TIDMKP2
RNS Number : 5462A
Kore Potash PLC
12 September 2018
12 September 2018
Kore Potash Plc
("Kore Potash" or the "Company")
FINANCIAL REPORT FOR THE HALF YEARED 30 JUNE 2018
Kore Potash, the potash exploration and development company
whose flagship asset is the Kola Project ("Kola" or the "Project"),
located within the Company's 97%-owned Sintoukola Potash Project in
the Republic of Congo, is pleased to provide its financial
statements for the half year ended 30 June 2018 (the "Period"). The
full report is available on the Company's website at
http://www.korepotash.com/wp-content/uploads/2018/09/Half-Year-Report-June-2018.docx.pdf.
Highlights
-- On 29 March 2017 Kore Potash completed its listing on the AIM
market of the London Stock Exchange ("AIM") as well as a secondary
listing on the main board of the Johannesburg Stock Exchange
("JSE"), in addition to its existing Australian Securities Exchange
("ASX") listing.
-- US$13.14M was raised through the placing and direct
subscription of new ordinary shares in the Company, and a
convertible loan note, at a 67% premium to the Company's last
closing share price on the ASX. The Placees have been granted
equity warrants on the basis of one equity warrant for every
US$1.00 invested in the Placing exercisable at AUS$0.30 for one
ordinary share with a 3 year subscription period.
-- Kore Potash through its 97% subsidiary Sintoukola Potash S.A.
was awarded the Sintoukola 2 Exploration Permit, dated 9th February
2018, by the government of the Republic of Congo (RoC). This permit
covers areas the Company believes are prospective for Potash
mineralisation.
-- The Kola Definitive Feasibility Study ("DFS") is at an
advanced stage. Work continues to complete the overall estimate of
the construction schedule, capital and operating costs and the DFS
Report and the Company expects to receive the DFS from the
engineering consortium undertaking the work by the end of September
2018 upon which it will commence its review.
-- The Company has contracted a consortium of French engineering
companies comprising of Technip France, Vinci Construction Grands
Projets, Egis International and Louis Dreyfus Armateurs SAS. ("the
French Consortium" or "FC") to complete the DFS.
-- The FC now anticipate completion of the current scope of work
for the DFS by the end of September 2018 following which the
Company will commence its review of the completed DFS, prior to
finalising and publishing the report.
-- A licence for the Company to use an Offshore Area for the
transhipment of potash and the discharge of waste brine has been
authorised by the Minister of Transport, Civil Aviation and
Merchant Marine of the Republic of Congo was issued to the Company
on 6 September 2018.
-- Amendments to the Kola environmental and social impact
assessment (the "ESIA") have been made reflecting project design
changes since the ESIA was approved on 10 October 2013. The
amendments were submitted to the Director General of the office of
the Minister of Environment and Tourism on 7 July 2018 for their
review.
-- The ratification, into RoC law, of the mining convention for
the Kola Project is still in progress.
-- Appointment of Brad Sampson to replace Sean Bennett as Chief
Executive Officer and Executive Director, effective from 4 June
2018.
-- Appointment of Jose Antonio Merino as a Non-Executive
Director on 23 May 2018. Jose Antonio is nominated by Sociedad
Quimica y Minera de Chile S.A. ("SQM") and replaced Pablo
Altimiras, whose resignation was announced on 26 April 2018.
-- The Company declared a maiden sylvinite Mineral Resource
Estimate for the Dougou Extension sylvinite Deposit on 20 August
2018.
For further information, please visit www.korepotash.com or
contact:
Kore Potash Tel: +27 11 469 9140
Brad Sampson - CEO
Tavistock Communications Tel: +44 (0) 20 7920 3150
Jos Simson
Edward Lee
Canaccord Genuity - Nomad and Tel: +44 (0) 20 7523 4600
Broker
Martin Davison
James Asensio
Operating results
Net operating loss after tax for the half-year ended 30 June
2018 was US$4,570,790 (H1 2017: US$691,130). The Company incurred a
one-off expenses totalling US$1,087,911 for the half-year relating
to the London and Johannesburg listings and re-domicile expenses,
non-cash expense in regard to the issuance of options and
performance rights of US$676,255 (H1 2017: US$ 906,265), salaries,
employee benefits and consultancy expense of US$712,539 (H1 2017:
US$455,012) and other administration expenses of US$1,994,967 (H1
2017: US$865,694). The foreign exchange gain for the period was
US$99,749 (H1 2017: USD 1,664,560 gain).
