TIDMAMC
RNS Number : 7928S
Amur Minerals Corporation
27 June 2018
27 June 2018
AMUR MINERALS CORPORATION
("Amur" or the "Company")
FINAL RESULTS FOR THE YEARED 31 DECEMBER 2017
CHAIRMAN'S STATEMENT
It is with pleasure that I take this opportunity to present the
shareholders of Amur Minerals Corporation ("Amur" or the "Company")
with the 2017 financial and operational results. It has been a
highly significant year in which the 2017 field season resulted in
a 50% expansion of the Kun-Manie resource base to just over 1.5
million tonnes of nickel equivalent. This makes Kun-Manie one of
the largest greenfield nickel projects globally.
We have also greatly improved our knowledge of the global
battery market, especially for electric vehicles and large scale
power storage. There has been an increasing awareness for some
years that the battery market is expected to see considerable
growth in the coming decades and with lithium initially, then
cobalt and now nickel prices rallying. The future demand for these
metals is expected to continue to increase to meet the requirements
of battery producers.
2017 Operational Developments
Substantial Field Season and Resource Expansion
The 2017 field season proved to be our best ever resulting in a
50% increase in minable resources - 101 million tonnes to 155
million tonnes. A total of 26,485 metres of drilling in 107 holes
was completed at the Ikenskoe / Sobolevsky ("IKEN") and Kubuk
("KUB") deposits, together referred to as ISK deposit. We set out
with a plan to expand and infill drill these 2 deposits and
complete other works in relation to this approach, but during the
early stages of the program we began to see results that supported
our belief that the two deposits were connected. As a result, the
field season plan was altered to delay the metallurgical drilling
program in favour of proving that IKEN and KUB are connected, and
we can now state that it is one continuous deposit 3.6 kilometres
in length making it longer than the Maly Kurumkon / Flangovy
("MKF") deposit.
We feel strongly that there is much more potential to be derived
from the ISK deposit, but the Board and management believe that
Kun-Manie has sufficient resource at more than 1 million tonnes of
contained nickel to go forward with the next stage of development -
namely strategic investment and project financing.
Nickel Equivalent Calculation Data
March 2018 Metal Pricing
Pricing Nickel Copper Cobalt Platinum Palladium
Imperial $6.10 $3.10 $37.77 $950.00 $970.00
Metric $13,450 $6,835 $83,250 $30,544 $31,187
-------- ------- -------- --------- ----------
Measured $1.08 $0.14 $0.11 $0.08 $0.09
-------- ------- -------- --------- ----------
Indicated $10.59 $1.48 $1.35 $0.49 $0.51
-------- ------- -------- --------- ----------
M+I $11.66 $1.62 $1.46 $0.57 $0.61
-------- ------- -------- --------- ----------
Inferred $3.90 $0.55 $0.50 $0.20 $0.20
-------- ------- -------- --------- ----------
TOTAL $15.56 $2.17 $1.96 $0.76 $0.81
-------- ------- -------- --------- ----------
2018 % Value
Content 73.2% 10.2% 9.2% 3.6% 3.8%
-------- ------- -------- --------- ----------
2017 % Value
Content 73.6% 11.7% 5.3% 5.1% 4.2%
-------- ------- -------- --------- ----------
Numbers may not be concise due to rounding.
