REG - Premier African Min - Half-year Report
30/09/2022 07:00
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RNS Number : 3101B Premier African Minerals Limited 30 September 2022
30 September 2022
Premier African Minerals Limited
('Premier' or the 'Company' or the 'Group')
Unaudited Interim Results for the six months ended 30 June 2022
Chief Executive Statement
Dear Shareholders,
It is a pleasure to share with you the unaudited interim results for the six
months ended 30 June 2022 (the "Period").
The first six months activity of 2022 has been extensively reported as post
financial year end events in our annual financial statements that were
released just a few months ago and in various interim announcements.
Noteworthy is the healthy financial position of the Company.
I am happy to provide further updates particularly in regard to Zulu Lithium
Private Limited ("Zulu"). This includes:
· Commencement of construction activities at site;
· Acceleration of assay results that should see an upgrade to the
resource confidence level in the coming months;
· Preparation for mobilisation of the first plant components
transportation to site;
· Near completion of geotechnical evaluations for open pit mining;
· Completion of current phase of exploration drilling with total
meterage now drilled at Zulu exceeding 35,000 meters; and
· In particular continuing and increasing demand for spodumene
maintaining an upward price spiral.
At this time, anticipated commissioning date remains quarter 1 of 2023 and
within budget, which is fully funded.
Financial and Statutory Information
The Group incurred an operating loss of US$4.891 million for the Period. This
is due to the on-going definitive feasibility study exploration work being
conducted at the Group's Zulu Lithium mine in Zimbabwe for the Period. Cash at
hand as at 30 June 2022 was $10.197 million.
Premier received continued financial support from its shareholders throughout
the Period.
These interim statements to 30 June 2022 have not been reviewed by the
auditors.
Mr. George Roach
Chief Executive Officer
30 September 2022
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as "believe", "could", "should", "envisage",
"estimate", "intend", "may", "plan", "will" or the negative of those,
variations, or comparable expressions, including references to assumptions.
These forward looking statements are not based on historical facts but rather
on the Directors' current expectations and assumptions regarding the Company's
future growth, results of operations, performance, future capital, and other
expenditures (including the amount, nature, and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such forward
looking statements reflect the Directors' current beliefs and assumptions and
are based on information currently available to the Directors. A number of
factors could cause actual results to differ materially from the results
discussed in the forward looking statements including risks associated with
vulnerability to general economic and business conditions, competition,
environmental and other regulatory changes, actions by governmental
authorities, the availability of capital markets, reliance on key personnel,
uninsured and underinsured losses, and other factors, many of which are beyond
the control of the Company. Although any forward looking statements contained
in this announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that actual
results will be consistent with such forward looking statements.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
The person who arranged the release of this announcement on behalf of the
Company was George Roach.
For further information please visit www.premierafricanminerals.com
(http://www.premierafricanminerals.com) or contact the following:
George Roach Premier African Minerals Limited Tel: +27 (0) 100 201 281
Michael Cornish / Roland Cornish Beaumont Cornish Limited (Nominated Advisor) Tel: +44 (0) 207 628 3396
John More / Toby Gibbs Shore Capital Stockbrokers Limited Tel: +44 (0) 207 408 4090
(Joint Broker)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
EXPRESSED IN US DOLLARS
Six months to Six months to 2021
EXPRESSED IN US DOLLARS 30 June 2022 30 June 2021 (Audited)
Notes $ 000 $ 000 $ 000
ASSETS
Non-current assets
Intangible assets 4 4,686 4,686 4,686
Investments 5 8,342 8,342 8,342
Property, plant and equipment 6 4,345 58 204
Loans receivable 7 859 - 859
18,232 13,086 14,091
Current assets
Inventories 21 1 -
Trade and other receivables 370 419 417
Cash and cash equivalents 10,197 937 1,014
10,588 1,357 1,431
TOTAL ASSETS 28,820 14,443 15,522
LIABILITIES
Non-current liabilities
Provisions - rehabilitation 380 90 362
380 90 362
Current liabilities
Trade and other payables 3,983 497 586
Borrowings 8 180 - 180
4,163 497 766
TOTAL LIABILITIES 4,543 587 1,128
