("Vast" or the "Company")
Interim Results for the six months to
Highlights
Financial
- 5% increase in revenue to
$14.9 million (2016:$14.1 million ) from the Group's two operational mines inRomania andZimbabwe - 45% decrease in overhead expenses (
$2.5 million ) compared to the same period in the previous year (2016:$5 .5 million) - 30% increase in EBIT to
$0.56 million (2016:$0.43 million ) - Loss before taxation
$12.6 million (2016: profit$0.3 million ) due to$12.5 million exceptional items US$1,600,000 loan raised during the period to fund Romanian operationsUS$5,023,337 overdraft raised during the period to fund construction of the sulphide plant inZimbabwe , which is now operational- Cash balance at period end
$1.7 million (2016:$2.8 million )
Post period end
- Placing to raise £1 million (
$1.32 million ) at 0.525p announced21 November 2017 - Open offer to raise up to £1.23 million (
$1.60 million ) at 0.525p announced24 November 2017 ; offer oversubscribed by 35% - Cash balance of
$2.0 million in the group plus a further$60 thousand held in the Zimbabwean subsidiaries as at14 December 2017
Operational development
Pickstone-Peerless Gold Mine (Zimbabwe )- 20% increase in gold production to 8,775 Troy ounces from 7,326 Troy ounces in the six months to
31 March 2017 (six months to30 September 2016 : 9,452 ounces). The new sulphide plant is fully operational.
Manaila Polymetallic Mine (Romania )- 35% increase in copper concentrate produced to 1,910 tonnes from 1,415 tonnes in six months to
31 March 2017 (six months to30 September 2016 : 1,343 tonnes) - 9% decrease in zinc concentrate produced to 270 tonnes from 297 tonnes in six months to
31 March 2017 (six months to30 September 2016 : 35 tonnes)
Baita Plai Polymetallic Mine (Romania )- Chosen to be granted a right to mine at Baita Plai as part of a competitive selection process
Post period end:
- Following selection process holder of head licence at Baita Plai,
Baita SA has formally requested its shareholder theMinistry of Economy to approve grant of association licence to mine at Baita Plai - Completed a drilling programme on the Carlibaba prospect on the Manaila extended licence with positive results announced
- Prospecting activities commenced on Piciorul Zimbrului and Magura Neagra in line with Vast's strategy to increase the resources near Manaila and expand its Romanian mineralised footprint
Board and Management
- Appointment of
Brian Basham as non-executive director on30 June 2017 .Brian Basham did not offer himself for re-election at the Annual General Meeting held on20 October 2017 .
Post period end:
- Resignation of
Roy Pitchford as Group CEO with effect from31 December 2017 ; due to be replaced by Andrew Prelea, the President of Vast's Romanian subsidiary, who will also be appointed to the Board
Share Issues
Date | No of Shares | £ | $ | Reason for issue |
4 Apr | 6,116 | 31 | 39 | Open offer warrants exercised |
1 Jun | 20,000,000 | 57,000 | 73,473 | Advisor warrants exercised |
14 Jun | 51,386 | 207 | 335 | Open offer warrants exercised |
26 Jul | 225,017 | 1,125 | 1,488 | Open offer warrants exercised |
CHIEF EXECUTIVE OFFICER'S REPORT
The half year results have been affected by a number of scenarios that have impacted the period both positively and negatively.
The cost of sales increase, from 58% of revenue for the half year to
The 2017 Annual Report Strategic Report refers to the transaction with Sub-Sahara Goldia Investments ('Sub-Sahara'), which involved the divestment of an effective 25% interest in the
Reagent consumption at the Manaila Polymetallic Mine Zinc flotation circuit was higher than planned as a consequence of inefficiencies in the flotation, thickening and concentrate filtrate sections. The quality of the zinc concentrate improved significantly, but initially, at the expense of the quantity of zinc recovered. The areas of inefficiency in the zinc flotation circuit have been identified and are being addressed. The focus now is to maintain the quality, reduce the costs, and increase the quantity produced.
