TIDMATM
RNS Number : 3699A
AfriTin Mining Ltd
29 September 2020
AfriTin Mining Limited
("AfriTin" or the "Company" and with its subsidiaries the
"Group")
Unaudited Interim Results
for the six months ended 31 August 2020
AfriTin Mining Limited (AIM: ATM), an African tin mining company
with its flagship asset, the Uis tin mine ("Uis") in Namibia, is
pleased to release its unaudited interim results for the six months
ended 31 August 2020.
Highlights
-- Revenue increased to GBP1,083,996 for the six-month period ended 31 August 2020;
-- Phase 1 pilot plant continues to ramp up and achieved a
production record of 37.5 tonnes of tin concentrate in August
2020;
-- Publication of an internal operational and financial and
forecast review to accompany the mineral resource estimate (JORC
2012) conducted by CSA Global, indicated robust economics for
current plant expansion;
-- The Company expects to complete the ramp-up to steady-state
production of 60 tonnes of tin concentrate per month by the end of
2020;
-- Continued shipments of tin concentrate to Thaisarco, with the
agreement renewed for a further 12 months which is anticipated to
increase revenues further as production continues to ramp up;
and,
-- Renewed and increased working capital and VAT facilities with
Nedbank Namibia during the period.
Chief Executive Officer's Statement
Introduction
Despite the continued global uncertainty around the COVID-19
pandemic and associated lockdown, AfriTin has steadily increased
production at the Uis tin mine in Namibia, resulting in a marked
increase in the revenue of the Company during the period. During
this period, the operations of the Phase 1 pilot plant achieved a
production record of 37.5 tonnes of tin concentrate in August 2020
despite ongoing planned shutdowns for plant improvements. This
equates to 63% of expected Phase 1 steady-state production and with
continued improvements we anticipate this increasing to
steady-state production targets by the end of 2020. The off-take
agreement with Thaisarco has been renewed for a further 12 months
and the Company looks forward to building on this robust
relationship as the shipments increase over the coming months. The
global tin market has been one of the better performers on the
London Metals Exchange during this uncertain period confirming our
belief in the market fundamentals of tin.
COVID-19 pandemic
In March 2020, Namibia implemented a lockdown across the country
in response to the global COVID-19 pandemic. However, under the
government legislation, mining operations were categorised as
critical economic services and minimal operational activity was
permitted to continue, including critical maintenance work. To
comply with this directive, AfriTin had to suspend open-pit mining
at the Uis tin mine, but we were able to continue feeding the
processing plant from the run-of-mine stockpile. At the time of the
lockdown, more than two months' worth of ore feed had been
stockpiled, enabling the Company to maintain the ramp-up, albeit at
a slower pace than originally planned.
As a result of the COVID-19 pandemic, AfriTin implemented new
health measures across the Company to protect our employees from
the virus. The health and safety of our employees and communities
remains a key priority, and the Company is following all World
Health Organisation and Namibian National Health guidelines and
recommendations to ensure their wellbeing. AfriTin can report that
there have been no confirmed cases of COVID-19 at the Uis tin mine.
A COVID-19 community support programme was established to support
the residents of Uis. This includes providing the local clinic with
medical supplies and contracting a local Uis resident to make
facemasks which were distributed at the clinic and the local
school.
Review of the business & operations
In June 2020, AfriTin performed an internal financial and
operational review to accompany the mineral resource estimate (JORC
2012) conducted by CSA Global, declared on 16 September 2019. This
review outlined the development strategy for the Uis tin project,
dovetailed with AfriTin's corporate strategy of a fast-tracked but
risk-mitigated pathway to growing company value through the
establishment of free cash flows, while developing a schedule
towards expanded operations.
This translates into the following objectives:
-- Confirming the historical mineral resources followed by
exploration of proximal mineralised pegmatites;
-- Establishing a mining and processing operation of sufficient
scale and efficiency to be commercially viable and provide free
cash flows as expeditiously as possible;
-- Expanding the revenue stream from tin concentrate to include
other viable by-products, with particular emphasis on tantalum and
lithium; and
-- Using the pilot facility as a platform to develop a large-scale operation.
Initiatives to solve identified key bottlenecks in the
processing plant are ongoing. As a result of
higher-than-anticipated fines material in the run-of-mine feed,
improvements were required to rebalance material flows and expand
capacity related to the dewatering of grits (45 to 500 micron
particles) and slimes (smaller than 45 micron particles). The
bottlenecks in the fines dewatering circuit of the Uis processing
plant have now been addressed. As a result, the Company looks
forward to completing the ramp-up to steady-state production of 60
tonnes of tin concentrate per month by the end of 2020.
Financing
In May 2020, AfriTin secured a GBP2.05 million loan note
facility. This facility enabled the Company to continue executing
its growth strategy for the ramp-up phase of the Phase 1 pilot
plant. In addition, the facility provided additional protection
against any potential effects from the COVID-19 pandemic. At 31
August 2020, the Company had drawn down GBP1.8 million of this
facility.
On 31 July 2020, the Company renewed and increased its working
capital and VAT facilities with Nedbank Namibia for a further
12-month period. This support from a local bank in Namibia shows
confidence in our Company, asset and commodity. In August 2020,
AfriTin raised additional equity financing by way of a placing and
subscription of GBP3.05 million at a price of 2.1 pence per
ordinary share through existing shareholders and - importantly -
this also attracted prominent new institutional investors to the
share register. Their participation demonstrates on-going
confidence in our team's ability to deliver our stated strategy and
growth plans.
Outlook
2020 is proving to be an unprecedented time for both the mining
sector and the world as a whole. However, the Company has adapted
to the confines of the COVID-19 pandemic. I'd like to thank the
entire team for all their dedication during these difficult times
as well as acknowledge the ongoing support from the Namibian
Government, our loyal shareholders and board of directors.
AfriTin is well set for the second half of the financial year as
we continue our journey to become the tin champion of Africa and I
look forward to providing further updates in the second half of the
financial year.