NET ASSETS 24,277 13,856 14,394
EQUITY
Share capital 9 70,951 53,835 56,113
Share based payment and warrant reserve 2,366 2,366 2,366
Revaluation reserve 711 711 711
Foreign currency translation reserve (13,170) (13,131) (13,018)
Accumulated loss (24,129) (18,007) (19,469)
Total equity attributed to the owners of the parent company 36,729 25,774 26,703
Non-controlling interest (12,452) (11,918) (12,309)
TOTAL EQUITY 24,277 13,856 14,394
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
EXPRESSED IN US DOLLARS
Six months to Six months to 2021
Continuing operations Notes 30 June 2022 30 June 2021 (Audited)
EXPRESSED IN US DOLLARS $ 000 $ 000 $ 000
Revenue - - -
Cost of sales excluding depreciation and amortisation expense - - -
Depreciation and amortisation 6 (15) - (17)
Gross profit / (loss) (15) - (17)
Administrative expenses (4,861) (742) (2,409)
Operating profit / (loss) (4,876) (742) (2,426)
Other Income 9 3 120 133
Reversal of Impairment of intangible assets - - 4,563 4,563
Zulu Lithium
Finance charges (18) (3) (18)
(15) 4,680 4,678
Profit / (Loss) before income tax (4,891) 3,938 2,252
Income tax expense 10 - - -
Profit / (Loss) from continuing operations (4,891) 3,938 2,252
Profit / (Loss) for the year (4,891) 3,938 2,252
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Foreign exchange loss on translation (64) 236 182
(64) 236 182
Total comprehensive income for the year (4,955) 4,174 2,434
Loss attributable to:
Owners of the Company (4,660) 4,152 2,690
Non-controlling interests (231) (214) (438)
(4,891) 3,938 2,252
Total comprehensive income attributable to:
Owners of the Company (4,812) 4,271 2,922
Non-controlling interests (143) (97) (488)
Total comprehensive income for the year (4,955) 4,174 2,434
Loss per share attributable to owners of the parent (expressed in US cents)
Basic loss per share 11 (0.026) 0.036 0.020
Diluted loss per share 11 (0.026) 0.036 0.020
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
EXPRESSED IN US DOLLARS
Share capital Foreign currency translation reserve Share option and warrant reserve Revaluation reserve Retained earnings Total attributable to owners of parent Non-controlling interest("NCI") Total equity
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
At 1 January 2021 52,504 (13,250) 2,366 711 (22,159) 20,172 (11,821) 8,351
Loss for the period - - - - 4,152 4,152 (214) 3,938
Other comprehensive income for the period - 119 - - - 119 117 236
Total comprehensive income for the period - 119 - - 4,152 4,271 (97) 4,174
Transactions with Owners
Issue of equity shares 1,416 - - - - 1,416 - 1,416
Share issue costs (85) - - - - (85) - (85)
At 30 June 2021 53,835 (13,131) 2,366 711 (18,007) 25,774 (11,918) 13,856
Loss for the period - - - - (1,462) (1,462) (224) (1,686)
Other comprehensive income for the period - 113 - - 113 (167) (54)
Total comprehensive income for the period - 113 - - (1,462) (1,349) (391) (1,740)
Transactions with Owners
Issue of equity shares 2,423 - - - - 2,423 - 2,423
Share issue costs (145) - - - - (145) - (145)
At 31 December 2021 56,113 (13,018) 2,366 711 (19,469) 26,703 (12,309) 14,394
Profit / (Loss) for the period - - - - (4,660) (4,660) (231) (4,891)
Other comprehensive income for the period - (152) - - - (152) 88 (64)
Total comprehensive income for the period - (152) - - (4,660) (4,812) (143) (4,955)
Transactions with Owners
Issue of equity shares 15,782 - - - - 15,782 - 15,782
Share issue costs (944) - - - - (944) - (944)
At 30 June 2022 70,951 (13,170) 2,366 711 (24,129) 36,729 (12,452) 24,277
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
EXPRESSED IN US DOLLARS
EXPRESSED IN US DOLLARS Six months to Six months to 2021
30 June 2022 30 June 2021 (Audited)
$ 000 $ 000 $ 000
Net cash outflow from operating activities (1,327) (897) (2,640)
Investing activities
Acquisition of property plant and equipment (4,328) (221) -
Acquisition of intangible assets - (3) (3)
Loans advanced - - (859)
Net cash used in investing activities (4,328) (224) (862)
Financing activities
Proceeds from borrowings granted - - 180
Net proceeds from issue of share capital 14,838 1,331 3,609
Net cash from financing activities 14,838 1,331 3,789
Net decrease in cash and cash equivalents 9,183 210 287
Cash and cash equivalents at beginning of year 1,014 727 727
Net cash and cash equivalents at end of year 10,197 937 1,014
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Premier African Minerals Limited ('Premier' or the ''Company'), together with
its subsidiaries (the 'Group'), was incorporated and domiciled in the
Territory of the British Virgin Islands under the BVI Business Companies Act,
2004. The address of the registered office is Craigmuir Chambers, PO Box 71,
Road Town, Tortola, British Virgin Islands. Premier's shares were admitted to
trading on the London Stock Exchange's AIM market on 10 December 2012.
