TIDMBMN
RNS Number : 0499O
Bushveld Minerals Limited
15 August 2017
Bushveld Minerals Ltd
("Bushveld" or the "Company")
2017 Audited Annual Financial Results
Bushveld Minerals Limited (AIM: BMN), the vanadium producing
company with a diversified projects portfolio of tin and coal
assets in Southern Africa, is pleased to announce its audited
annual financial results for the year ended 28 February 2017.
The full 2017 Annual Report is now available on the Company's
website at the following link:
http://bushveldminerals.com/financialreports.aspx
A printed copy of the 2017 Annual Report will be posted to the
Company's shareholders as per individual request. A copy of the
Notice of the Annual General Meeting to be held at 18-20 Le Pollet,
St Peter Port, Guernsey GY1 1WH at 11 a.m. on Tuesday 12(th)
September 2017 has also been posted to all shareholders.
Highlights/Key Achievements
Bushveld Vanadium
-- In partnership with Yellow Dragon Holdings Limited, the
Company completed, on 6 April 2017, the acquisition of a 78.8%
interest in Strategic Minerals Corporation ("SMC"), which owns the
primary vanadium mining and processing company Vametco Alloys
(Proprietary) Limited ("Vametco") in South Africa.
-- Signed cooperation Agreement between the Industrial
Development Corporation of South Africa ("IDC") and Bushveld Energy
Limited ("Bushveld Energy", a subsidiary of Bushveld Minerals
Limited) for the joint development of market opportunities for
Vanadium Redox Flow Batteries ("VRFBs") in Africa.
-- Completed a techno-economic study on the manufacturing of electrolyte in South Africa.
-- Completed a market study for VRFBs in Africa.
-- Completed the Acquisition of the Brits Vanadium Project from Sable Metals Limited.
Greenhills Resources
-- Completed the Acquisition of a 49.5% interest in Dawnmin
Africa Limited ("Dawnmin"), which holds an 85% interest in the Uis
Tin Project in Namibia.
Lemur Resources
-- Signed a Memorandum of Understanding ("MoU") with Sinohydro,
a subsidiary of PowerChina for the development of a 60MW coal-fired
power plant based at Lemur Resources' (a Bushveld Minerals
subsidiary) Imaloto Coal Project in Madagascar.
Enquiries: info@bushveldminerals.com
Bushveld Minerals Limited
Fortune Mojapelo +27 (0) 11 268 6555
Strand Hanson Limited (Nominated Adviser)
James Harris / Ritchie Balmer / Jack Botros +44 (0) 20 7409
3494
Beaufort Securities (Joint broker)
Jon Bellis +44 (0) 20 7382 8300
SP Angel Corporate Finance (Joint broker)
Ewan Leggat +44 (0) 20 3470 0470
Blytheweigh (Public Relations)
Tim Blythe / Camila Horsfall +44 (0) 20 7138 3204
Gabriella von llle +27 (0) 711 121 907
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
About Bushveld Minerals Limited
Bushveld Minerals is a diversified AIM listed mineral
development company with a portfolio of vanadium, iron ore, tin and
coal greenfield assets in Southern Africa and Madagascar. The
Company's flagship platform, the vanadium platform, includes the
Mokopane Vanadium Project, the Brits Vanadium Project, and the
Bushveld Iron Ore & Titanium Project. The tin platform
comprises the Mokopane Tin Project whereas the Imaloto Coal
Project, which is being developed as one of Madagascar's leading
independent power producers, makes up the Company's coal
platform.
The Company's vision is to become the largest low cost
integrated primary vanadium producer through owned low-cost
high-grade assets. This incorporates development and promotion of
the role of vanadium in the growing global energy storage market
through Bushveld Energy, the Company's energy storage solutions
provider. Whilst the demand for vanadium remains largely anchored
in a slow growing steel industry, Bushveld Minerals believes there
is a strong potential for imminent significant global vanadium
demand surge from the fast-growing energy storage market,
particularly through the use and adoption of Vanadium Redox Flow
Batteries.
Bushveld Minerals' approach to project development recognises
that whilst attractive project economics are imperative, they are
insufficient to secure capital to bring them to account. A clear
path to production with a visible timeframe, low capex requirements
and scalability are important factors in retaining an attractive
exit option. This philosophy is core to the Company's strategy in
developing projects. Detailed information on the Company and
progress to date can be accessed on the website:
www.bushveldminerals.com
Chairman's Statement
I am delighted to present the Annual Financial Statements of
Bushveld Minerals for the year ended 28 February 2017. I am
particularly pleased to be doing this at a transformational point
in the Company's development, as we transition from a junior
exploration company to a producing company. Though commodity
markets have markedly recovered since the lows of 2015/16, capital
markets remain challenging particularly for junior miners for whom
access to capital continues to be largely constrained.
We articulated a commodity-focused platform strategy in 2014
based on which we would develop each of the Company's three
platforms, comprising Bushveld Vanadium, Greenhills Resources and
Lemur Resources, with a view to building each on a path to
independent existence with dedicated resources. At the same time we
outlined our intention to prioritise vanadium as the flagship of
the Company. Finally, we outlined four key pillars guiding the
development of our projects, being (a) choosing commodities with a
positive market outlook; (b) developing assets with a low cost
curve positioning; (c) executing a clear realisable path to
production and, thus, cash flows and finally (d) ensuring
scalability.
I am pleased to report that the Company has been disciplined and
consistent in delivering on this strategy. Each of the three
platforms has made strides in realising its objectives. At Lemur
Resources, the efforts to secure an Independent Power Producer
licence for the project continue apace and we hope that the licence
will be agreed shortly. I am encouraged to see the prominence and
attention given to the Lemur Power Project by the government,
including the Presidency of Madagascar at the recent Madagascar
Investment Conference hosted by the South African Government in
Pretoria during mid-June 2017. The power project will provide a
captive market for the Imaloto Coal Project and see the planned
project capital investment grow from an initial estimate of US$16m
to over US$200m.
Meanwhile, the acquisition of a 49.5% interest in the Uis Tin
Project provides Greenhills with the critical mass necessary for a
stand-alone tin platform. The fact that the Uis Tin Project comes
with a mining licence and a pilot plant that can be refurbished is
an additional benefit that allows the project path to production to
be accelerated. Efforts to list the Greenhills Resources platform
separately are now well underway and expected to be completed
during the next financial year.
It is in the flagship vanadium platform, however, that the most
progress has been made. Most notable is the completion of the
acquisition on the 6 April 2017, by Bushveld Vametco Limited (BVL),
co-owned 45:55 with Yellow Dragon Holdings Limited, of the primary
vanadium mining and processing company, Vametco Alloys
(Proprietary) Limited. The Company also competed the acquisition of
the Brits Vanadium Project, the development project which
potentially hosts a significant strike extension of the current
Vametco mine ore body. The acquisition of Vametco could not have
been completed at a better time, with vanadium prices on a solid
upward trajectory. Vametco is a quality low-cost producer with a
sound financial position that has allowed us to use a significant
amount of debt funding for the acquisition. That BVL has been able
to pay back all the external debt and facilitate a BEE transaction
for Vametco within four months of the completion of the transaction
is testament to the strong balance sheet and cash-generation
capacity of this important asset. In acquiring Vametco, BVL has not
only acquired a quality operating mine and processing facility, but
a management team with extensive experience in the vanadium
industry combining more than 100 years of industry experience. In
addition, the management team has worked on every one of the
primary vanadium-processing plants in South Africa.
This intellectual capital will be important as we look to grow
the combined Bushveld vanadium platform from its current 3.5%
market share of the global vanadium supply to a share projected at
more than 10% in the next three to five years.
I am also pleased to note the significant progress made by
Bushveld Energy in establishing the market opportunity for vanadium
redox flow batteries in Africa. Bushveld Energy has established an
invaluable working relationship with its local partner, the
Industrial Development Corporation of South Africa. Through
delivery on our agreed objectives, we are on plan to vindicate the
IDC's choice of large-scale energy storage as one of the
significant new industries to support in South Africa. I look
forward to seeing continued progress on what has been achieved to
date over the course of the coming year.
All this progress is praiseworthy. It happens, however, amidst a
time of significant uncertainty in the global political and
economic sphere. The UK Brexit vote, US elections and elections in
France where there was much at stake in terms of the future
direction of these important economies, all contributed to an
environment of general political and economic uncertainty. In South
Africa, 2017 is an important year for the African National Congress
(the country's ruling political party), which holds its congress to
elect a new national leader at the end of the year. This elective
congress promises to be a highly contested leadership race. It
comes at a time when the ruling party has lost considerable ground
to opposition parties and is facing significant internal divisions,
with threats of alliances breaking away amid public outcry over
allegations of state capture and corruption. The significance of
this lies in the nature of South Africa's constitutional democracy,
with the party that wins the elections appointing the president of
the country.
The South African government recently attempted to gazette a new
Mining Charter, placing greater obligations on mining companies. It
proposes greater representation of historically disadvantaged
persons in procurement opportunities, shareholding, management and
the board composition of mining companies. The Mining Charter has,
however, since been suspended pending an outcome of legal
challenges brought by the South African Chamber of Mines.
An important antidote to this uncertainty, however, has to be a
sound and functional democratic system within which the politics
play out. This presents a source of confidence in the long-term
investment case of South African based projects. South Africa
enjoys a constitutional democratic order that is sound and
effective and is underpinned by an effective independent judiciary
and chapter 9 institutions such as the Public Protector.
Geology plays a significant part in primary vanadium producers'
resource bases. South Africa has the largest and best quality
primary vanadium resource base of any nation. As a consequence
Bushveld Minerals is well positioned as it develops its integrated
vanadium platform. Moreover, with over 90% of its costs being Rand
denominated and more than 95% of its forecast revenues being
foreign currency denominated, Bushveld has a natural hedge against
any deterioration of local economic conditions, in addition to its
already low cost curve positioning.
As the Company continues in its quest to become a significant
vanadium producer and undertakes the listing of Greenhills
Resources, it will see the already lean management team stretched
across the two distinct platforms, imposing the need for more human
capital Accordingly in the coming year we will bolster the
management team and the Board to ensure that the Company has the
requisite capacity for the journey ahead, a journey I am delighted
to be a part of.
I would like to thank our management team for their considerable
efforts in what has been a challenging but exciting time for our
Company. The business is dependent upon the hard work, dedication
and skills of all our team. I would in particular like to thank our
CEO Fortune Mojapelo, who has led the team in an exemplary way.
Also, to my colleagues on the board, I extend my appreciation for
their wise council and advice that I have received this year.
Ian Watson
Non-Executive Chairman
CEO Report
It gives me great pleasure to present this annual report,
following an eventful and indeed transformational year for Bushveld
Minerals Limited. We have continued the disciplined execution of
our strategy for our three key platforms, Bushveld Vanadium,
Greenhills Resources and Lemur, guided by our four key principles:
(a) commodity choice with robust market fundamentals; (b)
attractive cost position; (c) a realisable path to production; and
(d) scalability.
The Vanadium Flagship
Nowhere are these principles given better expression than in the
development of Bushveld Minerals' flagship vanadium platform:
-- Vanadium - a commodity with a robust and growing demand
profile amid a constrained and concentrated supply environment
resulting in a sustained structural deficit with no significant new
supply in the near future;
-- With some of the highest primary vanadium grade in the world,
a low-cost open-cast simple mining proposition and access to
brownfield processing infrastructure that can be acquired at a
small fraction of its replacement cost, Bushveld will be one of the
lowest production platforms on the vanadium cost curve;
-- The participation alongside Yellow Dragon Holdings in the
acquisition of Vametco gives the Company exposure to a production
asset with a significant share of the global vanadium market and
with scope to scale up production in future;
-- A healthy pipeline of resources and complementary processing
infrastructure to support the Company's growth aspirations. The
acquisition of the Brits Vanadium project presents significant
opportunities to significantly increase the Company's resource
base, while the existence of several additional brownfield assets
in South Africa in close proximity to the Company's vanadium
deposits creates low cost and quicker opportunities for scale
up.
Consequently we have crafted a vision to build the largest,
lowest-cost vertically integrated vanadium company.
