Unaudited interim results for the three-month period ended 31 March 2024
30/05/2024 07:00
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Unaudited interim results for the three-month period ended 31 March 2024
Serabi (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and
development company, is pleased to release its unaudited results for the
three-month period ended 31 March 2024.
A copy of the full interim statements together with commentary can be accessed
on the Company’s website using the following link: https://bit.ly/3KlLKOH
“This has been a rewarding quarter of financial performance” said Clive
Line, Serabi’s CFO. “EBITDA of $4.7 million is a 103% improvement compared
with the first quarter of 2023, but also a 37 per cent improvement on the last
quarter of 2023. The cash position remained steady, reflecting the continued
investment in development and ramp up of Coringa and on-going mine development
at Palito.
“Following the renewal in January 2024 of the trial mining licence at
Coringa for a further 3 year period, we have been growing the workforce,
started the underground drill programme targeted to grow the Serra mineral
resource through drilling the down plunge extensions of the current ore body,
and accelerated the mine development programme. Mine development costs of $1.6
million represent an additional $1.2 million cost compared to the first
quarter of 2023, adding approximately $130 per ounce to the AISC for the
quarter but this up-front investment is necessary to deliver the longer term
production growth and in turn, reduce the long-term AISC. We need to incur the
costs associated with the build of the Coringa crushing and ore sorting plant
for the first 9 months of 2024, without seeing the benefit of materially
improved grades from ore-sorting and significantly reduced trucking and
process costs until Q4 2024 and throughout 2025. Mining rates continue to
increase, the 56,296 tonnes of ore mined in the first quarter was a 35%
increase compared with the same period of 2023, and a 14% increase compared
with the last quarter of 2023.”
Financial Highlights (all currency amounts are expressed in US Dollars unless
otherwise stated)
* Gold production for the first quarter of 2024 of 9,007 ounces, (Q1-2023:
8,055 ounces).
* Cash held at 31 March 2024 of $11.1 million (31 December 2023: $11.6 million
including US$0.6 million relating to the exploration alliance with Vale).
* EBITDA for the three-month period of $4.7 million (Q1-2023: $2.3 million).
* Post-tax profit for the three-month period of $3.6 million (Q1-2023: $1.5
million),
* Profit per share of 4.80 cents (Q1-2023: 1.94 cents).
* Net cash inflow from operations for the three-month period (after mine
development expenditure of $1.6 million) of $0.3 million (Q1-2023: $2.7
million outflow after mine development expenditure of $0.4 million).
* Average gold price of $2,081 per ounce received on gold sales during the
three-month period (Q1-2023: $1,892).
* Cash Cost for the quarter of $1,461 per ounce (Q1-2023: $1,281 per ounce).
* All-In Sustaining Cost for the three- month period to March 2024 of $1,859
per ounce (Q1-2023: $1,516 per ounce).
Overview of the financial results
Reported revenues and costs reflect the ounces sold in each period and as a
result total costs for the three-month period are significantly higher than
for the corresponding period of 2023. In the first quarter of 2024, the Group
has reported revenue and operating costs related to the sale of 9,290 ounces
in the period (9,007 ounces produced). This compares to sales reported of only
6,616 ounces in the first quarter of 2023.
Whilst the Company has continued to benefit from the improvement in the gold
price, the movement to current levels only started during March and will be
reflected in the second quarter. The Brazilian Real has in recent weeks
followed the trend of other currencies and weakened against the US Dollar but
until April its relative strength had offset some of the upside of the US
Dollar gold price. Having traded generally between 4.90 and 5.00 to the US
Dollar in the first quarter, since mid-April it has generally been above 5.10,
which would be beneficial for our US Dollar reported costs should this trend
continue. The average rate for the first three months of 2024 was 4.95, being
five per cent stronger that the same period in 2023. This has impacted on the
US Dollar reported costs for the first quarter of 2024. It has also meant that
the gold price in Brazilian Reais, which drives the margin that can be
generated, is only 2% higher than the average price achieved in the same
period of 2023.
