TIDMZIOC
RNS Number : 3880B
Zanaga Iron Ore Company Ltd
30 September 2022
30 September 2022
INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2022
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM:
ZIOC) is pleased to announce its unaudited interim results for the
six months ended 30 June 2022 and an update on post reporting
period end events to September 2022.
Highlights
-- Early Production Project ("EPP Project" or "EPP")
o Numerous production scenarios remain under investigation on
processing facilities and suitable logistics solutions, with a
particular focus on an export solutions through the Republic of
Congo ("RoC")
o Multiple contract operators have been engaged across mining,
logistics, and processing disciplines with the objective of
providing updated cost estimates in-country
o Significant engagement underway with other mining project
developers in RoC to explore potential collaboration opportunities,
especially in relation to logistics solutions and alternatives for
upgrades to existing infrastructure
-- Zanaga Iron Ore Project (the "Project" or the "Zanaga
Project") 30Mtpa staged development project (12Mtpa Stage One
("Stage One"), plus 18Mtpa Stage Two expansion ("Stage Two"))
o The Project Team continue to engage in activity to ascertain
opportunities for optimisation and improvement of the 30Mtpa staged
development project and will update the market as these
improvements develop. No material updates are available for the H1
2022 period.
-- Work programme and budget for 2022, and $1.2m Jumelles Ltd
working capital loan facility, agreed with Glencore Projects Pty
Ltd ("Glencore"), a subsidiary of Glencore plc
o Loan provides full financing for the Zanaga Project budget
until 30 June 2023
Corporate
-- Funding update - Shard Merchant Capital Ltd ("SMC") 21
million share equity subscription agreement
o Proceeds of GBP1,141,574 has been received to date from SMC
since launch, following 18,000,000 shares being placed by SMC, with
a further 3,000,000 ordinary shares remaining to be placed at 29
September 2022
o Of the total amount received to date, mentioned above,
GBP62,628 was received by ZIOC from the SMC facility during the
first half of 2022 and no further cash has been received since 30
June 2022 to date
o Proceeds applied to general working capital, including the
provision of further contributions to the Zanaga Project's
operations
-- Cash balance of US$0.3m as at 30 June 2022 and cash balance
of US$0.1m as at 29 September 2022.
o Jumelles level loan from Glencore resulted in reduced future
funding for ZIOC towards the Project
o Current available cash on hand is expected to cover ZIOC's
corporate overheads until end Q1 2023, with current SMC facility
placement expected to extend ZIOC working capital to end Q3
2023
-- Annual General Meeting to be held in November 2022, and
notice will be sent to shareholders shortly.
Clifford Elphick, Non-Executive Chairman of ZIOC, commented:
"I am pleased to report that significant work is underway to
evaluate options to enable initial small scale production of iron
ore from the Republic of Congo, utilising existing
infrastructure.
The iron ore market has experienced substantial underinvestment
by the major iron ore producers over the last decade. This provides
an opportunity to demonstrate that smaller scale production can be
delivered initially from RoC, with the upside potential of
de-risking the larger scale potential following infrastructure
upgrades. We look forward to providing an update on our activities
in due course".
Copies of the unaudited interim results for the six months ended
30 June 2022 are available on the Company's website at
www.zanagairon.com
The Zanaga Iron Ore Company Limited LEI number is
21380085XNXEX6NL6L23.
For further information, please contact:
Zanaga Iron Ore
Corporate Development and Andrew Trahar
Investor Relations Manager +44 20 7399 1105
Liberum Capital Limited
Nominated Adviser, Financial Scott Mathieson, Edward Thomas
Adviser and Corporate Broker +44 20 3100 2000
About us:
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM
ticker: ZIOC) is the owner of 50% less one share in the Zanaga Iron
Ore Project based in the Republic of Congo (Congo Brazzaville)
through its investment in its associate Jumelles Limited. The
Zanaga Iron Ore Project is one of the largest iron ore deposits in
Africa and has the potential to become a world-class iron ore
producer.
