REG - Keras Resources PLC - Interim Results
24/06/2021 07:00
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RNS Number : 9220C Keras Resources PLC 24 June 2021
24 June 2021
Keras Resources plc ('Keras' or the 'Company')
Interim Results
Keras Resources plc (AIM: KRS) announces its interim results for the six
months ended 31 March 2021.
Highlights
Utah - Diamond Creek Phosphate Mine ("Diamond Creek") - one of the highest
grade organic phosphate mines in the US, a fully integrated mine to market
asset
· Diamond Creek milling plant currently being commissioned will
produce premium organic phosphate products for sale into the North American
organic fertiliser market
· Milling plant enables in-house production which will reduce
operating costs
· 2020 mining season completed during October 2020
exceeding management's targets for stockpiling of feed material for the new
milling plant
· 2021 mining season to begin during July 2021
· Marketing campaign will now be expanded to take into account
additional sized products and increased capacity from the new processing plant
- sales targets remain achievable and further guidance to be provided on
2021/2 schedule
· Granulator plant being shipped to the Spanish Fork processing
site will further bolster our in-house beneficiation capacity and product
range to include sized granulated organic fertiliser products
· 51% controlling interest secured in Diamond Creek with payment of
the final tranche of the agreed US$2.5m loan to Falcon Isle Resources in
December 2020
Togo - Nayéga Manganese Project, production ready on receipt of the
exploitation permit
· Appointment of Mr Blaise Gozan as Country Manager who brings a
range of international project management experience to bolster Keras's
in-country presence
· Continuing to engage with Togolese authorities regarding the
permitting of the Nayéga manganese project
Financial
· Successfully raised £550,000 and £1,000,000 (before
expenses) in December 2020 and January 2021 respectively through new and
existing investors - both placings were subscribed to and supported by the
Directors
Russell Lamming, Keras Resources CEO commented, "Considerable progress has
been made at our integrated Diamond Creek phosphate operation during the
period. With the new milling plant constructed and commissioning underway we
are now in a position to ramp up the marketing campaign for our premium
organic phosphate products for sale into the North American fertiliser
market. Having our own plant allows us to increase the amount of saleable
product due to increased plant capacity and better control on the product
split. This will be further accentuated with the construction of a downstream
granulator plant which has been delayed due to the ongoing worldwide shipping
container imbalance.
"We have one of the highest-grade organic phosphate mines in the US producing
six different fully certified organic products. Our job now, in addition to
mining and processing, is to create and cultivate our place in the burgeoning
US organic phosphate industry and build our market share turning our initial
customers into long-term sales partners. We can adapt our premium,
higher-grade phosphate resources to deliver customised products for the
specific needs of local soil, climate, and crops with the ultimate aim of
generating higher crop yields for our customers.
"As noted, we are making significant in-roads in this respect, with 21
customers already on our books, however unlike selling direct into an
established bulk commodity marketplace, building market share in the organic
phosphate/fertiliser arena will take time. That said with our premium product
already gaining traction we remain confident that this will be achieved.
"In Togo, we are delighted to welcome Blaise Gozan as Togo Country Manager.
Blaise joins from Rio Tinto and will play a pivotal role in the progression of
our manganese project in the country. As previously noted, we look forward
to updating shareholders on the progress of the Exploitation Permit approval
process.
"Finally, despite the many challenges experienced during the period, due to
the ongoing Covid pandemic, travel restrictions and the knock-on effects this
has had, when I look at our portfolio of assets, I remain more excited than
ever for the future of Keras and would like to thank the team for their
commitment and dedicated work, and our shareholders for their continued
support."
The information contained within this Announcement is deemed by the Company to
constitute inside information as stipulated under Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (as amended). Upon the publication of this Announcement
via the Regulatory Information Service, this inside information is now
considered to be in the public domain.
For further information please visit www.kerasplc.com
(http://www.kerasplc.com) , follow us on Twitter @kerasplc or contact the
following:
Russell Lamming Keras Resources plc annabel (mailto:annabel@kerasplc.com) @kerasplc.com
(mailto:annabel@kerasplc.com)
Annabel Redford
Nominated Adviser & Joint Broker SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Ewan Leggat / Charlie Bouverat
Joint Broker Shard Capital Partners LLP +44 (0) 207 186 9900
Damon Heath / Erik Woolgar
CHAIRMAN'S REVIEW
FOR THE SIX MONTHS ENDED 31 MARCH 2021
I am pleased to report on our activities over the past six months. The team in
Utah has worked very hard on the installation of the milling plant for the
Diamond Creek mine. This had its challenges but it is great to see the plant
being commissioned. We now have the in-house capacity to produce a range of
high quality products that we can tailor for customers and will now process
the remainder of the run-of-mine ore from our 2020 mining season. The plant
will also reduce our operating costs as no third-party tolling will be
required going forward. Work will now focus on ensuring full road access and
maintenance is complete so that we can commence our 2021 mining schedule.