During the quarter the Group also completed and drew down a new US$5 million
loan with Itau Bank in Brazil. This new arrangement has an interest coupon of
8.47 per cent and is repayable as a bullet payment on 6 January 2025. This
replaced a similar loan arranged with Santander Bank in Brazil that was repaid
in the quarter
The ore sorter for Coringa, having cleared Brazilian customs on 10 April 2024,
has now been delivered to site. The ground works required for installing the
crushing plant and the related infrastructure for the ore sorter are
progressing well with the intention that the plant can be operational for the
fourth quarter of this year, processing some of the lower grade material that
has been stockpiled at Coringa and boosting gold production in that last
three-month period.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE-MONTHS ENDING 31 MARCH 2024
3 months to 31 March 2024 $ (unaudited) 3 months to 31 March 2023 $ (unaudited)
Revenue 20,246,400 13,437,369
Cost of sales (13,556,599) (9,767,003)
Gross operating profit 6,689,801 3,670,366
Administration and share based payments (1,984,990) (1,354,575)
EBITDA 4,704,811 2,315,791
Depreciation and amortisation charges (1,046,561) (834,514)
Operating profit before finance and tax 3,658,250 1,481,277
Profit after tax 3,637,563 1,467,479
Earnings per ordinary share (basic) 4.80c 1.94c
Average gold price received ($/oz) $2,081 $1,892
As at 31 March 2024 $ (unaudited) As at 31 December 2023 $ (audited)
Cash and cash equivalents 11,056,317 11,552,031
Net funds (after finance debt obligations) 5,366,512 5,148,947
Net assets 94,702,567 92,792,049
Cash Cost and All-In Sustaining Cost (“AISC”)
3 months to 31 March 2024 3 months to 31 March 2023 12 months to 31 December 2023
Gold production for cash cost and AISC purposes (ounces) 9,007 8,005 33,152
Total Cash Cost of production (per ounce) $1,461 $1,281 $1,300
Total AISC of production (per ounce) $1,859 $1,516 $1,635
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 for the release of this announcement on behalf of the
Company was Clive Line, Director.
Enquiries
SERABI GOLD plc
Michael Hodgson t +44 (0)20 7246 6830
Chief Executive m +44 (0)7799 473621
Clive Line t +44 (0)20 7246 6830
Finance Director m +44 (0)7710 151692
Andrew Khov m +1 647 885 4874
Vice President, Investor Relations &
Business Development
e contact@serabigold.com
www.serabigold.com
BEAUMONT CORNISH Limited
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish t +44 (0)20 7628 3396
PEEL HUNT LLP
Joint UK Broker
Ross Allister t +44 (0)20 7418 9000
TAMESIS PARTNERS LLP
Joint UK Broker
Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868
CAMARCO
Financial PR - Europe
Gordon Poole / Emily Hall t +44 (0)20 3757 4980
HARBOR ACCESS
Financial PR – North America
Jonathan Patterson / Lisa Micali t +1 475 477
9404
Copies of this announcement are available from the Company's website at
www.serabigold.com.
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.
Qualified Persons Statement
The scientific and technical information contained within this announcement
has been reviewed and approved by Michael Hodgson, a Director of the Company.
Mr Hodgson is an Economic Geologist by training with over 35 years' experience
in the mining industry. He holds a BSc (Hons) Geology, University of London, a
MSc Mining Geology, University of Leicester and is a Fellow of the Institute
of Materials, Minerals and Mining and a Chartered Engineer of the Engineering
Council of UK, recognizing him as both a Qualified Person for the purposes of
Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and
Oil & Gas Companies dated June 2009.
Notice
Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.
Neither the Toronto Stock Exchange, nor any other securities regulatory
authority, has approved or disapproved of the contents of this news release.
