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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vast Resources Plc | LSE:VAST | London | Ordinary Share | GB00BQ7WTT20 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.435 | 0.42 | 0.45 | 0.435 | 0.435 | 0.435 | 8,247,348 | 07:47:54 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Nonmtl Minrl Svcs, Ex Fuels | 3.72M | -10.51M | -0.0024 | -1.79 | 18.69M |
TIDMVAST Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 17 01 2020 Vast Resources plc ("Vast" or the "Company") Interim Results: 1 May 2019 - 31 October 2019 Vast Resources plc, the AIM-listed mining company, is pleased to announce that it has released its unaudited interim report and financial results for period of 1 May 2019 to 31 October 2019. The report can be found on the Company's website at the following address: https://www.globenewswire.com/Tracker?data=qh2kkEvKDmdu9k6eFxZe_Zvlc4wE98IkQnUy22RMA3W28Rt7ZiU3xV4kTN6c9J_xHLUKl2g4emUTcYnbfW1ZKw== www.vastplc.com **S** For further information, visit www.vastplc.com or please contact: Vast Resources plc www.vastplc.com Andrew Prelea (Chief Executive +44 (0) 1491 615 232 Officer) Andrew Hall Beaumont Cornish - Financial & www.beaumontcornish.com Nominated Adviser +44 (0) 020 7628 3396 Roland Cornish James Biddle SP Angel Corporate Finance LLP www.spangel.co.uk -- Broker +44 (0) 20 3470 0470 Richard Morrison Caroline Rowe Blytheweigh www.blytheweigh.com Tim Blythe +44 (0) 20 7138 3204 Megan Ray 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 ("MAR"). ABOUT VAST RESOURCES PLC Vast Resources plc, is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe. The Company's portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is now currently underway towards developing and recommissioning the mine and the Community Concession Block in Chiadzwa, Zimbabwe. Vast Resources owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. Overview of the Interim Results for the six months to 31 October 2019 The Company has arranged financing which it has prioritised for the Baita Plai Polymetallic Mine ("BPPM") in Romania and the Chiadzwa Community Concession in Zimbabwe. The Company is in the process of drawing down on the first tranche of the Atlas Capital Markets facility ($7.1 million gross) and expects to receive funds shortly. The first tranche will be applied to placing BPPM into production and to the repayment of financial creditors. The Manaila Polymetallic Mine ("MPM") continues on care and maintenance with the expectation of a second funding round at a later stage. Prior to the receipt of the first tranche of funding, the Company has diverted resources from MPM to upgrade, develop, and maintain BPPM in order to accelerate the project to production and in December 2019 conducted a cold commissioning as well as a drilling campaign. Finally, discussions continue regarding the conclusion of the Company's diamond joint venture with its Zimbabwe stakeholders. These discussions are in line with previous expectations, save on timing. Financial -- Interim period follows change of accounting reference date from 31 March to 30 April as announced on 8 April 2019. Six month comparatives for 31 October 2018 have been included. -- 19% decrease in administrative and overhead expenses for the six month period ended 31 October 2019 ($2.0 million) compared to the six month period ended 31 October 2018 ($2.4 million). -- Foreign exchange losses of $0.8 million for the period compared to $1.4 million for the six month period ended 31 October 2018. Included within the $0.8 million of foreign exchange losses is $0.6 million in respect of the Company's operations in Zimbabwe. -- 36% decrease in losses after taxation from continuing operations in the period ($3.5 million) compared to the six month period ended 31 October 2018 ($5.5 million). -- $15 million (net $13.5 million before costs) binding conditional bond facility signed. -- Cash balances at the end of the period $1.216 million compared to $0.775 million as at 31 October 2018. Operational Development -- Concluded a joint venture with Chiadzwa Mining Resources (Pvt) Ltd, a company designated to represent Chiadzwa Community interests in the Chiadzwa Community Diamond Concession (the "Concession"). -- Continued discussions to finalise the joint venture agreement with Zimbabwe Consolidated