RESULTADOS INTERMEDIOS NO AUDITADOS 6 MESES TERMINADOS EL 31/08/23
29 November 2023
La Compañía considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en las Regulaciones de Abuso de Mercado (UE) No. 596/2014 (MAR) vigentes en el Reino Unido de conformidad con la Ley de (Retiro) de la Unión Europea 2018 A partir de la publicación de este anuncio a través del Servicio de Información Regulatoria (RIS), esta información privilegiada será de dominio público.
Minería Andrada Limitada
("Andrada" o "la Compañía")
Unaudited Interim Financial Results for the six months ended 31 August 2023
Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the metals and mining company with a portfolio of technology metals mining and exploration assets in Namibia, announces its unaudited interim financial results for the six-months ended 31 August 2023 ("H1 2024").
The company will be hosting an investor presentation at 9am UK time (11am SAST) on Thursday 30 November 2023. Please register for the event at: https://www.investormeetcompany.com/afritin-mining-limited/register-investor.
DESTACADOS
RENDIMIENTO FINANCIERO
§ 87% increase in revenue to GBP8.7 million (H1 2023: GBP4.7 million).
§ 19% decrease in cost of sales per tonne of contained tin to GBP17 276 (H1 2023: GBP21 903).
§ > 100% increase in gross profit to GBP1.5 million (H1 2023: loss of GBP1 million).
§ 30% reduction in operating loss to GBP2.5 million (H1 2023: loss of GBP3.5 million).
§ 25% reduction in loss before tax to GBP2.8 million (H1 2023: loss of GBP3.7 million).
§ Average C1¹ operating cash cost per tonne of contained tin produced was USD18 161 (GBP14 324), which is within management guidance.
§ Average C2² operating cost per tonne of contained tin produced was USD20 796 (GBP16 403), which is within management guidance.
§ All-in sustaining cost ("AISC") ³ per tonne of contained tin produced was USD24 662 (GBP19 452) which is below management guidance.
§ GBP7.7 million (c. USD10 million) raised through issuance of unsecured convertible loan notes.
§ Unaudited cash balance on 31 August 2023 was GBP6.7 million (USD8.5 million).
OPERATIONAL PEFORMANCE
§ Successful plant expansion in 2023 resulted in significant improvements in the H1 2024 performance.
§ 67% increase in tin concentrate to 758 tonnes (H1 2023: 455 tonnes).
§ 58% increase in contained tin metal to 454 tonnes (H1 2023: 287 tonnes).
§ 37% increase in the plant processing rate to 136 tonnes per hour (tph) (H1 2023: 99 tph).
§ 10% increase in plant utilisation to 81% (H1 2023: 74%).
§ Improved safety performance to 0.8714 Lost Time Injury Frequency Rate ("LTIFR") at the end of the period compared to 8.02 at the end of H1 2023.
§ Production of initial bulk saleable petalite concentrate at 85% purity and Li?O grade of 4.16%.
§ Construction and commissioning of the lithium (bulk-sampling) pilot plant ("Planta piloto") completado.
- Production of lithium concentrate from the Pilot Plant has commenced (see announcement dated 27 November 2023).
§ Construction and commissioning of the tantalum circuit ("the Circuit") completed.
§ In-house test campaigns have commenced to determine how to produce a consistent saleable grade of lithium concentrate.
§ Drilling on Spodumene Hill licence area (ML 129) completed with all holes intersecting mineralised pegmatite
- Inaugural drill results intersected high grade spodumene mineralisation with grades up to 2.32% lithium oxide (Li?O).
ESTRATÉGICO
§ Appointment of Barclays Bank PLC as a strategic advisor to the Company's lithium development programme.
§ Completed the rebranding from Afritin Mining to Andrada Mining to reflect the Company's expanding lithium, tin, and tantalum resources.
§ Upgraded the OTC listing from pink sheets to the QB tier to enhance access to the North American investor base.
§ Renewal of the Brandberg West exploration license (EPL 5445) for an additional 2 years from 1 August 2023.
POST - PERIOD
Operacional
§ Renewal of the Thailand Smelting and Refining Co. Limited ("Thaisarco") tin off-take agreement for three years commencing December 2023.
§ Renewal of the AfriMet Resources AG ("AfriMet") tantalum off-take agreement for 12 months commencing January 2024.
§ Completion and publication of the 2023 Sustainability Report highlighting the Company's contribution of GBP33 million to the Namibian national economy since inception.
Finanzas
§ On 5 September 2023, the Company finalised the NAD100 million (c. GBP4.2 million OR USD5.3 million) Development Bank of Namibia ("DBN") financing that is ring-fenced for the implementation of the Uis Mine Stage II Continuous Improvement Project ("CI2").
§ Finalisation and receipt of USD25 million Financing Package from Orion Resource Partners ("Orion"). (See announcement dated 15 August 2023 and 16 November 2023).
§ Unaudited cash balance on 27 November 2023 at GBP23 million (USD29 million)
Exploración
§ Reverse Circulation ("RC") drilling programme undertaken on the Lithium Ridge licence area (ML133).
- All holes intersected mineralised pegmatites with significant lithium mineralisation along a 6km strike length with spodumene and petalite identified as the primary lithium minerals.
§ Commencement of an exploration programme on Brandberg West licence area EPL 5445.
- Historically a producer of tin and tungsten with strong indications of copper.
Declaración del director ejecutivo
The interim period under review has been nothing short of eventful and exhilarating. We kicked off the year with a rebranding initiative to accurately reflect the poly-metallic nature of our extensive resource portfolio in Namibia's mineral-rich Erongo region. We achieved numerous milestones across all the Company's departments with a single-mindedness to expedite the route-to-market for lithium and tantalum. These milestones include the significant lithium discoveries on Lithium Ridge and Spodumene Hill license areas which established Andrada as an emerging, formidable poly-metallic producer. The commentary below further elaborates the various initiatives we have implemented towards the expanded strategic intent to being a renowned poly-metallic producer.
OPERATIONAL AND FINANCIAL OVERVIEW
Descripción | Unidad | H1 2024 | H1 2023 | ¿% interanual? |
Grado de alimentación | %Sn | 0.156 | 0.147 | 6% |
Tasa de procesamiento de la planta | tph | 136 | 99 | 37% |
Mineral procesado | t | 446 621 | 286 558 | 56% |
Concentrado de estaño | t | 758 | 455 | 67% |
Estaño contenido | t | 454 | 287 | 58% |
Recuperación de estaño | % | 65 | 68 | - 4% |
Disponibilidad de plantas | % | 92 | 89 | 3% |
Utilización de la planta | % | 81 | 74 | 10% |
Uis mine C1 operating cost¹ | USD/t de estaño contenido | 18 161 | 20 094 | - 10% |
Costo operativo Uis mina C2² | USD/t de estaño contenido | 20 796 | 22 668 | - 8% |
Uis mina AISC³ | USD/t de estaño contenido | 24 662 | 25 812 | - 5% |
Precio del estaño alcanzado | USD/t de estaño contenido | 25 912 | 25 525 | 2% |
All the numbers are unaudited
¹C1 operating cash costs refers to operating cash costs per unit of production excluding selling expenses and sustaining capital expenditure associated with Uis Mine.
²C2 operating cash costs are equivalent to the C1 costs including selling expenses (logistics, smelting and royalties).
³All-in sustaining cost (AISC) incorporates all costs are related to sustaining production, capital expenditure associated with developing and maintaining the Uis operation as well as pre-stripping waste mining costs.
Increased tonnage and revenue
Andrada experienced significant growth in H1 2024, driven by a 67% increase in tin concentrate production to 758 tonnes, resulting in a 58% increase in contained tin to 454 tonnes compared to the interim period in the 2023 financial year ("H1 2023"). Consequently, revenue increased to GBP8.7 million (H1 2023: GBP4.7 million), generating a higher gross profit of GBP1.5 million (H1 2023: loss of GBP1 million). This impressive performance is attributed to a 37% increase in plant processing rate and a 10% improvement in capacity utilisation, following the completion of the modular expansion of the crushing and tin concentration circuits in Q3 2023.
The enhanced plant performance revealed bottlenecks that needed to be eliminated to ensure sustainability of the increased output and higher production rates. To that effect, the CI2 is expected to improve processing efficiencies to maximise the tin concentrate recovery rate to approximately 70%, establish business sustainability through the enhancement of operational support infrastructure and to reduce operating costs.
The renewal of the tin off-take with Thaisarco for up to 100% production that was agreed after the period end, should also secure the expanded output resulting from the Orion royalty for another three years to 30 November 2026. (See announcement dated 5 September 2023).
Lower unit cost per tonne
The Company is pleased to report a significant improvement in its financial performance in the first half of 2024. Despite an increase in the cost of sales to GBP7.3 million (H1 2023: GBP5.7 million), the cost per tonne of contained tin decreased by 19% to GBP17 276 (H1 2023: GBP21 903). due to increased production tonnage and economies of scale. At the same time, as set out above, the C1 operating cost and AISC decreased by 10% and 5% respectively due to the higher production tonnage. The increased waste stripping of the mining pit to access ore contributed to the higher costs during the period under review. We are pleased that we have exposed additional ore and the stripping ratios have continued to decrease.
The operating loss decreased by 30% to GBP2.5 million (H1 2023: loss of GBP3.6 million) whilst the loss before tax decreased to GBP2.8 million (H1 2023: loss of GBP3.7 million). The average C1 and C2 cash costs remained within management guidance at USD18 161 (GBP14 324) and USD20 796 (GBP16 403), respectively. We are particularly pleased that the AISC at USD24 662 (GBP19 452) was below management guidance of between USD25 000 (GBP19 719) and USD30 000 (GBP 23 663) per tonne of contained tin. It is important to note that due to the higher stripping ratio and Orion tin royalty, the AISC is expected to increase but remain within our guidance. The CI2 is expected to improve plant efficiency and to reduce operational costs by 10%, with the initial impact expected in Q1 2024.
Rendimiento de seguridad mejorado
At Andrada we are committed to upholding the highest safety standards at Uis. The concerted effort of supervisors across all functions to instil a culture of safety have resulted in a significant improvement in safety performance. The LTIFR decreased from 8.02 at the end of H1 2023 to 0.87 at the end of H1 2024 and there were no fatalities recorded. Various initiatives, such as quarterly safety audits and training, have been instrumental in promoting the safety culture.