RPM Ordinary Kriging Mineral Resource Estimates
March 2018
0.4% Nickel Cutoff Grade
Resource Ore Ni Cu Co Pt Pd Eq Contained Metal (1,000's t)
Classification Mt % % % g/t g/t Ni
(%)
Ni Cu Co Pt Pd Eq Ni
(000's) (000's) (000's) (t) (t) (000's)
-------- -------- -------- ----- ----- ---------
MKF - Updated February 2017
Measured
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Indicated 57.5 0.77 0.22 0.015 0.15 0.16 1.06 445 124 8.9 8.8 9.3 606.5
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
M+I 57.5 0.77 0.22 0.015 0.15 0.16 1.06 445 124 8.9 8.8 9.3 606.5
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Inferred 3.4 0.80 0.22 0.017 0.16 0.15 1.06 27 7 0.6 0.5 0.5 36.1
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
MKF TOTAL 60.9 0.78 0.22 0.015 0.15 0.16 1.06 472 131 9.5 9.3 9.8 643.0
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
IKEN - Updated March 2018
Measured 10.6 0.71 0.18 0.011 0.22 0.26 0.98 75 19 1.1 2.3 2.8 103.6
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Indicated 13.6 0.66 0.17 0.012 0.18 0.20 0.91 89 24 1.7 2.4 2.8 123.7
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
M+I 24.2 0.68 0.18 0.012 0.19 0.23 0.94 164 43 2.8 4.7 5.6 226.9
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Inferred 27.8 0.80 0.23 0.017 0.19 0.19 1.10 222 63 4.6 5.2 5.3 306.5
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
IKEN TOTAL 51.9 0.75 0.20 0.014 0.19 0.21 1.03 386 106 7.5 9.9 10.8 534.0
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
KUB - Updated March 2018
Measured -
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Indicated 32.9 0.69 0.19 0.014 0.13 0.12 0.93 226 63 4.7 4.3 3.9 306.0
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
M+I 32.9 0.69 0.19 0.014 0.13 0.12 0.93 226 63 4.7 4.3 3.9 306.0
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Inferred 4.7 0.7 0.19 0.014 0.12 0.12 0.94 33 9 0.7 0.6 0.6 44.5
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
KUB TOTAL 37.6 0.69 0.19 0.014 0.13 0.12 0.93 259 72 5.3 4.9 4.5 349.9
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
VOD - Updated February 2017
Measured 0.6 0.74 0.22 0.012 0.29 0.32 1.24 5 1 0.1 0.2 0.2 7.6
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Indicated 3.2 0.85 0.21 0.017 0.16 0.16 1.13 27 7 0.5 0.5 0.5 36.0
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
M+I 3.8 0.85 0.21 0.016 0.20 0.19 1.15 32 8 0.6 0.7 0.7 43.6
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Inferred 1.0 0.81 0.22 0.016 0.17 0.16 1.06 8 2 0.2 0.2 0.2 11.0
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
VOD TOTAL 4.8 0.83 0.21 0.016 0.18 0.18 1.13 40 10 0.8 0.9 0.9 54.6
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
TOTAL
Measured 11.2 0.71 0.18 0.011 0.23 0.26 0.99 80 20 1.3 2.5 3.0 110.8
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Indicated 107.0 0.74 0.20 0.015 0.15 0.15 1.00 787 217 16.2 16.0 16.6 1,075.1
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
M+I 118.2 0.73 0.20 0.015 0.16 0.17 1.00 867 237 17.5 18.5 19.6 1,185.9
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Inferred 37.0 0.79 0.22 0.017 0.17 0.18 1.08 290 81 6.0 6.4 6.6 398.2
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
TOTAL 155.1 0.75 0.21 0.015 0.16 0.17 1.02 1,157 319 23.5 24.9 26.0 1,581.6
------ ----- ----- ------ ----- ----- ----- -------- -------- -------- ----- ----- ---------
Metallurgical Testing
During the first half of 2017, Gipronickel Institute
("Gipronickel") conducted bulk sample testing on core from the MKF
deposit. The tests were designed to maximise recoveries of metals
from MKF ore. The results were very positive and Gipronickel was
able to fine-tune the processing to improve recoveries over
previous recovery tests. Upon further discussion with Gipronickel
the unexpected possibility for generating separate nickel and
copper concentrate streams was raised. The ability to produce a
separate copper concentrate would have a considerable positive
economic impact on the value of Kun-Manie.
Under our current ore processing options and economic model, it
is assumed that a single concentrate or low- grade matte will be
produced and sent to smelter(s) for refining. However, in doing so,
we lose much of the value in the non-nickel metals, which is always
part of the terms from a nickel smelter. If a separate copper
concentrate can be produced, we then gain a far higher value from
the copper and also from a much "cleaner" nickel concentrate (which
will contain all other metals) which has a further benefit of a
notably higher nickel grade.
Whether a separate copper concentrate stream can be produced
economically will be evaluated in 2018.
