Resultados provisionales
28 de marzo de 2024
Rainbow Rare Earths Limited
("Rainbow"O"la empresa")
LSE: RBW
Resultados intermedios de los seis meses finalizados el 31 de diciembre de 2023
Tierras raras del arco iris se complace en anunciar sus resultados no auditados para los seis meses finalizados el 31 de diciembre de 2023 ("el Período").
Destacados
· Global net zero greenhouse gas ("GHG") emissions will require unprecedented levels of critical minerals, including rare earth elements ("REEs").
· Phalaborwa expected to be the highest margin REE project in development today due to its fundamentally different capital and operating cost profile compared to traditional projects. The project remains highly cash generative even at lower rare earth prices.
· Phalaborwa to produce all four of the high-value magnet rare earths: neodymium and praseodymium ("NdPr"), dysprosium ("Dy") and terbium ("Tb"). Forecast CAGR of ca. 10% for rare earth permanent magnets from 2022 to 2033[ 1 ] driven by their use in electric vehicles and wind turbines.
· Project backed by U.S. Government, with a US$50 million funding commitment from the U.S. International Development Finance Corporation ("DFC") announced at COP28, to be invested via strategic shareholder TechMet Limited ("TechMet").
· Successful production of ca. 35kg of mixed rare earth carbonate at the front-end pilot plant in South Africa; this material is being used as feed for the back-end pilot plant in Florida, USA to produce separated rare earth oxides expected in Q2 2024.
· Phalaborwa offers environmental advantages due to the clean-up of legacy issues and the opportunity to fully rehabilitate the site over time. The use of continuous ion exchange ("CIX") and continuous ion chromatography ("CIC") to produce separated rare earth oxides also provides cost and environmental benefits over traditional solvent exchange methods.
· Updated bulk density calculations have increased the Phalaborwa project tonnage by ca. 16% and added over two years to project life; an update to the JORC-compliant Resource is expected in Q2 2024.
· Letter of Intent entered into for an off-take agreement to sell ca. 400-600,000 tonnes of Phalaborwa's gypsum by-product per annum into the South African domestic and surrounding markets, which are anticipating supply shortages of gypsum, thereby providing an additional revenue stream to Rainbow.
· Strategic supply agreement entered into with Less Common Metals ("LCM"), the only rare earth metal and alloy manufacturing facility in the UK and one of the only facilities in the Western world.
· Memorandum of understanding ("MOU") entered into with The Mosaic Company ("Mosaic") with regards to the Uberaba phosphogypsum project in Brazil. Uberaba represents an exciting opportunity to potentially replicate Phalaborwa at a larger scale and initial test-work to date is promising.
George Bennett, director ejecutivo, comentó: "Phalaborwa is a unique project in the rare earths space. Due to the fact that it is focused on the reprocessing of phosphogypsum stacks to recover rare earths, it has a fundamentally different cost profile to traditional mining projects and it is therefore expected to be the highest margin rare earth project in development today. Its potential to offer exceptional financial returns, its ability to go further down the supply chain to produce separated rare earth oxides, and its strong environmental credentials have seen the project backed by the U.S. Government during the Period, with a US$50 million funding commitment from the DFC announced at COP28, to be invested via TechMet.
We are also excited about the prospects for the Uberaba phosphogypsum project in Brazil, which is being developed in partnership with Mosaic. Initial test-work to date has been encouraging and the project is of a significantly larger scale than Phalaborwa. Furthermore, the addition of Uberaba adds geographical diversification to our portfolio and is in line with our aspiration to be a forerunner in the establishment of an independent and ethical supply chain of the rare earth elements that are driving the green energy transition."
Divulgación del Reglamento de Abuso de Mercado ("MAR")
Este anuncio contiene información privilegiada a los efectos del artículo 7 del Reglamento de abuso de mercado (UE) 596/2014, ya que forma parte de la legislación nacional del Reino Unido en virtud de la Ley de la Unión Europea (Retirada) de 2018 ("MAR"), y se divulga de acuerdo con las obligaciones de la Compañía bajo el Artículo 17 del MAR.
Rainbow H1 FY 2024 Interim Results investor presentation
El CEO, George Bennett, realizará una presentación y una sesión de preguntas y respuestas en vivo a través de la plataforma Investor Meet Company el 3 de abril de 2024 a las 11 a. m. GMT. Las preguntas se pueden enviar antes del evento a través del panel de control de Investor Meet Company hasta las 9 a. M. Del día anterior a la reunión o en cualquier momento durante la presentación en vivo.
Los inversores pueden registrarse en Investor Meet Company de forma gratuita y agregar para conocer ARCO IRIS TIERRAS RARAS LIMITADA vía:
https://www.investormeetcompany.com/rainbow-rare-earths-limited/register-investor
Inversores que ya siguen ARCO IRIS TIERRAS RARAS LIMITADA en la plataforma Investor Meet Company serán automáticamente invitados.
Para más información, por favor póngase en contacto con:
Tierras raras del arco iris Ltd | Empresa | Jorge Bennett Pete Gardner | +27 82 652 8526
|
| IR | Cathy Malins | +44 7876 796 629 |
Berenberg | Broker | matthew armit Jennifer Lee
| +44 0 20 3207 7800 |
stifel
| Broker | Campo de clanes de Ashton Varun Talwar
| +44 20 7710 7600 |
Comunicaciones Tavistock | RP/IR | Carlos Viviana Tara Vivian Neal | +44 0 20 7920 3150 |
Notas para los redactores:
Rainbow Rare Earths pretende ser pionero en el establecimiento de una cadena de suministro ética e independiente de los elementos de tierras raras que están impulsando la transición a la energía verde. Lo está haciendo con éxito mediante la identificación y el desarrollo de depósitos secundarios de tierras raras que puedan ponerse en producción más rápido y a menor costo que los proyectos tradicionales de minería de roca dura, centrándose en los elementos de tierras raras de imán permanente neodimio y praseodimio, disprosio y terbio.
La Compañía está enfocada en el desarrollo de la Proyecto Phalaborwa de Tierras Raras en Sudáfrica y la etapa anterior del Proyecto Uberaba en Brasil. Ambos proyectos implican la recuperación de tierras raras de pilas de fosfoyeso que se producen como subproducto de la producción de ácido fosfórico, siendo la roca madre original de ambos depósitos una carbonatita de roca dura. Rainbow tiene la intención utilizar una técnica de separación patentada desarrollada por y en conjunto con su socio K-Technologies, Inc., que simplifica el proceso de producción de óxidos de tierras raras separados (en comparación con la extracción con solventes tradicional), lo que genera costos y beneficios ambientales.
