TIDMKZG
RNS Number : 2621J
Kazera Global PLC
28 March 2018
The following amendment has been made to the 'Interim Results
for the six months ended 31 December 2017' announcement released on
28 March 2018 at 07:00 under RNS No 1610J.
The amount of payments Aftan has received from the Company's
first customer is nine.
All other details remain unchanged.
The full amended text is shown below.
28 March 2018
Kazera Global plc
(formerly Kennedy Ventures plc)
Interim Results for the six months ended 31 December 2017
Kazera Global plc ("Kazera Global" or "the Company"), the AIM
quoted investment company who, through its stake in African
Tantalum (Pty) Limited ("Aftan"), has an interest in the Namibia
Tantalite Investment Mine ("NTI" or "the Mine") in Namibia, is
pleased to announce its unaudited interim results for the six
months ended 31 December 2017 ("the Period").
Highlights:
Operational and Financial
-- Aftan signed a multiyear supply agreement with a global North
American leading tantalum consumer and end user of NTI tantalum
ore
-- The Company successfully raised GBP3.75 million with the net
proceeds of the placing used by Aftan for upgrades and expansion of
the Mine in order to fulfil increasing customer demand, in addition
to commencement of total mineralisation drilling and bulk
sampling
-- Second and third shipments of industry leading high purity
tantalum were shipped to the customer in line with continued
production ramp schedule
-- Plant upgrades, to ensure long term value creation in line
with the customer's requirements, include installation and
refurbishment of new crushers, new conveyors, multiple James
tables, thickener installation and new water management systems
-- Second potential customer performed a site visit and thorough audit of NTI's systems
Financial
-- At 31 December 2017, cash at bank amounted to GBP2,561,000
-- Total Current Assets at 31 December 2017 amounted to
GBP2,407,000, an improvement on the net current asset position at
30 June 2017 of GBP403,000
-- Overall Net Assets at 31 December 2017 amounted to
GBP6,551,000, up from the 30 June 2017 balance of GBP3,537,000
Post Period
-- On 9 February, the fourth shipment of industry leading
high-grade tantalum was sent to the customer, with the shipment
reaching grades of over 51% purity
-- Communication continues with second potential customer around supply of tantalum
-- Initiated discussions with third potential customer
-- Aftan has made further additions to its team based at the
Mine, hiring Mr John Fahy as Interim Chief Finance Officer and Mr
Odilon Ilunga as a metallurgist. Both join with significant and
highly valuable experience
-- Aftan has begun working with two different environmental
groups to consider further plant upgrades with the planning of a
new Tailings Dam
-- Change of Company name to Kazera Global plc
Outlook
-- Our focus remains very much on the development of Tantalite
Valley in which we see significant near-term and future opportunity
as we further improve the mine and progress our relationships with
top quality end-users
-- Continued core drilling over total mineralisation with a view
to the production of a JORC-compliant resource statement in the
near future
-- Further shipments to the Customer as Aftan continues to work
to meet the production ramp up schedule
-- Continued discussions with potential additional customers
-- The Company intends to continue to consider further growth
opportunities in line with our new investing policy while
continuing to extract the inherent value from NTI
Larry Johnson, CEO of Kazera Global said:
"We have taken significant positive strides during the Period
and have strong momentum into 2018. Signing a multi-year supply
agreement with the first customer and initiating discussions with a
second and third potential customer have been just a few of the
major milestones within the Period. Successful plant upgrades are
driving increased productivity rates as we meet the ramp up plan
and continue to produce world class grade tantalum to some of the
most stringent market specifications.
Post Period end, we were pleased to announce the change of
Company name from to Kazera Global. The new name reflects upon the
Company's Namibian roots and underlines a new chapter for the
Company. Moreover, the Company adopted a new investing policy that
more accurately reflects our overall business plan and gives Kazera
Global the necessary flexibility to pursue opportunities that may
arise, however the present primary focus remains on extracting
value from NTI where we continue to work with Aftan to drive
productivity and reduce costs from the production of tantalum from
what is extremely high quality and stable geological rock.