Improved Operating Costs
In July 2017 RPM Global completed their independent review of
operating cost estimates for Kun-Manie resulting in an estimated
average C1 cost of US$1.78 per pound of nickel delivered to our
planned rail siding. This would place Kun-Manie in the lower
quartile of global nickel producers and also means that nearly all
of our reported mineralised material above cutoff grade is
available to mine. The result of this independent review provides
considerable confidence for the economic evaluation of the
potential of Kun-Manie.
Financial Overview
The Company remained debt free throughout the period with cash
reserves of US$2.56 million as at 31 December 2017, down from
US$8.20 million at the start of 2017. Subsequent to the 2017 year
end, on 12 February 2018 the Company entered into a US$10.00
million convertible loan facility with Cuart Investments PPC Ltd
and YA II PN Ltd, with the initial advance of US$4.00 million being
drawn on 14 February 2018. As at the date of reporting US$0.80
million of principal and US$0.02 million of accrued interest have
been converted for 14,071,436 new ordinary shares.
In January 2017 Jett Capital Advisors LLC exercised 1 million
warrants at an exercise price of 4.68p providing a cash inflow for
the Company of US$0.05 million.
During the period Crede CG III Ltd ("Crede") converted all
remaining 62.50 million warrants resulting in Crede having no
outstanding warrants as at 31 December 2017 thereby completing the
agreement entered into with Crede in December 2015. A significant
gain on fair value of the conversion of the warrants provided a
US$0.77 million gain recognised in the income statement for the
year.
In total the Company has spent US$0.47 million on capital
equipment during the period (2016: US$1.67 million) and US$3.23
million on exploration costs (2016: US$2.86 million).
Although the administration expenses for the period were
significantly reduced compared to the same period last year, the
difference is mostly non-cash items in 2016. The statement of cash
flows shows that the Company actually incurred comparable
administrative expenses to last year.
During 2017, the Russian Rouble appreciated by 5.77% (2016:
16.46%) against the US Dollar resulting in a currency exchange gain
of US$1.2 million (2016: US$2.9 million) recognised in other
comprehensive income on translation of subsidiaries' results to US
Dollars, which is the Group's reporting currency.
Outlook
The work that we are undertaking in 2018 is very much orientated
towards preparing and positioning the Company for the next stage of
its development, which will focus on strategic investment and
project financing. To date, this has involved management, with
support from Medea Capital Partners Limited, engaging with external
parties who provide long term support for projects transitioning
from exploration to production and beyond. These engagements are
largely centred around developing the external parties knowledge of
Kun-Manie and building personal relationships. We have benefited in
return by gaining current knowledge of the global markets for
nickel and just as importantly, the end users of nickel.
With those relationships in place, and new ones being developed,
in 2018 we are in a strong position to undertake focused activities
that will support the Company's aim of attracting the right sort of
strategic investment and partnering. It is important that the
Company maintain and build on its strong position for this next
stage of development as success here will begin to unlock the
considerable value held within the Kun-Manie project. The Board and
management believe that the Company is well positioned to
capitalise on the growth in the nickel market given the size of Kun
Manie and its proximal location to Asian markets. We are seeing
clear indicators that recent increased interest in nickel is now
turning towards interest in the future sourcing of nickel
supply.
Lastly, I would like to thank our hard working and dedicated
staff in Khabarovsk many of whom have been with us from the
beginning. Their knowledge and understanding of the Kun-Manie
project has been critical to the success of getting the Company to
its current position.