Diamond Company (Pvt) Ltd ("ZCDC") which will enable the Concession to procure a special grant for the mining of diamonds. Discussions are in line with expectations, save on timing. -- Transitioned resources from MPM to BPPM in order to continue the upgrade and development of BPPM. Post period end: -- Revised an existing agreement with Botswana Diamonds PLC ("BOD") resulting in BOD acquiring a 2.5% interest in the cashflows generated from Vast's share in the Concession. In consideration for this interest BOD will provide know-how for all aspects of exploration, mining, processing and marketing in relation to the Concession. -- Cold commissioning of BPPM and commencement of drilling programme to establish a JORC. Funding Share issues during the period: gross proceeds before cost of issue Gross issue proceeds No of shares Date issued GBP $ 28 May 775,862,068 900,000 1,142,010 Placing - new investor Exercise of Open Offer 21 Jun 1,221 6 8 warrants Exercise of Open Offer 7 Aug 244 1 1 warrants 13 Aug 595,454,545 655,000 789,799 Placing - new investor 30 Sep 902,592,977 1,805,186 2,225,975 Placing - new investor 24 Oct 34,000,000 47,600 61,471 Exercise of warrants 2,307,911,055 3,407,793 4,219,264 Post period end: Gross issue proceeds No of shares Date issued GBP $ Exercise of Share Appreciation 7 Nov 20,000,000 50,000 64,110 Rights Exercise of Open Offer 23 Dec 18,318 92 119 warrants Exercise of Open Offer 31 Dec 260,629 1,303 1,721 warrants Exercise of Open Offer 2 Jan 1,275 6 8 warrants 20,280,222 51,401 65,958 Debt Funding -- Documentation was signed for a US$15 million binding conditional bond issue deed for a facility up to US$ 15 million through an issuance of secured convertible bonds to a UK based fund, Atlas Capital Markets Ltd ("Atlas"). Post period end -- Issued a drawdown notice for the funding of the first tranche of the Atlas facility. The Company expects to receive funds shortly. Board and Management Post period end -- Appointment of Paul Fletcher as Finance Director on 11 November 2019; Roy Tucker continues as Business Director. CHAIRMAN'S STATEMENT We had two key objectives for this reporting period. The first was to secure financing for our Romanian and Zimbabwe operations, and the second was to finalise the joint venture agreements in order to start mining activities at the Chiadzwa Community Diamond Concession (the "Concession"). The team made good progress in securing a US$15 million facility from Atlas (net US$13.5 million before costs), and post period end we were very pleased that we were in a position to drawn down on the first US$ 7.1 million tranche of the facility. We anticipate that we will receive these funds shortly. They will be applied to fund the capital expenditure programme that will put BPPM into production, as well as repay creditors. This clearly marks a significant turning point for the Company and we look forward to reporting on progress in the months to come. While good progress was also made in concluding a joint venture agreement with the Chiadzwa Community, to date we have been unable to finalize the joint venture agreement with ZCDC, which, amongst other matters, will enable the Company and our other Zimbabwean stakeholders to procure a special grant for the exploration, development, and mining of the Concession. As Andrew highlights in his report, we were concerned in the unexpected delay in signing the ZCDC joint venture agreement but we are pleased that discussions with the various Zimbabwe stakeholders are in line with previous expectations, other than on timing, and we remain confident that we will commence our mining operations in the near future. The Company is well placed to move quickly to monetise this opportunity with US$ 7.9 million binding and conditional funding available in the form of tranches 2 to 4 of the Atlas facility. As I mentioned in my report at the year end, the Company has been through a testing period marked equally by great opportunities and challenges. The Company and the management team has met these challenges
