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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% | 0.43 | 0.41 | 0.45 | 0.43 | 0.41 | 0.43 | 14,926,062 | 15:22:15 |
| 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 |
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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
27 January 2021
Vast Resources plc
('Vast' or the 'Company')
Interim Results: 1 May 2020 - 31 October 2020
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 2020 to 31 October 2020.
The report is set out below and can be found on the Company's website at
the following address:
https://www.globenewswire.com/Tracker?data=9FEmSlA1CEZu6IUnOAXtKE6xFgPuS69XPhrWLmyM10BL_O6TYH79ObTkFD0eww8nrZvwMHKFR18d8N1hGFfGdRqLplwPYVvkOE1nhAb-MA5m96OR_ncKjLzQiMeGWYRXcJL5zvZH5u7FtWV-pE0QPTNBdXXL6TkQ7XvvthBU16eBWx1wyPshmTogyXGq3W4GkYOiynV1Xl0-_HNrtkq1yA==
https://www.vastplc.com/investor-information/document-downloads
**S**
For further information, visit www.vastplc.com or please contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Andrew Hall (CCO)
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 020 7628 3396
James Biddle
SP Angel Corporate Finance LLP -- Joint Broker www.spangel.co.uk
Richard Morrison +44 (0) 20 3470 0470
Caroline Rowe
Axis Capital Markets Limited -- Joint Broker www.axcap247.com
Richard Hutchison +44 (0) 20 3206 0320
St Brides Partners Limited www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
Beth Melluish
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 a United Kingdom AIM listed mining company with
mines and projects in Romania and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of
high-quality projects by recommencing production at previously producing
mines.
The Company's Romanian portfolio includes 100% interest in the producing
Baita Plai Polymetallic Mine, located in the Apuseni Mountains,
Transylvania, an area which hosts Romania's largest polymetallic mines.
The mine has a JORC compliant Reserve & Resource Report which underpins
the initial mine production life of approximately 3-4 years with an
in-situ total mineral resource of 15,695 tonnes copper equivalent with a
further 1.8M-3M tonnes exploration target. The Company is now working on
confirming an enlarged exploration target of up to 5.8M tonnes
The Company also owns the Manaila Polymetallic Mine in Romania, which
was commissioned in 2015, currently on care and maintenance. The Company
has been granted the Manaila Carlibaba Extended Exploitation License
that will allow the Company to re-examine the exploitation of the
mineral resources within the larger Manaila Carlibaba licence area.
In Zimbabwe, the Company is focused on the commencement of the joint
venture mining agreement on the Community Diamond Concession, Chiadzwa,
in the Marange Diamond Fields.
Overview of the Interim Results for the six months to 31 October 2020
Financial
-- No revenue was reported in the period as our Baita Plai Polymetallic Mine
("BPPM") had not commenced sales until after the period end and our
Manaila Polymetallic Mine ("MPM") remains on care and maintenance.
-- The results of the reporting period reflect the continuation of the
Company's planning and expenditure prior the commencement of concentrate
production in October.
-- 15% decrease in administrative and overhead expenses for the six month
period ended 31 October 2020 ($1.672 million) compared to the six month
period ended 31 October 2019 ($1.959 million).
-- Foreign exchange gains of $2.015 million for the period compared to a
loss of $0.773 million for the six month period ended 31 October 2019.
These gains are substantially offset by exchange losses on translation of
foreign operations ($1.412 million).
-- 70% decrease in losses after taxation from continuing operations in the
period ($1.040 million) compared to the six month period ended 31
October 2019 ($3.524 million).
-- Cash balances at the end of the period $0.239 million compared to $1.216
million as at 31 October 2019.
Operational Development
-- In June, the Company was granted the Manaila Carlibaba Extension
Exploitation License which will allow the Company to re-examine the
exploitation of the mineral resources within the larger Manaila Carlibaba
license area. The enlarged exploitation license is 138.6 hectares in size,
an increase of 410% in surface area from the existing exploitation
license at Manaila (27.2 hectares).
-- In October, the Company has also received a time extension of five years
on the entire Manaila Carlibaba licence area in accordance with Romanian
Mining Legislation.
