the Company held on 27 June 2018. The Placees have been granted equity warrants on the basis of one equity warrant for every US$1.00 invested exercisable at AUD0.30 for one ordinary share with a 3 year subscription period.
-- Brad Sampson was appointed as Chief Executive Officer on 4 June 2018. Brad, a mining engineer, has more than 25 years' resources industry experience across numerous locations including West and Southern Africa. In addition to significant mine development and operating experience, Brad has held leadership positions at several publicly listed companies. Brad was most recently CEO of Australian Securities Exchange listed Tiger Resources. Prior to this Brad held senior positions at Newcrest Mining Ltd, was CEO at AIM/ASX listed Discovery Metals Ltd, and other notable positions include General Manager at Goldfields operations in South Africa and Australia.
-- Appointment of Jose Antonio Merino as a Non-Executive Director nominated by SQM. Jose Antonio joined SQM in 2016 and is currently M&A Director, prior to which he worked at EPG partners as head of a mining private equity fund, at Asset Chile, a Chilean boutique investment bank and at Santander Investment. He is a qualified civil engineer having graduated from Pontificia Universidad Catolica de Chile.
-- On 27 June 2018, the Company's AGM was held with all resolutions passed.
Operational activities
The Kola Definitive Feasibility Study
-- The Company's activities are focused on the development of the Sintoukola Potash project and the Company is currently working to complete a DFS on this project. The DFS is being undertaken by the French Consortium.
-- The DFS is at an advanced stage with test work and engineering design complete and work to conclude capital and operating cost estimates are continuing. The FC now anticipate completion of the current scope of work for the DFS by the end of September 2018 and to then present it to the Company for review prior to its finalisation and publication.
-- In parallel with the completion of the DFS the Company has commissioned third-party review of some aspects of the DFS with a view to optimising the DFS outcomes and subsequent Engineering, Procurement and Construction (EPC) pricing.
-- The Company is also engaging with the FC to optimise the capital costs of the project prior to finalisation of capital and operating cost estimates.
Environmental and social impact assessment ("ESIA")
-- The Kola ESIA received a Certificate of Conformity from the Government of the Republic of the Congo on 10 October 2013.
-- Subsequently, the DFS design has incorporated a number of value adding design changes to Kola since the approval of the ESIA and the Company undertook to amend the ESIA accordingly.
-- The work to amend the Kola ESIA is complete. The amended ESIA was submitted to the Director General of the office of the Minister of Environment and Tourism on 7 July 2018 and is currently awaiting the Minister's approval.
-- In addition to the ESIA, the Company is completing an analysis to identify and close any gaps between the ESIA approved by the Government of the RoC and established international industry practice and the Equator Principles. This process will generate an environmental and social action plan (ESAP) that the Company believes will meet debt financiers' requirements.
-- Public consultations with Interested and Affected Parties on the amendments to the ESIA took place between 7 -15 July 2018.
-- The ESIA for the Dougou Mining License was approved by the Minister of Tourism and Environment of the RoC on 13 July 2018. The ESIA approval is granted for a 12 month period and is renewable annually until construction of a project commences.
Work streams initiated with RoC stakeholders and authorities
-- The Company is progressing discussions toward a Memorandum of Understanding for power supply with an existing independent power producer (IPP), Centrale Electrique du Congo.
-- Discussions with ENI Congo are continuing for the supply of gas (for drying and/ or for self-generating power).
-- A licence for the Company to use an Offshore Area for the transhipment of potash and the discharge of waste brine has been authorised by the Minister of Transport, Civil Aviation and Merchant Marine of the Republic of Congo was issued to the Company on 6 September 2018.
-- A Resettlement Action Plan ("RAP") for the project land and a second framework RAP for the services corridor (for gas and power conveyance) have been prepared.
-- A new Declaration d'Utilité Publique ("DUP") process covering the entire project land area (mine, over land conveyor, process plant and services corridor) is expected to be launched shortly by the Ministry of Land Affairs and Public Domain. The DUP will define any compensation arrangements required as a result of Kore's activity on the land area.
RoC regulatory requirements
-- The Mining Convention (approved by the cabinet on 8 June 2017) is currently in the process of ratification into RoC law.
