We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Premier African Minerals Limited | LSE:PREM | London | Ordinary Share | VGG7223M1005 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.01 | 5.71% | 0.185 | 0.18 | 0.19 | 0.195 | 0.175 | 0.175 | 244,130,152 | 16:03:56 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Minrls,earths-ground,treated | 0 | -5.36M | -0.0002 | -9.00 | 41.1M |
From May 2022 to May 2024
TIDMPREM
RNS Number : 3101B
Premier African Minerals Limited
30 September 2022
30 September 2022
Premier African Minerals Limited
('Premier' or the 'Company' or the 'Group')
Unaudited Interim Results for the six months ended 30 June 2022
Chief Executive Statement
Dear Shareholders,
It is a pleasure to share with you the unaudited interim results for the six months ended 30 June 2022 (the "Period").
The first six months activity of 2022 has been extensively reported as post financial year end events in our annual financial statements that were released just a few months ago and in various interim announcements. Noteworthy is the healthy financial position of the Company.
I am happy to provide further updates particularly in regard to Zulu Lithium Private Limited ("Zulu"). This includes:
-- Commencement of construction activities at site;
-- Acceleration of assay results that should see an upgrade to the resource confidence level in the coming months;
-- Preparation for mobilisation of the first plant components transportation to site; -- Near completion of geotechnical evaluations for open pit mining;
-- Completion of current phase of exploration drilling with total meterage now drilled at Zulu exceeding 35,000 meters; and
-- In particular continuing and increasing demand for spodumene maintaining an upward price spiral.
At this time, anticipated commissioning date remains quarter 1 of 2023 and within budget, which is fully funded.
Financial and Statutory Information
The Group incurred an operating loss of US$4.891 million for the Period. This is due to the on-going definitive feasibility study exploration work being conducted at the Group's Zulu Lithium mine in Zimbabwe for the Period. Cash at hand as at 30 June 2022 was $10.197 million.
Premier received continued financial support from its shareholders throughout the Period.
These interim statements to 30 June 2022 have not been reviewed by the auditors.
Mr. George Roach
Chief Executive Officer
30 September 2022
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage", "estimate", "intend", "may", "plan", "will" or the negative of those, variations, or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses, and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged the release of this announcement on behalf of the Company was George Roach.
For further information please visit www.premierafricanminerals.com or contact the following:
Hot Features
Premium
George Roach Premier African Minerals Tel: +27 (0) 100 201
Limited 281
Michael Cornish Beaumont Cornish Limited Tel: +44 (0) 207 628
/ Roland Cornish (Nominated Advisor) 3396
=========================== =====================
John More / Toby Shore Capital Stockbrokers Tel: +44 (0) 207 408
Gibbs Limited 4090
(Joint Broker)
=========================== =====================
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
EXPRESSED IN US DOLLARS
Six months Six months
to to 2021
EXPRESSED IN US DOLLARS 30 June 30 June
2022 2021 (Audited)
Notes $ 000 $ 000 $ 000
ASSETS
Non-current assets
Intangible assets 4 4,686 4,686 4,686
Investments 5 8,342 8,342 8,342
Property, plant and equipment 6 4,345 58 204
Loans receivable 7 859 - 859
18,232 13,086 14,091
------------ ------------ -----------
Current assets
Inventories 21 1 -
Trade and other receivables 370 419 417
Cash and cash equivalents 10,197 937 1,014
10,588 1,357 1,431
------------ ------------ -----------
TOTAL ASSETS 28,820 14,443 15,522
------------ ------------ -----------
LIABILITIES
Non-current liabilities
Provisions - rehabilitation 380 90 362
380 90 362
------------ ------------ -----------