-- During the period the Company completed the installation of new equipment
and the rehabilitation of existing mining infrastructure at BPPM
resulting in commissioning of the plant and the commencement of
concentrate production in October.
-- At the end of October 2020, the Company published a JORC 2012 compliant
Measured and Indicated Mineral Resource for BPPM which covers the first
four years of production. Further drilling will be conducted with the
objective of publishing an expanded JORC 2012 Mineral Resource.
-- Continued discussions to finalise the agreement with Zimbabwe
Consolidated Diamond Company (Pvt) Ltd ("ZCDC") regarding the right to
mine diamonds for the Company at the community diamond concession.
Post period end:
-- First sale of concentrate concluded in November 2020.
-- In November, the Company announced an increase in exploration target for
BPPM from 1.8 - 3 million tonnes to 3.2 - 5.8 million tonnes.
Funding
Share issues during the period: gross proceeds / consideration before
cost of issue
GBP $ Shares Issued Issued to
4,329,317 5,459,931 2,708,374,994 Placing with investors
109,800 136,807 61,000,000 Subscription by investors
45,000 56,653 30,000,000 Subscription by management
117,006 147,958 69,989,038 Settle interest costs
4,287 5,410 857,546 Exercise of open offer warrants
4,605,410 5,806,759 2,870,221,578
========= ========= =============
Post period end:
GBP $ Shares Issued Issued to
6,294,780 8,439,611 4,576,776,439 Placing with investors
Purchase of 20% NCI of Vast Baita
4,845,000 6,442,699 2,850,000,000 Plai 20%
Settle Atlas convertible loan
365,337 500,000 323,880,177 principal
1,943 2,647 388,586 Exercise of open offer warrants
11,507,060 15,384,957 7,751,045,202
========== ========== =============
As highlighted in the above table, the Company acquired the remaining
20% interest in Baita Plai Polymetallic Mine ('Vast Baita Plai') (thus
increasing its interest in Baita Plai to 100%) together with further
interests in Romanian assets.
Debt Funding
--During the period the Company repaid $500,000 of principal of the
first tranche of the Atlas facility.
Post period end:
--On 26 January 2021, the Company announced that Atlas had issued a
conversion notice for the repayment of $500,000 of principal of the
first tranche of the Atlas facility. The Company has satisfied the
conversion rights through the issuance of 323,880,177 shares.
Board and Management
-- Resignation of Eric Diack as Non-executive Director on 4 May 2020.
-- Resignation of Mark Mabhudhu as Executive Director of the Company's
Diamond Division on 22 September 2020 following his appointment as Chief
Executive Officer of Government owned Zimbabwe Consolidated Diamond
Company (Pvt) Ltd.
-- Appointment of Marcus Brewster as General Manager of BPPM and who will
join Vast on 1 March 2021.
CHAIRMAN'S STATEMENT
The commencement of production at the Baita Plai Polymetallic Mine
("BPPM") in October represents a major achievement for the Company. It
has been a difficult journey made more challenging in the latter stages
by the Covid-19 pandemic. The team has worked tirelessly to reach this
milestone, installing new equipment and successfully commissioning the
plant. We were very encouraged by the Mineral Resource Estimate Report
published in October and we are moving ahead with an underground
drilling program to determine the further potential of the asset.
However, as Andrew Prelea mentions in his report, we were disappointed
that we were unable to conclude a new financing facility with an
international banking institution that had been well advanced.
In November 2020, the Company acquired the remaining 20% interest in
BPPM, increasing its interest in BPPM to 100%, together with further
interests in Romanian assets. The Acquisition was satisfied through the
issue of 2,850,000,000 new ordinary shares of 0.1p in the Company at a
price of 0.17p per share. Of these shares, 1,500,001,930 have been
allotted to Andrew Prelea and 225,005,790 have been allotted to Roy
Tucker, both Directors of the Company, and it was announced on 9
November 2020 that Andrew Prelea and Roy Tucker have agreed subject to
their remaining directors of the Company a lock-up period of twelve
months in respect of the share allotments.
On 22 September 2020, Mark Mabhudhu, Executive Director of the Company's
Diamond Division left Vast to take up the role of CEO at Zimbabwe
Consolidated Diamond Company (Pvt) ("ZCDC"). We were saddened by Mark's
leaving but look forward to continuing to work with him as he carries
out his new remit to implement ageements between ZCDC and investors in
the diamond sector. The Board would like to thank Mark for all his
efforts and wish him all the best in his new role.
