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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Serabi Gold Plc | LSE:SRB | London | Ordinary Share | GB00BG5NDX91 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.00 | -1.54% | 64.00 | 63.00 | 65.00 | 65.50 | 64.00 | 65.50 | 69,335 | 09:58:37 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 58.71M | -983k | -0.0130 | -49.23 | 48.47M |
Hot Features
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TIDMSRB
For immediate release
15 May 2019
Serabi Gold plc
("Serabi" or the "Company")
Unaudited Interim Financial Results for the three month period to 31
March 2019 and Management's Discussion and Analysis
Serabi Gold (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and
development company, today releases its unaudited interim financial
results for the three month period ending 31 March 2019 and at the same
time has published its Management's Discussion and Analysis for the same
period.
Key Financial Information
3 months to 3 months to 12 months to
31 March 2019 31 March 2018 31 December 2018
US$ US$ US$
------------------- ------------------- -------------- -----------------
Revenue 17,126,040 13,826,851 43,261,743
Cost of sales (11,361,987) (9,489,101) (31,101,016)
------------------- -------------- -----------------
Gross operating
profit 5,764,053 4,337,750 12,160,727
Administration and
share based
payments (1,449,316) (1,408,717) (5,867,918)
------------------- -------------- -----------------
EBITDA 4,314,737 2,929,033 6,292,809
Depreciation and
amortisation
charges (2,264,733) (1,941,738) (9,004,411)
------------------- -------------- -----------------
Operating profit /
(loss) before
finance and tax 2,050,004 987,295 (2,711,602)
------------------- -------------- -----------------
Profit / (loss)
after tax 1,549,962 10,786 (5,754,541)
------------------- -------------- -----------------
Earnings per
ordinary share
(basic) 2.63 cents 0.03 cents (11.20 cents)
------------------- -------------- -----------------
Average gold price
received US$1,287 US$1,319 US$1,258
As at
31 March As at
2019 31 December 2018
------------------- ------------------- -------------- -----------------
Cash and cash
equivalents 12,133,713 9,216,048
Net assets 70,163,641 69,110,287
Cash Cost and
All-In Sustaining
Cost ("AISC")
-------------------
3 months to 31 3 months to 12 months to
March 2019 31 March 2018 31 December 2018
------------------- ------------------- -------------- -----------------
Gold production for
cash cost and AISC
purposes 10,164 9,188 37,108
------------------- -------------- -----------------
Total Cash Cost of US$796 US$907 US$821
production (per
ounce)
------------------- -------------- -----------------
Total AISC of US$1,021 US$1,166 US$1,093
production (per
ounce)
------------------- -------------- -----------------
Key Operational Information
SUMMARY PRODUCTION STATISTICS TO DATE FOR 2019 AND
FOR THE 2018 CALAR YEAR
Qtr 1 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total
------------- --------------
2019 2018 2018 2018 2018 2018
------------- -------------- ------ ------ ------ ------ ------ -------
Gold
production
(1) (2) Ounces 10,164 9,188 9,563 8,101 10,256 37,108
Mined ore --
Total Tonnes 42,609 39,669 36,071 42,725 44,257 162,722
Gold grade (g/t) 7.47 7.49 8.12 6.23 7.45 7.29
Milled ore Tonnes 43,451 43,145 38,155 41,405 45,548 168,253
Gold grade (g/t) 7.69 7.04 7.71 6.11 7.39 7.06
Horizontal
development
-- Total Metres 1,868 2,353 2,744 2,814 2,460 10,371
1. Gold production figures are subject to amendment pending final agreed
assays of the gold content of the copper/gold concentrate and gold
doré that is delivered to the refineries.
2. Gold production totals for 2019 include treatment of 3,136 tonnes of
flotation tails at a grade of 4.00 g/t (2018 full year: 16,466 tonnes at
3.71g/t).