Production from our mining season is expected to commence in July and will run
through to October.
Management has also continued to engage with the Togolese Authorities on the
final permitting for the Nayéga manganese project in Togo and we are very
pleased to welcome Blaise Gozan, previously employed by Rio Tinto in Canada,
as Country Manager who further bolsters our presence and expertise in country
and will continue to progress discussions on our behalf.
Diamond Creek Phosphate Mine (Diamond Creek) - Utah, US
Diamond Creek is a fully permitted, high grade organic phosphate mine and
Keras now holds a 51% controlling interest having paid the final tranche of
a US$2.5m loan to Falcon Isle Resources, the owner of the Diamond Creek
mine, at the end of December 2020. Work throughout the period at Diamond Creek
focussed on the installation of the milling plant at Spanish Fork, Utah, which
is being commissioned during June 2021, and provides the in-house capacity to
beneficiate products on site and sell a range of premium organic phosphates
directly into the high demand US fertiliser markets. This capacity will be
further enhanced once the granulator plant is brought online. Delivery had
been delayed due to shipping container constraints but this is now en route to
site and will be commissioned later this year. The 2020 mining campaign - when
we can carry out our physical mining activities and produce our target
run-of-mine tonnages for the year - was completed in October 2020 with a
total of 7,620 ore tons extracted. As previously announced, we plan to mine
10,000 tons during the 2021 mining season commencing during July 2021 - to
ensure that sufficient material is available for planned sales, while
maintaining the phased increase to the Year 5 target of 48,000 tons of
commercial production.
Sales from the 2020 mining campaign up to 31 March 2021 were 1,297 tons, and
the year-to-date total sales are 2,483 tons, at an average sales price of $267
per ton, representing approximately 50% of forecast sales to 31 December 2021.
To date we have sold six different products in both 1 ton and 50lb bags to 21
different customers with several repeat orders, all produced through toll
treating agreements. The majority of the orders have been for testwork to
benchmark our products against their current producers and with the recent
commissioning of our milling plant in Spanish Fork we can now not only
guarantee high grade products in North America but can also guarantee
tonnages.
Falcon Isle Resources only became a Keras subsidiary on 31 December 2020, as
such only the Q1 2021 sales (241 tons) are reported as Revenue in the Income
Statement.
With the milling plant now in production, sales of our #100 and #350 mesh
product will be our key focus as we increase our production and are now able
to deliver products on demand. We expect our granulated products to be
available for sale in the first quarter of 2022 to meet the new season's
demand. Further improvements to the plant are envisaged in order to widen our
product range, and the Company has ample funds in hand to finance its 51%
share of the cost.
Nayéga Manganese Project - Togo
Management remains in close communication with the Togolese Ministry of Mines
& Energy on the Exploitation Permit for the Nayéga Manganese Project and
whilst this remains pending, we are very pleased to announce the appointment
of Blaise Gozan as Togo Country Manager for Keras Resources Plc. Blaise is a
Togolese national, and he joins the Company from Rio Tinto in Canada bringing
a wealth of experience in mining and project management to this role. We look
forward to updating shareholders on the Exploitation Permit when we have
additional information to share.
Financial Review
The current financial period for Keras has been extended to 15 months and will
end on 31 December 2021, enabling the accounts of all subsidiaries to
terminate on the same date. As a result, Keras will publish a second interim
statement for the six months ending 30 September 2021.
The loss for the six months to 31 March 2021 was £506,000 compared with
£809,000 for the comparable period in 2020. As explained above there was no
material revenue in the period, but increasing sales are expected to be
reflected in the next interim statement to 30 September 2021.
Management was very pleased to complete two placings during the period through
to the end of March 2021. These funds have in part been utilised to fund
Falcon Isle Resources working capital requirements, and to finance our 51% of
the plant expansion in Utah. In addition, they have allowed us to bolster
our management team and to provide additional working capital. Our Directors
all supported these placings, and we welcomed a number of new holders to our
register.