-- The Company has submitted a proposed Mining Research Convention to the Government in relation to the Sintoukola 2 exploration licence that was granted to the Company on 9 February 2018. The approval of a Mining Research Convention is a required step prior to commencement of exploration activity (including drilling).
-- The intra-group transfer of the Dougou Mining License from Sintoukola Potash S.A., to the operating entity incorporated in the RoC, Dougou Potash Mining S.A, is expected to be approved by the Ministry of Mines and Geology shortly and implemented through Governmental Decree.
Exploration activity
-- No field-work exploration activities were undertaken during the period, or are currently underway, and as such no exploration results were received or are expected in the near term.
-- Based on results from drilling in 2017 and earlier, and an interpretation of historic seismic data, the Company declared a maiden sylvinite Mineral Resource Estimate for the Dougou Extension sylvinite Deposit on 20 August 2018. The combined Inferred and Indicated sylvinite Mineral Resource Estimate is 232 Mt grading 38.1% KCl (Table 1), reported according to JORC 2012. Added to the Kola sylvinite Deposit, this new deposit brings the Company's total sylvinite Mineral Resources to over 1 billion tonnes.
Kore's Potash Mineral Resources
Table 1. Kore's Potash Mineral Resources, provided as Gross and Net Attributable (to Kore's 97% holding)
Table 1. Kore's Potash Mineral Resources provided as Gross and Net Attributable (to Kore's 97% holding)
Hot Features
Premium
KOLA SYLVINITE DEPOSIT
Gross Net Attributable
--------------------------------
Mineral Resource Million Grade Contained Million Grade Contained
Category Tonnes KCl % KCl million Tonnes KCl % KCl million
tonnes tonnes
-------- ------- -------------
Measured 216 34.9 75 209 34.9 73
-------- ------- ------------- -------- -------------
Indicated 292 35.7 104 283 35.7 101
-------- ------- ------------- -------- -------------
Sub-Total
Measured + Indicated 508 35.4 180 492 35.4 174
-------- ------- ------------- -------- ------- -------------
Inferred 340 34.0 116 330 34.0 112
-------- ------- ------------- -------- -------------
TOTAL 848 34.8 295 822 34.8 286
-------- ------- ------------- -------- ------- -------------
DOUGOU EXTENSION SYLVINITE DEPOSIT
Gross Net Attributable
--------------------------------
Mineral Resource Million Grade Contained Million Grade Contained
Category Tonnes KCl % KCl million Tonnes KCl % KCl million
tonnes tonnes
------- ------------- -------- ------- -------------
Measured - - - - - -
----------------------- ------- ------------- -------- -------------
Indicated 111 37.2 41 108 37.2 40
----------------------- ------- ------------- -------- -------------
Sub-Total
Measured + Indicated 111 37.2 41 108 37.2 40
----------------------- ------- ------------- -------- ------- -------------
Inferred 121 38.9 47 117 38.9 46
----------------------- ------- ------------- -------- -------------
TOTAL 232 38.1 88 225 38.1 85
----------------------- ------- ------------- -------- ------- -------------
TOTAL SYLVINITE, KOLA & DOUGOU EXTENSION DEPOSITS COMBINED
Measured + Indicated
+ Inferred 1,080 35.5 384 1,048 35.5 372
--------
DOUGOU CARNALLITE DEPOSIT
Gross Net Attributable
--------------------------------
Mineral Resource Million Grade Contained Million Grade Contained
Category Tonnes KCl % KCl million Tonnes KCl % KCl million
tonnes tonnes
-------- ------- ------------- -------- ------- -------------
Measured 148 20.1 30 144 20.1 29
-------- ------- ------------- -------- -------------
Indicated 920 20.7 190 892 20.7 185
-------- ------- ------------- -------- -------------
Sub-Total
Measured + Indicated 1,068 20.6 220 1,036 20.6 214
----------------------- -------- ------- ------------- -------- ------- -------------
Inferred 1,988 20.8 414 1,928 20.8 401
-------- ------- ------------- -------- -------------
TOTAL 3,056 20.7 634 2,964 20.7 615
-------- ------- ------------- -------- ------- -------------
KOLA CARNALLITE DEPOSIT
Gross Net Attributable
--------------------------------
Mineral Resource Million Grade Contained Million Grade Contained
Category Tonnes KCl % KCl million Tonnes KCl % KCl million
tonnes tonnes
-------- ------- -------------
Measured 341 17.4 59 331 17.4 58
-------- ------- ------------- -------- -------------
Indicated 441 18.7 83 428 18.7 80
-------- ------- ------------- -------- -------------
Sub-Total
Measured + Indicated 783 18.1 142 760 18.1 138
-------- ------- ------------- -------- ------- -------------
Inferred 1,266 18.7 236 1,228 18.7 229
-------- ------- ------------- -------- -------------
TOTAL 2,049 18.5 378 1,988 18.5 367
-------- ------- ------------- -------- ------- -------------
Table 1 Notes:
-- The Mineral Resource Estimates are reported in accordance with the JORC code 2012 edition. -- Table entries are rounded to the appropriate significant figure.