As Kazera builds on production and delivers to its ramp schedule
the Mine is not deemed to be in commercial production and the
interim accounts have been prepared on that basis. The result of
this is that all mine site costs have been capitalised with
Kazera's accounts as development costs and the sales of Tantalite
have been set off against these costs."
For further information on the Company, visit:
www.kazeraglobal.com:
Kazera Global plc
Larry Johnson (CEO), c/o Tel: +44 (0)203 757
Camarco 4980
finnCap (Nominated Adviser Tel: +44 (0)20 7220
and Joint Broker) 0500
Christopher Raggett / Scott
Mathieson / Anthony Adams
(corporate finance)
Simon Johnson (corporate
broking)
Shore Capital (Joint Broker) Tel: +44 (0) 207 408
Mark Percy / Toby Gibbs (corporate 4090
finance)
Jerry Keen (corporate broking)
Camarco (PR) Tel: +44 (0) 203 757
Gordon Poole / James Crothers 4980
/ Monique Perks
CHAIRMAN'S STATEMENT
Review of the Period
During the Period, Kazera Global has seen significant
development in production output, processing efficiency and
workforce as the Mine steadily ramps up production.
A major milestone of the Period was the signing of a multi-year
agreement with a global North American leading tantalum consumer
and end user of our tantalum production. This achievement is
testament to the ongoing work that Aftan, with the consultation of
CEO, Larry Johnson, have made to the mine and mining operations.
Moreover, the successful raise of GBP3.75 million enabled essential
plant upgrades that have been successfully implemented and result
in better processing capabilities.
A second and third shipment of industry leading high purity
tantalum was shipped to Aftan's customer - a global North American
leading tantalum consumer and end user of our tantalum ore - with
the specifications continuing to meet the stringent requirements of
our key customer. Additionally, the second potential customer began
an audit of the NTI mine and intends to continue discussions with
the Company during 2018, with initial discussions taking place with
a third potential customer.
Post period, we have sent the fourth shipment of industry
leading high-grade tantalum to the customer, with the recent
shipment reaching grades of over 51% purity.
As Aftan continues to consider future-proofing of the Mine and
meet the production ramp up schedule, Aftan has begun working with
two different environmental groups to consider additional plant
upgrades with the planning of a new Tailings Dam. Aftan also
contracted a third party environmental expert to initiate the
process of achieving certified rights to bring water from the
Orange River, a process that was, post period, successful with
Aftan now in receipt of a Licence from the Office of the
Environmental Commissioner. This represents a significant milestone
for Aftan and will alleviate any future concern regarding water
availability to the mine.
Moreover, in line with our continued focus to improve plant
efficiencies, Aftan has hired Mr John Fahy as Interim Chief Finance
Officer and Mr Odilon Ilunga as a metallurgist. John Fahy joins the
Company with 40 years of cross-sector experience, most recently as
Managing Director of Nampak, the largest packaging company in South
Africa. Mr Odilon Ilunga is a Lecturer at the University of Namibia
and has worked in the mining industry for over 17 years. A resident
of Namibia, Mr Ilunga's career has been focused on the overseeing
and managing of Mineral Processing Plants in the Democratic
Republic of Congo and Namibia.
Financials
The Company recorded a loss before tax of GBP480,000 (2016:
GBP418,000) and had cash balances of GBP2,561,000 (2016:
GBP315,000) at the end of the Period. This reflects the continued
investment at the Mine but as of today Aftan has received nine
payments from its first customer. The Company does not plan to pay
an interim dividend for the six months ended 31 December 2017.
Outlook
Kazera and Aftan are now very well positioned in the global
tantalum market and have a platform to extract further value from
NTI through increased production and added offtake agreements with
end users. Aftan will continue with core drilling to explore total
mineralisation potential to enable us to define a JORC Resource at
Homestead and Lepidolite initially followed by the vast expanse of
the rest of the property.
I would like to thank our employees, the staff of Aftan and our
shareholders for their continued support and look forward to
providing further updates on our progress over the coming
months.