Business Review - Operations
Iron Ore Market
The iron ore market has experienced substantial underinvestment
by the major iron ore producers over the last decade, with no
notable iron ore mine project approvals to report. Iron ore prices
remain relatively stable as China continues to demonstrate robust
demand in spite of the impact of Covid on industrial activity in
China. Furthermore, given the current geopolitical environment, it
is clear that resource independence is more important than ever and
strategic investors are starting to consider iron ore development
options outside of the usual territories of Australia and Brazil.
In this respect, the quality of the Zanaga Project, and Republic of
Congo's iron ore resources, has the potential to deliver
substantial iron ore production to strategic customers looking to
secure positions in the commodity.
EPP Project
The Project Team continue to undertake a process to evaluate the
potential development of an EPP Project that would be quicker to
construct than the larger 30Mtpa staged development project and
would utilise existing road, rail and port infrastructure.
Engagement with other mining project developers in RoC has been
increased in order to explore potential collaboration
opportunities, especially in relation to logistics solutions and
alternatives for upgrades to existing infrastructure. Multiple
contract operators have been engaged across mining, logistics, and
processing disciplines with the objective providing updated cost
estimates in-country.
The Project Team continue to advance study work in an effort to
improve their understanding of the viability of the EPP Project.
The Project Team continue to evaluate the potential for the EPP
Project to operate as a standalone project, or as an initial
pathway to production during the construction period of the
flagship 30Mtpa Staged Development Project.
30Mtpa staged development project
The Project Team's ultimate objective remains to develop the
flagship 30Mtpa staged development mining project. As a reminder,
the Stage One project plans to produce 12Mtpa of premium quality
66% Fe content iron ore pellet feed product at bottom quartile
operating costs for more than 30 years on a standalone basis.
The Stage Two expansion of 18Mtpa is nominally scheduled to suit
the project mine development, construction timing and forecast cash
flow generation, and would increase the Project's total production
capacity to 30Mtpa. The product grade would increase to an even
higher premium quality 67.5% Fe content due to the addition of
18Mtpa of 68.5% Fe content iron ore pellet feed production, at an
even lower operating cost. The capital expenditure for the
additional 18Mtpa production, including contingency, could
potentially be financed from the cash flows from the Stage One
phase.
The Zanaga Project Team has continually taken steps to monitor
evolving improvements into its strategy for assessing the options
available for the development of the Zanaga Project. The Project
Team maintained its view that high quality products will continue
to achieve significant price premiums in the future and has sought
to lock in this additional revenue benefit into the Project's
development plan.
The Project Team will continue to engage in activity to
ascertain opportunities for optimisation and improvement of the
30Mtpa staged development project and will update the market as
these improvements develop.
Cash Reserves and Project Funding
As reported in the Company's annual results published on 30 June
2022, Glencore and ZIOC agreed a 2022 Project Work Programme and
Budget for the Zanaga Project of US$1.3m plus US$0.1m of
discretionary spend, dependent on certain workstreams requiring
capital. ZIOC agreed to contribute towards this work programme and
budget an amount comprising US$0.09m; the remaining budget amount
will be funded via a loan facility provided directly to Jumelles
Ltd by Glencore thus requiring less funding by ZIOC over the
subsequent 12 months compared to the historical levels observed. On
29 June 2022, Glencore and the group signed a side letter to the
Jumelles loan facility confirming that there will be no dilution of
the group's holding in Jumelles as a result of this change in
funding structure.
We are pleased to report that the Zanaga Project's activities
are currently running in line with the 2022 budget forecast.
As at 29 September 2022, ZIOC had cash reserves of US$0.1m and
the Board continues to take a very prudent approach to the
management of the business and its cash reserves.
