TIDMKZG

RNS Number : 7471G

Kazera Global PLC

31 March 2022

31 March 2022

Kazera Global plc

Interim Results for the six months ended 31 December 2021

Kazera Global plc ("Kazera Global", "Kazera" or "the Company"), the AIM quoted investment company, is pleased to announce its unaudited interim results for the six months ended 31 December 2021 ("the Period").

Highlights:

Management

   --      Dennis Edmonds was appointed sole CEO in October 2021 

Operational

-- 3-year tantalum contract secured, through to 31 December 2024 with Jiujiang Jinxin Nonferrous Metals Co Ltd at Tantalite Valley, Namibia

-- High quality "chemical grade" Lithium and Feldspar samples were taken from the Tantalite Valley Mine

-- Extensive work was undertaken on the processing plant at Tantalite Valley progressing towards production capability

-- Acquired 60% of Whale Head Minerals which is applying for a Mining Permit over Heavy Mineral Sands with an NPV of GBP150 million

-- Established a new loan facility to facilitate the Company to draw down up to GBP250,000 over the 6 months

   --      Diamond production exceeded 1,000 carats during the December/January production cycle 

Post Period

   --      Diamond production has continued to be consistently maintained 

-- Plan to be significantly cash flow positive during 2022 with the intention to reinvest the proceeds into resource definition and mining, particularly at Tantalite Valley

-- The processing plant at Tantalite Valley in Namibia is now nearing completion offering a substantial contribution to cash flow.

Outlook

-- The granting of the Heavy Mineral Sands Permit will substantially increase the Company's asset base as well as cashflow.

-- The Company is looking to continue to maximise production from its current assets as well as evaluating potential M&A opportunities.

-- Kazera will also continue to invest in the business where needed and focus on maximising growth for shareholders

Dennis Edmonds, CEO of Kazera Global, said:

"Kazera continues to make positive progress across its operations and has weathered the effects of Covid on the industry well. As soon as cash is being generated by both diamonds and Tantalum the Company will be self-sustaining and any future cash will only be required if it is decided to accelerate growth or to fund an acquisition.

The Board remain focused on increasing shareholder value and delivering strong growth from both organic and inorganic opportunities that arise."

For further information on the Company, visit: www. kazeraglobal .com

 
 Kazera Global plc (c/o Camarco)                          Tel: +44 (0)203 757 4980 
  Dennis Edmonds (CEO) 
 
   finnCap (Nominated Adviser and Joint Broker)             Tel: +44 (0)207 220 0500 
   Christopher Raggett / Tim Harper (Corporate Finance) 
 
   Camarco (PR) 
   James Crothers / Hugo Liddy / Gordon Poole              Tel: +44 (0)20 3781 8331 
 

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 31 DECEMBER 2021

 
                                                                      Unaudited     Unaudited    Audited 
                                                                     six months    six months       year 
                                                                          ended         ended      ended 
                                                                                                      30 
                                                                    31 December   31 December       June 
                                                                           2021          2020       2021 
                                                            Notes       GBP'000       GBP'000    GBP'000 
---------------------------------------------------------  ------  ------------  ------------  --------- 
 
 Revenue                                                                    100             -         55 
 Cost of Sales                                                            (100)             -       (55) 
---------------------------------------------------------  ------  ------------  ------------  --------- 
 Gross Profit                                                                 -             -          - 
 
 Pre-production expenses                                                   (72)          (72)      (111) 
 Administrative expenses                                                  (474)         (381)      (881) 
 Share based payment expense                                               (55)          (87)      (172) 
---------------------------------------------------------  ------  ------------  ------------  --------- 
 Operating loss and loss before tax                                       (601)         (540)    (1,164) 
 
 Tax on profit on ordinary activities                                         -             -          - 
 
 Loss for the period                                                      (601)         (540)    (1,164) 
---------------------------------------------------------  ------  ------------  ------------  --------- 
 
 Loss attributable to owners of the Company                               (589)         (530)    (1,146) 
 (Loss)/profit attributable to non-controlling interests                   (12)          (10)       (18) 
                                                                          (601)         (540)    (1,164) 
---------------------------------------------------------  ------  ------------  ------------  --------- 
 
 Loss per share 
 Basic and diluted (loss) per share (pence)                   4        (0.08) p      (0.08) p   (0.17) p 
 
