RE: Rns31 Jan 2023 10:22
Financial
• 69.2% increase in revenues for the six month period ended 31 October 2022 (US$1.934 million) compared to the six
month period ended 31 October 2021 ($1.143 million).
• 16.6% decrease in administrative and overhead expenses for the six month period ended 31 October 2022 (US$1.934
million) compared to the six month period ended 31 October 2021 (US$2.318 million). Administrative and overhead
expenses for the six month period ended 31 October 2022 (US$1.934 million) are lower compared to the six month
period ended 30 April 2022 (US$2.199 million).
• A decrease in losses after taxation in the six month period ended 31 October 2022 (US$6.779 million) compared to the
six month period ended 31 October 2021 (US$7.320 million). Eliminating the effects of foreign exchange gains and
losses, the loss for the period has decreased 18% from US$6.211 million for the six month period ended 31 October
2021 to US$5.094 million for the six month period ended 31 October 2022.
• Foreign exchange loss of US$1.685 million for the period compared to a loss of US$1.109 million for the six month
period ended 31 October 2021. These losses are substantially offset by exchange losses on translation of foreign
operations (US$1.219 million).
• Cash balances at the end of the period US$0.604 million compared to $0.055 million as at 31 October 2021.
• Debt of US$8.903 million at the end of the period compared to US$10.316 million at 30 April 2022.
Operational Development
• The Company commenced long-hole stoping in calendar Q3 2022.
• A second milling circuit was completed at the processing plant at the Baita Plai Polymetallic Mine (“BPPM”) at the end
of June 2022.
• An official opening ceremony for the processing of the Tajikistan mine took place on 15 August 2022.
Post period end:
As announced on 23 January 2023, settlement discussions in Zimbabwe relating to the release of an historic parcel of
129,400 carats of rough diamonds held in safe custody at the Reserve Bank of Zimbabwe (“Historic Parcel”), pursuant to
a direction from the Supreme Court of Zimbabwe as announced by the Company on 18 February 2010, has required, for
the purposes of their completion, that Legacy Issues be finalised in the High Court of Zimbabwe. To this end, and in order
to dispose of the legacy issues that could undermine the integrity of settlement discussions, the Company commenced
formal legal action in the High Court of Zimbabwe, and on 31 January the Company received official notice that its Default
Application has been set down for default judgement on the unopposed Motion Court Roll to be heard on 1 February