On 4 May 2020, Eric Diack resigned from his position as a Non-Executive
Director of the Company due to other commitments. The Board would like
to thank Eric for his contribution over the years and wishes him well in
his new role.
On 22 January 2021, we were pleased to announce the appointment of
Marcus Brewster as the new General Manager of BPPM. Marcus will join us
on 1 March 2021.
The Company is now on a solid footing to begin to realise the value of
BPPM and continues to be well positioned to successfully execute on its
Zimbabwe diamond opportunity.
I wish all our stakeholders well in these difficult times and, as always,
remain committed to the safety of our employees and the communities in
which we operate.
Brian Moritz
Chairman
CHIEF EXECUTIVE OFFICER'S REPORT
The last twelve months have been unprecedented in peacetime. Many
countries continue to battle through the Covid-19 pandemic one year
after the first international reports of a novel coronavirus. The
stresses and strains on individuals, society and business have clearly
been immense. In reaction, we have witnessed the fastest development of
effective vaccines and the largest vaccination program in history. This
is testament to the ability of individuals, institutions and communities
to pull together in the face of adversity and I believe this will be
ever more important and prevalent as we emerge from this crisis to face
new and existing challenges such as the push for cleaner energy. The
call for clean energy and electric vehicles appears to have accelerated
during the pandemic and Vast is well placed to take advantage of these
developments through its Baita Plai Polymetallic Mine ("BPPM").
Despite the Covid-19 headwinds we commenced production at BPPM in
October and sold our first concentrate in November. This marked a
significant achievement. Much of our new equipment was sourced from
Chinese suppliers through the lock-down period at the start of 2020, and
as the pandemic spread we were still able during the period to take
delivery, test and install equipment, whilst at the same time
rehabilitating existing mining infrastructure. Travel restrictions also
provided significant challenges due to disruptions to the itinerary of
key management personnel and which we worked to mitigate. Specific
accomplishments at BPPM during the period were as follows:
-- Delivery and working installation of locomotives
-- Delivery of underground railway cutting and bending equipment.
-- Delivery and installation of railway tracks.
-- Delivery of underground wagons, modification as necessary and
installation.
-- Delivery of underground rock loaders and mining jackhammers.
-- Delivery of underground pneumatic loaders.
-- Delivery and installation of ceramic filters and hydrocyclones.
-- Delivery and installation of slurry pumps.
-- Continued refurbishment of existing plant equipment.
-- Rehabilitation of underground mining infrastructure.
-- Completion of tailings pipe.
-- Metallurgical test work on initial underground working areas to determine
formulas for processing.
-- Drilling and assay work as part of preparing a JORC 2012 compliant
resource estimate and further defining the mine plan.
-- Repair to a railway bridge access point using an alternative steel
structure.
The potential value of the BPPM was further underpinned by the
publication of a Mineral Resource Estimate in October which covers the
initial mine production life of approximately 3-4 years whilst historic
mineral resources are verified. The report estimates a Resource of
608,000 tonnes at a copper equivalent grade of 2.58% and an exploration
target of 1.8 - 3 million tonnes that was increased to 3.2 - 5.8 million
tonnes in November following the Company's review of further historical
data which had only recently been made available. Based on these
findings, the Directors believe that the Antonio North skarn represents
a major near to medium term mining opportunity and an underground
exploration drilling programme is currently being compiled to better
determine its potential.
As announced on 22 January 2021, we are delighted that Marcus Brewster
will join Vast as the new General Manager of BPPM. Marcus brings
significant open pit and underground mining and management experience
and this role will include the development of BPPM to its full potential
whilst maintaining the highest standards of safety and environmental
compliance.
In November, and as further explained in the Chairman's statement, the
Company acquired the remaining 20% interest in BPPM thereby bringing
Vast's total interest in Baita Plai to 100%. As part of this
transaction, the Company also acquired an increased interest in Romanian
assets comprising Blueberry, Piciorul Zimbrului, and Magura Neagra.
These acquisitions were satisfied through the issue of 2,850,000,000 new
ordinary shares of 0.1p in the Company and have allowed the Company to
simplify its ownership structure.