 
 
 
 Loss for the period                                                                   (589)   (530)   (1,146) 
 Exchange differences on translation of foreign operations                             (210)    (10)       107 
 Total comprehensive loss for the year attributable to equity holders of the parent    (379)   (540)   (1,039) 
------------------------------------------------------------------------------------  ------  ------  -------- 
 
 

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

 
                                                   Unaudited     Unaudited    Audited 
                                                       As at         As at      As at 
                                                                                   30 
                                                 31 December   31 December       June 
                                                        2021          2020       2021 
                                                     GBP'000       GBP'000    GBP'000 
----------------------------------------------  ------------  ------------  --------- 
 
 Non-current assets 
 Mines under construction                              3,056         2,904      2,897 
 Property, plant & equipment                             650           881        716 
 
 Total non-current assets                              3,706         3,785      3,613 
----------------------------------------------  ------------  ------------  --------- 
 
 Current assets 
 Trade and other receivables                             192           103        168 
 Cash and cash equivalents                                83            22         47 
 
 Total current assets                                    275           125        215 
----------------------------------------------  ------------  ------------  --------- 
 
 Current liabilities 
 Trade and other payables                                561           235        209 
 
 Total current liabilities                               561           235        209 
----------------------------------------------  ------------  ------------  --------- 
 
 Non-current liabilities 
 Other payables                                          473             -        431 
  Provisions                                              55             -         55 
 
 Total non-current liabilities                           528             -        486 
----------------------------------------------  ------------  ------------  --------- 
 
 Net assets                                            2,892         3,675      3,133 
----------------------------------------------  ------------  ------------  --------- 
 
 
 Capital and reserves 
 Called up share capital                               3,340         3,261      3,279 
 Share premium account                                16,317        15,738     15,863 
 Capital redemption reserve                            2,077         2,077      2,077 
 Share option reserve                                    392           252        337 
 Currency translation reserve                          (687)         (331)      (477) 
 Retained earnings                                  (18,506)      (17,301)   (17,917) 
----------------------------------------------  ------------  ------------  --------- 
 Equity attributable to owners of the Company          2,933         3,696      3,162 
 Non-controlling interests                              (41)          (21)       (29) 
----------------------------------------------  ------------  ------------  --------- 
 
 Shareholder funds                                     2,892         3,675      3,133 
----------------------------------------------  ------------  ------------  --------- 
 
 