The Phalaborwa Preliminary Economic Assessment ("PEA") has confirmed strong base line economics for the project, which has a base case NPV10 de US $ 627 millones[ 2 ], un margen operativo EBITDA promedio del 75% y un período de recuperación de < dos años. Las operaciones de la planta piloto comenzaron en 2023 y se espera que el proyecto alcance la producción comercial en 2026, solo cinco años después de que Rainbow comenzara a trabajar en el proyecto.
Más información disponible en www.rainbowrareearths.com.
Revisión del CEO
Mercado
The world is in the midst of a new industrial revolution: the green energy transition. Global net zero GHG emissions will require unprecedented levels of critical minerals, including REEs which are essential components of the permanent magnets used in the production of electric vehicles ("EVs") and wind turbines. Furthermore, REEs have many highly strategic uses in advanced technologies, including in defence applications, adding to their criticality worldwide; for example, each American F-35 Lightning II fighter jet contains over 400kg of rare earths, the Arleigh Burke DDG-51 missile destroyer contains ca. 2,300kg of rare earths and a Virginia class submarine contains ca. 4,200kg of rare earths[ 3 ].
The International Energy Agency ("IEA") estimates that the market for REEs has more than doubled over the period from 2017 to 2022, and demand for rare earth permanent magnets is forecast to continue to grow strongly by a CAGR of ca. 10% per annum to 2030, according to Argus.
While the long-term demand drivers for the market remain strong due to the electrification of our transport system, as well as the unstoppable move towards renewable energy solutions, in the short-term the market may continue to see some volatility due to the current weakness of the Chinese economy, a slow-down in the take-up of EVs and the roll-out of wind power generational projects, as well as its reliance on consumer trends worldwide.
Rare earth pricing has been notably weak in 2023 and into 2024. The current price of NdPr oxide of ca. US$50/kg is estimated to be well below the average breakeven price for the industry and is not deemed to be sustainable over the medium to long-term, with Argus expecting pricing to strengthen by the end of 2024.
Phalaborwa's rare earths basket includes the 'heavy' rare earths Dy and Tb, which are noted to be more at risk of supply disruption than that of the light rare earths due to their scarcity in economic quantities worldwide. The inclusion of Dy and Tb, as well as NdPr, improves the overall value of the Phalaborwa basket in comparison to the industry average.
Furthermore, Phalaborwa's PEA indicated a comparatively low operating cost of ca. US$34/kg of separated magnet rare earth oxides (NdPr, Dy and Tb), which provides resilience against all modelled pricing scenarios. By contrast, Canaccord Genuity estimates that the incentive pricing for greenfield ex-China projects is likely to be over US$100/kg.
Actualización operativa
Phalaborwa - South Africa
Rainbow's primary focus is the Phalaborwa project in South Africa, which represents an exciting, near-term production opportunity of all four of the magnet rare earths required for the green energy transition.
The operation will involve the processing of phosphogypsum stacks, which are the by-product of historic phosphoric acid production on the site. This resource sits at surface in a "cracked" chemical form, which is why it has a fundamentally different cost profile to traditional rare earth development projects.
Rainbow is using proprietary technology developed in conjunction with its partner K-Technologies, Inc. ("K-Tech"), to allow for the material to be processed first into a mixed rare earth carbonate, before being refined further into separated rare earth oxides of 99.5% purity.
The Phalaborwa PEA published in October 2022 (using spot rare earth pricing of ca. US$112/kg NdPr oxide at the time) confirmed strong base line economics for the project, which has a base case NPV10 of US$627 million, an average EBITDA operating margin of 75% and a payback period of less than two years. Recent analysis has confirmed that Phalaborwa is expected to be the highest margin rare earth project in development today, which provides resilience against pricing volatility.
Rainbow is currently carrying out a Definitive Feasibility Study ("DFS") at Phalaborwa, which is on track to be completed in the last quarter of 2024/early 2025. Following completion of the DFS, a Final Investment Decision will be made by the Board prior to construction and the expected commencement of operations by the end of 2026.
Planta piloto
A key component of the DFS is the operation of a pilot plant to confirm and optimise the operating parameters for the unique flowsheet developed in conjunction with K-Tech to deliver separated rare earth oxides from the Phalaborwa phosphogypsum.
The pilot plant comprises a front-end circuit that produces a mixed rare earth carbonate and a back-end circuit that utilises CIX and CIC to produce separated rare earth oxides. The innovative application of this established technology has been pioneered by K-Tech in the rare earth space and replaces traditional solvent extraction which uses toxic and flammable solvents and diluents and requires more than 100 separate stages.
The front-end pilot plant is located at the Johannesburg facilities of the Council for Mineral Technology ("Mintek"), a global leader in mineral processing, extractive metallurgy, and related fields. The front-end piloting programme has successfully completed all three of its planned campaigns to date, with the integrated whole circuit 24/7 campaign completed in March 2023. Throughout its duration of operation, the front-end pilot plant has produced ca. 35kg of mixed rare earth carbonate as planned and this material is being shipped in progressive batches to the back-end pilot plant in Florida for separation.
During operation the following key opportunities for optimisation of the front-end plant process were identified and are expected to result in capex and opex savings:
· improvement in the impurity and rare earths leach temperature conditions from the 40?C set out in the PEA to 30?C, delivering a significant ca. 50% saving in energy requirements;
· the successful regeneration of two key reagents in the leach solution, improving on our founding principles of circularity; and
· optimisation of the second stage acid leach circuit which has reduced the number of counter current decantation thickeners required from 12 to six.
As part of the optimisation process, Rainbow worked with K-Tech to establish the optimal mixed rare earth product for the back-end CIX / CIC system, which is located at K-Tech's premises in Lakeland, Florida, USA. Having first successfully produced a mixed rare earth sulphate, it was decided to further beneficiate the product, removing certain unwanted elements, with the optimal end product for separation agreed as a cerium-depleted mixed rare earth carbonate, providing a higher-grade feedstock to the back-end separation circuit. A summary of the progress made with the back-end flowsheet is as follows:
· successful impurity removal in the initial ion-exchange step providing suitable feed solution for group separation;
· successful separation of the uneconomic lanthanum and cerium group;
· successful group separation in the first step of the chromatography stage, delivering a NdPr group, grading ca. 68%, as feed for purification in the subsequent individual chromatography separation steps;
· considerable upgrading of the concentration of the Dy and Tb from a combined feed grade of 0.9% to 14.6%, which requires separation from the samarium, europium and gadolinium ("SEG") group; and
· good separation of the SEG group at a grade of ca. 63%, which provides the strong potential for an additional valuable product line.