The mined grades at Manaila have been below expected levels because of funding constraints limiting overburden removal in areas of higher grade. The lower mined grades have consequently constrained the copper and zinc concentrate volumes. The plant throughput increased 49.2% over the six months to
At the time of this transaction it was expected that a strategic investment into Sinarom would have recovered the
The weakening of the United States Dollar vis-a-vis the Romania Lei, created an exchange rate gain that assisted in reducing the current period's overhead expenses compared to the half year to
The anticipated offtake funding will enable increased overburden stripping at Manaila, exposing higher grades that will enable increased levels of copper and zinc concentrate production. It will also facilitate construction of the new metallurgical complex at Manaila, enable the reopening of the
With regard to
My stepping off the board and management of the Company facilitates the passing on of the baton to younger management. Andrew Prelea is Romanian and well placed to pursue the Company's focus there and take Vast to its next level of development. As a consequence of this change, and as mentioned in the announcement of
Vast will be focussing on its core operations in both
To this will be added appropriate board and management expertise along with an interactive approach with shareholders to assure a commonality of purpose. The Company will continue with its efforts to be an attractive investment to institutional shareholders as well.
I wish the Company, board and management every success for the future.
Chief Executive Officer
CHAIRMAN'S STATEMENT
In
At Manaila, as indicated in the September quarterly production report, copper concentrate volumes and quality have improved considerably. Zinc concentrate quality is also meeting off-takers' requirements and volumes are slowly improving. A third revenue stream through a pyrite concentrate, which includes gold and silver, is being ramped up. These improvements will transform this underperforming asset into a cash flow positive mining operation in due course.
Drilling in the adjacent Carlibaba prospecting licence area, which has been undertaken to determine its suitability as a second open pit mine within the Manaila licence area, has delivered the first indications of an extensive and resource rich prospect. We are hopeful that we will be able to declare a JORC compliant Mineral Resource for this asset in the first Quarter of next year and, based on the drill results received to date, and subject to an economic assessment, we believe that Carlibaba will support the development of a second open pit operation at Manaila, in addition to a new metallurgical processing facility on site, which would reduce Manaila opex costs.
The award of Baita Plai association licence has absorbed much executive time over the last year and I am happy to report that significant progress in meeting the authorities' due diligence requirements relating to the award of the Baita Plai association licence has been made in the last few months. We have confidence that a positive outcome in this regard is imminent
We are continuing to evaluate the Piciorul Zimbrului and Magura Neagra prospecting licences, which are potentially valuable additions to our growing portfolio of interests in Romania. Located 74km from Manaila, both licences are attractive polymetallic targets and we look forward to further advancing these assets in 2018 as we look to build our mineralised footprint.