-- The Kola Mineral Resource Estimate was reported on the 6 July 2017. The Competent Person (CP) is Garth Kirkham of Met-Chem division of DRA Americas Inc., a subsidiary of the DRA Group. It was reported using a cut-off grade (CoG) of 10% KCl.
-- The Dougou Extension Mineral Resource Estimate was reported on the 20 of August 2018; the CP is Mr. Andrew Pedley of Kore Potash. The Dougou Extension MRE is reported using a CoG of 15% KCl.
-- The Dougou Mineral Resource Estimate was reported on the 9 February 2015; the Competent Persons are Dr. Sebastiaan van der Klauw and Ms. Jana Neubert of ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN").
-- The form and context of the Competent Person's findings as presented in this document have not materially changed since the resource was first reported.
Condensed consolidated statement of profit or loss and other comprehensive income for the half-year ended 30 June 2018
6 months ended 6 months ended Year ended
30 June 2018 30 June 2017 31 Dec 2017
Notes US$ US$ US$
Continuing operations
Interest income 20,454 36,678 50,858
--------------
20,454 36,678 50,858
Expenses
Directors remuneration (420,210) (162,080) (365,371)
Equity compensation benefits 5 (676,255) (906,265) (1,919,924)
Salaries, employee benefits
and consultancy expense (712,539) (455,012) (1,595,607)
London listing and re-domicile
expenses (1,087,911) - (1,549,554)
Other administration expenses 6 (1,994,967) (865,694) (1,746,603)
Net unrealised and realised
foreign exchange gains 99,749 1,664,560 2,864,226
Fair value change of a derivative
financial liability 18 213,313 - -
Interest and finance expenses (1,542) (3,317) (39,378)
Loss before income tax expense (4,559,909) (691,130) (4,301,353)
Income tax expense 7 (10,881) - (42,969)
--------------
Loss for the period from continuing
operations (4,570,790) (691,130) (4,344,322)
-------------- -------------- -----------
Other comprehensive (loss)/income
Items that may be reclassified
subsequently to profit or loss
Exchange differences on translating
foreign operations (3,786,338) 7,923,150 13,590,884
-------------- -------------- -----------
Other comprehensive (loss)/income
for the period (3,786,338) 7,923,150 13,590,884
-------------- -------------- -----------
Total comprehensive (loss)/income
for the period (8,357,128) 7,232,020 9,246,562
============== ============== ===========
Loss attributable to:
Owners of the Company (4,538,341) (691,130) (4,344,322)
Non-controlling interest (32,449) - -
(4,570,790) (691,130) (4,344,322)
-------------- -------------- -----------
Total comprehensive (loss)/income
attributable to:
Owners of the Company (7,892,158) 7,232,020 9,246,562
Non-controlling interest (464,970) - -
(8,357,128) 7,232,020 9,246,562
-------------- -------------- -----------
Earnings per Share from Continuing
Operations
Basic and diluted loss per share
(cents per share) 16 (0.56) (0.09) (0.57)
30 June 2018 30 June 2017 31 Dec 2017
Notes US$ US$ US$
ASSETS
Current Assets
Cash and cash equivalents 14,219,356 33,946,629 16,455,490
Trade and other receivables 312,251 230,668 299,399
------------
Total Current Assets 14,531,607 34,177,297 16,754,889
------------ ------------ ------------
Non-Current Assets
Trade and other receivables 134,938 121,631 139,163
Property, plant and equipment 357,081 387,827 413,801
Exploration and evaluation expenditure 8 145,043,137 117,038,885 140,254,520
------------ ------------ ------------
Total Non-Current Assets 145,535,156 117,548,343 140,807,484
------------ ------------ ------------
TOTAL ASSETS 160,066,763 151,725,640 157,562,373
------------ ------------ ------------
LIABILITIES
Current Liabilities
Trade and other payables 9 846,131 533,416 3,276,317
Derivative financial liability 17 400,200 - -
------------
Total Current Liabilities 1,246,331 533,416 3,276,317
------------ ------------ ------------
TOTAL LIABILITIES 1,246,331 533,416 3,276,317