On behalf of the board
Mr R Schafer
Non-Executive Chairman
27 June 2018
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance LLP Blythewait
Robin Young CEO Ewan Leggat Megan Ray
Soltan Tagiev Tim Blythe
+7 (4212) 755 615 +44 (0) 20 3470 0470 +44 (0) 20 7138 3203
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
2017 2016
US$'000 US$'000
Non-current assets
Exploration and evaluation assets 22,376 17,167
Property, plant and equipment 2,884 2,736
--------- ---------
25,260 19,903
--------- ---------
Current assets
Inventories 769 756
Other receivables 741 768
Cash and cash equivalents 2,555 8,199
--------- ---------
4,065 9,723
--------- ---------
Total assets 29,325 29,626
--------- ---------
Current liabilities
Trade and other payables 768 416
Derivative financial liabilities - 3,295
--------- ---------
768 3,711
--------- ---------
Net current assets 3,297 6,012
--------- ---------
Non-current liabilities
Rehabilitation provision 176 166
Total liabilities 944 3,877
--------- ---------
Net Assets 28,381 25,749
========= =========
Equity
Share capital 62,879 60,293
Share premium 4,904 4,904
Foreign currency translation reserve (11,227) (12,427)
Share options reserve 3,366 3,575
Retained deficit (31,541) (30,596)
--------- ---------
Total equity 28,381 25,749
========= =========
The financial statements were approved by the Board of directors
and authorised for issue on 27 June 2018 and were signed on its
behalf by:
Mr B Savage Mr R Young
Director Director
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 DECEMBER 2017
2017 2016
US$'000 US$'000
Administrative expenses (1,924) (3,768)
Operating loss (1,924) (3,768)
Finance income
Fair value movements on derivative financial 3 4
instruments 767 (2,007)
Loss before taxation (1,154) (5,771)
Tax expense - -
Loss for the year attributable to owners
of the parent (1,154) (5,771)
========= ========
Loss per share (expressed in cents)
Basic and diluted (0.20) (1.10)
========= ========
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2017
2017 2016
US$'000 US$'000
Loss for the year (1,154) (5,771)
=========== ========
Other comprehensive income items that
may be reclassified to profit or loss
Exchange differences on translation of
foreign operations 1,200 2,883
Total other comprehensive income for the
year 1,200 2,883
Total comprehensive income for the year
attributable to owners of the parent 46 (2,888)
=========== ========
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2017
2017 2016
US$'000 US$'000 US$'000 US$'000
Cash flows from operating activities
Payments to suppliers and employees (2,703) (2,210)
-------- --------
Net cash outflow from operating
activities (2,703) (2,210)
Cash flow from investing activities
Payments for exploration expenditure (3,234) (2,863)
Payments for property, plant and
equipment (470) (1,670)
Interest received 3 4
-------- --------
Net cash used in investing activities (3,701) (4,529)
Cash flow from financing activities
Cash received on issue of shares 570 6,589
Net cash generated from financing
activities 570 6,589
-------- --------
Net decrease in cash and cash equivalents (5,834) (150)
Cash and cash equivalents at beginning
of year 8,199 9,613
Exchange gains/(losses) on cash
and cash equivalents 190 (1,264)
-------- --------
Cash and cash equivalents at end
of year 2,555 8,199
======== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2017
Share Share Foreign Share Retained Total
capital premium currency options deficit equity
translation reserve
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January
2016 54,093 5,648 (15,310) 3,907 (25,869) 22,469
--------- --------- ------------- --------- --------- --------
Year ended 31 December
2016:
Loss for the year - - - - (5,771) (5,771)
Other comprehensive
income:
Exchange differences
on translation of
foreign operations - - 2,883 - - 2,883
--------- --------- ------------- --------- --------- --------
Total Comprehensive
income for the year - - 2,883 - (5,771) (2,888)
Issue of share capital 6,185 - - - - 6,185
Equity settled share
based payments - - - 712 - 712
Costs associated
with issue of share
capital - (744) - - - (744)
Options expired - - - (1,030) 1,030 -
Exercise of options 15 - - (14) 14 15
--------- --------- ------------- --------- --------- --------
Balance at 31 December
2016 60,293 4,904 (12,427) 3,575 (30,596) 25,749
========= ========= ============= ========= ========= ========
Share Share Foreign Share Retained Total
capital premium currency options deficit equity
translation reserve
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January
2017 60,293 4,904 (12,427) 3,575 (30,596) 25,749
--------- --------- ------------- --------- --------- --------
Year ended 31 December
2017:
Loss for the year - - - - (1,154) (1,154)
Other comprehensive
income:
Exchange differences
on translation of
foreign operations - - 1,200 - - 1,200
--------- --------- ------------- --------- --------- --------
Total Comprehensive
income for the year - - 1,200 - (1,154) 46
Issue of share capital 2,528 - - - - 2,528
Options expired - - - (209) 209 -
Exercise of options 58 - - - - 58
--------- --------- ------------- --------- --------- --------
Balance at 31 December
2017 62,879 4,904 (11,227) 3,366 (31,541) 28,381
========= ========= ============= ========= ========= ========
1. Basis of prePARATION
a) General Information
Amur Minerals Corporation is incorporated under the British
Virgin Islands Business Companies Act 2004. The registered office
is Kingston Chambers, P.O. Box 173, Road Town, Tortola, British
Virgin Islands. The Company and its subsidiaries ("Group") locates,
evaluates, acquires, explores and develops mineral properties and
projects in the Russian Far East.