ZIOC is pleased that a financing structure is in place at the
Jumelles level which ensures sufficient capital in place to cover
all in-country costs associated with the Project until end June
2023. Furthermore, the SMC facility remains in place and has given,
and continues to give, the Company access to funding through a
relatively low cost structure which minimises dilution to
shareholders. Going forward ZIOC's operating costs have been
reduced to a low level with no contributions at a project level
until at least end Q2 2023 and no board or management remuneration
in place (as announced previously). Furthermore, no future
contributions to project-level costs will be considered until ZIOC
has first built up cash reserves capable of funding longer term
corporate overheads at the current reduced level.
Outlook
During 2022 the Project Team have made a number of significant
steps in advancing solutions to unlock the key logistical
challenges associated the EPP Project. The Project Team are
engaging with other mining project developers in RoC to explore
potential collaboration opportunities, especially in relation to
logistics solutions and alternatives for upgrades to existing
infrastructure. We look forward to updating our shareholders on the
outcome of these initiatives.
Financial review
Results from operations
The financial statements contain the results for ZIOC for the
first half of 2022. ZIOC made a loss in the half-year of US$0.5m
compared to a loss of US$1.9m in the full year ended December 2021.
The loss for the 2022 half-year period comprised:
1 January to 1 January to 1 January to
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
US$000 US$000 US$000
-------------------------------------------------------------------- ------------ ------------ ------------
General expenses (160) (383) (1,2 14
Net foreign exchange (loss)/gain (32) 3 (1 2 )
Share of loss of associate (334) (353) (6 72 )
Interest income - - -
(Loss)/Gain before tax (526) (733) (1,898)
Currency translation - - -
Share of other comprehensive income of associate - foreign exchange 37 3 (17 )
-------------------------------------------------------------------- ------------ ------------ ------------
Total Comprehensive income (489) (730) (1,915)
-------------------------------------------------------------------- ------------ ------------ ------------
General expenses of US$0.2m (2021: US$0.4m), consisting of:
Directors' fees of US$Nil (2021: US$Nil), professional fees of
US$Nil (2021: US$Nil), LTIP charge of US$0.1m (2021 US$0.3m) and
US$0.1m (2021: US$0.1m) of other general operating expenses.
The share of loss of associate of US$0.3m (2021: US$0.4m)
relates to ZIOC's investment in Jumelles Limited ("Jumelles"), the
joint venture company in respect of the Zanaga Project. From May
2014, as a result of the completion of the Feasibility Study and
thus consideration to complete the Glencore share option, only 50%
(less one share) of the Jumelles results are now included
above.
During the half year period, the Company's share of Jumelles'
project expenditure was US$0.3m including the effects of currency
translation of $0.04m gain. Capitalised exploration assets remain
at US$80.0m.
Financial position
ZIOC's net asset value ("NAV") of US$37.5m is comprised of a
US$37.1m investment in Jumelles, US$0.3m of cash balances and
US$0.1m net current assets.
30 June 2022 30 June 2021 31 December 2021
Unaudited Unaudited Audited
US$ m US$ m US$m
--------------------------------------- ------------ ------------ ----------------
Investment in associate 37.1 37.3 37.3
Fixed assets -
Cash 0.3 0.8 0.4
Other net current assets/(liabilities) 0.1 0.6 0.1
--------------------------------------- ------------ ------------ ----------------
Net assets 37.5 38.7 37.8
--------------------------------------- ------------ ------------ ----------------
Cost of investment
The investment in associate relates to the carrying value of the
investment in Jumelles, which as at 30 June 2022 owned 50% less one
share of the Project. The carrying value of this investment
decreased in 2022 due to:
-- Company funding per the Funding Agreement of US$0.1m; and
-- The Company's US$0.3m share of the comprehensive loss US$0.6m
made by Jumelles during the half-year.
As at 30 June 2022, Jumelles had aggregated assets of US$81.0m
(June 2021: US$81.3m) and aggregated liabilities of US$0.9m (June
2021: US$0.7m). Non-current assets consisted of US$80.0m (June
2021: US$80.0m) of capitalised exploration assets and US$0.8m (June
2021: US$1.0m) of other fixed assets including property, plant and
equipment. Cash balances amounted to US$0.2m (June 2021: US$0.3m)
and other current assets were US$Nil (June 2021: US$Nil).