At 30 June 2018, the Group had $145,043,137 in capitalised
Exploration and Evaluation asset (31 Dec 2017: $140,254,520). Cash
and cash equivalents reduced by US$2,236,134 during the period to
US$14,219,356 at 30 June 2018. Expenditure incurred on the Kola
Definitive Feasibility Study and capitalised into Exploration and
Evaluation Assets along with operating expenses was partially
offset by the capital raise described below. The total equity of
the Group increased from $154,286,056 at 31 December 2017 to
$158,820,432 at 30 June 2018.
Corporate activities
London and JSE listings successfully completed along with a
well-supported Fundraising
-- On 29 March 2018 the Company successfully completed its
admission to AIM and a concurrent secondary listing of its ordinary
shares on the main board of the Johannesburg Stock Exchange ("JSE")
as part of its strategy to better access capital markets where
there is a strong understanding of large scale African mining
projects and therefore attract a broader investor base. The Company
remains listed on the ASX.
-- On 29 March 2018, the Company also raised gross aggregate
proceeds of US$13.14m, comprising a total of US$12.89m raised from
existing and new investors (the "Placees") through the placing and
direct subscription of 83,523,344 ordinary shares in the Company at
a placing price of AUD0.20 per new Ordinary Share, which was at a
67% premium to the Company's last closing share price on the ASX
prior to the raise. In addition, the Company raised US$250,000 from
the Chairman, David Hathorn, through a convertible loan note that
has converted into ordinary shares on 27 July 2018 pursuant to
shareholder approval at the annual general meeting of the Company
held on 27 June 2018. The Placees have been granted equity warrants
on the basis of one equity warrant for every US$1.00 invested
exercisable at AUD0.30 for one ordinary share with a 3 year
subscription period.
-- Brad Sampson was appointed as Chief Executive Officer on 4
June 2018. Brad, a mining engineer, has more than 25 years'
resources industry experience across numerous locations including
West and Southern Africa. In addition to significant mine
development and operating experience, Brad has held leadership
positions at several publicly listed companies. Brad was most
recently CEO of Australian Securities Exchange listed Tiger
Resources. Prior to this Brad held senior positions at Newcrest
Mining Ltd, was CEO at AIM/ASX listed Discovery Metals Ltd, and
other notable positions include General Manager at Goldfields
operations in South Africa and Australia.
-- Appointment of Jose Antonio Merino as a Non-Executive
Director nominated by SQM. Jose Antonio joined SQM in 2016 and is
currently M&A Director, prior to which he worked at EPG
partners as head of a mining private equity fund, at Asset Chile, a
Chilean boutique investment bank and at Santander Investment. He is
a qualified civil engineer having graduated from Pontificia
Universidad Catolica de Chile.
-- On 27 June 2018, the Company's AGM was held with all resolutions passed.
Operational activities
The Kola Definitive Feasibility Study
-- The Company's activities are focused on the development of
the Sintoukola Potash project and the Company is currently working
to complete a DFS on this project. The DFS is being undertaken by
the French Consortium.
-- The DFS is at an advanced stage with test work and
engineering design complete and work to conclude capital and
operating cost estimates are continuing. The FC now anticipate
completion of the current scope of work for the DFS by the end of
September 2018 and to then present it to the Company for review
prior to its finalisation and publication.
-- In parallel with the completion of the DFS the Company has
commissioned third-party review of some aspects of the DFS with a
view to optimising the DFS outcomes and subsequent Engineering,
Procurement and Construction (EPC) pricing.
-- The Company is also engaging with the FC to optimise the
capital costs of the project prior to finalisation of capital and
operating cost estimates.