Strengthened the financial position
To support ongoing capital expansion programs related to lithium and tantalum development, the Company issued unsecured convertible loan notes totalling GBP7.7 million (c. USD10 million) in July 2023. These funds were primarily utilised for working capital purposes, to progress the exploration program, and to commence a lithium feasibility study. Additionally, the Company secured a USD25 million funding package from Orion Mining, comprising a USD12.5 million unsecured tin royalty, a USD2.5 million equity subscription, and a USD10 million unsecured convertible loan note (see announcement dated 16 November 2023, for more details of this completed package). This funding should provide sufficient capital to progress the expansion programmes at Uis and to expedite the lithium implementation program. In August 2023, Andrada signed binding documentation for the USD25 million Orion funding and ultimately received the funds in November 2023, after the period under review, following the fulfilment of all precedent conditions. We believe that this funding from Orion strongly endorses Andrada's corporate and broader multi-commodity development strategy. (see announcements dated 18 July 2023 and 16 November 2023).
In September 2023, the Company concluded the NAD100 million (c. GBP4.2 million OR c. USD5.3 million) funding with DBN to expedite the implementation of the CI2. The Directors consider this DBN funding to be an essential component of the overall funding and development strategy. The proceeds will be used to implement improvements at Uis Mine to enhance the plant's productivity and output. The targeted increase in the tin recovery rate will complement the royalty portion of the Orion funding by enabling Andrada to achieve the requisite concentrate tonnages. The improvement in cost efficiencies and overall productivity at Uis resulting from the CI2, should lay the foundation for the management of the lithium processing plant and other future operations. (ver anuncio de 5 de septiembre de 2023).
These capital inflows of almost USD40 million, provide funding for the Company to pursue the development of lithium and tantalum revenue streams whilst expanding tin production. Importantly, the DBN and Orion funding will enable us to implement various strategic initiatives necessary for further production growth and the stabilisation of the Company's assets.
The Directors believe that partnering with the DBN and gaining the bank's confidence, should also enable the Company to secure additional infrastructure development financing potentially required for our future growth aspirations.
LITHIUM & TANTALUM DEVELOPMENT
The production of the initial off- site petalite bulk sample concentrate of saleable grade in May 2023 from the Lithium Ridge project represents a significant step towards establishing Andrada as an emerging lithium producer.
Lithium Pilot Plant production
Testing of bulk samples at the Pilot Plant to determine the optimal processing parameters for lithium extraction from all three mining licences commenced in October 2023. In addition to the bulk testing campaigns, the Pilot Plant is also targeting the production of at least 2 400 tpa comprising a saleable concentrate suitable for glass-ceramics market. To date, the Company, has delivered high purity petalite concentrate samples to several potential customers and progress will be provided as these discussions progress. We believe that our lithium concentrate may potentially be suitable as feedstock for refineries producing lithium carbonate or lithium hydroxide for the battery manufacturing industry and will provide further updates on this as our test work in this area advances. (see announcement 15 and 27 November 2023).
Tantalum Circuit production
After the end of the period under review, the Company renewed its tantalum o?take agreement with AfriMet. This will commence on 1 January 2024 for a period of 12 months and should absorb all the concentrate produced by the Circuit at the Uis Mine. The renewal of the off-take agreement should enable us to realise additional value from a the newly commissioned magnetic separation circuit. Optimisation of the Circuit is on-going, and we foresee commercial production commencing in or around December 2023. (see announcement 15 November 2023).
Spodumene Hill: Mining Licence 129
An initial drill programme over the B1 and C1 pegmatites returned positive results with spodumene mineralisation identified within all holes drilled. The results revealed notable intersections of up to 2.32% Li?O grade, highlighting the tantalum potential of this area, which further enhances the relevance of the recently constructed Tantalum Circuit. The proximity of Spodumene Hill to the existing operations at Uis provides an immediate opportunity for additional revenues from the licence area by blending material to increase tantalum grades. (ver anuncio de fecha 6 de julio de 2023)
Lithium Ridge: Mining Licence 133
Lithium Ridge infill channel sampling programme confirmed the presence of continuous mineralisation at surface over a 6 km strike length along multiple mineralised pegmatites. An initial RC drilling programme investigated the continuation of several pegmatites at depth and found that the mineralisation continues within the pegmatite lithologies. The primary lithium minerals identified through drilling and channel sampling were spodumene and petalite, notable lithium intersections including 9m with grades exceeding 2% Li?O. (Ver anuncio de 29 de agosto de 2023, 6 de septiembre de 2023 y 18 de septiembre de 2023).
Off-site Testing Update
Metallurgical test work to date has focused on the concentration of petalite due to its prevalence within the mining areas. The Lithium processing testwork has therefore focussed on petalite recovery, whilst the feasibility of concentrating other lithium bearing minerals present within the mineralised pegmatites is also being investigated. A substantial metallurgical programme focussing on spodumene production is planned to commence in Q4 2024. Three processing technologies are currently being evaluated to determine the optimal process for the extraction and concentration of petalite. Some test work has indicated that it may be possible to upgrade ore to a saleable concentrate solely through DMS technology.
VISIÓN GENERAL ESTRATÉGICA
Resource upgrade
Simultaneously, we upgraded the Uis Mineral Resource Estimate for the V1 and V2 pegmatites, confirming 81 million tonnes (Mt) of ore with an enhanced average tin grade of 0.15% and an updated Lithium Carbonate Equivalent of 1.45Mt at a noteworthy average grade of 0.73% Li?O. (See announcement dated 6 February 2023 for full details of the MRE).
Enhanced governance
As we embarked on the new financial year commencing in March 2023, we further strengthened the Board's expertise by welcoming Hiten Ooka, our Chief Financial Officer, as an executive director and Ms. Gida Sekandi as a non-executive director. Hiten's appointment bolstered the Board's financial acumen, while Gida's expertise deepened our sustainability knowledge. (See announcement dated 11 May 2023).
Strategic Assessment Process
The Strategic Process is on-going with further updates to be released in due course. (See announcement dated 11 May 2023 and 27 November 2023).
Expansion into the North American capital market
The admission to the OTCQB® Market was a key step in Andrada's strategy to broaden the Company's investor base by increasing accessibility to Andrada shares by North American institutional and retail investors. This investor base is known for its understanding of, and strong appetite, for mining companies with strong growth potential, particularly in lithium equities. (See announcement dated 5 June 2023).
Enfoque de sostenibilidad
Sustainability is one of our foundational pillars and is intricately woven into our business model. Our approach goes beyond the mine as we strive to make a positive impact on the Erongo region in which we operate and on Namibia as a whole. Since inception, we have contributed significantly to the national economy through job creation and procurement. We estimate that we have contributed GBP33 million (NAD690 million) to the Namibian economy through procurement, royalties, and taxes since inception. In the 2023, the Company's procurement outlay was GBP 9.1 million (NAD203 million) through 225 Namibian suppliers of which 107 are situated within the Erongo region where Uis is located. The Company further contributed c. GBP2 million (NAD45 million) in royalties and taxes during the year ending 28 February 2023. As focus shifts globally towards climate-smart economies, there is an increased focus on the natural environment. To that effect, we have concentrated our efforts on the sustainable management of the surrounding resources including biodiversity and water whilst producing minerals that are integral to the green energy transition. We are committed to creating long lasting value for all our stakeholders. (See announcement dated 27 October 2023).
CONCLUSIÓN
As we approach the final quarter of 2024, we look forward to achieving the key milestones regarding the lithium development strategy and tin production in line with the Orion tin royalty. The CI2 will be implemented into 2025 and is instrumental in achieving the tin production targeted volumes and cost efficiencies. We also look forward to providing further updates on the many initiatives.
