REG - Kazera Global PLC - Interim Results
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RNS Number : 7083Y Kazera Global PLC 31 March 2026
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.
31 March 2026
Kazera Global plc
("Kazera" or the "Company")
Interim Results
Kazera Global plc (AIM: KZG), the AIM-quoted investment company, is pleased to
announce its unaudited interim results for the six months ended 31 December
2025.
HIGHLIGHTS & FINANCIAL HIGHLIGHTS
Whale Head Minerals ("WHM") Heavy Mineral Sands ("HMS") Project
· July 2025: New processing infrastructure commissioned, including
twelve double-stage spirals to improve separation efficiency and concentrate
quality. Initial testing showed significant improvements in TiO₂ content
with circa 32% TiO₂ achieved.
· October 2025: Improvements to plant performance and processing
efficiency to continue optimising HMS production. Opportunities identified to
increase production capacity by up to three times.
· November 2025: Withdrawal of objection by local community relating to
the 2A Mining Right application enabled the regulatory process to move
forward.
Post Period End
· February 2026: Upgrade of trommel screen commenced to improve
processing efficiency and HMS product quality.
· February 2026: Implemented a 1.5 shift operating programme which is
expected to increase HMS production to over 4,000 tonnes per month.
· March 2026: Discussions progressing with various potential offtakers
to sell HMS with greater purity at higher prices.
· March 2026: Advised by the South African Department of Mineral
Resources and Energy ("DMRE") that the 2A Mining Right application is part of
a backlog currently being processed.
Deep Blue Minerals ("DBM") Diamond Project
· September 2025: First diamond recoveries achieved during
commissioning of newly installed Pulsating Jig and FlowSort system. Delivered
approximately 45 carats (89 stones) from 100 tonnes during optimisation, with
recovery rates around 3x original forecasts and larger-than-average stones.
· September 2025: Recovery plant commissioned with capacity of up to 20
tonnes per hour. Processed 150 tonnes recovering 133 diamonds (68 carats,
including a 6.13-carat stone), supporting expectation of around 200 carats per
month at full production.
· September 2025: Award of a new high-potential in-land diamond block
by Alexkor RMC JV ("Alexkor") within the Alexander Bay mining area, locally
recognised for some of the highest carats per 100 tonnes.
· October 2025: 57 diamonds recovered from just 40 tonnes of screened
gravel in 1.5 days, averaging 0.72 carats per stone and including a diamond of
nearly 7 carats. In -house processing enabling rapid analysis of gravels and
targeting of highest diamond-to-gravel ratios.
· October 2025: Revised commercial agreement with Alexkor increases
Deep Blue's share of diamond sales revenue, with diamond production expected
to become a more significant contributor to future Group revenues.
· October and December 2025: First diamond sales completed following
commissioning of diamond plant. A total of 390 diamonds weighing 201.28 carats
sold through the October and December auction cycles.
Post Period End
· January 2026: Commenced mining new inland diamond block following
delivery of heavy machinery acquired following fundraise.
· February 2026: Further diamond sales completed, with 320 diamonds
weighing 135.54 carats sold through the February auction cycle as production
continues to ramp up.
African Tantalum Pty Ltd ("Aftan") - Tantalum and Lithium Project
· November 2025: Engagement with three independent parties exploring
potential development or commercialisation of the Aftan tantalum mine,
including two parties under confidentiality agreements at an advanced stage of
technical review and site assessment, and a third party undertaking
preliminary due diligence.
· November 2025: Ongoing enforcement of the US$11.9 million plus
interest and costs arbitration award against Hebei Xinjian Construction Close
Corp ("Hebei") following its failure to complete the US$13.0 million
acquisition of Aftan.
· November 2025: Hebei initiated proceedings to challenge the award,
seeking for it to be considered by the Namibian Supreme Court.
Post Period End
· January 2026: Namibian Supreme Court hearing held regarding Hebei's
challenge. Now awaiting judgment.
· February 2026: Ongoing engagement with multiple third parties
regarding potential commercialisation opportunities for the Aftan project.
Corporate
· October 2025: Extension of loan facilities with Richard Jennings and
Tracarta Limited, providing additional financial flexibility as the Company
continues to advance its operational projects.