-- The largest primary vanadium platform means having the
largest high-grade primary vanadium resource base and the largest
primary vanadium production in the world;
-- The lowest cost means targeting the lowest cost position on
the vanadium production cost curve, leveraging the high in-situ and
in-magnetite V2O5 grades and the open-cast mining proposition of
Bushveld Minerals' deposits as well as access to low-cost
brownfield processing infrastructure;
-- The most vertically integrated primary vanadium platform
means development of downstream operations beyond production of
end-use vanadium products to also include development and
deployment of vanadium applications in industries such as the
energy storage market, where Bushveld intends to manufacture
vanadium electrolyte and to build large-scale vanadium based
VRFBs.
The Vametco Transaction
An important part of realising this vision was the Company's 45%
participation with Yellow Dragon Holdings Limited (55%) in the
acquisition, from the Evraz Group S.A. of a 78.8% shareholding in
Strategic Minerals Corporation, the parent company for the primary
vanadium mining and processing plant of Vametco Alloys
(Proprietary) Limited.
The transaction, completed on 6 April 2017, was completed less
than four years since the company announced, in November 2013, its
focus on developing the vanadium platform. Since this announcement,
we have made significant strides, including completing a Scoping
Study on the Mokopane Vanadium Project in April 2014, followed by a
Prefeasibility Study in February 2016.
The Vametco vanadium mine is a high-quality, low-cost producer
with a trademark vanadium product and a global vanadium customer
base. Vametco is one of the cheapest primary producers of vanadium
in the world. It currently has an approximate 3.5% share of global
supply capacity and provides a solid platform for growing this
production base. It is intended to leverage its processing capacity
and broaden its product base to include vanadium chemicals, such as
VRFB electrolyte. Our participation in the acquisition of Vametco
as described in this report is therefore aligned with the Company's
aspirations in the global energy storage market by providing
capacity for potential electrolyte manufacturing.
The Vametco transaction gives impetus to the Company's vision to
develop the largest, lowest-cost vertically integrated primary
vanadium platform in the world. The transaction could not have been
completed at a better time, with vanadium prices having staged a
strong recovery. Vametco has an ungeared financial position and a
healthy cash generation ability which enabled BVL to fund the
acquisition largely through debt. US$14 million of the US$16.5
million acquisition consideration was fully repaid within four
months of the completion of the transaction.
I am pleased that BVL was able to transfer customer contracts
from Evraz Group seamlessly within a month of completion of the
transaction, thanks in a large part to our partnership with Wogen
Resources Limited, which brings decades of experience in metals
trading, with a global footprint and established relationships with
several of the Vametco customers.
Meanwhile Vametco has been delivering solid operational and
financial performance. Production volumes in 2016 were a solid 2
804MTV, a 16% increase on 2015 volumes of 2 419MTV. The volume
increase and weakening South African exchange rate (from
ZAR12.75:US$1 in 2015 to ZAR14.71:US$1) in addition to improved
operational performance saw Vametco improve its already low
production costs from US$17.23/kgV to US$14.50/kgV. Consequently
EBITDA performance improved between the two years from ZAR15.7
million (US$1.2 million) to ZAR47.5 million (US$3.2 million). This
performance improvement has continued into 2017 supported in part
by the significant rises in vanadium prices. At ZAR85.5 million
(US$6.5 million) EBITDA for the first half of 2017 is already 80%
higher than that of the entire 2015.
Going forward, BVL will leverage the solid Vametco platform, its
experienced management team and the South African base to grow
production volumes, drive down costs and add new vanadium products
to its portfolio.
Four Key Priorities
To give effect to this vision we identified four key priorities
that guide the Company's action programme. I am pleased with the
progress the Company has made on all of them:
a) Advance Mokopane Vanadium Project
Notwithstanding the growing focus on the Vametco mine and
processing plant, the Mokopane Vanadium Project is an important
part of Bushveld's future plans. With a resource of 298Mt, a
completed Pre-Feasibility Study and a Mining Right under
application, this project is an important part of our vanadium
portfolio. The project Pre-feasibility Study, completed in February
2016, reported a pre-tax NPV and IRR of US$418m and 24%
respectively against a capital expenditure of US$298 million for a
project producing 9,525 mtv of 99.8% V2O5. The attractiveness of
the project is under-scored by the conservative long term average
price of US$7.50/lb V2O5 which is conservative relative to vanadium
prices at the date of this report (US$9.40 mid Metal Bulletin, 4
August 2017).
Significant progress was made during the year in our efforts to
secure a new order mining right, including securing environmental
authorisation for the project. We look forward to finalising the
mining right and developing the project going forward. Efforts to
find partnerships for the project are continuing. Furthermore, the
Company will explore opportunities for supplying unprocessed ore or
concentrate to vanadium-processing facilities around the world that
are starved of vanadium feedstock.
b) Identify and secure quality brownfield processing infrastructure
Bushveld's vanadium deposits are located in a mining region with
established logistics infrastructure and a deep history of
beneficiation. The Company investigated several opportunities and,
as mentioned earlier, in 2016 negotiated and agreed, in partnership
with Yellow Dragon Holdings, the purchase of a 78.8% in SMC.
Our participation in the acquisition of an operating, profitable
low-cost producer of vanadium at less than 10% of its replacement
value is testament to the value in this approach.
The Company continues to explore further brownfield
opportunities that are in close proximity to and are complementary
with the Company's vanadium assets. This we will do by leveraging
the strong technical skills within Bushveld Minerals and Vametco.
Combining over 100 years of vanadium industry experience, the
Vametco team has in-depth knowledge of vanadium mining, processing
and marketing.
c) Support vanadium role in energy storage
The success of VRFBs in the burgeoning global energy market is
important for the vanadium market - growing and diversifying the
demand profile of a commodity that today is dominated by the steel
industry with about 90% of vanadium consumption. In addition, the
energy storage market itself offers a compelling commercial
proposition for Bushveld Minerals. Yet the success of VRFBs must
overcome two key hurdles: (a) security of supply and (b) security
of cost of the VRFBs, both of which are accentuated by the
significant reduction of supply in the past 18 months, with no
significant new capacity in the horizon, as well as the more than
150% increase in vanadium prices to an 8 year high in the past 18
months.
We believe that the answer to these hurdles lies in a vertically
integrated business model involving low-cost vanadium production
assets. Bushveld is more than ever ideally placed, through its
energy storage dedicated company Bushveld Energy Limited, to play a
catalytic role in driving VRFB adoption in the global market by
effectively addressing these two hurdles. This vertically
integrated model is pursued through smart strategic partnerships
along the value chain.
I am pleased that in the review period Bushveld added to its
strategic partnership with technology partner UniEnergy
Technologies, a leading US-based manufacturer of large-scale VRFBs,
by signing a Cooperation Agreement with the Industrial Development
Corporation of South Africa. Bushveld Energy could not have found a
better partner in the IDC. I am pleased with the positive outcome
of the two completed studies in respect of VRFBs; these now pave
the way for pursuing the VRFB opportunity further.
In addition, Bushveld Energy is developing optimal sites for
large-scale VRFB demonstration systems of multiple megawatt hours
in South Africa in parallel with building up a short-to-medium-term
energy storage project development backlog across Africa to tap
into the multi-gigawatt-hour opportunity for large-scale energy
storage.
I am pleased to note that the benefits of VRFBs are increasingly
recognised - long life cycle, low levelised cost of energy, etc.
Bushveld Energy has and continues to play a key role in this
respect, including being an important part of the Vanitec Energy
Storage Committee, through which the vanadium industry cooperates
to support the VRFB industry.
d) Consolidate primary vanadium resources
Bushveld Minerals believes the future of vanadium supply lies
with high-grade primary vanadium suppliers. This is underscored by
the structural challenges faced by vanadium-slag-producing steel
plants, which account for as much as 64% of vanadium feedstock
supply and yet whose viability is structurally challenged on
account of their high magnetite iron input costs, high processing
costs and general lack of influence on the low steel prices
afflicting their profitability. Nowhere are the consequences of
these constraints clearer than the shutdown of Highveld Steel and
Vanadium during 2015.
The Company's efforts in this regard were focussed on completing
the acquisition of the Brits Vanadium Project, which comprises
prospecting rights on several farms adjacent to the producing
Vametco plant. The Company was, as at the reporting date, in the
process of securing regulatory approval in terms of section 11 of
the Mineral and Petroleum Resources Development Act for change of
control in respect of the acquired Sable Metals & Mining
Limited's subsidiaries. Following approval, Bushveld Minerals will
commence with activities to delineate the project's extensive
shallow resource.
Unlocking value from the other platforms
While our focus has been on the vanadium platform, we will
continue to execute a strategy for the other two platforms -
Greenhills Resources (tin) and Lemur (coal and power generation) -
aimed at crystallising and realising value for our shareholders, as
outlined in this report.
-- For Greenhills Resources Limited that strategy entails
consolidating a critical mass of tin resource inventory,
implementing a pilot production programme and exploring options for
a potential listing of Greenhills Resources.
-- For Lemur this entails securing a power purchase agreement
for a 60MW thermal coal power project as well as tying up
partnerships with financial and EPC (Engineering, Procurement and
Construction) partners ahead of a potential spin-off of Lemur.
Greenhills Resources Limited
Subsequent to the year in review saw Greenhills Resources
complete the acquisition of a 49.5% interest in Dawnmin, which owns
an 85% interest in the Uis Tin Project in Namibia.
With valid mining licences in place and an old processing plant
(albeit in need of refurbishing), Greenhills Resources intends to
accelerate this project into production. Greenhills Resources'
approach to bringing this mine into full-scale production
includes:
-- Mapping out the higher-grade greisened zones that are the target for early stage mining;
-- Completing the mineralogical and metallurgical studies to
fine-tune the pilot plant for a consistent production phase based
on which techno-economic parameters for the scaled up larger plant
can be confirmed;
-- Completing the refurbishment of the old pilot plant and
running it on a consistent basis for several months; and
-- Confirm the existing Uis Project resources in accordance with the JORC standards.
Having achieved a critical mass of tin resource inventory, and
with a valid mining licence for the Uis Tin Project, Greenhills
Resources is well positioned for life as a stand-alone platform
through an IPO on AIM in the near term, efforts for which are now
already underway. This will allow Greenhills Resources to attract
the dedicated resources (financial and human capital) to be
successful as an African focused tin and associated metals
champion.
Lemur Resources Limited
The past year has seen significant progress in the development
of Lemur's Imaloto coal project in Madagascar. The Company's
strategy for the development of the project involves securing an
Independent Power Producer licence and a Power Purchase Agreement
for a thermal coal fired power station next to the coal mine,
thereby providing a captive market for the Imaloto project
run-of-mine coal. Negotiations with the Madagascar authorities
regarding the PPA have progressed well during the year under
review.
In addition, I am pleased that Lemur signed a Memorandum of
Understanding with PowerChina for the development of a 60MW thermal
coal power plant in Madagascar. The MoU provides a sound framework
for cooperation between Lemur and PowerChina, which has extensive
experience investing in and developing large-scale power projects
in Africa. It further provides for PowerChina funding the bankable
feasibility for the power project, which will provide a ready and
captive market for the Imaloto coal project. Since the signing of
this MoU, Lemur has led a delegation to Madagascar intended, among
other things, to help identify the optimal site for the power
plant. Meanwhile, Lemur has also engaged the services of Advisian
Advisory as the Owner's Engineer to represent Lemur in our
engagement with PowerChina, Jirama (the Madagascar national power
utility) and external funders for the project, undertake several
studies that form a part of the bankable feasibility study for
power project and ensure that all environmental studies are done to
internationally accepted standards.
The development of the Imaloto project, including the mine and
the power plant, will see the region receiving new infrastructure
and stable energy access. Thousands of new jobs will be created,
over US$1 billion in new government revenue will be generated and
approximately US$300 million in new investment in the country will
be achieved. The design and location of the project are such that
it will immediately increase the country's power supply by 15% and
be able to scale up to supply more power to new electricity users
in the region in the longer term.
General Operating Environment
The economic environment for mining and South Africa in
particular remains a challenging one. Uncertainty relating to the
new Mining Charter presents risks to Bushveld's South African
operations, as does the overall political uncertainty prevailing in
South Africa. We note, however, that political uncertainty is as
much a global phenomenon as it is South African. Our assets are of
a high quality and their export proposition, coupled with a local
cost base, present a natural hedge against any adverse developments
in the local economy.