head-on and the effort and commitment has paid dividends in recent months. The Company is now on a firm footing to realising the underlying value of its key Romanian asset, BPPM, and is well positioned to successfully execute on its Zimbabwe diamond opportunity upon finalisation of the ZCDC joint venture agreement. Brian Moritz Chairman CHIEF EXECUTIVE OFFICER'S REPORT This has been a busy and critical period in the Company's development. We were able to register some notable accomplishments in the half year and after the period end that provide the necessary operational and financial platform to allow the Company to begin to unlock the underlying value of its key assets, the Baita Plai Polymetallic Mine ("BPPM") and the Chiadzwa Community Diamond Concession (the "Concession"). On 26th September we concluded a joint venture with Chiadzwa Mining Resources (Pvt) Ltd, a company designated to represent Chiadzwa Community interests in the Concession. This resulted in the formation of Katanga Mining (Pvt) Ltd ("Katanga"), a majority owned Vast company that will invest in Chiadzwa Community Company (Pvt) Ltd ("CCC"), a company with specific objectives to carry out exploration, resource development and mining in the Chiadzwa Community Diamond Concession. A further joint venture agreement between Katanga and the Zimbabwe Consolidated Diamond Company (Pvt) Ltd ("ZCDC"), a government entity which represents the Republic of Zimbabwe in the diamond sector is due to be signed, and which will result in the procurement of a special grant from the Zimbabwe authorities allowing the exploration and mining of diamonds within the Concession and will establish the final interests of Vast, the Community, and ZCDC in CCC. While we appreciate and share shareholders' concern in the unexpected delay in signing this second agreement with ZCDC, discussions with the various Zimbabwe stakeholders are in line with previous expectations , save on timing, and we are confident that we will commence our mining operations in the near future. Full details of the Chiadzwa joint venture will be announced at the same time as the conclusion and announcement of the ZCDC joint venture to which it is linked. On 24th October documentation was signed with Atlas Capital Markets Ltd ("Atlas") for a US$15 million binding conditional convertible bond facility. The authorities necessary for the bond issue were approved by shareholders on 8th November. The facility is divided into four tranches, the first tranche of US$7.1 million being applied to bringing BPPM into production and the repayment of two existing creditors, Sub-Sahara Goldia Investments (US$ 1 million in full and final settlement) and Mercuria (US$ 1 million in partial settlement). Mercuria will continue to support the Company's Romanian operations under a tripartite intercreditor agreement with Atlas and the Company. We are in the process of drawing down the US7.1 million tranche from Atlas which we anticipate receiving shortly and which will be applied immediately to BPPM, enabling the commencement of production in H1 2020. This represents a very significant and critical step for the Company, as was also the announcement at the end of last year of the cold commissioning of BPPM and the commencement of a drilling programme. The results of the drilling programme will be used to further define the grades and resource and will support the process of confirming a JORC resource. On 28th November the Company revised an existing agreement with Botswana Diamonds PLC ("BOD"). Upon finalising the Katanga / ZCDC agreement, BOD will receive an interest of 2.5% in Vast Resources Enterprises Ltd ("VRE") with Vast retaining an interest of 97.5%. In consideration for this interest BOD will provide know-how on all aspects of exploration, mining, processing and marketing in relation to the Concession. We enter 2020 in a far stronger position than at any time in the Company's history. We are resourced to place BPPM into production in the near future and we are well placed to execute our Zimbabwe diamond strategy as soon as the agreement with ZCDC is concluded, a process that we believe will be concluded shortly. Andrew Prelea Chief Executive Officer For further information visit www.vastplc.com or please contact: Vast Resources plc www.vastplc.com Andrew Prelea (Chief Executive Officer) +44 (0) 1491 615232 Andrew Hall ------------------------------------------- ------------------------- Beaumont Cornish -- Financial & Nominated www.beaumontcornish.com Adviser +44 (0) 020 7628 3396 Roland Cornish James Biddle ------------------------------------------- ------------------------- SP Angel Corporate Finance LLP -- Broker www.spangel.co.uk Richard Morrison +44 (0)20 3470 0470 Caroline Rowe ------------------------------------------- ------------------------- Blytheweigh www.blytheweigh.com Tim Blythe +44 (0)20 7138 3204 Megan Ray ------------------------------------------- ------------------------- Condensed consolidated statement of comprehensive income for the six months ended 31 October 2019 31 Oct 30 Apr 31 Oct 2019 2019 2018 13 6 Months Months 6 Months Group Group Group Unaudited Audited Unaudited $'000 $'000 $'000 Revenue - 3,432 2,137 Cost of sales - (4,344) (2,882) Gross loss - (912) (745) Overhead expenses (3,179) (8,195) (4,588) Depreciation of property, plant and equipment (411) (1,206) (819) Profit / (loss) on sale of property, plant and equipment - 84 (2) Share option and warrant expense (69) (264) (38) Sundry income 33 311 136 Exchange loss (773) (2,798) (1,448) Other administrative and overhead expenses (1,959) (4,322) (2,417) --------------------------------------------- --------- Loss from operations (3,179) (9,107) (5,333) Finance income - 1 - Finance expense (345) (845) (191) Loss before taxation from continuing operations (3,524) (9,951) (5,524) Taxation charge - - - Total loss after taxation from continuing operations (3,524) (9,951) (5,524) Profit after taxation from discontinued operations - 17,047 1,520 Total profit (loss) after taxation for the period (3,524) 7,096 (4,004) Other comprehensive income Items that may be subsequently reclassified to either profit or loss (Loss) / gain on available for sale financial assets - (3) 1 Exchange gain on translation of foreign operations 34 1,941 625 Total comprehensive profit / (loss) for the period (3,490) 9,034 (3,378) ========= ======= ========= Total profit / (loss) attributable to: - the equity holders of the parent company (3,398) 243 (5,142) - non-controlling interests (126) 6,853 1,138 (3,524) 7,096 (4,004) ========= ======= ========= Total comprehensive profit / (loss) attributable to: - the equity holders of the parent company (3,364) 2,181 (4,516) - non-controlling interests (126) 6,853 1,138 (3,490) 9,034 (3,378) ========= ======= ========= Loss per share -- basic and diluted (0.04) (0.00) (0.10) Loss per share continuing operations -- basic and diluted (0.04) (0.16) (0.10) Condensed consolidated statement of changes in equity for the six months ended 31 October 2019 Foreign currency Available Share Share Share option translation for sale EBT Retained Non-controlling capital premium reserve reserve reserve reserve deficit Total interests Total $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
At 30 April 2018 20,052 77,284 1,664 (2,656) 3 (3,942) (95,934) (3,529) 23,683 20,154 Total comprehensive loss for the period - - - 625 1 - (5,142) (4,516) 1,138 (3,378) Share option and warrant charges 38 38 38 Share options and warrants lapsed - - (10) - - - 10 - - - Acquired through business combination: - Delta Gold Zimbabwe (Pvt) Ltd - - - - - - - - (1,694) (1,694) Derecognition of EBT reserve - - - - - 3,942 (3,715) 227 - 227 Disposal of available for sale investments - - - - (4) - - (4) - (4) Shares issued for cash: 592 2,792 - - - - - 3,384 - 3,384 - to settle liabilities - - - At 31 October 2018 20,644 80,076 1,692 (2,031) - - (104,781) (4,400) 23,127 18,727 Total comprehensive loss for the period - - - 1,309 - - 3,625 4,934 5,079 10,013 Share option and warrant charges - - 142 - - - - 142 - 142 Share options and warrants lapsed - - (219) - - - 219 - - - Derecognised on discontinued operations: - Dallaglio Investments (Private) Limited - - - - - - - (28,247) (28,247) Shares issued for cash 3,058 1,609 - - - - - 4,667 - 4,667 At 30 April 2019 23,702 81,685 1,615 (722) - - (100,937) 5,343 (41) 5,302 Total comprehensive loss for the period - - - 34 - - (3,398) (3,364) (126) (3,490) Share option and warrant charges - - 69 - - - - 69 - 69 Share options and warrants lapsed - - (387) - - - 387 - - - Shares issued for cash 2,859 1,066 - - - - - 3,925 - 3,925 At 31 October 2019 26,561 82,751 1,297 (688) - - (103,948) 5,973 (167) 5,806 ======== ======== ============= ============= ========== ======== ========= ======= ================ ======== Condensed consolidated statement of financial position As at 31 October 2019 31 Oct 2019 30 Apr 2019 31 Oct 2018 Unaudited Audited Unaudited Group Group Group $'000 $'000 $'000 Assets Note