The current focus of the pilot plant test work at K-Tech is to optimise the second stage of the chromatography process to produce a 99.5% NdPr product, expected in Q2 2024. This will be followed by separation of Dy and Tb oxides.
Actualización de recursos
Phalaborwa currently has a total mineral resource estimate ("MRE") of 30.4 Mt at 0.44% TREO, with the high-value, permanent magnet elements Nd and Pr representing 29% of the TREO in the rare earths basket, as well as economic quantities of Dy and Tb. The MRE is reported at a 0.2% TREO cut-off grade.
During the Period, Rainbow's technical team was focused on evaluation of the density at depth of the two phosphogypsum stacks that make up the Resource at Phalaborwa. On the advice of Ardaman and Associates, Inc., a Tetra Tech Company ("Ardaman"), a revised drilling technique was used for a drilling campaign carried out in the Period to provide representative samples from the stacks. These were submitted to Ardaman for comprehensive bulk density testing and the results revealed a clear corelation of higher bulk density with increasing depth.
The increased bulk density reported by Ardaman has resulted in a significant increase of ca. 16% in the project tonnes from 30.4 Mt to 35.1 Mt, extending the operating life by over two years at the proposed operating rate.
Samples from the drill campaign will now be assayed for grade by SGS in South Africa to allow for an updated JORC compliant MRE. This work is also expected to upgrade the Inferred Resources to the Measured and Indicated categories.
Aplicaciones Medioambientales
Phalaborwa is founded on the principles of circularity, reprocessing phosphogypsum which is the by-product of historic phosphoric acid production to produce rare earths required for global decarbonisation. With legacy environmental issues prior to our ownership, Rainbow has the opportunity not only to exploit a secondary source of these critical minerals, but also to clean up the project site. This will involve neutralising the acidic solution currently on top of the gypsum stacks for use in a closed loop process and redepositing benign gypsum on stacks which will be lined in accordance with International Finance Corporation ("IFC") Standards and Equator Principles.
Rainbow recognises the benefits that securing a source of low carbon energy would bring to the project and its stakeholders and is therefore well advanced in the evaluation of a renewable energy power agreement. It is envisaged that renewable energy will provide the bulk of the project's power requirements, thereby further reinforcing its green credentials. While Phalaborwa is a relatively low energy-intensive project with draw requirements of ca. 13.3 MW (as set out in the PEA), management are also exploring the potential for on-site solar back-up power capacity.
As part of the DFS and as required for the permitting process, a new Environmental and Social Impact Assessment is being carried out by WSP Golder and all workstreams for this are on track to allow permit applications to be lodged in 2024.
During the Period, Rainbow signed a Letter of Intent to enter into an offtake agreement with NEXUS Intertrade (Pty) Ltd ("NEXUS"), under which NEXUS will acquire the benign gypsum which is the by-product of the Phalaborwa process and sell it to end users. The ability to sell down the remaining gypsum stacks at the project is expected to allow for complete environmental rehabilitation of the site over time, as well as providing an additional revenue stream to Rainbow.
Supply agreement
Rainbow aims to be a forerunner in the establishment of an independent and ethical supply chain of the rare earth elements that are driving the green energy transition.
In accordance with this aim, the Company entered into a strategic supply agreement in September 2023 with LCM, a world leader in the manufacture and supply of complex alloy systems and metals. LCM occupies a unique position in the rare earths supply chain in that it is based in Ellesmere Port, Cheshire. As such, it is currently the only rare earth metal and alloy manufacturing facility in the UK and one of the only facilities in the Western world.
LCM had been looking to partner with a supplier with similar values in order to secure ethical supply of the feedstock required for their business and it chose Rainbow after a lengthy evaluation process of the various rare earth development companies globally. This decision was based on Rainbow's capability to take its rare earth material further downstream to the separated rare oxide stage, as well as due to its low production cost, which gives the Phalaborwa project resilience against rare earth pricing volatility.
A framework will be set out in due course for Rainbow and LCM to negotiate a binding offtake agreement for separated rare earth oxides from Phalaborwa, with the ultimate customer of the rare earth permanent magnets being clearly defined and in alignment with both LCM's existing customer base and the positioning of both companies in an expanding Western supply chain.
Uberaba - Brazil
Following an extensive worldwide search to identify phosphogypsum projects with similar characteristics to Phalaborwa, Rainbow entered into an MOU with Mosaic in July 2023 with regards to the Uberaba project in Minas Gerais, Brazil.
As at Phalaborwa, the Uberaba project will entail the processing of a phosphogypsum stack that is the by-product of phosphoric acid production which was originally based on a hard rock carbonatite. Mosaic's phosphoric acid operations are ongoing, meaning that new phosphogypsum is deposited on the stacks annually.
Due to the similarities of the feedstock, the Uberaba stack was expected to have a similar grade and rare earth element make-up as those of Phalaborwa and this was confirmed by initial assay analysis, which indicated an average grade of 0.58% TREO and that the basket contains all four of the magnet rare earths NdPr, Dy and Tb, with NdPr representing ca. 25% of the basket.
Following the co-production of a process flowsheet, Rainbow and Mosaic will collaborate on the production of a PEA for this opportunity to extract rare earths.
Gakara - Burundi
Gakara was placed on care and maintenance in June 2021 at the request of the Government of Burundi.
Further to the acquisition of the Phalaborwa project in December 2020 and the subsequent development of processing technology to recover REEs from phosphogypsum as a by-product of phosphoric acid production, the Directors have re-focused the business on secondary sources of REEs where they consider higher returns are available. As such, the decision was made not to invest any further funds in the project and Gakara was fully written down in the Company's accounts for the year to 30 June 2023.
Sector empresarial
Notwithstanding falling rare earth prices, coupled with a wider difficult environment for small to medium sized resource companies on the London Stock Exchange, Rainbow's successful development was rewarded by continued strong backing for the Company in the market via the completion of a private placement in September 2023 to raise ca. US$5.5 million. This placing was carried out at a minor discount of 3% to the share price and was supported by the majority of Rainbow's Board, as well as its major shareholder TechMet.
A major endorsement for Phalaborwa's exceptional economic and environmental credentials was achieved via the announcement at the U.N.'s Climate Change Conference, COP28, that the DFC had committed US$50 million for the project, to be invested via strategic shareholder TechMet. This funding commitment helps to de-risk the overall capital requirement of ca. US$295.5 million for Phalaborwa and demonstrates the strategic role the project is expected to play in the establishment of a responsible supply chain for rare earths outside of China.