Current liabilities
Trade and other payables 3,983 497 586
Borrowings 8 180 - 180
4,163 497 766
------------ ------------ -----------
TOTAL LIABILITIES 4,543 587 1,128
------------ ------------ -----------
NET ASSETS 24,277 13,856 14,394
------------ ------------ -----------
EQUITY
Share capital 9 70,951 53,835 56,113
Share based payment and warrant
reserve 2,366 2,366 2,366
Revaluation reserve 711 711 711
Foreign currency translation
reserve (13,170) (13,131) (13,018)
Accumulated loss (24,129) (18,007) (19,469)
Total equity attributed to
the owners of the parent company 36,729 25,774 26,703
Non-controlling interest (12,452) (11,918) (12,309)
TOTAL EQUITY 24,277 13,856 14,394
------------ ------------ -----------
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
EXPRESSED IN US DOLLARS
Six months Six months
to to 2021
30 June 30 June
Continuing operations Notes 2022 2021 (Audited)
EXPRESSED IN US DOLLARS $ 000 $ 000 $ 000
Revenue - - -
Cost of sales excluding depreciation - - -
and amortisation expense
Depreciation and amortisation 6 (15) - (17)
------------ --------------------- ---------------------
Gross profit / (loss) (15) - (17)
Administrative expenses (4,861) (742) (2,409)
------------ --------------------- ---------------------
Operating profit / (loss) (4,876) (742) (2,426)
Other Income 9 3 120 133
Reversal of Impairment of intangible
assets -
Zulu Lithium - 4,563 4,563
Finance charges (18) (3) (18)
------------ --------------------- ---------------------
(15) 4,680 4,678
------------ --------------------- ---------------------
Profit / (Loss) before income
tax (4,891) 3,938 2,252
Income tax expense 10 - - -
------------ --------------------- ---------------------
Profit / (Loss) from continuing
operations (4,891) 3,938 2,252
Profit / (Loss) for the year (4,891) 3,938 2,252
------------ --------------------- ---------------------
Other comprehensive income:
Items that are or may be reclassified
subsequently to profit or loss:
Foreign exchange loss on translation (64) 236 182
(64) 236 182
------------ --------------------- ---------------------
Total comprehensive income
for the year (4,955) 4,174 2,434
------------ --------------------- ---------------------
Loss attributable to:
Owners of the Company (4,660) 4,152 2,690
Non-controlling interests (231) (214) (438)
(4,891) 3,938 2,252
------------ --------------------- ---------------------
Total comprehensive income
attributable to:
Owners of the Company (4,812) 4,271 2,922
Non-controlling interests (143) (97) (488)
------------ --------------------- ---------------------
Total comprehensive income
for the year (4,955) 4,174 2,434
------------ --------------------- ---------------------
Loss per share attributable to owners of the parent
(expressed in US cents)
Basic loss per share 11 (0.026) 0.036 0.020
Diluted loss per share 11 (0.026) 0.036 0.020
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
EXPRESSED IN US DOLLARS
Share Foreign Share Revaluation Retained Total Non-controlling Total
capital currency option reserve earnings attributable interest("NCI") equity
translation and to owners
reserve warrant of parent
reserve
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
At 1 January
2021 52,504 (13,250) 2,366 711 (22,159) 20,172 (11,821) 8,351
Loss for the
period - - - - 4,152 4,152 (214) 3,938
Other
comprehensive
income
for the
period - 119 - - - 119 117 236
--------- --------
Total
comprehensive
income
for the
period - 119 - - 4,152 4,271 (97) 4,174
Transactions
with Owners
Issue of
equity shares 1,416 - - - - 1,416 - 1,416
Share issue
costs (85) - - - - (85) - (85)
At 30 June
2021 53,835 (13,131) 2,366 711 (18,007) 25,774 (11,918) 13,856
Loss for the
period - - - - (1,462) (1,462) (224) (1,686)
Other
comprehensive
income
for the
period - 113 - - 113 (167) (54)
--------- ------------ -------- ------------ --------- ------------- --------
Total
comprehensive
income
for the
period - 113 - - (1,462) (1,349) (391) (1,740)
Transactions
with Owners
Issue of
equity shares 2,423 - - - - 2,423 - 2,423