b) Basis of Preparation
The financial information set out herein does not constitute the
Group's Annual Report. This information has been derived from the
Group's Annual Report and financial statements for the year ended
31 December 2017 which were approved and authorised for issue on 27
June 2018 and upon which the auditors have reported unmodified but
contained a material uncertainty in relation to going concern based
on the matters identified in 1(c).
The Group's 2017 Annual Report and financial statements will be
distributed to shareholders and made available on the Company's
website at http://amurminerals.com/ on 27 June 2018.
The financial statements have been presented in thousands of
United States Dollars and prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European
Union.
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and
factors that are believed to be reasonable under the circumstances,
the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these
estimates. The areas involving a higher degree of judgement or
complexity, or where assumptions and estimates are significant to
the consolidated financial statements, are disclosed in note 3 of
the Group's Annual Report.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision only
affects that period, or in the period of revision and future
periods if the revision affects both current and future
periods.
c) Going concern
The Group operates as a natural resources exploration and
development group. To date, the Group has not earned significant
revenues and is considered to be in the exploration stage.
On 12 February 2018, the Group entered into a US$10 million
convertible loan facility with Cuart Investments PCC and YA II PN
Ltd ('the investors'). Under the agreement, the Group received a
US$4 million advance and will receive further advances of US$2
million payable within 121 days and up to US$4million payable
within 240 days after the initial advance, subject to the meeting
of project advancement and market trading milestones. Each advance
is fully repayable in 12 monthly instalments and the Group can
elect to make monthly repayments of interest and principal in
accordance with repayment schedule. Should the Group not make the
repayments, the investors can elect to convert the amounts into
shares or receive full repayment at the end of the 12 month
period.
At the date of the approval of this report, the Group had not
met the required milestones for receipt of the next advance of US$2
million. The Directors are currently in discussions with the
investors to amend the terms to allow drawdown of the remaining
amounts under the convertible loan facility however, the outcome of
these discussions and the timing of the additional funding is
uncertain.
The Directors have reviewed the Group's cash flow forecast for
the period to 31 December 2019 and plan to continue advancing the
project to DFS stage in 2018-2019. Should funds not be forthcoming
in a reasonable timescale the expenditure plans could be adapted to
prolong current cash resources. However, should the revised terms
not be agreed and the repayment of the US$4 million initially
advance is required, additional funds will be needed within twelve
months from the date of the approval of these financial
statements.
Based on the on-going discussions with various interested
parties, the Directors are confident that alternative funding could
be secured should the revised terms of the convertible loan not be
agreed. Accordingly, the Directors continue to adopt the going
concern basis for the preparation of these financial
statements.
At the date of the approval of these financial statements, an
amended convertible loan facility has not been agreed and there is
no legally binding agreement in place relating to alternative
funding. There can be no certainty that further advances or other
funds will be forthcoming in the required timescale which indicates
the existence of a material uncertainty which may cast doubt over
the Group's ability to continue as a going concern and, therefore,
it may be unable to realise its assets and discharge its
liabilities in the normal course of business. The financial
statements do not include the adjustments that would result if the
Group was unable to continue as a going concern.
c) Loss per share
Basic and diluted loss per share are calculated and set out
below. The effects of warrants and share options outstanding at the
year ends are anti-dilutive and the total of 30.7 million (2016:
95.3 million) of potential ordinary shares have therefore been
excluded from the following calculations:
2017 2016
Number of shares
Weighted average number of ordinary
shares used in the calculation of basic
earnings per share 613,250,727 547,940,724
2017 2016
Earnings US$'000 US$'000
Net loss for the year from continued
operations attributable to equity shareholders (1,154) (5,771)
============ ============
Loss per share for continuing operations
(expressed in cents)
Basic and diluted earnings per share (0.20) (1.10)
d) Events after the reporting date
On 12 February 2018 the Company entered into a US$10 million
convertible loan facility with Cuart Investments PPC Ltd and YA II
PN Ltd, with the initial advance of US$4 million being drawn on 14
February 2018.