Anthony Viljoen
CEO
For further information, please visit www.afritinmining.com or
contact:
AfriTin Mining Limited
Anthony Viljoen, CEO +27 (11) 268 6555
Nominated Adviser
WH Ireland Limited
Katy Mitchell
James Sinclair-Ford +44 (0) 207 220 1666
Corporate Advisor and Joint Broker
Hannam & Partners
Andrew Chubb
Jay Ashfield
Nilesh Patel +44 (0) 20 7907 8500
Joint Broker
Turner Pope Investments
Andy Thacker +44 (0) 203 657 0050
Financial PR (United Kingdom)
Tavistock +44 (0) 207 920 3150
Jos Simson
Barney Hayward
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
About AfriTin Mining Limited
Notes to Editors
AfriTin Mining Limited is the first pure tin company listed in
London and its vision is to create a portfolio of globally
significant, conflict-free, tin-producing assets. The Company's
flagship asset is the Uis Tin Mine in Namibia, formerly the world's
largest hard-rock opencast tin mine.
AfriTin is managed by an experienced board of directors and
management team with a current two-fold strategy: fast-track Uis t
in m ine in Namibia to commercial production as Phase 1, ramping up
to 5 000 tonnes of tin concentrate in a Phase 2 expansion. The
Company strives to capitalise on the solid market fundamentals of
tin by developing a critical mass of tin resource inventory,
achieving production in the near term and further scaling
production by consolidating tin assets in Africa.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 31 August 2020
6 months 6 months 12 months
ended
31 August ended ended
2020 (unaudited)
GBP 31 August 29 February
2019 2020
(unaudited) (audited)
Notes GBP GBP
Continuing operations
Revenue 5 1 083 996 - 69 032
Cost of Sales (1 070 239) - (47 336)
----------------------- --------------------- -----------------------
Gross Profit 13 757 - 21 696
Administrative expenses 6 (946 182) (615 516) (1 815 227)
----------------------- --------------------- -----------------------
Operating loss (932 425) (615 516) (1 793 531)
Finance income 14 3 749 3 793
Finance cost 7 (109 410) (15 346) (40 719)
----------------------- --------------------- -----------------------
Loss before tax (1 041 821) (627 113) (1 830 457)
Income tax expense 8 - - -
----------------------- --------------------- -----------------------
Loss for the period (1 041 821) (627 113) (1 830 457)
======================= ===================== =======================
Other comprehensive loss
Items that will or may be
reclassified
to profit or loss:
Exchange differences on
translation
of share-based payment reserve (4 342) 222 (1 039)
Exchange differences on
translation
of foreign operations (1 293 490) (31 697) (1 113 281)
Exchange differences on
non-controlling
interest 6 213 (21) 4 167
Total comprehensive loss for the
period (2 333 440) (658 609) (2 940 610)
======================= ===================== =======================
Loss for the period attributable
to:
Owners of the parent (999 434) (624 551) (1 781 962)
Non-controlling interests (42 387) (2 562) (48 495)
-----------------------
(1 041 821) (627 113) (1 830 457)
======================= ===================== =======================
Total comprehensive loss for the
period attributable to:
Owners of the parent (2 297 266) (656 027) (2 896 282)
Non-controlling interests (36 174) (2 582) (44 328)
-----------------------
(2 333 440) (658 609) (2 940 610)
======================= ===================== =======================
Loss per ordinary share
Basic and diluted loss per share
(in pence) 9 (0.15) (0.10) (0.29)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 August 2020
Company number: 63974
31 August 31 August 29 February
2020 2019 2020
(unaudited) (unaudited) (audited)
Notes GBP GBP GBP
Assets
Non-current assets
Intangible assets 10 7 247 261 7 596 732 7 441 018
12 961 12 467
Property, plant and equipment 11 697 9 333 036 868
------------- ------------ --------------------
20 163 16 929 19 908
Total non-current assets 958 768 886
============= ============ ====================
Current assets
Inventories 12 610 171 26 441 246 910
Trade and other receivables 13 362 756 992 390 648 722
Cash and cash equivalents 2 578 612 130 635 574 600
------------- ------------ --------------------
Total current assets 3 551 539 1 149 466 1 470 232
============= ============ ====================
23 715 18 079 21 379
Total assets 497 234 118
============= ============ ====================
Equity and liabilities
Equity
23 604 20 223 20 487
Share capital 18 665 173 239
Convertible loan note reserve 3 770 645 - 3 770 645
Accumulated deficit (5 364 934) (3 210 518) (4 365 500)
Warrant reserve 19 215 956 78 651 78 651
Share-based payment reserve 729 808 264 671 559 534
Foreign currency translation
reserve (2 828 598) (453 523) (1 535 108)
-------------
Equity attributable to the 20 127 16 902 18 995
owners of the parent 542 454 461
------------- ------------ --------------------
Non-controlling interests (87 986) (10 067) (51 812)
------------- ------------ --------------------
20 039 16 892 18 943
Total equity 556 387 649
============= ============ ====================
Non-current liabilities
Environmental rehabilitation
liability 16 80 968 75 600 86 005
Lease liability 17 140 527 262 475 181 544
-------------
Total non-current liabilities 221 495 338 075 267 549
============= ============ ====================
Current liabilities
Trade and other payables 15 894 008 763 307 894 830
Borrowings 14 2 517 536 85 465 1 230 961
Lease liability 17 42 902 - 42 129
Total current liabilities 3 454 446 848 772 2 167 920
============= ============ ====================
23 715 18 079 21 379
Total equity and liabilities 497 234 118
============= ============ ====================
The notes that follow in this report form part of these
financial statements.