· November 2025: Appointment of a new corporate broker to support the
Company's capital markets strategy.
· November and December 2025: Raised £1.56 million through a placing,
subscription and retail offer to accelerate HMS and diamond production,
support operational development and prepare for the anticipated award of the
2A Mining Right.
· Cash at 31 December 2025: £664k (30 June 2025: £155k).
Post Period End
· February 2026: Appointed additional South Africa-based operational
specialists, including senior technical leadership, strengthening operational
capability ahead of the anticipated 2A Mining Right.
Dennis Edmonds, CEO of Kazera Global plc, commented:
"Despite some unexpected delays, we have continued to make good operational
progress across both our heavy mineral sands and diamond activities during the
period as the Group advances its transition from development-stage projects
into early-stage production."
"At Whale Head Minerals, the commissioning of new processing infrastructure
and the continued optimisation of the processing plant have delivered
encouraging results, with TiO₂ grades of around 32 per cent. consistently
achieved through the circuit. Our focus remains on increasing production
volumes so that this quality can translate into meaningful commercial sales as
the operation continues to scale. At the same time, discussions are underway
with potential end users and offtakers regarding pricing that reflects the
improved purity now being achieved."
"We have also been advised by the DMRE that the long-awaited Mining Right over
2A remains in progress and forms part of a current backlog that is being
processed."
"At Deep Blue Minerals, the successful commissioning of the diamond recovery
systems has demonstrated the potential of the operation, with the Company
completing its first diamond sales during the period. As production continues
to ramp up, we expect diamond recoveries to increase, sales to become more
frequent and the diamond operation to develop into an increasingly meaningful
contributor to Group revenues."
"In parallel, we continue to pursue enforcement of the arbitration award
relating to the Aftan project while maintaining engagement with a number of
parties exploring potential commercial pathways for the asset. While these
discussions remain active, and despite the Company's confidence in the
strength of its claim, it is understandable that potential counterparties are
progressing cautiously while the legal proceedings await judgement by the
Namibian Supreme Court."
Chairman's Statement
The Group made solid operational progress during the period as its heavy
mineral sands and diamond operations in South Africa continued to transition
from development-stage projects into early-stage producers. During this phase
of operational ramp-up, the Board has remained focused on increasing
production volumes, optimising processing performance and maintaining a
disciplined approach to capital allocation.
At Whale Head Minerals, the Company successfully commissioned new processing
infrastructure and continued to optimise the operation as it works towards
increasing production volumes. During the period, the processing circuit
achieved encouraging results, consistently delivering heavy mineral
concentrates with TiO₂ grades of around 32 per cent. The Board is focused on
increasing production volumes and further improving product purity, which are
key to achieving meaningful commercial sales and maximising profit margins by
reducing transport and shipping costs. The Company is also in discussions with
a prospective joint venture partner who may be able to accelerate and enhance
these improvement and support the next phase of production growth.
At the current stage of development, HMS production continues to be optimised
as the operation scales. As a result, and in line with a prudent accounting
approach, the Company does not presently recognise HMS inventories, as the
recoverable grades and commercial value of the material can only be reliably
determined once it has been fully processed and prepared for sale.
At Deep Blue Minerals, the commissioning of the Company's diamond recovery
systems has delivered encouraging diamond recoveries and further demonstrated
the potential of the operation. During the period, the Company recorded
diamond sales revenue of £26,000, representing its share of proceeds from the
October and December diamond auctions in respect of 390 diamonds weighing a
total of 201.28 carats recovered from operations, with an average stone size
of approximately 0.52 carats.
Under the terms of the Company's operating arrangements, diamonds are sold in
conjunction with Alexkor RMC JV ("Alexkor"), which owns the diamonds.
Alexkor's royalties and certain marketing costs are deducted from the auction
proceeds before the Company receives its share of revenue, and the £26,000
reflects the Company's net proceeds from these sales.
Due to the nature of the diamond recovery process, the grade and value of
diamond-bearing gravels can only be reliably determined once material has
passed through the FlowSort recovery system and the diamonds have subsequently
been processed and graded in conjunction with Alexkor prior to sale.