Focus on Sustainability
We are aware of our responsibility as an employer and a mining company and we
are committed to upholding best practice across our business. We care about
all our stakeholders and are focused on looking to create value and benefits
for all whilst seeking to manage and mitigate the potential impacts that our
operations may have. Our assets are diverse in commodity and location but have
important similarities - mining essential resources that can contribute to a
more sustainable future, running simple operations with minimal processing
requirements and looking to maintain a low carbon footprint. We are focused on
meeting our commitments across the ESG space and will continue to be proactive
in this area as we look to develop and sustain a positive legacy.
Looking Forward
There was a range of challenges experienced during the period, notably the
ongoing travel and quarantine restrictions due to the Covid pandemic which
limited interactions between the business units and stopped key consultants
and original equipment manufacturers from travelling and the knock-on effects
resulting in the global imbalance of shipping containers, but we look forward
to the coming months. Mining will be underway in Utah soon and we will
continue to process and sell premium organic phosphate from Diamond Creek
whilst we also pursue the Exploitation Permit in Togo. Whilst securing the
final grant has continued to take time, we remain confident in the process and
continue to work hard to look to unlock this.
Finally, I would like to take this opportunity to thank the rest of the board
and management for their ongoing hard work and shareholders for their
continuing support.
Brian Moritz
Chairman
23 June 2021
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2021
31-Mar-21 31-Mar-20 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Continuing operations
Revenue 31 - -
Cost of production (74) - -
Gross loss (43) - -
Administrative and exploration expenses (517) (810) (1,235)
Loss from operating activities (560) (810) (1,235)
Finance income - 1 -
Finance costs - - (3)
Net finance costs - 1 (3)
Share of net loss of associate accounted for using the equity method
- (4)
Loss before taxation (560) (809) (1,242)
Taxation - - -
Loss for the period (560) (809) (1,242)
Other comprehensive income - items that may be subsequently reclassified to
profit or loss
Exchange translation on foreign operations (47) (3) (15)
Change in fair value of available for sale financial assets - - -
Items that will not be reclassified to profit or loss
Change in fair value of equity investments at fair value through other
comprehensive income
- - -
Total comprehensive (loss) for the period (607) (812) (1,257)
(Loss)/profit attributable to:
Owners of the Company (497) (753) (1,181)
Non-controlling interests (63) (56) (61)
(Loss)/profit for the period (560) (809) (1,242)
Total comprehensive income/(loss) attributable to:
Owners of the Company (556) (756) (1,194)
Non-controlling interests (51) (56) (63)
Total comprehensive loss for the period (607) (812) (1,257)
Earnings per share - continuing operations
Basic and diluted (loss)/earnings per share (pence) (0.017) (0.029) (0.040)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021
31-Mar-21 31-Mar-20 30-Sep-20
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Assets
Non-current assets
Intangible assets 7 3,637 1,066 1,069
Property, plant and equipment 8 493 274 263
Investments accounted for using the equity method 9 - - 1,622
4,130 1,340 2,954
Current assets
Inventory 10 135 - -
Other investments 11 - - -
Trade and other receivables 12 391 36 83
Cash and cash equivalents 886 87 438
1,412 123 521
Total assets 5,542 1,463 3,475
Equity
Equity attributable to owners of the Company
Share capital 13 629 279 487
Share premium 13 4,027 419 2,637
Other reserves 68 - 16
Retained deficit (590) 428 8
4,134 1,126 3,148
Non-controlling interests 934 (132) (140)
Total equity 5,068 994 3,008
Liabilities
Current liabilities
Trade and other payables 14 474 469 467
474 469 467
Total liabilities 474 469 467
Total equity and liabilities 5,542 1,463 3,475
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2020
Total attributable to owners of the Company
Share option/
warrant reserve Financial assets at FVOCI Retained earnings/ (deficit) Non-controlling interests
Share capital £'000 Share premium £'000 Exchange reserve £'000 £'000 £'000 Total
£'000 £'000 Total equity
£'000 £'000
Balance at 1 October 2019 (audited) 7,266 10,938 - (33) 3,459 (10,310) 11,320 (76) 11,244
Loss for the period - - - - - (753) (753) (56) (809)
Other comprehensive income - - - 3 - (6) (3) - (3)
Total comprehensive loss for the period - - 3 - (759) (756) (56) (812)
Capital reduction (7,023) (10,938) - - (3,459) 11,497 (9,923) - (9,923)
