TIDMHUM
RNS Number : 2360J
Hummingbird Resources PLC
20 August 2021
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
20 August 2021
Hummingbird Resources plc
("Hummingbird" or the "Company")
Interim Results
Maintaining 2021 production and AISC guidance
Hummingbird Resources (AIM: HUM), is pleased to announce its
unaudited results for the six months ended 30 June 2021 ("the
Period").
OPERATIONAL AND FINANCIAL HIGHLIGHTS DURING THE PERIOD
-- 46,809 ounces ('oz) of gold sold at an average price of US$1,794/oz
-- Revenue of US$87 million (H1 2020: US$92 million) with an all
in sustaining cost ('AISC') of US$1,437/oz (improving in Q2 to
US$1,386/oz)
-- Adjusted EBITDA of US$16.2 million (H1 2020: $39.0 million)
and pre-tax loss of US$3.3 million for the Period (H1 2020 profit
of: US$23.8 million). I n line with Hummingbird's guidance
expectations with full year production to be weighted towards the
second half of the year
-- Net cash of US$12.4 million (inc. gold inventory value of
US$3.4 million), with US$4.7 million of final debt repayments made
during Q2 2021, taking the Company into a debt free position (H1
2020: net debt of US$20 million)
-- Maintaining 2021 production guidance of 100,000 - 110,000 oz
of gold, with an AISC of US$1,250 - 1,350 per oz of gold sold
DEVELOPMENT AND EXPLORATION
-- Yanfolila Mali: Material progress and success with the
Company's 2021 Yanfolila exploration and drilling programme during
H1 2021. 32,500 metres ('m') of the 44,600 m forecast for the year
drilled in H1 2021 (vs 21,000 m drilled in the whole of 2020) with
significant drill hole intercepts reported. The majority of assays
from the H1 drilling campaign are awaiting results from the labs in
Bamako and the Company anticipates being able to release these
results during H2 2021 along with final drilling programmes
-- The Company released a detailed Yanfolila mineral resource
estimate update of 1.929 million ounces (indicated and inferred).
The Company remains on track to release an updated reserve
statement later this year, to include Kouroussa in Guinea, and in
the future is looking to release a joint Company resource and
reserve update annually from H1 2022
-- Kouroussa, Guinea: Mining licences awarded in May 2021.
Detailed capex estimates are being finalised to then enable the
Company to complete key work streams, including financing for
construction of the mine. As previously stated, the Company will
update the market shortly with further details on development plans
and capital cost estimates
-- Dugbe, Liberia: Earn-in partner, Pasofino Gold Ltd
('Pasofino'), released the results of an independent Preliminary
Economic Assessment ('PEA') for Dugbe highlighting strong project
pre-tax NPV 5% economics ranging from US$825 - US$1,153 million
(dependent on gold price). Ongoing positive drilling results also
continued during H1 at Dugbe's two key deposits, Dugbe F and Tuzon,
showing upside potential to the PEA economics. Pasofino is working
towards a delivery of a Definitive Feasibility Study ('DFS')
ENVIRONMENTAL, SOCIAL & GOVERNANCE ('ESG') HIGHLIGHTS
-- Covid-19 : The Company's ongoing strict on-site testing,
quarantine procedures and overall hygiene protocols performed well
in mitigating virus spread during H1 2021. In Q2 2021 limited cases
were reported with on-site employee vaccinations beginning
-- Hummingbird Tree Initiative : The Company's locally supported
village nursery programmes continued to progress during H1 2021,
now with over 10,000 trees ready to be used in the coming months
for the Company's annual 20-hectare rehabilitation programme
-- Market gardens : Hummingbird successfully completed key
infrastructure for its local market garden programme, a market
centre for trading fruit, vegetables and poultry from locally
supported village market gardens completed in Q2 2021. This takes
the total Company supported market gardens to 10. The markets now
provide employment for over 800 mainly women from the local
communities. Water infrastructure improvements were also carried
out during H1 2021
-- Sanioumale East ('SE') resettlement: Progress continued
during the Period with workshops, technical services and risk
assessments taking place
-- World Gold Council ('WGC') Responsible Gold Mining Principles
('RGMPs') : Company GAP analysis was completed towards the end of
Q2 2021. This is now being evaluated internally and with external
ESG consultants to prioritise and address areas where gaps have
been identified in the Company's policies and procedures
-- Single Mine Origin ('SMO'): As a founding member of SMO, good
progress was made during the Period with this industry wide
initiative of traceable gold to responsibly operated mines. A
number of other gold mines joined as SMO members, increased
marketing took place in key publications advancing SMO brand
awareness, several new leading jewellery brands signed up to use
only SMO gold in their products, with future business plans and new
revenue streams developed
POST PERIOD
-- In July, Hummingbird announced drill results from the SE
deposit at Yanfolila where 14 new holes continued to showcase a
high grade open pit potential, with one hole demonstrating 5.33
grammes per tonne ("g/t") gold at surface for 40 m
-- In August, the Company provided an update on the exploration
programme at Yanfolila, releasing 18 new diamond drill hole results
from the Komana East deposit. Each hole intersected mineralisation
over the +300 m long strike length tested, to a depth of 200 m
below surface with grades of +3 g/t gold. The mineralisation
continues north showing future underground mining growth potential
and life of mine extension
-- Pasofino released results for a further six drill holes at
the Tuzon deposit ( please see link here ), in August. The results
included 36.3 m grading 2.06 g/t gold and 15 m grading 2.01 g/t.