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHSED 31 DECEMBER 2021

 
                             Share     Capital    Share     Currency                   Equity 
                    Share  premium  redemption   option  translation  Retained  shareholders'  Non-controlling 
                  capital  account     reserve  reserve      reserve  earnings          funds        interests   T otal 
                  GBP'000  GBP'000     GBP'000  GBP'000      GBP'000   GBP'000        GBP'000          GBP'000  GBP'000 
================  =======  =======  ==========  =======  ===========  ========  =============  ===============  ======= 
Balance at 1 
 July 2019          2,866   14,307       2,077       51         (34)  (14,552)          4,715          (1,174)    3,541 
================  =======  =======  ==========  =======  ===========  ========  =============  ===============  ======= 
Comprehensive 
 loss for the 
 period                 -        -           -        -            -     (769)          (769)            (251)  (1,020) 
Other 
 comprehensive 
 income                 -        -           -        -        (550)         -          (550)                -    (550) 
----------------  -------  -------  ----------  -------  -----------  --------  -------------  ---------------  ------- 
Total 
 comprehensive 
 expense                -        -           -        -        (550)     (769)        (1,319)            (251)  (1,570) 
----------------  -------  -------  ----------  -------  -----------  --------  -------------  ---------------  ------- 
Non-controlling 
 interest on 
 acquisition of 
 a subsidiary           -        -           -        -            -         -              -             (10)     (10) 
Transactions 
 with 
 Non-controlling 
 interest               -        -           -        -            -   (1,450)        (1,450)            1,424     (26) 
Issue of share 
 capital, net of 
 share issue 
 costs                389    1,404           -        -            -         -          1,793                -    1,793 
Share based 
 payment expense        -        -           -      114            -         -            114                -      114 
================  =======  =======  ==========  =======  ===========  ========  =============  ===============  ======= 
Balance at 30 
 June 2020          3,255   15,711       2,077      165        (584)  (16,771)          3,853             (11)    3,842 
================  =======  =======  ==========  =======  ===========  ========  =============  ===============  ======= 
Comprehensive 
 loss for the 
 period                 -        -           -        -            -   (1,146)        (1,146)             (18)  (1,164) 
Other 
 comprehensive 
 income                 -        -           -        -          107         -            107                -      107 
----------------  -------  -------  ----------  -------  -----------  --------  -------------  ---------------  ------- 
Total 
 comprehensive 
 expense                -        -           -        -          107   (1,146)        (1,039)             (18)  (1,057) 
----------------  -------  -------  ----------  -------  -----------  --------  -------------  ---------------  ------- 
Issue of share 
 capital, net of 
 share issue 
 costs                 24      152           -        -            -         -            176                -      176 
Share based 
 payment expense        -        -           -      172            -         -            172                -      172 
================  =======  =======  ==========  =======  ===========  ========  =============  ===============  ======= 
Balance at 30 
 June 2021          3,279   15,863       2,077      337        (477)  (17,917)          3,162             (29)    3,133 
================  =======  =======  ==========  =======  ===========  ========  =============  ===============  ======= 
Comprehensive 
 loss for the 
 period                 -        -           -        -            -     (589)          (589)             (12)    (601) 
Other 
 comprehensive 
 income                 -        -           -        -        (210)         -          (210)                -    (210) 
----------------  -------  -------  ----------  -------  -----------  --------  -------------  ---------------  ------- 
Total 
 comprehensive 
 expense                -        -           -        -        (210)     (589)          (799)             (12)    (811) 
----------------  -------  -------  ----------  -------  -----------  --------  -------------  ---------------  ------- 
Issue of share 
 capital, net of 
 share issue 
 costs                 61      454           -        -            -         -            515                -      515 
Share based 
 payment expense        -        -           -       55            -         -             55                -       55 
================  =======  =======  ==========  =======  ===========  ========  =============  ===============  ======= 
Balance at 31 
 December 2021      3,340   16,317       2,077      392        (687)  (18,506)          2,933             (41)    2,892 
================  =======  =======  ==========  =======  ===========  ========  =============  ===============  ======= 
 

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHSED 31 DECEMBER 2021

 
                                                              Unaudited     Unaudited   Audited 
                                                             Six months    Six months      year 
                                                                  ended         ended     ended 
                                                                                   31        30 
                                                            31 December      December      June 
                                                                   2021          2020      2021 
                                                                GBP'000       GBP'000   GBP'000 
--------------------------------------------------------   ------------  ------------  -------- 
 Cash flows from operating activities 
 Operating loss                                                   (601)         (540)   (1,164) 
 Adjustments for: 
 Depreciation and amortisation                                       65             3       126 
 Share based payment charge for year                                 55            87       172 
 Foreign exchange                                                 (143)           250      (39) 
 Provisions for mine rehabilitation and decommissioning                                      55 
 Operating cashflow before working capital changes                (624)         (200)     (850) 
 Decrease/(increase) in receivables                                (24)            86        21 
 Increase in payables                                               427            11       382 
---------------------------------------------------------  ------------  ------------  -------- 
 Net cash outflow from operating activities                       (220)         (103)     (447) 
---------------------------------------------------------  ------------  ------------  -------- 
 
 Investing activities 
 Purchase of property, plant & equipment                              -         (246)     (197) 
 Development costs                                                (259)          (87)         - 
 Net cash outflow from investing activities                       (259)         (333)     (197) 
---------------------------------------------------------  ------------  ------------  -------- 
 
 Financing activities 
  Net proceeds from share issues                                    515            33       176 
 Loan received                                                        -             -        90 
 Net cash inflow from financing activities                          515            33       266 
---------------------------------------------------------  ------------  ------------  -------- 
 
 Net (decrease)/increase in cash in the period                       36         (403)     (378) 
 Cash and cash equivalents at beginning of period                    47           425       425 
---------------------------------------------------------  ------------  ------------  -------- 
 
 Cash and cash equivalents at end of period                          83            22        47 
---------------------------------------------------------  ------------  ------------  -------- 
 
 
 

NOTES TO THE UNAUDITED INTERIM ACCOUNTS

FOR THE SIX MONTHSED 31 DECEMBER 2021

   1.     Basis of preparation 

The financial statements included in the interim accounts have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS). The comparative figures for the six months ended 31 December 2020 are also included in these interim accounts under the historical cost convention.

