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Interim Results: 1 May 2022 – 31 October 2022

31 Jan 2023 10:15

Interim Results: 1 May 2022 – 31 October 2022

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

31 January 2023

Vast Resources plc(‘Vast’ or the ‘Company’)

Interim Results: 1 May 2022 – 31 October 2022

Vast Resources plc, the AIM-listed mining company, is pleased to announce that it has released its unaudited interim report and financial results for period from 1 May 2022 to 31 October 2022. 

The report can be found on the Company’s website at the following address: 

https://www.vastplc.com/investor-information/document-downloads

Market Abuse Regulation (MAR) Disclosure

Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”) until the release of this announcement.

**ENDS**

For further information, visit www.vastplc.com or please contact:

Vast Resources plcAndrew Prelea (CEO)Andrew Hall (CCO)www.vastplc.com+44 (0) 20 7846 0974
Beaumont Cornish – Financial & Nominated AdvisorRoland CornishJames Biddlewww.beaumontcornish.com+44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited – Joint Broker Toby Gibbs / James Thomas (Corporate Advisory)www.shorecapmarkets.co.uk +44 (0) 20 7408 4050
Axis Capital Markets Limited – Joint Broker Kamran Hussain www.axcap247.com +44 (0) 20 3206 0320
St Brides Partners Limited Susie Geliher / Charlotte Pagewww.stbridespartners.co.uk+44 (0) 20 7236 1177

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania, Tajikistan, and Zimbabwe.

In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.

The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA which owns 100% of the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.

The Company also owns the Manaila Polymetallic Mine in Romania, which the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

Vast has an interest in a joint venture company which provides a share of revenue generated from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty equivalent over all sales of non-ferrous concentrate and any other metals produced.

In Zimbabwe, the Company is focused on the finalisation of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.

Overview of the Interim Results for the six months to 31 October 2022

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.

Funding

Share issues during the period: gross proceeds / consideration before cost of issue

£$Shares IssuedIssued to
2,156,0002,556,500378,285,715Placing with investors
1,743,3252,121,265249,046,446Subscription by investors
1,420,8451,750,000511,963,302Settle debt
5,320,1706,427,7651,139,295,463 

Post period end:

£$Shares IssuedIssued to
1,467,0001,723,725652,000,000Placing with investors
1,467,0001,723,725652,000,000 

Of this issuance, a total of US$ 1.156 million was paid on 31 October 2022.

Debt Funding

On 16 May 2022, the Company repaid in full the outstanding bonds owed to Atlas and subsequently made a US$1 million debt reduction to the amount owed to Mercuria. These repayments were in part financed by a US$4 million asset backed debt facility from A&T Investments SARL.

Board and Management

No changes.

CHAIRMAN’S STATEMENT

We continue to operate in a challenging and volatile economic environment. Uncertainties in economic global growth saw copper prices come off their earlier highs during the period only to recover in recent months. The conflict in Ukraine and wider structural issues have resulted in higher fuel, energy and transport costs generally. Despite these difficulties, the Company successfully refinanced the Atlas bond facility in May 2022 and by the end of the period had successfully positioned the Baita Plai Polymetallic Mine (“BPPM”) for increased production and revenue generation.

The Company was very pleased to report that on 16 May 2022, it had repaid in full the outstanding bonds owed to Atlas and subsequently made a US$1 million debt reduction to the amount owed to Mercuria. These repayments were part financed by a US$4 million asset backed debt facility from A&T Investments SARL. The debt facility has a maturity of one year and we are actively engaging with investors with the objective of refinancing Alpha and Mercuria, supporting the restart of the Manaila Polymetallic Mine (“MPM”) which is currently on care-and-maintenance, and to provide general working capital.

Since the end of the period the Company has reported a substantial increase in both production and in grade at BPPM, and is now targeting reaching the mine’s full nameplate capacity in calendar H1 2023.

The Company is also encouraged that material progress has been made in settlement discussions relating to the release of a historic parcel of diamonds held in safe custody at the Reserve Bank of Zimbabwe.

I wish all our stakeholders well in these difficult times and, as always, remain committed to the safety of our employees and the communities in which we operate.