3. The table may not sum due to rounding.
FINANCIAL HIGHLIGHTS
-- EBITDA for the first quarter of U$4.3 million up 47% on the same quarter
in 2018
-- Profit after tax of US$1.5 million with earnings per share of 2.63 cents.
-- Cash holdings at the end of March 2019 of US$12.1 million an increase of
US$2.9 million since the end of 2018.
-- AISC for the quarter of US$1,021 per ounce with a Cash Cost of US$796 per
ounce.
-- Operational cash flow for the period of US$6.5 million (US$5.7 million
after mine development costs), compared with US$3.1 million (US$2.1
million after mine development costs) for the same period in 2018.
OPERATIONAL and DEVELOPMENT HIGHLIGHTS
-- First quarter gold production of 10,164 ounces of gold, maintaining the
momentum from the end of 2018.
-- Second successive quarter of production above 10,000 ounces for the first
time.
-- Mine tonnage totalled 42,609 tonnes at 7.47 grams per tonne ("g/t") of
gold.
-- 43,451 tonnes of run of mine ("ROM") ore were processed through the plant
from the combined Palito and Sao Chico orebodies, with an average grade
of 7.69 g/t of gold.
-- 1,868 metres of horizontal development completed during the quarter.
-- Completion and announcement of the Company's updated mineral resource
estimate for its Coringa gold project ("Coringa"):
-- the new mineral resource estimate represents a 37% increase over
the previously disclosed estimation (as of May 3, 2017).
-- an Indicated Resource for Coringa of 216,000 ounces of contained
gold (845,000 tonnes at an average in-situ grade of 7.95 g/t).
-- an additional Inferred Resource of 298,000 ounces of contained
gold (1,436,000 tonnes at an average in-situ grade of 6.46 g/t).
-- Production guidance for 2019 is maintained in the range of 40,000-44,000
ounces representing a significant improvement on 2018 production of
37,108 ounces.
Mike Hodgson, CEO of Serabi commented:
"The last two quarters have been excellent from an operational
perspective and represent the first occasion that the Company's
operations have achieved two successive quarters with gold production in
excess of 10,000 ounces. These financials results reflect the
operational improvements that we have enjoyed with revenue, profit and
cash generation all having significantly improved over the same quarter
in 2018.
"Most pleasing, however, is to see a reduction in the unit costs of
production, with a reported AISC of US$1,021 compared with US$1,166 for
the same quarter in 2018 and an average AISC for the 2018 calendar year
of US$1,093. Given the nature of the operations, Serabi has a fairly
fixed level of monthly costs, in the form of labour, power and
consumable costs. With the mine and plant producing and processing
broadly consistent tonnages of ore, the key to profitability is
maximising the grade of the ore mined and processed. Whilst the
improvements in the last 6 months to the processed grade have been
relatively small, the benefits have been quite significant.
"The financial results for the first quarter have benefitted from the
high level of gold inventory held at the end of 2018 and which was sold
during the quarter. A total of 12,309 ounces were sold during the
period compared with production of 10,164 ounces and with inventory
levels now back to more normal levels we would expect sales and
production volumes to more closely track each other over the rest of the
year.
"Net cash generated in the period was slightly less than US$3.0 million
after taking account of mine development, exploration and other capital
expenditure but again has been helped by the delayed sales carried over
from the end of 2018. Provided the Company can maintain the current
levels of production, I am confident that we can maintain a good cash
flow for the rest of the year. The Company's cash holdings as at 31
March 2019 were US$12.2 million.
"We are being helped by a strong gold price when looked at in Brazilian
Reais, and with so much of our cost base incurred in Brazil this is the
true indicator of our margin and profitability. Following the election
of Jair Bolsonaro as president in November 2018, many, myself included,
saw the potential for the Real to strengthen as he pursued public
spending reforms and implemented business friendly policies to promote
growth. To date however the exchange rate has remained in the range of
BrR$3.80 to US$1.00 and the gold price in Brazilian Reais has averaged
BrR$4,850 for the quarter compared with BrR$4,264 for the same period in
2018 and BrR$4,600 for the 2018 calendar year."