These results are expected to have a positive impact on the updated
Mineral Resource Estimate due in September 2021
Dan Betts, CEO of Hummingbird, commented:
"We have yet again had another busy first half to the year. Our
key focus centred around productivity and predictability
improvements at Yanfolila in Mali, which was reflected in our Q2
2021 operational results, with gold ounces poured and AISC
improvements from Q1 2021 levels. Our new COO started in Q1 and has
settled into the role, having been to site and implementing a
number of processes and protocols aimed at cost reduction and
productivity improvements across the business.
"In H1 2021 we completed the repayment of all the debt raised to
build our Yanfolila operations, a key milestone of which we are
extremely proud.
"Further, the drilling success we achieved in 2020 continued
during the period. A material number of metres were drilled at
various deposits in H1 2021, and some stellar holes released with
many more awaiting assays which we are excited to receive in order
to continue to show the potential for extending the mine life at
Yanfolila.
"Our growth project, Kouroussa in Guinea, advanced in H1 2021,
and with the granting of the mining licences in May, our dedicated
project management team are now finalising capex estimates, to then
allow completion of financing and then begin construction. We are
nearing the finalisation of our capex estimates and anticipate
offering a more detailed update on the Kouroussa economics
soon.
"Our other development project, Dugbe in Liberia, continued to
advance via our joint venture partner Pasofino. Material drilling
has taken place at the two key deposits, Dugbe F and Tuzon, and
improvements in infrastructure in and around the asset have been
carried out. Additionally, a P EA was released showcasing the
robust economics of the project.
"With improving operational protocols and efficiencies gaining
traction at Yanfolila, Kouroussa moving towards beginning
construction, and Dugbe advancing well towards a DFS, we are
excited about the future prospects for the Company and look forward
to keeping the market updated on our progress for the remainder of
the year."
**S**
For further information, please visit
www.hummingbirdresources.co.uk or contact
Daniel Betts, Hummingbird Resources Tel: +44 (0) 20 7409
CEO plc 6660
Thomas Hill, FD
Edward Montgomery,
CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Nominated Adviser
-------------------------- ---------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
8000
Broker
-------------------------- ---------------------
Tim Blythe Blytheweigh Tel: +44 (0) 20 7138
Megan Ray 3205
Rachael Brooks Financial PR/IR
-------------------------- ---------------------
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold production, development and exploration
company and member of the World Gold Council ('WGC'). Our vision is
to continue to grow our asset base, producing profitable ounces,
while central to all we do being our Environmental, Social &
Governance ('ESG') policies and practices. The Company currently
has two core gold projects, the Yanfolila Gold Mine in Mali, and
the Kouroussa Gold Project in Guinea. Further, the Company has a
controlling interest in the Dugbe Gold Project in Liberia that is
being developed by Pasofino Gold Limited through an earn-in
agreement.
