REG-Pensana Plc: Report on Payments to Governments for FY 2023

PensanaAnnouncement

08/12/2023 15:00

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

Pensana Plc

Reports on Payments to Governments for FY 2023

Pensana Plc (LSE: PRE) (“Pensana” or “the Company”) publishes the
Company’s Payments to Governments Report for the year ended 30 June 2023
(“the Year” or “FY2023”) (the “Report”).

 
Basis of preparation

This Report, which provides an overview of the payments to governments made by
Pensana and its subsidiaries, is required under the United Kingdom’s
(“UK”) Report on Payments to Governments Regulations 2014 and its
amendment in December 2015 (“the Regulations”). This Report is also
intended to satisfy the requirements of the Disclosure and Transparency Rules
of the Financial Conduct Authority in the UK.

 

This report is also available on the Company’s website at:
www.pensana.co.uk.

Activities

Payments made by Pensana to governments arising from activities involving the
exploration, prospection, discovery, development and extraction of minerals
(extractive activities) across its projects are to be disclosed in this
report.

 

Summary of Payments (US$)1

                                                                                                                  
 Country    Corporate taxes  Mining & other licence fees  Royalties  Infrastructure improvements  Other  Total    
 Australia  -                -                            -          -                            -      -        
 Angola 2   -                195,812                      -          -                            -      195,812  
 UK         -                -                            -          -                            -      -        

 

1 Payments are shown in US$ equivalent amounts for the financial year ending
30 June 2023 using the average FX rate for the year

2 Payments shown relate to the Longonjo Project and Coola Exploration Project

 
 
Government definition

Government includes any national, regional or local authority of a country,
and includes a department, agency or entity that is a subsidiary of a
government.

 

Payments

Payments to governments are required to be reported in the following
categories:

 
* Taxes
These are any taxes paid by Pensana on its income and profits in accordance
with legislation enacted in the applicable jurisdiction. Payments are reported
net of refunds. Value added tax, personal income taxes, social taxes, property
taxes are excluded.
* Royalties
Royalties are not yet applicable as the projects are still in
exploration/development.

 
* Fees
These are any fees and other sums paid as consideration for acquiring a
licence for gaining access to an area where extractive activities are
performed. Administrative government fees that are not specifically related to
the extractive sector are excluded.

 
* Infrastructure improvements
Payments in kind in the form of infrastructure expenditure other than in
circumstances where the infrastructure is expected to be primarily dedicated
to operational activities throughout its useful life. The Regulations do not
require reporting social or community payments, such as payments to build a
hospital or a school.

Other types of payments

 

Other types of payments that are required to be disclosed in accordance with
the Regulations but are not relevant to Pensana’s operations are the
following:

 
* Production entitlements
* Dividends
including dividends paid to a government in lieu of production entitlements or
royalties. Dividends paid to a government as an ordinary shareholder on the
same terms as to other ordinary shareholders and not paid in lieu of
production entitlements or royalties are excluded.
* Signature, discovery and production bonuses
Payments are reported on a cash basis. No in-kind payments were made during
year ended 30 June 2023.
 

Materiality Level

Payments included in the Report are amounts paid, whether in money or in kind,
for relevant activities. In line with the Regulations, where a payment or a
series of related payments have not exceeded £86,000 they have not been
disclosed.


Payments per government

Total payments to governments under the Regulations amounted to US$195,812 in
FY 2023 (FY 2022: US$1,514).

   

The information contained within this announcement is considered by the
Company to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014. Upon the publication of this announcement via a
Regulatory Information Service, this inside information will be considered to
be in the public domain. The person responsible for arranging for the release
of this announcement on behalf of the Company is Paul Atherley, Chairman.

 

- ENDS –

 

For further information, please contact:

 

Shareholder/analyst enquiries:

Pensana Plc 

Paul Atherley, Chairman IR@pensana.co.uk 

Tim George, Chief Executive Officer

Rob Kaplan, Chief Financial Officer

 

 

 

 

 






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