Non-current assets Property, plant and equipment 3 11,998 11,261 52,242 Investment in joint ventures - - 548 Goodwill arising on consolidation - - 566 11,998 11,261 53,356 ----------- ----------- ----------- Current assets Inventory 5 472 413 5,033 Receivables 6 1,961 2,537 8,431 Available for sale investments - - 15 Cash and cash equivalents 1,216 569 775 Total current assets 3,649 3,519 14,254 ----------- ----------- ----------- Total Assets 15,647 14,780 67,610 Equity and Liabilities Capital and reserves attributable to equity holders of the Parent Share capital 26,561 23,702 20,644 Share premium 82,751 81,685 80,076 Share option reserve 1,297 1,615 1,692 Foreign currency translation reserve (688) (722) (2,031) Retained deficit (103,948) (100,937) (104,781) 5,973 5,343 (4,400) Non-controlling interests (167) (41) 23,127 Total equity 5,806 5,302 18,727 ----------- ----------- ----------- Non-current liabilities Loans and borrowings 7 3,073 4,043 23,607 Provisions 9 489 489 2,465 Deferred tax liability - - 3,330 3,562 4,532 29,402 ----------- ----------- ----------- Current liabilities Loans and borrowings 7 2,348 1,476 11,956 Trade and other payables 8 3,931 3,470 7,525 Total current liabilities 6,279 4,946 19,481 ----------- ----------- ----------- Total liabilities 9,841 9,478 48,883 Total Equity and Liabilities 15,647 14,780 67,610 Condensed consolidated statement of cash flow for the six months ended 31 October 2019 31 Oct 2019 30 Apr 2019 31 Oct 2018 Unaudited Audited Unaudited Group Group Group $'000 $'000 $'000 CASH FLOW FROM OPERATING ACTIVITIES Profit (loss) before taxation for the period - from continuing operations (3,524) (9,951) (5,524) - from discontinued operations - 17,047 1,520 Adjustments for: Depreciation and impairment charges 411 4,554 2,138 (Profit) loss on sale of property, plant and equipment - (76) 2 Gain on disposal of discontinued operations - (8,649) - Loss on disposal of available for sale investments - 10 - Share option expense 69 264 38 (3,044) 3,199 (1,826) ---------- ----------- ----------- Changes in working capital: Decrease (increase) in receivables 613 2,140 (2,439) Decrease (increase) in inventories (55) 1,290 (1,000) Increase (decrease) in payables 490 (1,275) 2,639 1,048 2,155 (800) ---------- ----------- ----------- Taxation paid - - - Cash generated by / (used in) operations (1,996) 5,354 (2,626) Investing activities: Payments to acquire property, plant and equipment (1,184) (11,391) (4,443) Payments to acquire new subsidiary - (4,480) (4,480) Proceeds on disposal of property, plant and equipment - 168 85 Net cash inflow on disposal of discontinued operations - 1,592 - Proceeds of derecognition of EBT reserve - 221 221 Decrease (increase) in investment in joint venture - 559 (54) . Total cash used in investing activities (1,184) (13,331) (8,671) ---------- ----------- ----------- Financing activities:
Net proceeds from the issue of ordinary shares 3,925 8,110 4,667 Proceeds from loans and borrowings granted 156 6,165 6,985 Repayment of loans and borrowings (254) (7,029) (53) Total proceeds from financing activities 3,827 7,246 11,599 ---------- ----------- ----------- Increase (decrease) in cash and cash equivalents 647 (731) 302 Cash and cash equivalents at beginning of period 569 1,300 473 Cash and cash equivalents at end of period 1,216 569 775 ========== =========== =========== Interim report notes 1 Interim Report These condensed interim financial statements, which are unaudited, are for the six months ended 31 October 2019 and consolidate the financial statements of the Company and all its subsidiaries. The statements are presented in United States Dollars. The financial information set out in these condensed interim financial statements does not constitute statutory accounts as defined in Section 434(3) of the Companies Act 2006. The condensed interim financial statements should be read in conjunction with the consolidated financial statements of the Group for the period ended 30 April 2019 which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRSs"). The Auditor's report on those financial statements was unqualified and did not contain a statement under s.498(2) or s.498(3) of the Companies Act 2006. While the Auditors' report for the period ended 30 April 2019 was unqualified, it did include a material uncertainty related to going