Accordingly, the Company has adopted a prudent accounting approach that does
not recognise diamond inventories until this process has been completed.
Given the commercial sensitivities associated with individual diamond
auctions, the Company does not expect to provide routine announcements in
respect of each sale and will instead update the market periodically or where
sales are considered to be material.
The Board was also pleased to receive strong support from shareholders in the
fundraisings undertaken in November and December, which raised approximately
£1.6 million in aggregate. The additional capital is being deployed to
support the next phase of operational growth across the Group's HMS and
diamond businesses, including increasing throughput, enhancing recoveries and
strengthening operational capability as the Company prepares for the
anticipated granting of the 2A Mining Right.
Alongside operational development, the Company continues to pursue enforcement
of the arbitration award relating to the Aftan project while maintaining
ongoing engagement with potential counterparties exploring possible commercial
pathways for the asset. While these discussions remain active, progress
towards any transaction is likely to remain measured while awaiting a ruling
on the arbitration award by the Namibian Supreme Court.
While broader market conditions for small-cap resource companies remain
volatile, the Board is encouraged by the operational progress made across the
Group's producing assets during the period. With increasing production at
Whale Head Minerals, the continued development of the Deep Blue Minerals
diamond operation and a strengthened financial position following the recent
fundraisings, the Company is well positioned to advance the next phase of
growth. The Board remains focused on disciplined capital allocation,
operational delivery and unlocking the long-term value of the Group's asset
base.
Outlook
The Company's focus in the near term remains on increasing production and
operational efficiency across its core producing assets as the Group continues
its transition from development-stage projects into early-stage producers.
The additional capital raised during the period is being deployed to support
the next phase of operational growth across both the HMS and diamond
businesses, including increasing throughput, enhancing recoveries and
strengthening operational capability as production continues to scale.
The Company's loan facilities with Tracarta Limited and Richard Jennings were
extended in October 2025 and are due to mature on 30 April 2026, if not
otherwise extended. The Board is in discussions with both parties regarding
the extension of these facilities as the Company continues to progress
offtake agreements and scale production.
At Whale Head Minerals, ongoing optimisation of the processing plant and
increased operating hours are expected to support further increases in HMS
production. As production volumes grow, the Company expects to reach a scale
of output that is increasingly attractive to offtakers, enabling the marketing
of consistent and commercially meaningful shipments of HMS product.
Following the withdrawal of the objection to the Mining Right application for
the 2A concession, the Company has been advised that the application forms
part of a backlog being addressed by the DMRE. 2A will provide access to a
substantially larger mining area located close to the existing Walviskop
operation and has the potential to significantly increase the scale of HMS
production over time.
At Deep Blue Minerals, the Company will continue processing diamond-bearing
gravels and developing newly awarded inland blocks. As production continues to
ramp up, management expects diamond recoveries to increase, sales to become
more frequent and the diamond operation to develop into an increasingly
meaningful contributor to Group revenues.
In relation to Aftan, the Company will continue to pursue enforcement of the
arbitration award while maintaining engagement with potential counterparties
exploring possible commercial pathways for the asset. Despite the Company's
confidence in the strength of its claim, the pace at which any transaction may
progress is likely to depend on the timing of judgment by the Namibian Supreme
Court, which is a matter outside of the Company's control.
In common with most businesses at the moment, the Company's operations are
exposed to increasing costs due to the conflict in the Middle East, especially
insofar as it impacts the price or availability of fuel. However, overall, the
Board is encouraged by the operational progress made during the period and
remains focused on increasing production across its core assets, strengthening
operational capability and unlocking the significant long-term value within
the Group's portfolio.