See www.serabigold.com for more information and follow us on twitter
@Serabi_Gold
The following information, comprising, the Income Statement, the Group Balance
Sheet, Group Statement of Changes in Shareholders’ Equity, and Group Cash
Flow, is extracted from the unaudited interim financial statements for the
three months to 31 March 2024.
Statement of Comprehensive Income
For the three-month period ended 31 March 2024.
For the three months ended 31 March
2024 2023
(expressed in US$) Notes (unaudited) (unaudited)
CONTINUING OPERATIONS
Revenue (from continuing operations) 20,246,400 13,437,369
Cost of sales (13,556,599) (9,397,003)
Stock impairment provision — (370,000)
Depreciation and amortisation charges (1,046,561) (834,514)
Total cost of sales (14,603,160) (10,601,517)
Gross profit 5,643,240 2,835,852
Administration expenses (1,942,740) (1,450,168)
Share-based payments (53,883) (48,067)
Gain on disposal of fixed assets 11,633 143,660
Operating profit 3,658,250 1,481,277
Other income – exploration receipts 2 339,854 —
Other expenses – exploration expenses 2 (312,518) —
Foreign exchange (loss)/gain (34,566) 82,611
Finance expense 3 (174,605) (161,170)
Finance income 3 141,555 42,819
Profit before taxation 3,617,970 1,445,537
Income and other taxes 4 19,593 21,942
Profit after taxation ((1)) 3,637,563 1,467,479
Other comprehensive income (net of tax)
Exchange differences on translating foreign operations (1,780,928) 994,247
Total comprehensive profit for the period ((1)) 1,856,635 2,461,726
Profit per ordinary share (basic) 5 4.80c 1.94c
Profit per ordinary share (diluted) 5 4.80c 1.80c
(1) The Group has no non-controlling interest and all profits
are attributable to the equity holders of the Parent Company
Balance Sheet as at 31 March 2024
(expressed in US$) As at 31 March 2024 (unaudited) As at 31 March 2023 (unaudited) As at 31 December 2023 (audited)
Non-current assets
Deferred exploration costs 20,075,458 19,280,937 20,499,257
Property, plant and equipment 52,662,606 49,522,379 53,340,903
Right of use assets 5,006,117 5,386,091 5,316,330
Taxes receivable 3,734,309 3,719,376 4,653,063
Deferred taxation 1,736,077 1,638,907 1,791,983
Total non-current assets 83,214,567 79,547,690 85,601,536
Current assets
Inventories 13,999,674 8,973,919 12,797,951
Trade and other receivables 4,024,896 3,109,923 2,858,072
Prepayments and accrued income 3,181,024 1,704,596 2,320,256
Derivative financial assets – – 115,840
Cash and cash equivalents 11,056,317 13,920,999 11,552,031
Total current assets 32,261,911 27,709,437 29,644,150
Current liabilities
Trade and other payables 7,808,639 5,017,471 8,626,292
Interest bearing liabilities 5,689,805 11,442,130 6,403,084
Accruals 401,939 533,573 649,225
Total current liabilities 13,900,383 16,993,174 15,678,601
Net current assets 18,361,528 10,716,263 13,965,549
Total assets less current liabilities 101,576,095 90,263,953 99,567,085
Non-current liabilities
Trade and other payables 4,249,115 4,188,728 3,960,920
Provisions 2,568,287 1,230,667 2,663,892
Deferred tax liability — 250,274 —
Interest bearing liabilities 56,126 561,428 150,224
Total non-current liabilities 6,873,528 6,231,097 6,775,036
Net assets 94,702,567 84,032,856 92,792,049
Equity
Share capital 11,213,618 11,213,618 11,213,618
Share premium reserve 36,158,068 36,158,068 36,158,068
Option reserve 229,456 1,372,625 175,573
Other reserves 16,708,285 14,812,078 15,960,006
Translation reserve (63,561,669) (65,282,524) (61,780,741)
Retained surplus 92,954,809 85,758,991 91,065,525
Equity shareholders’ funds 94,702,567 84,032,856 92,792,049
The interim financial information has not been audited and does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. Whilst
the financial information included in this announcement has been compiled in
accordance with International Financial Reporting Standards (“IFRS”) this
announcement itself does not contain sufficient financial information to
comply with IFRS. The Group statutory accounts for the year ended 31 December
2023 prepared in accordance with international accounting standards in
conformity with the requirements of the Companies Act 2006 will be filed with
the Registrar of Companies before 30 June 2024. The auditor’s report on
these accounts was unqualified. The auditor’s report did not contain a
statement under Section 498 (2) or 498 (3) of the Companies Act 2006.