concern, to which the Auditors drew attention by way of emphasis without qualifying their report. Full details of these comments are contained in the report of the Auditors on Pages 23-27 of the annual financial statements for the period ended 30 April 2019, released elsewhere on this website on 30 September 2019. The accounts for the period have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34") and the accounting policies are consistent with those of the annual financial statements for the period ended 30 April 2019, unless otherwise stated, and those envisaged for the financial statements for the year ended 30 April 2020. New IFRS accounting standards IFRS 16 Leases became effective for the Group from 1 January 2019. The principal impact of IFRS 16 will be to change the accounting treatment by lessees of leases currently classified as operating leases. Lease agreements will give rise to the recognition by the lessee of an asset, representing the right to use the leased item, and a related liability for future lease payments. Lease costs will be recognised in the income statement in the form of depreciation of the right of use asset over the lease term, and finance charges representing the unwind of the discount on the lease liability. The adoption of IFRS 16 does not materially impact the carrying value of lease liabilities given the Group's negligible leasing exposure. As the effects of applying these standards are considered immaterial to the Group, the Group has elected not to demonstrate the impact of these standards on the current period's results and not to restate prior periods on adoption of the new standards in 2019. Going concern After review of the Group's operations and of the funding opportunities open to the Group, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the unaudited condensed interim financial statements. This interim report was approved by the Directors on 17 January 2019. 2 Segmental analysis Continuing operations Discontinued operations Mining, exploration Admin Mining, exploration Admin and and development and corporate Total and development corporate Total Europe Africa Europe Africa $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Six months to 31 October 2019 Revenue - - - - - - - - Production costs - - - - - - - - Gross profit (loss) - - - - - - - - Depreciation (409) - (2) (411) - - - - Profit (loss) on sale of property, plant and equipment - - - - - - - - Share option and warrant expense - - (69) (69) - - - - Sundry income 33 - - 33 - - - - Exchange (loss) gain (156) - (617) (773) - - - - Other administrative and overhead expenses (722) - (1,237) (1,959) - - - - Finance income - - - - - - - - Finance expense (189) - (156) (345) - - - - Profit on disposal of discontinued operations - - - - - - - - Taxation (charge) - - - - - - - - Profit (loss) for the year from continuing operations (1,443) - (2,081) (3,524) - - - - 31 October 2019 Total assets 14,516 - 1,131 15,647 - - - - Total non-current assets 11,998 - - 11,998 - - - - Additions to non-current assets 1,184 - - 1,184 - - - - Total current assets 2,120 - 1,529 3,649 - - - - Total liabilities 8,329 - 1,512 9,841 - - - - 2 Segmental analysis (continued) Continuing operations Discontinued operations Mining, exploration Admin Mining, exploration Admin and development and corporate Total and development and corporate Total Europe Africa Europe Africa $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Thirteen months to 30 April 2019 Revenue 3,328 - 104 3,432 - 31,243 - 31,243 Production costs (4,344) - - (4,344) - (18,527) - (18,527) Gross profit (loss) (1,016) - 104 (912) - 12,716 - 12,716 Depreciation and impairment (1,200) - (6) (1,206) - (3,348) - (3,348) Profit (loss) on sale of property, plant and equipment 86 - (2) 84 - (8) - (8) Share option and warrant expense - - (264) (264) - - - - Sundry income 311 - - 311 - 670 - 670 Exchange (loss) gain (2,283) - (515) (2,798) - 6,494 (779) 5,715 Other administrative and overhead expenses (1,516) - (2,806) (4,322) - (4,894) (22) (4,916) Finance income - - 1 1 - 2 - 2 Finance expense (413) - (432) (845) - (1,014) - (1,014) Loss on disposal of subsidiary company loans - - - - - 8,649 - 8,649