Giles Clarke
Chairman
28 March 2018
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2017
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
Notes GBP'000 GBP'000 GBP'000
------------------------------- ------ ------------ ------------ --------
Administrative expenses (406) (418) (1,098)
Share based payment expense (74) - -
Operating loss and loss
before tax (480) (418) (1,098)
Tax on profit on ordinary
activities - - -
Loss for the period (480) (418) (1,098)
------------------------------- ------ ------------ ------------ --------
Loss attributable to
owners of the Company (375) (421) (901)
(Loss)/profit attributable
to non-controlling interests (105) 3 (197)
(480) (418) (1,098)
------------------------------- ------ ------------ ------------ --------
Loss per share
Basic (loss) per share (0.2)p (0.3)p (0.5)p
Fully diluted (loss)
per share 3 (0.2)p (0.3)p (0.5)p
------------------------------- ------ ------------ ------------ --------
Loss for the period (375) (421) (901)
Exchange differences on translation
of foreign operations (9) 358 235
Total comprehensive loss
for the year attributable
to equity holders of the
parent (384) (63) (666)
------------------------------------- ------ ------ ------
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
Unaudited Unaudited Audited
As at As at As at
31 December 31 December 30 June
2017 2016 2017
GBP'000 GBP'000 GBP'000
------------------------------- ------------ ------------ ---------
Non-current assets
Goodwill 583 642 588
Other intangible assets 2,537 1,377 1,891
Property, plant & equipment 751 811 655
Total non-current assets 3,871 2,830 3,134
------------------------------- ------------ ------------ ---------
Current assets
Trade and other receivables 244 165 174
Cash and cash equivalents 2,561 315 364
Total current assets 2,805 480 538
------------------------------- ------------ ------------ ---------
Current liabilities
Trade and other payables (125) (142) (135)
Total current liabilities (125) (142) (135)
------------------------------- ------------ ------------ ---------
Net assets 6,551 3,168 3,537
------------------------------- ------------ ------------ ---------
Capital and reserves
Called up share capital 2,515 1,751 1,890
Share premium account 14,118 10,281 11,314
Capital redemption reserve 2,077 2,077 2,077
Currency translation reserve 243 23 252
Profit and loss account (11,975) (10,842) (11,674)
------------------------------- ------------ ------------ ---------
Equity attributable to owners
of the Company 6,978 3,290 3,859
Non-controlling interests (427) (122) (322)
------------------------------- ------------ ------------ ---------
Shareholder funds 6,551 3,168 3,537
------------------------------- ------------ ------------ ---------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2017
Share Capital Currency Equity
Share premium redemption translation Retained shareholders' Non-controlling
capital account reserve reserve earnings funds interests Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
============== ======== =========== =========== ============ ========= ============= ================ ========
Balance at
1 July 2016 1,084 9,125 2,077 17 (10,773) 1,530 (125) 1,405
Comprehensive
income
Loss for
the period - - - - (421) (421) 3 (418)
Other
comprehensive
income - - - 6 352 358 - 358
-------------- -------- ----------- ----------- ------------ --------- ------------- ---------------- --------
Total
comprehensive
income - - - 6 (69) (63) 3 (60)
-------------- -------- ----------- ----------- ------------ --------- ------------- ---------------- --------
Issue of
share capital 667 1,156 - - - 1,823 - 1,823
Balance at
31 December
2016 1,751 10,281 2,077 23 (10,842) 3,290 (122) 3,168
-------------- -------- ----------- ----------- ------------ --------- ------------- ---------------- --------
Comprehensive
income
Loss for
the period - - - - (480) (480) (200) (680)
Other
comprehensive
income - - - 229 (352) (123) - (123)
-------------- -------- ----------- ----------- ------------ --------- ------------- ---------------- --------
Total
comprehensive
expense - - - 229 (832) (603) (200) (803)
Issue of
share capital 139 1,033 - - - 1,172 - 1,172
Balance at
30 June 2017 1,890 11,314 2,077 252 (11,674) 3,859 (322) 3,537
Comprehensive
income
Loss for
the period - - - - (375) (375) (105) (480)
Other
comprehensive
income - - - (9) - (9) - (9)
-------------- -------- ----------- ----------- ------------ --------- ------------- ---------------- --------
Total
comprehensive
expense - - - (9) (375) (384) (105) (489)
