TIDMWRES
RNS Number : 5133N
W Resources PLC
30 September 2021
30 September 2021
W Resources Plc
("W" or the "Company")
Half Year Results
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, is pleased to announce
its half year results for the six months to 30 June 2021.
HIGHLIGHTS
La Parrilla, Tungsten and Tin Project, Spain
-- Revenue increased by 95% to EUR1.97m (H1-2020: EUR1.01m)
-- Total concentrate production increased by 30% to 222.6 tonnes ("t") (H1-2020: 171.0t)
-- Tungsten concentrate production increased by 60% to 169.9 t
(H1-2020: 106.5t) and 52.7t of tin concentrate (H1-2020: 64.5t)
-- Plant recovery for tungsten concentrate increased by 135% to 40% (H1-2020: 17%)
-- Plant recovery for tin concentrate increased by 46% to 35% (H1-2020: 24%)
-- Plant utilisation increased by 43% to 87% (H1-2020: 61%)
-- Completed nine shipments of tungsten concentrate, totalling
179.2t and two tin concentrate shipments totalling 39.3t. This
interim report corrects the previous omission of one tungsten
shipment reported for Q2 2021 in the RNS issued on 15 July 2021
-- Successful completion of the Plant Improvement Programme
-- Successful completion of the first water dam resulting in
regaining access to the higher-grade ore in the La Parrilla open
pit
-- The European tungsten APT price was trading at US$312 - 318
mtu on 24 September 2021, a significant increase over the last 9
months - Source: Fastmarkets MB
-- As at 24 September 2021, tin prices on the London Metal
Exchange were trading at US$37,525 per tonne and have strengthened
over the last 9 months Source: Fastmarkets MB
Corporate
-- Stre ngthened the management team at La Parrilla with the
appointment of Mr. Jesus Martin as Plant Manager in April 2021
-- Completed a Capital Reorganisation and Share Consolidation
-- Received EUR5.2m grant from the Junta de Extremadura Government in Spain
Michael Masterman, Chairman of W Resources , commented:
"Significant progress has been made at the La Parrilla mine with
increases in plant recoveries, production and sales as well as
plant utilisation and this is set to continue into H2 2021 and
beyond.
"The decisions taken by the Company to implement the Plant
Improvement Programme and the way in which the senior management
managed and implemented the forced action placed on the Company to
dewater the open pit has enabled the team to achieve the tangible
progress we are now making.
"Development at La Parrilla in H1 2021 has established a more
robust platform for the remainder of the year to build our
production run-rate towards our T2 Target of 675t of concentrate
per quarter.
"Finally, I would like to take this opportunity to thank all our
employees for their continued hard work and dedication especially
over the last twelve months through a challenging pandemic, during
which real progress has been made at the La Parrilla mine."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Paul Hailes, CFO Colin Aaronson / Seamus Fricker
investor@wresources.com T: +44 (0) 20 7383 5100
www.wresources.com
Joint Broker Joint Broker
Turner Pope Investments (TPI) Alternative Resource Capital /
Ltd Shard Capital
Andy Thacker / James Pope Alex Wood
T: +44 (0) 203 657 0050 T:+44 (0) 20 7186 9004
www.turnerpope.com www.altrescap.com
Damon Heath
T:+44 (0) 20 7186 9952
www.shardcapital.com
Alma PR
Justine James
T: +44 (0) 20 3405 0205
M: +44 (0) 7525 324431
wres@almapr.co.uk
W RESOURCES PLC
CHAIRMANS STATEMENT
I am pleased to report on progress in the first six months of
2021, where our management team made solid progress at the La
Parrilla tungsten and tin mine in Spain, which is now gaining
traction as we build production.
This was against a backdrop of a period which was not without
its challenges with the global pandemic continuing to impact
communities in Spain and Portugal, in addition to unseasonal
weather at La Parrilla.
Completion of the Plant Improvement Programme as well as facing
and overcoming the challenges of excessively high water levels
within the open-pit typifies the character and determination of the
team at the mine.
Real progress has been made in all of the key areas at the mine
as highlighted by the improving metrics and the increase in
revenue.
With tangible production progress at the mine the team continues
to introduce plant improvements which have resulted in improved
efficiencies and are now increasing production towards the planned
plant capacity. The mine is now well placed to take advantage of
improving market conditions and extremely strong customer
demand.