A video update by Mike Hodgson on current operations can be accessed
using the following link
https://www.brrmedia.co.uk/broadcasts-embed/5cda93c79ebae53e0fb331a6/serabi-gold-palito-update?popup=true
SERABI GOLD PLC
Condensed Consolidated Statements of Comprehensive Income
For the three months ended
31 March
2019 2018
(expressed in US$) Notes (unaudited) (unaudited)
---------------------------------------------------------- ----- ------------- -------------
CONTINUING OPERATIONS
Revenue 17,126,040 13,826,851
Cost of sales (11,861,987) (9,489,101)
Release of inventory impairment provision 500,000 --
Depreciation and amortisation charges (2,289,545) (1,992,853)
---------------------------------------------------------- ----- ------------- -------------
Gross profit 3,474,508 2,344,897
Administration expenses (1,383,831) (1,331,424)
Share-based payments (65,485) (77,293)
Gain on sales of assets disposal 24,812 51,115
------------- -------------
Operating profit / (loss) 2,050,004 987,295
Foreign exchange (loss) / gain (14,617) (57,090)
Finance expense 2 (411,105) (590,373)
Finance income 2 139,059 34
---------------------------------------------------------- ----- ------------- -------------
Profit / (loss) before taxation 1,763,341 339,866
Income tax expense 3 (213,379) (329,080)
---------------------------------------------------------- ----- ------------- -------------
Profit / (loss) for the period from continuing operations
attributable to the owners of the parent(1) 1,549,962 10,786
---------------------------------------------------------- ----- ------------- -------------
Other comprehensive income (net of tax)
Items that may be reclassified subsequently to profit
or loss
Exchange differences on translating foreign operations (562,093) (334,431)
---------------------------------------------------------- ----- ------------- -------------
Total comprehensive profit / (loss) for the period
operations attributable to the owners of the parent 987,869 (323,645)
---------------------------------------------------------- ----- ------------- -------------
Profit / (loss) per ordinary share (basic) (1) (2) 4 2.63 cents 0.03 cents
---------------------------------------------------------- ----- ------------- -------------
Profit / (loss) per ordinary share (diluted) (1) (2) 4 2.49 cents 0.03 cents
---------------------------------------------------------- ----- ------------- -------------
(1) All revenue and expenses arise from continuing operations.
(2) On 19 June 2018, the Group completed a capital reorganisation
with every 20 existing shares being consolidated into one new share. The
total number of existing ordinary shares in issue immediately prior to
the capital reorganisation was 1,175,281,440. The total number of
ordinary shares in issue following the capital reorganisation was
58,764,072. For comparative purpose the weighted average ordinary
shares in issue and the diluted ordinary shares in issue for the three
month period ended 31 March 2018, has been adjusted to reflect the share
consolidation of 20 existing shares into one new share.