The principal accounting policies used in preparing these interim accounts are those expected to apply in the Company's Financial Statements for the year ending 30 June 2022 and are unchanged from those disclosed in the Company's Annual Report for the year ended 30 June 2021.

The interim accounts were approved by the Board of Kazera Global plc on 31 March 2022. The interim financial information for the six months ended 31 December 2021 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and is unaudited. The comparatives for the year ended 30 June 2021 are not the Company's full statutory accounts for that period. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, and did not contain statements under sections 498(2) or (3) of the Companies Act 2006. Copies of the accounts for the year ended 30 June 2021 are available on the Company's website (https://kazeraglobal.com/).

    2.    Accounting policies 

The principal accounting policies are:

Basis of preparation

The comparative figures for the six months ended 31 December 2021 have been presented on the same basis as the interim accounts for the six months ended 31 December 2020.

Going concern

The interim financial statements have been prepared on the going concern basis as, in the opinion of the Directors, at the time of approving the interim financial statements, there is a reasonable expectation that the Company will continue in operational existence for the foreseeable future. The interim financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.

Sales of Tantalite

The interim accounts have been prepared on the basis that the Group is not deemed to be in commercial production; therefore, the proceeds of sales of Tantalite have been set off against the development costs associated with the Tantalite mine site.

   3.    Share based payment expense 

On 21 December 2018, 10,000,000 options were granted to L. Johnson, vesting on 21 December 2021 at an exercisable at 1.75p per share.

On 23 March 2020, a total of 66,666,667 share warrants were issued to G Clarke (50,000,000), N Harrison (8,333,333) and R Jennings (8,333,333) at an exercise price of 0.3p per share. On 13 October 2021, the Company issued 16,666,666 ordinary shares to satisfy the exercise of warrants at 0.3 pence per share.

On 4 June 2020, a total of 26,500,000 share options were issued to G Clarke (5,000,000), N Harrison (5,000,000), L Johnson (5,000,000), D Edmonds (10,000,000) and B James (1,500,000) at an exercise price of 1p per share.

   4.   Loss per share 
 
                                                                           Unaudited          Unaudited        Audited 
                                                                      6 months ended     6 months ended     Year ended 
                                                                    31 December 2021   31 December 2020   30 June 2021 
                                                                             GBP'000            GBP'000        GBP'000 
-----------------------------------------------------------------  -----------------  -----------------  ------------- 
 
 Loss used for calculation of basic and diluted EPS                            (589)              (530)        (1,164) 
 Loss for the year attributable to owners of the Company                       (589)              (530)        (1,164) 
-----------------------------------------------------------------  -----------------  -----------------  ------------- 
 Weighted average number of ordinary shares in issue used for 
  calculation of basic and diluted 
  EPS*                                                                   744,005,591        681,224,613    686,324,120 
 
 Loss per share (pence per share) 
 Basic and fully diluted*: 
 -from continuing and total operations                                      (0.08) p           (0.08) p       (0.17) p 
-----------------------------------------------------------------  -----------------  -----------------  ------------- 
 

*The Company has outstanding warrants and options which may be dilutive in future periods. The effect in respect of the current and comparative periods would have been anti-dilutive (i.e. reducing the loss per share) and accordingly is not presented.

   5.    Distribution of Interim Report and Registered Office 

A copy of the Interim Report will be available shortly on the Company's website, https://kazeraglobal.com/, in accordance with rule 26 of the AIM Rules for Companies; and copies will be available from the Company's registered office, Unit D, De Clare House Sir Alfred Owen Way, Pontygwindy Industrial Estate, Caerphilly, Wales, CF83 3HU.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR GIGDXLBXDGDB

(END) Dow Jones Newswires

March 31, 2022 04:21 ET (08:21 GMT)

Kazera Global (LSE:KZG)
Graphique Historique de l'Action
De Juin 2022 à Juil 2022 Plus de graphiques de la Bourse Kazera Global
Kazera Global (LSE:KZG)
Graphique Historique de l'Action
De Juil 2021 à Juil 2022 Plus de graphiques de la Bourse Kazera Global