A proactive strategy in dealing with various stakeholders is
essential. Bushveld and its operating subsidiaries are well
positioned to address issues with respect to stakeholder engagement
at all major levels of government, communities and employees.
Bushveld's transaction in support of a new Black Economic
Empowerment partner for Vametco, Jaxson 640 (Proprietary) Limited
("Jaxson"), in terms of which Bushveld provided loan financing of
approximately US$1 million for Jaxson to buy out the previous BEE
shareholders in Vametco Holdings is an example of this proactive
approach. As a consequence of this transaction, the local
landowners and affected communities' shareholding in Vametco
increased from 3.75% to about 12%.
Bushveld Minerals continues to make strides in developing its
projects across all its three platforms in spite of the constrained
operating environment.
Financial Report
As mentioned elsewhere in this report, the most significant
transaction during the current financial year was the Company's
participation in the Vametco acquisition by Bushveld Vametco
Limited, which was completed post year end. The strong cash flow
generating ability of the underlying operations enabled the
acquisition to be largely debt-funded (US$14.0 million). BVL's
equity component of US$2.47 million was settled in two parts,
US$1.65 million during the current financial year, with a further
US$0.82 million settled post year-end upon completion of the
acquisition in April 2017.
Total cash and cash equivalents at the beginning of the
financial year amounted to GBP478,619. During the current financial
year Bushveld raised approximately GBP3.4 million from three
separate capital raisings, as well as various warrant-for-share
conversions by shareholders. The cash raised from these capital
raises were largely used to pursue the Company's participation in
the Vametco acquisition, plus associated due diligence and other
expenditures, as well as settling our obligations (principal and
interest) to Darwin Strategic. The Directors maintained tight
discipline over cash operating expenses, which decreased by 10%
from the previous financial year to approximately GBP1.4
million.
During the current financial year the Company's cash resources
have materially been applied as shown in the table below:
Description GBP'000
Net repayment of borrowings (Darwin
Strategic)
Settlement of outstanding Darwin
Strategic borrowings from amounts
held in Escrow 2,432
Payment of finance costs (Darwin
Strategic)
Additional cash payment of interest
and fees associated with the Darwin
Strategic facility paid out of the
Company's cash resources 528
Operating costs and Vametco investment-related
costs
Company cash operating expenses
for the year and cumulative costs
associated with the negotiation
and execution of Bushveld's participation
in the Vametco acquisition transaction 1,869
The year ahead
In the year ahead Bushveld will continue to execute on its
stated strategy, focusing on:
-- Working with Yellow Dragon Holdings to grow the Vametco's
production volumes and exploring further brownfield opportunities
complementary to the Company's vanadium assets.
-- In addition, Bushveld Energy will work with its VRFB
technology partners to unlock the potential for vanadium
electrolyte production within the global energy storage market;
-- Unlocking value in its Madagascar coal project through
securing an IPP licence and continuing the feasibility studies on a
60MW thermal coal power project;
-- Completing the listing of Greenhills Resources and thus
establishing an AIM-listed dedicated African tin champion well
placed to consolidate quality tin assets in Africa; and
-- Growing our human capital base to meet the growing demands of
a growing company. I look forward to building on our existing team
and introducing more senior-level leadership in the areas of
operations, investor relations and project development. At the same
time, the Company will look to further strengthen the board of
directors to ensure it is well suited to provide the kind of
oversight and support required by management.
Conclusion
The year under review has been an eventful and transformational
one underscored by BVL's acquisition of the Vametco primary
vanadium mine and processing plant. This has reflected in a 641%
surge in the Company's share price from 1.53p to 9.80p between 1
August 2016 and 31 July 2017. The re-rate to a market
capitalisation of more than GBP78 million at the beginning of
August 2017 reflects our on-going transformation into a portfolio
that includes a mining operation with access to cash flows and a
potential for further returns to our shareholders. Notably during
the same period, Bushveld shareholders suffered only a modest
dilution as a consequence of the Company's capital raising,
increasing its issued shares from 591,6 million to 806.6 million.
We believe there is significant growth yet to be realised as we
execute on our strategy.
The BVL acquisition was not without its challenges; not least
initially looking to raise financing that, at the time of the
agreement execution, was more than Bushveld's market capitalisation
and during a challenging capital raising environment for junior
mining companies. Bushveld Minerals and its strategic partner in
BVL, Yellow Dragon Holdings, are grateful to Wogen Resources
Limited and the Barak Fund, who believed in our proposition and
provided the needed financing to complete the transaction.
I am thankful for the support of the entire Bushveld Minerals
team for continuing to show incredible commitment to the Company. I
am also thankful for the support of the Board and most importantly
of our shareholders. I believe Bushveld Minerals is at a critical
transformational point in its story and look forward to the next
chapter in its development.
We are excited about what the future holds as we continue on our
journey to build the world's largest, lowest cost and most
vertically integrated vanadium platform.
Fortune Mojapelo
Chief Executive Officer
Independent Auditor's Report to the Members of Bushveld Minerals
Limited
OPINION ON FINANCIAL STATEMENTS
We have audited the group financial statements on pages 36 to
57. The financial reporting framework that has been applied in
their preparation is applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European Union.
In our opinion, the financial statements:
-- give a true and fair view of the state of the group's affairs
as at 28 February 2017 and of the group's loss for the year then
ended;
-- are in accordance with IFRSs as adopted by the European Union; and
-- comply with the requirements of The Companies (Guernsey) Law, 2008.
EMPHASIS OF MATTER - GOING CONCERN
In forming our opinion on the financial statements, which is not
modified, we have considered the adequacy of the disclosures made
in the accounting policies on page 41 of the financial statements
concerning the Group's ability to continue as a going concern. The
Group incurred a loss for the year ended 28 February 2017 of
GBP1,720,067. Further funds will be required to finance the Group's
working capital requirements and development of the Group's assets.
These conditions, along with the other matters explained on page 41
of the financial statements, indicate the existence of a material
uncertainty which may cast significant doubt about the Group's
ability to continue as a going concern. The financial statements do
not include the adjustments that would result if the Group was
unable to continue as a going concern.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
A description of the scope of an audit of financial statements
arising from the requirements of International Standards on
Auditing (UK and Ireland) is provided on the Financial Reporting
Council's website at http://www.frc.org.uk/auditscopeukprivate
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters
where The Companies (Guernsey) Law 2008 requires us to report to
you if, in our opinion:
-- proper accounting records have not been kept by the parent company; or
-- the parent company financial statements are not in agreement with the accounting records; or
-- we have failed to obtain all the information and explanations
which, to the best of our knowledge and belief, are necessary for
the purposes of our audit.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As more fully explained in the Directors' Responsibilities
Statement set out on page 32, the directors are responsible for the
preparation of the financial statements and for being satisfied
that they give a true and fair view. Our responsibility is to audit
and express an opinion on the financial statements in accordance
with applicable law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing
Practices Board's (APB's) Ethical Standards for Auditors.
We read the other financial and non-financial information
contained in the annual report and consider the implications for
our report if we become aware of any material inconsistency with
the financial statements or with knowledge acquired by us in the
course of performing the audit, or any material misstatement of
fact within the other information. We also read the information in
the directors' report and consider the implications for our report
if we become aware of any material inconsistency with the financial
statements. This report is made solely to the company's members, as
a body, in accordance with section 262 of The Companies (Guernsey)
Law 2008. Our audit work has been undertaken so that we might state
to the company's members those matters we are required to state to
them in an auditor's report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company and the company's
members as a body, for our audit work, for this report, or for the
opinions we have formed.
RSM UK Audit LLP
Chartered Accountants
25 Farringdon Street
London EC4A 4AB
14 August 2017
Consolidated Income Statement
For the year ended 28 February 2017
28 February 29 February
2017 2016
Note GBP GBP
Continuing operations
Administrative expenses 5 (1,550,087) (1,556,216)
Operating loss (1,550,087) (1,556,216)
Other income 31,445 41,152
Finance income 7 1,093 77,992
Finance costs 8 (202,518) (351,206)
Loss before tax (1,720,067) (1,788,278)
Income tax expense 9 - -
Loss for the year (1,720,067) (1,788,278)
=========== ===========
Attributable to:
Owners of the parent (1,705,920) (1,699,000)
Non-controlling interests (14,147) (89,278)
(1,720,067) (1,788,278)
=========== ===========
Loss per ordinary share
Basic and diluted loss per
share (in pence) 10 (0.28) (0,39)
=========== ===========
All results relate to continuing activities.
The notes on pages 21 to 56 form part of these financial
statements.
Consolidated Statement of Comprehensive Income
For the year ended 28 February 2017
28 February 29 February
2017 2016
GBP GBP
Loss for the year (1,720,067) (1,788,278)
Other comprehensive income,
net of tax:
Items that may be subsequently
reclassified to profit or loss:
Currency translation differences 2,887,415 (1,262,002)
Total comprehensive income
for the year 1,167,348 (3,050,280)
================ ================
Attributable to:
Owners of the parent 783,430 (2,961,002)
Non-controlling interests 383,918 (89,278)
Total comprehensive income
for the year 1,167,348 (3,050,280)
================ ================
Consolidated Statement of Financial Position
As at 28 February 2017
Company number: 54506
28 February 29 February
2017 2016
Note GBP GBP
Assets
Non-current assets
Intangible assets: exploration
and evaluation 11 60,201,729 56,386,494
Property, plant and equipment 12 304,910 321,206
Total non-current assets 60,506,639 56,707,700
Current assets
Trade and other receivables 13 2,507,027 3,066,855
Cash and cash equivalents 14 131,155 478,619
Total current assets 2,638,182 3,545,474
Total assets 63,144,821 60,253,174
----------- -----------
Equity and liabilities
Current liabilities
Borrowings 15 (128,767) (2,984,044)
Trade and other payables 16 (1,286,340) (527,587)
Total current liabilities (1,415,107) (3,511,631)
Net assets 61,729,714 56,741,543
=========== ===========
Equity
Share capital 17 6,962,141 4,863,373
Share premium 17 60,923,922 59,927,541
Accumulated deficit (8,771,794) (7,320,313)
Warrant reserve 18 594,127 422,386
Foreign exchange translation
reserve (11,607) (2,500,957)
Equity attributable to the
owners of the parent 59,696,789 55,392,030
Non-controlling interests 2,032,925 1,349,513
Total equity 61,729,714 56,741,543
=========== ===========
The notes on pages 21 to 56 form part of these financial
statements.
The financial statements were authorised and approved for issue
by the Board of directors and authorised for issue on 14 August
2017.
