REG - Premier African Min. - Interim Results
30/09/2024 13:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240930:nRSd2771Ga&default-theme=true
RNS Number : 2771G Premier African Minerals Limited 30 September 2024
30 September 2024
Premier African Minerals Limited
('Premier' or 'the Company')
Unaudited Interim Results for the six months ended 30 June 2024
Chief Executive Statement
Dear Shareholders,
I am loath to predict a formal date for profitable production at Zulu Lithium
and Tantalum Project ("Zulu") following the disappointments related to the
poor recoveries and grade of SC6 the plant has achieved to date. Despite this,
there are important positives to come out of the work undertaken during 2024.
These include the facts that we are consistently able to produce at grade and
at target recoveries in both our site laboratory and in other independent test
work. This includes test floats for spodumene conducted in Zimbabwe at other
plants using more conventional float cell design.
Unfortunately, the poor design of the comminution circuit prevented Zulu from
commencement of commissioning of the float plant section until the comminution
issues had been dealt with. In effect, Zulu was only able to undertake
commissioning of the float plant from March 2024, a year later than was
expected. At this time, the mica recovery section of the float plant is fully
operational however the spodumene section not so. The Original Equipment
Manufacturer ("OEM") for the float plant has now provided different parameters
for the operation of the spodumene section and has identified the significant
difference between laboratory test work and plant operating protocols that see
a substantially reduced residence time in laboratory work as opposed to the
operation of the cleaner cells in the plant.
Premier is now following a multi option approach on how best to move the Zulu
forward, which includes a possible sale of Zulu, either in its entirety,
partially or as a joint venture, or the potential installation of an
additional spodumene float plant based on self-funding and retention of
ownership. The Company has been in discussions with a Chinese Engineering,
Procurement and Construction Management ("EPCM Contractor"), which has built
floatation plants internationally with one of these plants currently in
operation within Zimbabwe and which has processed ore similar to that at Zulu.
An additional floatation plant is available, and Premier would need to fund
the purchase price and civils and integration costs that are estimated at
US$400,000 and three months from date of order to operation.
In terms of funding, Zulu has incurred significant debt and whilst much of
this could be structured over a period, a recommencement of operations will
require further funding. In the Board's opinion, recommencing production
should be seriously considered if the alternative strategic options for Zulu
under investigation and negotiation fail.
Also at Group level, we have significant creditors which need to be dealt with
now and therefore we plan to utilise the remainder of our existing
disapplication authorities to deal with these immediate requirements to
provide us with a breathing space to progress the strategic options outlined
above. In addition, to meet our longer-term requirements and settle creditors
at Zulu, the Company will need additional funding and therefore we are
proposing to seek additional disapplication authorities at a General Meeting
to be convened shortly. Whilst disapplication will be sought, it should be
clear that these authorities will only be used to the extent necessary pending
the outcome of the strategic alternatives.
The first six months activity of 2024 (the "Period") has been extensively
reported as post financial year end events in our annual financial statements
that were released just a few months ago.
Our interim financial statements for the period to 30 June 2024 are set out
below.
Financial and Statutory Information
The Group incurred an operating loss of US$12.027 million for the six months
ended 30 June 2024. The loss was principally due to the on-going overheads and
administration costs associated with the construction, installation and
optimisation of the Zulu Lithium mine in Zimbabwe. Cash at hand on 30 June
2024 was $0.243 million.
Premier received continued financial support from its shareholders throughout
the period.
These interim statements to 30 June 2024 have not been reviewed by the
auditors.