Share issue
costs (145) - - - - (145) - (145)
--------- ------------ -------- ------------ --------- ------------- ---------------- --------
At 31 December
2021 56,113 (13,018) 2,366 711 (19,469) 26,703 (12,309) 14,394
Profit /
(Loss) for
the period - - - - (4,660) (4,660) (231) (4,891)
Other
comprehensive
income
for the
period - (152) - - - (152) 88 (64)
--------- ------------ -------- ------------ --------- ------------- ---------------- --------
Total
comprehensive
income
for the
period - (152) - - (4,660) (4,812) (143) (4,955)
Transactions
with Owners
Issue of
equity shares 15,782 - - - - 15,782 - 15,782
Share issue
costs (944) - - - - (944) - (944)
At 30 June
2022 70,951 (13,170) 2,366 711 (24,129) 36,729 (12,452) 24,277
--------- ------------ -------- ------------ --------- ------------- ---------------- --------
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
EXPRESSED IN US DOLLARS
Six months Six months
EXPRESSED IN US DOLLARS to to 2021
30 June 30 June
2022 2021 (Audited)
$ 000 $ 000 $ 000
Net cash outflow from operating
activities (1,327) (897) (2,640)
----------- ----------- ----------
Investing activities
Acquisition of property plant
and equipment (4,328) (221) -
Acquisition of intangible assets - (3) (3)
Loans advanced - - (859)
Net cash used in investing
activities (4,328) (224) (862)
----------- ----------- ----------
Financing activities
Proceeds from borrowings granted - - 180
Net proceeds from issue of
share capital 14,838 1,331 3,609
Net cash from financing activities 14,838 1,331 3,789
----------- ----------- ----------
Net decrease in cash and cash
equivalents 9,183 210 287
Cash and cash equivalents at
beginning of year 1,014 727 727
Net cash and cash equivalents
at end of year 10,197 937 1,014
----------- ----------- ----------
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Premier African Minerals Limited ('Premier' or the "Company'), together with its subsidiaries (the 'Group'), was incorporated and domiciled in the Territory of the British Virgin Islands under the BVI Business Companies Act, 2004. The address of the registered office is Craigmuir Chambers, PO Box 71, Road Town, Tortola, British Virgin Islands. Premier's shares were admitted to trading on the London Stock Exchange's AIM market on 10 December 2012.
The Group's operations and principal activities are the mining, development and exploration of mineral reserves, primarily on the African continent. The presentational currency of the condensed consolidated interim financial statements is US Dollars ("$").
2. BASIS OF PREPARATION
These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2022 were approved by the Board and authorised for issue on 30 September 2022.
These interim financial statements have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards ("IFRS") as endorsed by the EU.
The accounting policies applied in the preparation of these consolidated interim financial statements are consistent with the accounting policies applied in the preparation of the consolidated financial statements for the year ended 31 December 2021.
The figures for the six months ended 30 June 2021 and 30 June 2022 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 December 2021 are extracts from the 2021 audited accounts. The independent auditor's report on the 2021 accounts was unqualified.
Going Concern
The Directors have prepared cash flow forecasts for the next 12 months, taking into account working capital and expenditure forecasts for the rest of the Group including overheads and other development costs.
The forecasts include additional preproduction finance which the directors believe can be met. In the event that the Company is unable to obtain additional preproduction finance for the Group's working capital and capital expenditure requirements, a material uncertainty exists which may cast significant doubt on the ability of the Group to continue as a going concern and therefore be unable to realise its assets and settle its liabilities in the normal course of business.