The financial statements were authorised and approved for issue
by the Board of Directors and authorised for issue on 28 September
2020
ANTHONY VILJOEN
Chief Executive Officer
28 SEPTEMBER 2020
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 31 August 2020
Foreign
Convertible Share-based currency
Share loan note Accumulated Warrant payment translation Non-controlling
capital reserve deficit reserve reserve reserve Total interests Total equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Total equity
at 28
February
2019 17 337 718 - (2 585 967) 78 651 220 729 (421 827) 14 629 304 (7 484) 14 621 820
Loss for the
period - - (624 551) - - - (624 551) (2 562) (627 113)
Other
comprehensive
income/loss - - - - 222 (31 697) (31 475) (21) (31 496)
Transactions
with owners:
Share-based
payments - - - - 43 720 - 43 720 - 43 720
Issue of
shares 2 988 392 - - - - - 2 988 392 - 2 988 392
Share issue
costs (102 937) - - - - - (102 937) - (102 937)
----------- ----------- ----------- ------------- ------------ ----------- ------------ --------------- ------------
Total equity
at 31 August
2019 20 223 173 - (3 210 518) 78 651 264 671 (453 524) 16 902 454 (10 067) 16 892 387
Loss for the
period - - (1 154 982) - (1 154 982) (45 933) (1 200 915)
Other
comprehensive
income/loss - - - - (1 261) (1 081 584) (1 082 845) 4 188 (1 078 657)
Transactions
with owners:
Share-based
payments - - - - 359 842 - 359 842 - 359 842
Issue of
shares 272 816 3 800 000 - - (63 718) - 4 009 098 - 4 009 098
Share issue
costs (8 750) (29 355) - - - (38 105) - (38 105)
Total equity
at 29
February
2020 20 487 239 3 770 645 (4 365 500) 78 651 559 534 (1 535 108) 18 995 461 (51 812) 18 943 649
Loss for the
period - - (999 434) - - - (999 434) (42 387) (1 041 821)
Other
comprehensive
income/loss - - - - (4 342) (1 293 490) (1 297 832) 6 213 (1 291 619)
Transactions
with owners:
Issue of
shares 3 370 743 - - - - - 3 370 743 - 3 370 743
Share issue
costs (253 317) - - - - - (253 317) - (253 317)
Share-based
payments - - - - 174 616 - 174 616 - 174 616
Warrants
granted - - - 137 305 - - 137 305 - 137 305
----------- ----------- ----------- ------------- ------------ ----------- ------------ --------------- ------------
Total equity
at 31 August
2020 23 604 665 3 770 645 (5 364 934) 215 956 729 808 (2 828 598) 20 127 542 (87 986) 20 039 556
=========== =========== =========== ============= ============ =========== ============ =============== ============
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 31 August 2020
Period ended Period ended Year ended
31 August 31 August
2020 (unaudited) 2019 (unaudited)
GBP GBP 29 February
2020
(audited)
Notes GBP
Cash flows from
operating activities
Loss before taxation (1 041 821) (627 112) (1 830 457)
Adjustments for:
Depreciation of
property, plant and
equipment 11 181 520 61 126 128 130
Share-based payments 114 385 43 720 184 888
Equity-settled
transactions 18 320 743 - 109 190
Finance income (14) (3 749) (3 793)
Finance costs 7 109 410 - 40 719
Changes in working
capital:
Decrease/(Increase)
in receivables 13 232 192 (519 580) (220 634)
Increase/(decrease)
in payables 15 81 600 384 405 (241 546)
(Increase)/decrease
in inventory 12 (397 485) (1 087) 578 828
---------------------------- -------------------------------- --------------------
Net cash used in
operating
activities (399 470) (662 278) (1 254 675)
---------------------------- -------------------------------- --------------------
Cash flows from
investing activities
Finance income 14 3 749 3 793
Purchase of
intangible assets 10 (72 828) (578 252) (596 291)
Purchase of
property, plant and
equipment 11 (1 751 822) (3 346 592) (7 159 313)
---------------------------- -------------------------------- --------------------
Net cash used in
investing
activities (1 824 636) (3 921 095) (7 751 811)
---------------------------- -------------------------------- --------------------
Cash flows from
financing activities
Finance costs 7 (1 881) - (562)
Lease payments 17 (30 700) - (68 015)
Net proceeds from
issue of shares 18 2 796 683 2 885 455 3 770 645
Proceeds from
borrowings 14 3 834 387 85 465 4 840 989
Repayment of (2 501
borrowings 14 805) - (3 610 028)
---------------------------- -------------------------------- --------------------
Net cash generated
from financing
activities 4 096 684 2 970 920 7 809 734
---------------------------- -------------------------------- --------------------
Net decrease in cash
and cash
equivalents 1 872 578 (1 612 453) (1 196 752)
Cash and cash
equivalents at the
beginning
of the period 574 600 1 781 335 1 781 335
Exchange differences 131 434 (38 247) (9 983)
---------------------------- -------------------------------- --------------------
Cash and cash
equivalents at the
end
of the period 2 578 612 130 635 574 600
============================ ================================ ====================
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the period ended 31 August 2020
1. Corporate information and principal activities
AfriTin Mining Limited ("AfriTin") was incorporated and
domiciled in Guernsey on 1 September 2017 and admitted to the AIM
market in London on 9 November 2017. The company's registered
office is currently 18-20 Le Pollet, St Peter Port, Guernsey, GY1
1WH. Effective 1 October 2020, the registered address will become
PO Box 282, Oak House, Hirzel Street, St Peter Port, Guernsey GY1
3RH. The company operates from Illovo Edge Office Park, 2nd Floor,
Building 3, Corner Harries and Fricker Road, Illovo, Johannesburg,
2116, South Africa.
These financial statements are for the period ended 31 August
2020 and the comparative figures for the 6-month period ended 31
August 2019 and for the year ended 29 February 2020 are shown.
The AfriTin Group comprises AfriTin Mining Limited and its
subsidiaries as noted below.
AfriTin Mining Limited ("AML") is an investment holding company
and holds 100% of Guernsey subsidiary, Greenhills Resources Limited
("GRL").
GRL is an investment holding company that holds investments in
resource-based tin and tantalum exploration companies in Namibia
and South Africa. The Namibian subsidiary is AfriTin Mining
(Namibia) Pty Limited ("AfriTin Namibia"), in which GRL holds 100%
equity interest. The South African subsidiaries are Mokopane Tin
Company Pty Limited ("Mokopane") and Pamish Investments 71 Pty
Limited ("Pamish 71"), in which GRL holds 100% equity interest.
AfriTin Namibia owns an 85% equity interest in Uis Tin Mining
Company Pty Limited ("UTMC"). The minority shareholder in UTMC is
The Small Miners of Uis who own 15%.
Mokopane owns a 74% equity interest in Renetype Pty Limited
("Renetype") and a 50% equity interest in Jaxson 641 Pty Limited
("Jaxson").
The minority shareholders in Renetype are African Women
Enterprises Investments Pty Limited and Cannosia Trading 62 CC who
own 10% and 16% respectively.