Consolidated Statement of Changes in Equity
For the year ended 28 February 2017
Attributable to owners of the parent company
Foreign
Warrant exchange Non-
Share Share Accumulated Revaluation reserve translation controlling Total
capital premium deficit reserve reserve Total interests equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Total equity at
29
February 2016 4,863,373 59,927,541 (5,109,965) (138 628) 422,386 (1,238,955) 58,725,752 4,404,516 63,130,268
---------------- --------- ---------- ----------- ----------- --------- ----------- ----------- ----------- -----------
Loss for the
year (1,699,000) (1,699,000) (89,278) (1,788,278)
Other
comprehensive
income, net of
tax:
Currency
translation
differences (1,262,002) (1,262,002) (1,262,002)
---------------- --------- ---------- ----------- ----------- --------- ----------- ----------- ----------- -----------
Total
comprehensive
loss for the
year - - (1,699,000) - - (1,262,002) (2,961,002) (89,278) (3,050,280)
Transactions
with
owners:
Revaluation
reserve
transfer (138,628) 138,628 - -
Treasury shares (27,678) (27,678) (27,678)
Non-controlling
interest - 205,909 205,909
Minority
shareholder
acquired (345,042) (345,042) (3,171,634) (3,516,676)
Total equity at
29
February 2016 4,863,373 59,927,541 (7,320,313) - 422,386 (2,500,957) 55,392,030 1,349,513 56,741,543
---------------- --------- ---------- ----------- ----------- --------- ----------- ----------- ----------- -----------
Loss for the
year (1,705,920) (1,705,920) (14,147) (1,720,067)
Other
comprehensive
income, net of
tax:
Currency
translation
differences 2,489,350 2,489,350 398,065 2,887,415
---------------- --------- ---------- ----------- ----------- --------- ----------- ----------- ----------- -----------
Total
comprehensive
loss for the
year - - (1,705,920) - - 2,489,350 783,430 383,918 1,167,348
Transactions
with
owners:
Warrants in year 426,180 426,180 426,180
Reserve transfer 254,439 (254,439) - -
Issue of shares 2,098,768 996,381 3,095,149 3,095,149
Non-controlling
interest - 299,494 299,494
Total equity at
28
February 2017 6,962,141 60,923,922 (8,771,794) - 594,127 (11,607) 59,696,789 2,032,925 61,729,714
---------------- --------- ---------- ----------- ----------- --------- ----------- ----------- ----------- -----------
Consolidated Statement of Cash Flows
For the year ended 28 February 2017
28 February 29 February
2017 2016
GBP GBP
Note
Cash flows from operating
activities
Loss before taxation (1,720,067) (1,788,278)
Adjustments for:
Depreciation property, plant
and equipment 12 9,892 -
Impairment of property, plant
and equipment 12 138,708 -
Finance income 7 (1,093) (77,992)
Finance costs 8 202,518 351,000
Changes in working capital:
Decrease/(increase) in receivables 559,828 (320,144)
Increase in payables 854,476 63,638
Net cash used in operating
activities 44,262 (1,771,776)
------------------- ----------------------
Cash flows from investing
activities
Finance income 8 1,093 77,992
Purchase of exploration and
evaluation assets 11 821,937 (1,498,013)
Purchase of property, plant
and equipment 12 (25,996) (275,682)
Net cash used in investing
activities (846,840) (1,695,703)
------------------- ----------------------
Cash flows from financing
activities
Finance costs (528,400) -
Net proceeds from issue of
shares and warrants 3,200,381 -
Net repayments of borrowings (2,675,000) -
Cost of purchase of treasury
shares - (27,678)
Cost of acquisition of non-controlling
interest in subsidiary - (2,991,812)
Proceeds from borrowings 140,000 -
------------------- ----------------------
Net cash generated from/(used
in) financing activities 136,981 (3,019,490)
------------------- ----------------------
Net decrease in cash and
cash equivalents (665,597) (6,837,969)
Cash and cash equivalents
at the beginning of the year 478,619 7,595,777
Effect of foreign exchange
rates 318,133 (630,189)
Cash and cash equivalents
at end of the year 14 131,155 478,619
=================== ======================
The notes on pages 21 to 56 form part of these financial
statements.
Notes to the consolidated financial statements
For the year ended 28 February 2017
1. Corporate information and principal activities
Bushveld Minerals Limited ("Bushveld") was incorporated and
domiciled in Guernsey on 5 January 2012, and admitted to the AIM
market in London on 26 March 2012.
The Bushveld Group comprises Bushveld Minerals Limited and its
subsidiaries as noted below.
The wholly owned Guernsey subsidiaries Bushveld Resources
Limited (BRL) and Greenhills Resources Limited (GRL) were acquired
by Bushveld under the terms of a Share Exchange Agreement entered
into on 15 March 2012. In 2016 the Company completed the
acquisition of Lemur Holdings Limited (Lemur).
BRL is an investment holding company formed to invest in
resource-based vanadium and iron ore exploration companies in South
Africa. The South African subsidiaries are Pamish Investments No.
39 (Proprietary) Limited ("Pamish 39") in which BRL holds a 64%
equity interest, Amaraka Investments No. 85 (Proprietary) Limited
("Amaraka 85") in which BRL holds 68.5% equity interest and
Frontier Platinum Resources (Proprietary) Limited in which BRL
holds 100% equity interest. The minority shareholder in Pamish 39
is Izingwe Capital (Proprietary) Limited and the minority
shareholder in Amaraka 85 is Afro Multi Minerals (Proprietary)
Limited.
GRL is an investment holding company formed to invest in
resource-based tin exploration companies in South Africa. The South
African subsidiaries are Mokopane Tin Company (Proprietary) Limited
in which GRL holds 100% equity interest and Renetype (Proprietary)
Limited ("Renetype") in which GRL holds a 74% equity interest. The
minority shareholders in Renetype are African Women Enterprises
Investments (Proprietary) Limited and Cannosia Trading 62 CC who
own 10% and 16% respectively.
The Lemur subsidiaries are coal project development companies.
The Lemur subsidiaries are the holder of 11 concession blocks in
South West Madagascar covering the Imaloto Coal Basin, known as the
Imaloto Coal Project and Extension.
As at 29 February 2017, the Bushveld Group comprised:
Company Equity holding Country Nature of
and voting of incorporation activities
rights
Bushveld Minerals N/A Guernsey Ultimate holding
Ltd company
Bushveld Resources 100% Guernsey Holding company
Ltd(1)
Pamish Investments 64% South Vandium &
39 (Pty) Ltd(2) Africa Iron ore exploration
Amaraka Investments 68.50% South Vandium &
85 (Pty) Ltd(2) Africa Iron ore exploration
Frontier Platinum 100% South Group support
(Pty) Ltd(2) Africa services
Bushveld Energy 84% Mauritius Holding company
Ltd(1)
Bushveld Energy 100% South Energy Development
(Pty) Ltd(6) Africa
Greenhills Resources 100% Guernsey Holding company
Ltd(1)
Mokopane Tin Company 100% South Holding company
(Pty) Ltd(3) Africa
Renetype (Pty) 74% South Tin exploration
Ltd(4) Africa
Lemur Holdings 100% Mauritius Holding company
Ltd(1)
Lemur Investments 100% Mauritius Holding company
Ltd(5)
Coal Mining Madagascar 99% Madagascar Coal exploration
SARL(7)
Imaloto Power Ltd(5) 100% Mauritius Holding company
Imaloto Power Project 99% Mauritius Power generation
Company SARL(8) company
Lemur South Africa 100% Mauritius Holding company
Ltd(5)
Pamish Investments 99% Mauritius Holding company
71 Ltd(9)
Zaaiplaats Mining 74% South Property owning
Ltd(9) Africa
Pan African Drilling 100% British Coal exploration
Limited(5) Virgin
Islands
1 Held directly by Bushveld Minerals Limited
2 Held by Bushveld Resources Limited
3 Held by Greenhills Resources Limited
4 Held by Mokopane Tin Company (Pty) Limited
5 Held by Lemur Holdings Limited
6 Held by Bushveld Energy Limited
7 Held by Lemur Investments Ltd
8 Held by Imaloto Power Ltd
9 Held by Lemur South Africa Ltd
These financial statements are presented in Pound Sterling (GBP)
because that is the currency the Group has raised funding on the
AIM market in the United Kingdom.
1. Adoption of new and revised standards
ACCOUNTING STANDARDS ADOPTED DURING THE YEAR
New standards, amendments to published standards and
interpretations to existing standards effective in 2016, with their
dates of adoption adopted by the Group and brief description:
Annual Improvements 1 January The improvements in this
to IFRSs 2017 & Amendment clarify the requirements
2014-2016 Cycle* 1 January of IFRSs and eliminate
2018 inconsistencies within
and between Standards,
including clarification
of the scope of IFRS 12.
---------------------- ---------- -----------------------------------
Amendments to 1 January Clarifies deferred tax
IAS 12: Recognition 2017 on unrealised losses generated
of Deferred Tax by debt instruments carried
Assets for Unrealised at fair value.
Losses*
---------------------- ---------- -----------------------------------
Amendments to 1 January The amendments clarify
IAS 7: Disclosure 2017 and improve information
Initiative* provided to users of financial
statements about changes
in liabilities arising
from financing activities.
---------------------- ---------- -----------------------------------
* not yet endorsed by the EU
Following the adoption of these standards there has been no
change to the group accounting policies and there has been no
material impact on the financial statements of the Group.
ACCOUNTING STANDARDS AND INTERPRETATIONS NOT APPLIED
Standards, amendments and interpretations to existing standards
that are not yet effective and have not been early adopted by the
Group:
Amendments to IFRS 2: 1 January Amendments to provide requirements
Classification and Measurement 2018 on the accounting for the
of Share-based Payment effects of vesting and
Transactions* non-vesting conditions
on the measurement of cash-settled
share-based payments, share-based
payment transactions with
a net settlement feature
for withholding tax obligations,
and a modification to the
terms and conditions of
a share-based payment that
changes the classification
of the transaction from
cash-settled to equity-settled.
------------------------------- --------- -----------------------------------
IFRIC 22 Foreign Currency 1 January Provides requirements about
Transactions and Advance 2018 which exchange rate to
Consideration* use in reporting foreign
currency transactions (such
as revenue transactions)
when payment is made or
received in advance.
------------------------------- --------- -----------------------------------
IFRS 9 Financial Instruments 1 January Replacement to IAS 39 and
2018 is built on a logical,
single classification and
measurement approach for
financial assets which
reflects both the business
model in which they are
operated and their cash
flow characteristics. Also
addresses the so--called
'own credit' issue and
includes an improved hedge
accounting model to better
link the economics of risk
management with its accounting
treatment. It is a change
from incurred to expected
loss model.
------------------------------- --------- -----------------------------------
IFRS 15 Revenue from Contracts 1 January Introduces requirements
with Customers (IFRS 2018 for companies to recognise
15 clarifications not revenue to depict the transfer
EU-endorsed) of goods or services to
customers in amounts that
reflect the consideration
to which the company expects
to be entitled in exchange
for those goods or services.
Also results in enhanced
disclosure about revenue
and provides or improves
guidance for transactions
that were not previously
addressed comprehensively
and for multiple--element
arrangements.
------------------------------- --------- -----------------------------------
IFRS 16 Leases* 1 January The new standard recognises
2019 a leased asset and a lease
liability for almost all
leases and requires them
to be accounted for in
a consistent manner. This
introduces a single lessee
accounting model and eliminates
the previous distinction
between an operating lease
and a finance lease.
------------------------------- --------- -----------------------------------
* not yet endorsed by the EU
The Directors anticipate that the adoption of these Standards
and Interpretations in future periods will have no material impact
on the financial statements of the Group, subject to any future
business combinations.
2. Significant accounting policies
Basis of accounting
These financial statements have been prepared in accordance with
International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively "IFRS")
issued by the International Accounting Standards Board ("IASB") as
adopted by the European Union ("adopted IFRS"), and are in
accordance with IFRS as issued by the IASB.
The consolidated financial statements have been prepared under
the historical cost basis, except for the revaluation of financial
instruments. Historical cost is generally based on the fair value
of the consideration given in exchange for the assets. The
principal accounting policies are set out below.
Going concern
The directors have considered the current financial position of
the Group and the likely future cash flows for the period of 12
months following the approval of these financial statements in
preparing the 2017 Year financial statements. Further funds will be
required to finance the Group's working capital requirements and
development of the Group's assets. If cash flow from existing
sources was not sufficient to meet the Group's commitments the
Directors are confident that additional funds would be successfully
raised from other sources. However, there are no binding agreements
in place to date. These conditions indicate the existence of a
material uncertainty which may cast significant doubt about the
Group's ability to continue as a going concern. The financial
statements do not include the adjustments that would result if the
Company was unable to continue as a going concern.
Basis of consolidation
Subsidiaries
Subsidiaries are all entities (including structured entities)
over which the group has control. The group controls an entity when
the group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the
group. They are deconsolidated from the date that control
ceases.
The group applies the acquisition method to account for business
combinations. The consideration transferred for the acquisition of
a subsidiary is the fair values of the assets transferred, the
liabilities incurred to the former owners of the acquiree and the
equity interests issued by the group. The consideration transferred
includes the fair value of any asset or liability resulting from a
contingent consideration arrangement. Identifiable assets acquired
and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the
acquisition date. The group recognises any non-controlling interest
in the acquiree on an acquisition-by-acquisition basis, either at
fair value or at the non-controlling interest's proportionate share
of the recognised amounts of acquiree's identifiable net
assets.
Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, the
acquisition date carrying value of the acquirer's previously held
equity interest in the acquiree is re-measured to fair value at the
acquisition date; any gains or losses arising from such
re-measurement are recognised in profit or loss.