3. SEGMENTAL REPORTING
Segmental information is presented in respect of the information reported to the Directors. The segmental information reports the revenue generating segments of RHA Tungsten Private Limited ("RHA"), that operates the RHA Tungsten Mine, and Zulu Lithium Private Limited ("Zulu"). The RHA segment derives income primarily from the production and sale of wolframite concentrate. All other segments are primarily focused on exploration and on administrative and financing segments. Segmental results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
As at the reporting date, the company has significant holdings in Zimbabwe. As indicated in the audited annual financial statements, the Zimbabwean government mandated that with effect of 1 March 2019 the only functional currency is the RTGS Dollar. Since the introduction of RTGS Dollars the Zimbabwean inflation rate has gone into hyperinflationary percentages. Hyperinflationary accounting requires a restatement of the local currency assets and liabilities to reflect the effect of the hyperinflation before translating the local currency to the reporting currency. Refer to the audited annual financial statements of 31 December 2021 for more detailed information.
Exploration
RHA Tungsten Zulu Lithium
Mine Zimbabwe Zimbabwe Total
Unallocated and RHA and Zulu continued
By operating segment Corporate Mauritius* Mauritius operations
June 2022 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Operating loss 1,756 47 2,976 4,779
------------ --------------- -------------- ------------
Other income - - (3) (3)
Finance charges - 18 - 18
Reversal of Impairment
of Zulu - - - -
------------ --------------- --------------
Loss before taxation 1,756 65 2,973 4,794
------------ --------------- -------------- ------------
Assets
Exploration and evaluation
assets 108 - 4,563 4,671
Investments 8,312 - - 8,312
Inventories - 1 20 21
Trade and other receivables 26 3 341 370
Cash 10,005 13 164 10,182
Total assets 19,353 17 9,391 28,761
------------ --------------- -------------- ------------
Liabilities
Borrowings (180) - - (180)
Trade and other payables (3,975) (8) - (3,983)
Provisions - (380) - (380)
------------ --------------- --------------
Total liabilities (4,155) (388) - (4,543)
------------ --------------- -------------- ------------
Net assets 15,198 (371) 9,391 24,218
Other information
Depreciation and amortisation - - 15 15
Property plant and equipment
additions - - 347 347
Costs capitalised to intangible
assets (12) - - (12)
Exploration
RHA Tungsten Zulu Lithium
Mine Zimbabwe Zimbabwe Total
Unallocated and RHA and Zulu continuing
By operating segment Corporate Mauritius* Mauritius operations
June 2021 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Operating loss 535 45 37 617
Other Income (119) - - (119)
Impairment of Zulu Lithium - 3 - 3
Finance charges - - (4,563) (4,563)
Loss before taxation 416 48 (4,526) (4,062)
------------ --------------- -------------- ------------
Assets
Exploration and evaluation
assets 123 - 4,563 4,686
Investments 8,342 - - 8,342
Inventories - - - -
Trade and other receivables 270 8 - 278
Cash 936 - - 936
------------ --------------- -------------- ------------
Total assets 9,671 10 4,622 14,303
------------ --------------- -------------- ------------
Liabilities
Borrowings - - - -
Trade and other payables (370) (121) (3) (494)
Provisions - (90) - (90)
------------ --------------- -------------- ------------
Total liabilities (370) (211) (3) (584)
------------ --------------- -------------- ------------
Net assets 10,041 221 4,625 14,887
Other information
Depreciation and amortisation - - - -
Property plant and equipment
additions - - 59 59
Costs capitalised to intangible
assets 3 - - 3
Exploration
RHA Tungsten Zulu Lithium
Mine Zimbabwe Zimbabwe Total
Unallocated and RHA and Zulu continued
By operating segment Corporate Mauritius* Mauritius operations
December 2021 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Operating loss 1,543 107 779 2,429
------------ --------------- -------------- ------------
Other income (122) (11) - (133)
Finance charges - 18 - 18
Reversal of Impairment
of Zulu - - (4,563) (4,563)
------------ --------------- --------------
Loss before taxation 1,421 114 (3,784) (2,249)
------------ --------------- -------------- ------------
Assets
Exploration and evaluation
assets 123 - 4,563 4,686
Investments 8,342 - - 8,342
Inventories - 1 - 1
Trade and other receivables 11 5 401 417
Cash 919 2 92 1,013
Total assets 10,254 8 5,260 15,522
------------ --------------- -------------- ------------
Liabilities
Borrowings (180) - - (180)
Trade and other payables (557) (28) - (585)
Provisions - (362) - (362)
------------ --------------- --------------
Total liabilities (737) (390) - (1,127)
------------ --------------- -------------- ------------
Net assets 9,517 (382) 5,260 14,395
Other information
Depreciation and amortisation - - 17 17
Property plant and equipment
additions - - 220 220
Costs capitalised to intangible
assets 3 - - 3
* Represents 100% of the results and financial position of RHA whereas the Group owns 49%.