Brian MoritzChairman

CHIEF EXECUTIVE OFFICER’S REPORT

We have made very good progress in the half year to 31 October 2022. By the end of the period, the Baita Plai Polymetallic Mine (“BPPM”) team had created a platform for a substantial improvement in production volumes and efficiencies. This improvement has arisen from the restructuring of mining operations at BPPM in July 2022, which has increased monthly capacity and allowed us to deliver one to two deliveries per month of commercial quantity shipments in calendar Q4. The trend of increasing quantity and quality month on month is continuing into calendar Q1 2023, and further supports the Company’s calendar H1 2023 target of moving towards name plate capacity of 14,000 tonnes per month and profitability.

Our Manaila Polymetallic Mine (MPM) continued to remain on care and maintenance during the period and we plan to restart production once we have successfully engaged new lenders for the project. The combination of MPM and BPPM production would also provide more favourable export logistics and the restart would represent an important part of the Company’s short-term strategy.

The official opening ceremony for the Takob joint venture project at the Takob mine in Tajikistan took place in August. The Company continues to assist with the ramp up. The Company’s participation in this joint venture in Tajikistan marks an exciting development for the Company and is anticipated to provide an attractive income stream from the future sale of non-ferrous concentrates and other metals produced.

Settlement discussions 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, have required, for the purposes of their completion, that Legacy Issues be finalised in the High Court of Zimbabwe. The intention of the parties was, as part of the settlement process, to agree a transparent legal framework to progress the release of the Historic Parcel held, pursuant to the January 2010 Order of the Supreme Court in the custody of the Reserve Bank of Zimbabwe pending determination of an appeal against the High Court Judgement of September 2009. 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 in December 2022. The Company is encouraged that material progress has been made in these settlement discussions and, to this end, on 31 January the Company received official notice that its Default Application has been set down on the unopposed Motion Court Roll to be heard on 1 February. The Company recognises that there is no certainty of settlement until the court matter is finalised. Also, the final quality assortment of the Parcel will be determined when the stones are in the Company’s possession and can be independently cleaned and valued. Upon this matter being finalised the Company can refocus its attention back to other opportunities in Zimbabwe as previously announced.

Many thanks to fellow Board members and management for the commitment and hard work that has been put into the Group. I thank all our stakeholders for their support through these challenging times.

Andrew PreleaChief Executive Officer

Condensed consolidated statement of comprehensive income

for the six months ended 31 October 2022

  31 Oct 202230 Apr 202231 Oct 2021
  6 Months12 Months6 Months
  GroupGroupGroup
  UnauditedAuditedUnaudited
 Note$’000$’000$’000
Revenue 1,9343,7811,143
Cost of sales (3,827)(7,403)(3,244)
Gross loss (1,893)(3,622)(2,101)
Overhead expenses (3,983)(9,380)(3,733)
Depreciation of property, plant and equipment (352)(812)(344)
Share option and warrant expense -(356)-
Sundry income (12)5938
Exchange gain / (loss) (1,685)(3,754)(1,109)
Other administrative and overhead expenses (1,934)(4,517)(2,318)
     
Fair value movement in available for sale investments -(3)-
Loss from operations (5,876)(13,005)(5,834)
Finance income ---
Finance expense (903)(2,487)(1,486)
Loss before taxation from continuing operations (6,779)(15,492)(7,320)
Taxation charge ---
Total loss after taxation from continuing operations (6,779)(15,492)(7,320)
Profit after taxation from discontinued operations ---
Total (loss) after taxation for the period (6,779)(15,492)(7,320)
Other comprehensive income    
Items that may be subsequently reclassified to either profit or loss    
(Loss) / gain on available for sale financial assets ---
Exchange gain /(loss) on translation of foreign operations 1,2192,219542
Total comprehensive expense for the period (5,560)(13,273)(6,778)
     
Total profit / (loss) attributable to:    
- the equity holders of the parent company (6,779)(15,492)(7,320)
- non-controlling interests ---
  (6,779)(15,492)(7,320)
Total comprehensive profit / (loss) attributable to:    
- the equity holders of the parent company (5,560)(13,273)(6,778)
- non-controlling interests ---
  (5,560)(13,273)(6,778)
(Loss) per share - basic and diluted - amount in cents ($)4(0.51)(5.73)(3.27)