Any contingent consideration to be transferred by the group is
recognised at fair value at the acquisition date. Subsequent
changes to the fair value of the contingent consideration that is
deemed to be an asset or liability is recognised in accordance with
IAS 39 either in profit or loss or as a change to other
comprehensive income. Contingent consideration that is classified
as equity is not re-measured, and its subsequent settlement is
accounted for within equity.
Inter-company transactions, balances and unrealised gains on
transactions between group companies are eliminated. Unrealised
losses are also eliminated. When necessary amounts reported by
subsidiaries have been adjusted to conform with the group's
accounting policies.
Disposal of subsidiaries
When the group ceases to have control any retained interest in
the entity is re-measured to its fair value at the date when
control is lost, with the change in carrying amount recognised in
profit or loss. The fair value is the initial carrying amount for
the purposes of subsequently accounting for the retained interest
as an associate, joint venture or financial asset. In addition, any
amounts previously recognised in other comprehensive income in
respect of that entity are accounted for as if the group had
directly disposed of the related assets or liabilities. This may
mean that amounts previously recognised in other comprehensive
income are reclassified to profit or loss.
Non-controlling interests
Non-controlling interests in subsidiaries are identified
separately from the Group's equity therein. Those interests of
non-controlling shareholders that present ownership interests
entitling their holders to a proportionate share of the net assets
upon liquidation are initially measured at fair value. Subsequent
to acquisition, the carrying amount of non-controlling interests is
the amount of those interests at initial recognition plus the
non-controlling interests' share of subsequent changes in equity.
Total comprehensive income is attributed to non-controlling
interests even if this results in the non-controlling interests
having a deficit balance.
Associates
Associates are all entities over which the group has significant
influence but not control, generally accompanying a shareholding of
between 20% and 50% of the voting rights. Investments in associates
are accounted for using the equity method of accounting. Under the
equity method, the investment is initially recognised at cost, and
the carrying amount is increased or decreased to recognise the
investor's share of the profit or loss of the investee after the
date of acquisition. The group's investment in associates includes
goodwill identified on acquisition.
If the ownership interest in an associate is reduced but
significant influence is retained, only a proportionate share of
the amounts previously recognised in other comprehensive income is
reclassified to profit or loss where appropriate.
The group's share of post-acquisition profit or loss is
recognised in the income statement, and its share of
post-acquisition movements in other comprehensive income is
recognised in other comprehensive income with a corresponding
adjustment to the carrying amount of the investment. When the
group's share of losses in an associate equals or exceeds its
interest in the associate, including any other unsecured
receivables, the group does not recognise further losses, unless it
has incurred legal or constructive obligations or made payments on
behalf of the associate.
The group determines at each reporting date whether there is any
objective evidence that the investment in the associate is
impaired. If this is the case, the group calculates the amount of
impairment as the difference between the recoverable amount of the
associate and its carrying value and recognises the amount adjacent
to share of profit/(loss) of associates in the income
statement.
Profits and losses resulting from upstream and downstream
transactions between the group and its associate are recognised in
the group's financial statements only to the extent of unrelated
investor's interests in the associates. Unrealised losses are
eliminated unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of
associates have been changed where necessary to ensure consistency
with the policies adopted by the group.
Dilution gains and losses arising in investments in associates
are recognised in the income statement
Segment reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the steering committee that makes
strategic decisions.
Foreign currencies
Functional and presentational currency
The individual financial statements of each Group company are
prepared in the currency of the primary economic environment in
which they operate (its functional currency). For the purpose of
the consolidated financial statements, the results and financial
position of each Group company are expressed in Pound Sterling,
which is the functional currency of the Company, and the
presentation currency for the consolidated financial
statements.
Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions or valuation where items are re-measured. Foreign
exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of
monetary assets and liabilities denominated in foreign currencies
are recognised in the income statement, except when deferred in
other comprehensive income as qualifying cash flow hedges and
qualifying net investment hedges. Foreign exchange gains and losses
that relate to borrowings and cash and cash equivalents are
presented in the income statement within 'finance income or costs'.
All other foreign exchange gains and losses are presented in the
income statement.
Group companies
The results and financial position of all the group entities
(none of which has the currency of a hyper-inflationary economy)
that have a functional currency different from the presentation
currency are translated into the presentation currency as
follows:
a) assets and liabilities for each balance sheet presented are
translated at the closing rate at the date of that balance
sheet;
b) income and expenses for each income statement are translated
at average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on
the transaction dates, in which case income and expenses are
translated at the rate on the dates of the transactions); and
c) all resulting exchange differences are recognised in other comprehensive income.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate. Exchange
differences arising are recognised in other comprehensive
income.
Finance income
Interest revenue is recognised when it is probable that economic
benefits will flow to the Group and the amount of revenue can be
measured reliably. Interest revenue is accrued on a time basis, by
reference to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly discounts
estimated future cash receipts through the expected life of the
financial asset to that asset's net carrying amount on initial
recognition.
Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
The tax charge is based on taxable profit for the year. The
Group's liability for current tax is calculated by using tax rates
that have been enacted or substantively enacted by the reporting
date.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amount of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit, and is accounted for using the
"balance sheet liability" method.
Deferred tax liabilities are recognised for all taxable
temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised.
Deferred tax is calculated at the tax rates that are expected to
apply to the year when the asset is realised or the liability is
settled based upon rates enacted and substantively enacted at the
reporting date. Deferred tax is charged or credited to profit or
loss, except when it relates to items credited or charged to other
comprehensive income, in which case the deferred tax is also dealt
with in other comprehensive income.
Intangible exploration and evaluation assets
All costs associated with mineral exploration and evaluation
including the costs of acquiring prospecting licences; mineral
production licences and annual licences fees; rights to explore;
topographical, geological, geochemical and geophysical studies;
exploratory drilling; trenching, sampling and activities to
evaluate the technical feasibility and commercial viability of
extracting a mineral resource; are capitalised as intangible
exploration and evaluation assets and subsequently measured at
cost.
If an exploration project is successful, the related
expenditures will be transferred at cost to property, plant and
equipment and amortised over the estimated life of the commercial
ore reserves on a unit of production basis (with this charge being
taken through profit or loss). Where a project does not lead to the
discovery of commercially viable quantities of mineral resources
and is relinquished, abandoned, or is considered to be of no
further commercial value to the Group, the related costs are
recognised in profit or loss.
The recoverability of deferred exploration costs is dependent
upon the discovery of economically viable ore reserves, the ability
of the Group to obtain necessary financing to complete the
development of ore reserves and future profitable production or
proceeds from the extraction or disposal thereof.
Impairment of exploration and evaluation assets
Whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable, the asset is
reviewed for impairment. Assets are also reviewed for impairment at
each balance sheet date in accordance with IFRS 6. An asset's
carrying value is written down to its estimated recoverable amount
(being the higher of the fair value less costs to sell and value in
use) if that is less than the asset's carrying value. Impairment
losses are recognised in profit or loss.
An impairment review is undertaken when indicators of impairment
arise but typically when one of the following circumstances
applies:
-- unexpected geological occurrences that render the resources uneconomic; or
-- title to the asset is compromised; or
-- variations in mineral prices that render the project uneconomic; or
-- variations in the foreign currency rates; or
-- the Group determines that it no longer wishes to continue to evaluate or develop the field.
Warrants
The warrants issued by the company are recorded at fair value on
initial recognition net of transaction costs. The fair value of
warrants granted is recognised as an expense or as share issue
costs, with a corresponding increase in equity. The fair value of
the warrants granted is measured using the Black Scholes valuation
model for options without market conditions and using the binomial
method for those with market conditions, taking into account the
terms and conditions under which the options were granted. The
amount recognised as an expense is adjusted to reflect the actual
number of warrants that vest.
Property, plant and equipment
Property, plant and equipment is stated at historical cost less
accumulated depreciation.
Land is not depreciated. Depreciation is provided on all plant
and equipment at rates calculated to write each asset down to its
estimated residual value, using the straight-line method over their
estimated useful life of the asset as follows:
-- The mining assets amortised over the life of the mine or 20 years whichever is the lesser;
-- Geological equipment over one to three years;
-- Motor vehicles over three years; and
-- Fixtures and fittings over two years.
The estimated useful lives, residual values and depreciation
methods are reviewed at each year end and adjusted if
necessary.
Gains or losses on disposal are included in profit or loss.
An asset's carrying amount is written down immediately to its
recoverable amount if the asset's carrying amount is greater than
its estimated recoverable amount
Impairment of property, plant and equipment
At each statement of financial position date, the Group reviews
the carrying amounts of its tangible assets to determine whether
there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent
of the impairment loss (if any). Where the asset does not generate
cash flows that are independent from other assets, the Group
estimates the recoverable amount of the cash-generating unit to
which the asset belongs.
Where there has been a change in economic conditions that
indicate a possible impairment in a cash-generating unit, the
recoverability of the net book value relating to that field is
assessed by comparison with the estimated discounted future cash
flows based on management's expectations of future oil prices and
future costs.
The recoverable amount is the higher of fair value less costs to
sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset (or cash-generating unit)
is estimated to be less than its carrying amount, the carrying
amount of the asset (cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognised as an expense
immediately, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a
revaluation decrease.
Where conditions giving rise to impairment subsequently reverse,
the effect of the impairment charge is also reversed as a credit to
the income statement, net of any depreciation that would have been
charged since the impairment.
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the
Group's balance sheet when the Group becomes a party to the
contractual provisions of the instrument. Financial instruments are
classified into specified categories dependent upon the nature and
purpose of the instruments and are determined at the time of
initial recognition. All financial assets are recognised as loans
and receivables or available for sale investments and all financial
liabilities are recognised as other financial liabilities.
Trade and other receivables
Trade and other receivables are stated initially recognised at
the fair value of the consideration receivable less any impairment.
Impairment provisions are recognised when there is objective
evidence that the Group will be unable to collect all of the
amounts due under the terms of the receivable, the amount of such a
provision being the difference between the carrying amount and the
present value of the future expected cash flows associated with the
impaired receivable.
Trade and other receivables are subsequently measured at
amortised cost, less any impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash at hand and deposits on
a term of not greater than three months.
Trade and other payables
Trade and other payables are initially recognised at fair value.
They are subsequently measured at amortised cost using the
effective interest rate method.
Available for sale financial assets
Listed shares held by the Group that are traded in an active
market are classified as being available for sale and are stated at
fair value. The fair value of such investments is determined by
reference to quoted market prices.
Gains and losses arising from changes in fair value are
recognised in other comprehensive income and accumulated in the
investments revaluation reserve with the exception of impairment
losses. Where the investment is disposed of or is determined to be
impaired, the cumulative gain or loss previously recognised in the
investments revaluation reserve is reclassified to profit or
loss.
Dividends on available for sale equity instruments are
recognised in profit or loss when the Group's right to receive the
dividends is established.
Financial liabilities and equity
Financial liabilities (including loans and advances due to
related parties) and equity instruments are classified according to
the substance of the contractual arrangements entered into. An
equity instrument is any contract that evidences a residual
interest in the assets of the Group after deducting all of its
liabilities. When the terms of a financial liability are negotiated
with the creditor and settlement occurs through the issue of the
Company's equity instruments, the equity instruments are measured
at fair value and treated as consideration for the extinguishment
of the liability. Any difference between the carrying amount of the
liability and the fair value of the equity instruments issued is
recognised in profit or loss.
Use of estimates and judgements
In the application of the Group's accounting policies, the
directors are required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may
differ from these estimates.
Estimates and judgements are continually evaluated. Revisions to
accounting estimates are recognised in the year in which the
estimates are revised if the revision affects only that year, or in
the year of revision and in future years if the revision affects
both current and future years.
Management's critical estimates and judgements in preparing the
financial statements relate to the going concern assumption (see
above) and the valuation of intangible exploration assets of
GBP60.2m (2016: GBP56.4m).