Environmental and social impact assessment ("ESIA")
-- The Kola ESIA received a Certificate of Conformity from the
Government of the Republic of the Congo on 10 October 2013.
-- Subsequently, the DFS design has incorporated a number of
value adding design changes to Kola since the approval of the ESIA
and the Company undertook to amend the ESIA accordingly.
-- The work to amend the Kola ESIA is complete. The amended ESIA
was submitted to the Director General of the office of the Minister
of Environment and Tourism on 7 July 2018 and is currently awaiting
the Minister's approval.
-- In addition to the ESIA, the Company is completing an
analysis to identify and close any gaps between the ESIA approved
by the Government of the RoC and established international industry
practice and the Equator Principles. This process will generate an
environmental and social action plan (ESAP) that the Company
believes will meet debt financiers' requirements.
-- Public consultations with Interested and Affected Parties on
the amendments to the ESIA took place between 7 -15 July 2018.
-- The ESIA for the Dougou Mining License was approved by the
Minister of Tourism and Environment of the RoC on 13 July 2018. The
ESIA approval is granted for a 12 month period and is renewable
annually until construction of a project commences.
Work streams initiated with RoC stakeholders and authorities
-- The Company is progressing discussions toward a Memorandum of
Understanding for power supply with an existing independent power
producer (IPP), Centrale Electrique du Congo.
-- Discussions with ENI Congo are continuing for the supply of
gas (for drying and/ or for self-generating power).
-- A licence for the Company to use an Offshore Area for the
transhipment of potash and the discharge of waste brine has been
authorised by the Minister of Transport, Civil Aviation and
Merchant Marine of the Republic of Congo was issued to the Company
on 6 September 2018.
-- A Resettlement Action Plan ("RAP") for the project land and a
second framework RAP for the services corridor (for gas and power
conveyance) have been prepared.
-- A new Declaration d'Utilité Publique ("DUP") process covering
the entire project land area (mine, over land conveyor, process
plant and services corridor) is expected to be launched shortly by
the Ministry of Land Affairs and Public Domain. The DUP will define
any compensation arrangements required as a result of Kore's
activity on the land area.
RoC regulatory requirements
-- The Mining Convention (approved by the cabinet on 8 June
2017) is currently in the process of ratification into RoC law.
-- The Company has submitted a proposed Mining Research
Convention to the Government in relation to the Sintoukola 2
exploration licence that was granted to the Company on 9 February
2018. The approval of a Mining Research Convention is a required
step prior to commencement of exploration activity (including
drilling).
-- The intra-group transfer of the Dougou Mining License from
Sintoukola Potash S.A., to the operating entity incorporated in the
RoC, Dougou Potash Mining S.A, is expected to be approved by the
Ministry of Mines and Geology shortly and implemented through
Governmental Decree.
Exploration activity
-- No field-work exploration activities were undertaken during
the period, or are currently underway, and as such no exploration
results were received or are expected in the near term.
-- Based on results from drilling in 2017 and earlier, and an
interpretation of historic seismic data, the Company declared a
maiden sylvinite Mineral Resource Estimate for the Dougou Extension
sylvinite Deposit on 20 August 2018. The combined Inferred and
Indicated sylvinite Mineral Resource Estimate is 232 Mt grading
38.1% KCl (Table 1), reported according to JORC 2012. Added to the
Kola sylvinite Deposit, this new deposit brings the Company's total
sylvinite Mineral Resources to over 1 billion tonnes.