Political developments in
At Pickstone-Peerless, the new sulphide plant has been brought on stream and is producing significantly higher volumes of gold, further enhancing the its cash flow generative capacity. The evaluation of the proximal
Prices for the Group's key commodities: copper, zinc and gold are holding up well. A key driver for these prices is a stronger global economy in part arising from the continued momentum of
Finally,
Chairman
For further information visit www.vastresourcesplc.com or please contact:
www.vastresourcesplc.com +44 (0) 20 7236 1177 | |
www.beaumontcornish.com +44 (0) 020 7628 3396 | |
www.brandonhillcapital.com +44 (0)20 3463 5016 | |
www.svssecurities.com +44 (0)20 3700 0100 | |
Susie Geliher | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
Consolidated statement of comprehensive income
for the six months ended
Unaudited | Audited | Unaudited | ||
Group | Group | Group | ||
Note | $'000 | $'000 | $'000 | |
Revenue | 14,882 | 23,767 | 14,117 | |
Cost of sales | (11,815) | (17,381) | (8,180) | |
Gross profit | 3,067 | 6,386 | 5,937 | |
Overhead expenses | (2,509) | (8,047) | (5,509) | |
Depreciation and impairment of property, plant and equipment | 4 | (1,259) | (2,593) | (1,019) |
Profit (loss) on sale of property, plant and equipment | 29 | 81 | 167 | |
Share option and warrant expense | - | (1,648) | (384) | |
Other administrative and overhead expenses | (1,279) | (3,887) | (4,273) | |
Profit (loss) from operations | 558 | (1,661) | 428 | |
Finance income | 20 | 105 | 90 | |
Finance expense | (676) | (812) | (253) | |
Loss on disposal of interest in subsidiary loans | 10 | (12,538) | - | - |
(Loss) profit before taxation from continuing operations | (12,636) | (2,368) | 265 | |
Taxation (charge) credit | - | (1,193) | - | |
Total (Loss) profit after taxation for the period | (12,636) | (3,561) | 265 | |
Other comprehensive income | ||||
Items that may be subsequently reclassified to either profit or loss | ||||
Gain on available for sale financial assets | 2 | 3 | - | |
Exchange gain (loss) on translation of foreign operations | (976) | 750 | 119 | |
Total comprehensive profit (loss) for the period | (13,610) | (2,808) | 384 | |
Total profit (loss) attributable to: | ||||
- the equity holders of the parent company | (13,916) | (4,437) | (947) | |
- non-controlling interests | 1,280 | 876 | 1,212 | |
(12,636) | (3,561) | 265 | ||
Total comprehensive profit (loss) attributable to: | ||||
- the equity holders of the parent company | (14,890) | (3,684) | (828) | |
- non-controlling interests | 1,280 | 876 | 1,212 | |
(13,610) | (2,808) | 384 | ||
Loss per share - basic and diluted | 3 | (0.30) | (0.13) | (0.04) |
Loss per share from continuing operations- basic and diluted | (0.30) | (0.13) | (0.04) |
Consolidated statement of changes in equity
for the six months ended
| Share capital | Share premium | Share option reserve | Foreign currency translation reserve | Available for sale reserve | EBT reserve | Retained deficit | Total | Non-controlling interests | Total |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
At | 16,105 | 71,652 | 2,099 | (1,978) | (3) | (3,942) | (67,471) | 16,462 | 11,518 | 27,980 |
Total comprehensive loss for the period | - | - | - | 750 | 3 | - | (4,437) | (3,684) | 876 | (2,808) |
Share option and warrant charges | - | - | 1,648 | - | - | - | - | 1,648 | - | 1,648 |
Share options and warrants lapsed | - | - | (1,857) | - | - | - | 1,857 | - | - | - |