Financial Review,en
The financial statements for the Period are dominated by costs totalling US$8.5 million capitalised for Phalaborwa, bringing the total balance sheet value for the exploration and evaluation assets associated with the project to US$13.4 million. This included US$5.7 million to increase Rainbow's economic interests in Phalaborwa from 70% to 85%, with an option to acquire the remaining 15% from Bosveld Phosphates (Pty) Limited via the issue of 38,873,663 new Rainbow shares. Other expenditure at Phalaborwa in the Period included US$2.0 million relating to the ongoing pilot plant operations, US$0.4 million for other workstreams associated with the DFS, US$0.2 million for mineral resource work and US$0.2 million for Rainbow's technical team and associated costs. At 31 December 2023, the Group had US$4.0 million of cash available.
The income statement showed a net loss of US$1.5 million for the Period in line with the comparative period in FY 2023. This includes the Group's administrative costs, business development costs associated with both the Uberaba project in Brazil and Rainbow's wider long-term project pipeline, and costs to maintain the Gakara asset on care and maintenance.
Declaración de precaución:
La revisión comercial y algunas otras secciones de este informe intermedio contienen declaraciones prospectivas que los directores han realizado de buena fe en función de la información disponible para ellos hasta el momento de la aprobación de este informe. Sin embargo, deben tratarse con precaución debido a las incertidumbres inherentes, incluidos los factores de riesgo económicos y comerciales, subyacentes a cualquier información prospectiva y ninguna declaración debe interpretarse como un pronóstico de ganancias.
Declaración de responsabilidad de los directores
Lo confirmamos a nuestro leal saber y entender:
a) the Condensed set of Interim Financial Statements has been prepared in accordance with IAS 34 'Información financiera intermedia ';
b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year);
c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein); and
d) the condensed set of interim financial statements, which has been prepared in accordance with the applicable set of accounting standards, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the consolidation as a whole as required by DTR 4.2.4R.
Este Informe Interino ha sido aprobado por la Junta y firmado en su nombre por:
Jorge Bennett
Director Ejecutivo
28 de marzo de 2024
Estado consolidado condensado de resultados integrales
Por los seis meses terminados el 31 de diciembre de 2023
| 6 meses terminados | 6 meses terminados | |
Notas | Miles de dólares Sin auditar | Miles de dólares Sin auditar | |
|
| ||
Ingresos |
| - | - |
Costos de producción y ventas |
| - | - |
Pérdida bruta |
| - | - |
Gastos administrativos | 3 | (1,461) | (1,500) |
Pérdida de actividades operativas |
| (1,461) | (1,500) |
|
| ||
Ingresos financieros |
| 130 | 73 |
Costos financieros |
| (120) | (54) |
|
|
|
|
Pérdida antes de impuestos |
| (1,451) | (1,481) |
|
| ||
Ingreso por gastos de impuesto |
| - | - |
|
| ||
Pérdida total después de impuestos y gasto integral del período |
| (1,451) | (1,481) |
|
| ||
La pérdida total después de impuestos y gasto integral del período es atribuible a: | |||
Interes no controlado | (9) | (38) | |
propietarios de los padres | (1,442) | (1,443) | |
(1,451) | (1,481) | ||
Pérdida por acción (centavos) | |||
Basic | 4 | (0.24) | (0.27) |
Diluido | 4 | (0.24) | (0.27) |
Los resultados de cada período se derivan de operaciones continuas.
Estado consolidado condensado de situación financiera
Al 31 de diciembre de 2023
Como en | Como en | Como en | ||
Notas | Miles de dólares Sin auditar | Miles de dólares auditado | Miles de dólares Sin auditar | |
Activos no corrientes |
| |||
Activos de exploración y evaluación | 5 | 13,363 | 4,830 | 11,405 |
Propiedad, planta y equipo. | 6 | 24 | 27 | 872 |
Activos por derecho de uso |
| 99 | 37 | 89 |
Total del activo no corriente |
| 13,486 | 4,896 | 12,366 |
Activos circulantes | ||||
Inventario | 718 | 718 | 858 | |
Cuentas comerciales y otras cuentas por cobrar | 565 | 365 | 426 | |
Efectivo y equivalentes de efectivo | 4,002 | 8,107 | 2,146 | |
Total de activos corrientes |
| 5,285 | 9,190 | 3,430 |
los activos totales |
| 18,771 | 14,086 | 15,796 |
Pasivo circulante | ||||
Comerciales y otras cuentas a pagar | 7 | (1,689) | (1,250) | (879) |
Préstamos | 8 | (250) | (201) | (101) |
Pasivos por arrendamiento |
| (47) | (23) | (34) |
Total pasivo corriente |
| (1,986) | (1,474) | (1,014) |
| ||||
Pasivos no corrientes |
|
| ||
Préstamos | 8 | (283) | (285) | (589) |
Pasivos por arrendamiento |
| (59) | (21) | (56) |
Provisiones |
| (55) | (55) | (61) |
Total pasivo no corriente |
| (397) | (361) | (706) |
|
|
|
|
|
Responsabilidad total |
| (2,383) | (1,835) | (1,720) |
| ||||
ACTIVOS NETOS |
| 16,388 | 12,251 | 14,076 |
| ||||
Equidad |
| |||
Capital social | 9 | 56,303 | 50,937 | 41,552 |
Reserva de pago basada en acciones | 1,634 | 1,719 | 1,588 | |
Otras reservas | - | - | - | |
Pérdida retenida | (39,618) | (38,483) | (27,955) | |
Patrimonio atribuible a la controladora | 18,319 | 14,173 | 15,155 | |
Interes no controlado | (1,931) | (1,922) | (1,079) | |
EQUIDAD TOTAL |
| 16,388 | 12,251 | 14,076 |
Estado de flujo de efectivo condensado consolidado
Por los seis meses terminados el 31 de diciembre de 2023
6 meses terminados | 6 meses terminados | ||
Miles de dólares Sin auditar | Miles de dólares Sin auditar | ||
El flujo de efectivo de las actividades de operaciones | |||
Pérdida de actividades operativas | (1,461) | (1,500) | |
Ajustes para: | |||
Depreciación | 25 | 189 | |
Cargo por pago basado en acciones | 223 | 151 | |
Pérdida operativa antes de cambios en el capital de trabajo |
| (1.213) | (1,160) |
Net increase in other receivables | (238) | (25) | |
Net increase / (decrease) in trade and other payables | (276) | (30) | |
Efectivo utilizado por operaciones |
| (1,727) | (1,215) |
|
| 16 |
|
Ganancias cambiarias realizadas |