The minority shareholder in Jaxson is Lerama Resources Pty
Limited who owns a 50% interest in Jaxson.
Pamish 71 owns a 74% interest in Zaaiplaats Mining Pty Limited
("Zaaiplaats").
The minority shareholder in Zaaiplaats is Tamiforce Pty Limited
who owns 26%.
AML holds 100% of Tantalum Investment Pty Limited, a company
containing Namibian exploration licenses EPL5445 and EPL5670 for
the exploration of tin, tantalum and associated minerals.
At 31 August 2020, the AfriTin Group comprised:
Equity holding
and voting Country of
Company rights incorporation Nature of activities
AfriTin Mining Limited N/A Guernsey Ultimate holding
company
-------------- -------------- --------------------------
Greenhills Resources Limited(1) 100% Guernsey Holding company
-------------- -------------- --------------------------
AfriTin Mining Pty Limited(1) 100% South Africa Group support services
-------------- -------------- --------------------------
Tantalum Investment Pty 100% Namibia
Limited(1) Tin & tantalum exploration
-------------- -------------- --------------------------
AfriTin Mining (Namibia) 100% Namibia
Pty Limited(2) Tin & tantalum operations
-------------- -------------- --------------------------
Uis Tin Mining Company 85% Namibia
Pty Limited(3) Tin & tantalum operations
-------------- -------------- --------------------------
Mokopane Tin Company Pty 100% South Africa
Limited(2) Holding company
-------------- -------------- --------------------------
Renetype Pty Limited(4) 74% South Africa Tin & tantalum exploration
-------------- -------------- --------------------------
Jaxson 641 Pty Limited(4) 50% South Africa Tin & tantalum exploration
-------------- -------------- --------------------------
Pamish Investments 71 Pty 100% South Africa
Limited(2) Holding company
-------------- -------------- --------------------------
Zaaiplaats Mining Pty Limited(5) 74% South Africa Property owning
-------------- -------------- --------------------------
(1) Held directly by AfriTin Mining Limited
(2) Held by Greenhills Resources Limited
(3) Held by AfriTin Mining (Namibia) Pty Limited
(4) Held by Mokopane Tin Company Pty Limited
(5) Held by Pamish Investments 71 Pty Limited
These financial statements are presented in Pound Sterling (GBP)
because that is the currency in which the Group has raised funding
on the AIM market in the United Kingdom. Furthermore, Pound
Sterling (GBP) is the functional currency of the ultimate holding
company, AfriTin Mining Limited.
2. Significant accounting policies
Basis of accounting
The interim financial statements have been prepared using
measurement and recognition criteria based on International
Financial Reporting Standards (IFRS and IFRIC interpretations)
issued by the International Accounting Standards Board (IASB) as
adopted for use in the EU. The interim financial information has
been prepared using the accounting policies which will be applied
in the Group's statutory financial statements for the year ended 28
February 2021 and which were applied in the Group's statutory
financial statements for the year ended 29 February 2020.
The Group has adopted the standards, amendments and
interpretations effective for annual periods beginning on or after
1 March 2020. The adoption of these standards and amendments did
not have a material effect on the financial statements of the
Group. See Note 3.
The interim financial information for the six months to 31
August 2020 is unaudited and does not constitute statutory
financial information. The statutory accounts for the year ended 29
February 2020 are available on the Company's website. The auditors'
report on those accounts was unqualified and included a material
uncertainty in respect of going concern but did not contain a
statement under section 498 (2) or 498 (3) of the Companies Act
2006..
The consolidated financial statements have been prepared under
the historical cost convention. The preparation of financial
statements in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to
exercise judgement in the process of applying the Group's
accounting policies. The areas involving a higher degree of
judgement or complexity and areas where assumptions and estimates
are significant to the consolidated financial statements are
discussed further in this note.
Going concern
These financial statements have been prepared on the basis of
accounting principles applicable to a going concern which assumes
the Company will be able to continue in operation for the
foreseeable future and will be able to realize its assets and
discharge its liabilities in the normal course of operations.
At 31 August 2020, the Company had cash in the bank of GBP2.6m
and had drawn down GBP764k of the available GBP1.9m Nedbank working
capital and VAT facility.
The GBP2.05m loan note issued in May 2020 (of which only GBP1.8m
has been drawn down) as well as the GBP3.8m convertible loan note
raised in November 2019 mature in May 2021.
The Nedbank facility of N$43m (approx. GBP1.9m) as well as the
N$4.2m (approx. GBP188k) Nedbank guarantee to Namibia Power
Corporation Pty Limited in relation to a deposit for the supply of
electrical power continue to be in place. The Nedbank facility
falls due for renewal in July 2021.
The Company is commissioning and ramping up the Phase 1 pilot
plant at Uis with the purpose of proving up the feasibility of a
much larger, profitable Phase 2 plant to go into full commercial
production. Whilst the ramp up was adversely impacted by supply
chain disruption associated with COVID-19, the ramp up is now
continuing with minimal disruption following easing of government
restrictions and measures implemented by the mine.
Management have prepared a detailed cashflow forecast for the
period to 30 September 2021 and performed stress tests of those
forecasts. The base case forecast demonstrates that the Group will
have sufficient funds to meet its liabilities as they fall due and
includes the following key assumptions:
-- The GBP3.8m convertible loan notes issued in November 2019
and the GBP2.05m loan notes issued in May 2020 (of which only
GBP1.8m have been drawn down) are assumed to be settled in equity.
Per the agreements, the GBP3.8m convertible loan notes can be
settled in equity at the discretion of the Company. However,
settlement of the GBP2.05m loan notes (of which only GBP1.8m has
been drawn down) in cash or shares is subject to agreement by both
parties and therefore equity settlement cannot be guaranteed and is
dependent on the loan note holders being in agreement.
-- The working capital facility with Nedbank Namibia is
anticipated to be renewed in July 2021 under the annual review.
-- Prices have been set at $18 000 which is the current spot
price per tonne of tin and $150 000 per tonne of tantalum.
-- The forecasts assume a continued ramp up in production to
steady state for Phase 1 of the operation by the end of 2020.