Cash flow
Cash balances have decreased by US$0.1m since 31 December 2021.
Additional investment in Jumelles required under the Funding
Agreement (details set out in note 1 to the financial statements)
utilised US$0.1m, operating activities US$0.1m. The Shard facility
provided funds of US$0.1m.
30 June 2022 30 June 2021 31 December 2021
Unaudited Unaudited Audited
US$000 US$000 US$000
------------------------------ ------------ ------------ ----------------
GBP Balances 0.2 0.6 0.3
USD value of GBP balances 0.3 0.8 0.4
USD value of other currencies - - -
USD balances - - -
------------------------------ ------------ ------------ ----------------
Cash Total 0.3 0.8 0.4
------------------------------ ------------ ------------ ----------------
Consolidated Statement of Comprehensive Income for the six
months ended 30 June 202 2
1 January 1 January 1 January
to to to
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
Note US$000 US$000 US$000
-------------------------------------------------- ---- ---------- ---------- ------------
Administrative expenses (192) (380) (1,226)
Share of (loss)/profit associate (334) (353) (672)
-------------------------------------------------- ---- ---------- ---------- ------------
Operating loss (526) (733) (1,898)
Interest Income - - -
(Loss) before tax (526) (733) (1,898)
Taxation 5 - -
-------------------------------------------------- ---- ---------- ---------- ------------
(Loss) for the period (526) (733) (1,898)
Foreign exchange translation - foreign operations - - (17)
Share of other comprehensive (loss)/income
of associate - foreign exchange translation 37 3 -
-------------------------------------------------- ---- ---------- ---------- ------------
Other comprehensive (loss)/gain 37 3 (17)
-------------------------------------------------- ---- ---------- ---------- ------------
Total comprehensive (loss)/gain (489) (730) (1,915)
-------------------------------------------------- ---- ---------- ---------- ------------
(Loss)/Earnings per share (Cents)
Basic 7 (0.2) (0.2) (0.6)
Diluted 7 (0.2) (02) (0.6)
All other comprehensive income may be classified as profit and
loss in the future.
Consolidated Statement of changes in equity
for the six months ended 30 June 2022
Foreign
currency
Share Retained translation Total
capital earnings reserve Equity
US$000 US$000 US$000 US$000
-------------------------------------------------------- -------- ---------- ----------- --------
Balance at 1 January 2021 268,864 (234,617) 3,333 37,580
-------------------------------------------------------- -------- ---------- ----------- --------
Consideration for share-based payments - other services 278 - - 278
Issued Capital 1,525 - - 1,525
Loss for the period - (733) - (733)
Other comprehensive (loss)/ income - - 3 3
-------------------------------------------------------- -------- ---------- ----------- --------
Total comprehensive (loss)/income - (733) 3 (730)
-------------------------------------------------------- -------- ---------- ----------- --------
Balance at 30 June 2021 270,667 (235,350) 3,336 38,653
-------------------------------------------------------- -------- ---------- ----------- --------
Consideration for share-based payments - other services 268 - - 268
Issued Capital - - - -
Loss for the period - (1,166) - (1,166)
Other comprehensive (loss)/income - - (19) (19)
-------------------------------------------------------- -------- ---------- ----------- --------
Total comprehensive (loss)/income (1,166) (19) (1,185)
-------------------------------------------------------- -------- ---------- ----------- --------
Balance at 31 December 2021 270,935 (236,516) 3,3317 37,736
-------------------------------------------------------- -------- ---------- ----------- --------
Consideration for share-based payments - other services 82 - - 82
Issue of shares - - - -
Loss for the period - (525) - (525)
Other comprehensive (loss)/income - - 37 37
-------------------------------------------------------- -------- ---------- ----------- --------
- (525) 3 (406)
Total comprehensive loss 7
-------------------------------------------------------- -------- ---------- ----------- --------