The Group's operations and principal activities are the mining, development
and exploration of mineral reserves, primarily on the African continent. The
presentational currency of the condensed consolidated interim financial
statements is US Dollars ("$").
2. BASIS OF PREPARATION
These unaudited condensed consolidated interim financial statements for the
six months ended 30 June 2022 were approved by the Board and authorised for
issue on 30 September 2022.
These interim financial statements have been prepared in accordance with the
recognition and measurement principles of the International Financial
Reporting Standards ("IFRS") as endorsed by the EU.
The accounting policies applied in the preparation of these consolidated
interim financial statements are consistent with the accounting policies
applied in the preparation of the consolidated financial statements for the
year ended 31 December 2021.
The figures for the six months ended 30 June 2021 and 30 June 2022 are
unaudited and do not constitute full accounts. The comparative figures for the
year ended 31 December 2021 are extracts from the 2021 audited accounts. The
independent auditor's report on the 2021 accounts was unqualified.
Going Concern
The Directors have prepared cash flow forecasts for the next 12 months, taking
into account working capital and expenditure forecasts for the rest of the
Group including overheads and other development costs.
The forecasts include additional preproduction finance which the directors
believe can be met. In the event that the Company is unable to obtain
additional preproduction finance for the Group's working capital and capital
expenditure requirements, a material uncertainty exists which may cast
significant doubt on the ability of the Group to continue as a going concern
and therefore be unable to realise its assets and settle its liabilities in
the normal course of business.
3. SEGMENTAL REPORTING
Segmental information is presented in respect of the information reported to
the Directors. The segmental information reports the revenue generating
segments of RHA Tungsten Private Limited ("RHA"), that operates the RHA
Tungsten Mine, and Zulu Lithium Private Limited ("Zulu"). The RHA segment
derives income primarily from the production and sale of wolframite
concentrate. All other segments are primarily focused on exploration and on
administrative and financing segments. Segmental results, assets and
liabilities include items directly attributable to a segment as well as those
that can be allocated on a reasonable basis.
As at the reporting date, the company has significant holdings in Zimbabwe. As
indicated in the audited annual financial statements, the Zimbabwean
government mandated that with effect of 1 March 2019 the only functional
currency is the RTGS Dollar. Since the introduction of RTGS Dollars the
Zimbabwean inflation rate has gone into hyperinflationary percentages.
Hyperinflationary accounting requires a restatement of the local currency
assets and liabilities to reflect the effect of the hyperinflation before
translating the local currency to the reporting currency. Refer to the audited
annual financial statements of 31 December 2021 for more detailed information.
By operating segment Unallocated Corporate RHA Tungsten Mine Zimbabwe and RHA Mauritius* Exploration Zulu Lithium Zimbabwe and Zulu Mauritius Total continued operations
June 2022 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Operating loss 1,756 47 2,976 4,779
Other income - - (3) (3)
Finance charges - 18 - 18
Reversal of Impairment of Zulu - - - -
Loss before taxation 1,756 65 2,973 4,794
Assets
Exploration and evaluation assets 108 - 4,563 4,671
Investments 8,312 - - 8,312
Inventories - 1 20 21
Trade and other receivables 26 3 341 370
Cash 10,005 13 164 10,182
Total assets 19,353 17 9,391 28,761
Liabilities
Borrowings (180) - - (180)
Trade and other payables (3,975) (8) - (3,983)
Provisions - (380) - (380)
Total liabilities (4,155) (388) - (4,543)
Net assets 15,198 (371) 9,391 24,218
Other information
Depreciation and amortisation - - 15 15
Property plant and equipment additions - - 347 347
Costs capitalised to intangible assets (12) - - (12)
By operating segment Unallocated Corporate RHA Tungsten Mine Zimbabwe and RHA Mauritius* Exploration Zulu Lithium Zimbabwe and Zulu Mauritius Total continuing operations