Convertible loan fair value adjustment | - | - | - | - | - | - | 223 | 223 | - | 223 |
Shares issued: | ||||||||||
- for cash consideration | 2,064 | 2,112 | - | - | - | - | - | 4,176 | - | 4,176 |
- to settle liabilities | 1,251 | 1,038 | - | - | - | - | - | 2,289 | - | 2,289 |
At | 19,420 | 74,802 | 1,890 | (1,228) | - | (3,942) | (69,828) | 21,114 | 12,394 | 33,508 |
Total comprehensive loss for the period | - | - | - | (976) | 2 | - | (13,916) | (14,890) | 1,280 | (13,610) |
Share options and warrants lapsed | - | - | (79) | - | - | - | 79 | - | - | - |
Investment received in subsidiary - | - | - | - | - | - | - | (757) | (757) | 2,457 | 1,700 |
Interest in mining asset | - | - | - | - | - | - | (4,604) | (4,604) | 4,604 | - |
Acquisition of NCI in subsidiary - Sinarom Ming Group SRL | - | - | - | - | - | - | (4,075) | (4,075) | 1,772 | (2,303) |
Shares issued: | ||||||||||
- for cash consideration | 28 | 49 | - | - | - | - | - | 77 | - | 77 |
At | 19,448 | 74,851 | 1,811 | (2,204) | 2 | (3,942) | (93,101) | (3,135) | 22,507 | 19,372 |
Consolidated statement of financial position
As at
Unaudited | Audited | Unaudited | ||
Group | Group | Group | ||
$'000 | $'000 | $'000 | ||
Assets | Note | |||
Non-current assets | ||||
Property, plant and equipment | 4 | 43,929 | 38,563 | 32,805 |
Deferred tax asset | 465 | 465 | 1,658 | |
44,394 | 39,028 | 34,463 | ||
Current assets | ||||
Inventory | 5 | 2,806 | 2,811 | 2,123 |
Receivables | 6 | 5,490 | 5,960 | 4,438 |
Available for sale investments | 12 | 10 | 8 | |
Cash and cash equivalents | 1,723 | 1,326 | 2,797 | |
Total current assets | 10,031 | 10,107 | 9,366 | |
Total Assets | 54,425 | 49,135 | 43,829 | |
Equity and Liabilities | ||||
Capital and reserves attributable to equity holders of the Parent | ||||
Share capital | 19,448 | 19,420 | 17,618 | |
Share premium | 74,851 | 74,802 | 73,170 | |
Share option reserve | 1,811 | 1,890 | 1,781 | |
Foreign currency translation reserve | (2,204) | (1,228) | (1,859) | |
Available for sale reserve | 2 | - | (3) | |
EBT reserve | (3,942) | (3,942) | (3,942) | |
Retained deficit | (93,101) | (69,828) | (67,716) | |
(3,135) | 21,114 | 19,049 | ||
Non-controlling interests | 22,507 | 12,394 | 12,730 | |
Total equity | 19,372 | 33,508 | 31,779 | |
Non-current liabilities | ||||
Loans and borrowings | 7 | 19,059 | 3,166 | 1,314 |
Provisions | 9 | 1,140 | 1,095 | 948 |
20,199 | 4,261 | 2,262 | ||
Current liabilities | ||||
Loans and borrowings | 7 | 7,974 | 3,935 | 2,349 |
Trade and other payables | 8 | 6,880 | 7,431 | 7,439 |
Total current liabilities | 14,854 | 11,366 | 9,788 | |
Total liabilities | 35,053 | 15,627 | 12,050 | |
Total Equity and Liabilities | 54,425 | 49,135 | 43,829 | |
Consolidated statement of cash flow
for the six months ended
Unaudited | Audited | Unaudited | |
Group | Group | Group | |
$'000 | $'000 | $'000 | |
CASH FLOW FROM OPERATING ACTIVITES | |||
Profit (loss) before taxation for the period | (12,636) | (2,368) | 265 |
Adjustments for: | |||
Depreciation and impairment charges | 1,259 | 2,593 | 1,019 |
(Profit) loss on sale of property, plant and equipment | (29) | (81) | (167) |
Loss on disposal of interest in loans | 12,538 | - | - |
Convertible loan FV adjustment | - | 223 | - |
Liabilities settled in shares | - | 2,289 | 55 |
Share option expense | - | 1,648 | 384 |
1,132 | 4,304 | 1,556 | |
Changes in working capital: | |||
Decrease (increase) in receivables | (274) | (1,658) | (542) |