Further information:
For further information, visit www.kazeraglobal.com
(http://www.kazeraglobal.com) or contact:
Kazera Global plc kazera@stbridespartners.co.uk
Dennis Edmonds, CEO
Strand Hanson Limited (Nominated, Financial Adviser and Joint Broker) Tel: +44 (0)207 409 3494
Christopher Raggett / Ritchie Balmer / Imogen Ellis
Zeus Capital Limited (Joint Broker) Tel: +44 (0)203 829 5000
Harry Ansell / Simon Johnson / Katy Mitchell
St Brides Partners Limited (Financial PR) kazera@stbridespartners.co.uk
Paul Dulieu / Isabel de Salis
Condensed Consolidated Statement of Comprehensive Income
for the six-months ended 31 December 2025
Notes Six months ended Six months ended
31 December 31 December
2025 2024
Unaudited Unaudited
Continuing operations £'000 £'000
Revenue 26 -
Cost of sales (123) -
Gross loss (97) -
Administrative expenses (905) (618)
Foreign exchange gain/(loss) 346 (10)
Impairment of financial assets (132) (38)
Finance expense (203) (98)
Finance income 228 209
Operating loss before taxation (763) (555)
Income tax - -
Loss for the period (763) (555)
Total comprehensive loss
Loss attributable to owners of the Company (633) (493)
Non-controlling interests (130) (62)
(763) (555)
Other comprehensive loss
Exchange (losses)/gains on translation of foreign operations (265) 61
Other comprehensive (loss)/gain for the period, net of tax (265) 61
Total comprehensive loss attributable to the owners of the Company (898) (432)
Non-controlling interests (130) (62)
(1,028) (494)
Earnings per share:
Basic and diluted loss per share (pence) 3 (0.06)p (0.05)p
Condensed Consolidated Statement of Financial Position
As at 31 December 2025
Notes 31 December 2025 31 December 2024 30 June
Unaudited Unaudited 2025
Audited
£'000 £'000 £'000
Non-current assets
Mines under construction 864 817 844
Property, plant and equipment 1,104 952 917
Other long-term receivables 1 1 1
Total non-current assets 1,969 1,770 1,762
Current assets
Trade and other receivables 4 4,068 6,503 3,850
Cash and cash equivalents 664 113 155
Current assets 4,732 6,616 4,005
Total assets 6,701 8,386 5,767
Current liabilities
Trade and other payables 388 204 370
Convertible loan - liability component 601 424 553
Other borrowings 5 1,009 228 862
Total current liabilities 1,998 856 1,785
Total liabilities 1,998 856 1,785
Net assets 4,703 7,530 3,982
Equity attributable to owners of the parent
Share capital 3,683 3,543 3,563
Share premium account 19,704 17,800 18,107
Capital redemption reserve 2,077 2,077 2,077
Share option reserve 151 600 151
Equity component of the convertible loan reserve/warrant reserve 46 - 14
Currency translation reserve 234 416 499
Retained earnings (20,806) (16,749) (20,173)
Equity attributable to owners of the Company 5,089 7,687 4,238
Non-controlling interests (386) (157) (256)
Total equity 4,703 7,530 3,982
Condensed Consolidated Statement of Changes in Equity
for the six-month period ended 31 December 2025
Unaudited Share capital Share premium account Capital redemption reserve Share option reserve Equity component of convertible loan/warrants reserve Currency translation reserve Retained earnings Equity attributable to owners Non-controlling interests Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
1 July 2024 3,516 17,556 2,077 479 - 355 (15,805) 8,178 (259) 7,919
Loss for the period - - - - - - (493) (493) (62) (555)
Other comprehensive income:
Exchange movement on translation of foreign operations - - - - -
61 - 61 - 61
Total comprehensive loss for the period - - - - - 61 (493) (432) (62) (494)
Transactions with owners:
Issue of share capital 27 244 - - - - - 271 - 271
Options lapsed during the period - - - (98) - - 98 - - -
Warrants granted during the period - - - 205 14 - - 219 - 219
NCI reduction related to increased interest in subsidiaries - - - - - - (549) (549) 164 (385)
Total transactions with owners, recognised directly in equity 27 244 - 107 14 - (451) (59) 164 105
Balance at 31 December 2024 3,543 17,800 2,077 586 14 416 (16,749) 7,687 (157) 7,530
Unaudited Capital redemption reserve Share option reserve Equity component of convertible loan/warrants reserve Foreign exchange reserve Equity attributable to owners £'000 Non-controlling interests £'000 Total equity £'000
Share Capital Share Premium £'000 £'000 £'000 £'000 Retained earnings £'000
£'000 £'000
1 July 2025 3,563 18,107 2,077 151 14 499 (20,173) 4,238 (256) 3,982
Loss for the period - - - - - - (633) (633) (130) (763)
Other comprehensive income:
Exchange movement on translation of foreign operations - - - - - (265) - (265) - (265)