| 16 | 73 |
Costos financieros |
| (31) | (69) |
Efectivo neto utilizado en actividades operativas |
| (1,742) | (1,211) |
| |||
Flujo de caja de las actividades de inversión | |||
Compra de propiedad, planta y equipo | - | (2) | |
Costos de exploración y evaluación | (7,831) | (817) | |
Efectivo neto utilizado en actividades de inversión |
| (7,831) | (819) |
| |||
Flujo de caja de actividades de financiación | |||
Reembolso de préstamos | (37) | - | |
Pago de pasivos por arrendamiento | (21) | (16) | |
Producto de la emisión de acciones ordinarias | 5,501 | 125 | |
Costos de transacción de la emisión de nuevas acciones | (84) | (16) | |
Efectivo neto generado por actividades de financiación |
| 5,359 | 93 |
Disminución neta de efectivo y equivalentes de efectivo |
| (4,214) | (1,937) |
Efectivo y equivalentes de efectivo al comienzo del período |
| 8,107 | 4,134 |
Foreign exchange gain / (loss) on cash & cash equivalents | 109 | (51) | |
Efectivo y equivalentes de efectivo al final del período |
| 4,002 | 2,146 |
Estado de cambios en el patrimonio neto condensado consolidado
Por los seis meses terminados el 31 de diciembre de 2023
| Capital social | Pagos basados en acciones | Perdidas acumuladas | Atribuible En el correo electrónico “Su Cuenta de Usuario en su Nuevo Sistema XNUMXCX”. con el futuro bebé | Interes no controlado | Total |
Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | |
|
| |||||
Saldo al 1 de julio de 2022 (auditado) | 41,442 | 1,467 | (26,572) | 16,337 | (1,041) | 15,296 |
|
| |||||
Gasto integral total |
|
| ||||
Pérdida integral total | - | - | (1,443) | (1,443) | (38) | (1,481) |
|
| |||||
Transacciones con propietarios |
|
| ||||
Valor razonable de las opciones sobre acciones para empleados en el período | - | 151 | - | 151 | - | 155 |
Opción sobre acciones ejercida en el período, neta de costos | 110 | (60) | 60 | 110 | - | 184 |
Saldo al 31 de diciembre de 2022 (no auditado) | 41,552 | 1,558 | (27,955) | 15,155 | (1,079) | 14,076 |
|
| |||||
Gasto integral total |
|
| ||||
Pérdida integral total | - | - | (10,541) | (10,541) | (843) | (11,384) |
|
|
| ||||
Transacciones con propietarios |
|
| ||||
Issue of shares during the period for cash | 9,485
| - | - | 9,485 | - | 9,485 |
Share placing transaction and other costs | (100) | (100) | (100) | |||
Valor razonable de las opciones sobre acciones para empleados en el período | - | 174 | - | 174 | - | 174 |
Share options cancelled in the period | - | (13) | 13 | - |
| |
Saldo al 30 de junio de 2023 (auditado) | 50,937 | 1,719 | (38,483) | 14,173 | (1,922) | 12,251 |
|
| |||||
Gasto integral total |
|
| ||||
Pérdida integral total | - | - | (1,442) | (1,442) | (9) | (1,451) |
| ||||||
Transacciones con propietarios |
|
| ||||
Issue of shares during the period for cash | 5,501 | - | - | 5,501 | - | 5,300 |
Share placing transaction and other costs | (135) | - | - | (135) | - | (135) |
Valor razonable de las opciones sobre acciones para empleados en el período | - | 222 | - | 222 | - | 223 |
Share option exercised in the period | - | (201) | 201 | - | - | 201 |
Share options cancelled in the period | - | (106) | 106 | - | - | - |
Saldo al 31 de diciembre de 2023 (no auditado) | 56,303 | 1,634 | (39,618) | 18,319 | (1,931) | 16,389 |
Notas a los estados financieros condensados
Por los seis meses terminados el 31 de diciembre de 2023
1. Información General
Rainbow Rare Earths Limited (the "Company" or "Rainbow", together with its subsidiaries the "Group"), is a company limited by shares domiciled in Guernsey, incorporated on 5 August 2011 with company registration number 53831. The Company's registered office is Connaught House, St Julian's Avenue, St Peter Port, Guernsey. The nature of the Group's operations and its principal activities are set out in the CEO and Financial Reviews.
The financial information for the period ended 31 December 2023 does not constitute the audited statutory accounts but the comparative information has been extracted from those accounts. The report of the auditors on those accounts was unqualified.
Este Informe Interino no ha sido auditado ni revisado.
Se ha publicado una copia de este Informe semestral y se puede encontrar en el sitio web de la Compañía en www.rainbowrareearths.com
2. Base de preparación
Estos estados financieros intermedios resumidos consolidados para los 6 meses terminados el 31 de diciembre de 2023 han sido preparados de acuerdo con la NIC 34 'Información financiera intermedia'. No incluyen divulgaciones que de otro modo serían requeridas en un conjunto completo de estados financieros y deben leerse junto con el Informe y Cuentas Anuales de 2022.
En los estados financieros intermedios resumidos se siguen las mismas políticas contables y métodos de cálculo que se siguieron en los estados financieros anuales más recientes del Grupo, que se publicaron el 27 de octubre de 2023. No hay Normas NIIF de nueva vigencia que hayan tenido un impacto sobre los estados financieros.
(a) Negocio en marcha
Los Consejeros han continuado utilizando el principio de negocio en marcha en la preparación de estos estados financieros resumidos. Las actividades comerciales del Grupo, junto con los factores que probablemente afecten el desarrollo, el desempeño y la posición futuros se establecen en la Declaración del CEO. La posición financiera del Grupo, su flujo de efectivo y posición de liquidez se describen en la Revisión financiera.
El saldo de caja del Grupo al 31 de diciembre de 2023 era de 4.0 millones de USD (30 de junio de 2023: 8.1 millones de USD). El Consejo ha revisado las últimas previsiones de flujo de efectivo del Grupo para el período hasta el 30 de junio de 2025, incluidos los escenarios a la baja razonablemente posibles. Esto ha incluido los siguientes supuestos:
· Forecast expenditure of US$4.0 million for ongoing general and administrative costs of the Group over the 18-month period from 1 January 2024 to 30 June 2025, based on the current administrative cost base. The reasonably possible downside scenario includes a 10% contingency for unexpected costs.
· Estimated funding requirements of US$7.5 million for Phalaborwa, of which US$4.0 million has been incurred to date or is committed. This includes US$2.4 million to complete pilot plant test-work, US$3.7 million to finalise the DFS and US$0.9 million for Rainbow's technical team and associated costs. Due to the nature of the work, actual costs and the timing of expenditure may differ to estimates. The forecast includes a 10% contingency for increased technical costs associated with the pilot plant and DFS. The reasonably possible downside scenario adds a further 10% contingency for all Phalaborwa expenditure.
· A continuation of care and maintenance for the Group's Gakara project in Burundi at a total cost of US$0.6 million for the 18-month period from 1 January 2024 to 30 June 2025, based on the current administrative cost base. The reasonably possible downside scenario includes a 10% contingency for unexpected costs.
Based on management's reasonably plausible downside scenario outlined above, the Group will need to raise additional finance of at least US$9.2 million for the period ending 30 June 2025, along with any funds required to progress the Uberaba opportunity in Brazil. Based on the robust economic prospects for the Phalaborwa project, the Board is confident that additional funding will be secured as required. However, the Board accepts that these circumstances indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
(b) Dividendo
The Directors do not recommend the payment of a dividend for the period (six months ended 31 December 2023: US$Nil, six months ended 31 December 2022: US$Nil).
(c) Principales riesgos e incertidumbres
Hay una serie de posibles riesgos e incertidumbres inherentes al sector de la minería y los metales que podrían tener un impacto material en el desempeño a largo plazo de la Compañía y que podrían causar que los resultados reales difieran materialmente de los resultados esperados e históricos. La Compañía ha tomado medidas razonables para mitigarlos en la medida de lo posible. Los detalles completos se divulgan en las páginas 46 y 47 del Informe Anual para el año que finalizó el 30 de junio de 2023. Los riesgos e incertidumbres se resumen a continuación:
· Project definition risk (High):
- At Phalaborwa, the PEA published in October 2022 confirmed a processing flowsheet capable of economically extracting the magnet rare earth metals from the gypsum stacks in a low capital and low operating cost environment. The Group's technical team has designed and commissioned numerous commercial plants in Africa, including completion of feasibility studies for rare earth projects, and are therefore familiar with alternative technical options that may need to be deployed if the original strategies prove uneconomic.
- Pilot test work to confirm the efficacy of the processing flowsheet is underway with the production of a mixed rare earth carbonate in South Africa which has been shipped for pilot testing of the final separation process in the USA. As a result of the pilot test work, changes may be required to the proposed processing flowsheet which could have a detrimental impact on the economics of the project as set out in the PEA. The results of the pilot test work programme to date have been in line with the PEA.
- A DFS will need to be completed to provide sufficient confidence for project development, which may not deliver results in line with the PEA.
· Permitting risk (High):
- New and updated permits and licences will be required to develop the Phalaborwa project including, but not limited to, a water use licence, waste management licence and air emissions licence. Rainbow is working with specialist consultants to compile the technical reports required for the permitting process and is aiming to make the relevant applications in parallel with work on the DFS.
- Whilst the timeframe for the issuance of permits is difficult to predict, the Phalaborwa project will clean up legacy environmental issues at the site, including treating the acid water currently associated with the unlined gypsum stacks and re-stacking the processed gypsum on new lined stacks designed in accordance with IFC Performance Standards and the Equator Principles. Accordingly, the Group is confident that the relevant permits will be issued to allow the project to proceed.
· Financing risk (High):
- The Group's ability to continue to develop the Phalaborwa project and other new business opportunities will rely upon its continued ability to access financing, both at the corporate and project level. The strong economic returns set out in the PEA for Phalaborwa are expected to ensure funding is available to deliver the DFS and, ultimately, the development of the Phalaborwa project.
- Management maintains strong relationships with key sources of finance. Rainbow has a history of securing funding required for the Group's growth plans, including support from its cornerstone investors, and management expects to be able to secure additional funding as required.
· Rare earth prices (High):
- Rainbow is focused on the identification and development of secondary rare earth deposits that can be brought into production quicker and at a lower cost than traditional hard rock mining projects, with a focus on the permanent magnet rare earth elements neodymium and praseodymium, dysprosium and terbium.
- Whilst analysts are predicting strong growth in demand for rare earths, prices have been volatile in the past and are currently at levels substantially below the base case set out in the Phalaborwa PEA. Whilst the Phalaborwa PEA confirmed a low-cost operation that has resilient economics in lower rare earth price environments, if the underlying rare earth basket price falls or remains at low prices for the long term, this reduces potential revenue that will impact the long-term profitability of the project and could impact the commercial viability of any development.
· Co-development risk (Medium):
- The Group's assets include projects that will be conducted in joint arrangements or with associates, which reduces the Group's ability to control and manage risk and places reliance on partners not controlled by the Group. For the earlier stage projects, Rainbow's rare earths processing expertise and ownership, directly or under licence in the relevant territories, of the IP rights to develop an economic processing flow sheet similar to Phalaborwa is expected to ensure that suitable commercial terms can be agreed for the long term development of these assets.
- At Phalaborwa, Bosveld Phosphates (Pty) Limited ("Bosveld") has a 15% interest in the project and, as current owner of the site, their assistance is required to ensure the assets necessary for the project development are transferred at the necessary time into the joint venture vehicle and they remain liable for the historic environmental liabilities associated with the project site. Rainbow has the option to acquire the 15% minority interest from Bosveld by issuing 38,873,663 ordinary shares of no par value in Rainbow Rare Earths Limited. This will enable the Group to fully control that project and creates a strong incentive for Bosveld to ensure it takes the necessary steps to allow the project to be developed.
- The Group's development pipeline, including the Uberaba property in Brazil and the opportunity with OCP in Morocco, are at a much earlier stage of development. The legal framework for the development of a commercial operation for these opportunities has not been fully defined and terms may not be agreed with the owners of these assets to allow a development to occur.
· Country and Political (Medium):
- Rainbow's operations are located in South Africa, Brazil and Burundi. Emerging market economies are generally subject to greater risks, including legal, regulatory, tax, economic and political risks, and these risks are potentially subject to rapid change.
- In South Africa, general elections will be held in May 2024, which could lead to an increase in political and social instability. The well-publicised challenges for state energy provider Eskom mean there are ongoing requirements for load-shedding / power outages in the country, albeit the power requirements for the industrial sectors are prioritised versus other sectors. South Africa's stance on geopolitical matters is at times contrarian to Western interests.
- On 12 April 2021, the Government of Burundi suspended the export of concentrate produced at Gakara. This was followed on 29 June 2021 with a suspension of all mining and exploration activity. All operations remain on care and maintenance. Due to the re-focus of Rainbow's business on the Phalaborwa asset and growth opportunities from the associated processing technology, the Directors do not envisage investing significant amounts in Burundi to develop a formal mineral resource and therefore the net assets of the Gakara cash generating unit were impaired to nil in the 2023 Annual Report and Accounts.
3. Gastos administrativos
6 meses terminados | 6 meses terminados | |
Miles de dólares Sin auditar | Miles de dólares Sin auditar | |
Gastos corporativos | 1,254 | 1,171 |
administración de burundi | 207 | 329 |
| 1,461 | 1,500 |
Los gastos administrativos de Burundi incurridos en los seis meses terminados el 31 de diciembre de 2023 incluyen todos los costos asociados con el mantenimiento del proyecto Gakara en cuanto a cuidado y mantenimiento.
4. Pérdida por acción ordinaria
La pérdida por acción ordinaria se calcula dividiendo la pérdida neta del período atribuible a los accionistas ordinarios de la controladora entre el número promedio ponderado de acciones ordinarias en circulación durante el período.
La Compañía registró pérdidas para todos los periodos presentados, por lo que el efecto dilutivo de las opciones sobre acciones no se ha tenido en cuenta en el cálculo de la utilidad por acción diluida, ya que esto disminuiría la pérdida por acción para cada uno de los periodos informados.
El cálculo de la pérdida básica por acción se basa en los siguientes datos:
6 meses terminados | 6 meses terminados | |
Miles de dólares Sin auditar | Miles de dólares Sin auditar | |
La pérdida del período atribuible a los accionistas ordinarios de la controladora | (1,442) | (1,443) |
Número | Número | |
| '000 | '000 |
Número promedio ponderado de acciones ordinarias a los efectos de la pérdida por acción básica y diluida | 607,767 | 524,963 |
Pérdida por acción ordinaria | Centavos | Centavos |
Básico y diluido | (0.24) | (0.27) |
5. Activos de exploración y evaluación
| gakara | falalaborwa | Total | |
Miles de dólares | Miles de dólares | Miles de dólares | ||
Al 1 de julio de 2022 (auditado) | 8,635 | 1,953 | 10,588 | |
Adiciones | - | 817 | 817 | |
At 31 December 2022(unaudited) |
| 8,635 | 2,770 | 11,405 |
Adiciones | - | 2,060 | 2,060 | |
Discapacidad | (8,635) | - | (8,635) | |
A 30 de junio de 2023 (auditado) | - | 4,830 | 4,830 | |
Adiciones | - | 8,533 | 8,533 | |
A 31 de diciembre de 2023 (sin auditar) |
| - | 13,363 | 13,363 |
Costs relating to the Phalaborwa project were capitalised during the Period. The Gakara project has been under care and maintenance throughout the Period and, accordingly, none of the costs meet the requirements under the Group's accounting policy for capitalisation.
The Phalaborwa project represents an opportunity to extract rare earth elements from the chemical re-treatment of gypsum stacks and therefore the costs of establishing the commercial viability of development for the project are being capitalised as exploration and evaluation assets under IFRS 6. Additions in the Period include the costs relating to resource testing, building and operating pilot plants in South Africa and USA, and acquiring a further 15% economic interest in the project from Bosveld.
Since acquiring the Phalaborwa project and the subsequent development of processing technology to recover rare earth elements from phosphogypsum as a by-product of phosphoric acid production, the Directors have re-focused the business on secondary sources of rare earth elements where they consider higher returns are available. As such, the Directors no longer intend to invest significant amounts at Gakara to convert the existing resource target to a reserve capable of supporting long term commercial production, resulting in an impairment review being carried out for the Gakara exploration and evaluation assets in the year ended 30 June 2023. Based on an assessment of both the legal and political position in Burundi, the Directors consider that the fair value of the Gakara exploration and evaluation assets calculated in accordance with IAS 36 is nil and an impairment loss has been recognised.
FinBank SA hold security over the fixed and floating assets of Rainbow Mining Burundi SM ("RMB") which include the impaired exploration and evaluation assets associated with the Gakara mining permit in Burundi.
6. Propiedades, planta y equipo
Miles de dólares | Costos de desarrollo de la mina | Planta y Maquinaria | Vehículos | Equipo de oficina | Total |
Cost | |||||
Al 1 de julio de 2022 (auditado) | 183 | 2,889 | 1,582 | 45 | 4,699 |
Adiciones | - | - | - | 2 | 2 |
A 31 de diciembre de 2022 (sin auditar) | 183 | 2,889 | 1,582 | 47 | 4,701 |
Adiciones | - | - | 24 | 2 | 26 |
At 30 de junio de 2023 (auditado) | 183 | 2,889 | 1,606 | 49 | 4,727 |
Adiciones | - | - | - | - | - |
A 31 de diciembre de 2023 (sin auditar) | 183 | 2,889 | 1,606 | 49 | 4,727 |
Depreciación |
| ||||
Al 1 de julio de 2022 (auditado) | 99 | 2,668 | 855 | 34 | 3,656 |
Cobrar por período | 13 | 2 | 158 | - | 173 |
A 31 de diciembre de 2022 (sin auditar) | 112 | 2,670 | 1,013 | 34 | 3,829 |
Cobrar por período | 12 | 3 | 159 | 2 | 176 |
Discapacidad | 59 | 216 | 410 | 10 | 695 |
At 30 de junio de 2023 (auditado) | 183 | 2,889 | 1,582 | 46 | 4,700 |
Cobrar por período | - | - | 2 | 1 | 3 |
A 31 de diciembre de 2023 (sin auditar) | 183 | 2,889 | 1,584 | 47 | 4,703 |
|
|
|
|
|
|
Valor Neto Contable a 31 de diciembre de 2023 (sin auditar) | - | - | 22 | 2 | 24 |
Valor Neto Contable a 30 de junio de 2023 (auditado) | - | - | 24 | 3 | 27 |
Valor Neto Contable a 31 de diciembre de 2022 (sin auditar) | 71 | 219 | 569 | 13 | 872 |
As set out in note 5 the Directors recognise that the ongoing suspension of all activities of RMB in Burundi and the subsequent decision not to commit investment for the conversion of the Gakara resource target to reserves requires an impairment review for the tangible fixed assets relating to the project in accordance with IAS36. Based on an assessment of both the legal and political position in Burundi, the Directors consider that the fair value of the property, plant and equipment associated with the Gakara project calculated in accordance with IAS 36 is nil and an impairment loss has been recognised.
FinBank SA hold security over the fixed and floating assets of RMB which include the impaired property, plant, and equipment in Burundi.
7. Acreedores comerciales y otras cuentas por pagar
Como en 2023 | Como en | Como en | |
Miles de dólares Sin auditar | Miles de dólares auditado | Miles de dólares Sin auditar | |
Trato pagable | 818 | 124 | 43 |
Gastos acumulados | 357 | 736 | 316 |
Impuestos y seguridad social | 380 | 290 | 361 |
Impuestos territoriales de Burundi por pagar | 100 | 100 | 80 |
Importes adeudados al personal y a la dirección | 34 | - | 11 |
Provisión para conflictos laborales | - | - | 68 |
Total comercial y otras cuentas por pagar | 1,689 | 1,250 | 879 |
Los Administradores consideran que el valor en libros de las cuentas por pagar comerciales y otras cuentas por pagar se aproxima a su valor razonable.
8. Préstamos
Como en | Como en | Como en | |
Miles de dólares Sin auditar | Miles de dólares auditado | Miles de dólares Sin auditar | |
Préstamo Finbank | 324 | 363 | 557 |
Responsabilidad de garantía | 209 | 123 | 133 |
Total de préstamos | 533 | 486 | 690 |
Pagadero en 12 meses | 250 | 201 | 101 |
A pagar después de más de 12 meses | 283 | 285 | 589 |
533 | 486 | 690 |
Préstamo de FinBank
The FinBank loan facility in Burundi is expressed in BIF and carries an interest rate of 15%. Repayment terms agreed from February 2023 require payments of BIF30 million per month until April 2027 covering both principal and interest on a reducing balance basis. During 2023 the devaluation of the BIF to US$1:BIF2,840.54 at 30 June 2023 reduced the US dollar value of the liability by US$133k.
Under the terms of this loan, FinBank has security over the fixed and floating assets of RMB, the shares of RMB, and the cash held in RMB's FinBank bank accounts. Interest on the loan amounted to US$26k (2022: US$42k).
Garantía de responsabilidad
On 21 February 2020, 2,000,000 warrants were issued to Pipestone Capital Inc, in which George Bennett, the Company's CEO, has a beneficial interest. The warrants were issued in lieu of interest on a US$1 million bridging loan provided to the Company, which was repaid in full in December 2021. The warrants have a contractual life of four years at an exercise price of 4.55 pence per warrant. The Pipestone warrants are recognised as a financial liability at fair value through profit and loss with changes in value included under finance costs/income. Subsequent to the balance sheet date the contractual term of the warrants has been extended by a further two years.
9. Capital social
Como en | Como en 2022 | Como en | |
Sin auditar | Sin auditar | auditado | |
Capital social emitido (valor nominal cero) US$'000 | 56,303 | 41,552 | 50,937 |
Número de acciones en circulación ('000) | 630,317 | 526,406 | 598,859 |
El siguiente cuadro muestra una conciliación de los movimientos de capital social:
Numero de veces compartido | Miles de dólares | |
Al 1 de julio de 2022 | 524,405,810 | 41,442 |
November 2022 - Options exercised (Cash receipts) | 2,000,000 | 110 |
Al 31 de diciembre de 2022 | 526,405,810 | 41,552 |
May 2023 - Share placing (Cash receipts) | 72,452,846 | 9,386 |
Al 30 de junio de 2023 | 598,858,656 | 50,937 |
November 2023-share placing (Cash receipts) | 30,000,000 | 5,366 |
November 2023-Options exercised (nil value options) | 1,458,000 | - |
Al 31 de diciembre de 2023 | 630,316,656 | 56,303 |
On 26 September 2023, the Company agreed conditionally to issue 30 million shares at a price of 15 pence per share, raising gross cash proceeds of US$5.5 million (before costs of $135k).
The first tranche of 25,786,541 ordinary shares was issued on 5 October 2023. The second tranche of 4,213,459 ordinary shares was issued on 6 December 2023 following shareholder approval at the Company's Annual General Meeting held on 21 November 2023.
In addition, George Bennett, Rainbow's CEO, has exercised 1,458,000 nil priced share options originally issued in January 2021.
10. Transacciones con partes relacionadas
Miles de dólares | Seis meses al 31 de diciembre de 2023 | Seis meses al 31 de diciembre de 2022 |
| |||||
| Cargado en el período | Liquidado en periodo | Balance de cierre | Cargado en el período | Liquidado en periodo | Balance de cierre | ||
Benzu Minerals (Proprietary) Limited1 | - | - | - | 1 | (1) | - | ||
MPD Consultoría limitada2 | 2 | (3) | 1 | 3 | (1) | 2 | ||
Magna Capital (Guernesey) Limited3 | 647 | (647) | - | 10 | - | 10 | ||
649 | (650) | 1 | 13 | (1) | 12 | |||
El cuadro anterior no incluye la retribución de los Consejeros y altos directivos.
1. Benzu Minerals (Proprietary) Limited is connected to Cesare Morelli who is currently engaged as the acting General Manager of RMB. In addition to the comparative amounts disclosed, which relate to costs associated with the drilling programme at Phalaborwa in 2022, salary was paid to Cesare Morelli via Benzu Minerals (Proprietary) Limited.
2. MPD Consulting Limited, in which Pete Gardner, the Company's CFO, has a beneficial interest, has recharged certain costs relating to UK support incurred on behalf of the Group.
3. Magna Capital (Guernsey) Limited ("Magna"), in which Adonis Pouroulis, the non-executive Chairman of the Board of Directors, has a beneficial interest, was engaged in December 2022 to assist the Company with its strategy to consolidate ownership of the Phalaborwa project and lift the notarial bonds in South Africa issued in favour of third parties which may have impacted the ability of Bosveld to transfer the rights to the Phalaborwa project to a new entity as envisaged. The transaction was concluded in July 2023 and a success fee of £500k was paid to Magna.
11. Eventos posteriores al balance
No se identificaron hechos ocurridos después de la fecha de presentación que pudieran afectar significativamente al grupo de empresas o que causaran una incorrección material en sus resultados financieros.
[ 1 ] Source: Argus Media Ltd ("Argus"), October 2023
[ 2 ] Valor actual neto utilizando una tasa de descuento a plazo del 10 %
[ 3 ] Source: U.S. Department of Defense, March 2024
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