Condensed consolidated statement of changes in equity

for the six months ended 31 October 2022

  Share capital Share premium Share option reserve Foreign currency translation reserve Retained deficit Total
  $’000 $’000 $’000 $’000 $’000 $’000
At 30 April 202141,092 89,348 2,982 (2,595)(121,709)9,118
Total comprehensive loss for the period---542(7,320)(6,778)
Share option and warrant charges----- -
Share options and warrants lapsed----- -
Share warrants issued under share issuance----- -
Shares issued:      
- for cash consideration392,261---2,300
- to settle liabilities------
At 31 October 202141,131 91,609 2,982 (2,053)(129,029)4,640
Total comprehensive loss for the period---1,677(8,172)(6,495)
Share option and warrant charges--356-- 356
Share options and warrants lapsed--(967)-967 -
Share warrants issued under share issuance-(203)203   -
Shares issued:      
- for cash consideration1362,092--- 2,228
- to settle liabilities1911,209--- 1,400
At 30 April 202241,458 94,707 2,574 (376)(136,234)2,129
Total comprehensive loss for the period---1,219(6,779)(5,560)
Share option and warrant charges--277-- 277
Share options and warrants lapsed----- -
Shares issued and share proceeds:      
- for cash consideration1,2654,189--- 5,454
- to settle liabilities6301,120--- 1,750
At 31 October 202243,353 100,016 2,851 843 (143,013)4,050

Condensed consolidated statement of financial position

As at 31 October 2022

  31 Oct 202230 Apr 202231 Oct 2021
  UnauditedAuditedUnaudited
  Group GroupGroup
  $’000$’000$’000
AssetsNote   
Non-current assets    
Property, plant and equipment316,50216,21217,100
Available for sale investments 891891895
Investment in associates 417417-
  17,81017,52017,995
Current assets    
Inventory51,234839743
Receivables62,7342,8343,246
Cash and cash equivalents 60410355
Total current assets 4,5723,7764,044
Total Assets 22,38221,29622,039
     
Equity and Liabilities    
Capital and reserves attributable to equity holders of the Parent    
Share capital 43,35341,45841,131
Share premium 100,01694,70791,609
Share option reserve 2,8512,5742,982
Foreign currency translation reserve 843(376)(2,053)
Retained deficit (143,013)(136,234)(129,029)
  4,0502,1294,640
Non-controlling interests ---
Total equity 4,0502,1294,640
     
Non-current liabilities    
Loans and borrowings7---
Provisions91,1241,1451,185
Trade and other payables 81,7131,954-
  2,8373,0991,185
Current liabilities    
Loans and borrowings78,90310,31610,903
Trade and other payables86,5925,7525,311
Total current liabilities 15,49516,06816,214
Total liabilities 18,33219,16717,399
Total Equity and Liabilities 22,38221,29622,039

Condensed consolidated statement of cash flow

for the six months ended 31 October 2022

 31 Oct 202230 Apr 202231 Oct 2021
 UnauditedAuditedUnaudited
 Group GroupGroup
 $’000$’000$’000
CASH FLOW FROM OPERATING ACTIVITIES   
Profit (loss) before taxation for the period(6,779)(15,492)(7,320)
Adjustments for:   
Depreciation and impairment charges352812344
Share option expense-356-
Finance expense9032,4871,486
Unrealised foreign currency exchange loss / (gain)1,8913,9461,136
 (3,633)(7,891)(4,354)
Changes in working capital:   
Decrease (increase) in receivables100373(40)
Decrease (increase) in inventories(394)97192
Increase (decrease) in payables3733,8591,503
 794,3291,655
    
Taxation paid---
    
Cash generated by / (used in) operations(3,554)(3,562)(2,699)
    
Investing activities:   
Payments to acquire property, plant and equipment(1,314)(1,467)(756)
Payments to acquire investments in associates-(417)-
  . 
Total cash used in investing activities(1,314)(1,884)(756)
    
Financing Activities:   
Proceeds from the issue of ordinary shares5,4544,5282,300
Proceeds from loans and borrowings granted4,265--
Repayment of loans and borrowings(4,350)(364)(175)
Total proceeds from financing activities5,3694,1642,125
    
Increase (decrease) in cash and cash equivalents501(1,282)(1,330)
Cash and cash equivalents at beginning of period1031,3851,385
Cash and cash equivalents at end of period 604 103 55

Interim report notes

1 Interim Report These condensed interim financial statements, which are unaudited, are for the six months ended 31 October 2022 and consolidate the financial statements of the Company and all its subsidiaries. The statements are presented in United States Dollars.