Statements of Changes in Shareholders’ Equity
For the three-month period ended 31 March 2024
(expressed in US$)
(unaudited) Share capital Share premium Share option reserve Other reserves ((1)) Translation reserve Retained Earnings Total equity
Equity shareholders’ funds at 31 December 2022 11,213,618 36,158,068 1,324,558 14,459,255 (66,276,771) 84,644,335 81,523,063
Foreign currency adjustments — — — — 994,247 — 994,247
Profit for the period — — — — — 1,467,479 1,467,479
Total comprehensive income for the period — — — — 994,247 1,467,479 2,461,726
Transfer to taxation reserve — — — 352,823 — (352,823) —
Share option expense — — 48,067 — — — 48,067
Equity shareholders’ funds at 31 March 2023 11,213,618 36,158,068 1,372,625 14,812,078 (65,282,524) 85,758,991 84,032,856
Foreign currency adjustments — — — — 3,501,783 – 3,501,783
Profit for the period — — — — – 5,108,133 5,108,133
Total comprehensive income for the period — — — — 3,501,783 5,108,133 8,609,916
Transfer to taxation reserve — — — 1,147,928 — (1,147,928) —
Share based incentives lapsed in period — — (1,346,329) — — 1,346,329 —
Share based incentive expense — — 149,277 — — — 149,277
Equity shareholders’ funds at 31 December 2023 11,213,618 36,158,068 175,573 15,960,006 (61,780,741) 91,065,525 92,792,049
Foreign currency adjustments — — — — (1,780,928) — (1,780,928)
Profit for the period — — — — — 3,637,563 3,637,563
Total comprehensive income for the period — — — — (1,780,928) 3,637,563 1,856,635
Transfer to taxation reserve — — — 748,279 — (748,279) —
Share option expense — — 53,883 — — — 53,883
Equity shareholders’ funds at 31 March 2024 11,213,618 36,158,068 229,456 16,708,285 (63,561,669) 93,954,809 94,702,567
(1) Other reserves comprise a merger reserve of US$361,461 and a
taxation reserve of US$16,346,824 (31 December 2023: merger reserve of
US$361,461 and a taxation reserve of US$15,598,545).