Kore's Potash Mineral Resources
Table 1. Kore's Potash Mineral Resources, provided as Gross and
Net Attributable (to Kore's 97% holding)
Table 1. Kore's Potash Mineral Resources provided as Gross and
Net Attributable (to Kore's 97% holding)
KOLA SYLVINITE DEPOSIT
Gross Net Attributable
--------------------------------
Mineral Resource Million Grade Contained Million Grade Contained
Category Tonnes KCl % KCl million Tonnes KCl % KCl million
tonnes tonnes
-------- ------- -------------
Measured 216 34.9 75 209 34.9 73
-------- ------- ------------- -------- -------------
Indicated 292 35.7 104 283 35.7 101
-------- ------- ------------- -------- -------------
Sub-Total
Measured + Indicated 508 35.4 180 492 35.4 174
-------- ------- ------------- -------- ------- -------------
Inferred 340 34.0 116 330 34.0 112
-------- ------- ------------- -------- -------------
TOTAL 848 34.8 295 822 34.8 286
-------- ------- ------------- -------- ------- -------------
DOUGOU EXTENSION SYLVINITE DEPOSIT
Gross Net Attributable
--------------------------------
Mineral Resource Million Grade Contained Million Grade Contained
Category Tonnes KCl % KCl million Tonnes KCl % KCl million
tonnes tonnes
------- ------------- -------- ------- -------------
Measured - - - - - -
----------------------- ------- ------------- -------- -------------
Indicated 111 37.2 41 108 37.2 40
----------------------- ------- ------------- -------- -------------
Sub-Total
Measured + Indicated 111 37.2 41 108 37.2 40
----------------------- ------- ------------- -------- ------- -------------
Inferred 121 38.9 47 117 38.9 46
----------------------- ------- ------------- -------- -------------
TOTAL 232 38.1 88 225 38.1 85
----------------------- ------- ------------- -------- ------- -------------
TOTAL SYLVINITE, KOLA & DOUGOU EXTENSION DEPOSITS COMBINED
Measured + Indicated
+ Inferred 1,080 35.5 384 1,048 35.5 372
--------
DOUGOU CARNALLITE DEPOSIT
Gross Net Attributable
--------------------------------
Mineral Resource Million Grade Contained Million Grade Contained
Category Tonnes KCl % KCl million Tonnes KCl % KCl million
tonnes tonnes
-------- ------- ------------- -------- ------- -------------
Measured 148 20.1 30 144 20.1 29
-------- ------- ------------- -------- -------------
Indicated 920 20.7 190 892 20.7 185
-------- ------- ------------- -------- -------------
Sub-Total
Measured + Indicated 1,068 20.6 220 1,036 20.6 214
----------------------- -------- ------- ------------- -------- ------- -------------
Inferred 1,988 20.8 414 1,928 20.8 401
-------- ------- ------------- -------- -------------
TOTAL 3,056 20.7 634 2,964 20.7 615
-------- ------- ------------- -------- ------- -------------
KOLA CARNALLITE DEPOSIT
Gross Net Attributable
--------------------------------
Mineral Resource Million Grade Contained Million Grade Contained
Category Tonnes KCl % KCl million Tonnes KCl % KCl million
tonnes tonnes
-------- ------- -------------
Measured 341 17.4 59 331 17.4 58
-------- ------- ------------- -------- -------------
Indicated 441 18.7 83 428 18.7 80
-------- ------- ------------- -------- -------------
Sub-Total
Measured + Indicated 783 18.1 142 760 18.1 138
-------- ------- ------------- -------- ------- -------------
Inferred 1,266 18.7 236 1,228 18.7 229
-------- ------- ------------- -------- -------------
TOTAL 2,049 18.5 378 1,988 18.5 367
-------- ------- ------------- -------- ------- -------------
Table 1 Notes:
-- The Mineral Resource Estimates are reported in accordance with the JORC code 2012 edition.
-- Table entries are rounded to the appropriate significant figure.
-- The Kola Mineral Resource Estimate was reported on the 6 July
2017. The Competent Person (CP) is Garth Kirkham of Met-Chem
division of DRA Americas Inc., a subsidiary of the DRA Group. It
was reported using a cut-off grade (CoG) of 10% KCl.
-- The Dougou Extension Mineral Resource Estimate was reported
on the 20 of August 2018; the CP is Mr. Andrew Pedley of Kore
Potash. The Dougou Extension MRE is reported using a CoG of 15%
KCl.
-- The Dougou Mineral Resource Estimate was reported on the 9
February 2015; the Competent Persons are Dr. Sebastiaan van der
Klauw and Ms. Jana Neubert of ERCOSPLAN Ingenieurgesellschaft
Geotechnik und Bergbau mbH ("ERCOSPLAN").
-- The form and context of the Competent Person's findings as
presented in this document have not materially changed since the
resource was first reported.
Condensed consolidated statement of profit or loss and other
comprehensive income for the half-year ended 30 June 2018
6 months ended 6 months ended Year ended
30 June 2018 30 June 2017 31 Dec 2017
Notes US$ US$ US$
Continuing operations
Interest income 20,454 36,678 50,858
--------------
20,454 36,678 50,858
Expenses
Directors remuneration (420,210) (162,080) (365,371)
Equity compensation benefits 5 (676,255) (906,265) (1,919,924)
Salaries, employee benefits
and consultancy expense (712,539) (455,012) (1,595,607)
London listing and re-domicile
expenses (1,087,911) - (1,549,554)
Other administration expenses 6 (1,994,967) (865,694) (1,746,603)
Net unrealised and realised
foreign exchange gains 99,749 1,664,560 2,864,226
Fair value change of a derivative
financial liability 18 213,313 - -
Interest and finance expenses (1,542) (3,317) (39,378)
Loss before income tax expense (4,559,909) (691,130) (4,301,353)
Income tax expense 7 (10,881) - (42,969)
--------------
Loss for the period from continuing
operations (4,570,790) (691,130) (4,344,322)
-------------- -------------- -----------
Other comprehensive (loss)/income
Items that may be reclassified
subsequently to profit or loss
Exchange differences on translating
foreign operations (3,786,338) 7,923,150 13,590,884
-------------- -------------- -----------
Other comprehensive (loss)/income
for the period (3,786,338) 7,923,150 13,590,884
-------------- -------------- -----------
Total comprehensive (loss)/income
for the period (8,357,128) 7,232,020 9,246,562
============== ============== ===========
Loss attributable to:
Owners of the Company (4,538,341) (691,130) (4,344,322)
Non-controlling interest (32,449) - -
(4,570,790) (691,130) (4,344,322)
-------------- -------------- -----------
Total comprehensive (loss)/income
attributable to:
Owners of the Company (7,892,158) 7,232,020 9,246,562
Non-controlling interest (464,970) - -
(8,357,128) 7,232,020 9,246,562
-------------- -------------- -----------
Earnings per Share from Continuing
Operations
Basic and diluted loss per share
(cents per share) 16 (0.56) (0.09) (0.57)
30 June 2018 30 June 2017 31 Dec 2017
Notes US$ US$ US$
ASSETS
Current Assets
Cash and cash equivalents 14,219,356 33,946,629 16,455,490
Trade and other receivables 312,251 230,668 299,399
------------
Total Current Assets 14,531,607 34,177,297 16,754,889
------------ ------------ ------------
Non-Current Assets
Trade and other receivables 134,938 121,631 139,163
Property, plant and equipment 357,081 387,827 413,801
Exploration and evaluation expenditure 8 145,043,137 117,038,885 140,254,520
------------ ------------ ------------
Total Non-Current Assets 145,535,156 117,548,343 140,807,484
------------ ------------ ------------
TOTAL ASSETS 160,066,763 151,725,640 157,562,373
------------ ------------ ------------
LIABILITIES
Current Liabilities
Trade and other payables 9 846,131 533,416 3,276,317
Derivative financial liability 17 400,200 - -
------------
Total Current Liabilities 1,246,331 533,416 3,276,317
------------ ------------ ------------
TOTAL LIABILITIES 1,246,331 533,416 3,276,317
------------ ------------ ------------
NET ASSETS 158,820,432 151,192,224 154,286,056
============ ============ ============
EQUITY
Issued share capital - Ordinary
Shares 10 859,234 204,510,196 771,396
Redeemable Preference Shares - - 65,631
Reserves 216,046,613 23,010,292 206,805,823
Accumulated losses (57,620,445) (76,328,264) (53,356,794)
------------ ------------ ------------
Equity attributable to the shareholders
of Kore Potash plc 159,285,402 151,192,224 154,286,056
Non-controlling interests (464,970) - -
TOTAL EQUITY 158,820,432 151,192,224 154,286,056
============ ============ ============
Condensed consolidated statement of changes in equity for the