SERABI GOLD PLC
Condensed Consolidated Balance Sheets
As at As at As at
31 March 31 March 31 December
2019 2018 2018
(expressed in US$) (unaudited) (unaudited) (audited)
------------------------------ ------------ ------------ ------------
Non-current assets
Deferred exploration costs 28,581,674 25,295,721 27,707,795
Property, plant and equipment 40,766,304 47,736,835 42,342,102
Taxes receivable 1,554,651 1,569,140 1,555,170
Deferred taxation 2,091,031 2,772,101 2,162,180
-------------------------------- ------------ ------------ ------------
Total non-current assets 72,993,660 77,373,797 73,767,247
-------------------------------- ------------ ------------ ------------
Current assets
Inventories 6,272,053 6,160,750 8,511,474
Trade and other receivables 1,196,042 1,151,999 758,209
Prepayments and accrued income 4,328,718 3,914,034 4,166,916
Cash and cash equivalents 12,133,713 6,695,525 9,216,048
-------------------------------- ------------ ------------ ------------
Total current assets 23,930,526 17,922,308 22,652,647
-------------------------------- ------------ ------------ ------------
Current liabilities
Trade and other payables 5,931,532 5,291,005 6,273,321
Interest bearing liabilities 4,048,054 5,760,390 4,302,798
Acquisition payment outstanding 11,259,277 5,000,000 10,997,757
Derivative financial liabilities 254,134 754,462 390,976
Accruals 342,322 591,830 372,327
------------
Total current liabilities 21,835,319 17,397,687 22,337,179
-------------------------------- ------------ ------------ ------------
Net current assets 2,095,207 524,621 315,468
-------------------------------- ------------ ------------ ------------
Total assets less current
liabilities 75,088,867 77,898,418 74,082,715
-------------------------------- ------------ ------------ ------------
Non-current liabilities
Trade and other payables 971,662 2,590,883 955,521
Provisions 1,529,318 2,157,944 1,543,811
Acquisition payment
outstanding -- 10,235,707 --
Interest bearing liabilities 2,424,246 2,299,524 2,473,096
-------------------------------- ------------ ------------ ------------
Total non-current liabilities 4,925,226 17,284,058 4,972,428
-------------------------------- ------------ ------------ ------------
Net assets 70,163,641 60,614,360 69,110,287
-------------------------------- ------------ ------------ ------------
Equity
Share capital 8,882,803 5,555,775 8,882,803
Share premium reserve 21,752,430 1,797,407 21,752,430
Option reserve 1,428,852 1,111,040 1,363,367
Other reserves 4,937,419 4,406,657 4,763,819
Translation reserve (41,369,216) (31,533,999) (40,807,123)
Retained surplus 74,531,353 79,277,480 73,154,991
-------------------------------- ------------ ------------ ------------
Equity shareholders' funds 70,163,641 60,614,360 69,110,287
-------------------------------- ------------ ------------ ------------
The interim financial information has not been audited and does not
constitute statutory accounts as defined in Section 434 of the Companies
Act 2006. Whilst the financial information included in this announcement
has been compiled in accordance with International Financial Reporting
Standards ("IFRS") this announcement itself does not contain sufficient
financial information to comply with IFRS. The Group statutory accounts
for the year ended 31 December 2018 prepared under IFRS as adopted in
the EU and with IFRS and their interpretations adopted by the
International Accounting Standards Board will be filed with the
Registrar of Companies following their adoption by shareholders at the
next Annual General Meeting. The auditor's report on these accounts was
unqualified. The auditor's report did not contain a statement under
Section 498 (2) or 498 (3) of the Companies Act 2006.
SERABI GOLD PLC
Condensed Consolidated Statements of Changes in Shareholders' Equity
(expressed in
US$)
Share Other
Share Share option reserves Translation Retained
(unaudited) capital premium reserve (1) reserve Earnings Total equity
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Equity
shareholders'
funds at 31
December
2017 5,540,960 1,722,222 1,425,024 4,015,369 (31,199,568) 79,266,705 60,770,712
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Foreign
currency
adjustments -- -- -- -- (334,431) -- (334,431)
Profit for the
period -- -- -- -- -- 10,786 10,786
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Total
comprehensive
income for
the period -- -- -- -- (334,431) 10,786 (323,645)
Transfer to
taxation
reserve -- -- -- 391,288 -- (391,288) --
Shares issued
in period 14,815 75,185 -- -- -- -- 90,000
Share options
lapsed in
period -- -- (391,277) -- -- 391,277 --
Share option
expense -- -- 77,293 -- -- -- 77,293
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Equity
shareholders'
funds at 31
March 2018 5,555,775 1,797,407 1,111,040 4,406,657 (31,533,999) 79,277,480 60,614,360
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Foreign
currency
adjustments -- -- -- -- (9,273,124) -- (9,273,124)
Loss for the
period -- -- -- -- -- (5,765,327) (5,765,327)
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Total
comprehensive
income for
the period -- -- -- -- (9,273,124) (5,765,327) (15,038,451)
Transfer to
taxation
reserve -- -- -- 357,162 -- (357,162) --
Shares issued
in period 3,327,028 19,955,023 -- -- -- -- 23,282,051
Share options
lapsed in
period -- -- -- -- -- -- --
Share option
expense -- -- 252,327 -- -- -- 252,327
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Equity
shareholders'
funds at 31
December
2018 8,882,803 21,752,430 1,363,367 4,763,819 (40,807,123) 73,154,991 69,110,287
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Foreign
currency
adjustments -- -- -- -- (562,093) -- (562,093)
Profit for the
period -- -- -- -- -- 1,549,962 1,549,962
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Total
comprehensive
income for
the period -- -- -- -- (562,093) 1,549,962 987,869
Transfer to
taxation
reserve -- -- -- 173,600 -- (173,600) --
Share options
lapsed in
period -- -- -- -- -- -- --
Shares issued
in period -- -- -- -- -- -- --
Share option
expense -- -- 65,485 -- -- -- 65,485
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
Equity
shareholders'
funds at 31
March 2019 8,882,803 21,752,430 1,428,852 4,937,419 41,369,216 74,531,353 70,163,641
-------------- --------- ---------- --------- --------- ------------ ----------- ------------
1. Other reserves comprise a merger reserve of US$361,461 and a taxation
reserve of US$4,575,958 (31 December 2018: merger reserve of US$361,461
and a taxation reserve of US$4,402,358).
SERABI GOLD PLC
Condensed Consolidated Cash Flow Statements
For the three months
ended
31 March
2019 2018
(expressed in US$) (unaudited) (unaudited)
------------------------------------------------------ ----------- -----------
Operating activities
Operating profit / (loss) 1,549,962 10,786
Net financial expense 286,663 557,429
Depreciation -- plant, equipment and mining properties 2,289,545 1,992,853
Release of inventory impairment provision (500,000) --
Provision for taxation 213,379 329,080
Share based payments 65,485 167,293
Foreign exchange 21,851 (68,424)
Changes in working capital
Decrease / (Increase) in inventories 2,737,810 1,470,683
(Increase) / increase in receivables, prepayments
and accrued income (736,605) (499,348)
Increase / (decrease) in payables, accruals and
provisions 538,494 (129,853)
------------------------------------------------------ ----------- -----------
Net cash inflow from operations 6,501,626 3,096,929
------------------------------------------------------ ----------- -----------
Investing activities
Purchase of property, plant and equipment and assets
in construction (389,728) (425,694)
Capitalised mine development costs (838,310) (965,523)
Geological exploration expenditure (588,462) (568,418)
Pre-operational project costs (439,942) (793,430)
Acquisition payment (1,035,087) --
Proceeds from sale of assets 35,042 51,115
Interest received 2,217 34
------------------------------------------------------ ----------- -----------
Net cash outflow on investing activities (3,389,312) (2,701,916)
------------------------------------------------------ ----------- -----------
Financing activities
Draw-down of secured loan -- 3,000,000
Repayment of secured loan -- (333,333)
Repayment of finance lease liabilities (185,605) (283,147)
Interest paid and finance charges (152,796) (152,420)
Net cash inflow / (outflow) from financing activities (338,401) 2,231,100
------------------------------------------------------ ----------- -----------
Net increase / decrease in cash and cash equivalents 2,873,913 (768,093)
Cash and cash equivalents at beginning of period 9,216,048 4,093,866
Exchange difference on cash 43,751 (24,454)
------------------------------------------------------ ----------- -----------
Cash and cash equivalents at end of period 12,133,713 6,695,525
------------------------------------------------------ ----------- -----------
Notes
1. Basis of preparation
These interim condensed consolidated financial statements are for the
three month period ended 31 March 2019. Comparative information has been
provided for the unaudited three month period ended 31 March 2018 and,
where applicable, the audited twelve month period from 1 January 2018 to
31 December 2018. These condensed consolidated financial statements do
not include all the disclosures that would otherwise be required in a
complete set of financial statements and should be read in conjunction
with the 2018 annual report.
The condensed consolidated financial statements for the periods have
been prepared in accordance with International Accounting Standard 34
"Interim Financial Reporting" and the accounting policies are consistent
with those of the annual financial statements for the year ended 31
December 2018 and those envisaged for the financial statements for the
year ending 31 December 2019.
Accounting standards, amendments and interpretations effective in 2019
The Group has not adopted any standards or interpretations in advance of
the required implementation dates.
As of 1 January 2019, IFRS "16 Leases", became effective and requires
lessees to recognise all lease assets and liabilities on the balance
sheet for both finance leases and operating leases. The adoption of IFRS
16 has not had any significant impact on the Group's financial
statements as the operating leases held by the Group are of low value
and the majority of the existing contracts either relate to service
agreements or otherwise do not result in right of use assets or lease
liabilities.
These financial statements do not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006.
1. Going concern
As at 31 March 2019 the Group had cash in hand of US$12.1 million and
net assets of US$70.2 million. The Directors have reviewed the forecast
cash flow of the Group for the next 12 months. Based on this forecast,
which includes planned capital and exploration programmes, the Group may
not be able to generate sufficient cash flows to settle, in full, the
deferred consideration of US$12 million payable for the acquisition of
Coringa which falls due in December 2019.
The Directors believe there is a reasonable prospect of the Group
securing further funds as and when required in order that the Group can
meet all liabilities including the deferred consideration payable for
the acquisition of Coringa as and when they fall due in the next 12
months and have prepared the financial statements on a going concern
basis.
As at the date of this report the outcome of raising further funds
remains uncertain and this represents a material uncertainty surrounding
going concern. If the Group fails to raise the necessary funds the Group
may be unable to realise its assets and discharge its liabilities in the
normal course of business. The matters explained indicate that a
material uncertainty exists that may cast significant doubt on the Group
and Parent's ability to continue as a going concern. These financial
statements do not show the adjustments to the assets and liabilities of
the Group or the Parent company if this was to occur.
(ii) Use of estimates and judgements
There have been no material revisions to the nature and amount of
changes in estimates of amounts reported in the 2018 annual financial
statements.
(iii) Impairment
At each balance sheet date, the Group reviews the carrying amounts of
its property, plant and equipment and intangible assets to determine
whether there is any indication that those assets have suffered
impairment. Prior to carrying out of impairment reviews, the significant
cash generating units are assessed to determine whether they should be
reviewed under the requirements of IFRS 6 - Exploration for and
Evaluation of Mineral Resources or IAS 36 - Impairment of Assets. Such
determination is by reference to the stage of development of the project
and the level of reliability and surety of information used in
calculating value in use or fair value less costs to sell. Impairment
reviews performed under IFRS 6 are carried out on a project by project
basis, with each project representing a potential single cash generating
unit. An impairment review is undertaken when indicators of impairment
arise; typically when one of the following circumstances applies:
(i) sufficient data exists that render the resource
uneconomic and unlikely to be developed
(ii) title to the asset is compromised
(iii) budgeted or planned expenditure is not expected in the
foreseeable future
(iv) insufficient discovery of commercially viable resources
leading to the discontinuation of activities
Impairment reviews performed under IAS 36 are carried out when there is
an indication that the carrying value may be impaired. Such key
indicators (though not exhaustive) to the industry include:
(i) a significant deterioration in the spot price of gold
(ii) a significant increase in production costs
(iii) a significant revision to, and reduction in, the life of
mine plan
If any indication of impairment exists, the recoverable amount of the
asset is estimated, being the higher of fair value less costs to sell
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money
and the risks specific to the asset for which the estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is
estimated to be less than its carrying amount, the carrying amount of
the asset (or cash-generating unit) is reduced to its recoverable
amount. Such impairment losses are recognised in profit or loss for the
year.