Mr. George Roach
Chief Executive Officer
30 September 2024
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 Tel: +44 (0) 20 7628 3396
(Nominated Adviser)
Douglas Crippen CMC Markets UK Plc Tel: +44 (0) 20 3003 8632
Toby Gibbs/Rachel Goldstein Shore Capital Stockbrokers Limited Tel: +44 (0) 20 7408 4090
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
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.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
EXPRESSED IN US DOLLARS
Six months to Six months to 2023
EXPRESSED IN US DOLLARS 30 June 2024 30 June 2023 (Audited)
Notes $ 000 $ 000 $ 000
ASSETS
Non-current assets
Intangible assets 4 4,686 5,031 4,686
Investments 5 501 501 501
Property, plant and equipment 6 55,194 43,390 53,234
Loans receivable 7 275 243 232
60,656 49,165 58,653
Current assets
Inventories 775 1,039 936
Trade and other receivables 5,998 728 5,001
Cash and cash equivalents 243 231 542
7,016 1,998 6,479
TOTAL ASSETS 67,672 51,163 65,132
LIABILITIES
Non-current liabilities
Provisions - rehabilitation 360 362 360
360 362 360
Current liabilities
Trade and other payables 54,651 38,152 50,063
Borrowings 8 180 196 180
54,831 38,348 50,243
TOTAL LIABILITIES 55,191 38,710 50,603
NET ASSETS 12,481 12,453 14,529
EQUITY
Share capital 9 104,550 78,984 94,000
Share based payment and warrant reserve 3,532 3,708 3,532
Revaluation reserve 711 711 711
Foreign currency translation reserve (13,150) (13,288) (13,150)
Accumulated loss (63,713) (40,041) (51,902)
Total equity attributed to the owners of the parent company 31,930 30,074 33,191
Non-controlling interest (13,371) (12,942) (13,155)
TOTAL EQUITY 18,559 17,132 20,036
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
EXPRESSED IN US DOLLARS
31 December
Six months to Six months to 2023
Continuing operations Notes 30 June 2024 30 June 2023 (Audited)
EXPRESSED IN US DOLLARS $ 000 $ 000 $ 000
Revenue - - -
Cost of sales excluding depreciation and amortisation expense (7,747) - (3,805)
Gross profit / (loss) (7,747) - (3,805)
Administrative expenses (1,738) (7,166) (10,645)
Operating profit / (loss) (9,485) (7,166) (14,450)
Depreciation and amortisation 6 (70) (141) (371)
Other Income 9 - (11) 137
Finance charges (2,472) (231) (5,818)
Impairment of investments - - (311)
(2,542) (383) (6,363)
Profit / (Loss) before income tax (12,027) (7,549) (20,813)
Income tax expense 10 - - -
Profit / (Loss) from continuing operations (12,027) (7,549) (20,813)
Profit / (Loss) for the year (12,027) (7,549) (20,813)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Foreign exchange loss on translation - (141) -
Fair Value adjustment on investments - - (499)
- (141) (499)
Total comprehensive income for the year (12,027) (7,690) (21,312)
Loss attributable to:
Owners of the Company (11,811) (7,328) (19,876)
Non-controlling interests (216) (221) (438)
(12,027) (7,549) (20,314)
Total comprehensive income attributable to:
Owners of the Company (11,811) (7,465) (20,874)
Non-controlling interests (216) (225) (438)
Total comprehensive income for the year (12,027) (7,690) (21,312)
Loss per share attributable to owners of the parent (expressed in US cents)
Basic loss per share 11 (0.043) (0.032) (0.084)
Diluted loss per share 11 (0.043) (0.032) (0.084)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
EXPRESSED IN US DOLLARS
Share capital Share option and warrant reserve Revaluation reserve Foreign currency translation 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 2023 70,951 3,708 711 (13,150) (32,713) 29,507 (12,717) 16,790
Loss for the period - - - - (7,328) (7,328) (221) (7,549)
Other comprehensive income for the period - - - (138) - (138) (4) (142)
Total comprehensive income for the period - - - (138) (7,328) (7,466) (225) (7,691)
Transactions with Owners
Issue of equity shares 3,770 - - - - 3,770 - 3,770
Share issue costs (416) - - - - (416) - (416)
At 30 June 2023 74,305 3,708 711 (13,288) (40,041) 25,395 (12,942) 12,453
Loss for the period - - - - (13,047) (13,047) (217) (13,264)
Other comprehensive income for the period - - - 138 (499) (361) 4 (357)
Total comprehensive income for the period - - - 138 (13,546) (13,408) (213) (13,621)
Transactions with Owners
Issue of equity shares 15,016 - - - - 15,016 - 15,016
Share issue costs (828) - - - - (828) - (828)
Share options expired - (1,685) - - 1,685 - - -
Share based payments - 1,509 - - - 1,509 - 1,509
At 31 December 2023 88,493 3,532 711 (13,150) (51,902) 27,684 (13,155) 14,529
Profit / (Loss) for the period - - - - (11,811) (11,811) (216) (12,027)
Other comprehensive income for the period - - - - - - - -
Total comprehensive income for the period - - - - (11,811) (11,811) (216) (12,027)
Transactions with Owners
Issue of equity shares 10,550 - - - - 10,550 - 10,550
Share issue costs (572) - - - - (572) - (572)
At 30 June 2024 98,471 3,532 711 (13,150) (63,713) 25,851 (13,371) 12,480
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
EXPRESSED IN US DOLLARS
31 December
Six months to Six months to 2023
30 June 2024 30 June 2023 (Audited)
$ 000 $ 000 $ 000
Net cash outflow from operating activities (8,203) (936) (8,030)
Investing activities
Acquisition of property plant and equipment (2,031) (11,295) (17,608)
Expenditure on intangible assets - (292) (446)
Loans advanced (43) (243) (543)
Net cash used in investing activities (2,074) (11,830) (18,597)
Financing activities
Proceeds from borrowings granted - 16 -
Net proceeds from issue of share capital 9,978 3,354 17,542
Net cash from financing activities 9,978 3,370 17,542
Net decrease in cash and cash equivalents (299) (9,396) (9,085)
Cash and cash equivalents at beginning of year 542 9,627 9,627
Net cash and cash equivalents at end of year 243 231 542
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 2024 were approved by the Board and authorised for
issue on 30 September 2024.
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 UK.
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 2023.
The figures for the six months ended 30 June 2024 and 30 June 2024 are
unaudited and do not constitute full accounts. The comparative figures for the
year ended 31 December 2023 are extracts from the 2023 audited accounts. The
independent auditor's report on the 2023 accounts was unqualified.
Going Concern
These consolidated financial statements are prepared on the going concern
basis. The going concern basis assumes that the Group will continue in
operation for the foreseeable future and will be able to realise its assets
and discharge its liabilities and commitments in the normal course of
business.
The Directors have prepared cash flow forecasts for the next 12 months, taking
into account working capital, limited revenue from Zulu and expenditure
forecasts for the rest of the Group including reduced overheads and very
limited exploration costs.
At the reporting date of 30 June 2024, the Group's total assets exceeded the
total liabilities by $12.481 million and its current liabilities exceeded its
current assets by $47.815 million. The major component of the current
liability excess is the $42.8 million received from the Group's offtake
partner as an advance receipt. This advance receipt will be settled from
proceeds from the sale of SC6 to the offtake partner from production at Zulu
Lithium and Tantalum Project ("Zulu") or alternatively through the issue of
shares into Zulu based on market valuation of US$200 million if not repaid by
1 April 2025.
The forecast that forms the basis of the Going Concern has been made on the
following key assumptions:
· The calling of a Special General Meeting to increase the number of
shares free from pre-emptive rights to ensure, based on the prevailing share
price the day before the notice of meeting, that Premier has access to up to
US$5 million;
· Payment terms with certain creditors at the Zulu project; and
· Implementing one of the following key options regarding the Zulu
project, collectively herein referred to as the "Investments":
Ø The possible sale of Zulu in its entirety,
Ø Secure an investment partner into Zulu via a partial sale;
Ø Enter into a Joint Venture; or
Ø The installation of the additional spodumene float plant based on
self-funding and retention of ownership.
The Board continues to believe that it has a valuable asset in Zulu, with an
estimated fair value in accordance with the prepayment and offtake agreement
is US$200 million.
In the event that none of the Investments conclude or Premier doesn't receive
the required support from shareholders at the proposed Special General Meeting
and if the Company is unable to obtain additional finance for the Group's
working capital and capital expenditure requirements, a material uncertainty
may exist which could 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 2023 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 2024 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Operating loss / (income) 396 28 9,130 9,554
Other income - - - -
Finance charges 2,469 - 3 2,472
Impairment of investments and - - - -
loans receivable
Loss before taxation 2,866 28 9,132 12,026
Assets
Exploration and evaluation assets 123 - 4,563 4,686
Investments 501 - - 501
Property, plant and equipment 68 - 55,126 55,194
Loans receivable 275 - - 275
Inventories - - 775 775
Trade and other receivables 3,607 9 2,080 5,696
Cash 141 15 87 243
Total assets 4,715 24 62,631 67,370
Liabilities
Other financial liabilities - - - -
Borrowings (180) - - (180)
Trade and other payables (50,326) (4) (4,321) (54,651)
Provisions - (360) - (360)
Total liabilities (50,506) (364) (4,321) (55,191)
Net assets (45,791) (340) 58,310 12,179
Other information
Depreciation and amortisation 10 - 60 70
Property plant and equipment additions - - 2,030 2,030
Costs capitalised to intangible assets - - - -
By operating segment Unallocated Corporate RHA Tungsten Mine Zimbabwe and RHA Mauritius* Exploration Zulu Lithium Zimbabwe and Zulu Mauritius Total continuing operations
June 2023 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - 6 -
Other income - - 5 5
Finance charges 232 - - 232
Impairment of investments and - - - -
loans receivable
Loss before taxation 1,575 46 6,066 7,687
Assets
Exploration and evaluation assets 468 - 4,563 5,031
Investments 501 - - 501
Property, plant and equipment 84 - 43,306 43,390
Loans receivable 243 - - 243
Inventories - - 1,039 1,039
Trade and other receivables 4 5 719 728
Cash 137 6 88 231
Total assets 1,437 11 49,715 51,163
Liabilities
Other financial liabilities - - - -
Borrowings (196) - - (196)
Trade and other payables (37,729) (7) (416) (38,152)
Provisions - (362) - (362)
Total liabilities (37,925) (369) (416) (38,710)
Net (liabilities) /assets (36,488) (358) 49,299 12,453
Other information
Depreciation and amortisation 5 - 136 141
Property plant and equipment additions 70 - 35,981 36,051
Costs capitalised to intangible assets 345 - - 345
Result
Revenue - - - -
Operating loss / (income) 7,118 64 7,640 14,822
Other income - - (137) (137)
Finance charges 5,818 - - 5,818
Impairment of investments and 311 - - 311
loans receivable
Loss before taxation 13,248 64 7,501 20,813
Assets
Exploration and evaluation assets 123 - 4,563 4,686
Investments 501 - - 501
Property, plant and equipment 77 - 53,157 53,234
Loans receivable 232 - - 232
Inventories - - 936 936
Trade and other receivables 3,647 8 1,346 5,001
Cash 507 23 12 542
Total assets 5,087 31 60,014 65,132
Liabilities
Other financial liabilities - - - -
Borrowings (180) - - (180)
Trade and other payables (47,892) - (2,171) (50,063)
Provisions - (360) - (360)
Total liabilities (48,072) (360) (2,171) (50,603)
Net assets (42,985) (329) 57,843 14,529
Other information
Depreciation and amortisation 19 - 352 371
Property plant and equipment additions 35 - 17,573 17,608
Costs capitalised to intangible assets 446 - - 446
* 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 2023 4,739 4,739
Expenditure on Exploration and evaluation - -
Reversal of Impairment - -
Closing carrying value 30 June 2023 5,031 4,739
Impairment of Exploration and evaluation assets (499) (499)
Expenditure on Exploration and evaluation 446 446
Closing carrying value 31 December 2023 4,686 4,686
Expenditure on Exploration and evaluation - -
Closing carrying value 30 June 2024 4,686 4,686
5. INVESTMENTS
Vortex Limited Manganese Total
Namibian
Holdings
$ 000 $ 000 $ 000
Available-for-sale:
Opening carrying value 1 January 2023 501 - 501
Shares acquired - - -
Closing carrying 30 June 2023 501 - 501
Shares acquired - - -
Impairment of investments - - -
Closing carrying 31 December 2023 501 - 501
Shares acquired - - -
Closing carrying 30 June 2024 501 - 501
Reconciliation of movements in investments
Opening carrying value 1 January 2023 501 - 501
Acquisition at fair value - - -
Carrying value at 30 June 2023 501 - 501
Acquisition at fair value - - -
Impairment of investments - - -
Carrying value at 31 December 2023 and 30 June 2024 501 - 501
Premier's investment in Vortex is classified as FVOCI and as such is required
to be measured at fair value at each reporting date. As Vortex is unlisted
there are no quoted market prices. The fair value of the Circum shares held by
Vortex was derived using the previous issue price and validating it against
the most recent placing price on 30 December 2022.
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 currently valued in total at $0.501 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 2024 and 31 December 2023 was based on most recent
unaudited financial statements of MNH. These financial statements showed
significant operating losses. Accordingly, Premier's investment in MNH has
been fully impaired as at 31 December 2022.
6. PROPERTY, PLANT AND EQUIPMENT
Mine Development Plant and Equipment Land and Buildings Capital Work-in-Progress Total
$ 000 $ 000 $ 000 $ 000 $ 000
Cost
At 1 January 2023 773 3,457 275 34,956 39,461
Foreign Currency Translation effect 8,140 3,711 1,394 - 13,245
Additions - 4,328 - 6,967 11,295
At 30 June 2023 8,913 11,496 1,669 41,923 64,001
Foreign Currency Translation effect (491) 4,208 9 - 3,726
Additions 490 (3,685) 168 9,340 6,313
At 31 December 2023 8,912 12,019 1,846 51,263 74,040
Foreign Currency Translation effect - - - - -
Additions 22 50 - 1,959 2,031
At 30 June 2024 8,934 12,069 1,846 53,222 76,071
Accumulated Depreciation and Impairment Losses
At 1 January 2023 773 2,677 14 - 3,464
Foreign Currency Translation effect 8,140 7,577 1,430 - 17,147
Charge for the year - - - - -
At 30 June 2023 8,913 10,254 1,444 - 20,611
Exchange differences (491) 341 (26) - (176)
Charge for the year - 303 68 - 371
At 31 December 2023 8,422 10,898 1,486 - 20,806
Foreign Currency Translation effect - - - - -
Charge for the year - 63 8 - 71
At 30 June 2024 8,422 10,961 1,494 - 20,877
Net Book Value
At 30 June 2023 - 1,242 225 41,923 43,390
At 31 December 2023 490 1,121 360 51,263 53,234
At 30 June 2024 512 1,108 352 53,222 55,194
7. LOANS RECEIVABLE
31 December
Six months to Six months to 2023
30 June 2024 30 June 2023 (Audited)
$ 000 $ 000 $ 000
Li3 Lithium Corp 275 232 -
275 232 -
During six months to 30 June 2024, the Group advanced $0.043 million (2023:
$0.311 million) to the Group's joint venture with Li3 Lithium Corp to develop
the Licomex claims. The loan value represents the amount due by Li3 Lithium
Corp's in excess of their share of the expenses incurred on this project.
8. BORROWINGS
31 December
Six months to Six months to 2023
30 June 2024 30 June 2023 (Audited)
$ 000 $ 000 $ 000
Loan - joint venture partner - Li3 Lithium Corp - 16 -
Loan - Neil Herbert 180 180 180
180 196 180
31 December
Six months to Six months to 2023
30 June 2024 30 June 2023 (Audited)
$ 000 $ 000 $ 000
Reconciliation of movement in borrowings
As at 1 January 180 180 180
Investment by joint venture partner - Li3 Lithium Corp - 16 -
Loans received - - -
Accrued interest - - -
Total 180 196 180
Current 180 196 180
Non-current - - -
180 196 180
Borrowings comprise loans from a related party and a non-related party.