Decrease (increase) in inventories | (3) | (722) | (211) |
Increase (decrease) in payables | (1,307) | 1,010 | 823 |
(1,584) | (1,370) | 70 | |
Cash used in operations | (452) | 2,934 | 1,626 |
Investing activities: | |||
Payments to acquire property, plant and equipment | (6,084) | (8,769) | (1,496) |
Proceeds on disposal of property, plant and equipment | 64 | 234 | 378 |
Proceeds of third party investment in subsidiary | 1,700 | - | - |
Payments to acquire controlling interest in subsidiary | (2,303) | - | - |
Proceed of loan assignment | 2,300 | - | - |
Total cash used in investing activities | (4,323) | (8,535) | (1,118) |
Financing Activities: | |||
Proceeds from the issue of ordinary shares, net of issue costs | 77 | 4,176 | 2,976 |
Proceeds from loans and borrowings granted | 7,171 | 5,272 | - |
Repayment of loans and borrowings | (2,076) | (3,352) | (1,518) |
Total proceeds from financing activities | 5,172 | 6,096 | 1,458 |
Increase (decrease) in cash and cash equivalents | 397 | 495 | 1,966 |
Cash and cash equivalents at beginning of period | 1,326 | 831 | 831 |
Cash and cash equivalents at end of period | 1,723 | 1,326 | 2,797 |
Interim report notes
1 Interim Report
The condensed interim financial statements, which are unaudited, are for the six months ended
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 year ended
While the Auditors' report for the year ended
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 year ended
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
2 Segmental analysis
Mining, exploration and development | Administration and corporate | Total | ||
Europe | Africa | |||
$'000 | $'000 | $'000 | $'000 | |
Six Months to | ||||
Revenue | 2,832 | 12,050 | - | 14,882 |
Production costs | (2,212) | (9,603) | - | (11,815) |
Gross profit (loss) | 620 | 2,447 | - | 3,067 |
Depreciation | (747) | (510) | (2) | (1,259) |
Profit (loss) on sale of property, plant and equipment | 29 | - | - | 29 |
Other administrative and overhead expenses | 2 | (123) | (1,158) | (1,279) |
Finance income | - | 20 | - | 20 |
Finance expense | - | (575) | (101) | (676) |
Loss on disposal of interest in loan accounts | - | - | (12,538) | (12,538) |
Profit (loss) for the year from continuing operations | (96) | 1,258 | (13,798) | (12,636) |
Mining, exploration and development | Administration and corporate | Total | ||||||
Europe | Africa | |||||||
$'000 | $'000 | $'000 | $'000 | |||||
Total assets | 15,388 | 38,957 | 80 | 54,425 | ||||
Total non-current assets | 11,716 | 33,165 | (487) | 44,394 | ||||
Additions to non-current assets | 2,145 | 3,939 | - | 6,084 | ||||
Total current assets | 3,672 | 5,792 | 567 | 10,031 | ||||
Total liabilities | 5,278 | 14,447 | 15,328 | 35,053 |
Year to | ||||
Revenue | 2,629 | 21,138 | - | 23,767 |
Production costs | (3,746) | (13,635) | - | (17,381) |
Gross profit (loss) | (1,117) | 7,503 | - | 6,386 |
Depreciation and impairment | (1,338) | (1,251) | (4) | (2,593) |
Profit (loss) on sale of property, plant and equipment | 81 | - | - | 81 |
Share option and warrant expense | - | - | (1,648) | (1,648) |
Other administrative and overhead expenses | (769) | (457) | (2,661) | (3,887) |
Finance income | 1 | 104 | - | 105 |
Finance expense | - | (89) | (724) | (812) |
Taxation (charge) | - | (1,193) | - | (1,193) |
Profit (loss) for the year from continuing operations | (3,141) | 4,617 | (5,037) | (3,561) |
Total assets | 10,878 | 34,860 | 3,397 | 49,135 |
Total non-current assets | 9,001 | 29,720 | 307 | 39,028 |