Total comprehensive loss for the period - - - - - (265) (633) (898) (130) (1,028)
Transactions with owners:
Issue of ordinary shares 110 1,509 - - - - - 1,619 - 1,619
Warrants exercised during the period 10 88 - - (2) - - 96 - 96
Warrants granted during the period - - - - 34 - - 34 - 34
Total transactions with owners, recognised directly in equity 120 1,597 - - 34 - - 1,749 - 1,749
Balance at 31 December 2025 3,683 19,704 2,077 151 46 234 (20,806) 5,089 (386) 4,703
Condensed Consolidated Statement of Cash Flows
for the six-month period ended 31 December 2025
Six months to Six months to
31 December 31 December
2025 2024
Unaudited Unaudited
£'000 £'000
Cash flows from operating activities
Loss before taxation (763) (555)
Depreciation 66 41
Net foreign exchange (345) 7
Interest receivable (228) (209)
Interest expense 203 98
Impairment loss on financial asset 132 38
Net cashflow before changes in working capital (935) (580)
(Increase)/decrease in receivables (48) 22
Increase in payables 14 251
Net cash used in operating activities (969) (307)
Cash flows from investing activities
Purchase of property plant and equipment (185) (14)
Development costs (5) (7)
Acquisition of additional interest in the subsidiaries - (116)
Interest received 1 1
Net cash generated from investing activities (189) (136)
Cash flows from financing activities
Proceeds from issue of ordinary shares 1,658 -
Proceeds from new loans and borrowings - 495
Net cash used in financing activities 1,658 495
Net decrease in cash and cash equivalents during the period 500 52
Cash at the beginning of period 155 61
Currency exchange differences on retranslation of cash 9 -
Cash and cash equivalents at the end of the period 664 113
Notes to the condensed consolidated interim financial information
1 GENERAL INFORMATION
Kazera is a public limited company incorporated and domiciled in the United
Kingdom. Its ordinary shares are quoted on AIM of the London Stock Exchange.
2 BASIS OF PREPARATION
The accounting policies, methods of computation and presentation used in the
preparation of the condensed consolidated interim financial information are
the same as those used in the Group's audited financial statements for the
year ended 30 June 2025. There have been no changes to the reported figures as
a result of any new reporting standards or interpretations.
The condensed interim financial statements have been prepared in accordance
with the requirements of the AIM Rules for Companies. As permitted, the
Company has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The condensed interim financial
statements should be read in conjunction with the annual financial statements
for the year ended 30 June 2025, which have been prepared in accordance with
international accounting standards in conformity with the Companies Act 2006.
The financial information set out in this interim report is unaudited and does
not constitute statutory accounts as defined in section 434 of the Companies
Act 2006. The Company's statutory financial statements for the period ended
30 June 2025, prepared under international accounting standards in conformity
with the Companies Act 2006, have been filed with the Registrar of
Companies. The auditor's report on those financial statements was
unqualified and did not contain a statement under section 498 (2) or (3) of
the Companies Act 2006.
Comparatives
The Group has presented comparatives for the statement of comprehensive
income, statement of cash flows and statement of changes in equity for the six
months ended 31 December 2024; and a statement of financial position as at 31
December 2024 and 30 June 2025 in accordance with the requirements of the AIM
Rules for Companies.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium-term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2025 Annual Report and Financial Statements, a copy
of which is available on the Company's website, www.kazeraglobal.com
(http://www.kazeraglobal.com) .
Critical accounting estimates and judgements
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the end of the reporting period. Significant items subject
to such estimates are set out in the Company's 2025 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed during the interim period.
Going Concern
The financial statements have been prepared assuming the Group and Company
will continue as a going concern.
The Company prepares and routinely maintains a cash flow forecast; the
directors have, with reference to the cash flow forecast considered a number
of potential scenarios under which the Company's ability to continue as a
going concern is assessed.