While good progress has been made in starting to realise BPPM's
underlying value, we were disappointed the Company was not able to
refinance the current Atlas facility as planned. The Company was
informed in January that the credit committee was unable to proceed with
the transaction until the completion of certain restructuring
requirements. The Company has been given to understand that this
decision is unrelated to its current mining activity in Romania and is
not a negative reflection on BPPM. The Company remains committed to
seeking cheaper and strategic financing.
Finally, we continue to remain confident that we will be able to
conclude a diamond mining agreement with ZCDC once Covid-19 lock-down
measures are lifted in Zimbabwe.
Many thanks to fellow Board members and management for the commitment
and hard work that has been put into the Group. I thank all our
stakeholders for their support through these challenging times.
Andrew Prelea
Chief Executive Officer
Condensed consolidated statement of comprehensive income
for the six months ended 31 October 2020
31 Oct 30 Apr 31 Oct
2020 2020 2019
12
6 Months Months 6 Months
Group Group Group
Unaudited Audited Unaudited
Note $'000 $'000 $'000
Revenue - - -
Cost of sales - - -
Gross profit - - -
Overhead expenses 13 (7,243) (3,179)
Depreciation of property, plant and equipment (398) (913) (411)
Profit / (loss) on sale of property, plant and
equipment - - -
Share option and warrant expense - (440) (69)
Sundry income 68 175 33
Exchange (loss) / gain 2,015 (1,977) (773)
Other administrative and overhead expenses (1,672) (4,088) (1,959)
------------------------------------------------------ ---- --------- ------- ---------
Proft / (loss) from operations 13 (7,243) (3,179)
Finance income 59 30 -
Finance expense (1,112) (1,099) (345)
Loss before taxation from continuing operations (1,040) (8,312) (3,524)
Taxation charge - - -
Total loss after taxation for the period (1,040) (8,312) (3,524)
Other comprehensive income
Items that may be subsequently reclassified to either
profit or loss
(Loss) / gain on available for sale financial
assets - - -
Exchange gain / (loss) on translation of foreign
operations (1,412) 1,045 34
Total comprehensive profit / (loss) for the period (2,452) (7,267) (3,490)
========= ======= =========
Total profit / (loss) attributable to:
- the equity holders of the parent company (1,076) (8,000) (3,398)
- non-controlling interests 36 (312) (126)
(1,040) (8,312) (3,524)
========= ======= =========
Total comprehensive profit / (loss) attributable to:
- the equity holders of the parent company (2,488) (6,955) (3,364)
- non-controlling interests 36 (312) (126)
(2,452) (7,267) (3,490)
========= ======= =========
Loss per share -- basic and diluted 4 (0.01) (0.08) (0.04)
Condensed consolidated statement of changes in equity
for the six months ended 31 October 2020
Foreign
Share currency Available
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 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:
- for cash
consideration 2,859 1,066 - - - - - 3,925 - 3,925
- to settle
liabilities - - - - - - - - - -
At 31 October 2019 26,561 82,751 1,297 (688) - - (103,948) 5,973 (167) 5,806
Total
comprehensive
loss for the
period - - - 1,011 - - (4,602) (3,591) (186) (3,777)
Share option
and warrant
charges - - 371 - - - - 371 - 371
Share options
and warrants
lapsed - - 5 - - - (5) - - -
Share warrants
issued to
debt
provider - - 1,310 - - - - 1,310 - 1,310
Derecognised
on
discontinued
operations:
- Millwall
International
Investments
Limited - - - (1,178) - 1,178 - - -
Shares issued
for cash
- for cash
consideration 514 237 - - - - - 751 4 755
- to settle
liabilities 21 9 - - - - - 30 - 30
At 30 April 2020 27,096 82,997 2,983 (855) - - (107,377) 4,844 (349) 4,495
Total
comprehensive
loss for the
period - - - (1,412) - - (1,076) (2,488) 36 (2,452)
Share option
and warrant
charges - - - - - - - - - -
Share options
and warrants
lapsed - - - - - - - - - -
Shares issued
for cash
- for cash
consideration 3,503 1,799 - - - - - 5,302 - 5,302
- to settle
liabilities 117 72 - - - - - 189 - 189
At 31 October 2020 30,716 84,868 2,983 (2,267) - - (108,453) 7,847 (313) 7,534
======== ======== ======== ============ ========== ======== ========= ======= ================ =======