Additions to non-current assets | 2,681 | 6,386 | - | 9,067 |
Total current assets | 1,876 | 5,141 | 3,090 | 10,107 |
Total liabilities | 7,362 | 6,213 | 2,052 | 15,627 |
Six Months to | ||||
Revenue | 1,310 | 12,807 | - | 14,117 |
Production costs | (2,389) | (5,791) | - | (8,180) |
Gross profit (loss) | (1,079) | 7,016 | - | 5,937 |
Depreciation and impairment | (296) | (721) | (2) | (1,019) |
Share option and warrant expense | - | - | (384) | (384) |
Other administrative and overhead expenses | (852) | (231) | (3,190) | (4,273) |
Finance income | (1) | 20 | 71 | 90 |
Finance expense | - | (33) | (220) | (253) |
Profit (loss) for the year from continuing operations | (1,964) | 4,176 | (1,947) | 265 |
Mining, exploration and development | Administration and corporate | Total | ||
Europe | Africa | |||
$'000 | $'000 | $'000 | $'000 |
Total assets | 11,679 | 31,156 | 994 | 43,829 |
Total non-current assets | 9,210 | 25,249 | 4 | 34,463 |
Additions to non-current assets | 1,319 | - | 177 | 1,496 |
Total current assets | 2,469 | 5,908 | 989 | 9,366 |
Total liabilities | 6,204 | 3,038 | 2,808 | 12,050 |
3 Loss per share
Unaudited | Audited | Unaudited | |
Group | Group | Group | |
Loss per ordinary share has been calculated using the weighted average number of ordinary shares in issue during the relevant financial year. | |||
The weighted average number of ordinary shares in issue for the period is: | 4,676,819,360 | 3,457,555,538 | 2,702,338,385 |
Losses for the period: ($'000) | (13,916) | (4,437) | (947) |
Loss per share basic and diluted (cents) | (0.30) | (0.13) | (0.04) |
Loss per share from continuing operations - basic and diluted | (0.30) | (0.13) | (0.04) |
The effect of all potentially dilutive share options is anti-dilutive. |
4 Property, Plant and equipment
Plant and machinery | Fixtures, fittings and equipment | Computer assets | Motor vehicles | Buildings and Improvements | Mining assets | Capital Work in progress | Total | |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
Cost at | 7,997 | 165 | 174 | 487 | 3,559 | 22,184 | 1,623 | 36,189 |
Revaluation | 23 | (6) | - | 72 | 318 | - | - | 407 |
Additions during the year | 559 | 46 | 58 | 240 | 47 | 1,281 | 6,836 | 9,067 |
Reclassification | 946 | 1 | - | 2 | (470) | 1,520 | (1,999) | - |
Disposals during the year | (97) | - | - | (159) | (17) | - | - | (273) |
Impairment | (962) | - | - | - | - | - | - | (962) |
Foreign exchange movements | (65) | (4) | (5) | (37) | (206) | (39) | (78) | (434) |
Cost at | 8,401 | 202 | 227 | 605 | 3,231 | 24,946 | 6,382 | 43,994 |
Revaluation | - | - | - | - | - | - | - | - |
Additions during the period | 440 | 8 | 98 | 10 | 2 | 411 | 5,115 | 6,084 |
Reclassification | 838 | (29) | 29 | - | 235 | 188 | (1,261) | - |
Disposals during the period | (83) | (62) | (78) | (60) | - | - | (35) | (318) |
Foreign exchange movements | 163 | 5 | 2 | 44 | 216 | 281 | 36 | 747 |
Cost at | 9,759 | 124 | 278 | 599 | 3,684 | 25,826 | 10,237 | 50,507 |
Depreciation at | 2,157 | 92 | 116 | 296 | 234 | 151 | 604 | 3,650 |
Charge for the year | 902 | 29 | 23 | 76 | 154 | 833 | - | 2,017 |
Disposals during the year | (55) | - | - | (61) | (3) | - | - | (119) |
Foreign exchange movements | (41) | (2) | - | (28) | (40) | (6) | - | (117) |
Depreciation at | 2,963 | 119 | 139 | 283 | 345 | 978 | 604 | 5,431 |
Charge for the year | 768 | 9 | 47 | 104 | 44 | 283 | 4 | 1,259 |
Disposals during the period | (83) | (62) | (78) | (60) | - | - | - | (283) |
Foreign exchange movements | 62 | 4 | - | 31 | 27 | 47 | - | 171 |