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2021
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 30 31
June June December
Continuing operations Notes 2021 2020 2020
-------------------------------------- ------- ---------- ---------- -------------
Revenue 86,559 91,984 185,072
Production costs (56,014) (39,358) (93,975)
Amortisation and depreciation (20,325) (21,029) (41,367)
Royalties and taxes (3,383) (3,399) (6,747)
----------------------------------------------- ---------- ---------- -------------
Cost of sales (79,722) (63,786) (142,089)
Gross profit 6,837 28,198 42,983
Share based payments (1,036) (899) (2,081)
Other administrative expenses (4,139) (4,417) (8,928)
----------------------------------------------- ---------- ---------- -------------
Operating profit 1,662 22,882 31,974
Finance income 760 1,515 2,014
Finance expense (2,619) (3,499) (9,288)
Share of joint venture loss - - (17)
Reversals in impairment of financial
assets 42 3 397
(Losses)/gain on financial assets
measured at fair value (3,102) 2,851 1,203
----------------------------------------------- ---------- ---------- -------------
(Loss)/profit before tax (3,257) 23,752 26,283
Tax (840) (910) (1,135)
----------------------------------------------- ---------- ---------- -------------
(Loss)/profit for the period/year (4,097) 22,842 25,148
=============================================== ========== ========== =============
Attributable to:
Equity holders of the parent (4,704) 18,164 19,022
Non-controlling interests 607 4,678 6,126
------------------------------------ -------- ------- -------
(Loss)/profit for the period/year (4,097) 22,842 25,148
==================================== ======== ======= =======
(Loss)/earnings per share (attributable
to equity holders of the parent)
Basic ($ cents) 5 (1.32) 5.13 5.35
Diluted ($ cents) 5 (1.32) 4.92 5.02
----------------------------------------- ------- ----- -----
Consolidated Statement of Financial Position
As at 30 June 2021
Unaudited Unaudited Audited
30 30 31
June June December
2021 2020 2020
Notes $'000 $'000 $'000
-------------------------------------------------------- ------ ---------- ---------- ----------
Assets
Non-current assets
Intangible exploration and evaluation assets 82,062 74,653 75,574
Intangible assets software 156 240 204
Property, plant and equipment 143,803 120,997 150,247
Right of use assets 6 39,552 19,278 13,797
Investments in associates and joint ventures 175 192 175
Financial assets at fair value through profit or loss 2,279 9,352 7,721
Deferred tax assets 684 - 684
268,711 224,712 248,402
-------------------------------------------------------- ------ ---------- ---------- ----------
Current assets
Inventory 16,117 30,264 20,352
Trade and other receivables 18,520 13,831 12,724
Unrestricted cash and cash equivalents 4,558 1,417 6,552
Restricted cash and cash equivalents 4,379 4,123 4,516
43,574 49,635 44,144
-------------------------------------------------------- ------ ---------- ---------- ----------
Total assets 312,285 274,347 292,546
======================================================== ====== ========== ========== ==========
Liabilities
Non-current liabilities
Lease liability 6 25,897 13,256 2,380
Deferred consideration 5,599 - 5,402
Other financial liabilities 6,836 - 6,836
Provisions 16,157 14,921 16,125
-------------------------------------------------------- ------ ---------- ---------- ----------
54,489 28,177 30,743
-------------------------------------------------------- ------ ---------- ---------- ----------
Current liabilities
Trade and other payables 50,558 37,233 39,440
Lease liability 6 12,822 5,787 10,894
Other financial liabilities 15,000 15,000 15,000
Borrowings - 25,816 13,208
78,380 83,836 78,542
-------------------------------------------------------- ------ ---------- ---------- ----------
Total liabilities 132,869 112,013 109,285
-------------------------------------------------------- ------ ---------- ---------- ----------
Net assets 179,416 162,334 183,261
======================================================== ====== ========== ========== ==========
Equity
Share capital 7 5,344 5,309 5,344
Share premium 488 155 488
Shares to be issued 17,407 - 17,407
Retained earnings 145,794 148,542 150,246
-------------------------------------------------------- ------ ---------- ---------- ----------
Equity attributable to equity holders of the parent 169,033 154,006 173,485
======================================================== ====== ========== ========== ==========
Non-controlling interest 10,383 8,328 9,776
Total equity 179,416 162,334 183,261
======================================================== ====== ========== ========== ==========
Consolidated Statement of Cash Flows
For the six months ended 30 June 2021
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 30 31
June June December
2021 2020 2020
$'000 $'000 $'000
------------------------------------------------------------ ---- --------------- --------------- -----------