Issue of ordinary shares 36 429 - - - - 465 - 465
Issue costs - (10) - - - - (10) - (10)
Share based payment transactions - - 30 - - - 30 - 30
(6,987) (10,519) 30 - (3,459) 11,497 (9,438) - (9,438)
Balance at 31 March 2020 (unaudited) 279 419 30 (30) - 428 1,126 (132) 994
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) FOR THE SIX
MONTHS ENDED 30 SEPTEMBER 2020
Total attributable to owners of the Company
Share option/
warrant reserve Financial assets at FVOCI Non-controlling interests
Share capital Share premium £'000 Exchange reserve £'000 Retained £'000 Total
£'000 £'000 £'000 earnings Total equity
£'000 £'000 £'000
Balance at 1 April 2020 (unaudited) 279 419 30 (30) - 428 1,126 (132) 994
Loss for the period - - - - - (428) (428) (5) (433)
Other comprehensive income - - - (19) - 10 (9) (3) (12)
Total comprehensive income for the period - - - (19) - (418) (437) (8) (445)
Issue of ordinary shares 208 2,289 - - - - 2,497 - 2,497
Share based payment transactions - - 33 - - - 33 - 33
Issue costs - (71) - - - - (71) (71)
Transfer - - - 2 - (2) - - -
208 2,218 33 2 - (2) 2,459 - 2,459
Balance at 30 September 2020 (audited) 487 2,637 63 (47) - 8 3,148 (140) 3,008
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) FOR THE SIX
MONTHS ENDED 31 MARCH 2021
Total attributable to owners of the Company
Share option/
warrant reserve Financial assets at FVOCI Non-
Share capital Share premium £'000 Exchange reserve £'000 Retained earnings controlling interests Total
£'000 £'000 £'000 £'000 Total £'000 equity
£'000 £'000
Balance at 1 October 2020 (audited) 487 2,637 63 (47) - 8 3,148 (140) 3,008
Loss for the period - - - - - (497) (497) (63) (560)
Total other comprehensive income - - - 42 - (101) (59) 12 (47)
Total comprehensive loss for the period - - - 42 - (598) (556) (51) (607)
Issue of ordinary shares 142 1,463 - - - - 1,605 - 1,605
Issue costs - (73) - - - - (73) - (73)
Non-controlling interest on acquisition of subsidiary
- - - - - - - 1,125 1,125
Share based payment transactions - - 10 - - - 10 10
142 1,390 10 - - - 1,542 1,125 2,667
Balance at 31 March 2021 629 4,027 73 (5) - (590) 4,134 934 5,068
(unaudited)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31
MARCH 2021
31-Mar-21 31-Mar-20 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Loss from operating activities (560) (809) (1,242)
Adjustments for:
Depreciation and amortisation 18 57 76
Share of loss of equity accounted associate 71 - 4
Loss on disposal of property, plant and equipment - - -
Foreign exchange differences 117 (2) (39)
Compensation on cancellation of SARS scheme - 119 120
Equity-settled share-based payment transactions 10 30 63
(344) (605) (1,018)
Changes in:
- inventories 7 - -
- trade and other receivables (186) (1) 2
- trade and other payables 45 188 278
Cash used in operating activities (478) (418) (738)
Finance costs - - -
Net cash used in operating activities (478) (418) (738)
Cash flows from investing activities
Acquisition of property, plant and equipment (93) - -
Proceeds from sale of property, plant and equipment - - -
Exploration and licence expenditure (161) (16) (1)
Investment in associate to date of control (455) - (938)
Net cash used in investing activities (709) (16) (939)
Cash flows from financing activities
Net proceeds from issue of share capital 1,477 337 1,931
Proceeds from short term borrowings - - -
Net cash flows from financing activities 1,477 337 1,931
Net (decrease)/increase in cash and cash equivalents 290 (97) 254
Cash and cash equivalents at beginning of period 438 184 184
Cash acquired with subsidiary 158 - -
Effect of foreign exchange rate changes - - -
Cash and cash equivalents at end of period 886 87 438
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
1. Reporting entity
Keras Resources plc (the "Company") is a company domiciled in England and
Wales. The condensed consolidated interim financial statements of the
Company as at and for the six months ended 31 March 2021 comprise the Company
and its subsidiaries (together referred to as the "Group") and the Group's
interests in associates and jointly controlled entities. The Group currently
operates as an explorer and developer.
2. Basis of preparation
(a) Statement of compliance
This condensed consolidated interim financial report has been prepared in
accordance with IAS 34 Interim Financial Reporting. Selected explanatory
notes are included to explain events and transactions that are significant to
an understanding of the changes in financial performance and position of the
Group since the last annual consolidated financial statements as at and for
the year ended 30 September 2020. This condensed consolidated interim
financial report does not include all the information required for full annual
financial statements prepared in accordance with International Financial
Reporting Standards.