Where an impairment loss subsequently reverses, the carrying amount of
the asset (or cash-generating unit) is increased to the revised estimate
of its recoverable amount, but so that the increased carrying amount
does not exceed the carrying amount that would have been determined had
no impairment loss been recognised for the asset (or cash-generating
unit) in prior years. A reversal of an impairment loss is recognised in
profit or loss for the year.
2. Finance Costs
3 months ended
31 March 2019 3 months ended
(unaudited) 31 March 2018 (unaudited)
US$ US$
Interest expense on secured loan (149,584) (152,420)
Unwinding of discount on
acquisition payment (261,521) (237,746)
Arrangement fee for secured loan -- (90,000)
Charge on revaluation of
derivatives -- (45,207)
Amortisation of fair value of
derivatives -- (65,000)
(411,105) (590,373)
Income on revaluation of
derivatives 136,842 --
Interest income 2,217 34
-------------- --------------------------
Net finance expense (272,046) (590,339)
-------------- --------------------------
3. Taxation
The Group has recognised a deferred tax asset to the extent that the
Group has reasonable certainty as to the level and timing of future
profits that might be generated and against which the asset may be
recovered. The Group has released the amount of US$145,012 as a
deferred tax charge during the three month period to 31 March 2019.
The Group has also incurred a tax charge for the period in Brazil of
US$68,367.
4. Earnings per share
3 months ended
31 March 2019 3 months ended
(unaudited) 31 March 2018 (unaudited)
Profit / (loss) attributable to ordinary shareholders
(US$) 1,549,962 10,786
----------------------------------------------------------- -------------- --------------------------
Weighted average ordinary shares in issue 58,909,551 35,016,000
Basic profit / (loss) per share (US cents) 2.6311 0.0308
----------------------------------------------------------- -------------- --------------------------
Diluted ordinary shares in issue 62,346,301 36,752,750
Diluted profit/ (loss) per share (US cents) 2.4861 0.02935
----------------------------------------------------------- -------------- --------------------------
(1) On 19 June 2018, the Group completed a capital
reorganisation with every 20 existing shares being consolidated into one
new share. For comparative purpose the weighted average ordinary shares
in issue and the diluted ordinary shares in issue for the three month
period ended 31 March 2018, has been adjusted to reflect the share
consolidation of 20 existing shares being consolidated into one new
share.
Enquiries:
Serabi Gold plc
Michael Hodgson Tel: +44 (0)20 7246 6830
Chief Executive Mobile: +44 (0)7799 473621
Clive Line Tel: +44 (0)20 7246 6830
Finance Director Mobile: +44 (0)7710 151692
Email: contact@serabigold.com
----------------------------------------
Website: www.serabigold.com
----------------------------------------
Beaumont Cornish Limited
Nominated Adviser and Financial Adviser
Roland Cornish Tel: +44 (0)20 7628 3396
Michael Cornish Tel: +44 (0)20 7628 3396
Peel Hunt LLP
UK Broker
Ross Allister Tel: +44 (0)20 7418 9000
James Bavister Tel: +44 (0)20 7418 9000
Copies of this announcement are available from the Company's website at
https://www.globenewswire.com/Tracker?data=a2G-nfYx4_W_s4jxh9mvf_WgvQfAikXp-PWVyiWMR3Zobt_Wdnhax4Xl7uND4R_oxd0OY-sVjFDzi-mDVMWcIdAxzOsGVN_t9fPt5crRVI8=
www.serabigold.com.
Neither the Toronto Stock Exchange, nor any other securities regulatory
authority, has approved or disapproved of the contents of this
announcement.