June 2021 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Operating loss 535 45 37 617
Other Income (119) - - (119)
Impairment of Zulu Lithium - 3 - 3
Finance charges - - (4,563) (4,563)
Loss before taxation 416 48 (4,526) (4,062)
Assets
Exploration and evaluation assets 123 - 4,563 4,686
Investments 8,342 - - 8,342
Inventories - - - -
Trade and other receivables 270 8 - 278
Cash 936 - - 936
Total assets 9,671 10 4,622 14,303
Liabilities
Borrowings - - - -
Trade and other payables (370) (121) (3) (494)
Provisions - (90) - (90)
Total liabilities (370) (211) (3) (584)
Net assets 10,041 221 4,625 14,887
Other information
Depreciation and amortisation - - - -
Property plant and equipment additions - - 59 59
Costs capitalised to intangible assets 3 - - 3
By operating segment Unallocated Corporate RHA Tungsten Mine Zimbabwe and RHA Mauritius* Exploration Zulu Lithium Zimbabwe and Zulu Mauritius Total continued operations
December 2021 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Operating loss 1,543 107 779 2,429
Other income (122) (11) - (133)
Finance charges - 18 - 18
Reversal of Impairment of Zulu - - (4,563) (4,563)
Loss before taxation 1,421 114 (3,784) (2,249)
Assets
Exploration and evaluation assets 123 - 4,563 4,686
Investments 8,342 - - 8,342
Inventories - 1 - 1
Trade and other receivables 11 5 401 417
Cash 919 2 92 1,013
Total assets 10,254 8 5,260 15,522
Liabilities
Borrowings (180) - - (180)
Trade and other payables (557) (28) - (585)
Provisions - (362) - (362)
Total liabilities (737) (390) - (1,127)
Net assets 9,517 (382) 5,260 14,395
Other information
Depreciation and amortisation - - 17 17
Property plant and equipment additions - - 220 220
Costs capitalised to intangible assets 3 - - 3
* Represents 100% of the results and financial position of RHA whereas the
Group owns 49%.
4. INTANGIBLE EXPLORATION AND EVALUATION ASSETS
Exploration & Evaluation assets Total
$ 000 $ 000
Opening carrying value 1 January 2021 120 120
Expenditure on Exploration and evaluation 3 3
Reversal of Impairment 4,563 4,563
Closing carrying value 30 June 2021 4,686 4,686
Expenditure on Exploration and evaluation - -
Closing carrying value 31 December 2021 4,686 4,686
Expenditure on Exploration and evaluation - -
Closing carrying value 30 June 2022 4,686 4,686
During the period to 30 June 2021, $4.563 million was the reversal of
impairment for Zulu.
5. INVESTMENTS
Vortex / Manganese Total
(Circum Namibian
Minerals ) Holdings
$ 000 $ 000 $ 000
Available-for-sale:
Closing carrying 31 December 2020 6,263 2,079 8,342
Shares acquired - - -
Closing carrying 30 June 2021 6,263 2,079 8,342
Shares acquired - - -
Closing carrying 31 December 2021 6,263 2,079 8,342
Shares acquired - - -
Closing carrying 30 June 2022 6,263 2,079 8,342
Reconciliation of movements in investments
Carrying value at 31 December 2020 6,263 2,079 8,342
Acquisition at fair value - - -
Carrying value at 30 June 2021 6,263 2,079 8,342
Acquisition at fair value - - -
Carrying value at 31 December 2021 and 30 June 2022 6,263 2,079 8,342
During the six months ended 30 June 2022, Premier sold its shares in Circum
Minerals Limited ('Circum'), together with other minority shareholders, to
Vortex Limited ('Vortex') in exchange for an equal value investment in Vortex.
Premier's investment in Vortex / Circum was designated as Fair Value through
Other Comprehensive Income. As such the investment is required to be measured
at fair value at each reporting date. As Vortex / Circum is unlisted there are
no quoted market prices. The fair value of Vortex shares was derived using the
previous issue price of Circum shares and validating it against the most
recent placing price on 11 May 2021. The shares are considered to be level 3
financial assets under the IFRS 13 categorisation of fair value measurements.
Premier continues to hold 5 010 333 shares in Vortex / Circum currently
valued in total at $6.263 million.
Premier's investment in MN Holdings Limited ('MNH') is classified as an FVOCI
as such is required to be measured at fair value at the reporting date. As MNH
is unlisted there are no quoted market prices. The Fair value of the MNH
shares as at 30 June 2022 and 31 December 2021 was based on the latest
transactions and supported by an external evaluation conducted by Bara
Consulting.