4. INTANGIBLE EXPLORATION AND EVALUATION ASSETS
Exploration
& Evaluation
assets Total
$ 000 $ 000
Opening carrying value 1 January
2021 120 120
Expenditure on Exploration and
evaluation 3 3
Reversal of Impairment 4,563 4,563
Closing carrying value 30 June
2021 4,686 4,686
Expenditure on Exploration and - -
evaluation
Closing carrying value 31 December
2021 4,686 4,686
Expenditure on Exploration and - -
evaluation
Closing carrying value 30 June
2022 4,686 4,686
-------------- -------
During the period to 30 June 2021, $4.563 million was the reversal of impairment for Zulu.
5. INVESTMENTS
Vortex Manganese Total
/
(Circum Namibian
Minerals Holdings
)
$ 000 $ 000 $ 000
Available-for-sale:
Closing carrying 31 December
2020 6,263 2,079 8,342
Shares acquired - - -
Closing carrying 30 June 2021 6,263 2,079 8,342
Shares acquired - - -
Closing carrying 31 December
2021 6,263 2,079 8,342
Shares acquired - - -
Closing carrying 30 June 2022 6,263 2,079 8,342
--------- ---------- ------
Reconciliation of movements in
investments
Carrying value at 31 December
2020 6,263 2,079 8,342
Acquisition at fair value - - -
Carrying value at 30 June 2021 6,263 2,079 8,342
Acquisition at fair value - - -
Carrying value at 31 December
2021 and 30 June 2022 6,263 2,079 8,342
--------- ---------- ------
During the six months ended 30 June 2022, Premier sold its shares in Circum Minerals Limited ('Circum'), together with other minority shareholders, to Vortex Limited ('Vortex') in exchange for an equal value investment in Vortex. Premier's investment in Vortex / Circum was designated as Fair Value through Other Comprehensive Income. As such the investment is required to be measured at fair value at each reporting date. As Vortex / Circum is unlisted there are no quoted market prices. The fair value of Vortex shares was derived using the previous issue price of Circum shares and validating it against the most recent placing price on 11 May 2021. The shares are considered to be level 3 financial assets under the IFRS 13 categorisation of fair value measurements. Premier continues to hold 5 010 333 shares in Vortex / Circum currently valued in total at $6.263 million.
Premier's investment in MN Holdings Limited ('MNH') is classified as an FVOCI as such is required to be measured at fair value at the reporting date. As MNH is unlisted there are no quoted market prices. The Fair value of the MNH shares as at 30 June 2022 and 31 December 2021 was based on the latest transactions and supported by an external evaluation conducted by Bara Consulting.