Operating activities
(Loss)/profit before tax (3,257) 23,752 26,283
Adjustments for:
Amortisation and depreciation 14,090 15,392 29,200
Amortisation and depreciation - right of use assets 6,348 5,796 12,485
Share based payments 1,098 1,293 2,551
Finance income (760) (1,515) (2,014)
Finance expense 2,619 3,499 9,288
Share of joint venture loss - - 17
Reversals in impairment of financial assets (42) (3) (397)
(Losses)/gains on financial assets measured at fair value 3,102 (2,851) (1,203)
------------------------------------------------------------------ --------------- --------------- -----------
Operating cash flows before movements in working capital 23,198 45,363 76,210
Decrease/(increase) in inventories 4,235 (12,181) (2,095)
(Increase)/decrease in receivables (6,346) (2,275) (1,796)
Increase/(decrease) in payables 11,657 (2,495) (4,297)
32,744 28,412 68,022
---- --------------- --------------- -----------
Taxation paid (1,475) (972) (1,766)
------------------------------------------------------------------ --------------- --------------- -----------
Net cash inflow from operating activities 31,269 27,440 66,256
------------------------------------------------------------------ --------------- --------------- -----------
Investing activities
Asset purchase, net of cash acquired - - (35)
Purchases of exploration and evaluation assets (5,618) (794) (2,601)
Purchases of property, plant and equipment (7,599) (6,612) (18,136)
Pasofino funding 6,308 - 5,559
Pasofino funding utilisation (7,178) - (4,673)
Purchase by non-controlling interest - - 1,883
Sale and purchase of shares in other companies 2,538 (393) (393)
Interest received - 9 11
Net cash used in investing activities (11,549) (7,790) (18,385)
------------------------------------------------------------------ --------------- --------------- -----------
Financing activities
Exercise of share options and warrants - 163 532
Lease principal payments (6,657) (5,684) (12,663)
Lease interest payments (356) (699) (1,201)
Loan interest paid (255) (1,672) (2,547)
Loans repaid (13,278) (14,368) (29,252)
Commission and other fees paid (341) - (571)
Net cash used in financing activities (20,887) (22,260) (45,702)
------------------------------------------------------------------ --------------- --------------- -----------
Net (decrease)/increase in cash and cash equivalents (1,167) (2,610) 2,169
Effect of foreign exchange rate changes (964) (379) 370
Cash and cash equivalents at beginning of period/year 11,068 8,529 8,529
Cash and cash equivalents at end of period/year 8,937 5,540 11,068
================================================================== =============== =============== ===========
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2021
Total
equity
Shares attributable
Share Share to be Retained to the Non-controlling
capital premium issued earnings parent interest Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
---------------------- --------- --------- -------- ---------- -------------- ---------------- ---------
As at 1 January
2020 5,301 - - 129,952 135,253 3,650 138,903
Profit for the
period - - - 18,164 18,164 4,678 22,842
----------------------
Total comprehensive
income for the
period - - - 18,164 18,164 4,678 22,842
Share based payments 8 155 - 426 589 - 589
As at 30 June 2020
(Unaudited) 5,309 155 - 148,542 154,006 8,328 162,334
====================== ========= ========= ======== ========== ============== ================ =========
As at 1 January
2020 5,301 - - 129,952 135,253 3,650 138,903
Profit for the
year - - - 19,022 19,022 6,126 25,148
----------------------
Total comprehensive
income for the
year - - - 19,022 19,022 6,126 25,148
Shares to be issued
as consideration
in asset purchase - - 17,407 - 17,407 - 17,407
Share based payments 43 488 - 1,272 1,803 - 1,803
As at 31 December
2020 (Audited) 5,344 488 17,407 150,246 173,485 9,776 183,261
====================== ========= ========= ======== ========== ============== ================ =========
As at 1 January
2021 5,344 488 17,407 150,246 173,485 9,776 183,261
Comprehensive (loss)/income
for the period:
(Loss)/profit for
the period - - - (4,704) (4,704) 607 (4,097)
-----------------------------
Total comprehensive
(loss)/income for
the period - - - (4,704) (4,704) 607 (4,097)
Share based payments - - - 252 252 - 252
As at 30 June 2021
(Unaudited) 5,344 488 17,407 145,794 169,033 10,383 179,416
============================= ====== ==== ======= ======== ======== ======= ========
1. General information
Hummingbird Resources PLC is a public limited company with
securities traded on the AIM market of the London Stock Exchange.
It is incorporated and domiciled in the United Kingdom and has a
registered office at 49-63 Spencer Street, Hockley, Birmingham,
West Midlands, B18 6DE.
The nature of the Group's operations and its principal
activities are the exploration, evaluation, development, and
operating of mineral projects, principally gold, focused currently
in West Africa.