Depreciation at | 3,710 | 70 | 108 | 358 | 416 | 1,308 | 608 | 6,578 |
Net book value at | 5,840 | 73 | 58 | 191 | 3,325 | 22,033 | 1,019 | 32,539 |
Net book value at | 5,438 | 83 | 88 | 322 | 2,886 | 23,968 | 5,778 | 38,563 |
Net book value at | 6,049 | 54 | 170 | 241 | 3,268 | 24,518 | 9,629 | 43,929 |
5 Inventory
Unaudited | Audited | Unaudited | |
Group | Group | Company | |
$'000 | $'000 | $'000 | |
Minerals held for sale | 1,029 | 1,369 | 924 |
Production stockpiles | 946 | 606 | 525 |
Consumable stores | 831 | 836 | 674 |
2,806 | 2,811 | 2,123 |
6 Receivables
Unaudited | Audited | Unaudited | |
Group | Group | Company | |
$'000 | $'000 | $'000 | |
Trade receivables | 384 | 101 | 443 |
Other receivables | 520 | 694 | 1,293 |
Short term loans | 526 | 457 | - |
Prepayments | 982 | 1,677 | 539 |
VAT | 3,078 | 3,031 | 2,163 |
5,490 | 5,960 | 4,438 |
7 Loans and borrowings
Unaudited | Audited | Unaudited | |
Group | Group | Company | |
$'000 | $'000 | $'000 | |
Non-current | |||
Secured borrowings | 20,757 | 4,839 | 1,741 |
Unsecured borrowings | - | - | 119 |
less amounts payable in less than 12 months | (1,698) | (1,673) | (546) |
19,059 | 3,166 | 1,314 | |
Current | |||
Bank overdrafts | 5,023 | 859 | - |
Unsecured borrowings | 1,253 | 1,403 | 1,803 |
Current portion of long term borrowings | 1,698 | 1,673 | 546 |
7,972 | 3,935 | 2,349 | |
Total loans and borrowings | 27,033 | 7,101 | 3,663 |
8 Payables
Unaudited | Audited | Unaudited | ||
Group | Group | Company | ||
$'000 | $'000 | $'000 | ||
Trade payables | 5,377 | 5,784 | 4,125 | |
Other payables | 1,250 | 1,325 | 2,478 | |
Other taxes and social security taxes | 160 | 237 | 749 | |
Accrued expenses | 93 | 85 | 87 | |
6,880 | 7,431 | 7,439 |
9 Provisions
Unaudited | Audited | Unaudited | |
Group | Group | Company | |
$'000 | $'000 | $'000 | |
Provision for rehabilitation of mining properties | |||
- Provision brought forward from previous periods | 1,095 | 954 | 954 |
- Liability recognised during period | 45 | 141 | (6) |
1,140 | 1,095 | 948 |
10 Financing arrangement
On
The assignment of the intercompany loan, with a book value of
11 Acquisition of remaining shareholding in Sinarom Mining Group SRL
On
12 Events after the reporting date
Baita Plai licence
On
Management
On
Fund raising
Placing and open offer to shareholders
On 21 November the Company announced the completion of a placing of 190,476,190 ordinary 0.1p shares at an issue price of 0.525p per share. The proceeds of the issue were
On 24 November the Company announced that it was making an open offer to shareholders of an entitlement to subscribe for 1 share for each 20 shares held, at an issue price of 0.525p per share. On 12 December the Company announced that this offer had been over-subscribed by a factor of 34.5%; the offer raised £1.23 million (approx.
Exercise of warrants
Date | No of Shares | £ | $ | |
9 Oct | 2,228 | 11 | 15 | Open offer |
17 Oct | 2,112 | 11 | 14 | Open offer |
27 Oct | 1,061,060 | 5,305 | 6,926 | Open offer |
30 Oct | 183,180 | 916 | 1,198 | Open offer |
1 Nov | 265,161 | 1,326 | 1,750 | Open offer |
3 Nov | 36,794 | 184 | 243 | Open offer |
21 Nov | 1,000,000 | 5,000 | 6,600 | Open offer |
27 Nov | 807,018 | 4,035 | 5,326 | Open offer |
6 Dec | 382,062 | 1,910 | 2,570 | Open offer |
13 Dec | 123,533 | 618 | 826 | Open offer |
Change in joint broker
On 21 November the Company announced the appointment of
**ENDS**
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: