REG - Red Rock Resources - Half-year Report
29/04/2022 07:00
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RNS Number : 7872J Red Rock Resources plc 29 April 2022
29 April 2022
Red Rock Resources Plc
Unaudited half-yearly results for the six months ended
31 December 2021
Red Rock Resources plc ("Red Rock" or "the Company"), the natural resources
investment, exploration, and development company with interests in gold,
copper and cobalt, and other minerals, announces its half-yearly results for
the six months ended 31 December 2021.
Chairman's Statement
It is only a short time since we announced the final results for the year to
30 June 2021, and since then we have released two recent updates, covering the
spectrum of our activities. There is little new to add in describing our
operations. After completing reverse circulation drill programmes in Kenya
(for gold) and Congo (for copper and cobalt) in the period under review, we
have since December been able to announce encouraging results as we received
reports from the laboratories and carried out our initial assessments and
analysis.
In Australia, the six months to December 2021 saw most of our licence
applications granted, so that in our 50.1% owned joint venture we now hold
1,501 sq km of prospective acreage around the old gold mining centre of
Ballarat. Only one significant licence now awaits grant, but it is a very
important one. A diamond drill programme in Victoria, Australia began in
December 2021 and with significant delays at Australian laboratories, results
have only been sporadically released to date.
A new development in the period under review was the beginning of legal
proceedings to enforce our rights in one of our copper-cobalt joint ventures
in the Congo. A partner wrongly in our view sold our assets for $20m to the
parastatal from which they came. As with our litigation in Kenya some years
ago, we have so far been successful in our proceedings, but in this case we
have achieved rapid results in a series of favourable judgments since year
end. Awards of $4.5m plus costs have not yet been enforced by us, and we also
have claims to a substantial part of the unpaid consideration of $15m, which
has been retained by the purchaser, pending the legal clarification we believe
we have now provided. We also believe we have a legitimate interest in the
on-sale of those assets at a very large mark-up, the pursuit of which we
currently contemplate. However, while the Directors are confident of a
positive outcome for the Company, there remains some uncertainty over
realisation and the timing. A further development has been the planned IPO in
the USA of Elephant Oil Corporation, where we have just under 400,000 shares,
including 35,555 subscribed for in pre-listing placements at $2.25 a share. We
had hoped to have seen this happen by now and on a float there would be
significant value for us. We will update shareholders as and when there is
any definite news.
Elsewhere, we have applied for or acquired gold licences in Burkina Faso and
Cote d'Ivoire in separate subsidiaries, and lithium licences in Zimbabwe in a
local joint venture. We will progress the exploration of these assets in
partnership with other parties, with a view to creating perceived value at
minimal cost to us.
Since the summaries we have recently released, we have continued to follow a
steady course, and these financial results reflect that. The most significant
developments over the period under review and the succeeding months, from a
financial point of view, were the geological work carried out, including
drilling and associated costs in three countries, and the necessary costs of
litigation incurred in the DRC.
If our affairs have followed a steady course, much of which was advertised in
advance as we released news of our exploration plans, the world in which we
operate has seen dramatic change, and some of this has impacted our share
performance as that of other companies in our sector.
Before the steamship, sailors were constrained in their courses and their
opportunities by the winds and the tides. The mineral exploration sector can
be at times similar. Global liquidity, the gold price, and economic growth are
the triad that cannot be gainsaid: when one or more is running strongly,
whether that is for better or for worse, the direction of the sector is
usually set.
What headwinds or following winds can we expect this year? We have in recent
months seen lockdowns, recovery and growth, sanctions and war, and markets
have sailed on. If we look behind the headlines, we can see one phenomenon
almost worldwide: a large growth in money supply during the period of Covid,
the impact of which on inflation was perhaps moderated by a restrained
velocity of circulation of money. This was favourable for markets, and largely
mitigated other factors.
As the impact of recovery fed through global economies, with manpower and
material shortages, inflation began to rise, which some initially saw as
transitional, but is now seen by many as a longer term trend. The minutes of
the US Fed this month have signalled a willingness to raise interest rates
aggressively to combat any persistence of inflation, held back for the moment
by nervousness about the Russian invasion of Ukraine and its influence on
sentiment and activity. Perhaps more significant, to quote the Financial Times
of 6 April, the minutes and comments by participants showed "the central bank
could rapidly reduce its $9tn balance sheet from May".
We may question whether the US Government will persist if there is a strong
reaction to tightening: it did not in 2017, and the lesson to the rest of the
world was if the US could not do it, they certainly could not. But if it does
not, then inflation will appear undefeatable. Either way, the trend in rates
looks upward, and if that affects liquidity, it is not benign for the sector.
For the gold price, higher rates are both the best of friends and the worst of
enemies. If people look short-term at the gap in yields between bonds and
deposits and gold, they may feel inclined to switch out of gold. That has
perhaps been the mood the market has become used to. If, however, they see
inflation remaining slightly longer term, they will remember how good gold is
as an inflation hedge and retain it. If they begin to lose faith in fiat
currencies and the ability of democratic governments to control their loss of
value, they will want to hold a great deal more gold. We may be moving towards
the second and third of these situations.
As for economic growth, we seemed set fair for a period of recovery around the
world earlier in the year. The war in Ukraine, and the attempts of China to
enforce a zero Covid policy in the face of a rapid spread of infections, are
causing a decline in confidence. With free markets around the world, the
capacity of the global economy to recover rapidly from setbacks and economic
shocks has been proven many times, and our base assumption may be that this
will be demonstrated again.
So, of the three factors, we may judge perhaps as follows: liquidity, slightly
negative and slightly concerning; gold price, positive to very positive;
economic growth, cautious tinged with optimism.
The Company will continue to bear in mind the risks and constraints of
operating in uncertain markets. In its current form, since 2016, Red Rock has
shown stability in its performance, while broadening and advancing its asset
base. One point of continuity is that it has tended to outperform in periods
of high liquidity and growth, and especially in strong markets for gold.
Without losing the entrepreneurial spirit that allows it to seize
opportunities and engage in accretive deal making, there will be a strong
focus on cash generation and creating opportunities for value crystallization.
The addition of new early-stage exploration subsidiaries in West Africa and
the lithium venture in Zimbabwe, and the search for cobalt and copper in the
DRC, create new opportunities for partnership and value recognition outside of
just gold, these being in the battery metals space.
The coming period will have great economic and political challenges, but we
are confident, having considered the range of possible outcomes, that with
prudence and skill we will turn this into a period of remarkable opportunity.
We will, like other explorers, operate with limited financial resources but
are confident in our ability to keep the business adequately funded.
Meanwhile, we thank all stakeholders for their ongoing support for the Company
and its ventures.
Andrew Bell
Chairman
29 April 2022
Consolidated Statement of Financial Position as at 31 December 2021
Notes 31 December 31 December 30 June
2021 2020 2021
Unaudited, Unaudited, Audited,
£'000 £'000 £'000
ASSETS
Non-current assets
Investments in associates and joint ventures 1,699 1,584 1,585
Financial instruments 8 748 3,195 1,755
Exploration assets 9 13,653 13,370 13,515
Mineral tenements 180 85 124
Non-current receivables 1,344 1,344 1,344
Total non-current assets 17,624 19,578 18,323
Current assets
Cash and cash equivalents 182 435 457
Financial assets - investment in derivatives - 3 -
Loans and other receivables 508 543 560
Total current assets 690 981 1,017
TOTAL ASSETS 18,314 20,559 19,340
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Called up share capital 10 2,835 2,810 2,835
Share premium account 30,924 28,319 30,924
Other reserves 652 3,128 1,627
Retained earnings (18,314) (17,444) (18,741)
Total equity attributable to owners of the parent 16,097 16,813 16,645
Non-controlling interest (319) (154) (199)
Total equity 15,778 16,659 16,446
LIABILITIES
Non-current liabilities
Trade and other payables 316 786 119
Borrowings - - 731
Total non-current liabilities 316 786 850
Current liabilities
Trade and other payables 1,231 2,466 1,075
Short term borrowings 11 989 648 969
Total current liabilities 2,220 3,114 2,044
TOTAL EQUITY AND LIABILITIES 18,314 20,559 19,340
The accompanying notes form an integral part of these Financial
Statements.
Consolidated Statement of Income
for the period ended 31 December 2021
Notes 6 months to 31 December 6 months to 31
2021 December 2020
Unaudited, Unaudited,
£'000 £'000
Administrative expenses 4 (620) (472)
Project development costs 5 (411) (187)
Exploration expenses (271) (11)
Other income 44 28
Share of losses of associates and joint ventures - -
Foreign exchange gain/(loss) (4) 84
Finance income/(expenses), net 6 (206) 128
(Loss)/profit for the period (1,468) (430)
Tax credit - -
(Loss)/profit for the period 7 (1,468) (430)
(Loss)/profit for the period attributable to:
Equity holders of the parent (1,348) (411)
Non-controlling interest (120) (19)
(1,468) (430)
(Loss)/profit per share
(Loss)/profit per share - basic, pence 3 (0.111) (0.053)
(Loss)/profit per share - diluted, pence 3 (0.111) (0.053)
The accompanying notes form an integral part of these Financial
Statements.
Consolidated Statement of Comprehensive Income
for the period ended 31 December 2021
6 months to 31 6 months to 31
December 2021 December 2020
Unaudited, £'000 Unaudited, £'000
(Loss) /profit for the period (1,468) (430)
Transfer to revaluation reserve in relation to revaluation of FVTOCI 183 817
investments
Gain on transfer of FVTOCI financial assets on disposal 1,005 -
Unrealised foreign currency loss arising upon retranslation of foreign (85) (9)
operations
Total comprehensive income/(loss) for the period (365) 378
Total comprehensive income/(loss) for the period attributable to:
Equity holders of the parent (245) 397
Non-controlling interest (120) (19)
(365) 378
The accompanying notes form an integral part of these Financial
Statements.
Consolidated Statement of Changes in
Equity for the period ended 31 December 2021
The movements in equity during the period were as follows:
Total attributable to owners of
Share premium the Parent Non- controlling
Share capital account Retained earnings Other reserves interest Total equity
Unaudited £'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 30 June 2021 (audited) 2,835 30,924 (18,741) 1,627 16,645 (199) 16,446
Changes in equity for the six- month period ending 31
December 2021
Loss for the period - - (1,348) - (1,348) (120) (1,468)
Transfer of FVTOCI relating to disposals - - - (1,073) (1,073) - (1,073)
Transfer of FVTOCI relating to revaluations - - - 183 183 - 183
Gains on disposal of FVTOCI taken - - 1,775 - 1,775 - 1,775
directly to reserves
Unrealised foreign currency gains on translation of foreign operations - - - (85) (85) - (85)
Total comprehensive 2,835 30,924 (18,314) 652 16,097 (319) 15,778
income/(loss) for the period
Transactions with shareholders
Total transactions with - - - - - - -
shareholders
As at 31 December 2021 2,835 30,924 (18,314) 652 16,097 (319) 15,778
(unaudited)
As at 30 June 2020 (audited) 2,783 26,909 (17,187) 1,460 13,965 (135) 13,830
Changes in equity for the six- month period ending 31
December 2020
Loss for the period - - (411) - (411) (19) (430)
Gains on sale of FVTOCI taken - - 154 - 154 - 154
directly to reserves
Other comprehensive loss for the - - - 651 651 - 651
period
Total comprehensive - - (257) 651 394 (19) 375
income/(loss) for the period
As at 31 December 2020 2,783 26,909 (17,444) 2,111 14,359 (154) 14,205
(unaudited)
FVTOCI Foreign currency translation Share- based payment Warrants reserve Total other reserves
financial reserve reserve
assets
reserve
Unaudited £'000 £'000 £'000 £'000 £'000
As at 30 June 2021 (audited) 426 158 230 813 1,627
Changes in equity for six months ended
31 December 2021
Transfer of FVTOCI reserve in relation to revaluation of FVTOCI investments 183 - - - 183
Decrease in FVTOCI reserve in relation to disposals (1,073) - - - (1,073)
Unrealised foreign currency loss on translation of foreign - (85) - - (85)
operations
Total other comprehensive income for the period (890) (85) - - (975)
Transactions with shareholders
Total transactions with shareholders - - - - -
As at 31 December 2021 (unaudited) (464) 73 230 813 652
As at 30 June 2020 (audited) 1,157 139 164 - 1,460
Changes in equity for six months ended
31 December 2020
Transfer of FVTOCI reserve in relation to revaluation of FVTOCI investments 817 - - - 817
Decrease in FVTOCI reserve in relation to disposals (157) - - - (157)
Unrealised foreign currency loss on translation of foreign - (9) - - (9)
operations
Total other comprehensive income for the period 660 (9) - - (651)
Transactions with shareholders
Share-based payments - - 66 - 66
Warrants - - - 951 951
Total transactions with shareholders - - 66 951 1,017
As at 31 December 2020 (unaudited) 1,817 130 230 951 3,128
Consolidated Statement of Cash
Flows for the period ended 31 December 2021
6 months to 31 6 months to 31
December 2021 December 2020
Unaudited, Unaudited,
£'000 £'000
Cash flows from operating activities
(Loss)/profit before tax (1,468) (430)
Decrease/(Increase) in receivables 51 (8)
Increase/(Decrease) in payables 354 (294)
Share-based payments - 66
Depreciation - 4
Finance income, net 205 (128)
Currency adjustments 4 (84)
Net cash outflow from operations (854) (874)
Cash flows from investing activities
Dividends received - 74
Proceeds from sale of investments 1,808 373
Payments for capitalised exploration costs (138) (158)
Payments to increase interest in tenements (56) (54)
Payments to increase interest in associate (114) (370)
Net cash (outflow)/inflow from investing activities 1,500 (135)
Cash flows from financing activities
Proceeds from issue of shares - 1,000
Share issue costs - (50)
Interest paid (205) (73)
Proceeds from new borrowings 100 545
Repayments of borrowings (811) (50)
Net cash inflow/(outflow) from financing activities (916) 1,372
Net increase in cash and cash equivalents (270) 363
Cash and cash equivalents at the beginning of period 457 53
Exchange losses on cash and cash equivalents (5) 19
Cash and cash equivalents at end of period 182 435
Half-Yearly Report Notes
for the period ended 31 December 2021
1 Company and Group
As at 31 December 2021, 30 June 2021 and 31 December 2020 the Company had one
or more operating
subsidiaries and has therefore prepared full and interim consolidated
Financial Statements respectively.
The Company will report again for the year ending 30 June 2022.
The financial information contained in this half yearly report does not
constitute statutory accounts
as defined in section 435 of the Companies Act 2006. The financial information for the year ended 30 June 2021 has been extracted from
the statutory accounts for the Group for that year. Statutory accounts for the year ended 30 June 2021, upon which the auditors gave an
unqualified audit report, which did not contain a statement under Section 498(2) or (3) of the Companies Act 2006, have been filed with
the Registrar of Companies.
2 Accounting Polices
Basis of Preparation
The consolidated interim financial information has been prepared in accordance
with IAS 34 'Interim Financial Reporting.' The accounting policies applied by
the Group in these condensed Consolidated Interim Financial Statements are the
same as those applied by the Group in its Consolidated Financial Statements as
at and for the year ended 30 June 2021, which have been prepared in accordance
with IFRS.
3 Earnings Per Share
The following reflects the loss and number of shares data used in the basic
and diluted loss per share computations:
6 months to 6 months to
31 December 2021 31 December 2020
Unaudited Unaudited
Profit/(loss) attributable to equity holders of the parent company, Thousand (1,348) (411)
pounds Sterling
Weighted average number of Ordinary shares of £0.0001 in issue, used for 1,216,708,801 771,664,895
basic EPS
Effect of all dilutive potential ordinary shares from potential ordinary
shares that would have to be issued, if all loan notes convertible at the
discretion of the noteholder converted at the
beginning of the period - -
Weighted average number of Ordinary shares of £0.0001 in issue, including 1,216,708,801 771,664,895
potential ordinary shares, used for diluted EPS
Profit/(loss) per share - basic, pence (0.111) (0.053)
Profit/(loss) per share - diluted, pence (0.111) (0.053)
Half-Yearly Report Notes
for the period ended 31 December 2021, continued
3 Earnings Per Share, continued
At 31 December 2021 and 31 December 2020, the effect of the following the
instruments is anti-dilutive, therefore, they were not included into the
diluted earnings per share calculation.
6 months to 6 months to
31 December 2021 31 December 2020
Unaudited Unaudited
Share options granted to employees - not vested and/or out of the money 62,820,000 62,820,000
Number of warrants given to shareholders as a part of placing
equity instruments - out of the money 380,197,618 290,106,266
Total number of contingently issuable shares that could
potentially dilute basic earnings per share in future 443,017,618 352,926,266
Number of warrants - vested and in the money at year end but - 36,562,500
not included into diluted EPS calculation due to their effect being
anti-dilutive
Number of share options granted to employees - vested and in the money at year - -
end but not included into diluted EPS calculation due to their effect being
anti-dilutive
Total number of contingently issuable shares that could potentially dilute
basic earnings per share in future and anti- dilutive potential ordinary
shares that were not included into the fully diluted EPS calculation 443,017,618 389,488,766
There were no ordinary share transactions after 31 December 2021, that that
could have changed the EPS calculations significantly if those transactions
had occurred before the end of the reporting period.
4 Administrative Expenses
6 months to 6 months to
31 December 2021 31 December 2020
Unaudited Unaudited
£'000 £'000
Staff Costs:
Payroll 273 240
Pension 22 9
Consultants 8 8
HMRC / PAYE 21 20
Depreciation - 4
Professional Services:
Accounting 36 32
Legal 15 5
Marketing 25 31
Other - 3
Regulatory Compliance 58 62
Travel 47 15
Office and Admin:
General 43 20
IT costs 6 2
Rent 46 17
Insurance 20 4
Total administrative expenses 620 472
Included in the above admin costs for the year are £174,000 in costs related
to the administration of subsidiary project undertakings.
Half-Yearly Report Notes
for the period ended 31 December 2021, continued
5 Project Development Expenses
Project development expenses include costs, incurred during the assessment and
due diligence phases of a project, when material uncertainties exist
regarding whether the project meets the Company's investment and development
criteria and whether as a result the project will be advanced further.
6 months to 6 months to
31 December 2021 31 December 2020
Unaudited Unaudited
£'000 £'000
Project development expenses
VUP (Congo) 35 41
Zlata Bana (Slovakia) - 70
Galaxy (Congo) 31 -
Luanshimba (Congo) 106 -
Kinsevere (Congo) 3 -
Mid Migori Mines (Kenya) 10 14
Greenland 69 62
Others 157 -
Total project development expenses 411 187
6 Finance Income/(Expenses), Net
6 months to 6 months to
31 December 2021 31 December 2020
Unaudited Unaudited
£'000 £'000
Interest income - 152
Dividend income - 74
Interest expense (206) (98)
Total Finance income/(expenses), net 206 128
Half-Yearly Report Notes
for the period ended 31 December 2021, continued
7 Segmental Analysis
Other exploration Corporate
Kenyan exploration Australian exploration DRC and unallocated
exploration Total
For the six-month period to 31 December 2021 £'000 £'000 £'000 £'000 £'000 £'000
Revenue
Total segment external revenue - - - - - -
Result
Segment results (271) (163) (174) (241) (413) (1,262)
Loss before tax and finance costs (1,262)
Interest income -
Interest expense (206)
Loss before tax (1,468)
Tax -
Loss for the period (1,468)
Jupiter Mines Limited Corporate
Kenyan exploration Australian exploration DRC and unallocated
exploration Total
For the six-month period to 31 December 2020 £'000 £'000 £'000 £'000 £'000 £'000
Revenue
Total segment external revenue - - - - - -
Result
Segment results (30) (45) (70) 74 (413) (484)
Loss before tax and finance costs (484)
Interest income 152
Interest expense (98)
Loss before tax (430)
Tax -
Profit for the period (430)
A measure of total assets and liabilities for each segment is not readily
available and so this information has not been presented.