Taxation (charge) - - - - - (1,408) (11) (1,419) Profit (loss) for the year from continuing operations (6,031) - (3,920) (9,951) - 17,859 (812) 17,047 30 April 2019 Total assets 13,611 - 1,169 14,780 - - - - Total non-current assets 11,220 - 41 11,261 - - - - Additions to non-current assets 1,684 - 53 1,737 - 14,371 - 14,371 Total current assets 2,441 - 1,078 3,519 - - - - Total liabilities 8,434 - 1,044 9,478 - - - - 2 Segmental analysis (continued) Continuing operations Discontinued operations Mining, exploration Admin Mining, exploration Admin and development and corporate Total and development and corporate Total Europe Africa Europe Africa $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Six months to 31 October 2018 Revenue 2,137 - - 2,137 - 16,932 - 16,932 Production costs (2,882) - - (2,882) - (12,840) - (12,840) Gross profit (loss) (745) - - (745) - 4,092 - 4,092 Depreciation (818) - (1) (819) - (1,319) - (1,319) Profit (loss) on sale of property, plant and equipment - - (2) (2) - - - - Share option and warrant expense - - (38) (38) - - - - Sundry income 136 - - 136 - 215 - 215 Exchange (loss) gain (1,047) - (401) (1,448) - 1 - 1 Other administrative and overhead expenses (866) - (1,551) (2,417) - (839) (20) (859) Finance income - - - - - 23 - 23 Finance expense (191) - - (191) - (685) 52 (633) Loss on disposal of subsidiary company loans - - - - - - - - Taxation (charge) - - - - - - - - Profit (loss) for the year from continuing operations (3,531) - (1,993) (5,524) - 1,488 32 1,520 31 October 2018 Total assets 14,105 - 20 14,125 53,485 - 53,485 Total non-current assets 10,768 - - 10,768 42,588 - 42,588 Additions to non-current assets 421 - 1 422 4,021 - 4,021 Total current assets 2,849 - 388 3,237 10,749 268 11,017 Total liabilities 8,484 - 662 9,146 24,877 14,860 39,737 3 Property, Plant and equipment Fixtures, Capital Plant and fittings Computer Motor Buildings Mining Work in Group machinery and equipment assets vehicles and Improvements assets progress Total $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Cost at 1 May 2018 19,297 178 307 722 3,749 27,693 2,760 54,706 Revaluation - - - - - - - - Additions during the period 254 40 83 115 46 1,314 2,591 4,443 Acquired through business combination 2,319 20 - 2 1,790 - - 4,131 Reclassification 260 - - - 5 - (265) - Disposals during the period - - - - (87) - - (87) Foreign exchange movements (189) (2) (6) (32) (171) (278) (62) (740) Cost at 31 October 2018 21,941 236 384 807 5,332 28,729 5,024 62,453 ----------- --------------- --------- --------- ------------------ -------- ---------- -------- Revaluation - 10 1 40 51 Additions during the period 1,089 55 19 174 120 3,851 752 6,060 Acquired through business combination 493 1 102 - - - - 596 Reclassification (14) - - - 129 - (115) - Disposals during the period (14) - - - 5 - - (9) Discontinued operations (20,142) (243) (382) (707) (2,240) (26,188) (2,830) (52,732) Foreign exchange movements (150) (13) (6) (69) (134) (218) (47) (637) Cost at 30 April 2019 3,203 46 118 245 3,212 6,174 2,784 15,782 ----------- --------------- --------- --------- ------------------ -------- ---------- -------- Additions during the period - 1 - 37 - - 1,146 1,184 Foreign exchange movements (6) - - (5) (10) (16) (10) (47) Cost at 31 October 2019 3,197 47 118 277 3,202 6,158 3,920 16,919 ----------- --------------- --------- --------- ------------------ -------- ---------- -------- Depreciation at 1 May 2018 4,898 85 147 410 540 1,721 604 8,405 Charge for the period 1,548 16 42 28 76 428 - 2,138 Foreign exchange movements (198) (4) (10) (31) (56) (33) - (332) Depreciation at 31 October 2018 6,248 97 179 407 560 2,116 604 10,211 ----------- --------------- --------- --------- ------------------ -------- ---------- -------- Charge for the period 1,162 28 120 72 134 794 106 2,416 Acquired through business combination 52 - 9 - - - - 61 Disposals during the period (4) - - - - - - (4) Discontinued operations (5,402) (84) (238) (319) (68) (1,828) - (7,939) Foreign exchange movements (103) (6) (4) (28) (41) (42) - (224) Depreciation at 30 April 2019 1,953 35 66 132 585 1,040 710 4,521 ----------- --------------- --------- --------- ------------------ -------- ---------- --------