Whilst the Board anticipate that the GBP2.05m loan note (of
which only GBP1.8m has been drawn down) will be settled in equity,
there can be no guarantee that this event will occur and if it is
not forthcoming the Group will likely need to raise additional
funds.
Whilst the Board fully anticipate renewal of the working capital
facility in July 2021, noting the recent renewal of the facility,
there can be no guarantee that this will occur.
Additionally, the Group's forecasts are based on anticipated
growth in production which is considered achievable by the Board.
However, the Board have considered the risks and uncertainties
associated with COVID-19 on the Group's operations including the
potential impact on areas including risks to supply chain and
access to site by consultants, additional government restrictions
and potential volatility in commodity prices. In the event of
further disruption to the production ramp up or operational cash
flow as a result of COVID-19 or other related operational issues,
the Group may require additional funding.
These matters indicate a material uncertainty exists which may
cast significant doubt on the Group's ability to continue as a
going concern. No adjustments have been made relating to the
recoverability and classification of recorded asset amounts and
classification of liabilities that might be necessary should the
Group not continue as a going concern.
Critical accounting estimates and judgements
In the application of the Group's accounting policies, the
Directors are required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of the assets
and liabilities within the next financial period are addressed
below.
Estimates and judgements are continually evaluated. Revisions to
accounting estimates are recognised in the period in which the
estimates are revised if the revision affects only that period, or
in the period of revision and in future periods if the revision
affects both current and future periods.
i) Going concern and liquidity
Significant estimates were required in forecasting cash flows
used in the assessment of going concern including tin and tantalum
prices, the level of production and the rate at which production
ramp up is achieved, operating costs and capital expenditure
requirements. Additionally, judgment has been applied in assessing
the likely form of settlement of one of the loan notes, renewal of
the working capital facility and the risks associated with
COVID-19, together with mitigating steps available to the Group if
required.
ii) Decommissioning and rehabilitation obligations
Estimating the future costs of environmental and rehabilitation
obligations is complex and requires management to make estimates
and judgements as most of the obligations will be fulfilled in the
future and contracts and laws are often not clear regarding what is
required. The resulting provisions (see Note 16) are further
influenced by changing technologies, political, environmental,
safety, business and statutory considerations.
The Group's rehabilitation provision is based on the net present
value of management's best estimates of future rehabilitation
costs. Judgement is required in establishing the disturbance and
associated rehabilitation costs at period end, timing of costs,
discount rates and inflation. In forming estimates of the cost of
rehabilitation which are risk adjusted, the Group assessed the
Environmental Management Plan and reports provided by internal and
external experts. Actual costs incurred in future periods could
differ materially from the estimates and changes to environmental
laws and regulations, life of mine estimates, inflation rates and
discount rates could affect the carrying amount of the provision.
The carrying amount of the rehabilitation obligations for the Group
at 31 August 2020 was GBP80 968 (August 2019: GBP75 600 and
February 2020: GBP86 005).
iii) Impairment indicator assessment for exploration & evaluation assets
Determining whether an exploration and evaluation asset is
impaired requires an assessment of whether there are any indicators
of impairment, including specific impairment indicators prescribed
in IFRS 6: Exploration for and Evaluation of Mineral Resources. If
there is any indication of potential impairment, an impairment test
is required based on value in use of the asset. The valuation of
intangible exploration assets is dependent upon the discovery of
economically recoverable deposits which, in turn, is dependent on
future tin prices, future capital expenditures and environmental,
regulatory restrictions and the successful renewal of licenses. The
directors have concluded that there are no indications of
impairment in respect of the carrying value of intangible assets at
31 August 2020 based on planned future development of the projects
and current and forecast tin prices. Exploration and evaluation
assets are disclosed fully in Note 10.
iv) Impairment assessment for property, plant and equipment
Management performed an impairment indicator assessment at 31
August 2020 and identified a potential impairment indicator based
on the Group's market capitalisation and the decrease in tin prices
and performed an impairment test accordingly. The impairment test
was performed on a fair value less cost to sell basis and included
assessments of different scenarios associated with capital
development and expansion opportunities. The forecasts required
estimates regarding forecast tin and tantalum prices, ore resources
and production, together with operating and capital costs. The
impairment test was performed at a post-tax nominal discount rate
of 11.7%.
3. Adoption of new and revised standards
New accounting standards adopted
Standards, amendments and interpretations to existing standards
that are effective and have been adopted by the Group:
IFRS 3 Amendments to IFRS 3 "Business Combinations": 1 January 2020
Definition of "business"
IAS 1 and Amendments to IAS 1 "Presentation of Financial 1 January 2020
IAS 8 Statements" and IAS 8 "Accounting Policies,
Changes in Accounting Estimates and Errors":
Definition of "material"
Conceptual Amendments to References to the Conceptual 1 January 2020
Framework Framework in IFRS Standards
The adoption of these standards has made no material impact on
the financial statements of the Group.
Accounting standards and interpretations not applied
Standards, amendments and interpretations to existing standards
that are not yet effective and have not been early adopted by the
Group:
IFRS 17 IFRS 17 "Insurance Contracts" 1 January 2021
The Directors anticipate that the adoption of this standard in
future periods will have no material impact on the financial
statements of the Group based on current operations.
4. Segmental reporting
The reporting segments are identified by the management steering
committee (who are considered to be the chief operating
decision-makers) by the way that the Group's operations are
organised. As at 31 August 2020, the Group operated within two
operating segments, tin exploration and operational activities in
Namibia and tin exploration activities in South Africa.
Segment results
The following is an analysis of the Group's results by
reportable segment.
South Africa Namibia Total
GBP GBP GBP
Period ended 31 August
2020
Results
1 083
Revenue 13 757 1 070 239 996
(1 385 (1 387
Associated costs (2 715) 083) 798)
------------ --------- ---------
Segmental profit/(loss) 11 042 (314 844) (303 802)
============ ========= =========
Period ended 31 August
2019
Results
Revenue - - -
Associated costs (6 755) (61 145) (67 900)
------------ --------- ---------
Segmental loss (6 755) (61 145) (67 900)
============ ========= =========
Year ended 29 February
2020
Results
Revenue 21 696 47 336 69 032
Associated costs (14 006) (436 922) (450 928)
------------ --------- ---------
Segmental profit/(loss) 7 690 (389 586) (381 896)
============ ========= =========
The reconciliation of segmental gross loss to the Group's loss
before tax is as follows:
Period ended Period ended Year ended
31 August 31 August 2019 29 February
2020 GBP 2020
GBP GBP
Segmental loss (303 802) (67 900) (381 896)
Unallocated
costs (628 623) (547 616) (1 411 635)
Finance income 14 3 749 3 793
Finance costs (109 410) (15 346) (40 719)
------------ --------------- ------------
Loss before
tax (1 041 821) (627 113) (1 830 457)
============ =============== ============
Unallocated costs mainly comprise of corporate overheads and
costs associated with being listed in London.