Condensed consolidated statement of financial position
As at 31 October 2020
31 Oct 30 Apr 31 Oct
2020 2020 2019
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Assets Note
Non-current assets
Property, plant and equipment 3 15,751 12,735 11,998
15,751 12,735 11,998
--------- --------- ---------
Current assets
Inventory 5 840 476 472
Receivables 6 2,747 2,461 1,961
Available for sale investments 977 920 -
Cash and cash equivalents 239 478 1,216
Total current assets 4,803 4,335 3,649
--------- --------- ---------
Total Assets 20,554 17,070 15,647
========= ========= =========
Equity and Liabilities
Capital and reserves attributable to equity holders
of the Parent
Share capital 30,716 27,096 26,561
Share premium 84,868 82,997 82,751
Share option reserve 2,983 2,983 1,297
Foreign currency translation reserve (2,267) (855) (688)
Retained deficit (108,453) (107,377) (103,948)
7,847 4,844 5,973
Non-controlling interests (313) (349) (167)
Total equity 7,534 4,495 5,806
--------- --------- ---------
Non-current liabilities
Loans and borrowings 7 8,605 8,343 3,073
Provisions 9 473 420 489
Deferred tax liability - - -
9,078 8,763 3,562
--------- --------- ---------
Current liabilities
Loans and borrowings 7 249 392 2,348
Trade and other payables 8 3,693 3,420 3,931
Total current liabilities 3,942 3,812 6,279
--------- --------- ---------
Total liabilities 13,020 12,575 9,841
--------- --------- ---------
Total Equity and Liabilities 20,554 17,070 15,647
========= ========= =========
Condensed consolidated statement of cash flow
for the six months ended 31 October 2020
31 Oct 2020 30 Apr 2020 31 Oct 2019
Unaudited Audited Unaudited
Group Group Company
$'000 $'000 $'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxation for the
period (1,040) (8,312) (3,524)
Adjustments for:
Depreciation and impairment charges 398 913 411
(Profit) loss on sale of property,
plant and equipment - - -
Liabilities settled in shares 189 30 -
Share option expense - 440 69
(453) (6,929) (3,044)
----------- ----------- -----------
Changes in working capital:
Decrease (increase) in receivables (937) 346 613
Decrease (increase) in inventories (1,122) 131 (55)
Decrease in payables (393) 1,220 490
(2,452) 1,697 1,048
----------- ----------- -----------
Taxation paid - - -
Cash generated by / (used in)
operations (2,905) (5,232) (1,996)
----------- ----------- -----------
Investing activities:
Payments to acquire property, plant
and equipment (2,755) (2,756) (1,184)
Proceeds on disposal of property,
plant and equipment - - -
Payments to acquire available for
sale investments (891) -
.
Total cash used in investing activities (2,755) (3,647) (1,184)
----------- ----------- -----------
Financing Activities:
Proceeds from the issue of ordinary
shares 5,302 4,625 3,925
Proceeds from loans and borrowings
granted 966 6,519 156
Repayment of loans and borrowings (847) (2,356) (254)
Total proceeds from financing
activities 5,421 8,788 3,827
----------- ----------- -----------
Increase (decrease) in cash and cash
equivalents (239) (91) 647
Cash and cash equivalents at beginning
of period 478 569 569
Cash and cash equivalents at end of
period 239 478 1,216
=========== =========== ===========
Interim report notes
1 Interim Report
These condensed interim financial statements, which are unaudited, are
for the six months ended 31 October 2020 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 2020 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.
The Auditors report for the period ended 30 April 2020 can be found on
Pages 22-25 of the annual financial statements for the period ended 30
April 2020, released elsewhere on this website on 29 October 2020.
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 2020, unless
otherwise stated, and those envisaged for the financial statements for
the year ended 30 April 2021.
New IFRS accounting standards
At the date of authorisation of these financial statements, a number of
Standards and Interpretations were in issue but were not yet effective.
The Directors do not anticipate that the adoption of these standards and
interpretations, or any of the amendments made to existing standards as
a result of the annual improvements cycle, will have a material effect
on the financial statements in the year of initial application.