This condensed consolidated interim financial report was approved by the Board
of Directors on 23 June 2021.
(b) Judgements and estimates
Preparing the interim financial report requires Management to make judgements,
estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
In preparing this condensed consolidated interim financial report, significant
judgements made by Management in applying the Group's accounting policies and
key sources of estimation uncertainty were the same as those that applied to
the consolidated financial statements as at and for the year ended 30
September 2020.
3. Significant accounting policies
The accounting policies applied by the Group in this condensed consolidated
interim financial report are the same as those applied by the Group in its
consolidated financial statements as at and for the year ended 30 September
2020.
4. Financial instruments
Financial risk management
The Group's financial risk management objectives and policies are consistent
with those disclosed in the consolidated financial statements as at and for
the year ended 30 September 2020.
5. Segment information
The Group considers that it operates in two distinct business areas, manganese
mining in West Africa and phosphate mining in Utah, USA. These business
areas form the basis of the Group's operating segments. For each segment,
the Group's Managing Director (the chief operating decision maker) reviews
internal management reports on at least a quarterly basis.
Other operations relate to the group's administrative functions conducted at
its head office and by its intermediate holding company together with
consolidation adjustments.
Information regarding the results of each reportable segment is included
below. Performance is measured based on segment profit before tax, as
included in the internal management reports that are reviewed by the Group's
Managing Director. Segment results are used to measure performance as
Management believes such information is the most relevant in evaluating the
performance of certain segments relative to other entities that operate within
the exploration industry.
For the six months ended 31 March 2021 (unaudited)
Other operations£'000
Manganese Phosphate Total
£'000 £'000
External revenue - 31 - 31
Loss before tax (60) (110) (390) (560)
Segment assets 1,082 2,958 1,502 5,542
For the six months ended 31 March 2020 (unaudited)
Other operations
Manganese Phosphate £'000 Total
£'000 £'000 £'000
External revenue - - - -
Loss before tax (373) - (436) (809)
Segment assets 993 - 470 1,463
For the twelve months ended 30 September 2020 (audited)
Other operations
Manganese Phosphate £'000 Total
£'000 £'000 £'000
External revenue - - - -
Profit/(loss) before tax (405) (4) (833) (1,242)
Segment assets 1,011 1,622 842 3,475
Information about geographical segments:
For the six months ended 31 March 2021 (unaudited)
West US Other operations£'000 Total
Africa
£'000 £'000 £'000
External revenue - 31 - 31
Loss before tax (60) (110) (390) (560)
Segment assets 1,082 2,958 1,502 5,542
For the six months ended 31 March 2020 (unaudited)
West US Other Total
Africa operations
£'000 £'000 £'000 £'000
External revenue - - - -
Loss before tax (373) - (436) (809)
Segment assets 993 - 470 1,463
For the twelve months ended 30 September 2020 (audited)
West US Other operations Total
Africa £'000
£'000 £'000 £'000
External revenue - - - -
Profit/(loss) before tax (405) (4) (833) (1,242)
Segment assets 1,011 1,622 842 3,475
6. Seasonality of operations
The Group is not considered to be subject to seasonal fluctuations.
7. Intangible assets
6 months 6 months 12 months
31 Mar 21 31 Mar 20 (unaudited) 30 Sep 20
(unaudited) £'000 (audited)
£'000 £'000
Cost
Balance at beginning of period 1,227 1,206 1,206
Additions 2,629 16 1
Disposals (158) - -
Effect of movement in exchange rates (61) (1) 20
Balance at end of period 3,637 1,221 1,227
Impairment losses
Balance at beginning of period 158 155 155
Impairment - - -
Amortisation - - -
Disposals (158) - -
Effect of movement in exchange rates - - 3
Balance at end of period - 155 158
Carrying amounts
Balance at end of period 3,637 1,066 1,069
Balance at beginning of period 1,069 1,051 1,051
Intangible assets comprise the fair value of prospecting and exploration
rights.
8. Property, plant and equipment
Acquisitions and disposals
During the six months ended 31 March 2021 the Group acquired assets with a
cost of £263,000 (six months ended 31 March 2020: £nil, twelve months ended
30 September 2020: £nil).
Assets with a carrying amount of £nil were disposed of during the six months
ended 31 March 2021 (six months ended 31 March 2019: £nil; twelve months
ended 30 September 2020: £nil), resulting in a loss on disposal of £nil (six
months ended 31 March 2019: £nil; twelve months ended 30 September 2020:
£nil), which is included in 'administrative expenses' in the condensed
consolidated statement of comprehensive income.