Other segmental information
South Africa Namibia Total
GBP GBP GBP
As at 31 August 2020
4 252
Intangible assets 2 994 786 475 7 247 261
Other reportable segmental 13 570 13 632
assets 61 314 933 247
Other reportable segmental
liabilities (58 909) (820 345) (879 254)
Unallocated net asset - - 39 302
---------------- ----------------- ---------
17 003 20 039
Total consolidated net assets 2 997 191 063 556
================ ================= =========
As at 31 August 2019
4 364
Intangible assets 3 232 101 631 7 596 732
Other reportable segmental 9 915
assets 50 268 995 9 966 263
Other reportable segmental
liabilities (70 419) (565 563) (635 982)
Unallocated net liabilities - - (34 627)
---------------- ----------------- ---------
13 715 16 892
Total consolidated net assets 3 211 950 063 387
================ ================= =========
As at 29 February 2020
4 332 7 441
Intangible assets 3 108 713 305 018
Other reportable segmental 13 041 13 102
assets 60 323 793 116
Other reportable segmental
liabilities (64 997) (774 676) (839 673)
Unallocated net liabilities - - (759 812)
---------------- ----------------- ---------
16 599 18 943
Total consolidated net assets 3 104 039 422 649
================ ================= =========
Unallocated net assets/liabilities are mainly comprised of cash
and cash equivalents and the borrowings which are managed at a
corporate level.
5. Revenue
Period ended Period ended Year ended
31 August 31 August 29 February
2020 2019 2020
GBP GBP GBP
Revenue from the sale of tin 1 070 239 - 47 336
Revenue from the sale of sand 13 757 - 21 696
------------ ------------
1 083 996 - 69 032
============ ============ ============
6. Administrative expenses
The loss for the period has been arrived at after charging:
Period ended Period ended Year ended
31 August 31 August 29 February
2020 2019 2020
GBP GBP GBP
Staff costs 381 625 248 572 793 687
Depreciation of property, plant
& equipment 57 671 61 126 128 130
Professional fees 67 044 145 412 88 550
Travelling expenses 9 128 63 778 98 988
Other costs 429 214 96 628 652 999
Auditor's remuneration 1 500 - 52 873
------------ ------------
946 182 615 516 1 815 227
============ ============ ============
7. Finance cost
Period ended Period ended Year ended
31 August 31 August 29 February
2020 2019 2020
GBP GBP GBP
Interest on lease liability 12 528 15 346 33 128
Interest on environmental rehabilitation
liability 3 704 - 7 029
Interest on loan notes 52 096 - -
Warrant charges linked to loan
note issue 39 202 - -
Other interest 1 880 - 562
------------ ------------ ------------
109 410 15 346 40 719
============ ============ ============
8. Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
Period ended Period ended Year ended
31 August 31 August 29 February
2020 2019 2020
GBP GBP GBP
Factors affecting tax for the period:
The tax assessed for the period
at the Guernsey corporation
tax charge rate of 0%, as explained
below:
Loss before taxation (1 041 821) (627 113) (1 830 457)
------------ ------------ ------------
Loss before taxation multiplied - - -
by the Guernsey
Corporation tax charge rate of
0%
Effects of:
Differences in tax rates (overseas
jurisdictions) (188 301) (111 850) (327 821)
Tax losses carried forward 188 301 111 850 327 821
------------ ------------ ------------
Tax for the period - - -
============ ============ ============
Accumulated losses in the subsidiary undertakings for which
there is an unrecognised deferred tax asset are GBP2 180 918
(August 2019: GBP1 271 578 and February 2020: GBP1 797 379).
9. Loss per share from continuing operations
The calculation of a basic loss per share of 0.15 pence (August
2019: loss per share of 0.10 pence and February 2020: loss per
share of 0.29 pence), is calculated using the total loss for the
period attributable to the owners of the Company of GBP999 434
(August 2019: GBP624 551 and February 2020: GBP1 781 962) and the
weighted average number of shares in issue during the period of 677
705 520 (August 2019: 599 566 233 and February 2020: 623 591
330).
Due to the loss for the period, the diluted loss per share is
the same as the basic loss per share. The number of potentially
dilutive ordinary shares, in respect of share options, warrants and
shares to be issued as at 31 August 2020 is 89 723 725 (August
2019: 50 536 891 and February 2020: 69 080 819). These potentially
dilutive ordinary shares may have a dilutive effect on future
earnings per share.
10. Intangible assets
Exploration
and evaluation Computer
assets software Total
GBP GBP GBP
As at 31 August 2019 7 525 269 71 463 7 596 732
Additions for the period 28 236 55 595 83 831
Exchange differences (229 011) (10 534) (239 545)
As at 29 February 2020 7 324 494 116 524 7 441 018
Additions for the period 78 664 3 534 82 198
Exchange differences (264 148) (11 807) (275 955)
As at 31 August 2020 7 139 010 108 251 7 247 261
=============== ========= =========
The Company's subsidiary, Greenhills Resources Limited has the
following:
i) a 74% interest in Renetype Pty Limited ("Renetype") which
holds an interest in Prospecting Right 2205.
ii) an 85% interest in Uis Tin Mining Company Pty Limited
("UTMC") which holds an interest in mining rights, ML129, ML133 and
ML134.
iii) a 50% interest in Jaxson 641 Pty Limited ("Jaxson") which
holds an interest in Prospecting Right 428.
iv) a 74% interest in Zaaiplaats Mining Pty Limited
("Zaaiplaats") which holds an interest in Prospecting Right
183.
The Company has a 100% interest in Tantalum Investment Pty
Limited ("Tantalum") which holds an interest in Exclusive
Prospecting Licence 5445 and Exclusive Prospecting Licence
5670.
11. Property, plant and equipment
Mining
asset
under Decommissioning Right-of-use Computer
Land construction asset Asset Equipment Furniture Vehicles Total
Cost
As at 31 8 777 9 430
August 2019 13 514 273 75 600 289 922 99 396 88 880 85 982 567
Additions for
the 4 188 4 194
period - 741 10 863 (11 909) 3 168 3 179 - 042
Exchange (1 017
differences (1 076) (965 085) (6 966) (22 049) (8 191) (7 311) (6 847) 525)
------- -------------- ---------------- ------------- ----------- ---------- --------- --------
As at 29
February 12 000 12 607
2020 12 438 929 79 497 255 964 94 373 84 748 79 135 084
Additions for
the 1 674 1 678
period - 884 - - 3 952 - - 836
Exchange (1 126 (1 187
differences (1 251) 683) (7 998) (25 751) (9 588) (8 471) (7 961) 703)
------- -------------- ---------------- ------------- ----------- ---------- --------- --------
As at 31 12 549 13 098
August 2020 11 187 130 71 499 230 213 88 737 76 277 71 174 217
======= ============== ================ ============= =========== ========== ========= ========
Accumulated
Depreciation
As at 31
August 2019 - - - 43 488 24 417 11 712 17 915 97 532
Charge for the
period - - - 15 304 19 603 8 546 10 835 54 288
Exchange
differences - - - (4 905) (3 681) (1 648) (2 370) (12 604)
------- -------------- ---------------- ------------- ----------- ---------- --------- --------
As at 29
February
2020 - - - 53 887 40 339 18 610 26 380 139 216
Charge for the
period - - - 24 819 16 155 7 586 9 111 57 671
Exchange
differences - - - (6 007) (4 476) (2 015) (2 869) (15 367)
------- -------------- ---------------- ------------- ----------- ---------- --------- --------
As at 31
August 2020 - - - 72 699 52 018 24 181 32 622 181 520
======= ============== ================ ============= =========== ========== ========= ========
Net Book Value
As at 31 12 549 12 916
August 2020 11 187 1302 71 499 157 514 36 719 52 096 38 552 697
As at 29
February 12 000 12 467
2020 12 438 929 79 497 202 077 54 034 66 138 52 755 868
As at 31 8 777 9 333
August 2019 13 514 273 75 600 246 434 74 979 77 168 68 067 036
12. Inventories
31 August 31 August 29 February
2020 2019 2020
GBP GBP GBP
Run-of-mine stockpile 261 424 - -
Tin concentrate on hand 285 971 - 185 338
Consumables 62 776 26 441 61 572
--------- --------- -----------
610 171 26 441 246 910
========= ========= ===========
13. Trade and other receivables
31 August 31 August 29 February
2020 2019 2020
GBP GBP GBP
Trade receivables 164 573 32 440 42 772
Other receivables 100 690 177 528 111 614
VAT receivables 97 493 782 422 494 336
--------- ---------
362 756 992 390 648 722
========= ========= ===========
14. Borrowings
31 August 31 August 29 February
2020 2019 2020
GBP GBP GBP
Working capital facility 763 543 85 465 1 230 961
Loan note facility 1 753 993 - -
2 517 536 85 465 1 230 961
========= ========= ===========
On 16 August 2019, a working capital facility of N$35m
(approximately GBP1.6m) and a VAT facility for N$8m (approximately
GBP358k) was entered into between the Company's subsidiary, AfriTin
Mining (Namibia) Pty Limited and Nedbank Namibia.
The VAT facility is secured by assessed/audited VAT returns
(refunds) which have not been paid by Namibia Inland Revenue.
Nedbank Namibia provides a facility amounting to 70% of the total
unpaid refunds. Any drawdowns against this facility are repaid to
the bank upon receipt of cash from Namibia Inland Revenue.
The working capital facility and the VAT facility were
reviewable on 31 July 2020 and were renewed for a further 12-month
period. Interest accrues on these loans at the prime rate charged
by Nedbank Namibia.
Both AfriTin, as the parent company of AfriTin Mining (Namibia)
Pty Limited, and Bushveld Minerals Limited ("Bushveld"), a
shareholder holding approximately 8% of the Company, provide
collateral in the form of a joint suretyship.
In addition to the facility amount of N$35m (approx. GBP1.6m) ,
Nedbank Namibia have provided AfriTin Mining (Namibia) Pty Limited
with a N$4.1m (approx. GBP184k) guarantee to Namibia Power
Corporation Pty Limited in relation to a deposit for the supply of
electrical power. As a result of the guarantee provided by Nedbank
Namibia, no cash was paid over for the deposit.
On 5 May 2020, GBP2.05m financing was secured by way of a new
loan note facility. The notes, which are issued in tranches of
GBP50k, bear an interest rate of 10% per annum to be accrued and
payable in full on redemption, either in cash or through the issue
of shares by mutual agreement between the Company and the loan note
holders and have a 12-month term. At 31 August 2020, the company
had drawn down on GBP1.8 million of these notes. As part of the
facility agreement, the loan note holders received 10 warrants for
each GBP1 subscribed and paid for, each warrant giving the holder
the right to subscribe for one share in AfriTin. The warrants can
be exercised at any time from the date of issue and will lapse on 4
May 2023. The exercise price of the warrants is 1.95p.
15. Trade and other payables
31 August 31 August 29 February 2020
2020 2019 GBP
GBP GBP
Trade payables 676 674 616 505 570 779
Other payables 109 690 109 335 71 117
Accruals 107 644 37 467 252 934
--------- ---------
894 008 763 307 894 830
========= ========= ================
16. Environmental rehabilitation liability
GBP
Balance at 31 August 2019 75 600
Increase in provision 10 864
Interest expense 7 127
Foreign exchange differences (7 585)
-------
Balance at 29 February
2020 86 005
Increase in provision -
Interest expense 3 705
Foreign exchange differences (8 742)
-------
Balance at 31 August 2020 80 968
=======
Provision for future environmental rehabilitation and
decommissioning costs are made on a progressive basis. Estimates
are based on costs that are regularly reviewed and adjusted
appropriately for new circumstances. The environmental
rehabilitation liability is based on disturbances and the required
rehabilitation as at 31 August 2020.
