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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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