The Company will, in compliance with Canadian regulatory requirements,
post the Unaudited Interim Financial Statements and the Management
Discussion and Analysis for the three month period ended 31 March 2019
on SEDAR at
https://www.globenewswire.com/Tracker?data=a2G-nfYx4_W_s4jxh9mvf5IfmKK-ABnsy4jj-WUzg8kwX1Z4It9YMFK23zy08xjwLvQi4-jijeqxMr7-kFQA0w==
www.sedar.com. These documents will also available from the Company's
website --
https://www.globenewswire.com/Tracker?data=a2G-nfYx4_W_s4jxh9mvf3bnop3Fu0-ree--sOVM2rTgl7f66lXtI5_hsRW80zh2cmlTdC8FowfO6qbZOfRV5Cc_no7ZJglGlEVMHKd52-Y=
www.serabigold.com.
Serabi's Directors Report and Financial Statements for the year ended 31
December 2018 together the Chairman's Statement and the Management
Discussion and Analysis, are available from the Company's website --
https://www.globenewswire.com/Tracker?data=a2G-nfYx4_W_s4jxh9mvf5Nvoj676DN3djarbUVmlwIqitUNuAXUZTQ8bbJlomllQ5BNVluTVhjPB2T-I_Og-p9zKrg4ephwClniVD5rbXU=
www.serabigold.com and on SEDAR at
https://www.globenewswire.com/Tracker?data=a2G-nfYx4_W_s4jxh9mvf8OctcYwql-zO2CW_5AgH-rP1ULvhX-pLNr5OmdaVeCXMqB6dJWoTyfp5xsQIjJysA==
www.sedar.com.
This announcement is inside information for the purposes of Article 7 of
Regulation 596/2014. The person who arranged for the release of this
announcement on behalf of the Company was Clive Line, Director.
GLOSSARY OF TERMS
The following is a glossary of technical terms:
"Au" means gold.
"assay" in economic geology, means to analyse the proportions of metal
in a rock or overburden sample; to test an ore or mineral for
composition, purity, weight or other properties of commercial interest.
"development" - excavations used to establish access to the mineralised
rock and other workings.
"doré -- a semi-pure alloy of gold silver and other metals produced
by the smelting process at a mine that will be subject to further
refining.
"DNPM" is the Departamento Nacional de Produção Mineral.
"grade" is the concentration of mineral within the host rock typically
quoted as grammes per tonne (g/t), parts per million (ppm) or parts per
billion (ppb).
"g/t" means grammes per tonne.
"granodiorite" is an igneous intrusive rock similar to granite.
"igneous" is a rock that has solidified from molten material or magma.
"Intrusive" is a body of igneous rock that invades older rocks.
"on-lode development" - Development that is undertaken in and following
the direction of the Vein.
"mRL" -- depth in metres measured relative to a fixed point -- in the
case of Palito and Sao Chico this is sea-level. The mine entrance at
Palito is at 250mRL.
"saprolite" is a weathered or decomposed clay--rich rock.
"stoping blocks" -- a discrete area of mineralised rock established for
planning and scheduling purposes that will be mined using one of the
various stoping methods.
"Vein" is a generic term to describe an occurrence of mineralised rock
within an area of non-mineralised rock.
Qualified Persons Statement
The scientific and technical information contained within this
announcement has been reviewed and approved by Michael Hodgson, a
Director of the Company. Mr Hodgson is an Economic Geologist by training
with over 26 years' experience in the mining industry. He holds a BSc
(Hons) Geology, University of London, a MSc Mining Geology, University
of Leicester and is a Fellow of the Institute of Materials, Minerals and
Mining and a Chartered Engineer of the Engineering Council of UK,
recognising him as both a Qualified Person for the purposes of Canadian
National Instrument 43-101 and by the AIM Guidance Note on Mining and
Oil & Gas Companies dated June 2009.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be,
forward looking statements. Forward looking statements are identi ed 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 re ect 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.
ENDS
Attachments
-- Press Release - Q1 results 2019
https://ml-eu.globenewswire.com/Resource/Download/2cae27ad-e41e-4152-9873-afe6b27d14fb
-- Q1 2019 Financial Statements
https://ml-eu.globenewswire.com/Resource/Download/5381162f-c1e0-48fe-93a7-d623f14240ff
(END) Dow Jones Newswires
May 15, 2019 02:01 ET (06:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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