The financial information set out in these condensed interim financial statements does not constitute statutory accounts as defined in Section 434(3) of the Companies Act 2006. The condensed interim financial statements should be read in conjunction with the consolidated financial statements of the Group for the period ended 30 April 2022 which have been prepared in accordance with UK-adopted International Accounting Standards and the Companies Act 2006. The Auditor's report on those financial statements was unqualified and did not contain a statement under s.498(2) or s.498(3) of the Companies Act 2006.

While the Auditors’ report for the period ended 30 April 2022 was unqualified, it did include a material uncertainty related to going concern, to which the Auditors drew attention by way of emphasis without qualifying their report. Full details of these comments are contained in the report of the Auditors on Pages 23-27 of the annual financial statements for the period ended 30 April 2022, released elsewhere on this website on 31 October 2022. The accounts for the period have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) and the accounting policies are consistent with those of the annual financial statements for the period ended 30 April 2022, unless otherwise stated, and those envisaged for the financial statements for the year ended 30 April 2023.

New IFRS accounting standardsAt the date of authorisation of these financial statements, a number of Standards and Interpretations were in issue but were not yet effective. The Directors do not anticipate that the adoption of these standards and interpretations, or any of the amendments made to existing standards as a result of the annual improvements cycle, will have a material effect on the financial statements in the year of initial application.

Going concernAfter review of the Group’s operations and ongoing refinancing discussions, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the unaudited condensed interim financial statements.

This interim report was approved by the Directors on 31 January 2023.

2 Segmental Analysis

  Mining, exploration, and development Admin and corporate Total
  Europe & Central Asia Africa   
  $’000 $’000 $’000 $’000
Year to 31 October2022    
Revenue1,934--1,934
Production costs(3,827)--(3,827)
Gross profit (loss) (1,893) - - (1,893)
Depreciation(352)--(352)
Profit (loss) on sale of property, plant and equipment----
Share option and warrant expense----
Sundry income(12)--(12)
Exchange (loss) gain(1,561)-(124)(1,685)
Other administrative and overhead expenses(788)-(1,146)(1,934)
Fair value movement in available for sale investments----
Finance income----
Finance expense(385)-(518)(903)
Taxation (charge)----
Profit (loss) for the year (4,991) - (1,788)(6,779)
     
31 October 2022    
Total assets19,943-2,43922,382
Total non-current assets16,839-97117,810
Additions to non-current assets1,085-2291,314
Total current assets3,104-1,4684,572
Total liabilities11,509-6,82318,332

  Mining, exploration and development Admin and corporate Total
  Europe Africa   
  $’000 $’000 $’000 $’000
Year to 30 April 2022    
Revenue3,781--3,781
Production costs(7,403)--(7,403)
Gross profit (loss) (3,622) - - (3,622)
Impairment of intangible assets- --
Depreciation(806)-(6)(812)
Profit (loss) on sale of property, plant and equipment----
Share option and warrant expense--(356)(356)
Sundry income59--59
Exchange (loss) gain(3,359)-(395)(3,754)
Other administrative and overhead expenses(2,565)-(1,952)(4,517)
Fair value movement in available for sale investments--(3)(3)
Finance income----
Finance expense(508)-(1,979)(2,487)
Profit on disposal of discontinued operations----
Profit (loss) for the year (10,801) - (4,691)(15,492)
     
30 April 2022    
Total assets19,614-1,68221,296
Total non-current assets16,549-97117,520
Additions to non-current assets1,467--1,467
Total current assets3,065-7113,776
Total liabilities11,938-7,22919,167

  Mining, exploration and development Admin and corporate Total
  Europe Africa   
  $’000 $’000 $’000 $’000
Six months to 31 October 2021     
Revenue1,143--1,143
Production costs(3,244)--(3,244)
Gross profit (loss) (2,101)- - (2,101)
Impairment of intangible assets- --
Depreciation(342)-(2)(344)
Sundry income38--38
Exchange (loss) gain(1,049)-(60)(1,109)
Other administrative and overhead expenses(1,622)-(696)(2,318)
Finance income----
Finance expense(276)-(1,210)(1,486)
Profit (loss) for the year (5,352)- (1,968)(7,320)
     
31 October 2021    
Total assets20,515-1,52422,039
Total non-current assets17,025-97017,995
Additions to non-current assets756--756
Total current assets3,490-5544,044
Total liabilities10,295-7,10417,399