Going concern
After review of the Group's operations, 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 26 January 2021.
2 Segmental Analysis
Mining, exploration and Admin and
development corporate Total
Europe Africa
$'000 $'000 $'000 $'000
Six months to
31 October
2020
Revenue - - - -
Production
costs - - - -
Gross profit
(loss) - - - -
Depreciation (395) - (3) (398)
Profit (loss)
on sale of
property, plant
and equipment - - - -
Share option
and warrant
expense - - - -
Sundry income 68 - - 68
Exchange (loss)
gain 1,630 - 385 2,015
Other
administrative
and overhead
expenses (744) - (928) (1,672)
Finance income - - 59 59
Finance expense (267) - (845) (1,112)
Taxation
(charge) - - - -
Profit (loss)
for the year
from
continuing
operations 292 - (1,332) (1,040)
31 October 2020
Total assets 18,929 - 1,625 20,554
Total
non-current
assets 15,648 - 103 15,751
Additions to
non-current
assets 2,753 - 2 2,755
Total current
assets 3,281 - 1,522 4,803
Total
liabilities 7,719 - 5,301 13,020
2 Segmental analysis (continued)
Mining, exploration and Admin and
development corporate Total
Europe Africa
$'000 $'000 $'000 $'000
Twelve months
to 30 April
2020
Revenue - - - -
Production
costs - - - -
Gross profit
(loss) - - - -
Depreciation
and
impairment (911) - (2) (913)
Profit (loss)
on sale of
property, plant
and equipment - - - -
Share option
and warrant
expense - - (440) (440)
Sundry income 175 - - 175
Exchange (loss)
gain (1,170) - (807) (1,977)
Other
administrative
and overhead
expenses (1,549) - (2,539) (4,088)
Finance income - - 30 30
Finance expense (508) - (591) (1,099)
Taxation
(charge) - - - -
Profit (loss)
for the year
from
continuing
operations (3,963) - (4,349) (8,312)
30 April 2020
Total assets 14,831 - 2,239 17,070
Total
non-current
assets 12,627 - 108 12,735
Additions to
non-current
assets 2,693 - 63 2,756
Total current
assets 2,716 - 1,619 4,335
Total
liabilities 7,584 - 4,991 12,575
2 Segmental analysis (continued)
Mining, exploration and Admin and
development corporate Total
Europe Africa
$'000 $'000 $'000 $'000
Six months to
31 October
2019
Revenue - - -
Production
costs - - -
Gross profit
(loss) - - -
Depreciation
and
impairment (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)
Taxation
(charge) - - -
Profit (loss)
for the year
from
continuing
operations (1,443) (2,081) (3,524)
30 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
3 Property, Plant and equipment
Fixtures,
fittings Buildings Capital
Plant and and Computer Motor and Mining Work in
Group machinery equipment assets vehicles Improvements assets progress Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Cost at 1 May 2019 3,203 46 118 245 3,212 6,174 2,784 15,782
Additions during
the period - 1 - 37 - - 1,146 1,184
Disposals during
the period - - - - - - - -
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
------------ ---------- --------- --------- ------------- ------- --------- ------
Additions during
the period 2 2 36 - - 143 1,389 1,572
Disposals during
the period - - - - - - - -
Foreign exchange
movements (135) (1) (4) (12) (109) (174) (103) (538)
Cost at 30 April 2020 3,064 48 150 265 3,093 6,127 5,206 17,953
------------ ---------- --------- --------- ------------- ------- --------- ------
Additions during
the period 479 6 11 6 - 2,158 95 2,755
Reclassification 363 - - - 414 1,963 (2,740) -
Foreign exchange
movements 195 3 8 27 160 255 308 956
Cost at 31 October
2020 4,101 57 169 298 3,667 10,503 2,869 21,664
------------ ---------- --------- --------- ------------- ------- --------- ------
Depreciation at 1 May
2019 2,059 35 66 132 585 1,040 604 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 2,241 41 70 144 638 1,183 604 4,921
------------ ---------- --------- --------- ------------- ------- --------- ------
Charge for the
period 271 6 10 12 285 (82) - 502
Disposals during
the period - - - - - - - -
Foreign exchange
movements (115) - (2) (5) (48) (35) - (205)
Depreciation at 30
April 2020 2,397 47 78 151 875 1,066 604 5,218
------------ ---------- --------- --------- ------------- ------- --------- ------
Charge for the
period 174 7 8 15 61 133 - 398
Reclassification - - - - - (40) - (40)
Foreign exchange
movements 171 3 5 28 77 53 - 337
Depreciation at 31
October 2020 2,742 57 91 194 1,013 1,212 604 5,913
------------ ---------- --------- --------- ------------- ------- --------- ------
Net book value at 31
October 2019 956 6 48 133 2,564 4,975 3,316 11,998
------------ ---------- --------- --------- ------------- ------- --------- ------
Net book value at 30
April 2020 667 1 72 114 2,218 5,061 4,602 12,735
------------ ---------- --------- --------- ------------- ------- --------- ------
Net book value at 31
October 2020 1,359 - 78 104 2,654 9,291 2,265 15,751
============ ========== ========= ========= ============= ======= ========= ======
4 Loss per share
31 Oct 2020 30 Apr 2020 31 Oct 2019
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: 12,056,115,803 9,597,112,214 9,017,815,872
Profit / (loss) for the period: ($'000) (1,076) (8,000) (3,398)
Profit / (Loss) per share basic and diluted (cents) (0.01) (0.08) (0.04)
The effect of all potentially dilutive share options
is anti-dilutive.
5 Inventory
Oct 2020 Apr 2020 Oct 2019
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Minerals held for sale 104 58 61
Production stockpiles 49 46 48
Consumable stores 687 372 363
840 476 472
--------- -------- ---------
6 Receivables
Oct 2020 Apr 2020 Oct 2019
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Trade receivables 203 359 -
Other receivables 822 801 839
Short term loans 233 212 211
Prepayments 92 81 60
VAT 1,397 1,008 851
2,747 2,461 1,961
--------- -------- ---------
7 Loans and borrowings
Apr
Oct 2020 2020 Oct 2019
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Non current
Secured borrowings 8,605 8,361 5,035
Unsecured borrowings 179 206
less amounts payable in less than 12 months (197) (2,168)
8,605 8,343 3,073
--------- ------- ---------
Current
Secured borrowings - - 2,018
Unsecured borrowings 249 195 330
Bank overdrafts - - -
Current portion of long term borrowings - secured - 18
-
unsecured 179
249 392 2,348
--------- ------- ---------
Total loans and borrowings 8,854 8,735 5,421
--------- ------- ---------
8 Payables
Oct 2020 Apr 2020 Oct 2019
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Trade payables 1,287 1,645 1,298
Other payables 883 864 1,293
Other taxes and social security taxes 1,460 672 1,340
Accrued expenses 63 239 -
3,693 3,420 3,931
--------- -------- ---------
9 Provisions
Oct 2020 Apr 2020 Oct 2019
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Provision for rehabilitation of mining
properties
- Provision brought forward from previous
periods 420 489 489
- Liability recognised during period - - -
- Other movements 53 (69) -
473 420 489
--------- -------- ---------
10 Events after the reporting date
Shares issued and gross proceeds / consideration
GBP $ Shares Issued Issued to
6,294,780 8,439,611 4,576,776,439 Placing with investors
Purchase of 20% NCI of Vast Baita
4,845,000 6,442,699 2,850,000,000 Plai 20%
Settle Atlas convertible loan
365,337 500,000 323,880,177 principal
1,943 2,647 388,586 Exercise of open offer warrants
11,507,060 15,384,957 7,751,045,202
========== ========== =============
First sale of concentrate concluded in November 2020.
In November, the Company announced an increase in exploration target for
BPPM from 1.8 - 3 million tonnes to 3.2 - 5.8 million tonnes.
In January, the Company announced the appointment of Marcus Brewster as
General Manager of BPPM and who will join the Company on 1 March 2021.
On 26 January 2021, the Company announced that Atlas had issued a
conversion notice for the repayment of $500,000 of principal of the
first tranche of the Atlas facility. The Company has satisfied the
conversion rights through the issuance of 323,880,177 shares.
**ENDS**
(END) Dow Jones Newswires
January 27, 2021 06:00 ET (11:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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