Charge for the period 184 6 4 14 57 146 - 411 Foreign exchange movements (2) - - (2) (4) (3) - (11) Depreciation at 31 October 2019 2,135 41 70 144 638 1,183 710 4,921 ----------- --------------- --------- --------- ------------------ -------- ---------- -------- Net book value at 31 October 2018 15,693 139 205 400 4,772 26,613 4,420 52,242 Net book value at 30 April 2019 1,250 11 52 113 2,627 5,134 2,074 11,261 Net book value at 31 October 2019 1,062 6 48 133 2,564 4,975 3,210 11,998 4 Loss per share 31 Oct 2019 30 Apr 2019 31 Oct 2018 Unaudited Audited Unaudited Group Group Group Profit and loss per ordinary share has been calculated using the weighted average number of ordinary shares in issue during the relevant financial year. The weighted average number of ordinary shares in issue for the period is: 9,017,815,872 5,887,042,985 5,372,499,686 Profit / (loss) for the period: ($'000) (3,398) 243 (5,142) Profit / (loss) per share basic and diluted (cents) (0.04) 0.00 (0.10) Profit / (loss) for the period from continuing operations: ($'000) (3,398) (9,649) (5,356) Profit / (loss) per share for the period from continuing operations - basic and diluted (0.04) (0.16) (0.10) Profit / (loss) for the period from discontinued operations: ($'000) - 9,892 214 Profit / (loss) per share for the period from discontinued operations - basic and diluted - 0.17 0.00 The effect of all potentially dilutive share options is anti-dilutive. 5 Inventory 31 Oct 30 Apr 31 Oct 2019 2019 2018 Unaudited Audited Unaudited Group Group Group $'000 $'000 $'000 Minerals held for sale 61 61 1,145 Production stockpiles 48 48 1,711 Consumable stores 363 304 2,177 472 413 5,033 --------- ------- --------- 6 Receivables 31 Oct 30 Apr 31 Oct 2019 2019 2018 Unaudited Audited Unaudited Group Group Group $'000 $'000 $'000 Trade receivables - - 412 Other receivables 839 1,502 2,414 Short term loans 211 174 - Prepayments 60 74 2,506 VAT 851 787 3,099 1,961 2,537 8,431 --------- ------- --------- 7 Loans and borrowings 31 Oct 30 Apr 31 Oct 2019 2019 2018 Unaudited Audited Unaudited Group Group Group $'000 $'000 $'000 Non current Secured borrowings 5,035 4,043 9,120 Unsecured borrowings 206 - 14,838 less amounts payable in less than 12 months (2,168) - (351) 3,073 4,043 23,607 --------- ------- --------- Current Secured borrowings 2,018 978 3,802 Unsecured borrowings 330 498 4,269 Bank overdrafts - - 3,885 2,348 1,476 11,956 --------- ------- --------- Total loans and borrowings 5,421 5,519 35,563 8 Payables 31 Oct 30 Apr 31 Oct 2019 2019 2018 Unaudited Audited Unaudited Group Group Group $'000 $'000 $'000 Trade payables 1,298 1,193 4,460 Other payables 1,293 1,033 2,380 Other taxes and social security taxes 1,340 1,027 538 Accrued expenses - 217 147 3,931 3,470 7,525 --------- ------- --------- 9 Provisions 31 Oct 30 Apr 31 Oct 2019 2019 2018 Unaudited Audited Unaudited Group Group Group $'000 $'000 $'000 Provision for rehabilitation of mining properties - Provision brought forward from previous periods 489 1,397 1,397 - Liability recognised during period - - 1,068 - Derecognised on disposal of subsidiary - (908) - 489 489 2,465 --------- ------- --------- 10 Events after the reporting date Shares issued Gross issue proceeds No of shares Date issued GBP $ Reason for issue Exercise of Share Appreciation 7 Nov 20,000,000 50,000 64,110 Rights Exercise of Open Offer 23 Dec 18,318 92 119 warrants Exercise of Open Offer 31 Dec 260,629 1,303 1,721 warrants Exercise of Open Offer 2 Jan 1,275 6 8 warrants 20,280,222 51,401 65,958 On 28th November the Company revised an existing agreement with Botswana Diamonds PLC (BOD), BOD will now be a consulting partner in the development of the Chiadzwa Community Concession in Zimbabwe, providing know-how on all aspects of exploration, mining, processing and marketing. Upon finalising the Katanga / ZCDC agreement, BOD will receive an interest of 2.5% in Vast Resources Enterprises Ltd ("VRE"). On 16(th) December the Company announced the cold commissioning of BPPM and on 23(rd) December the commencement of a drilling programme, the results of which will be used to further define the grades and resource and will support the process of confirming a JORC resource. On 2(nd) January the Company has submitted a drawdown request for the First Tranche Issuance to Atlas Capital Markets Limited in accordance with the terms and conditions of the Bond Issuance Deed. Attachment -- Interim Results https://ml-eu.globenewswire.com/Resource/Download/8e4762c3-c334-45bc-99e0-fe73a58ad08a
(END) Dow Jones Newswires
January 17, 2020 10:00 ET (15:00 GMT)
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