Balance at 30 June 2022 271,017 (237,041) 3,354 37,330
-------------------------------------------------------- -------- ---------- ----------- --------
Consolidated Balance sheet
as at 30 June 2022
30 June 31 December
30 June 2021 2021
2022 Unaudited Unaudited Audited
Note US$000 US$000 US$000
----------------------------------------- ---- --------------- ---------- -----------
Non-current asset
Property, plant and equipment - -
Investment in associate 6 37,067 37,285 37,269
----------------------------------------- ---- --------------- ---------- -----------
37,067 37,285 37,269
----------------------------------------- ---- --------------- ---------- -----------
Current assets
Other receivables 157 787 233
Cash and cash equivalents 250 765 387
----------------------------------------- ---- --------------- ---------- -----------
407 1,552 620
----------------------------------------- ---- --------------- ---------- -----------
Total Assets 37,473 38,837 37,889
----------------------------------------- ---- --------------- ---------- -----------
Current liabilities
Trade and other payables (144) (184) (153)
----------------------------------------- ---- --------------- ---------- -----------
Net assets 37,330 38,653 37,736
----------------------------------------- ---- --------------- ---------- -----------
Equity attributable to equity holders of
the parent
Share capital 271,017 270,667 270,935
Retained earnings (237,041) (235,350) (236,516)
Foreign currency translation reserve 3,354 3,336 3,317
----------------------------------------- ---- --------------- ---------- -----------
Total equity 37,330 38,653 37,736
----------------------------------------- ---- --------------- ---------- -----------
These financial statements were approved by the Board of
Directors on 30 September 2022.
Consolidated Cash flow statement
for the six months ended 30 June 2022
1 January 1 January 1 January
to to To
30 June 30 June 31 Dec
2022 2021 2021
Unaudited Unaudited Audited
US$000 US$000 US$000
------------------------------------------------- ---------- ---------- ---------
Cash flows from operating activities
Loss for the year (526) (733) (1,898)
Adjustments for:
Share based payments 82 278 547
Interest received - - -
Decrease in other receivables 76 (729) (31)
Decrease in trade and other payables (9) - (175)
Net exchange (profit)/loss 32 (3) 12
Share of Total Comprehensive income of associate 334 353 672
Net cash from operating activities (11) (834) (873)
Cash flows from financing activities
Issue of shares - 1,525 1,524
Net cash from financing activities - 1,525 1,524
-------------------------------------------------- ---------- ---------- ---------
Cash flows from investing activities
Interest received - -
Acquisition of property, plant and equipment -
Investment in associate (95) (284) (604)
Net cash from investing activities (95) (284) (604)
Net decrease in cash and cash equivalents (106) 407 47
Cash and cash equivalents at beginning of period 387 352 352
Effect of exchange rate difference (31) 4 (12)
-------------------------------------------------- ---------- ---------- ---------
Cash and cash equivalents at end of period 250 765 387
-------------------------------------------------- ---------- ---------- ---------
Notes to the financial statements
1. Business information and going concern basis of
preparation
At 30 June 2022 the Company had cash reserves of US$0.3m. On 29
June 2022, Glencore and ZIOC agreed a 2022 Project Work Programme
and Budget for the Project of up to US$1.3m plus US$0.1m of
discretionary spend. ZIOC agreed to contribute towards this work
programme and budget an amount comprising US$0.09m; the remaining
budget amount will be funded via a loan facility provided directly
to Jumelles Ltd by Glencore thus requiring less funding by ZIOC
over the subsequent 12 months compared to the historical levels
observed. On 29 June 2022, Glencore and the group signed a side
letter to the Jumelles loan facility confirming that there will be
no dilution of the group's holding in Jumelles as a result of this
change in funding structure.