Neil Herbert, a former director of the Company, made available a loan of
US$180,000 to the Company in August 2021. 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 was to provide funding to Premier
to allow an amendment to the Otjozondu Loan while Premier, acting collectively
with Otjozondu, looked to secure the best possible off-take funding package.
At 30 June 2024 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.
Premier entered into a joint venture agreement with Li3 Lithium Corp (Li3) for
the purpose of prospecting for additional lithium bearing ore in Zimbabwe. The
net investment by Li3 represents the net amount due to Li3 after apportioning
all expenses and amounts invested by both Premier and Li3.
9. SHARE CAPITAL
Authorised share capital
The total number of voting rights in the Company on the 30 June 2024 was
31,381,688,211.
Issued share capital
Number of Shares Value
'000 $ 000
As at 1 January 2023 22,418,009 75,214
Exercise of options 161,877 688
Shares issued for direct Investment 256,163 3,082
As at 30 June 2023 22,836,049 78,984
Shares issued for direct Investment 1,106,285 4,848
Shares issued on conversion of loan 36,571 153
Shares issued on conversion of fees 183,500 741
Shares issued under subscription agreement 2,472,050 9,274
As at 31 December 2023 26,634,455 94,000
Shares issued for direct Investment 1,182,126 3,854
Shares issued for direct Investment 2,581,607 5,391
Shares issued for direct Investment 983,500 1,305
As at 30 June 2024 31,381,688 104,550
Reconciliation to balances as stated in the consolidated statement of
financial position
Issued Share Issue Share Capital
Share Capital Costs (Net of Costs)
$ '000 $ '000 $ '000
As at 31 December 2022 - Audited 75,214 (4,263) 70,951
Shares issued 3,770 (416) 3,354
As at 30 June 2023 78,984 (4,679) 74,305
Shares issued 15,016 (828) 14,188
As at 31 December 2023 - Audited 94,000 (5,507) 88,493
Shares issued 10,550 (572) 9,978
As at 30 June 2024 104,550 (6,079) 98,471
10. OTHER INCOME
31 December
Six months to Six months to 2023
30 June 2024 30 June 2023 (Audited)
$ 000 $ 000 $ 000
(Loss) / Profit on disposal of PPE - (11) -
Prescribed debt - - 137
- (11) 137
11. TAXATION
There is no taxation charge for the period ended 30 June 2024 (30 June 2023
and 31 December 2023: 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.
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.
12. LOSS PER SHARE
31 December
Six months to Six months to 2023
30 June 2024 30 June 2023 (Audited)
(Unaudited) (Unaudited) (Audited)
$ '000 $ '000 $ '000
Net profit / (loss) attributable to owners of the company ($'000) (11,811) (7,328) (19,876)
Weighted average number of Ordinary Shares in calculating
basic earnings per share ('000) 27,524,297 22,836,049 23,538,638
Basic earnings / (loss) per share (US cents) (0.043) (0.032) (0.084)
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.
As the Group incurred a loss for the period, there is no dilutive effect from
the share options and warrants in issue or the shares issued after the
reporting date.
13. EVENTS AFTER THE REPORTING DATE
Funding
In the period 1 July 2024 to 30 September 2024, the Group issued a total of
2,900 million shares. The proceeds raised from these issues were used to
settle certain liabilities of the group.
ENDS
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FBLFXZKLXBBKRecent news on Premier African Minerals
See all newsREG - Premier African Min. - Interim Funding
AnnouncementREG - Premier African Min. - Corporate Update
AnnouncementREG - Premier African Min. - Circum Update
AnnouncementREG - Premier African Min. - Offtake and Prepayment Agreement
AnnouncementREG - AIM - AIM Notice - 13/03/2025
Announcement