6. PROPERTY, PLANT AND EQUIPMENT
Mine Development Plant Land and Total
and Equipment Buildings
$ 000 $ 000 $ 000 $ 000
Cost
At 1 January 2021 1,085 2,758 61 3,904
Foreign Currency Translation
effect (149) (9) (27) (185)
Additions - - - -
At 30 June 2021 936 2,749 34 3,719
Foreign Currency Translation
effect (40) (76) (8) (124)
Transfer from Capital Work - - - -
in Progress
Additions - 206 15 221
At 31 December 2021 896 2,879 41 3,816
Foreign Currency Translation
effect (72) (198) (13) (283)
Additions - 4,328 - 4,328
At 30 June 2022 824 7,009 28 7,861
----------------- --------------- ----------- ------
Accumulated Depreciation and Impairment
Losses
At 1 January 2021 1,085 2,758 61 3,904
Foreign Currency Translation
effect (149) (67) (27) (243)
Charge for the year - - - -
At 30 June 2021 936 2,691 34 3,661
Exchange differences (40) (2) (7) (49)
Charge for the year - - - -
At 31 December 2021 896 2,689 27 3,612
Foreign Currency Translation
effect (72) (27) (12) (111)
Charge for the year - 15 - 15
At 30 June 2022 824 2,677 15 3,516
----------------- --------------- ----------- ------
Net Book Value
At 30 June 2021 - 58 - 58
At 31 December 2021 - 190 14 204
At 30 June 2022 - 4,332 13 4,345
7. LOANS RECEIVABLE
30 June 30 June
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
$ 000 $ 000 $ 000
Outback Investments (Pty) Ltd 414 - 414
Otjozondu Mining (Pty) Ltd 445 - 445
859 - 859
------------ ------------ ----------
Reconciliation of movement in
loans receivable
As at 1 January 859 - -
Loans advanced - - 859
Repayment - - -
Accrued interest - - -
------------ ----------
Total 859 - 859
------------ ------------ ----------
Current 859 - 859
Non-current - - -
859 - 859
------------ ------------ ----------
The above loans are made to a subsidiary and a related party of MN Holdings (Pty) Ltd and are held at amortised cost.
The purpose of the Outback Investments Pty Ltd loan was to enable MNH to lease and acquire the remaining extent of the Ebenezer No 377 Farm which contains untreated tailings facilities from the Purity Mining Project as announced on the 8(th) of July 2019. The loan will be forgiven following the uninterrupted use of the farm land for the treatment of the tailing facilities for a period of up to 10 years. During this period Premier has rights to these tailings facilities. The loan is interest free. The loan is only repayable upon default by Outback Investments.
The loan to Otjozondu Mining is to assist with funding the day to day operations and is in accordance with the RNS of 31(st) August 2021. Premier has provided a loan of $265,000 which bear interest of 20% and is repayable in instalments of $25,000 per shipment of manganese shipped from Namibia. The balance of $180,000 has been provided interest free as it is linked to the loan from Neil Herbert, further details of which are set out in note 8 below.
8. BORROWINGS
30 June 30 June
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
$ 000 $ 000 $ 000
Loan - Neil Herbert 180 - 180
180 - 180
------------ ------------ ----------
(Unaudited) (Unaudited) (Audited)
$ 000 $ 000 $ 000
Reconciliation of movement in
borrowings
As at 1 January 180 - -
Loans received - - 180
Accrued interest - - -
------------ ----------
Total 180 - 180
------------ ------------ ----------
Current 180 - 180
Non-current - - -
180 - 180
------------ ------------ ----------
Borrowings comprise loans from a related party and a non-related party. Loans from a related party are further disclosed in Note 32, Related Party Transactions.
Neil Herbert made available a loan of US$180,000 to the Company. Under the terms of the Director Loan, the loan is both unsecured and will not attract any interest and is repayable in full by the Company on the signing of a new off-take agreement at Otjozondu. The purpose of the Director Loan is to provide funding to Premier to allow an amendment to the Otjozondu Loan while Premier, acting collectively with Otjozondu, looks to secure the best possible off-take funding package.
At 30 June 2022 the off-take funding had not been secured and Mr Herbert has agreed to the deferment of the repayment of the loan until such off-take agreement has been secured.
9. SHARE CAPITAL
Authorised share capital
The total number of voting rights in the Company on the 30 June 2022 was 22 418 009 831.