half-year ended 30 June 2018
Foreign
Share Redeemable Currency Owners
Ordinary Premium Merger Preference Accumulated Option Translation of the Non-Controlling Total
Shares Reserve Reserve Share Losses Reserve Reserve Parent Interest Equity
US$ US$ US$ US$ US$ US$ US$ US$ US$ US$
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Balance at 1 Jan
2018 771,396 - 203,738,800 65,631 (53,356,794) 11,814,770 (8,747,747) 154,286,056 - 154,286,056)
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Loss for the
period - - - - (4,538,341) - - (4,538,341) (32,449) (4,784,102)
Other
comprehensive
income - - - - - - (3,353,817) (3,353,817) (432,521) (3,786,338)
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Total
comprehensive
income - - - - (4,538,341) - (3,353,817) (7,892,158) (464,970) (8,570,440)
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Transfer of
previously
lapsed options - - - - 888,202 (888,202) - - - -
Transactions with
owners:
Issue of shares 87,838 12,806,554 - - - - - 12,894,392 - 12,894,392
Share based
payments - - - - - 676,255 - 676,255 676,255
Redeemable
Preference
Shares
cancelled - - - (65,631) - - - (65,631) - (65,631)
Free-attaching
warrants - - - - (613,512) - - (613,512) - (613,512)
Balance at 30
June
2018 859,234 12,806,554 203,738,800 - (57,620,445) 11,602,823 (12,101,564) 159,285,402 (464,970) 158,820,432
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- -------------
Balance at 1 Jan
2017 200,572,926 - - - (75,637,134) 36,279,828 (22,338,631) 138,876,989 - 138,876,989
------------
Loss for the
period - - - - (691,130) - - (691,130) - (691,130)
Other
comprehensive
income - - - - - - 7,923,150 7,923,150 - 7,923,150
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- ---------------
Total
comprehensive
income - - - - (691,130) - 7,923,150 7,232,020 - 7,232,020
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- ---------------
Transactions with
owners:
Issue of shares
(net of costs) 3,937,270 - - - - 239,680 - 4,176,950 - 4,176,950
Share based
payments - - - - - 906,265 - 906,265 - 906,265
Balance at 30
June
2017 204,510,196 - - - (76,328,264) 37,425,773 (14,415,481) 151,192,224 - 151,192,224
------------ ----------- ------------ ------------ ------------- ----------- ------------- ------------ ------------------- ---------------
Condensed consolidated statement of changes in equity for the
half-year ended 30 June 2018
Foreign
Share Redeemable Currency Owners
Ordinary Premium Merger Preference Accumulated Option Translation of Non-controlling Total
Shares Reserve Reserve Share Losses Reserve Reserve the Parent Interest Equity
US$ US$ US$ US$ US$ US$ US$ US$ US$ US$
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Balance at 1
Jan
2017 200,572,926 - - - (75,637,134) 36,279,828 (22,338,631) 138,876,989 - 138,876,989
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Loss for the
period - - - - (4,344,322) - - (4,344,322) - (4,344,322)
Other
comprehensive
income - - - - - - 13,590,884 13,590,884 - 13,590,884
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Total
comprehensive
income - - - - (4,344,322) - 13,590,884 9,246,562 - 9,246,562
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Transfer of
previously
lapsed
options - - - - 26,624,662 (26,624,662) - - - -
Redeemable
Preference
Shares - - - 65,631 - - - 65,631 - 65,631
Share issue
(net
of costs) 3,937,270 - - - - 239,680 - 4,176,950 - 4,176,950
Share based
payments - - - - - 1,919,924 - 1,919,924 - 1,919,924
Scheme of
Arrangement (203,738,800) - 203,738,800 - - - - - - -
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Balance at 31
Dec
2017 771,396 - 203,738,800 65,631 (53,356,794) 11,814,770 (8,747,747) 154,286,056 - 154,286,056
-------------- --------- ------------ ------------ ------------- ------------- ------------- ------------ ---------------- ------------
Condensed consolidated statement of cash flows for the half-year
ended 30 June 2018
6 months ended 6 months ended Year ended
30 June 2018 30 June 2017 31 Dec 2017
Notes US$ US$ US$
Cash Flows from Operating Activities
Net cash used in operating activities 18 (4,604,070) (1,374,158) (4,957,110)