The rehabilitation provision represents the present value of
decommissioning costs relating to the dismantling of mechanical
equipment and steel structures related to the Phase 1 pilot plant,
the demolishing of civil platforms and reshaping of earthworks. A
provision for this requires estimates and assumptions to be made
around the relevant regulatory framework, the magnitude of the
possible disturbance and the timing, extent and costs of the
required closure and rehabilitation activities. In calculating the
appropriate provision, cost estimates of the future potential cash
outflows based on current studies of the expected rehabilitation
activities and timing thereof are prepared. These forecasts are
then discounted to their present value using a risk-free rate
specific to the liability. In determining the amount attributable
to the rehabilitation liability, management used a discount rate of
9.35%, an inflation rate of 5.5% and an estimated mining period of
38 years. Actual rehabilitation and decommissioning costs will
ultimately depend upon future market prices for the necessary
rehabilitation works and timing of when the mine ceases
operation.
17. Lease liability
A lease liability is raised for the rental of an office
building. The lease commenced on 1 December 2018 and has a term of
5 years.
GBP
Balance at 31 August 2019 262 475
Additions -
Interest expense 16 232
Lease payments (35 841)
Exchange differences (19 193)
--------
Balance at 29 February 2020 223 673
Additions -
Interest expense 12 528
Lease payments (30 700)
Exchange differences (22 072)
--------
Balance at 31 August 2020 183 429
========
The following is the split between the current and the
non-current portion of the liability:
31 August 31 August 29 February
2020 2019 2020
GBP GBP GBP
Non-current liability 140 527 262 475 181 544
Current liability 42 902 - 42 129
--------- ---------
183 429 262 475 223 673
========= ========= ===========
18. Share capital
Number of ordinary
shares of no
par value issued Share Capital
and fully paid GBP
Balance at 31 August 2019 644 201 599 20 223 173
Shares issued to Hannam
& Partners 327 868 10 000
Shares issued to directors/employees 8 616 906 262 816
Share issue costs - (8 750)
------------------ -------------
Balance at 29 February 2020 653 146 373 20 487 239
Capital Raise - 3 August
2020 145 238 089 3 050 000
Shares issued to suppliers 15 273 480 320 743
Share issue costs - (253 317)
------------------ -------------
Balance at 31 August 2020 813 657 942 23 604 665
================== =============
Authorised: 966 302 399 ordinary shares of no par value
Allotted, issued and fully paid: 813 657 942 ordinary shares of
no par value
On 10 December 2019, 8 616 906 ordinary shares of no par value
were issued to various directors and employees in lieu of payment
of director fees and part settlement of salaries. Furthermore 327
868 shares were issued to Hannam and Partners, in accordance with
the terms of their broker agreement with the Company. These shares
were issued at a price of 3.05 pence per share.
On 3 August 2020, the Company completed an equity fundraising by
way of a placing and direct subscription of 145 238 089 ordinary
shares of no par value in the Company at a price of 2.1 pence per
share.
On 3 August 2020, 15 273 480 ordinary shares of no par value
were issued to various suppliers as settlement of fees for services
rendered. These shares were issued at a price of 2.1 pence per
share.
19. Warrant reserve
The following warrants were granted during the period ended 31
August 2020:
Date of grant 7 July 2020 31 May 2020 5 May 2020
Number granted 2 500 000 2 500 000 13 000 000
Contractual life 2.8 years 2.9 years 3 years
Estimated fair value
per warrant (GBP) 0.0122 0.00679 0.00691
The following warrants were granted during the year ended 28
February 2019:
Date of grant 23 January
2019
Number granted 3 800 000
Contractual life 2 years
Estimated fair value
per warrant (GBP) 0.01286
The following warrants were granted during the period ended 28
February 2018:
Date of grant 9 November
2017
Number granted 1 871 939
Contractual life 3 years
Estimated fair value
per warrant (GBP) 0.01591
The estimated fair values were calculated by applying the Black
Scholes pricing model. The model inputs were:
Date of grant 7 July 2020 31 May 2020 5 May 2020 23 January 9 November
2019 2017
Share price at grant
date (pence) 2.55 1.80 1.80 4.15 3.90
Exercise price (pence) 1.95 1.95 1.95 4.50 3.90
Expected life 2.8 years 2.9 years 3 years 2 years 3 years
Expected volatility 60% 60% 60% 60% 60%
Expected dividends Nil Nil Nil Nil Nil
Risk-free interest
rate 1.24% 1.24% 1.24% 1.24% 1.24%
The warrants in issue during the period are as follows:
Outstanding at 31 August
2019 5 671 939
Exercisable at 31 August
2019 5 671 939
Granted during the period -
Expired during the period -
Exercised during the period -
----------
Outstanding at 29 February
2020 5 671 939
Exercisable at 29 February
2020 5 671 939
Granted during the period 18 000 000
Expired during the period -
Exercised during the period -
----------
Outstanding at 31 August 23 671
2020 939
Exercisable at 31 August 23 671
2020 939
The warrants outstanding at period-end have an average exercise
price of GBP0.0251, with a weighted average remaining contractual
life of 2.11 years.
In the period ended 31 August 2020, a warrant charge of GBP137
305 was accounted for in relation to warrants issued as part of the
May 2020 loan note facility.
20. Events after balance sheet date
There are no events after balance sheet date to disclose.
21. Related-party transactions
Balances and transactions between the Company and its
subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note.
Bushveld Minerals Limited ("Bushveld") is a related party due to
Anthony Viljoen, Chief Executive Officer, being a Non-Executive
Director on the Bushveld Board. During the period, Bushveld charged
the Group GBP39 556 (August 2019: GBP33 794 and February 2020:
GBP85 596) for the use of office space. At period end, the Group
owed Bushveld GBP95 391 (August 2019: GBP33 794 and February 2020:
GBP71 762). Furthermore, Bushveld provide joint suretyship of N$30m
(approx. GBP1.34m) as collateral for the Nedbank Namibia working
capital facility.
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END
IR FFFVLAEITFII
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