Issued share capital
'000 $ 000
----------- -------
As at January 2021 17,793,009 55,592
Shares issued for direct Investment 625,000 1,417
----------- -------
As at 30 June 2021 18,418,009 57,009
Shares issued for direct Investment 500,000 1,364
Shares issued for direct Investment 500,000 1,059
As at 31 December 2021 19,418,009 59,432
Shares issued for direct Investment 3,000,000 15,782
As at 30 June 2022 22,418,009 75,214
----------- -------
Issued Share Issue Share
Capital
Share Capital Costs (Net of
Costs)
$ '000 $ '000 $ '000
As at 31 December 2020 - Audited 55,592 (3,088) 52,504
Shares issued 1,417 (85) 1,332
As at 30 June 2021 57,009 (3,173) 53,836
Shares issued 2,423 (146) 2,277
As at 31 December 2021 - Audited 59,432 (3,319) 56,113
Shares issued 15,782 (944) 14,838
As at 30 June 2022 75,214 (4,263) 70,951
--------------- ------------- ----------
10. OTHER INCOME
(Unaudited) (Unaudited) (Audited)
$ 000 $ 000 $ 000
Profit on disposal of PPE 3 - -
Reversal of prescribed debt - 120 133
3 120 133
------------ ------------ ----------
11. FOREIGN EXCHANGE GAINS AND LOSSES
As indicated in note 3. Segmental Reporting, the company has significant holdings in Zimbabwe. With effect from the 1(st) of March 2019, the Zimbabwean government mandated that the only functional currency is RTGS Dollar. Since the introduction of RTGS Dollar the currency has devalued from the introductory rate of
RTGS Dollar 1: US$ 1 to RTGS Dollar 370.9646 at 30 June 2022 (RTGS Dollar 85.4234 - 30 June 2021). This currency has continued to devalue. As defined in IAS29, the Zimbabwean economy is considered to be hyperinflationary. As most of the group's Zimbabwean assets have been impaired the result in liabilities are adjusted for the hyperinflationary effect. This leads to a net gain on translation into the reporting currency. For further information refer to the audited financial statement of 31 December 2021.
12. TAXATION
There is no taxation charge for the period ended 30 June 2022 (30 June 2021 and 31 December 2021: Nil) because the Group is registered in the British Virgin Islands where no corporate taxes or capital gains tax are charged. However, the Group may be liable for taxes in the jurisdictions of the underlying operations.
The Group has incurred tax losses in Zimbabwe; however, a deferred tax asset has not been recognised in the accounts due to the unpredictability of future profit streams.
Contingent liablity
The Group operates across different geographical regions and is required to comply with tax legislation in various jurisdictions. The determination of the Group's tax is based on interpretations applied in terms of the respective tax legislations and may be subject to periodic challenges by tax authorities which may give rise to tax exposures.
13. LOSS PER SHARE
The calculation of loss per share is based on the loss after taxation attributable to the owners of the parent divided by the weighted average number of shares in issue during each period.
30 June 30 June
2022 2021 2019
(Unaudited) (Unaudited) (Audited)
$ '000 $ '000 $ '000
Net profit / (loss) attributable
to owners of the company ($'000) (4,660) 4,152 2,690
Weighted average number of Ordinary Shares
in calculating
basic earnings per share ('000) 17,865,523 11,455,420 13,167,281
Basic earnings / (loss) per share
(US cents) (0.026) 0.036 0.020
As the Group incurred a loss for the period (2020: profit), there is no dilutive effect from the share options and warrants in issue or the shares issued after the reporting date.
14. EVENTS AFTER THE REPORTING DATE
1) Corporate matters
In August, the Company concluded the definitive transaction documents in respect of the Marketing and Pre-Payment Agreement with Suzhou TA&A Ultra Clean Technology Co. Ltd to provide a pre-payment against future sales invoices in the amount of US$34,644,385 to enable the construction and commissioning of a large-scale pilot plant at Zulu. To date Premier has received approximately $24 million of this pre-payment.
Further in August, the Company received a payment of US$250,000 from Li3 Resources Inc. in exercise of their option to acquire a 50% interest in Premier's hard-rock lithium assets located in the Mutare Greenstone Belt in Zimbabwe.
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR EBLBXLKLBBBX
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
1 Year Premier African Minerals Chart |
1 Month Premier African Minerals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