2. Adoption of new and revised standards
The interim financial statements have been drawn up based on
accounting policies consistent with those applied in the financial
statements for the year ended 31 December 2020. There were several
accounting standards updates effective 1 January 2021, which did
not have any material impact on the financial statements of the
Group.
IFRS 9, IAS 39, IFRS 7, effective 1 January Interest Rate Benchmark
IFRS 4, IFRS 16 (Amendments) 2021 Reform - Phase 2
The following Standards and Interpretations which have not been
applied in the financial statements were in issue but not yet
effective.
IFRS 17 effective 1 January Insurance contracts
2023
3. Significant accounting policies
Basis of preparation
The consolidated interim financial information has been properly
prepared in accordance with International Accounting Standards in
conformity with the requirements of the Companies Act 2006, which
is expected to be applied in the Group's financial statements for
the year ended 31 December 2021.
The consolidated interim financial information for the period 1
January 2021 to 30 June 2021 is unaudited, does not include all the
information required for full financial statements and should be
read in conjunction with the Group's consolidated financial
statements for the year ended 31 December 2020. In the opinion of
the Directors the consolidated interim financial information for
the period represents fairly the financial position, results from
operation and cash flows for the period in conformity with
generally accepted accounting principles consistently applied. The
consolidated interim financial information incorporates comparative
figures for the interim period 1 January 2020 to 30 June 2020 and
the audited financial year to 31 December 2020. As permitted, the
Group has chosen not to adopt IAS34 'Interim Financial
Reporting'.
The annual financial statements of Hummingbird Resources plc are
prepared in accordance with International Financial Reporting
Standards ('IFRSs') as issued by the International Accounting
Standards Board ('IASB'. The Group's consolidated annual financial
statements for the year ended 31 December 2020, have been filed
with the Registrar of Companies and are available on the Company's
website www.hummingbirdresources.co.uk. The auditor's report on
those financial statements was unqualified.
At 30 June 2021, the Group had cash and cash equivalents of $9.0
million and total borrowings of $nil million. As at June 30, 2021,
the Company had a working capital deficiency (current assets less
current liabilities) of $34.8 million. The current liabilities
include Anglo Pacific royalty liability of $15 million which,
although current due to the nature of the agreement, is not
expected to be paid soon.
Going concern
The Group has prepared cash flow forecasts based on estimates of
key variables including production, gold price, operating costs,
capital expenditure through to December 2022 that supports the
conclusion of the Directors that they expect funding arrangements
currently in place to be sufficient to meet the Group's anticipated
cash flow requirements to this date.
These cashflow forecasts are subject to a number of risks and
uncertainties, in particular the ability of the Group to achieve
the planned levels of production and gold prices. The Board
reviewed and challenged the key assumptions used by management in
its going concern assessment.
The Board also considered sensitivities to those cash flow
scenarios (including where production is lower than forecast) which
in some cases showed tight cash flow months. Should this situation
arise, the Directors believe that they have a number of options
available to them, such as deferring certain expenditures, which
would allow the Group to meet its cash flow requirements through
this period.
Based on its review, the Board has a reasonable expectation that
the Group has adequate resources to continue operating for the
foreseeable future and hence the Board considers that the
application of the going concern basis for the preparation of the
Interim Financial Statements was appropriate.
Should the Group be unable to achieve the required levels of
production and associated cashflows, defer expenditures or obtain
additional funding such that the going concern basis of preparation
was no longer appropriate, adjustment would be required including
the reduction of balance sheet asset values to their recoverable
amounts and to provide for future liabilities should they
arise.
4. EBITDA and adjusted EBITDA
Earnings before interest, taxes, depreciation and amortisation
("EBITDA") is a factor of volumes, prices and cost of production.
This is a measure of the underlying profitability of the Group,
widely used in the mining sector. Adjusted EBITDA removes the
effect of impairment charges, foreign currency translation
gains/losses and other non-recurring expense adjustments but
including IFRS 16 lease payments.
Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA
Unaudited
Unaudited six months
six months ended 30 ended 30 Audited year ended 31 December
June 2021 June 2020 2020
$'000 $'000 $'000
---------------------------------- --- --------------------- ------------ ---------------------------------
(Loss)/profit before tax (3,257) 23,752 26,283
Less: Finance income (760) (1,515) (2,014)
Add: Finance costs 2,619 3,499 9,288
Add: Depreciation and amortisation 20,438 21,188 41,685
----------------------------------- ------------------------- ------------ -------------------------------
EBITDA 19,040 46,924 75,242
----------------------------------- ------------------------- ------------ -------------------------------
IFRS 16 lease interest and
principal payments (7,013) (6,383) (13,864)
Share based payments 1,098 1,293 2,551
Share of joint venture loss - - 17
Reversals in impairment of
financial assets (42) (3) (397)
(Losses)/gains on financial assets
measured at fair value 3,102 (2,851) (1,203)
----------------------------------- ------------------------- ------------ -------------------------------
Adjusted EBITDA 16,185 38,980 62,346
=================================== ========================= ============ ===============================
5. (Loss)/earnings per ordinary share
Basic (loss)/earnings per ordinary share is calculated by
dividing the net (loss)/profit for the period/year attributable to
ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the period/year.
The calculation of the basic and diluted (loss)/earnings per
share is based on the following data:
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 30 June 2020
2021 2020
$'000 $'000 $'000
---------------------------------------------------------- ------------ ------------ -------------
(Loss)/profit
(Loss)/profit for the purposes of basic (loss)/earnings
per share being net (loss)/profit attributable
to equity holders of the parent (4,704) 18,164 19,022
========================================================== ============ ============ =============
31 December
Number of shares 2020
30 June 30 June Number
2021 2020
Number Number
Weighted average number of ordinary shares
for the purposes of basic loss per share 357,428,368 354,215,944 355,380,149
Weighted number of shares to be issued as
part of asset purchase 35,248,441 - 11,685,100
Adjustments for share options and warrants 18,097,483 14,822,647 11,835,883
Weighted average number of ordinary shares
for the purposes of diluted (loss)/profit
per share 410,774,292 369,038,591 378,901,132
========================================================== ============ ============ =============
(Loss)/earnings per ordinary share 30 June 30 June 31 December
2020
2021 2020 $ cents
$ cents $ cents
---------------------------------------------------------- ------------ ------------ -------------
Basic (1.32) 5.13 5.35
Diluted (1.32) 4.92 5.02
========================================================== ============ ============ =============
At 30 June 2021 there were 53,345,924 potentially dilutive
ordinary shares. Potentially dilutive ordinary shares include share
options issued to employees and directors, warrants issued and in
2020 includes the 35,248,441 shares to be issued as part of the
Kouroussa Project acquisition. For period ended 30 June 2021,
because there is a reduction in loss per share resulting from the
assumption that the share options and warrants are exercised, the
latter are anti-dilutive and are ignored in the computation of
diluted loss per share and therefore there is no difference between
basic and diluted loss per share.
6. Right of use assets
Following the granting of a new mining contract to Junction
Contract Mining ('JCM') in April 2021, a reassessment right of use
assets and liabilities was initiated. This resulted in an both an
increase in the right of use assets and lease liabilities under
IFRS 16' Leases'.
These assets and liabilities were measured at the present value
of the remaining lease payments, discounted using the lessee's
incremental borrowing rates as of 9-10%.
7. Share capital
Authorised share capital
As permitted by the Companies Act 2006, the Company does not
have an authorised share capital.
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 30 June 2020
2021 2020 Number
Number Number
---------------------------------------------- -------------- -------------- --------------
Issued and fully paid
Ordinary shares of GBP0.01 each 357,428,368 354,755,378 357,428,368
---------------------------------------------- -------------- -------------- --------------
Shares to be issued (1)
Ordinary shares to be issued of GBP0.01 each 35,248,441 - 35,248,441
---------------------------------------------- -------------- -------------- --------------
Total Ordinary shares after issue - shares
of GBP0.01 each 392,676,809 354,755,378 392,676,809
============================================== ============== ============== ==============
31 December
2020
Issued and fully paid $'000
30 June 30 June
2021 2020
$'000 $'000
============================================== ============== ============== ==============
Issued and fully paid
Ordinary shares of GBP0.01 each 5,344 5,309 5,344
---------------------------------------------- -------------- -------------- --------------
Shares to be issued (1)
Ordinary shares to be issued of GBP0.01 each 470 - 470
Ordinary shares after issue of GBP0.01 each 5,814 5,309 5,814
============================================== ============== ============== ==============
(1) Following the acquisition of Kouroussa Project in Guinea
during the year, a total of 35,248,441 new Ordinary Shares in the
Company will be issued. These were issued on 13 July 2021.
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END
IR DKCBQABKDQFD
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