Glosario de abreviaturas
GBP | Gran libra esterlina |
NAD | Dólar de Namibia |
USD | Dólar estadounidense |
ANDRADA MINERÍA LIMITADA
INTERIM REPORT AND CONDENSED CONSOLDATED FINANCIAL STATEMENTS
DECLARACIÓN CONSOLIDADA DE INGRESO COMPRENSIVO
GBP (£) | Notas | 6 meses terminados 31 de agosto de 2023 (no auditado) | 6 months ended 31 August 2022 (No auditado) | 12 meses terminados (auditado) |
Operaciones continuas | ||||
Ingresos | 5 | 8 846 997 | 4 726 609 | 9 827 474 |
El costo de ventas | 6 | (7 325 039) | (5 724 376) | (10 509 418) |
Ganancia / (pérdida) bruta | 1 521 958 | (997 767) | (681 944) | |
Gastos administrativos | 7 | (4 031 304) | (2 557 296) | (7 451) |
Idle Pant Costs | - | - | (258 177) | |
Otros ingresos | 20 583 | - | 52 196 | |
Pérdida operativa | (2 488 763) | (3 555 063) | (8 339) | |
Ingresos financieros | 22 354 | 21 368 | 39 054 | |
Costo financiero | 8 | (309) | (186 874) | (669 824) |
Pérdida antes de impuestos | (2 776) | (3 720) | (8 970) | |
Crédito fiscal / (cargo) | 9 | - | 888 933 | 866 203 |
Pérdida del período | (2 776) | (2 831) | (8 103) | |
Otro resultado integral / (pérdida) |
| |||
Partidas que se reclasificarán o pueden reclasificarse a resultados: |
| |||
Diferencias de cambio en la conversión de la reserva para pagos basados en acciones | (325) | 126 | (441) | |
Diferencias de cambio en la conversión de operaciones en el extranjero | (2 207 455) | 394 000 | (2 298) | |
Diferencias de cambio de participación no controladora | 13 410 | 5 508 | 19 395 | |
Pérdida integral total del período | (4 970) | (2 432) | (10 383) | |
Ganancia / ((pérdida) del período atribuible a: |
| |||
Propietarios del padre | (2 755) | (2 680) | (7 753) | |
Participaciones no controladoras | (20 422) | (150 816) | (350 025) | |
(2 776) | (2 831) | (8 103) | ||
Total utilidad / (pérdida) integral del período atribuible a: |
| |||
Propietarios del padre | (4 963) | (2 286) | (10 052) | |
Participaciones no controladoras | (7 012) | (145 308) | (330 631) | |
(4 970) | (2 432) | (10 383) | ||
Pérdida por acción ordinaria |
| |||
Pérdida básica y diluida por acción (en peniques) | 10 | (0.18) | (0.25) | (0.60) |
ESTADO CONSOLIDADO DE POSICIÓN FINANCIERA
GBP (£) | Notas | 6 meses terminados31 de agosto de 2023 (no auditado) | 6 months ended 31 August 2022(No auditado) | 12 months ended 28 February2023(auditado) |
Activos | ||||
Activos no corrientes | ||||
Activos intangibles | 11 | 8 401 278 | 6 812 947 | 7 279 593 |
Propiedad, planta y equipo | 12 | 29 571 064 | 26 142 978 | 26 723 218 |
Total del activo no corriente | 37 972 342 | 32 955 925 | 34 002 811 | |
Activos circulantes |
| |||
Los inventarios | 13 | 3 171 674 | 1 429 829 | 2 667 193 |
Cuentas comerciales y otras cuentas por cobrar | 14 | 2 896 972 | 2 830 985 | 2 592 770 |
Efectivo y equivalentes de efectivo | 15 | 6 686 921 | 1 675 245 | 8 205 705 |
Total de activos corrientes | 12 755 567 | 5 936 059 | 13 465 668 | |
los activos totales | 50 727 909 | 38 891 984 | 47 468 479 | |
Patrimonio y pasivos | ||||
Equidad | ||||
Capital social | 20 | 56 944 408 | 38 655 078 | 56 883 908 |
Déficit acumulado | (21 089) | (13 420) | (18 334) | |
Reserva de autorización | 21 | 338 903 | 192 632 | 50 307 |
Reserva de pago basada en acciones | 22 | 994 087 | 1 074 125 | 1 049 663 |
Reserva de nota de préstamo convertible | 4 595 614 | - | - | |
Reserva de conversión de moneda extranjera | (6 040 689) | (1 140) | (3 833) | |
Patrimonio atribuible a los propietarios de la matriz | 35 742 389 | 25 361 134 | 35 816 529 | |
Participaciones no controladoras | (154) | 37 892 | (147 430) | |
Equidad total | 35 587 947 | 25 399 026 | 35 669 099 | |
Pasivos no corrientes | ||||
Responsabilidad de rehabilitación ambiental | 18 | 912 550 | 319 440 | 965 578 |
Préstamos | 16 | 4 328 373 | 4 198 763 | 3 287 121 |
Responsabilidad por arrendamiento | 19 | 568 076 | 89 776 | 707 355 |
Pasivo por impuestos diferidos | - | - | - | |
Total pasivo no corriente | 5 808 999 | 4 607 979 | 4 960 054 | |
Pasivo circulante | ||||
Comerciales y otras cuentas a pagar | 17 | 5 289 812 | 3 881 051 | 3 655 126 |
Préstamos | 16 | 3 839 746 | 4 829 492 | 2 915 917 |
Responsabilidad por arrendamiento | 19 | 201 405 | 174 436 | 268 283 |
Total pasivo corriente | 9 330 963 | 8 884 979 | 6 839 326 | |
Total patrimonio y pasivos | 50 727 909 | 38 891 984 | 47 468 479 |
The notes that follow in this report form part of this interim financial information This interim financial information was authorised and approved for issue by the Board of Directors and authorised for issue on 28 November 2023.
ANTONIO VILJOEN
Director Ejecutivo
28 November 2023
ESTADO DE CAMBIOS EN PATRIMONIO NETO CONSOLIDADO
GBP (£) | Capital social
| Reserva de nota de préstamo convertible
| Déficit acumulado
| Reserva de autorización
| Reserva de pago basada en acciones
| Reserva de conversión de moneda extranjera | Total
| Participaciones no controladoras
| Equidad total
|
Patrimonio total a 28 de febrero de 2022 | 38 655 078 | - | (10 739 321) | 192 632 | 704 828 | (1 534 560) | 27 278 657 | 183 200 | 27 461 857 |
Pérdida del período | - | - | (2 680 820) | - | - | - | (2 680 820) | (150 816) | (2 831 636) |
Otro resultado integral / (pérdida) | - | - | - | - | 126 | 394 000 | 394 126 | 5 508 | 399 634 |
Transacciones con propietarios: | |||||||||
Pagos basados en acciones | - | - | - | - | 369 171 | - | 369 171 | - | 369 171 |
Patrimonio total a 31 de agosto de 2022 | 38 655 078 | - | (13 420 141) | 192 632 | 1 074 125 | (1 140 560) | 25 361 134 | 37 892 | 25 399 026 |
Pérdida del período | - | - | (5 072 999) | - | - | - | (5 072 999) | (199 209) | (5 272 208) |
Otro resultado integral / (pérdida) | - | - | - | - | (567) | (2 692 674) | (2 693 241) | 13 887 | (2 679 354) |
Transacciones con propietarios: | |||||||||
Emisión de acciones | 19 801 083 | - | - | - | - | - | 19 801 083 | - | 19 801 083 |
Costes de emisión de acciones | (1 962 253) | - | - | - | - | - | (1 962 253) | - | (1 962 253) |
Pagos basados en acciones | - | - | - | - | (23 895) | - | (23 895) | - | (23 895) |
Warrants ejercidos en el año | 390 000 | - | 159 025 | (159 025) | - | - | 390 000 | - | 390 000 |
Warrants modificados en el año | - | - | - | 16 700 | - | - | 16 700 | - | 16 700 |
Patrimonio total a 28 de febrero de 2023 | 56 883 908 | - | (18 334 115) | 50 307 | 1 049 663 | (3 833 234) | 35 816 529 | (147 430) | 35 669 099 |
Pérdida del período | - | - | (2 755) | - | - | - | (2 755 819) | (20 422) | (2 776 241) |
Otro resultado integral / (pérdida) | - | - | - | - | (325) | (2 207 455) | (2 207 780) | 13 410 | (2 194 370) |
Transacciones con propietarios: | |||||||||
Emisión de acciones | 60 500 | - | - | - | (60 500) | - | - | - | - |
Pagos basados en acciones | - | - | - | - | 5 249 | - | 5 249 | - | 5 249 |
Emisión de pagarés convertibles | - | 5 124 235 | - | - | - | - | 5 124 235 | - | 5 124 235 |
Convertible loan notes issue costs | - | (528 621) | - | - | - | - | (528 621) | - | (528 621) |
Expedición de warrants | - | - | - | 288 596 | - | - | 288 596 | - | 288 596 |
Patrimonio total a 31 de agosto de 2023 | 56 944 408 | 4 595 614 | (21 089) | 338 903 | 994 087 | (6 040 689) | 35 742 388 | (154 442) | 35 587 946 |
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO
GBP (£) | Notas | 6 meses terminados31 de agosto de 2023 (no auditado) | 6 months ended 31 August 2022 (unaudited) | 12 meses terminados28 February 2023 (audited) |
flujos de efectivo por actividades operacionales | ||||
Pérdida antes de impuestos | (2 776) | (3 720) | (8 970) | |
Ajustes para: | ||||
Ajuste del valor razonable al contrato del cliente | 5 | 40 866 | 30 726 | 261 689 |
Depreciación de propiedades, planta y equipo | 12 | 1 692 332 | 949 884 | 2 377 349 |
Depreciación de activos intangibles | 11 | 3 499 | 5 285 | 10 290 |
Pagos basados en acciones | 5 250 | 267 401 | 345 276 | |
Transacciones liquidadas con instrumentos de patrimonio | - | - | 16 700 | |
Ingresos financieros | (22 354) | (21) | (39 054) | |
Costos financieros | 8 | 309 832 | 186 874 | 669 824 |
Cambios en el capital de trabajo: | ||||
Disminución / (aumento) de las cuentas por cobrar | (530 322) | 1 189 937 | 869 458 | |
Disminución / (aumento) de inventario | (706 531) | 57 917 | (1 471 706) | |
Aumento de las cuentas por pagar | 1 910 817 | 851 750 | 997 469 | |
Efectivo neto (utilizado)/generado en actividades operativas | (72 853) | (202 163) | (4 932 752) | |
Flujos de efectivo de actividades de inversión | ||||
Compra de activos intangibles | (1 477 104) | (1 606 380) | (2 580 267) | |
Compra de propiedad, planta y equipo | (6 415 069) | (7 466 335) | (10 677) | |
Efectivo neto utilizado en actividades de inversión | (7 892 173) | (9 072) | (13 257) | |
Flujos de efectivo de actividades de financiación | ||||
Ingresos financieros | 22 354 | 21 368 | 39 054 | |
Costos financieros | 8 | (209 479) | (153 901) | (499 621) |
Pagos de arrendamiento | 19 | (193 149) | (120) | (363 959) |
Ingresos netos de la emisión de acciones | 20 | - | - | 18 228 830 |
Proceeds from equity component of convertible loan notes | 4 848 214 | - | - | |
Proceeds from borrowings (incl. debt component of convertible loan notes) | 2 816 215 | 3 997 799 | 1 729 454 | |
Reembolso de préstamos | (425 792) | (166) | (89 014) | |
Efectivo neto generado por actividades de financiamiento | 6 858 363 | 3 577 357 | 19 044 744 | |
Disminución/(aumento) neto en efectivo y equivalentes de efectivo | (1 106 663) | (5 697) | 854 220 | |
Efectivo y equivalentes de efectivo al comienzo del período | 8 205 705 | 7 365 379 | 7 365 379 | |
Diferencias de cambio | (412 121) | 7 387 | (13 894) | |
Efectivo y equivalentes de efectivo al final del período | 6 686 921 | 1 675 245 | 8 205 705 |
NOTAS A LA INFORMACIÓN FINANCIERA INTERMEDIA CONSOLIDADA
Por el período terminado el 31 de agosto de 2023
1. Corporate information and principal activities
Andrada Mining Limited ("Andrada") was incorporated and domiciled in Guernsey on 1 September 2017, and admitted to the AIM market in London on 9 November 2017. The company's registered office is PO Box 282, Oak House, Hirzel Street, St Peter Port, Guernsey GY1 3RH and operates from Illovo Edge Office Park, 2nd Floor, Building 3, Corner Harries and Fricker Road, Illovo, Johannesburg, 2116, South Africa. This financial information is for the period ended 31 August 2023 and the comparative figures for the 6-month period ended 31 August 2022 and for the year ended 28 February 2023 are shown.
As at 31 August 2023, the Andrada Group comprised:
Empresa | Participación en acciones y derechos de voto | País de constitución | Naturaleza de las actividades |
Minería Andrada Limitada | N/A | Guernesey | Sociedad de cartera definitiva |
Recursos de Greenhills Limited1 | 100% | Guernesey | Holding |
Andrada Mining Pty Limited1 | 100% | Sudáfrica | Servicios de apoyo grupal |
Inversión de tantalio Pty Limited1 | 100% | Namibia | Exploración de estaño y tantalio |
Andrada Mining (Namibia) Pty Limited2 | 100% | Namibia | Tin, tantalum & lithium operations |
Uis Tin Mining Company Pty Limited3 | 85% | Namibia | Tin, tantalum & lithium operations |
Mokopane Tin Company Pty Limited2 | 100% | Sudáfrica | Holding |
Renetipo Pty Limited4 | 74% | Sudáfrica | Exploración de estaño y tantalio |
Jaxson 641 Pty Limitado4 | 50% | Sudáfrica | Exploración de estaño y tantalio |
Inversiones Pamish 71 Pty Limited2 | 100% | Sudáfrica | Holding |
Zaaiplaats Mining Pty Limited5 | 74% | Sudáfrica | Ser dueño de una propiedad |
Uis Tin Mining Company Rwanda Limited2 | 100% | Ruanda | Exploración de estaño y tantalio |
1 Propiedad directa de Andrada Mining Limited
2 A cargo de Greenhills Resources Limited
3 Held by Andrada Mining (Namibia) Pty Limited
4 En poder de Mokopane Tin Company Pty Limited
5 En poder de Pamish Investments 71 Pty Limited
This financial information presented in Pound Sterling (£) because that is the currency in which the Group has raised funding on the AIM market in the United Kingdom. Furthermore, Pound Sterling (£) is the functional currency of the ultimate holding company, Andrada Mining Limited. The Group's key subsidiaries, Andrada Namibia and UTMC, use the Namibian Dollar (N$) as their functional currency. The period-end spot rate used to translate all Namibian Dollar balances was £1 = N$23.87 and the average rate for the period was £1 = N$23.25.
2. POLÍTICAS CONTABLES SIGNIFICATIVAS
a. Basis of accounting
The Consolidated interim financial information has been prepared in accordance with UK Adopted International Accounting Standards. The Consolidated interim financial information also complies with the AIM Rules for Companies, NSX Listing requirements, OTCQB Listing requirements and the Companies (Guernsey) Law, 2008 and show a true and fair view.
Las principales políticas contables aplicadas en la preparación de esta información se detallan a continuación. Estas políticas se han aplicado consistentemente a lo largo del período. Esta información ha sido preparada bajo la convención de costo histórico excepto donde se indique.
La información financiera intermedia para los seis meses hasta el 31 de agosto de 2023 no está auditada y no constituye información financiera estatutaria. Las cuentas estatutarias del ejercicio cerrado el 28 de febrero de 2023 están disponibles en el sitio web de la Sociedad.
b. Preocupación continua
These financial statements have been prepared on the basis of accounting principles applicable to a going concern which assumes the Group will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. At period end, the Group had cash in the bank of £6.7m and had drawn down £1.5m of the Standard Bank working capital facility.
In September 2023, N$50m (c. £2.1m) of the N$100m (c. £4.2m) funding from the Development Bank of Namibia was received. These funds will be used to expedite the implementation of the Uis Mine Stage II Continuous Improvement Project.
In November 2023, US$25m (c. £19.8m) was received from Orion Resource Partners. This includes US$2.5m (c. £2.0m) equity, a US$10m (c. £7.9m) Convertible Loan Note and a US$12.5m (c. £9.9m) unsecured tin royalty. The equity and loan note will be used to accelerate Andrada's overall strategy of achieving commercial production of its lithium, tin and tantalum revenue streams. The royalty funds will be used for the sole purpose of increasing Andrada's tin production as it ramps up its capital programmes over the next 2 years.
Management has prepared a detailed cash flow forecast for the period to 30 November 2024 and have performed stress tests of these forecasts. The base case forecast demonstrates that the Group will have sufficient funds to meet its liabilities as they fall due. The main estimates considered as part of management's going concern assessment are production profiles, tin, lithium and tantalum prices, exchange rates and committed capital. The production profile is based on the Group's current achieved production post the completion of the expansion project, as well as the additional production on the successful completion of the continuous improvement capital project. The Group also retains the ability to flex its ongoing exploration and metallurgical capital expenditures in line with cash availability as well as macro-economic circumstances.
The forecast revenue and funding raised to date supports the liquidity requirements of the Group and its ability to meet its obligations in the ordinary course of business until February 2025. Accordingly, the Directors have concluded that the going concern basis in the preparation of the financial statements is appropriate and that there are no material uncertainties that would cast doubt on that basis of preparation.
c. Critical accounting estimates and judgements
In the application of the Group's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. Information about significant areas of estimation uncertainty considered by management in preparing the interim financial information is provided below.
Las estimaciones y los juicios se evalúan continuamente. Las revisiones a las estimaciones contables se reconocen en el año en que se revisan las estimaciones si la revisión afecta solo a ese año, o en el año de revisión y en años futuros si la revisión afecta tanto al año actual como al futuro.
d. Going concern and liquidity
Significant estimates were required in forecasting cash flows used in the assessment of going concern including tin, tantalum and lithium prices, the levels of production, operating costs, and capital expenditure requirements. For further details, refer to going concern considerations laid out earlier in Note 2(b).
e. Decommissioning and rehabilitation obligations
Estimar los costos futuros de las obligaciones ambientales y de rehabilitación es complejo y requiere que la gerencia haga estimaciones y juicios, ya que la mayoría de las obligaciones se cumplirán en el futuro y los contratos y las leyes a menudo no son claros con respecto a lo que se requiere. Las provisiones resultantes (ver Nota 18) están influenciadas además por tecnologías cambiantes y por consideraciones políticas, ambientales, de seguridad, comerciales y legales.
La provisión de rehabilitación del Grupo se basa en el valor presente neto de las mejores estimaciones de la gerencia de los costos de rehabilitación futuros. Se requiere juicio para establecer la perturbación y los costos de rehabilitación asociados al final del período, el momento de los costos, las tasas de descuento y la inflación. En la formación de estimaciones del costo de rehabilitación que se ajustan al riesgo, el Grupo evaluó el Plan de Gestión Ambiental y los informes proporcionados por expertos internos y externos. Los costos reales incurridos en períodos futuros podrían diferir significativamente de las estimaciones, y los cambios en las leyes y reglamentos ambientales, las estimaciones de la vida útil de la mina, las tasas de inflación y las tasas de descuento podrían afectar el valor en libros de la provisión.
In determining the amount attributable to the rehabilitation liability, management used a risk-free discount rate of 13% (August 2022: 13% and February 2023: 13%), an inflation rate of 5.3% (August 2022: 7% and February 2023: 5.3%) and an estimated mining period of 12.9 years (August 2022: 16.5 years and February 2023: 13.4 years), being the Phase 1 expansion life of mine. The rates used are in line with the Namibian market rates.
f. Impairment indicator assessment for exploration and evaluation assets
Determinar si un activo de exploración y evaluación está deteriorado requiere una evaluación de si existen indicadores de deterioro, incluidos indicadores de deterioro específicos prescritos en la NIIF 6: Exploración y Evaluación de Recursos Minerales. Si hay algún indicio de posible deterioro, se requiere una prueba de deterioro basada en el valor en uso del activo. La valoración de los activos de exploración intangibles depende del descubrimiento de depósitos económicamente recuperables que, a su vez, depende de los precios futuros del estaño, los futuros gastos de capital, las restricciones ambientales y regulatorias y la renovación exitosa de las licencias. Los directores han llegado a la conclusión de que no hay indicios de deterioro con respecto al valor en libros de los activos intangibles de Namibia al 28 de febrero de 2023 según el desarrollo futuro planificado de los proyectos de Namibia y los precios actuales y previstos del estaño. Los activos de exploración y evaluación se revelan en su totalidad en la Nota 11.
g. Impairment assessment for property, plant, and equipment
Management have reviewed the Uis mine for indicators of impairment and have considered, among other factors, the operations to date at the Uis Tin Mine, forecast commodity prices, production profile, inflation rate, post-tax real discount rate and market capitalisation of the Group. Management identified the reduction in the tin price as an indicator of impairment. In undertaking the impairment review, management have also reviewed the underlying LoM valuation model for Uis. The LoM valuation model is on a fair value less cost to develop basis and includes assessments of different scenarios associated with capital improvements and expansion opportunities. The impairment testing performed by management did not result in an impairment.
The forecasts require estimates regarding forecast tin, tantalum and lithium prices, ore resources, production, operating and capital costs. Under the base case forecast scenario, management used a forecast tin price of $26 000, tantalum price of $150 000, lithium price of $2 960 dropping to $1 051 in FY2027, a post-tax real discount rate of 8.7%, an inflation rate of 5.5% and a life of mine of 30 years. The forecast indicates sufficient headroom as at 31 August 2023.
The complex judgement in determining the recoverable amount of mining assets is an estimation of the future tin price. The estimation of future tin price is subject to uncertainty considering the volatility of market. Management has therefore compared the forecast tin price with the economic consensus estimates. Furthermore, a sensitivity analysis was performed by lowering the forecast tin prices by 5% which also indicated sufficient headroom as at 31 August 2023.
As an additional test, management performed certain sensitivity calculations. These included raising the discount rate to 9.7% post tax real rate, lowering plant recovery by 5% and increasing operating costs by 5%. In each of these circumstances, the forecast indicated sufficient headroom as at 31 August 2023.
h. Depreciación
El juicio se aplica al hacer suposiciones sobre el cargo por depreciación de los activos mineros cuando se usa el método de unidad de producción para estimar las toneladas de mineral mantenidas en reservas. Las reservas relevantes son las incluidas en el actual plan LoM aprobado que se relaciona con la expansión de la Fase 1. El juicio también se aplica al evaluar la vida útil estimada de los activos individuales y los valores residuales. Los supuestos son revisados por lo menos una vez al año por la administración y el juicio se basa en la consideración del plan LoM, así como en la naturaleza de los activos. Los supuestos de reserva incluidos en el plan LoM son evaluados por la administración.
i. Capitalisation and depreciation of waste stripping
El Grupo ha optado por capitalizar los costos de las actividades de extracción de residuos, ya que son necesarios para permitir un mejor acceso al mineral y, por lo tanto, generarán beneficios económicos futuros. Los costos de perforación, voladura y carga y transporte de material de desecho se capitalizan hasta el momento en que el mineral subyacente se utiliza en la producción. Estos costos luego se contabilizan como gastos en forma proporcional. Los costos capitalizados se incluyen en el activo minero en propiedad, planta y equipo y se contabilizan como gastos de depreciación en el estado de resultados integrales. La capitalización del desmonte de residuos requiere que el Grupo realice juicios y estimaciones en la determinación de los importes a capitalizar. Estos juicios y estimaciones incluyen, entre otros, la relación de desbroce de la vida útil esperada de la mina para cada tajo abierto por separado, la determinación de lo que define a los tajos separados y los volúmenes esperados que se extraerán de cada componente de un tajo para el cual se deprecia el activo de desbroce. .
j. Determination of ore reserves
La estimación de las reservas de mineral impacta principalmente el cargo por depreciación de los activos mineros evaluados, que se deprecian con base en la cantidad de reservas de mineral. Los volúmenes de reserva también se utilizan para calcular si se debe registrar un cargo por deterioro cuando existe un indicador de deterioro.
The Group estimates its ore reserves and mineral resources based on information, compiled by appropriately qualified persons, relating to geological and technical data on the size, depth, shape, and grade of the ore body and related to suitable production techniques and recovery rates. The estimate of recoverable reserves is based on factors such as tin prices, future capital requirements and production costs, along with geological assumptions and judgements made in estimating the size and grade of the ore body. There are numerous uncertainties inherent in estimating ore reserves and mineral resources. Consequently, assumptions that are valid at the time of estimation may change significantly if or when new information becomes available.
k. Valuation of inventories
Se aplica el juicio al hacer suposiciones sobre el valor de los inventarios y las existencias acumuladas, incluidos los precios del estaño, las recuperaciones de plantas y los costos de procesamiento, para determinar la medida en que el Grupo valora el inventario y las existencias almacenadas. El Grupo utiliza los precios previstos del estaño para determinar el valor neto realizable de la reserva de ROM y el inventario de concentrado de estaño disponible al final del período. Las existencias de inventario se miden utilizando los costos reales de extracción y procesamiento.
l. Determining the lease term
Al determinar el plazo del arrendamiento, la administración considera todos los hechos y circunstancias que crean un incentivo económico para ejercer, o no ejercer, una opción de extensión. Las opciones de extensión solo se incluyen en el plazo del arrendamiento cuando la empresa está razonablemente segura de que extenderá o no terminará el arrendamiento cuando expire el arrendamiento. Para todos los arrendamientos, los factores más relevantes incluyen:
§ Historical lease durations.
§ Costs incurred in replacing the leased asset.
§ Possible business disruption due to replacing the leased asset.
§ Probabilidad de extensión del contrato de arrendamiento: si existen sanciones significativas para rescindirlo, entonces es razonablemente seguro que el Grupo lo extenderá.
El plazo del arrendamiento se reevalúa de forma continua, especialmente cuando la opción de prórroga se vuelve ejercitable, o cuando se produce un evento significativo o un cambio significativo en las circunstancias que afecta esta evaluación y que está bajo el control del Grupo.
m. Determining the incremental borrowing rate to measure lease liabilities
La tasa de interés implícita en los arrendamientos no está disponible, por lo que el Grupo utiliza la tasa incremental de endeudamiento (IBR) relevante para medir sus pasivos por arrendamiento. Se estima que la IBR es la tasa de interés que el Grupo pagaría por tomar prestado:
§ over a similar term.
§ with similar security.
§ la cantidad necesaria para obtener un activo de valor similar al activo por derecho de uso; y
§ en un entorno económico similar.
The IBR, therefore, is the best estimate of the incremental rate and requires management's judgement as there are no observable rates available.
n. Determining the fair value of trade receivables classified at fair value through profit or loss
The consideration receivable in respect of certain sales for which performance obligations have been satisfied at period end and for which the Group has received prepayment under the terms of the offtake agreement, remain subject to pricing adjustments with reference to market prices at the date of finalisation. Under the Group's accounting policies, the fair value of the consideration is determined, and the remaining receivable is adjusted to reflect fair value. Management estimated the forward price based on the LME 3-month tin price that is expected when the open shipments will be finalised. As at 31 August 2023, the Group recognised a receivable at fair value through profit or loss of £432 220 (August 2022: receivable of £519 321 and February 2023: receivable of £126 125).
3. Adoption of new and revised standards
Several new and amended standards and interpretations issued by IASB have become effective for the first time for financial periods beginning on (or after) 1 March 2023 and have been applied by the Group in this interim financial information. None of these new and amended standards and interpretations had a significant effect on the Group because they are either not relevant to the Group's activities or require accounting which is consistent with the Group's current accounting policies.
a. Accounting standards and interpretations not applied
There are several standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods and which have not been adopted early.
4. Presentación de informes por segmentos
The reporting segments are identified by the management steering committee (who are the chief operating decision-makers) by the way that the Group's operations are organised. The Group has previously reported a Namibian and a South African operating segment. In the 2021 financial year, the Group made the decision to impair the full value of the South African mining licences as it chose to focus on developing its Namibian assets and it did not intend to incur any further expenditure on its South African licences. The Group now has a single operating segment, consisting of the Namibian operations.
5. Ingresos
GBP (£) | 6 meses terminados31 de agosto de 2023 (no auditado) | 6 meses terminados31 de agosto de 2022 (no auditado) | 12 meses terminados28 February 2023 (audited) |
Ingresos por venta de estaño | 8 863 854 | 4 723 857 | 10 024 487 |
Ingresos por venta de arena | 24 009 | 33 478 | 64 676 |
Ingresos totales de los clientes | 8 887 863 | 4 757 335 | 10 089 163 |
Otros ingresos: cambio en el valor razonable de contrato con el cliente | (40) | (30) | (261 689) |
8 846 997 | 4 726 609 | 9 827 474 |
6. Costo de ventas
GBP (£) | 6 meses terminados31 de agosto de 2023 (no auditado) | 6 meses terminados31 de agosto de 2022 (no auditado) | 12 meses terminados28 February 2023 (audited) |
Costos de producción | 6 340 380 | 5 049 956 | 9 334 142 |
Cargos de fundición | 643 468 | 339 978 | 757 459 |
Costos logísticos | 79 401 | 59 328 | 106 626 |
Regalías del gobierno | 261 790 | 275 114 | 311 191 |
7 325 039 | 5 724 376 | 10 509 418 |
7. Gastos administrativos
Se ha llegado a la pérdida para el período después de la carga:
GBP (£) | 6 meses terminados31 de agosto de 2023 (no auditado) | 6 meses terminados31 de agosto de 2022 (no auditado) | 12 meses terminados28 February 2023 (audited) |
Gastos de personal | 1 216 022 | 1 083 726 | 3 025 406 |
Depreciación de propiedad, planta y equipo | 209 960 | 113 185 | 366 190 |
Honorarios profesionales | 1 089 805 | 443 781 | 1 201 984 |
Gastos de viaje | 153 875 | 150 450 | 350 884 |
Gastos de administración de la UIS | 484 264 | 266 779 | 916 238 |
La remuneración del Auditor | 5 350 | 5 000 | 190 000 |
Pérdidas cambiarias | 305 870 | 315 510 | 696 621 |
costes de IT | 199 685 | 105 846 | 285 408 |
Otros costos | 366 473 | 73 018 | 418 621 |
4 031 304 | 2 557 296 | 7 451 352 |
Otros costos se componen principalmente de los gastos generales corporativos necesarios para operar la oficina central de Sudáfrica y los costos asociados con la cotización en Londres.
8. Costo financiero
GBP (£) | 6 meses terminados31 de agosto de 2023 (no auditado) | 6 meses terminados31 de agosto de 2022 (no auditado) | 12 meses terminados28 February 2023 (audited) |
Intereses sobre pasivo por arrendamiento | 50 506 | 15 882 | 156 118 |
Interés por responsabilidad de rehabilitación ambiental | 13 851 | 17 209 | 14 085 |
interés bancario | 150 915 | 95 900 | 338 812 |
Intereses sobre notas de préstamos convertibles | 19 809 | - | - |
Interest on warrants | 16 187 | - | - |
Otro interés | 58 564 | 57 882 | 160 809 |
309 832 | 186 874 | 669 824 |
9. Fiscalidad
El gasto por impuestos representa la suma del impuesto actualmente por pagar y el impuesto diferido.
GBP (£) | 6 meses terminados31 de agosto de 2023 (no auditado) | 6 meses terminados31 de agosto de 2022 (no auditado) | 12 meses terminados28 February 2023 (audited) |
Factors affecting tax for the period - The tax assessed for the period at the Guernsey corporation tax charge rate of 0%, as explained below | |||
Pérdida antes de impuestos | (2 776) | (3 720) | (8 970) |
Profit/ (Loss) before taxation multiplied by the Guernsey: Corporation tax charge rate of 0% | - | - | - |
Efectos de: | |||
Diferencias en las tasas impositivas (jurisdicciones extranjeras) | (548 888) | (615 188) | (1 791) |
Pérdidas fiscales arrastradas | 548 888 | 615 188 | 1 791 238 |
Movimiento en impuesto diferido | - | 888 933 | 866 203 |
Impuesto del período | - | 888 933 | 866 203 |
Accumulated losses in the subsidiary undertakings for which there is an unrecognised deferred tax asset are £9 379 913 (August 2022: £5 131 401 and February 2023: £8 100 173).
10. Pérdida por acción de operaciones continuas
The calculation of a basic loss per share of 0.18 pence (February 2022: loss per share of 0.25 pence and February 2023: loss per share of 0.60 pence), is calculated using the total loss for the period attributable to the owners of the Company of £2 755 819 (February 2022: £2 680 820 and February 2023: £7 753 819 and the weighted average number of shares in issue during the period of 1 538 528 155 (August 2022: 1 064 247 295 and February 2023: 1 291 331 804). Due to the loss for the period, the diluted loss per share is the same as the basic loss per share. The number of potentially dilutive ordinary shares, in respect of share options, warrants and shares to be issued as at 31 August 2023 is 76 309 563 (August 2022: 97 310 649 and February 2023: 77 636 918). These potentially dilutive ordinary shares may have a dilutive effect on future earnings per share.
11. Activos intangibles
GBP (£) | Activos de exploración y evaluación | Software de ordenador | Total |
Cost | |||
Al 31 de agosto de 2022 | 6 723 897 | 122 418 | 6 846 315 |
Adiciones para el período | 957 860 | - | 957 860 |
Diferencias de cambio | (476 995) | (10 104) | (487 099) |
Al 28 de febrero de 2023 | 7 204 762 | 112 313 | 7 317 076 |
Adiciones para el período | 1 477 104 | - | 1 477 104 |
Diferencias de cambio | (346 855) | (5 155) | (352 010) |
Al 31 de agosto de 2023 | 8 335 011 | 107 159 | 8 442 170 |
Depreciación acumulada | |||
Al 31 de agosto de 2022 | - | 33 368 | 33 368 |
Cobrar por el período | - | 5 005 | 5 005 |
Diferencias de cambio | - | (890) | (890) |
Al 28 de febrero de 2023 | - | 37 483 | 37 483 |
Cobrar por el período | - | 3 499 | 3 499 |
Diferencias de cambio | - | (91) | (91) |
Al 31 de agosto de 2023 | - | 40 892 | 40 892 |
Valor neto contable | |||
Al 31 de agosto de 2023 | 8 335 011 | 66 268 | 8 401 278 |
Al 28 de febrero de 2023 | 7 204 762 | 74 831 | 7 279 593 |
Al 31 de agosto de 2022 | 6 723 897 | 89 050 | 6 812 947 |
The additions to the evaluation and exploration asset during the period mainly comprise of expenses capitalised as part of the Phase 2 exploration drilling project, the metallurgical test work programme, environmental studies, and region exploration projects.
12. Propiedad, planta y equipo
GBP (£) | CARGA TERRESTRE | Activo minero en construcción | Activo minero | Activo minero - Stripping | Activo por desmantelamiento | Derecho de usobaza | Módulo Equipos | Muebles | Vehículos | Equipo móvil(grua) | Edificios | Total |
Cost | ||||||||||||
Al 31 de agosto de 2022 | 12 613 | 8 741 126 | 17 063 094 | 2 083 162 | 275 258 | 671 519 | 242 417 | 197 962 | 256 268 | 489 237 | 52 271 | 30 084 927 |
Adiciones para el período | - | 2 151 424 | (122 546) | 808 190 | 750 363 | 1 121 536 | 72 089 | 85 000 | 104 577 | (7 960) | 232 099 | 5 194 772 |
Disposiciones del período | - | - | (309 259) | - | - | (61 435) | - | - | - | - | - | (370 694) |
Transferencia del activo de exploración y evaluación | - | (9 532 184) | 9 532 184 | - | - | - | - | - | - | - | - | - |
Diferencias de cambio | (1 351) | (119 492) | (2 500 783) | (279 125) | (97 049) | (172 923) | (31 466) | (28 470) | (32 449) | (44 458) | (25 272) | (3 332 838) |
Al 28 de febrero de 2023 | 11 262 | 1 240 874 | 23 662 690 | 2 612 227 | 928 572 | 1 558 697 | 283 040 | 254 492 | 328 396 | 436 819 | 259 098 | 31 576 167 |
Adiciones para el período | - | 3 953 001 | 380 379 | 1 838 423 | - | 22 458 | 68 646 | 66 240 | 85 926 | - | - | 6 415 073 |
Disposiciones del período | - | - | - | - | - | - | - | - | - | - | - | - |
Diferencias de cambio | (776) | (763 865) | (963 365) | (227 596) | (63 968) | (112 191) | (21 231) | (19 211) | (24 850) | (30 092) | (17 849) | (2 244 994) |
Al 31 de agosto de 2023 | 10 486 | 4 430 010 | 23 079 70 | 4 223 054 | 864 604 | 1 468 964 | 330 455 | 301 521 | 389 472 | 406 727 | 241 249 | 35 746 246 |
Depreciación acumulada | ||||||||||||
Al 31 de agosto de 2022 | - | - | 2 330 648 | 840 539 | 17 585 | 425 950 | 145 881 | 88 373 | 72 793 | 19 527 | 653 | 3 941 949 |
Cobrar por el período | - | - | 532 865 | 624 439 | 7 567 | 168 863 | 25 354 | 21 703 | 18 605 | 19 591 | 8 479 | 1 427 466 |
Diferencias de cambio | - | - | (264 204) | (138 298) | (2 380) | (69 973) | (17 358) | (10 876) | (9 085) | (3 475) | (817) | (516 466) |
Al 28 de febrero de 2023 | - | - | 2 599 309 | 1 326 680 | 22 772 | 524 840 | 153 877 | 99 200 | 82 313 | 35 643 | 8 315 | 4 852 949 |
Cobrar por el período | - | - | 802 796 | 587 519 | 32 511 | 156 332 | 36 216 | 27 251 | 30 183 | 17 422 | 2 104 | 1 692 334 |
Diferencias de cambio | - | - | (182 819) | (106 619) | (2 411) | (49 187) | (11 564) | (7 515) | (6 452) | (2 907) | (627) | (370 101) |
Al 31 de agosto de 2023 | - | - | 3 219 286 | 1 807 580 | 52 872 | 631 985 | 178 529 | 118 936 | 106 044 | 50 158 | 9 792 | 6 175 182 |
Valor neto contable | ||||||||||||
Al 31 de agosto de 2023 | 10 486 | 4 430 010 | 19 860 418 | 2 415 474 | 811 732 | 836 979 | 151 926 | 182 585 | 283 428 | 356 569 | 231 457 | 29 571 064 |
Al 28 de febrero de 2023 | 11 262 | 1 240 874 | 21 063 381 | 1 285 547 | 905 800 | 1 033 857 | 129 163 | 155 292 | 246 083 | 401 176 | 250 783 | 26 723 218 |
Al 31 de agosto de 2022 | 12 613 | 8 741 126 | 14 732 446 | 1 242 624 | 257 673 | 245 569 | 96 536 | 109 589 | 183 475 | 469 710 | 51 618 | 26 142 978 |
Las adiciones al activo minero en construcción incluyen costos capitalizados y equipos adquiridos como parte de la construcción de la Instalación de Procesamiento de Muestras a Granel. Esto incluye una planta piloto de Litio, una planta piloto de Tantalio y una planta de clasificación de minerales. Las adiciones al activo minero incluyen los costos capitalizados y los equipos adquiridos como parte del proyecto de mejora continua Fase 1 de Uis
13. Inventarios
GBP (£) | 6 meses terminados 31 de agosto de 2023 (no auditado) | 6 months ended 31 August 2022 (unaudited) | 12 meses terminados28 February 2023 (audited) |
Arsenal extraído de la mina | 1 669 176 | 605 258 | 589 725 |
Concentrado de estaño a mano | 723 747 | 204 236 | 1 364 286 |
Consumibles | 778 752 | 620 335 | 713 182 |
3 171 674 | 1 429 829 | 2 667 193 |
14. Cuentas por cobrar comerciales y otras
6 months ended 31 August 2023 (unaudited) | 6 months ended 31 August 2022 (unaudited) | 12 meses terminados28 February 2023 (audited) | |
Cuentas por cobrar comerciales | 305 410 | 160 188 | 27 678 |
Cuentas comerciales por cobrar a valor razonable con cambios en resultados o perdida | 432 220 | (519) | 126 125 |
Otros ingresos | 951 525 | 538 218 | 1 369 867 |
Cuentas por cobrar de IVA | 1 207 817 | 2 651 899 | 1 069 100 |
2 896 972 | 2 830 984 | 2 592 770 |
15. Efectivo y equivalentes de efectivo
GBP (£) | 6 months ended 31 August 2023 (unaudited) | 6 months ended 31 August 2022 (unaudited) | 12 meses terminados28 February 2023 (audited) |
Efectivo en caja y en banco | 6 686 921 | 1 675 245 | 8 205 705 |
16. Préstamos
6 months ended 31 August 2023 (unaudited) | 6 months ended 31 August 2022 (unaudited) | 12 meses terminados28 February 2023 (audited) | |
Facilidad de préstamo a plazo estándar del Banco | 3 387 437 | 4 467 960 | 4 083 503 |
Facilidad estándar de IVA del banco | 313 186 | 376 709 | 336 357 |
Financiamiento de activos de vehículos bancarios estándar | 528 064 | 503 444 | 484 373 |
Facilidad de préstamo a corto plazo de Standard Bank | - | 2 005 565 | - |
Facilidad de capital de trabajo de Standard Bank | 1 472 644 | 1 674 577 | 1 298 805 |
Convertible Loan Note (debt component) | 2 466 788 | ||
6 168 120 | 9 028 255 | 6 203 038 |
On 18 November 2022, a term loan facility of N$90 000 000 (c.£3 771 000), a VAT facility of N$8 000 000 (c.£335 000) and a working capital facility of N$35 000 000 (c. £1 476 000) was entered into between the Company's subsidiary, Uis Tin Mining Company (Pty) Ltd and Standard Bank Namibia. During the prior year, a vehicle asset financing facility to the value of N$15 000 000 (c. £629 000) was provided.
La fecha de vencimiento de la línea de crédito a plazo es noviembre de 2026 y el saldo de capital del préstamo junto con los intereses devengados se pagarán en cuotas trimestrales durante los próximos 5 años. Se cargan intereses sobre el saldo de capital pendiente del préstamo a una tasa de JIBAR a 3 meses más un margen del 4.5%.
El Grupo está obligado a cumplir los siguientes convenios cada año el 28 de febrero como parte del contrato de préstamo a plazo:
§ EBITDA ÷ interés total no debe ser inferior a 4.5 veces
§ Deuda total ÷ EBITDA no debe exceder 4 veces en el año 1, 3.5 veces en el año 2 y 3 veces a partir de entonces
§ Flujo de caja libre antes de la Cobertura del Servicio de la Deuda ÷ Principal e Intereses Los Pagos del Servicio de la Deuda Senior no deben ser inferiores a 1.3 veces
§ Flujo de caja libre antes de la Cobertura del servicio de la deuda + Colateral total en efectivo ÷ Principal e intereses Los pagos del servicio de la deuda senior no deben ser inferiores a 2 veces
El Grupo recibió una exención de convenio de Standard Bank para el año que finalizó el 28 de febrero de 2023. La próxima fecha de medición será el 28 de febrero de 2024.
El mecanismo del IVA está garantizado por declaraciones de IVA evaluadas/auditadas (reembolsos) que no han sido pagadas por la Agencia Tributaria de Namibia. Standard Bank Namibia ofrece un servicio que asciende a los reembolsos impagos. Todos los retiros contra este servicio se reembolsan al banco al recibir el efectivo de Namibia Inland Revenue.
The VAT facility and the working capital facility have no fixed maturity date but are both renewed on an annual basis. Interest accrues on these facilities at the Namibian prime rate less 1%.
Standard Bank Namibia have provided a N$ 5 956 100 (c. £250 000) guarantee to the Namibia Power Corporation Pty Limited in relation to a deposit for the supply of electrical power. As a result of the guarantee provided by Standard Bank, no cash was paid over for the deposit.
On 21 July 2023 the Group issued 77 unsecured convertible loan notes of £100 000 each to new and existing investors. The notes have a term of 3 years, bear interest at a rate of 12% per annum and can be redeemed in cash only at the option of the Group or converted into ordinary shares at a fixed price of 9.45p by mutual agreement between the Group and the note holders. As per IAS 32 and IFRS 9, the convertible loan notes have been classified as a compound financial instrument. The principal amount is classified as equity because, at the election of the Group, they can avoid paying cash by delivering a fixed number of shares. The interest payments are classified as a liability because there is a contractual obligation to either pay cash or to deliver a variable number of the Group's shares. Refer to the Statement of Changes in Equity for the equity portion of this instrument and Note 24 for further details of the transaction.
17. Acreedores comerciales y otras cuentas por pagar
GBP (£) | 6 months ended 31 August 2023 (unaudited) | 6 months ended 31 August 2022 (unaudited) | 12 meses terminados28 February 2023 (audited) |
Comercio a pagar | 2 652 507 | 3 344 593 | 1 624 816 |
Otras cuentas por pagar | 518 574 | 168 378 | 202 127 |
Acumulaciones | 2 118 731 | 368 080 | 1 828 183 |
5 289 812 | 3 881 051 | 3 655 126 |
18. Responsabilidad por rehabilitación ambiental
GBP (£) | |
Saldo al 31 de agosto de 2022 | 319 441 |
Aumento de la provisión | 750 363 |
Gastos por intereses | (3 006) |
Diferencias de cambio de divisas | (101 219) |
Saldo al 28 de febrero de 2023 | 965 578 |
Aumento de la provisión | - |
Gastos por intereses | 13 851 |
Diferencias de cambio de divisas | (66 877) |
Saldo al 31 de agosto de 2023 | 912 552 |
La provisión para futuros costos de rehabilitación ambiental y desmantelamiento se realiza de forma progresiva. Las estimaciones se basan en los costos que se revisan periódicamente y se ajustan de manera apropiada para las nuevas circunstancias. El pasivo por rehabilitación ambiental se basa en las perturbaciones y la rehabilitación requerida al 31 de agosto de 2023.
The rehabilitation provision represents the present value of decommissioning costs relating to the dismantling of mechanical equipment and steel structures related to the Phase 1 Pilot Plant, the demolishing of civil platforms and reshaping of earthworks. A provision for this requires estimates and assumptions to be made around the relevant regulatory framework, the magnitude of the possible disturbance and the timing, extent and costs of the required closure and rehabilitation activities. In calculating the appropriate provision, cost estimates of the future potential cash outflows based on current studies of the expected rehabilitation activities and timing thereof are prepared. These forecasts are then discounted to their present value using a risk-free rate specific to the liability.
In determining the amount attributable to the rehabilitation liability, management used a discount rate of 13% (August 2022: 13% and February 2023: 13%), an inflation rate of 5.3% (August 2022: 7% and February 2023: 5.3%) and an estimated mining period of 12.9 years, being the Phase 1 expansion life of mine. Actual rehabilitation and decommissioning costs will ultimately depend upon future market prices for the necessary rehabilitation works and timing of when the mine ceases operation.
19. Responsabilidad por arrendamiento
La Compañía evaluó todos los contratos de arrendamiento y concluyó que los siguientes alquileres caen dentro del alcance de la NIIF 16: Arrendamientos y, por lo tanto, se ha reconocido un pasivo por arrendamiento:
Plazo del arrendamiento | Opción de extender / terminar | Tasa de endeudamiento incremental | |
Edificio de oficinas | 5 años | Opción de prórroga no especificada en contrato. Plazo de arrendamiento determinado a 5 años. | 13.75% |
Instalación de taller | 2 años | Opción de prórroga no especificada en contrato. Plazo de arrendamiento determinado a 2 años. | 9.75% |
Vivienda residencial | 5 años | El contrato de arrendamiento continuará automáticamente después del período inicial por un período indefinido. Cualquiera de las partes debe proporcionar un aviso por escrito si desea rescindir. Plazo de arrendamiento determinado a 5 años. | 11.75% |
Unidades móviles | 2 años | Al arrendatario se le otorga la opción de comprar las unidades después del período de arrendamiento de 2 años. | 7.5% |
Vehículos | 5 años | El arrendatario será propietario de los vehículos una vez transcurrido el período de arrendamiento de 5 años. | 11.25% |
GBP (£) | Edificio de oficinas | Taller | Vivienda | Unidades móviles | Vehículos | Total |
Saldo al 31 de agosto de 2022 | 130 669 | 9 276 | 95 717 | 28 550 | - | 264 212 |
Adiciones | 534 606 | 43 507 | 153 388 | - | 208 892 | 940 393 |
Disposiciones | (22 035) | (22 035) | ||||
Gastos por intereses | 45 733 | 14 862 | 58 016 | 601 | 21 025 | 140 237 |
Pagos de arrendamiento | (104 824) | (31 229) | (32 144) | (18 086) | (56 699) | (242 982) |
Diferencias de cambio de divisas | (55 866) | (4 075) | (26 752) | (1 900) | (15 594) | (104 187) |
Saldo al 28 de febrero de 2023 | 528 283 | 32 341 | 248 225 | 9 165 | 157 624 | 975 638 |
Adiciones | - | - | - | - | - | - |
Gastos por intereses | 29 952 | 815 | 12 137 | 103 | 7 500 | 50 507 |
Pagos de arrendamiento | (94 822) | (23 819) | (42 970) | (7 901) | (23 637) | (193 149) |
Diferencias de cambio de divisas | (34 712) | (1 631) | (16 302) | (430) | (10 440) | (63 515) |
Saldo al 31 de agosto de 2023 | 428 702 | 7 706 | 201 090 | 937 | 131 047 | 769 481 |
La siguiente es la división entre la porción corriente y no corriente del pasivo:
GBP (£) | 6 months ended 31 August 2023 (unaudited) | 6 months ended 31 August 2022 (unaudited) | 12 meses terminados28 de febrero de 2023(auditado) |
Pasivo no corriente | 568 076 | 89 776 | 707 355 |
Responsabilidad actual | 201 405 | 174 436 | 268 283 |
769 481 | 264 212 | 975 638 |
20. Capital social
Número de acciones ordinarias sin valor nominal emitidas y totalmente pagadas | Capital social | |
Saldo al 31 de agosto de 2022 | 1 121 841 684 | 38 655 078 |
Aumento de capital - 16 de septiembre de 2022 | 222 701 660 | 11 135 083 |
Aumento de capital - 10 de octubre de 2022 | 173 320 000 | 8 666 000 |
Costes de emisión de acciones | - | (1 962 253) |
Warrants ejercidos - 25 de enero de 2023 | 20 000 000 | 390 000 |
Saldo al 28 de febrero de 2023 | 1 537 863 344 | 56 883 908 |
Shares issued in lieu of Directors fees - 11 May | 1 092 189 | 60 500 |
Saldo al 31 de agosto de 2023 | 1 538 955 533 | 56 944 408 |
Authorised: 1 617 600 762 ordinary shares of no-par value
Allotted, issued, and fully paid: 1 538 955 533 ordinary shares of no-par value
On 16 September 2022, the Group completed an equity fundraising by way of a placing and direct subscription of 222 701 660 ordinary shares of no-par value in the Group at a price of 5 pence per share. A further 173 320 000 660 ordinary shares of no-par value in the Group at a price of 5 pence per share were issued on 10 October 2022 as part of the same capital raise.
On 25 January 2023, warrant holders exercised 20 000 000 warrants at an exercise price of 1.95.
On 11 May 2023, the Group issued 1 092 189 Ordinary Shares ("New Shares") to Directors in lieu of their fees for the financial years ended February 2022 and 2023. This is in accordance with the terms of their contracts.
21. Reserva de garantía
The following warrants were granted during the period ended 31 August 2023:
Fecha de concesión | 21 Julio 2023 |
Número concedido | 15 400 000 |
Periodo de consolidación | 2 años |
Vida contractual | 2 años |
Valor razonable estimado por opción (peniques) | 1.874 |
Los valores razonables estimados se calcularon aplicando el modelo de precios de Black Scholes. Las entradas del modelo fueron:
Fecha de concesión | 21 Julio 2023 |
Precio de la acción en la fecha de concesión (peniques) | 7.70 |
Precio de ejercicio (peniques) | 9.45 |
Fecha de caducidad | 21 Julio 2025 |
Volatilidad esperada | 52% |
Dividendos esperados | Nada |
Tasa de interés libre de riesgo | 3.70% |
Los warrants emitidos durante el período son los siguientes:
Destacado al 31 de agosto de 2022 | 22 613 334 |
Ejercitable al 31 de agosto de 2022 | 22 613 334 |
Concedido durante el período | - |
Caducó durante el período | - |
Ejercido durante el período | (20 000 000) |
Pendiente al 28 de febrero de 2023 | 2 613 334 |
Ejercitable al 28 de febrero de 2023 | 2 613 334 |
Concedido durante el período | 15 400 000 |
Caducó durante el período | - |
Ejercido durante el período | - |
Destacado al 31 de agosto de 2023 | 18 013 334 |
Ejercitable al 31 de agosto de 2023 | 2 613 334 |
On 21 July 2023, 15 400 000 warrants were issued as part of the convertible loan note transaction. Each note holder received 2 warrants for every £1 subscribed for. Each warrant enables the holder to subscribe for one ordinary share at a subscription price of 9.45p. The Warrants are exercisable at any time from the date of issue for a period of two years. Please refer to note 24 for further details.