6. PROPERTY, PLANT AND EQUIPMENT
Mine Development Plant and Equipment Land and Buildings Total
$ 000 $ 000 $ 000 $ 000
Cost
At 1 January 2021 1,085 2,758 61 3,904
Foreign Currency Translation effect (149) (9) (27) (185)
Additions - - - -
At 30 June 2021 936 2,749 34 3,719
Foreign Currency Translation effect (40) (76) (8) (124)
Transfer from Capital Work in Progress - - - -
Additions - 206 15 221
At 31 December 2021 896 2,879 41 3,816
Foreign Currency Translation effect (72) (198) (13) (283)
Additions - 4,328 - 4,328
At 30 June 2022 824 7,009 28 7,861
Accumulated Depreciation and Impairment Losses
At 1 January 2021 1,085 2,758 61 3,904
Foreign Currency Translation effect (149) (67) (27) (243)
Charge for the year - - - -
At 30 June 2021 936 2,691 34 3,661
Exchange differences (40) (2) (7) (49)
Charge for the year - - - -
At 31 December 2021 896 2,689 27 3,612
Foreign Currency Translation effect (72) (27) (12) (111)
Charge for the year - 15 - 15
At 30 June 2022 824 2,677 15 3,516
Net Book Value
At 30 June 2021 - 58 - 58
At 31 December 2021 - 190 14 204
At 30 June 2022 - 4,332 13 4,345
7. LOANS RECEIVABLE
30 June 2022 30 June 2021 2021
(Unaudited) (Unaudited) (Audited)
$ 000 $ 000 $ 000
Outback Investments (Pty) Ltd 414 - 414
Otjozondu Mining (Pty) Ltd 445 - 445
859 - 859
Reconciliation of movement in loans receivable
As at 1 January 859 - -
Loans advanced - - 859
Repayment - - -
Accrued interest - - -
Total 859 - 859
Current 859 - 859
Non-current - - -
859 - 859
The above loans are made to a subsidiary and a related party of MN Holdings
(Pty) Ltd and are held at amortised cost.
The purpose of the Outback Investments Pty Ltd loan was to enable MNH to lease
and acquire the remaining extent of the Ebenezer No 377 Farm which contains
untreated tailings facilities from the Purity Mining Project as announced on
the 8(th) of July 2019. The loan will be forgiven following the uninterrupted
use of the farm land for the treatment of the tailing facilities for a period
of up to 10 years. During this period Premier has rights to these tailings
facilities. The loan is interest free. The loan is only repayable upon default
by Outback Investments.
The loan to Otjozondu Mining is to assist with funding the day to day
operations and is in accordance with the RNS of 31(st) August 2021. Premier
has provided a loan of $265,000 which bear interest of 20% and is repayable in
instalments of $25,000 per shipment of manganese shipped from Namibia. The
balance of $180,000 has been provided interest free as it is linked to the
loan from Neil Herbert, further details of which are set out in note 8 below.
8. BORROWINGS
30 June 2022 30 June 2021 2021
(Unaudited) (Unaudited) (Audited)
$ 000 $ 000 $ 000
Loan - Neil Herbert 180 - 180
180 - 180
(Unaudited) (Unaudited) (Audited)
$ 000 $ 000 $ 000
Reconciliation of movement in borrowings
As at 1 January 180 - -
Loans received - - 180
Accrued interest - - -
Total 180 - 180
Current 180 - 180
Non-current - - -
180 - 180
Borrowings comprise loans from a related party and a non-related party. Loans
from a related party are further disclosed in Note 32, Related Party
Transactions.
Neil Herbert made available a loan of US$180,000 to the Company. Under the
terms of the Director Loan, the loan is both unsecured and will not attract
any interest and is repayable in full by the Company on the signing of a new
off-take agreement at Otjozondu. The purpose of the Director Loan is to
provide funding to Premier to allow an amendment to the Otjozondu Loan while
Premier, acting collectively with Otjozondu, looks to secure the best possible
off-take funding package.
At 30 June 2022 the off-take funding had not been secured and Mr Herbert has
agreed to the deferment of the repayment of the loan until such off-take
agreement has been secured.
9. SHARE CAPITAL
Authorised share capital
The total number of voting rights in the Company on the 30 June 2022 was
22 418 009 831.
