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.
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END
IR GIGDXLBXDGDB
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March 31, 2022 04:21 ET (08:21 GMT)
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