3 Property, Plant and equipment

Group Plant and machinery Fixtures, fittings and equipment Computer assets Motor vehicles Buildings and Improvements Mining assets Capital Work in progress Total
  $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Cost at 1 May 20214,554 75 165 738 3,326 12,128 2,743 23,729
Additions during the period321613-197507756
Reclassification82-118--(128)-
Foreign exchange movements(189)(5)(6)(51)(115)(399)(99)(864)
Cost at 31 October 20214,405 73 165 818 3,211 11,926 3,023 23,621
Additions during the period(4)4632-59614711
Reclassification(576)--(20)168892(464)-
Foreign exchange movements(382)(5)(11)(67)(233)(807)(190)(1,695)
Cost at 30 April 20223,443 72 160 763 3,146 12,070 2,983 22,637
Additions during the period9----1781,1271,314
Reclassification297--237-663(1,197)-
Foreign exchange movements(177)(15)(8)(89)(135)(486)(129)(1,039)
Cost at 31 October 20223,572 57 152 911 3,011 12,425 2,784 22,912
Depreciation at 1 May 20212,949 65 100 225 1,089 1,413 604 6,445
Charge for the period14466118295-344
Reclassification--------
Foreign exchange movements(125)(4)(4)(25)(60)(50)-(268)
Depreciation at 31 October 20212,968 67 102 211 1,111 1,458 604 6,521
Charge for the period1378101656241-468
Reclassification-(4)4-----
Foreign exchange movements(267)(6)(9)(37)(130)(115)-(564)
Depreciation at 30 April 20222,838 65 107 190 1,037 1,584 604 6,425
Charge for the period146452438135-352
Reclassification--------
Foreign exchange movements(148)(12)(7)(60)(73)(67)-(367)
Depreciation at 31 October 20222,836 57 105 154 1,002 1,652 604 6,410
Net book value at 31 October 20211,437 6 63 607 2,100 10,468 2,419 17,100
Net book value at 30 April 2022605 7 53 573 2,109 10,486 2,379 16,212
Net book value at 31 October 2022736 -47 757 2,009 10,773 2,180 16,502

4 Loss per share

 31 Oct 202230 Apr 202231 Oct 2021
 UnauditedAuditedUnaudited
 Group GroupGroup
Profit and loss per ordinary share has been calculated using the weighted average number of ordinary shares in issue during the relevant financial year.   
The weighted average number of ordinary shares in issue for the period is:1,323,933,416270,291,660223,953,182
Profit / (loss) for the period: ($’000)(6,779)(15,492)(7,320)
Profit / (Loss) per share basic and diluted (cents)(0.51)(5.73)(3.27)
    
The effect of all potentially dilutive share options is anti-dilutive.   
   

5 Inventory

 Oct 2022Apr 2022Oct 2021
 UnauditedAuditedUnaudited
 GroupGroupGroup
 $’000$’000$’000
    
Minerals held for sale63418552
Production stockpiles566
Consumable stores595648685
 1,234839743

6 Receivables

 Oct 2022Apr 2022Oct 2021
 UnauditedAuditedUnaudited
 GroupGroupGroup
 $’000$’000$’000
    
Trade receivables257151937
Other receivables1,4821,6581,282
Short term loans324312310
Prepayments11518353
VAT556530664
 2,7342,8343,246

7 Loans and borrowings

 Oct 2022Apr 2022Oct 2021
 UnauditedAuditedUnaudited
 GroupGroupGroup
 $’000$’000$’000
Non-current    
Secured borrowings8,16110,07510,630
Unsecured borrowings500--
less amounts payable in less than 12 months(8,661)(10,075)(10,630)
    
  - --
Current    
Secured borrowings---
Unsecured borrowings241240272
Bank overdrafts111
Current portion of long term borrowings - secured8,16110,07510,630
- unsecured500  
    
 8,90310,31610,903
Total loans and borrowings8,90310,31610,903

8 Trade and other payables

 Oct 2022Apr 2022Oct 2021
 UnauditedAuditedUnaudited
 GroupGroupGroup
 $’000$’000$’000
    
    
Trade payables3,0662,6081,889
Other payables1,6561,7511,003
Other taxes and social security taxes1,8131,3252,379
Accrued expenses576840
 6,5925,7525,311

 Oct 2022Apr 2022Oct 2021
 UnauditedAuditedUnaudited
 GroupGroupGroup
 $’000$’000$’000
    