The Company had cash reserves of US$0.1m as at 29 September
2022. In order to raise additional funding the Company entered a
Subscription Agreement with SMC (as described above - see the
Company's release of 26 June 2020.) The financing structure with
SMC enables the Company to access funding for the costs that the
Company is expected to meet in the near future. Due to the fact
that SMC have 3,000,000 shares still to be placed into the market,
for illustrative purposes only, if the average price at which SMC
places the remaining 3,000,000 shares was 2.05 pence (being ZIOC's
mid-market closing share price on 27 September 2022), the net
proceeds received by ZIOC from such sales would be approximately
GBP0.06m. Based on the current cost base at the Zanaga Project, the
direct loan facility to Jumelles Ltd, the current low corporate
overheads of ZIOC, the agreed cash preservation plan adopted by the
Company, the Company's existing cash reserves and (on the basis of
cautious assumptions made by the Company in its funding model) the
funds expected to be obtained from the funding facility established
by the Subscription Agreement with SMC, the board of directors of
ZIOC (the "Board") believes that the Company will be adequately
positioned to support its operations going forward in the near
future. As the final cash amounts to be received for each tranche
of issued shares, and the timing of this receipt, are dependent on
SMC successfully selling the shares prior to transferring funds to
the Company, the Board is of the view that the going concern basis
of accounting is appropriate. However, the Board acknowledges that
there is a material uncertainty which could give rise to
significant doubt over the Company's ability to continue as a going
concern and, therefore, that the Company may be unable to realise
its assets and discharge its liabilities in the normal course of
business. Nevertheless, based on and taking into account the
foregoing factors, the Board are satisfied the Company will have
sufficient funds to meet its own working capital requirements up
to, and beyond, twelve months from the approval of these
accounts.
The Company continues to review the costs of its operational
activities with a view to conserving its cash resources. As part of
such ongoing review, and in order to preserve the cash position of
the Company, it has been agreed with the Directors (since January
2019) and Management (since September 2019) that fees are deferred.
Additionally, the Directors and management have indicated to the
Company that they will assist the cash preservation plan of the
Company. The way in which this could be achieved is being
progressed.
2. Accounting policies
The principal accounting policies applied in the preparation of
these financial statements are set out below. These policies have
been consistently applied to all the periods presented, unless
otherwise stated.
3. Basis of preparation
The condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the EU.
In accordance with the AIM Rules for Companies, the condensed
set of financial statements has been prepared in applying the
accounting policies and presentation that were applied in the
preparation of the Company's published consolidated financial
statements for the year ended 31 December 2021. The comparative
figures for the financial year ended 31 December 2021 are not the
Company's statutory accounts for that financial year. The 2021
accounts have been reported on by the Company's auditors. The
report of the auditors was (i) unqualified and (ii) did not include
a reference to any matter to which the auditors drew attention by
way of emphasis without qualifying their report.
Up until 30 April 2014, the Company accounted for 100% of the
Jumelles group Comprehensive Income. From May 2014, as a result of
completion of the Feasibility Study (note 1 above) and thus
consideration to complete the Call Option, the Company has
accounted for 50% less one share shareholding portion of that
Comprehensive Income.
4. Segmental reporting
The Company has one operating segment, being its investment in
the Zanaga Project, held through Jumelles. Financial information
regarding this segment is provided in note 6.
5. Taxation
The Company is exempt from most forms of taxation in the British
Virgin Islands ("BVI"), provided the Company does not trade in the
BVI and does not have any employees working in the BVI. All
dividends, interest, rents, royalties and other expense amounts
paid by the Company, and capital gains realised with respect to any
shares, debt obligations or other securities of the Company, are
exempt from taxation in the BVI.
The effective tax rate for the Group is 0.00% (December 2021:
0.00%).
6. Investment in associate
US$000
---------------------------- ------
Balance at 1 January 2021 37,354
Additions 284
Share of comprehensive loss (353)
---------------------------- ------
Balance at 30 June 2021 37,285
---------------------------- ------
Additions 389
Share of comprehensive loss (405)
Balance at 31 December 2021 37,269
---------------------------- ------
Additions 95
Share of comprehensive loss (297)
---------------------------- ------
Balance at 30 June 2022 37,067
---------------------------- ------
From 30 April 2014, the investment represents a 50% less one
share shareholding (previously 100%) in Jumelles for 2,000,000
shares of 4,000,001 total shares in issue.