Half-Yearly Report Notes
for the period ended 31 December 2021, continued
8 Financial Instruments - Fair Value Through Other Comprehensive Income
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
£'000 £'000 £'000
At the beginning of the period 1,755 2,755 2,755
Additions 223 - 143
Disposals (1,413) (376) (401)
Change in fair value 183 816 (742)
At the end of the period 748 3,195 1,755
9 Exploration Assets
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
£'000 £'000 £'000
At the beginning of the period 13,515 11,858 11,858
Additions 138 176 1,657
Amounts payable under earn-in agreement - 1,231 -
Reclassification from non-current financial assets - 105 -
At the end of the period 13,653 13,370 13,515
10 Share Capital of the Company
Number Nominal,
£'000
Deferred shares of £0.0009 each 2,371,116,172 2,134
A deferred shares of £0.000096 each 6,033,861,125 579
Ordinary shares of £0.0001 each 1,216,708,801 122
As at 31 December 2021 2,835
11 Short-Term Borrowings
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
£'000 £'000 £'000
Loan from institutional investors 248 648 969
Project acquisition loan notes 741 - -
At the end of the period 989 648 969
Reconciliation of Liabilities Arising from Financing Activities
Cash flow Cash flow Cash flow Non-cash Non-cash
30 June loans received principal re- payment Interest re- payment flow Reclassification flow Forex movement 31 Dec
Group 2021 2021
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Loan from institutional
investors
969 100 (811) (10) - - 248
Project acquisition
notes - - - 731 10 741
Total 969 100 (811) (10) 731 10 989
Half-Yearly Report Notes
for the period ended 31 December 2021, continued
12 Capital Management
Management controls the capital of the Group in order to control risks,
provide the shareholders with adequate returns and ensure that the Group can
fund its operations and continue as a going concern.
The Group's debt and capital includes ordinary share capital and financial
liabilities, supported by financial assets. There are no externally imposed
capital requirements.
Management effectively manages the Group's capital by assessing the Group's
financial risks and adjusting its capital structure in response to changes in
these risks and in the market. These responses include the management of debt
levels, distributions to shareholders and share issues.
There have been no changes in the strategy adopted by management to control
the capital of the Group since the prior period.
13 Subsequent Events
VUP Project
On 6 January 2022, the Company announced that it had obtained a court order
from the Commercial Court in Lubumbashi for the payment of the principal
amount of $2.5m, relating to the appropriation of the Group's interests in the
VUP joint venture. On 19 January 2022, the Court issued a further award of
$2m in damages to the Group, with costs. The matter currently remains in the
enforcement phase.
As at the reporting date, the Group held £0.7m in "Investments in joint
ventures" and £0.4m in "Exploration assets," associated with the VUP
project. The Directors believe the carrying value of these assets are
supported by the awards of principal and damages post reporting date and that
recognition of the disposal of the asset and corresponding proceeds will take
place at the conclusion of the legal process in the courts.
Burkina Faso Projects
On 6 January 2022, the Company announced that it had acquired two gold and
base metal exploration projects in Burkina Faso via its 100% owned subsidiary
Faso Greenstone SARLU (FGS). FGS acquired a 100% interest in the Boulon
licence area and an 80% interest in the Bilbale licence area, with a work
program on both licences for 2022 to include prospect mapping and auger
drilling.
Kenyan Drilling Results
On 7 January 2022, the Company announced the results of its first batch of
sample drilling in the Mikei gold project in Kenya, providing encouraging
indications of gold formations in the licence area. Further results of the
drilling program were announced on 22 March 2022. The Group remains in the
process of planning the next stage of drilling activity on this licence area,
following analysis of these results.
Copper and Cobalt drilling, DRC
On 15 February 2022, the Company announced the results of an early-stage
drilling program at the Luanshimba copper/cobalt project in DRC, in which the
Group holds an interest via its 80% subsidiary Red Rock Galaxy SA. The
results of the drilling program were encouraging with various copper and
cobalt structures having been intersected. Additional drilling is planned to
take place to further delineate the structures and to ultimately pursue a
formal resource.
Zimbabwe Lithium Project
On 31 March 2022, the Company announced the establishment of its 75%
owned subsidiary, African Lithium Resources Pvt Ltd (ALR), and its acquisition
of Lithium exploration licences and licence applications in Zimbabwe. Early
sample results have been encouraging with the Group expecting to announce more
comprehensive analysis and results in the near future.
Australian Gold Drilling
On 12 April 2022, the Company announced that the first phase of drilling on
its Australian gold project, held via its New Ballarat Gold Corporation joint
venture. Initial results confirmed the intersection of two gold bearing
structures, with full analysis of the drilling results and samples currently
taking place and to subsequently be reported in more detail.
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