Condensed Consolidated Cash Flow Statement
For the three-month period ended 31 March 2024
For the three months ended 31 March
2024 2023
(expressed in US$) (unaudited) (unaudited)
Operating activities
Post tax profit for period 3,637,563 1,467,479
Depreciation – plant, equipment and mining properties 1,046,561 834,514
Stock provision — 370,000
Net financial income/(expense) 67,616 35,740
(Gain)/loss on asset disposals (11,633) (143,660)
Provision for taxation (19,593) (21,942)
Share-based payments 53,883 48,067
Taxation Paid (15,354) (286,737)
Interest Paid (392,268) (26,410)
Foreign exchange loss 67,747 (90,421)
Changes in working capital
Increase in inventories (1,255,285) (349,744)
(Increase)/decrease in receivables, prepayments and accrued income (757,942) 1,881,445
Decrease in payables, accruals and provisions (520,854) (686,484)
Net cash inflow from operations 1,900,441 3,031,847
Investing activities
Purchase of property, plant and equipment and assets in construction (438,985) (741,907)
Mine development expenditure (1,589,627) (372,400)
Geological exploration expenditure (149,584) (206,546)
Proceeds from sale of assets 11,908 158,471
Interest received 134,723 42,819
Net cash outflow on investing activities (2,031,565) (1,119,563)
Financing activities
Receipt of short-term loan 5,000,000 5,000,000
Repayment of short-term loan (5,000,000) —
Payment of finance lease liabilities (255,245) (303,141)
Net cash outflow from financing activities (255,245) 4,696,859
Net increase / (decrease) in cash and cash equivalents (386,369) 6,609,143
Cash and cash equivalents at beginning of period 11,552,031 7,196,313
Exchange difference on cash (109,345) 115,543
Cash and cash equivalents at end of period 11,056,317 13,920,999
Notes
1. Basis of preparation
1. Basis of preparation
These interim condensed consolidated financial statements are for the
three-month period ended 31 March 2024. Comparative information has
been provided for the unaudited three-month period ended 31 March 2023 and,
where applicable, the audited twelve-month period from 1 January 2023 to 31
December 2023. These condensed consolidated financial statements do not
include all the disclosures that would otherwise be required in a complete set
of financial statements and should be read in conjunction with the 2023 annual
report.
The condensed consolidated financial statements for the periods have been
prepared in accordance with International Accounting Standard 34 “Interim
Financial Reporting” and the accounting policies are consistent with those
of the annual financial statements for the year ended 31 December 2023 and
those envisaged for the financial statements for the year ending 31 December
2024.
Accounting standards, amendments and interpretations effective in 2024
The Group has not adopted any standards or interpretations in advance of the
required implementation dates.
The following Accounting Standards have not yet been ratified in UK law but
are expected to be ratified during 2024. The Group expects to make appropriate
compliant disclosures in its Annual Report for the year needed 31 December
2024.
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2 Climate-related Disclosures
Amendments IAS 1 – Classification of Liabilities as Current or Non-current
and Non Current Liabilities with Covenants
The IASB issued amendments to IAS 1 Presentation of Financial Statements
(“IAS 1”). The amendments clarify that the classification of liabilities
as current or non-current is based on rights that are in existence at the end
of the reporting period. Classification is unaffected by the entity’s
expectation or events after the reporting date. Covenants of loan arrangements
will affect the classification of a liability as current or non-current if the
entity must comply with a covenant either before or at the reporting date,
even if the covenant is only tested for compliance after the reporting date.
There was no significant impact on the Company’s consolidated interim
financial statements as a result of the adoption of these amendments.
Management do not consider that the following other amendments to existing
standards are applicable to the current operations of the Group or will have
any material impact o the financial statements
Lease Liability in a Sale and Leaseback (amendments to IFRS 16)
Supplier Finance Arrangements (amendments to IAS 7 and IFRS 17))
Certain new accounting standards and interpretations have been published that
are not mandatory for the current period and have not been early adopted.
These standards are not expected to have a material impact on the Company’s
current or future reporting periods.
These financial statements do not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006.
(i) Going concern
At 31 March 2024 the Group held cash of US$11.1 million which represents a
decrease of US$0.5 million compared to 31 December 2023. A further US$1.1
million was received after the quarter end relating to a delayed shipment of
copper/gold concentrate.
On 7 January 2024, the Group completed a US$5.0 million unsecured loan
arrangement with Itau Bank in Brazil. The loan is repayable as a bullet
payment on 6 January 2025 and carries an interest coupon of 8.47 per cent. The
proceeds raised from the loan are being used for working capital and secure
adequate liquidity to repay a similar arrangement which was repaid on 22
February 2023.