On 11 February 2011, Xstrata Projects (now renamed Glencore
Projects) exercised the Xstrata Call Option and from that date owns
50% plus one share of Jumelles and Jumelles is controlled at both a
shareholder and director level by Glencore Projects. However, as
the shares issued on exercise of the option were not considered to
vest until provision of the services relating to the Preliminary
Feasibility Study and the Feasibility Study had been completed, the
Group continued to account for a 100% interest in Jumelles until
the Feasibility Study was completed in April 2014. From May 2014
the Group has accounted for the reduction of its interest in
Jumelles. The Group's interest remains accounted for as an
associate using the equity method of accounting.
The Group financial statements account for the Glencore Projects
transaction as an in-substance equity-settled share-based payment
for the provision of services by Glencore Projects to Jumelles in
relation to the Preliminary Feasibility Study and the Feasibility
Study. These services largely were provided through third party
contractors and were measured at the cost of the services
provided.
As at 30 June 2022, Jumelles had aggregated assets of US$80.8m
(June 2021: US$80.9m) and aggregated liabilities of US$0.9m (June
2021: US$0.7m). For the 6 months ended 30 June 2022, Jumelles
incurred no taxation charge (June 2021: US$nil). A summarised
consolidated unaudited balance sheet of Jumelles for the 6 months
ended 30 June 2022, including adjustments made for equity
accounting, is included below:
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
US$000 US$000 US$000
---------------------------------------- ---------- ---------- ------------
Non-current assets
Property, plant and equipment 764 982 828
Exploration and other evaluation assets 80,000 80,000 80,000
Total non-current assets 80,764 80,982 80,828
---------------------------------------- ---------- ---------- ------------
Current assets 196 324 202
Current liabilities (919) (748) (586)
---------------------------------------- ---------- ---------- ------------
Net current liabilities (723) (424) (384)
---------------------------------------- ---------- ---------- ------------
Net assets 80,041 80,558 80,444
---------------------------------------- ---------- ---------- ------------
Share capital 293,103 293,103 293,103
Translation reserve 41,242 40,488 41,052
Translation reserve (6,112) (4,805) (6,112)
Accumulated deficit (248,192) (248,228) (247,598)
---------------------------------------- ---------- ---------- ------------
80,041 80,558 80,44
---------------------------------------- ---------- ---------- ------------
30 June 30 June
2022 2021 31 December 2021
Unaudited Unaudited Audited
7. Loss per share US$000 US$000 US$000
----------------------------------------------------------- ---------- ---------- ----------------
Profit/(Loss) (Basic and diluted) (US$000) (526) (733) (1,898)
Weighted average number of shares (thousands)
Basic and diluted
Issued shares at beginning of period 307,034 293,034 293,034
Effect of shares issued - 14,000 14,000
Effect of share repurchase - -
Effect of own shares - -
Effect of share split - -
----------------------------------------------------------- ---------- ---------- ----------------
Weighted average number of shares at end of period - basic 307,034 307,034 307,034
----------------------------------------------------------- ---------- ---------- ----------------
(Loss)/Earnings per share (Cents)
Basic (0.2) (0.2) (0.6)
Diluted (0.2) (0.2) (0.6)
----------------------------------------------------------- ---------- ---------- ----------------
8. Related parties
The following transactions occurred with related parties during
the period:
Transactions for the period Closing balance
---------- ----------------------------- ----------- -----------------------
30 June 30 June 31 December 30 June 30 June 31 December
2022 2021 2021 2022 2021 2021
Unaudited Unaudited Audited Unaudited Unaudited Audited
US$000 US$000 US$000 US$000 US$000 US$000
--------------------- ---------- ------------- -------------- ----------- ---------- -----------
Funding:
To Jumelles Limited 95 284 604 34 34 34
--------------------- ---------- ------------- -------------- ----------- ---------- -----------
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END
IR URVARUKUKOAR
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