9. Investments
The interest in Falcon Isle was acquired for nominal consideration under a
binding heads of terms dated 28 July 2020. Under this agreement the Company
agreed to provide US$2.5m in loans to Falcon Isle payable in agreed
tranches. Falcon Isle is the 100% owner of the Diamond Creek phosphate
mine located in in Utah (USA) which is a fully permitted, high grade direct
shipping ore organic phosphate operating mine.
At 30 September 2020 the Company had advanced US$1.9m to Falcon Isle,
resulting in an equity interest of 40% and bringing the cost of the investment
in the associate to £1,626,000.
On 31 December 2020 the Company advanced the balance of $0.6m and its equity
interest has increased to 51%.
The initial acquisitions were accounted for under the equity method of
accounting but upon achieving control on 31 December 2020, the acquisition
method of accounting has been applied.
The details of the business combination are as follows:
Fair value
£'000
Intangibles 2,170
Fixed assets 172
Inventory 142
Receivables 122
Bank balances and cash 158
Trade and other payables (17)
Loans (3,164)
(417)
Adjust: Non controlling interest 204
Adjust: goodwill 298
Adjust: Equity accounted losses to date of control 76
161
£'000
Satisfied by:
Acquisition related costs 161
161
10. Inventories
31-Mar-21 (unaudited) 31-Mar-20 30-Sep-20
(unaudited) (audited)
£'000 £'000 £'000
Phosphate 135 - -
135 - -
11. Other investments
31-Mar-21 31-Mar-20 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Equity securities - available for sale
Brought forward - 9,923 9,923
Disposal via demerger - (9,923) (9,923)
- - -
Equity securities represented ordinary and performance shares in Calidus
Resources Limited ("Calidus"), a company listed on the Australian Securities
Exchange ("ASX").
These equity securities were demerged on 19 November 2019 by way of a capital
reduction scheme.
12. Trade and other receivables
31-Mar-21 31-Mar-20 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Other receivables 352 36 71
Prepayments 39 - 12
391 36 83
Trade receivables and other receivables are stated at their nominal values
less allowances for non recoverability.
13. Share capital and reserves
Issue of ordinary shares
On 18 December 2020, 400,000,000 ordinary shares were issued for cash at
£0.0011 per share.
On 18 December 2020 B Moritz and D Reeves, conditionally agreed to subscribe
for 36,363,636 and 63,636,364 shares each at £0.0011 per share, these were
issued on 18 January 2021 following a General Meeting to grant increased
authority to issue shares.
On 18 January 2021, 869,565,217 ordinary shares were agreed to be issued at
£0.00115 per share, of these, B Moritz conditionally agreed to subscribe for
17,391,304 shares and R Lamming conditionally agreed to subscribe for
26,086,957 shares in lieu of part of his salary. Of these shares, 600,000,000
were issued on 18 January 2021 and the balance of 269,565,217 were issued on
15 February 2021 following a General Meeting to grant increased authority to
issue shares.
13. Share capital and reserves (continued)
On 18 January 2021, the company conditionally agreed to issue 48,000,000
ordinary shares at £0.00115 per share in settlement of amounts owing to
advisors. These were issued on 15 February 2021 following a General Meeting
to grant increased authority to issue shares.
Dividends
No dividends were declared or paid in the six months ended 31 March 2021 (six
months ended 31 March 2020: £nil, twelve months ended 30 September 2020:
£nil).
14. Trade and other payables
31-Mar-21 31-Mar-20 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Trade payables 146 220 104
Accruals 230 187 228
Other payables 98 62 135
474 469 467
There is no material difference between the fair value of trade and other
payables and their book value.
15. Related parties
The total amount due to D Reeves at the period end was £43,000 in respect of
unpaid remuneration (six months ended 31 March 2020: £19,000, twelve months
ended 30 September 2020: £31,000). The total amount due to B Moritz at the
period end was £nil in respect of unpaid remuneration (six months ended 31
March 2019: £27,000, twelve months ended 30 September 2020: £nil). The
total amount due to Parallel Resources Limited, a company owned and controlled
by R Lamming in respect of unpaid fees at the period end was £nil (six months
ended 31 March 2020: £28,500, twelve months ended 30 September 2020: £nil).
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