In assessing whether the going concern assumption is appropriate, the
directors have taken into account all available information for the
foreseeable future; in particular for the 12 months from the date of approval
of these financial statements and performed sensitivity analysis thereon. This
assessment includes consideration of the likelihood of the outstanding loans
to each of Richard Jennings and Tracarta Limited being extended or otherwise
refinanced, the receipt of funds in respect of the ongoing disposal of the
Group's operations in Namibia currently (which is currently subject to
litigation), and in South Africa, the timing of revenues, expenditure
commitments, and cost reduction measures that can be implemented, and
permitting requirements.
The Directors' estimates are dependent principally upon the Group's mining
operations coming into operation as planned, and a satisfactory resolution to
the disposal of African Tantalum Pty Ltd, which is currently subject to
litigation. The Directors are confident that, subject to the granting of the
necessary shareholder consents, further funds could be raised to meet any
shortfall in the event that operations are delayed or underperform.
In view of the facts that the Company has outstanding loan facilities which
are due to mature in April 2026, the Group's mining operations are not yet in
full operation, and the proceeds arising from the disposal of the Company's
former subsidiary, African Tantalum Pty Ltd have not yet been received in full
(as further explained in Note 4 below), the Directors consider that a material
uncertainty exists as to the Company's ability to continue as a going concern.
3 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the loss attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the period.
Six months to Six months to
31 December 31 December 2024
2025
£'000 £'000
Loss from continuing operations attributable to equity holders of the Company (633) (493)
Weighted average number of ordinary shares in issue 1,013,274,497 948,747,598
Basic and fully diluted loss per share from continuing operations (0.06)p (0.05)p
4 TRADE AND OTHER RECEIVABLES
Six months to Six months to 30 June 2025
31 December 31 December 2024 Audited
2025
£'000 £'000 £'000
Trade receivables 3 3 2
Aftan receivable 3,869 6,364 3,697
Other financial assets 65 65 65
VAT receivable 118 46 69
Prepayments and accrued income 13 25 17
4,068 6,503 3,850
Disposal of Aftan
Included within 'other receivables' is the balance in respect to the
outstanding amounts due on the disposal of Aftan, net of ECL provision.
In December 2022, the Company agreed to sell Aftan to Hebei Xinjian
Construction for US$13,000,000, such amount including the repayment of Aftan's
intercompany loan balance.
Whilst the disposal has not proceeded in accordance with the agreed terms of
the sale and purchase agreement, the directors remain confident that the
carrying value of the deferred consideration is appropriate.
The amount recorded in the Company's accounts in accordance with IFRS does not
include amounts that may be determined to be payable as a result of the
Company's ongoing arbitration process, or any subsequent legal action.
Six months to 31 Dec 2025 Six months to 31 Dec 2024 Year ending 30 June 2025
£'000 £'000 £'000
As at 1 July 3,697 6,107 6,107
Amounts received during the period -
Interest charged 227 208 423
Foreign exchange 77 87 (366)
Aftan receivable 4,001 6,402 6,164
ECL provision change for the reporting period (132) (38) (2,467)
As at the end of the period 3,869 6,364 3,697
5 OTHER BORROWINGS
Six months to 31 Dec 2025 Six months to 31 Dec 2024 Year ending 30 June 2025
£'000 £'000 £'000
At the start of the reporting year 862 - -
Borrowings drawn down - 228 893
Interest accrued 67 - 47
Repayments (3) - (49)
Loss on foreign exchange rate change 83 - (29)
At end of the reporting period 1,009 228 862
On 13 December 2024, the Company announced that its subsidiary, WHM had signed
a sales and offtake agreement with Fujax South Africa (Pty) Ltd ("Fujax"), in
respect of which, from the date the agreement was signed to 31 December 2024 a
total of £228k (US$285k) was prepaid to WHM.
Other borrowings also included all movements on a short-term £45k loan from
Tracarta, which at the reporting date was repaid in full.
6 EVENTS AFTER THE REPORTING PERIOD
There are no significant events after the reporting period that require
disclosure.
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