Determining whether an exploration and evaluation asset is
impaired requires an assessment of whether there are any indicators
of impairment, including by reference to specific impairment
indicators prescribed in IFRS 6 Exploration for and Evaluation of
Mineral Resources. If there is any indication of potential
impairment, an impairment test is required based on value in use of
the asset. The valuation of intangible exploration assets is
dependent upon the discovery of economically recoverable deposits
which, in turn, is dependent on future iron ore and tin prices,
future capital expenditures and environmental and regulatory
restrictions. The directors have concluded that there are no
indications of impairment in respect of the carrying value of
intangible assets at 28 February 2017 based on planned future
development of the projects and current and forecast commodity
prices.
4. Segmental reporting
The reporting segments are identified by the directors of the
Group (who are considered to be the chief operating decision
makers) by the way that Group's operations are organised. As at 28
February 2017 the Group operated within three operating segments,
mineral exploration activities for iron ore and vanadium, tin and
coal. Exploration activities take place in South Africa (iron ore
and tin), Namibia (tin)Madagascar (coal).
Segment revenue and results
The following is an analysis of the Group's revenue and results
by reportable segment.
Vanadium Tin exploration Coal exploration Total
and iron
ore exploration
GBP GBP GBP GBP
As at 28 February
2017
Results
Operating
segmental
loss (50,516) (239,225) (296,932) (546,673)
Segmental
loss (50,516) (239,225) (296,932) (546,673)
================= ================ ================= ==========
The reconciliation of segmental gross loss to the Group's loss
before tax is as follows:
Year ended Year ended
28 February 29 February
2017 2016
GBP GBP
Segmental loss (546,673) (487,514)
Unallocated costs (971,969) (1,027,550)
Finance income 1,093 77,992
Finance costs (202,518) (351,000)
Loss before tax (1,720,067) (1,788,278)
============ ==============
4. Other segmental information
Segmental assets and liabilities disclosed in the reports to the
Board of directors, for the purpose of resource allocation and
assessment of segmental performance, consist of the amounts
capitalised as intangible exploration expenditure. All other assets
and liabilities are classified as unallocated.
Vanadium Tin exploration Coal exploration Total
and Iron
ore exploration
GBP GBP GBP GBP
28 February
2017
Intangible
assets - exploration
and evaluation 41,933,596 18,268,133 - 60,201,729
Total reportable
segmental net
(liabilities)/assets (78,383) 627,499 (14,144) 534,972
Unallocated
net assets 992,473
Total consolidated
net assets 61,729,174
===========
Iron ore Tin exploration Coal exploration Consolidated
exploration Group
GBP GBP GBP GBP
29 February
2016
Intangible
assets - exploration
and evaluation 38,649,101 17,737,393 - 56,386,494
Total reportable
segmental net
(liabilities)/assets (46,511) 38,450 390,744 382,683
Unallocated
net liabilities (27,634)
Total consolidated
net assets 56,741,543
=============
5. Expenses by nature
Year ended Year ended
28 February 29 February
2017 2016
GBP GBP
The loss for the year has been arrived at after
charging:
Staff costs 422,634 463,478
Commission paid 114,250 130,000
Depreciation of PPE 9,892 -
Impairment of PPE 138,708 -
Professional fees 216,422 635,778
Travelling expenses 26,571 21,908
Other costs 621,610 305,052
1,550,087 1,556,216
================= ================
6. Staff costs
Key management personnel have been identified as the Board of
directors. Details of key management remuneration are shown in note
22.
Included above are emoluments of GBP120,112 (2016: GBP108,333)
in respect of the highest paid Director.
No pension contributions were made on behalf of the Directors
and other staff members.
7. Finance income
Year ended Year ended
28 February 29 February
2017 2016
GBP GBP
Bank interest 1,093 77,992
============= =============
8. Finance expense
Year ended Year ended
28 February 29 February
2017 2016
GBP GBP
Loan interest payable 202,518 351,206
============= =============
7.
9. Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
Year ended Year ended
28 February 2017 29 February 2016
Factors affecting tax for the year: GBP GBP
The tax assessed for the year at the Guernsey corporation tax charge rate of 0%, as explained
below:
Loss before taxation (1,720,067) (1,788,278)
------------------ ------------------
Loss before taxation multiplied by the Guernsey corporation tax charge rate
of 0% - -
Effects of:
Non-deductible expenses - -
Tax for the year - -
================== ==================
Accumulated losses in the subsidiary undertakings for which
there is an unrecognised deferred tax asset areGBP 276,900 (2016
GBP 102,617).
10. Loss per share
From continuing operations
The calculation of a basic loss per share of 0.28 pence (2016:
0.39 pence), is calculated using the total loss for the year
attributable to the owners of the company of GBP1,705,920 (2016:
GBP1,699,000) and the weighted average number of shares in issue
during the year of 601,801,830 (2016: 460,361,182). There are no
potentially dilutive shares in issue.
11. Intangible exploration and evaluation assets
Vanadium Tin Total
and Iron GBP GBP
ore
GBP
As at 28 February
2015 37,919,544 17,851,700 55,771,244
Exchange differences (605,074) (277,689) (882,763)
Additions 1,334,631 163,382 1,498,013
---------------------- ----------- ----------- -----------
As at 29 February
2016 38,649,101 17,737,393 56,386,494
---------------------- ----------- ----------- -----------
Exchange differences 1,633,034 530,740 2,163,774
Additions 1,651,461 - 1,651,461
As at 28 February
2017 41,933,596 18,268,133 60,201,729
---------------------- ----------- ----------- -----------
The Company's subsidiary, Bushveld Resources Limited has a 64%
interest in Pamish Investment No 39 (Proprietary) Limited
("Pamish") which holds an interest in Prospecting right 95 ("Pamish
39"). Bushveld Resources Limited also has a 68.5% interest in
Amaraka Investment No 85 (Proprietary) Limited ("Amaraka") which
holds an interest in Prospecting right 438 ("Amaraka 85").
Under the agreements to acquire the licences within Bushveld
Resources, the group is required to fully fund the exploration
activities up to the issue of the corresponding mining licences. As
the non-controlling interest party retains their equity interest,
the funding of their interest is accounted as deemed purchased
consideration and is included in the additions in the year to
exploration activities. A corresponding increase is credited to
non-controlling interest.
The Company's other directly owned subsidiary, Greenhills
Resources Limited, has a 74% interest in Renetype (Proprietary)
Limited ("Renetype") which holds an interest in Prospecting right
2205 ("Renetype 2205").
Brits Vanadium Project
The Company completed the purchase during the year of the
following licences through the acquisition of subsidiary
undertakings of Sable Metals & Minerals Limited:
-- NW 30/5/1/1/2/11069 PR - held through Great Line 1 (Pty) Ltd
-- NW 30/5/1/1/2/11124 PR - held through Great Line 1 (Pty) Ltd
-- GP 30/5/1/1/02/10142 PR - held through Gemsbok Magnetite (Pty) Ltd
The Company is in a process to secure regulatory approval in
terms of section 11 of the Mineral and Petroleum Resources
Development Act (MPRDA) for change of control in respect of the
acquired Sable Metals & Mining Ltd's subsidiaries. Following
approval, Bushveld Minerals will commence with activities to
delineate the shallow resource on the Uitvalgrond farm portion.
At the date of approval of these financial statements, three of
the Group's exploration licences remain due for renewal.
Applications have been submitted for renewal of these licences as
they become due and the directors have no reason to believe that
these renewals will be unsuccessful.
12. Property, plant and equipment
Mining Fixtures
asset Motor Geological and
GBP vehicles equipment fittings Total
GBP GBP GBP GBP
Cost
As at 28 February
2015 - 50,058 235,843 20,205 306,106
Additions 206,272 - 65,073 4,337 275,682
Exchange differences - (9,382) (24,643) (9,028) (43,053)
As at 29 February
2016 206,272 40,676 276,273 15,514 538,735
------- --------- ---------- --------- --------
Additions 25,996 - - - 25,996
Exchange differences 68,917 14,303 97,513 5,457 186,190
------- --------- ---------- --------- --------
As at 28 February
2017 301,185 54,979 373,786 20,971 750,921
------- --------- ---------- --------- --------
Depreciation
As at 28 February
2015 - 45,310 167,904 12,407 225,621
Charge for year - 4,160 15,605 4,190 23,955
Exchange differences - (8,794) (17,288) (5,965) (32,047)
As at 29 February
2016 - 40,676 166,221 10,632 217,529
------- --------- ---------- --------- --------
Impairment charge - - 138,708 - 138,708
Charge for year - - 6,906 2,986 9,892
Exchange differences - 14,303 61,841 3,738 79,882
Depreciation at
28 February 2017 - 54,979 373,676 17,356 446,011
------- --------- ---------- --------- --------
Net Book Value
At 28 February
2017 301,185 - 110 3,615 304,910
At 29 February
2016 206,272 - 110,052 4,883 321,206
------- --------- ---------- --------- --------
Mining asset
In 2016 the Group acquired the shares in Zaaiplaats Mining
(Proprietary) Limited the owner of the following properties:
-- Remaining Extent of Portion 25 of the farm Groenfontein 227 KR Limpopo Province and
-- Portion 5 of the farm Roodepoort 222 KR Limpopo Province.
The tailings dumps situated on the property are currently being
exploited for building sand.
An Application for a Mining Right has been lodged with the
Department of Mineral Resources to enable the Group to commence
mining activities for tin.
During the year depreciation of GBPnil was capitalised to the
intangible exploration and evaluation asset (2016: GBP23,955).
13. Trade and other receivables
28 February 29 February
2017 2016
GBP GBP
Advances and deposits 192,937 2,625,000
Amounts due from associate 2,314,090 -
Other receivables - 441,855
2,507,027 3,066,855
============ ============
Advances and deposits in 2016 related to amounts held in escrow
in relation to the Darwin Facility (see note 15).
The amounts due from associate relate to advances to BVL in
respect of the post year end SMC transaction (see note 21).
The directors consider that the carrying amount of trade and
other receivables approximates to their fair value due to their
short term nature. As at the year end, no receivables are past
their due date, hence no allowance for doubtful receivables is
provided.
The total trade and other receivables denominated in South
African Rand amount to GBP464,041 (2016: GBP120,140) and
denominated in Australian Dollars amount to GBP1,237 (2016:
GBP20,718).
14. Cash and cash equivalents
28 February 29 February
2017 2016
GBP GBP
Cash at hand and in bank 131,155 478,619
===========
Cash and cash equivalents (which are presented as a single class
of assets on the face of the Statement of Financial Position)
comprise cash at bank and other short-term highly liquid
investments with an original maturity of three months or less. The
directors consider that the carrying amount of cash and cash
equivalents approximates their fair value. The total cash and cash
equivalents denominated in South African Rand amount to GBP92,913
(2016: GBP49,622) and GBP3,154 (2016: GBP83,135) is denominated in
Australian Dollars.
15. Borrowings
28 February 29 February
2017 2016
GBP GBP
Short-term loans 128,767 2,984,044
128,767 2,984,044
============ ============
During the year the Company released the GBP2.6m previously held
in escrow to Darwin in accordance with the agreed terms of the
facility and subsequently terminated the agreement. All interest
relating to the facility was settled with cash during the year.
16. Trade and other payables
28 February 29 February
2017 2016
GBP GBP
Trade payables 254,574 141,217
Other payables 109,137 11,192
Accruals 922,629 375,178
1,286,340 527,587
============ ============
Trade and other payables principally comprise amounts
outstanding for trade purchases and on-going costs. The average
credit year taken for trade purchases is 30 days.
The Group has financial risk management policies in place to
ensure that all payables are paid within the pre-arranged credit
terms. No interest has been charged by any suppliers as a result of
late payment of invoices during the year.
The directors consider that the carrying amount of trade and
other payables approximates to their fair value.
The total trade and other payables denominated in South African
Rand amount to
GBP312,756 (2016: GBP187,849) and GBP18,535 (2016: GBP14,012) is
denominated in Australian Dollars.