------------ ------------ ------------
NET ASSETS 158,820,432 151,192,224 154,286,056
============ ============ ============
EQUITY
Issued share capital - Ordinary
Shares 10 859,234 204,510,196 771,396
Redeemable Preference Shares - - 65,631
Reserves 216,046,613 23,010,292 206,805,823
Accumulated losses (57,620,445) (76,328,264) (53,356,794)
------------ ------------ ------------
Equity attributable to the shareholders
of Kore Potash plc 159,285,402 151,192,224 154,286,056
Non-controlling interests (464,970) - -
TOTAL EQUITY 158,820,432 151,192,224 154,286,056
============ ============ ============
Condensed consolidated statement of changes in equity for the half-year ended 30 June 2018
Foreign
Share Redeemable Currency Owners
Ordinary Premium Merger Preference Accumulated Option Translation of the Non-Controlling Total
Shares Reserve Reserve Share Losses Reserve Reserve Parent Interest Equity
US$ US$ US$ US$ US$ US$ US$ US$ US$ US$
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Balance at 1 Jan
2018 771,396 - 203,738,800 65,631 (53,356,794) 11,814,770 (8,747,747) 154,286,056 - 154,286,056)
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Loss for the
period - - - - (4,538,341) - - (4,538,341) (32,449) (4,784,102)
Other
comprehensive
income - - - - - - (3,353,817) (3,353,817) (432,521) (3,786,338)
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Total
comprehensive
income - - - - (4,538,341) - (3,353,817) (7,892,158) (464,970) (8,570,440)
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Transfer of
previously
lapsed options - - - - 888,202 (888,202) - - - -
Transactions with
owners:
Issue of shares 87,838 12,806,554 - - - - - 12,894,392 - 12,894,392
Share based
payments - - - - - 676,255 - 676,255 676,255
Redeemable
Preference
Shares
cancelled - - - (65,631) - - - (65,631) - (65,631)
Free-attaching
warrants - - - - (613,512) - - (613,512) - (613,512)
Balance at 30
June
2018 859,234 12,806,554 203,738,800 - (57,620,445) 11,602,823 (12,101,564) 159,285,402 (464,970) 158,820,432
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Balance at 1 Jan
2017 200,572,926 - - - (75,637,134) 36,279,828 (22,338,631) 138,876,989 - 138,876,989
------------
Loss for the
period - - - - (691,130) - - (691,130) - (691,130)
Other
comprehensive
income - - - - - - 7,923,150 7,923,150 - 7,923,150
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- ---------------
Total
comprehensive
income - - - - (691,130) - 7,923,150 7,232,020 - 7,232,020
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- ---------------
Transactions with
owners:
Issue of shares
(net of costs) 3,937,270 - - - - 239,680 - 4,176,950 - 4,176,950
Share based
payments - - - - - 906,265 - 906,265 - 906,265
Balance at 30
June
2017 204,510,196 - - - (76,328,264) 37,425,773 (14,415,481) 151,192,224 - 151,192,224
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- ---------------
Condensed consolidated statement of changes in equity for the half-year ended 30 June 2018
Foreign
Share Redeemable Currency Owners
Ordinary Premium Merger Preference Accumulated Option Translation of Non-controlling Total
Shares Reserve Reserve Share Losses Reserve Reserve the Parent Interest Equity
US$ US$ US$ US$ US$ US$ US$ US$ US$ US$
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Balance at 1
Jan
2017 200,572,926 - - - (75,637,134) 36,279,828 (22,338,631) 138,876,989 - 138,876,989
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Loss for the
period - - - - (4,344,322) - - (4,344,322) - (4,344,322)
Other
comprehensive
income - - - - - - 13,590,884 13,590,884 - 13,590,884
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Total
comprehensive
income - - - - (4,344,322) - 13,590,884 9,246,562 - 9,246,562
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Transfer of
previously
lapsed
options - - - - 26,624,662 (26,624,662) - - - -
Redeemable
Preference
Shares - - - 65,631 - - - 65,631 - 65,631
Share issue