22. Share-based payment reserve
Opciones sobre acciones de directores
The following director share options were granted during the period ended 28 February 2023:
Fecha de concesión | 8 de abril de 2022 | 8 de abril de 2022 | 8 de abril de 2022 |
Número concedido | 7 800 000 | 3 900 000 | 3 900 000 |
Periodo de consolidación | un año | 2 años | 3 años |
Vida contractual | 3 años | 3 años | 3 años |
Valor razonable estimado por opción (peniques) | 2.0830 | 2.8490 | 3.4090 |
Los valores razonables estimados se calcularon aplicando el modelo de precios de Black Scholes. Las entradas del modelo fueron:
Fecha de concesión | 8 de abril de 2022 | 8 de abril de 2022 | 8 de abril de 2022 |
Precio de la acción en la fecha de concesión (peniques) | 9.35 | 9.35 | 9.35 |
Precio de ejercicio (peniques) | 9.80 | 10.30 | 10.80 |
Fecha de caducidad | 8 de abril de 2025 | 8 de abril de 2025 | 8 de abril de 2025 |
Volatilidad esperada | 60% | 60% | 60% |
Dividendos esperados | Nada | Nada | Nada |
Tasa de interés libre de riesgo | 1.24% | 1.24% | 1.24% |
Las opciones sobre acciones de directores emitidas durante el período son las siguientes:
Destacado al 31 de agosto de 2022 | 25 850 000 |
Ejercitable al 31 de agosto de 2022 | 23 850 000 |
Concedido durante el período | 15 600 000 |
Perdido durante el período | - |
Ejercido durante el período | - |
Caducó durante el período | - |
Pendiente al 28 de febrero de 2023 | 41 450 000 |
Ejercitable al 28 de febrero de 2023 | 23 850 000 |
Concedido durante el período | - |
Perdido durante el período | - |
Ejercido durante el período | - |
Caducó durante el período | - |
Destacado al 31 de agosto de 2023 | 41 450 000 |
Ejercitable al 31 de agosto de 2023 | 23 850 000 |
a. Employee share options
The following employee share options were granted during the period ended 28 February 2023:
Fecha de concesión | 8 de abril de 2022 | 8 de abril de 2022 | 8 de abril de 2022 |
Número concedido | 2 400 000 | 1 200 000 | 1 200 000 |
Periodo de consolidación | un año | 2 años | 3 años |
Vida contractual | 3 años | 3 años | 3 años |
Valor razonable estimado por opción (peniques) | 2.0830 | 2.8490 | 3.4090 |
Los valores razonables estimados se calcularon aplicando el modelo de precios de Black Scholes. Las entradas del modelo fueron:
Fecha de concesión | 8 de abril de 2022 | 8 de abril de 2022 | 8 de abril de 2022 |
Precio de la acción en la fecha de concesión (peniques) | 9.35 | 9.35 | 9.35 |
Precio de ejercicio (peniques) | 9.80 | 10.30 | 10.80 |
Fecha de caducidad | 8 de abril de 2025 | 8 de abril de 2025 | 8 de abril de 2025 |
Volatilidad esperada | 60% | 60% | 60% |
Dividendos esperados | Nada | Nada | Nada |
Tasa de interés libre de riesgo | 1.24% | 1.24% | 1.24% |
Las opciones sobre acciones para empleados emitidas durante el período son las siguientes:
Destacado al 31 de agosto de 2022 | 27 371 229 |
Ejercitable al 31 de agosto de 2022 | 27 371 229 |
Concedido durante el período | 4 800 000 |
Perdido durante el período | - |
Ejercido durante el período | - |
Caducó durante el período | - |
Pendiente al 28 de febrero de 2023 | 32 171 229 |
Ejercitable al 28 de febrero de 2023 | 27 371 229 |
Concedido durante el período | - |
Perdido durante el período | - |
Ejercido durante el período | - |
Caducó durante el período | - |
Destacado al 31 de agosto de 2023 | 32 171 229 |
Ejercitable al 31 de agosto de 2023 | 27 371 229 |
23. Acontecimientos posteriores a la fecha del balance
a. Funding:
On 5 September 2023, the Development Bank of Namibia ("DBN") served notice confirming that all conditions had been fulfilled or waived and that financial close had occurred. Accordingly, the Group received the 1st drawdown of NAD50 million (c. £2.1m) of a total NAD100 million (c. £4.2m). These Funds are being used to expedite the implementation of the Uis Mine Stage II Continuous Improvement Project
On 14 November 2023, a US$25m (c. £19.8m) funding packing was concluded with Orion Resource Partners. This includes US$2.5m (c. £2.0m) equity, a US$10m (c. £7.9m) Convertible Loan Note and a US$12.5m (c. £9.9m) unsecured tin royalty. The equity and loan note will be used to accelerate Andrada's overall strategy of achieving commercial production of its lithium, tin and tantalum revenue streams. The royalty funds will be used for the sole purpose of increasing Andrada's tin production as it ramps up its capital programmes over the next 2 years.
b. Exercise of share options:
On 29 September 2023, the Group issued 3 473 684 Ordinary Shares to satisfy the following employee share option exercises:
§ 1 736 842 share options at an exercise price of 3p
§ 868 421 share options at an exercise price of 3.5p
§ 868 421 share options at an exercise price of 4p
On 3 October 2023, the Group issued 7 315 786 Ordinary Shares to satisfy the following employee share option exercises:
§ 3 407 894 share options at an exercise price of 3p
§ 1 953 946 share options at an exercise price of 3.5p
§ 1 953 946 share options at an exercise price of 4p
24. reserves within equity
a. Share capital
Las acciones ordinarias se clasifican como patrimonio. Los costos incrementales directamente atribuibles a la emisión de nuevas acciones u opciones se muestran en el patrimonio neto como una deducción, neta de impuestos, del producto.
b. Convertible loan note reserve
The convertible loan note reserve represents the equity component of the outstanding convertible loan notes.
On 21 July 2023 the Group raised £7.7m through the issue of 77 unsecured convertible loan notes of £100 000 each to new and existing investors. The notes have a term of 3 years, bear interest at a rate of 12% per annum and can be redeemed in cash only at the option of the Group or converted into ordinary shares at a fixed price of 9.45p by mutual agreement between the Group and the note holders. As per IAS 32 and IFRS 9, the convertible loan notes have been classified as a compound financial instrument. The principal amount is classified as equity because, at the election of the Group, they can avoid paying cash by delivering a fixed number of shares. The interest payments are classified as a liability because there is a contractual obligation to either pay cash or to deliver a variable number of the Group's shares (based on the 30-day VWAP share price). Issues costs have been proportionally deducted for the liability and the equity component.
c. Warrant reserve
La reserva de warrants representa el cargo acumulado hasta la fecha con respecto a los warrants sobre acciones no ejercidos a la fecha del balance.
d. Share-based payment reserve
La reserva de pago basado en acciones representa el cargo acumulado hasta la fecha con respecto a las opciones sobre acciones no ejercidas a la fecha del balance general, así como los honorarios/salarios adeudados a los directores/empleados que se liquidarán mediante la emisión de acciones.
e. Foreign currency translation reserve
La reserva de conversión de moneda extranjera comprende todas las diferencias de cambio que surgen de la conversión de entidades con una moneda funcional diferente a la libra esterlina.
f. Retained earnings/accumulated deficit
Las ganancias retenidas/déficit acumulado representan las ganancias y pérdidas acumuladas netas de la distribución a los propietarios.
CONTACTO | |
Minería Andrada Limitada Anthony Viljoen, director ejecutivo Sakhile Ndlovu, Relaciones con inversores | +27 (11) 268 6555
|
Asesor Nominado | |
WH Irlanda limitada katy mitchell | +44 0 207 220 1666 |
Asesor Corporativo y Conjunto Broker | |
H&P Advisory Limited andres chub jay ashfield Matt Hasson | +44 0 20 7907 8500 |
Stifel Nicolaus Europa limitada Campo de clanes de Ashton Calum Stewart Varun Talwar | +44 0 20 7710 7600 |
Tavistock Financial PR (Reino Unido) José Simson catalina drummond adam baynes | +44 0 207 920 3150 |
Acerca de Andrada Mining Limited
Andrada Mining Limited, es una empresa minera de metales tecnológicos que cotiza en Londres y tiene la visión de crear una cartera de activos de producción y exploración de importancia mundial y libres de conflictos. El activo emblemático de la Compañía es la mina Uis en Namibia, anteriormente la mina de estaño a cielo abierto de roca dura más grande del mundo. Una perforación de exploración programa cultural, social y deportivo. Actualmente se está llevando a cabo en Uis con el objetivo de ampliar el recurso de estaño a las catorce pegmatitas adicionales históricamente extraídas, todas las cuales se encuentran dentro de un radio de 5 km de la planta de procesamiento actual. La Compañía ha fijado un objetivo de recursos minerales de 200 Mt a delinear dentro de los próximos 5 años. La mina existente, junto con su importante potencial de recursos minerales, permite a la Compañía considerar economías de escala.
Andrada está dirigida por una junta directiva con considerable conocimiento de la industria y un equipo directivo con amplias habilidades comerciales y técnicas. Además, la Compañía está comprometida con el desarrollo sustentable de sus operaciones, como lo demuestra la forma en que el equipo de liderazgo pone énfasis en la creación de valor para la comunidad en general, los inversionistas y otras partes interesadas clave. Andrada ha establecido un sistema ambiental, social y de gobernanza que se ha implementado en todos los niveles de la Compañía y se alinea con los estándares internacionales.
[FINAL]
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