Alongside this, activity has continued at our Portuguese
projects with progress on the full mining licence at Régua, and the
application for additional licences at Tarouca and we are hopeful
that the trial mining licence applied for at São Martinho in
September 2018 will be granted in due course.
TUNGSTEN & TIN
La Parrilla - Spain
La Parrilla is a large-scale, low-cost, long-life tungsten and
tin mine, located approximately 310km southwest of Madrid. It has
Australasian Joint Ore Reserves Committee ("JORC") compliant
resources totalling 49 million tonnes ("Mt") at a grade of 0.1% of
tungsten trioxide ("WO(3) ") and JORC compliant reserves of 29.8 Mt
(as shown in Appendix 1 of this Interim Report for the six months
to 30 June 2021 ).
Production at La Parrilla started to improve in H2 2020 and
progress has continued into H1 2021 as a consequence of the Plant
Improvement Programme and further refinement of the production
process.
In H1 2021, plant recoveries for tungsten concentrate increased
to 40% and to 35% for tin concentrate with plant utilisation
increasing to 87%.
With the challenges of unseasonal rainfall to contend with, the
main priority in Q2 was to resolve the high water levels at the
mine in order for the team to safely access high-grade ore.
Following completion of the first 500,000m(3) water dam, the
dewatering of the open-pit was completed on 24 June 2021 and the
Company was then able to continue mining and processing the
higher-grade ore.
As previously outlined, the key objective for the La Parrilla
mine remains to reach the target to mine 2mtpa ("million tonnes per
annum") of run of mine ore ("ROM").
H1 2021 Production
Q1 2021 Q2 2021 H1 2021 H1 2020
La Parrilla Production Summary Actual Actual Actual Actual
------------------------------------ -------- ------- ------- -------
ROM feed: tonnes mined (wmt) 196,094 231,613 427,707 526,912
Strip ratio 5.13 2.89 4.05 0.84
Jig plant: tonnes processed
(dmt) 163,866 173,901 337,767 468,986
Concentrator plant feed (dmt) 105,178 113,232 218,410 227,747
WO(3) concentrate (dmt) 63.5 106.4 169.9 106.5
WO(3) contained metal (mtu) 3,916 6,919 10,835 6,062
Sn concentrate (dmt) 28.9 23.8 52.7 64.5
Sn contained metal (dmt) 16.3 12.4 28.7 32.1
Total concentrate (dmt) 92.4 130.2 222.6 171.0
Total contained metal (dmt) 55.5 81.6 137.1 92.8
Tungsten & tin concentrate
shipments (t) 79.2 119.3 218.5 129.8
------------------------------------ -------- ------- ------- -------
* Q1 and Q2 2021 production was based on working 5 day
week
* Q1 2021 production consisted of 10 working
weeks, Q2 2021 production consisted of 11 working
weeks
Grant Received
In March 2018, the Junta de Extremadura in Spain awarded a Grant
of EUR5.3m to W's 100% owned subsidiary, Iberian Resources Spain
SL. The conditions set in order to be able to receive the Grant,
were a minimum investment in plant and equipment of EUR16.6m and
the creation of at least 20 full time positions. In May 2021, W
received EUR5.2m from the Junta de Extremadura Government in full
settlement of the original Grant.
Tungsten and Tin Sales
In H1 2021, the Company completed nine shipments of tungsten
concentrate, totalling 179.2 tonnes ("t") and two tin concentrate
shipments totalling 39.3t. This interim report corrects the
previous omission of one tungsten shipment reported for 2Q 2021 in
the RNS issued on 15 July 2021.
Importantly, the quality of tungsten and tin concentrate
produced consistently meets or exceeds customer offtake
requirements and we have seen consistent increases in concentrate
quality and, in producing up to 65% WO(3) from the plant, we have
shown that we are comfortably able to exceed our benchmark grades
of 60%.
PORTUGUESE PROJECTS
Régua Tungsten Mine Project
This high-grade, development-ready tungsten project with low
capital cost and an updated JORC compliant mineral resource of 4.47
Mt at a grade of 0.27% WO(3) , including an indicated resource of
3.74 Mt at a grade of 0.28% WO(3) , which was completed by Golder
Associates Pty Ltd ("Golder") in January 2020.
Mining operations at R ég ua commenced early March 2020 with the
commencement of mining in the first of two adits with skarn ore
zones intersected in the initial development. However, following an
extension in Portugal of COVID-19 related restrictions, mining
activity suspended.
Plant design and procurement activities were near completion in
advance of construction activities which had to be rescheduled
because of the impact of COVID-19.
After this enforced period of inactivity due to the pandemic and
the passing of new mining legislation in Portugal, the Company is
pleased to state that the General Directorate of Energy and Geology
("DGEG") has confirmed that it has presented the documents for the
Régua Full Mining Licence (tungsten project) for the approval of
the Director General and has indicated that the Company should
expect this license to be awarded shortly. Once the full mining
licence has been awarded, the Company plans to recommence its
mining activities at Régua. The DGEG has confirmed that they have
prepared the draft contract for the licence, and this is currently
being reviewed by the Director General. The Company, expects to
receive the final approval for this licence during Q4 2021. In
parallel, the environmental study is being completed and will be
submitted during Q4 2021. Its approval will allow the release of
the underground mining works authorisation, following the granting
of the full mining licence.
The Company looks forward to being able to announce progress
with Régua which has an ore grade of 0.28% WO(3 ,) almost three
times that of the ore grade at La Parrilla. Production at Régua
will increase W's total concentrate production, reduce average
costs per tonne and increase sales.
Tarouca Exploration
While the development focus has been on Régua we have also
applied for a new exploration licence at Tarouca. W expects to be
able to tie in operations at Tarouca to the Régua mining and
processing operations once the updated licence is granted. The
draft exploration licence is being prepared by the DGEG following
new publication of new Mining Law Regulations.
CAA Portalegre - Gold
São Martinho Trial Mining Licence Application
São Martinho currently has a JORC 2012 gold resource of over
110,000oz. Results from the drilling campaigns in 2017 and 2018
provided a solid base to drive extension drilling with the
potential for a materially larger resource.
Following the successful drilling programme at São Martinho, the
team submitted an application for a trial mine and gold production
licence in September 2018. Although the COVID-19 crisis and
associated state of emergency in Portugal has further delayed the
final approval process, the Company expects the trial mine licence
to be granted in due course. The trial mine licence, once granted,
will allow W to pursue a drilling programme to expand the resource
and resolve the geological interpretations of a flat lying
structure (Golder) and a deeply dipping structure (SRK) which have
partially arisen due to the combination of structural complexity
and multistage mineralising events.
Importantly, a trial mine is a key level of licence tenure and
will provide the authority to mine shallow ore and produce gold on
a pilot basis. We are actively exploring opportunities to bring in
Joint Venture parties and monetise the gold discovery. New
expenditure on this project is pending grant of the trial mining
licence.
CAA Exploration Licence Application
While the application process for the trial mining licence
proceeds, the Company has also applied for a new exploration
licence in the Assumar area. This expansive area (267 km(2) ),
covering the ground adjacent to the trial mining licence area, has
been applied for to include potential extensions of the known
mineralised system and new potential areas.
Finance
With the issues faced by the Company of high-water levels at the
open-pit and the need to regain access to higher-grade ore bodies,
the team has continued to ensure W maintains a strong buffer of
additional financial resources to mitigate against the resulting
delayed production and also to ensure W remains resilient in the
year ahead.
In January 2021, the Company drew-down its second tranche of
GBP500,000 from the GBP4.0 million Atlas Capital Markets ("Atlas")
convertible bond facility. These funds were used to advance the
Régua development and provide additional working capital for the
Company.
Also in January 2021, the Company agreed a six month extension
to the EUR5.0 million loan facility with the Spanish bank,
Santander. This loan was secured against the EUR5.3 grant awarded
by the Extremadura regional Grant and was repaid in May 2021.
In March 2021, the Company completed a Share Reorganisation and
Share Consolidation. The Board believed that this action should
improve the liquidity and marketability of the Company's shares to
a range of investors, including institutional investors through the
creation of a higher price per Ordinary Share.
In May 2021, the Grant from the Junta de Extremadura Government,
which was initially awarded in March 2018 for the sum of EUR5.3m,
subject to one amendment, was paid and the total proceeds of
EUR5.2m received in full. These funds were then used to repay the
EUR5.0 million loan facility with the Spanish bank, Santander.
Also in May 2021, the Company announced a placing to raise
GBP2.5m which was duly completed. Subscribers under the Placing
were offered warrants to subscribe for new ordinary shares
("Warrants") in conjunction with the Placing Shares on the basis of
1 Warrant for every 2 Ordinary Shares subscribed for. The Warrants
are exercisable at any time in the two years following admission of
the Placing Shares to trading on AIM at an exercise price of 12p
per share. The placement brought new institutional investors on to
the register, and the majority of the funds raised from the Placing
were used to achieve the permanent solution to high water levels
thereby giving access to higher-grade ore and significantly
increasing tungsten and tin production at the La Parrilla mine as
well as providing additional working capital to cover the ramp-up
in production.
Post half year end
Blackrock Financial Management Inc. ("BlackRock") continues to
show its support for W with regard to agreeing Payment in Kind
("PIK") payments for several quarterly interest payments. The
Company and BlackRock are finalising an amendment agreement to
allow payment of interest by PIK for the February, May, August and
at W Resources' option, the November 2021 interest payments. Under
the agreement a number of warrants of W Resources will be issued
for the 2021 PIK payments. Once the amendment to the agreement has
been finalised the Company will update the market on the number of
warrants to be issued.
Tungsten and Tin Market
Tungsten and tin demand and supply has been disrupted by a
number of factors over the last twelve months, ranging from
COVID-19, supply problems in China, the world's largest producer of
tungsten and the shortage of available container space aboard
international shipping.
As the world economy emerges from the COVID-19 pandemic we
expect an increase in global demand to further support market
pricing for both tungsten and tin.
The European tungsten APT price was trading at US$312 - 318 mtu
on 24 September 2021, a significant increase of 36% from the
beginning of the year - Source: Fastmarkets MB.
As at 24 September 2021, tin prices on the London Metal Exchange
were trading at US$37,525 per tonne and have strengthened over the
last 9 months Source: Fastmarkets MB. Tin plays a pivotal role in
all modern technology and has a large role to play in the electric
vehicle market and the scarcity of supply is expected support a
solid and perhaps strengthening market conditions going into
2021.
COVID-19 and Safety
We continue to focus on the health and safety of our staff and
diligently follow the policies implemented by the Spanish
government as well as those introduced by the management team at
the La Parrilla mine.
Board and Management Changes
In February 2021, Non-Executive Director, Mr Oscar Marin Garcia
stepped down from the Board to focus on increased commitments in
his business.
In April 2021, Mr. Jesus Martin was appointed Plant Manager at
the La Parrilla Mine. Jesus brings more than 40 years' experience
operating metallurgic and gravimetric plants in Spain, most
recently the Barruecopardo tungsten mine in Western Spain.
Outlook
W entered H2 2021 with good momentum at La Parrilla with a clear
focus on working towards the T2 production target of 2,700t of
concentrate per annum. After a challenging period, the team are
building consistent traction with production now increasing quarter
on quarter. With work on the second dam at La Parrilla expected to
be completed later this year, W are confident that we have
mitigated any future water issues. Having access to a better
quality and a better grade of ore will see production increase,
helped of course by moving to operating on a 24 hour, 7 day a week
basis earlier this month.
Michael Masterman
Chairman
30 September 2021
W RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 JUNE 2021
Unaudited
Unaudited six Months Year to
six Months to 30 31 December
to 30 June June 2020 2020
2021 EUR(000's) EUR(000's) EUR(000's)
Continuing Operations
Revenue 1,967 1,014 2,513
Cost of Sales (1,967) (1,014) (2,513)
--------------------------- ------------ -----------------
Gross Loss - - -
Operating Expenses (594) (617) (845)
Administrative Expenses (750) (485) (1,604)
Impairment of intangible
assets - - (2,257)
Impairment of tangible
assets - - (1,276)
--------------------------- ------------ -----------------
Operating Loss (1,344) (1,102) (5,982)
--------------------------- ------------ -----------------
Finance Costs (1,159) (765) (1,767)
Exchange (Loss) / Gain (1,818) 128 4,267
--------------------------- ------------ -----------------
Loss before Income Tax (4,321) (1,739) (3,482)
--------------------------- ------------ -----------------
Income Tax - - -
--------------------------- ------------ -----------------
Loss for the Period (4,321) (1,739) (3,482)
--------------------------- ------------ -----------------
Other Comprehensive Income - - -
Total Comprehensive Expense
for the period (4,321) (1,739) (3,482)
--------------------------- ------------ -----------------
Basic and Diluted Loss
per Ordinary Share (5.00c) (0.03c)* (0.05c)*
*Pre share consolidation
W RESOURCES Plc
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2021
Unaudited Unaudited
30 June 30 June 31 December
2021 2020 2020
EUR(000's) EUR(000's) EUR(000's)
ASSETS
NON-CURRENT ASSETS
Intangible fixed assets 47,127 39,051 41,157
Tangible fixed assets 30,527 30,924 31,877
----------- ----------- ------------
77,654 69,975 73,034
----------- ----------- ------------
CURRENT ASSETS
Inventories 1,152 1,226 1,174
Trade and other receivables 7,157 6,342 7,296
Cash and cash equivalents 809 741 956
----------- ----------- ------------
9,118 8,309 9,426
----------- ----------- ------------
TOTAL ASSETS 86,772 78,284 82,460
=========== =========== ============
EQUITY
SHAREHOLDERS EQUITY
Called up share capital 9,476 8,194 8,820
Share premium account 41,071 37,555 37,694
Retained earnings (35,715) (29,766) (31,394)
Merger reserve 1,014 1,014 1,014
Share based payment reserve 2,260 1,622 2,003
----------- ----------- ------------
TOTAL SHAREHOLDERS EQUITY 18,106 18,619 18,137
----------- ----------- ------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 8,744 5,561 6,734
Financial liabilities -
borrowings 1,215 5,720 5,963
----------- ----------- ------------
9,959 11,281 12,697
----------- ----------- ------------
NON-CURRENT LIABILITIES
Financial liabilities -
borrowings 58,707 48,384 51,626
----------- ----------- ------------
TOTAL LIABILITIES 68,666 59,665 64,323
----------- ----------- ------------
TOTAL EQUITY AND LIABILITIES 86,772 78,284 82,460
=========== =========== ============
W RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 30 JUNE 2021
Share
Called Profit Based
Up Share and Loss Share Merger Translation Payment Total
Capital Account Premium Reserve Reserves Reserve Equity
EUR(000's) EUR(000's) EUR(000's) EUR(000's) EUR(000's) EUR(000's) EUR(000's)
Balance at 1
January 2021 8,820 (31,394) 37,694 1,014 - 2,003 18,137
Issue of Share
Capital 656 - 3,377 - - - 4,033
Issue of share
warrants - - - - - 257 257
Total
Comprehensive
Income - (4,321) - - - - (4,321)
Balance at 30
June 2021
(unaudited) 9,476 (35,715) 41,071 1,014 - 2,260 18,106
-------------- ----------- ----------- ------------ --------------- ----------- -----------
Balance at 1
January 2020 7,822 (28,027) 36,658 1,014 - 1,622 19,089
Issue of Share
Capital 372 - 897 - - - 1,269
Total
Comprehensive
Income - (1,739) - - - - (1,739)
Balance at 30
June 2020
(unaudited) 8,194 (29,766) 37,555 1,014 - 1,622 18,619
-------------- ----------- ----------- ------------ --------------- ----------- -----------
Year to 31
December 2020
Balance at 1
January 2020 7,822 (28,027) 36,658 1,014 - 1,622 19,089
Issue of Share
Capital 998 - 1,036 - - - 2,034
Total
Comprehensive
Income - (3,482) - - - - (2,942)
Issue of share
warrants and
options - - - - - 496 496
Transfers in
reserves - 115 - - - (115) -
Balance at 31
December 2020
(audited) 8,820 (31,394) 37,694 1,014 - 2,003 18,137
-------------- ----------- ----------- ------------ --------------- ----------- -----------
W RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 30 JUNE 2021
Unaudited
Unaudited Six Months
Six Months to Year to
to 30 June 30 June 31 December
2021 2020 2020
EUR(000's) EUR(000's) EUR(000's)
Cash Flows from Operating
Activities
Cash Generated by Operations 1,057 (112) 785
Interest paid - - (377)
Finance costs paid (341) (185) (1,639)
Tax paid - - -
---------------------- ------------
716 (297) (1,231)
Cash Flows from Investing
Activities
Purchase of Intangible fixed
assets (3,646) (5,114) (7,446)
Purchase of Tangible fixed
assets (2,342) (650) (1,896)
------------ ----------------------
(5,988) (5,764) (9,342)
---------------------- ------------ ----------------------
Cash Flows from Financing
Activities
New loans in Period 1,889 6,468 10,639
Loan repayments in Period (5,291) (3,000) (3,000)
Hire purchases paid in Period (6) (5) (11)
New convertible bonds in
Period 554 - 556
Amounts introduced / (Repaid
by) by directors - (390) (390)
Share Issue 36 372 379
Share Premium 2,912 897 896
Share Issue Costs (126) - -
Grants Received 5,157 - -
---------------------- ------------ ----------------------
Net Cash from Financing Activities 5,125 4,342 9,069
---------------------- ------------ ----------------------
Increase / (Decrease) in
Cash and Cash Equivalents (147) (1,719) (1,504)
Cash and Cash Equivalent
at Beginning of Period 956 2,460 2,460
---------------------- ------------ ----------------------
Cash and Cash Equivalent
at end of Period 809 741 956
---------------------- ------------ ----------------------
Reconciliation of Cash Flows
from Operations
Profit / (Loss) before tax (4,321) (1,739) (3,482)
Depreciation 165 151 307
Impairment - - 3,533
Exchange Loss / (Gain) on
loan and bonds 1,811 (108) (4,305)
Increase in Capitalised Finance
Costs 1,159 765 1,767
Share Warrants Issued 257 - 494
Share Options Issued - - 2
Share based payments 633 - 538
Impairment of Intangible -
Asset - -
---------------------- ------------ ----------------------
(296) (931) (1,146)
---------------------- ------------ ----------------------
(Increase) / Decrease in
Trade and Other Receivables (679) (343) (464)
Increase / (Decrease) in
Trade and Other Payables 2,010 1,973 3,154
(Increase) / Decrease in
Inventories 22 (811) (759)
Cash Generated / (Absorbed)
by Operations 1,057 (112) 785
---------------------- ------------ ----------------------
W RESOURCES PLC
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS TO 30 JUNE 2021
1. BASIS OF PREPARATION
The unaudited consolidated Interim Report of the Group has been
prepared under the historical cost convention.
As an AIM listed Company the company is entitled to exemption
from adopting IAS 34 and this exemption has been taken to the
effect that segment information is not disclosed.
The Interim Report has been prepared using the accounting
policies used in the audited consolidated financial statements for
the year ended 31 December 2020, and which will continue to be used
for the financial statements for the year ended 31 December
2021.
The Interim Report is unaudited. The consolidated financial
statements herein do not amount to full statutory accounts within
the meaning of Part 15 of the Companies Act 2006.
These unaudited consolidated financial statements were approved
on 30 September 2021.
Going Concern
The Directors are satisfied that the Group has sufficient
resources to continue its operations and to meet its commitments in
the foreseeable future. These unaudited consolidated financial
statements have therefore been prepared on the going concern
basis.
Directors Responsibilities
The Directors are responsible for preparing the Interim Report
and the unaudited consolidated financial statements in accordance
with applicable law and regulations. The Directors have elected to
prepare the unaudited consolidated financial statements in
accordance with International Financial Reporting Standards.
In preparing these financial statements, the Directors are
required to:-
- select suitable accounting policies and apply them consistently
- make judgements and accounting estimates that are reasonable and prudent
- prepare the unaudited consolidated financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's and
the Group's transactions and disclose with reasonable accuracy at
anytime the financial position of the Company and the Group.
2. INCOME TAX
There is no income tax arising on the loss on ordinary
activities for the six months ended 30 June 2021.
3. LOSS PER ORDINARY SHARE
Basic and Diluted Loss Per
Share
Profit /
Weighted
Average
Number of
Ordinary
(Loss) Shares Per Share
(EUR000's) (millions) Amount EUR
6 Months to 30 June 2021 (unaudited)
(after restructuring) (4,321) 86 (5.00c)
6 Months to 30 June 2020 (unaudited) (1,739) 6,606 (0.03c)
Year to 31 December 2020 (Audited) (3,482) 6,795 (0.05c)
W RESOURCES PLC
APPIX 1
JORC COMPLIANT MINERAL RESOURCE ESTIMATES
La Parrilla Proven and Probable Mineral Reserves - JORC 2012
Tonnes Grade Metal Content Grade Metal Content
'000 WO(3) (ppm)
------ ------------
WO(3) (t) Sn (ppm) Sn (t)
---------- ------ ------------ -------------- -------- --------------
Proven 1,177 995 1,171 251 295
Probable 28,577 928 26,511 111 3,156
---------- ------ ------------ -------------- -------- --------------
Total 29,754 931 27,683 116 3,451
Note: The La Parrilla mine reserves are set out in the following
table based on the optimal LOM Pit. Estimate for La Parrilla
Deposit using a 330 ppm WO(3) Cut-Off Grade and 5% dilution. All
tonnes quoted are dry tonnes. Differences in the addition of tonnes
to the total displayed is due to rounding.
The La Parrilla JORC-compliant mineral reserves update was fully
disclosed, with JORC Table 1 in a Company news release on 14 June
2017. Mr Adén Muñoz of AYMA Mining Solutions SL, a Spanish Mining
Engineering company based in Seville was the Competent Person
responsible for the La Parrilla Proven and Probable Mineral
Reserves. The mineral reserves are based on indicated and measured
resources prepared by Golder Associated in March 2017 (RNS, 11 May
2017).
Mineral Resources for La Parrilla Deposit Using a 400 ppm WO(3)
Cut-Off Grade within Mineralised Domains - JORC 2012
Classification Tonnage (Mt) WO(3) (ppm) Sn (ppm)
--------------- ------------ ----------- --------
Measured 1 1,115 278
Indicated 35 1,004 110
Inferred 13 974 97
---------------- ------------ ----------- --------
Total 49 998 110
The La Parrilla JORC-compliant mineral resource update was fully
disclosed, with JORC Table 1 in a Company news release on 11 May
2017. Mr Andrew Weeks (Golder Associates Pty Ltd) was the Competent
Person responsible for the Mineral Resource Estimate for the La
Parrilla deposit.
Régua JORC Compliant Mineral Resource Estimate reported at a
0.1% WO(3) cut-off grade
Category Tonnes WO(3) % WO(3) metal
(Mt) (kt)
---------- ------ ------- -----------
Indicated 3.74 0.28 10.6
Inferred 0.72 0.21 1.5
----------- ------ ------- -----------
Total 4.47 0.27 12.1
The Régua JORC compliant mineral resource update was fully
disclosed, with JORC Table 1 in a Company news release on 5
February 2020. Mr Andrew Weeks (Golder Associates Pty Ltd) was the
Competent Person responsible for the Mineral Resource Estimate for
the Régua deposit.
São Martinho Maiden JORC Compliant Mineral Resource Estimate
Category Tonnes (Mt) Au (g/t) Au Content Cut-off
(Oz)
---------- ----------- -------- ---------- -------
0.5 g/t
Indicated 0.48 1.03 17,363 Au
0.5 g/t
Inferred 2.56 1.05 94,624 Au
----------- ----------- -------- ---------- -------
0.5 g/t
Total 3.04 1.04 111,987 Au
The São Martinho maiden JORC-compliant mineral resource update
was fully disclosed, with JORC Table 1 in a W Resources Plc RNS
announcement on 8 June 2016. Mr Jorge Peres (Golder Associates Pty
Ltd) was the Competent Person responsible for the Mineral Resource
Estimate for the São Martinho deposit.
The Company confirms that it is not aware of any new information
or data that materially affects the information included in the
original market announcements and, all material assumptions and
technical parameters underpinning the Mineral Resource and Reserve
estimates continue to apply and have not materially changed. The
Company confirms that the form and context in which the Competent
Persons' findings are presented have not been materially modified
from the original market announcements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
IR KZGFLFGVGMZG
(END) Dow Jones Newswires
September 30, 2021 02:00 ET (06:00 GMT)
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