(net
of costs) 3,937,270 - - - - 239,680 - 4,176,950 - 4,176,950
Share based
payments - - - - - 1,919,924 - 1,919,924 - 1,919,924
Scheme of
Arrangement (203,738,800) - 203,738,800 - - - - - - -
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Balance at 31
Dec
2017 771,396 - 203,738,800 65,631 (53,356,794) 11,814,770 (8,747,747) 154,286,056 - 154,286,056
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Condensed consolidated statement of cash flows for the half-year ended 30 June 2018
6 months ended 6 months ended Year ended
30 June 2018 30 June 2017 31 Dec 2017
Notes US$ US$ US$
Cash Flows from Operating Activities
Net cash used in operating activities 18 (4,604,070) (1,374,158) (4,957,110)
-------------- -------------- --------------
Cash Flows from Investing Activities
Payments for plant and equipment (4,547) (37,563) (94,262)
Payments for exploration and evaluation (11,043,648) (13,065,335) (28,023,569)
Interest received 10,675 36,678 50,858
Net Cash Flows Used in Investing Activities (11,037,520) (13,066,220) (28,066,973)
-------------- -------------- --------------
Cash Flows from Financing Activities
Proceeds from issue of shares 12,894,392 5,000,000 5,000,000
Proceed from Convertible Note 250,000 - -
Payment for share issue costs - (823,050) (823,050)
Net Cash Flows Generated from Financing Activities 13,144,392 4,176,950 4,176,950
-------------- -------------- --------------
Net decrease in cash and cash equivalents (2,497,198) (10,263,428) (28,847,133)
Cash and cash equivalents at beginning of period 16,455,490 42,609,787 42,609,786
Foreign currency differences 261,064 1,600,270 2,692,837
Cash and Cash Equivalents at Period End 14,219,356 33,946,629 16,455,490
-------------- -------------- --------------
Forward-Looking Statements
This report contains statements that are "forward-looking". Generally, the words "expect," "potential", "intend, " "estimate," "will" and similar expressions identify forward-looking statements. By their very nature and whilst there is a reasonable basis for making such statements regarding the proposed placement described herein; forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, to differ materially from those expressed or implied in any of our forward-looking statements, which are not guarantees of future performance. Statements in this report regarding the Company's business or proposed business, which are not historical facts, are "forward looking" statements that involve risks and uncertainties, such as resource estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.
Competent Person Statement
The information relating to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves in this report is based on, or extracted from previous reports, as referred to in footnotes herein, and available to view on the Company's website. The Mineral Resource Estimate for the Kola Deposit was prepared by Competent Person Mr. Garth Kirkham, P.Geo., a Member of the Association of Professional Engineers and Geoscientists of British Columbia. The Mineral Resource Estimate for the Dougou carnallite Deposit was prepared by Competent Persons Dr. Sebastiaan van der Klauw and Ms. Jana Neubert, senior geologists and employees of ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH and members of good standing of the European Federation of Geologists. The Mineral Resource Estimate for the Dougou Extension sylvinite Deposit was prepared by Competent Person Mr. Andrew Pedley a full-time employee of Kore Potash, a registered professional natural scientist (Pr. Sci. Nat) with the South African Council for Natural Scientific Professions and member of the Geological Society of South Africa. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
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 LIFLAAIIFLIT
(END) Dow Jones Newswires
September 12, 2018 05:15 ET (09:15 GMT)
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