-------------- -------- ----------- ----------- ------------ --------- ------------- ---------------- --------
Issue of
share capital 625 2,804 - - - 3,429 - 3,429
Share based
payment
expense - - - - 74 74 - 74
============== ======== =========== =========== ============ ========= ============= ================ ========
Balance at
31 December
2017 2,515 14,118 2,077 243 (11,975) 6,978 (427) 6,551
============== ======== =========== =========== ============ ========= ============= ================ ========
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 DECEMBER 2017
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
GBP'000 GBP'000 GBP'000
---------------------------- ------------ ------------ --------
Cash flows from operating
activities
Operating loss (480) (66) (1,098)
Adjustments for:
Depreciation 7 11 62
Share based payment charge
for year 74 - -
Operating cashflow before
working capital changes (399) (55) (1,036)
(Increase) in receivables (70) (95) (104)
(Decrease) in payables (10) (144) (151)
----------------------------- ------------ ------------ --------
Net cash outflow from
operating activities (479) (294) (1,291)
----------------------------- ------------ ------------ --------
Investing activities
Purchase of property,
plant & equipment (103) (356) (251)
Development costs (646) (703) (1,217)
Net cash outflow from
investing activities (749) (1,059) (1,468)
----------------------------- ------------ ------------ --------
Financing activities
Net proceeds from share
issues 3,429 1,823 2,995
Repayment of loan - (245) (150)
Loans from associates - 95 -
---------------------------- ------------ ------------ --------
Net cash inflow from
financing activities 3,429 1,673 2,845
----------------------------- ------------ ------------ --------
Net increase in cash
in the period 2,201 320 86
Exchange rate translation
adjustment (4) (65) 218
Cash and cash equivalents
at beginning of period 364 60 60
----------------------------- ------------ ------------ --------
Cash and cash equivalents
at end of period 2,561 315 364
----------------------------- ------------ ------------ --------
NOTES TO THE UNAUDITED INTERIM ACCOUNTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
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 2016
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 2018 and are
unchanged from those disclosed in the Company's Annual Report for
the year ended 30 June 2017.
The interim accounts were approved by the Board of Kazera Global
plc on 27 March 2018. The interim financial information for the six
months ended 31 December 2017 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
2017 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 2017 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
2016 have been presented on the same basis as the interim accounts
for the six months ended 31 December 2017.
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 minesite.
3. Share based payment expense
On 17 August 2017, the Company granted options over 10,000,000
new ordinary shares, exercisable at 6p per ordinary share. The
options will vest over a three-year period, 3,300,000 in 2018 and
2019 and 3,400,000 in 2020 and are subject to certain performance
related conditions. The share based payment expense in respect of
these options for the 6 months was GBP74,000.
4. Loss per share
Unaudited Unaudited Audited
6 months 6 months
ended ended Year ended
31 December 31 December 30 June
2017 2016 2017
GBP'000 GBP'000 GBP'000
-------------------------------- ------------ ------------ ------------
Loss used for calculation
of basic and diluted EPS (375) (421) (901)
Loss for the year attributable
to owners of the Company (375) (421) (901)
-------------------------------- ------------ ------------ ------------
Weighted average number
of ordinary shares in issue
used for calculation of
basic and diluted EPS* 242,345,897 161,979,587 177,144,947
Loss per share (pence per
share)
Basic and fully diluted*:
-from continuing and total
operations (0.2) (0.3) (0.5)
-------------------------------- ------------ ------------ ------------
*The Company has outstanding warrants and options which may be
dilutive in future periods. The effect in respect of the current
year 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, Lakeside Fountain
Lane, St.Mellons, Cardiff, CF3 0FB.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FKFDDDBKDFNB
(END) Dow Jones Newswires
March 28, 2018 07:23 ET (11:23 GMT)
Kazera Global (LSE:KZG)
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