17. Share capital and share premium
Number Nominal Share premium Total share capital
of shares value of and premium
issued shares
and fully of 1 pence GBP GBP
paid each
GBP
Balance at 1 March 2016 486,337,438 4,863,373 59,927,541 64,790,914
Shares issued to Sable 7,000,000 70,000 56,000 126,000
Beaufort Capital raise 48,333,334 483,333 386,667 870,000
Shares issued to Yellow Dragon 50,000,000 500,000 400,000 900,000
Beaufort Capital raise August 2016 38,666,668 386,667 193,333 580,000
Beaufort Capital raise October 2016 53,571,430 535,714 214,286 750,000
Warrants exercised 18 January 2017 7 021 511 70,215 98,301 168,516
Warrants exercised 14 January 2017 2,537,224 25,372 35,521 60,893
Warrants exercised 31 January 2017 2,066,666 20,667 28,933 49,600
Warrants exercised 14 February 2017 463,333 4,633 6,487 11,120
Warrants exercised 22 February 2017 216,667 2,167 3,033 5,200
Share issue costs - - (426,180) (426,180)
Balance at 28 February 2017 696,214,271 6,962,141 60,923,922 67,886,063
----------- ----------- ------------- -------------------
The Board may, subject to Guernsey Law, issue shares or grant
rights to subscribe for or convert securities into shares. It may
issue different classes of shares ranking equally with existing
shares. It may convert all or any classes of shares into redeemable
shares. The Company may also hold treasury shares in accordance
with the law. Dividends may be paid in proportion to the amount
paid up on each class of shares.
As at the 28 February 2017 the Company owns 670,000 (2016:
670,000) treasury shares with a nominal value of 1 pence
During the year the Company issued 7,000,000 new ordinary shares
at a price of 1.8 pence per share in respect of the remaining
consideration payable for the Brits Vanadium Project.
During the year the Company issued a total of 98,333,334 new
ordinary shares at a price of 1.8 pence per share raising gross
cash proceeds of GBP1,770,000.
During the year the Company issued a total of 38,666,668 new
ordinary shares at a price of 1.5 pence per share raising gross
cash proceeds of GBP580,000.
During the year the Company issued a total of 53,571,430 new
ordinary shares at a price of 1.4 pence per share raising gross
cash proceeds of GBP750,000.
18. Warrants
The following warrants were granted during the year ended 28
February 2017:
Warrants granted
---------------------- ----------- ----------- ----------- ----------------------
Date of grant 27/10/2016 24/08/2016 24/08/2016 09/06/2016
Number granted 5,357,143 3,866,667 19,333,334 24,166,667
Contractual life 3 years 5 years 2 years 2 years
Estimated fair value GBP0.004 GBP0.009 GBP0.004 GBP0.004
per warrant
---------------------- ----------- ----------- ----------- ----------------------
Warrants granted
---------------------- ----------- ----------- ----------- -----------
Date of grant 09/06/2016 09/06/2016 09/06/2016 06/06/2016
Number granted 434,000 652,000 4,833,333 25,000,000
Contractual life 4 years 4 years 5 years 2 years
Estimated fair value GBP0.004 GBP0.005 GBP0.01 GBP0.01
per warrant
---------------------- ----------- ----------- ----------- -----------
The estimated fair values were calculated by applying the Black
Scholes pricing model. The model inputs were:
Warrants scheme
---------------------- ----------- ----------- ----------- -----------
Date of grant 27/10/2016 24/08/2016 24/08/2016 09/06/2016
Share price at grant
date 1.8p 1.5p 1.8 1.5p
Exercise price 2.8p 1.5p 2.4p 2.4p
Expected life 8 months 8 months 2 years 2 years
Expected volatility 61% 61% 61% 61%
Expected dividends Nil Nil Nil Nil
Risk-free interest
rate 3,00% 3,00% 3,00% 3,00%
Warrants scheme
---------------------- ----------- ----------- ----------- -----------
Date of grant 09/06/2016 09/06/2016 09/06/2016 06/06/2016
Share price at grant
date 1.5p 2.5p 1.8p 1.8p
Exercise price 6.9p 4.6p 1.8p 2.4p
Expected life 4 years 4 years 9 months 6 months
Expected volatility 61% 61% 61% 61%
Expected dividends Nil Nil Nil Nil
Risk-free interest
rate 3,00% 3,00% 3,00% 3,00%
The following warrants were granted in previous years:
Warrants granted
---------------------- ---------- ---------- ----------
Date of grant 28/05/15 26/03/14 01/10/13
Number granted 4,000,000 3,000,000 3,507,975
Contractual life 3 Years 5 years 5 years
Estimated fair value GBP0.001 GBP0.02 GBP0.016
per warrant
----------------------- ---------- ---------- ----------
The estimated fair values were calculated by applying the Black
Scholes pricing model. The model inputs were:
Warrant scheme
---------------------- --------- --------- ---------
Date of grant 28/05/15 26/03/14 01/10/13
Share price at grant GBP0.040 GBP0.055 GBP0.050
date
Exercise price GBP0.100 GBP0.080 GBP0.050
Expected life 3 Years 5 years 2 years
Expected volatility 65% 61.7% 32%
Expected dividends Nil Nil Nil
Risk-free interest
rate 3.00% 2.99% 3.0%
----------------------- --------- --------- ---------
The warrants in issue during the year are as follows:
Number Weighted
of warrants average
exercise
price
GBP
----------------------------- ------------- ----------
Outstanding at 1 March 2016 10,507,975 0.08
Granted during the year 83,643,144 0.02
Exercised during the year (12,305,401) 0.02
Outstanding at 28 February
2017 81,845,718 0.02
Exercisable at 28 February
2017 81,845,718 0.03
----------------------------- ------------- ----------
The warrants outstanding at the year-end have an exercise price
of GBP0.02, with a weighted average remaining contractual life of 2
years.
The group has recognised a charge amounting to GBP426,180 (2016:
GBPnil) during the year which has been deducted from share premium
as the warrants were issued as consideration for professional fees
in relation to the issue of shares.
19. Financial instruments
The Group is exposed to the risks that arise from its use of
financial instruments. This note describes the objectives, policies
and processes of the Group for managing those risks and the methods
used to measure them. Further quantitative information in respect
of these risks is presented throughout these financial
statements.
Capital risk management
The Group manages its capital to ensure that entities in the
Group will be able to continue as going concerns while maximising
returns to shareholders. In order to maintain or adjust the capital
structure, the Group may issue new shares or arrange debt
financing. Currently the Group has GBPnil net debt.
The capital structure of the Group consists of cash and cash
equivalents and equity, comprising issued capital and retained
losses.
The Group is not subject to any externally imposed capital
requirements.
Significant accounting policies
Details of the significant accounting policies and methods
adopted including the criteria for recognition, the basis of
measurement and the bases for recognition of income and expenses
for each class of financial asset, financial liability and equity
instrument are disclosed in note 3.
Principal financial instruments
The principal financial instruments used by the Group, from
which financial instrument risk arises, are as follows:
-- Trade and other receivables
-- Cash at bank
-- Trade and other payables
Categories of financial instruments
The Group holds the following financial assets:
28 February 29 February
2017 2016
GBP GBP
Loans and receivables
Trade and other receivables 2,507,027 3,066,855
Cash and cash equivalents 131,155 478,619
------------ ------------
Total financial assets 2,638,182 3,545,474
============ ============
The Group holds the following financial liabilities:
28 February 29 February
2017 2016
GBP GBP
Other financial liabilities
Trade and other payables 1,415,107 3,511,631
------------ ------------
Total financial liabilities 1,415,107 3,511,631
============ ============
General objectives, policies and processes
The Board has overall responsibility for the determination of
the Group's risk management objectives and policies. The Board
receives reports through which it reviews the effectiveness of the
processes put in place and the appropriateness of the objectives
and policies it sets.
The overall objective of the Board is to set polices that seek
to reduce risk as far as possible without unduly affecting the
Group's competitiveness and flexibility. Further details regarding
these policies are set out below:
Credit risk
The Group's principal financial assets are bank balances and
trade and other receivables.
Credit risk arises principally from the Group's cash balances
with further risk arising due to its other receivables and
available-for-sale investments. Credit risk is the risk that the
counterparty fails to repay its obligation to the Group in respect
of the amounts owed. The Group gives careful consideration to which
organisations it uses for its banking services in order to minimise
credit risk. The Group has no sales hence credit risk relating to
other receivables is minimal. There are no formal procedures in
place for monitoring and collecting amounts owed to the Group. A
risk management framework will be developed over time, as
appropriate to the size and complexity of the business.
The concentration of the Group's credit risk is considered by
counterparty, geography and by currency. The Group has a
significant concentration of cash held on deposit with large banks
in South Africa, Australia and the United Kingdom with A ratings
and above (Standard and Poors).
The concentration of credit risk was as follows:
28 February 29 February
2017 2016
Currency GBP GBP
Sterling 35,088 345,862
South African Rand 92,913 49,622
Australian Dollar 3,154 83,135
------------ ------------
131,155 478,619
============ ============
There are no other significant concentrations of credit risk at
the balance sheet date.
At 28 February 2017, the Group held no collateral as security
against any financial asset. The carrying amount of financial
assets recorded in the financial statements, net of any allowances
for losses, represents the Group's maximum exposure to credit risk
without taking account of the value of any collateral obtained. At
28 February 2017, no financial assets were past their due date. As
a result, there has been no impairment of financial assets during
the year. An allowance for impairment is made where there is an
identified loss event which, based on previous experience, is
evidence of a reduction in the recoverability of the cash flows.
Management considers the above measures to be sufficient to control
the credit risk exposure.
Liquidity risk
Liquidity risk is the risk that the Group will encounter
difficulty in meeting its financial obligations as they fall due.
Ultimate responsibility for liquidity risk management rests with
the Board of directors. The Board manages liquidity risk by
regularly reviewing the Group's gearing levels, cash-flow
projections and associated headroom and ensuring that excess
banking facilities are available for future use.
The Group maintains good relationships with its banks, which
have high credit ratings and its cash requirements are anticipated
via the budgetary process. At 28 February 2017, the Group had
GBP131,155 (2016: GBP478,619) of cash reserves.
Market risk
The Group's activities expose it primarily to the financial risk
of changes in foreign currency exchange rates and interest
rates.
Interest rate risk
With the exception of cash and cash equivalents, the Group has
no interest bearing assets or liabilities. The Group was therefore
exposed to minimal interest rate risk during the year. For this
reason, no sensitivity analysis has been performed regarding
interest rate risk.
Foreign exchange risk
As highlighted earlier in these financial statements, the
functional currency of the Group is Pound Sterling. The Group also
has foreign currency denominated assets and liabilities. Exposures
to exchange rate fluctuations therefore arise. The carrying amount
of the Group's foreign currency denominated monetary assets and
liabilities, all in Pound Sterling, are shown below in the Group's
functional currency:
28 February 29 February
2017 2016
GBP GBP
Cash and cash equivalents 96,075 132,757
Other receivables 465,278 441,855
Trade and other payables (331,291) (206,686)
------------ ------------
230,062 367,926
============ ============
The Group is exposed to a level of foreign currency risk. Due to
the minimal level of foreign transactions; the directors currently
believe that foreign currency risk is at an acceptable level.
The Group does not enter into any derivative financial
instruments to manage its exposure to foreign currency risk.
The following table details the Group's sensitivity to a 10%
increase and decrease in Pound Sterling against the Rand and the
Australian Dollar. 10% is the sensitivity rate used when reporting
foreign currency risk internally to key management personnel and
represents management's assessment of the reasonable possible
change in foreign exchange rates. The sensitivity analysis includes
only outstanding foreign currency denominated monetary items and
adjusts their translation at the year end for a 10% change in
foreign currency rates. The table below shows the effect of a 10%
weakening and strengthening of Pound Sterling against the Rand:
Rand currency Rand currency
impact strengthening impact weakening
2017 GBP
GBP
Assets 612,658 501,266
Liabilities (344,032) (281,480)
----------------------- -------------------
268,626 219,786
============ ======================= ===================
2017 Australian
currency impact Australian
strengthening currency impact
GBP weakening
GBP
Assets 4,830 3,952
Liabilities (20,389) (16,682)
------------------- -------------------
(15,558) (12,730)
============ =================== ===================
20. Operating lease commitments
The Group had total commitments at the reporting date under
non-cancellable operating leases falling due as follows:
Land and buildings Land and buildings
GBP GBP
Within one year 135,730 92,388
Between one and two years 145,255 107,469
-------------------- --------------------
280,985 199,857
========================== ==================== ====================
21. Events after balance sheet date
Investment in Strategic Minerals Corporation
Following the Company's 25 July 2016 announcement of Bushveld
Vametco's execution of a Share Purchase Agreement ("SPA") with
Evraz Group S.A. for the conditional purchase of Evraz's 78.8 per
cent economic interest in Strategic Minerals Corporation, which
owns the producing Vametco vanadium mine and plant in South Africa
(the "Acquisition"), the Company completed the transaction on
schedule on 6 April 2017.