-------------- -------------- --------------
Cash Flows from Investing Activities
Payments for plant and equipment (4,547) (37,563) (94,262)
Payments for exploration and evaluation (11,043,648) (13,065,335) (28,023,569)
Interest received 10,675 36,678 50,858
Net Cash Flows Used in Investing Activities (11,037,520) (13,066,220) (28,066,973)
-------------- -------------- --------------
Cash Flows from Financing Activities
Proceeds from issue of shares 12,894,392 5,000,000 5,000,000
Proceed from Convertible Note 250,000 - -
Payment for share issue costs - (823,050) (823,050)
Net Cash Flows Generated from Financing Activities 13,144,392 4,176,950 4,176,950
-------------- -------------- --------------
Net decrease in cash and cash equivalents (2,497,198) (10,263,428) (28,847,133)
Cash and cash equivalents at beginning of period 16,455,490 42,609,787 42,609,786
Foreign currency differences 261,064 1,600,270 2,692,837
Cash and Cash Equivalents at Period End 14,219,356 33,946,629 16,455,490
-------------- -------------- --------------
Forward-Looking Statements
This report contains statements that are "forward-looking".
Generally, the words "expect," "potential", "intend, " "estimate,"
"will" and similar expressions identify forward-looking statements.
By their very nature and whilst there is a reasonable basis for
making such statements regarding the proposed placement described
herein; forward-looking statements are subject to known and unknown
risks and uncertainties that may cause our actual results,
performance or achievements, to differ materially from those
expressed or implied in any of our forward-looking statements,
which are not guarantees of future performance. Statements in this
report regarding the Company's business or proposed business, which
are not historical facts, are "forward looking" statements that
involve risks and uncertainties, such as resource estimates and
statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management
expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by
their very nature, they involve inherent risks and uncertainties.
Actual results in each case could differ materially from those
currently anticipated in such statements.
Investors are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they
are made.
Competent Person Statement
The information relating to Exploration Targets, Exploration
Results, Mineral Resources or Ore Reserves in this report is based
on, or extracted from previous reports, as referred to in footnotes
herein, and available to view on the Company's website. The Mineral
Resource Estimate for the Kola Deposit was prepared by Competent
Person Mr. Garth Kirkham, P.Geo., a Member of the Association of
Professional Engineers and Geoscientists of British Columbia. The
Mineral Resource Estimate for the Dougou carnallite Deposit was
prepared by Competent Persons Dr. Sebastiaan van der Klauw and Ms.
Jana Neubert, senior geologists and employees of ERCOSPLAN
Ingenieurgesellschaft Geotechnik und Bergbau mbH and members of
good standing of the European Federation of Geologists. The Mineral
Resource Estimate for the Dougou Extension sylvinite Deposit was
prepared by Competent Person Mr. Andrew Pedley a full-time employee
of Kore Potash, a registered professional natural scientist (Pr.
Sci. Nat) with the South African Council for Natural Scientific
Professions and member of the Geological Society of South Africa.
The Company confirms that it is not aware of any new information or
data that materially affects the information included in the
original market announcements and, in the case of estimates of
Mineral Resources or Ore Reserves that all material assumptions and
technical parameters underpinning the estimates in the relevant
market announcement continue to apply and have not materially
changed. The Company confirms that the form and context in which
the Competent Person's findings are presented have not been
materially modified from the original market announcement.
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
IR LIFLAAIIFLIT
(END) Dow Jones Newswires
September 12, 2018 05:15 ET (09:15 GMT)
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