Management prepares, for Board review, regular updates of its operational
plans and cash flow forecasts based on their best judgement of the expected
operational performance of the Group and using economic assumptions that the
Directors consider are reasonable in the current global economic climate. The
current plans assume that during 2024 the Group will continue gold production
from its Palito Complex operation as well as increase production from the
Coringa mine and will be able to increase gold production to exceed the levels
of 2024.
The Directors will limit the Group’s discretionary expenditures, when
necessary, to manage the Group’s liquidity.
The Directors acknowledge that the Group remains subject to operational and
economic risks and any unplanned interruption or reduction in gold production
or unforeseen changes in economic assumptions may adversely affect the level
of free cash flow that the Group can generate on a monthly basis. The
Directors have a reasonable expectation that, after taking into account
reasonably possible changes in trading performance, and the current
macroeconomic situation, the Group has adequate resources to continue in
operational existence for the foreseeable future. Thus, they continue to adopt
the going concern basis of accounting in preparing the Financial Statements.
2. Other Income and Expenses
Under the copper exploration alliance with Vale announced on 10 May 2023, the
related exploration activities undertaken by the Group under the management of
a working committee (comprising representatives from Vale and Serabi), were
funded in their entirety by Vale during Phase 1 of the programme. Following
the completion of Phase 1, Vale advised the Group, in April 2024, that it did
not wish to continue the exploration alliance.
Exploration and development of copper deposits is not the core activity of the
Group and further funding beyond the Phase 1 commitment would be required
before a judgment could be made as to a project being commercially viable.
There is a significant cost involved in developing new copper deposits and it
is unlikely that, without the financial support of a partner, the Group would
independently seek to develop a copper project in preference to any of its
existing gold projects and discoveries. As a result, both the funding received
from Vale and the related exploration expenditures has been recognised through
the income statement. As this is not a principal business activity of the
Group these receipts and expenditures are classified as other income and other
expenses.
3. Finance expense and income
3 months ended 31 March 2024 (unaudited) 3 months ended 31 March 2023 (unaudited)
US$ US$
Interest expense on secured loan (141,647) (111,710)
Interest expense on finance leases (14,036) (32,625)
Interest expense on short term trade loan (18,922) (16,835)
Total finance expense (174,605) (161,170)
Interest income 134,723 42,819
Gain on revaluation of hedging derivatives 6,832 —
Total finance income 141,555 42,819
Net finance (expense) (33,050) (118,351)
4. Taxation
The Group has recognised a deferred tax asset to the extent that the Group has
reasonable certainty as to the level and timing of future profits that might
be generated and against which the asset may be recovered. The deferred tax
liability arising on unrealised exchange gains has been eliminated in the
three-month period to 31 March 2023 reflecting the stronger Brazilian Real
exchange rate at the end of the period and resulting in deferred tax income of
US$674,185 (three months to 31 March 2023 – charge of US$287,667).
The Group has also incurred a tax charge in Brazil for the three-month period
of US$654,592 (three months to 31 March 2023 tax charge - US$265,725).
5. Earnings per Share
3 months ended 31 March 2024 (unaudited) 3 months ended 31 March 2023 (unaudited)
Profit attributable to ordinary shareholders (US$) 3,637,563 1,467,479
Weighted average ordinary shares in issue 75,734,551 75,734,551
Basic profit per share (US cents) 4.80c 1.94
Diluted ordinary shares in issue ((1)) 75,734,551 81,488,078
Diluted profit per share (US cents) 4.80c 1.80
(1) At 31 March 2024 there were 2,814,541 conditional share awards in issue
(31 March 2023 - 864,500). These are subject to performance conditions which
may or not be fulfilled in full or in part. These CSAs have not been included
in the calculation of the diluted earnings per share. At 31 March 2023 there
were also 1,750,000 options and 4,003,527 unexercised warrants in issue.
6. Post balance sheet events
There has been no item, transaction or event of a material or unusual nature
likely, in the opinion of the Directors of the Company to affect significantly
the continuing operation of the entity, the results of these operations, or
the state of affairs of the entity in future financial periods
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