The investment is in line with Bushveld's stated strategy to
develop a significant, vertically integrated vanadium platform and
accelerate the path to production by several years.
BVL is co-owned 45:55 between the Company and its strategic
partner, Yellow Dragon Holdings.
Deal structure
BVL financed the US$16.466 million investment as follows:
-- Exclusivity fee cash payments to Evraz of US$1.646 million;
-- Bridge loan facility of US$11.0 million from The Barak Fund SPC Limited;
-- A US$3.0 million facility from the Financing and Sales and
Marketing Agreement with Wogen Resources Limited; and
-- A cash contribution of US$820,000 from the Company and Yellow Dragon Holdings.
On 15 June 2017, BVL announced it had fully settled the US$11.0
million Barak Fund SPC Limited bridge loan plus US$ 961,010 in fees
and interest to complete payment of all outstanding obligations in
terms of the bridge loan facility agreement.
Vametco Alloys
Vametco Alloys is a high quality, low cost mine and plant with a
patented vanadium product and a global vanadium customer base. The
property is located 8 kilometres to the Northeast of Brits, in the
North West Province of the Republic of South Africa, and is owned
by SMC through its 75% shareholding in South African domiciled
Vametco Holdings. Vametco Alloys is a 100% subsidiary of Vametco
Holdings.
Key highlights of the Vametco operations include:
-- Mining right for vanadium and other associated minerals over
Portion 1 of the farm Uitvalgrond 431 JQ and Portion 1 of the farm
Krokodilwaal 426 JQ in Brits, where it operates an open pit mine
supplying ore to its vanadium processing plant located on the same
properties;
-- Ore Reserves of 27Mt (JORC) with some of the highest
in-magnetite vanadium pentoxide (V(2) O(5) ) grades in the world,
averaging of 2.55% vanadium pentoxide in magnetite. The Ore
Reserves are sufficient to support the operations for 24 years at
current production levels;
-- Mineral Resources in excess of 135Mt (JORC) with average V(2)
O(5) grades of 2.10% vanadium pentoxide in magnetite;
-- Significant scope to increase the reserve base by targeted
exploration of the inferred resources;
-- Adjacent to Bushveld's Brits Vanadium Project, which is the
continuation of the strike of the Vametco mine's deposit with
similar vanadium grades to the mine. The deposit, which contains
outcropping mineralisation, offers an extension of the life of
operations and presents cheaper near-surface ore for the Vametco
processing plant;
-- Current plant annual capacity of 2,750 metric tonnes vanadium
in the form of Nitrovan and MVO;
-- An established leadership team with extensive experience in
vanadium processing, having collectively worked on all vanadium
processing plants in South Africa;
-- One of the cheapest primary producers of vanadium in the
world, realising an all-in cash cost of US$17.33/kgV (US$3.57/lb
V(2) O(5) equivalent) for the year 2015.
-- The low cost position saw Vametco report 2015, revenues of
ZAR629 million and an operating profit of ZAR26.7 million in a
constrained economic environment and low vanadium prices (average
2015 market V price was 18.60/kg V). The 2015 closing cash position
for the company was ZAR47 million;
-- The positive performance continued into 2016 with the
operations reporting markedly improved results for the year
headlined by production volume increases to 2,850 mtv.
Completion of Bushveld supported Black Economic Empowerment
("BEE") transaction
In connection with the transaction, on 22 February 2017 the
Company agreed to facilitate a change in the ownership of one of
Vametco Holding's BEE partners. Bushveld agreed terms with Jaxson
640 (Pty) Limited ("Jaxson 640") to support Jaxson 640's
acquisition of a controlling interest in the BEE shareholdings in
Vametco (the "Jaxson Transaction").
Jaxson 640 completed the Jaxson Transaction on 5 June 2017 with
payment of ZAR 8,522,103 (US$ 655,189) to the Avacap (Proprietary)
Limited consortium ("Avacap Consortium") to replace the Avacap
Consortium as major BEE partner to SMC. Jaxson 640 together with
the local communities, on whose land the Vametco mine deposit and
processing plant are located, hold a 25% shareholding in
Vametco.
Under the terms of the agreement Jaxson 640 agreed to purchase
the Avacap Consortium's interest in Vametco for a total sum of ZAR
8,522,103 (US$ 655,189), comprising a purchase consideration of ZAR
5,000,000 (US$ 384,405), the settlement of a shareholder loan, with
interest, of ZAR 2,000,000 (US$ 153,762) principal and an
additional ZAR 1,000,000
(US$ 76,881) premium. In addition, Jaxson assumed its share of
the existing debt of approximately ZAR 39.5 million (US$ 3.04
million) historically incurred in establishing the existing BEE
shareholding in Vametco.
Accordingly, the total outlay by Bushveld in respect of the BEE
transaction was ZAR 16,200,087 (US$ 1,245,480), comprising
-- A vendor funding agreement with Jaxson 640 in terms of which
Bushveld provided to Jaxson 640 the requisite ZAR 8,522,103 (US$
655,189) transaction funding to enable it to complete the
transaction. The funding was provided in the form of a vendor loan
and will be repaid to Bushveld from dividends due to Jaxson 640
from Vametco over a period of 5 years from acquisition date;
-- A Settlement and Undertaking Agreement with Gingko Trading
(Proprietary) Limited ("Gingko") for the payment of ZAR 7.678
million (US$ 0.59 million) to Gingko to replace Gingko as co-lender
to Vametco's BEE shareholding structure.
Imaloto Independent Power Producer MoU signed with Sinohydro
On 5 April 2017 the Company announced the signing of a
Memorandum of Understanding ("MoU") between its wholly-owned
subsidiary, Lemur Holdings Limited ("Lemur") and Sinohydro
Corporation Limited ("Sinohydro"). The MoU gives both companies
exclusive rights to work with each other on the development of an
initial 60 MW independent power producer ("IPP") coal power plant
and associated 200 kilometre transmission line in southern
Madagascar (the "Project"). It is anticipated that the coal fuel
for the power station will be provided from Lemur's coal mining
permit area in Madagascar.
The MoU's objectives include:
-- Development of a Bankable Feasibility Study ("BFS") and a
Project Implementation Proposal for the project by Sinohydro, at
its own cost, within 12 months of signing the MoU;
-- Preparation by both parties of an Environmental Impact Assessment for the Project;
-- Preparation by both parties of EPC and O&M contracts for
the IPP plant and the EPC contract for the transmission line within
18 months;
-- Cooperation between the two parties to secure both debt and equity funding for the project;
-- Potential establishment of a future company for the Project
upon completion of the BFS, in which Sinohydro's parent company,
PowerChina, may take an equity interest;
-- Lemur will continue the development of its mine in order to supply coal to the Imaloto IPP.
Lemur has to date completed a conceptual study, followed by more
detailed pre-feasibility studies ("PFS") for the mine, power plant
and transmission line. These studies demonstrated favourable
project economics, including the existing and future demand for
electricity in the area. Sinohydro will use its vast expertise in
power plant and transmission line engineering and construction to
build on the work already done by Lemur in the PFS.
The Project stands to have a transformational impact on
Madagascar. At present, no electricity grid exists in the southern
part of the island. The Project would be able to not only supply
electricity cheaper to existing mining and industrial operations in
the region, but to also deliver electricity to tens of thousands of
people currently without access to power. Realising this, the
Madagascar power utility, Jirama, is currently negotiating an
offtake agreement with Lemur for electricity for the IPP.
Greenhills' acquisition of the Uis tin project
The Company's wholly owned subsidiary Greenhills Resources
Limited ("Greenhills") completed the acquisition of a 49.5%
interest in Dawnmin Africa Investments Limited ("Dawnmin") from a
consortium of Namibian shareholders (the "Sellers"). In accordance
with the terms of the signed Sale of Shares and Claims Agreement,
41 million ordinary shares of 1 pence each in Bushveld
("Consideration Shares") were issued to the Sellers and admitted to
trading on AIM on 21 June 2017.
Dawnmin's interest in the Uis tin project (the "Project") is
held through its 85% shareholding of Guinea Fowl Investments 27
(Proprietary) Limited ("Guinea Fowl"). The remaining 15%
shareholding in Guinea Fowl is held by the Small Miners of Uis, a
Namibian Government entity.
Under the terms of the transaction:
-- The Consideration Shares are subject to a six months trading
encumbrance and / or sale restriction from the date of issue;
-- Erongo, the majority shareholder in Dawnmin, will spend up to
A$2.0 million (two million Australian Dollars) to complete a
scoping study at the project, including the acquisition of
processing equipment where deemed appropriate by the board of
Bushveld and Technical team of Dawnmin, which will be comprised of
representatives from Bushveld and Erongo;
-- Greenhills was granted an ever-green option to acquire a
controlling interest in Dawnmin through the acquisition of an
additional 1% interest in Dawnmin for a total consideration of
US$1.2 million, plus a further option to earn an additional 20% in
Dawnmin following Erongo's completion of the scoping study, as
follows:
o An additional 10% shareholding in Dawnmin in return for
providing funding of up to US$1.0 million to take the Project to
pre-feasibility stage; and
o A further 10% shareholding in Dawnmin in return for providing
an additional up to US$1.0 million to deliver a bankable
feasibility study;
o Greenhills has appointed two directors to the boards of
Dawnmin and Guinea Fowl to sit alongside the two Erongo-nominated
directors;
-- No regulatory approvals were required from the Namibian
Minister of Mines for the acquisition.
Uis Tin Project
The Uis Tin Project is one of the largest undeveloped opencast
hard rock tin deposits in the world and has a history of
significant tin mining and an estimated 70.3Mt non-JORC resource at
0.14% Sn for a total potential resource of over 90kt of contained
tin.
The Project is located in the Erongo Region of Namibia and
comprises three mining licences, ML 134, ML 129 (B1 and C1) and ML
133. Historic work confirmed a significant tin resource on all
three licences, the most significant of which is the ML 134
resource estimated at 70.3Mt at 0.14% Sn for a total potential
resource of over 90kt of contained tin.
-- Due diligence confirms large well developed pegmatite ore
body with 0.3% Sn commonly found in greisenised zones, estimated to
host approximately 20,000 tons of tin;
-- Intent to confirm JORC compliant resource, advance
feasibility studies, while simultaneously refurbishing an old
existing plant for a 10tph pilot scale production of tin
concentrate, with a view to scale up targeting the identified high
grade zones.
Following due diligence work recently completed, the Company has
identified significant high grade zones that it recommends form the
basis for early production with pilot scale production, at the
existing plant which is currently being refurbished by Erongo,
targeted for the second half of 2017.
The Company continues to advance its stated strategy to build a
critical mass of tin resources with a near term production profile,
to advance the projects towards production and to establish
Greenhills as a standalone tin platform offering exposure to a
pan-African tin portfolio to investors. Options for listing
Greenhills as a stand-alone platform are currently being considered
by the Company.
22. Related party transactions
Balances and transactions between the Company and its
subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note.
VM Investments is a related party due to two of the Executive
Directors (Fortune Mojapelo and Anthony Viljoen) of Bushveld
Minerals Limited being majority shareholders of VM Investments. At
the year end, the Group owed VM Investments Ltd GBP39,712 (2016:
GBP26,134). During the year, VM Investments charged the Group
GBPnil (2016: GBP67,047) for office accommodation and other office
services.
The remuneration of the directors, who are the key management
personnel of the Group, is set out below. Further information about
the remuneration of individual directors is provided in the
Directors' remuneration report.
28 February 29 February
2017 2016
GBP GBP
Fees for services
as directors 65,000 65,000
Short-term employee
benefits 346,466 257,916
------------
411,466 322,916
============ ============
Included within the above figure of short-term employee benefits
is an amount of GBP240,224 (2016: GBP97,500) which has been
capitalised as part of intangible exploration expenditure.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KMGMRGKMGNZM
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August 15, 2017 06:54 ET (10:54 GMT)
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