Issued share capital
'000 $ 000
As at January 2021 17,793,009 55,592
Shares issued for direct Investment 625,000 1,417
As at 30 June 2021 18,418,009 57,009
Shares issued for direct Investment 500,000 1,364
Shares issued for direct Investment 500,000 1,059
As at 31 December 2021 19,418,009 59,432
Shares issued for direct Investment 3,000,000 15,782
As at 30 June 2022 22,418,009 75,214
Issued Share Issue Share Capital
Share Capital Costs (Net of Costs)
$ '000 $ '000 $ '000
As at 31 December 2020 - Audited 55,592 (3,088) 52,504
Shares issued 1,417 (85) 1,332
As at 30 June 2021 57,009 (3,173) 53,836
Shares issued 2,423 (146) 2,277
As at 31 December 2021 - Audited 59,432 (3,319) 56,113
Shares issued 15,782 (944) 14,838
As at 30 June 2022 75,214 (4,263) 70,951
10. OTHER INCOME
(Unaudited) (Unaudited) (Audited)
$ 000 $ 000 $ 000
Profit on disposal of PPE 3 - -
Reversal of prescribed debt - 120 133
3 120 133
11. FOREIGN EXCHANGE GAINS AND LOSSES
As indicated in note 3. Segmental Reporting, the company has significant
holdings in Zimbabwe. With effect from the 1(st) of March 2019, the Zimbabwean
government mandated that the only functional currency is RTGS Dollar. Since
the introduction of RTGS Dollar the currency has devalued from the
introductory rate of
RTGS Dollar 1: US$ 1 to RTGS Dollar 370.9646 at 30 June 2022 (RTGS Dollar
85.4234 - 30 June 2021). This currency has continued to devalue. As defined
in IAS29, the Zimbabwean economy is considered to be hyperinflationary. As
most of the group's Zimbabwean assets have been impaired the result in
liabilities are adjusted for the hyperinflationary effect. This leads to a net
gain on translation into the reporting currency. For further information refer
to the audited financial statement of 31 December 2021.
12. TAXATION
There is no taxation charge for the period ended 30 June 2022 (30 June 2021
and 31 December 2021: Nil) because the Group is registered in the British
Virgin Islands where no corporate taxes or capital gains tax are charged.
However, the Group may be liable for taxes in the jurisdictions of the
underlying operations.
The Group has incurred tax losses in Zimbabwe; however, a deferred tax asset
has not been recognised in the accounts due to the unpredictability of future
profit streams.
Contingent liablity
The Group operates across different geographical regions and is required to
comply with tax legislation in various jurisdictions. The determination of the
Group's tax is based on interpretations applied in terms of the respective tax
legislations and may be subject to periodic challenges by tax authorities
which may give rise to tax exposures.
13. LOSS PER SHARE
The calculation of loss per share is based on the loss after taxation
attributable to the owners of the parent divided by the weighted average
number of shares in issue during each period.
30 June 2022 30 June 2021 2019
(Unaudited) (Unaudited) (Audited)
$ '000 $ '000 $ '000
Net profit / (loss) attributable to owners of the company ($'000) (4,660) 4,152 2,690
Weighted average number of Ordinary Shares in calculating
basic earnings per share ('000) 17,865,523 11,455,420 13,167,281
Basic earnings / (loss) per share (US cents) (0.026) 0.036 0.020
As the Group incurred a loss for the period (2020: profit), there is no
dilutive effect from the share options and warrants in issue or the shares
issued after the reporting date.
14. EVENTS AFTER THE REPORTING DATE
1) Corporate matters
In August, the Company concluded the definitive transaction documents in
respect of the Marketing and Pre-Payment Agreement with Suzhou TA&A Ultra
Clean Technology Co. Ltd to provide a pre-payment against future sales
invoices in the amount of US$34,644,385 to enable the construction and
commissioning of a large-scale pilot plant at Zulu. To date Premier has
received approximately $24 million of this pre-payment.
Further in August, the Company received a payment of US$250,000 from Li3
Resources Inc. in exercise of their option to acquire a 50% interest in
Premier's hard-rock lithium assets located in the Mutare Greenstone Belt in
Zimbabwe.
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See all newsREG - Premier African Min. - Canmax Interest Conversion
AnnouncementREG - Premier African Min. - Corporate Update
AnnouncementREG - Premier African Min. - Interim Funding
AnnouncementREG - Premier African Min. - Result of Meeting
AnnouncementREG - Premier African Min. - Zulu Lithium Update
Announcement