On 20 March 2018 pursuant to the convertible loan agreement
entered into on 12 February 2018, the Company issued 1,722,264 new
ordinary shares to Cuart Investment PPC Ltd and YA II PN Ltd in
settlement on US$100,745 of principal and accrued interest.
On 9 April 2018 pursuant to the convertible loan agreement
entered into on 12 February 2018, the Company issued 1,722,870 new
ordinary shares to Cuart Investment PPC Ltd and YA II PN Ltd in
settlement on US$100,460 of principal and accrued interest.
On 13 April 2018 pursuant to the convertible loan agreement
entered into on 12 February 2018, the Company issued 1,820,108 new
ordinary shares to Cuart Investment PPC Ltd and YA II PN Ltd in
settlement on US$100,066 of principal and accrued interest.
On 17 April 2018 the Directors and Executive management entered
into 12 month share purchase programme whereby they will be making
monthly purchases of shares in the open market.
On 19 April 2018 pursuant to the convertible loan agreement
entered into on 12 February 2018, the Company issued 1,821,943 new
ordinary shares to Cuart Investment PPC Ltd and YA II PN Ltd in
settlement on US$100,110 of principal and accrued interest.
On 26 April 2018 pursuant to the convertible loan agreement
entered into on 12 February 2018, the Company issued 3,608,257 new
ordinary shares to Cuart Investment PPC Ltd and YA II PN Ltd in
settlement on US$200,263 of principal and accrued interest.
On 16 May 2018 pursuant to the convertible loan agreement
entered into on 12 February 2018, the Company issued 3,375,994 new
ordinary shares to Cuart Investment PPC Ltd and YA II PN Ltd in
settlement on US$200,789 of principal and accrued interest.
On 20 June 2018 pursuant to the convertible loan agreement
entered into on 12 February 2018, the Company issued 3,480,369 new
ordinary shares to Cuart PCC Ltd and YA II PN Ltd in settlement of
US$197,753 of principal and accrued interest.
Annual Accounts
Copies of the Group's Annual Accounts will be posted to the Amur
shareholders today and are available for download from the
Company's website at www.amurminerals.com.
Notes to Editors
The information on exploration results and Mineral Resources
contained in this announcement has been reviewed and approved by
the CEO of Amur, Robin Young. Mr. Young is a Geological Engineer
(cum laude) and is a Qualified Professional Geologist, as defined
by the Toronto and Vancouver Stock Exchanges and a Qualified Person
for the purposes of the AIM Rules for Companies.
Glossary
DEFINITIONS OF EXPLORATION RESULTS, RESOURCES & RESERVES
EXTRACTED FROM THE JORC CODE: (December 2012) (www.jorc.org)
A 'Mineral Resource' is a concentration or occurrence of
material of intrinsic economic interest in or on the Earth's crust
in such form, quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories.
An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which tonnage, grade and mineral content can be
estimated with a low level of confidence. It is inferred from
geological evidence and assumed but not verified geological and/or
grade continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes which may be limited or of uncertain
quality and reliability.
An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which tonnage, densities, shape, physical
characteristics, grade and mineral content can be estimated with a
reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are too widely or
inappropriately spaced to confirm geological and/or grade
continuity but are spaced closely enough for continuity to be
assumed.
A 'Measured Mineral Resource' is that part of a Mineral Resource
for which tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are spaced closely enough
to confirm geological and/or grade continuity.
An 'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses which may occur when the material is
mined. Appropriate assessments and studies have been carried out,
and include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could
reasonably be justified. Ore Reserves are sub-divided in order of
increasing confidence into Probable Ore Reserves and Proved Ore
Reserves.
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.
END
FR FMGZVZNLGRZM
(END) Dow Jones Newswires
June 27, 2018 08:40 ET (12:40 GMT)
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