    
Amounts due between one and two years495340-
Amounts due between two and three years457409-
Amounts due between three and four years457493-
Amounts due between four and five years304712-
 1,7131,954-

9 Provisions

 Oct 2022Apr 2022Oct 2021
 UnauditedAuditedUnaudited
 GroupGroupGroup
 $’000$’000$’000
    
Provision for rehabilitation of mining properties   
- Provision brought forward from previous periods1,1451,2061,206
- Liability recognised during period---
- Derecognised on disposal of subsidiary---
- Other movements(21)(61)(21)
 1,1241,1451,185

10 Events after the reporting date

Shares issued and gross proceeds / consideration 
    
£$Shares IssuedIssued to
1,467,0001,723,725652,000,000Placing with investors
1,467,0001,723,725652,000,000 

**ENDS**

Date   Source Headline
20th May 20247:00 amGNWHolding(s) in Company
15th May 20247:07 amRNSPlacing & Update on Refinancing
8th May 20241:12 pmGNWUpdate on Debt Funding
29th Apr 20247:00 amGNWUpdate on Funding and on Repayment of Asset Based Debt Facility & General Corporate Update
2nd Apr 202412:23 pmRNSHolding(s) in Company
13th Mar 20247:00 amGNWNew Copper Offtake Secured with Trafigura for Baita Plai
29th Feb 202412:32 pmGNWMiscellaneous
20th Feb 20247:00 amGNWHoldings in Company
14th Feb 20247:00 amRNSNotice of GM
7th Feb 20247:00 amRNSBaita Plai Q4 2023 Production Report
31st Jan 20247:00 amGNWInterim Results: 1 May 2023 – 31 October 2023
26th Jan 20242:30 pmGNWHolding(s) in Company
25th Jan 20242:00 pmGNWHolding(s) in Company
23rd Jan 20247:00 amGNWPlacing to raise £1,255,625
22nd Jan 20247:00 amGNWPlatinum Group Metals (PGM) Agreement
16th Jan 202410:05 amRNSCompletion of transaction regarding Aprelevka
15th Jan 20241:30 pmGNWUpdate on Debt Funding
7th Dec 202312:30 pmGNWMOU regarding Aprelevka Gold Mines
4th Dec 202312:00 pmGNWUpdate on Debt Funding
29th Nov 20233:30 pmGNWResults of AGM
28th Nov 20233:00 pmGNWDeath of Director
13th Nov 20238:00 amRNSHolding(s) in Company
6th Nov 202311:00 amGNWNotice of AGM
6th Nov 20237:00 amGNWUpdate on Debt Funding
31st Oct 20237:00 amGNWBaita Plai Q3 2023 Production Report
31st Oct 20237:00 amGNWFinal Results
23rd Oct 20233:47 pmRNSHolding(s) in Company
19th Oct 20237:00 amRNSTajikistan Update
6th Oct 20237:00 amGNWPlacing to raise £1,819,350 and Company Update
4th Oct 20237:00 amGNWUpdate on Debt Funding
3rd Oct 20236:05 pmGNWHolding(s) in Company
2nd Oct 20237:00 amGNWUpdate on Debt Funding
28th Sep 202312:37 pmGNWBaita Plai Update
22nd Sep 20237:00 amGNWBaita Plai Update
18th Sep 20237:00 amGNWCompany Update
1st Sep 202310:00 amGNWUpdate on Debt Funding
7th Aug 20237:00 amGNWCompany Update
2nd Aug 20237:00 amGNWBaita Plai Q2 Production Report
28th Jul 20231:00 pmGNWMajor Institutional Shareholder TR-1 Disclosure
19th Jul 20238:32 amGNWInstitutional Shareholder TR-1 Disclosure
17th Jul 20237:00 amRNSPhase 1 Drill Results at Baita Plai Mine
14th Jul 20235:18 pmRNSBaita Plai Report
7th Jul 20237:00 amGNWPlacing to Raise £1.7m and Company Update
4th Jul 20233:00 pmGNWCompany Update
3rd Jul 20237:00 amGNWCompany Update
26th Jun 20231:30 pmGNWResults of General Meeting
21st Jun 20239:56 amGNWDebt Extension Confirmation
16th Jun 20234:00 pmGNWHolding(s) in Company
16th Jun 20238:30 amGNWInstitutional Investor TR-1 Disclosure
9th Jun 20238:00 amGNWNotice of General Meeting

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