TIDMFAR
RNS Number : 7902X
Ferro-Alloy Resources Limited
28 April 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (INCLUDING AS IT
FORMS PART OF THE LAWS OF ENGLAND AND WALES BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
28 April 2023
Ferro-Alloy Resources Limited
("Ferro-Alloy" or the "Group" or the "Company")
2022 Final Results and Updated Ore-Body 1 Mineral Resource
Estimate ("MRE")
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer
and developer of the large Balasausqandiq vanadium deposit in
Southern Kazakhstan , announces its final results for the year
ended 31 December 2022.
In addition, the Company announces that on the 27 April 2023 it
received the results of the revised mineral resource estimate
("MRE") from SRK Consulting Ltd ("SRK") for Ore-Body 1 ("OB1") at
the Balasausqandiq deposit. Selected highlights from the report are
summarised below with a full announcement expected to be released
on 2 May 2023, once management has reviewed the full report.
MRE selected highlights (post period)
-- An Indicated Mineral Resource of 32.9 million tonnes for OB1
at a mean grade of 0.62% V(2) O(5) reported at a marginal cut-off
grade of 0.4% V(2) O(5) - equating to 203,364 contained tonnes of
V(2) O(5)
-- An increase of 8.6 million tonnes (35.4%) of mineral resource
and an increase of 38,058 tonnes (23%) of contained V(2) O(5) by
comparison to the Company's 2018 Competent Persons Report
-- The results of the previously reported infill drilling and
trenching programs completed during 2021/22 have been successful in
converting 100% of the Resources to Indicated for the OB1 deposit.
No Measured or Inferred Resource are stated
Financial and corporate highlights
-- Group revenues of US$6.27m (2021: US$4.73m), a 28% increase
over the period, but slightly below market expectations
-- The Group made an overall loss for the year of US$4.29m
(2021: loss of US$2.83m), a greater loss than market expectations,
mainly attributable to the difficulties importing raw materials
during the period, increased costs of associated reagents and
fuel
-- Cash in the bank of US$4.33m as at 31 December 2022 (2021:US$2.81m)
-- Successful equity fundraising of US$10.0m (approximately
GBP8.6m) in September 2022 to advance the feasibility study on the
Balasausqandiq deposit
-- Continue to develop the Group's senior management in
readiness for the main project inception with the appointment of
William Callewaert as Chief Financial Officer, Baurzhan Tleulinov
as Mine Project Director and Anvar Moldakhanov as Kazakhstan
Finance Director
Feasibility study
The feasibility study for Stage 1 of the Balasausqandiq project
is expected to be completed in the final quarter of 2023 with Stage
2 to follow in 2024.
Work is progressing well and continues to support or exceed the
results of previous company test work that was disclosed in the
2018 Competent Persons Report, which indicated a transformative
vanadium project producing some 22,400 tonnes of vanadium pentoxide
per annum (over 10% of current world supply), with an operating
margin of almost 80% and a project Net Present Value of c.US$2
billion with relatively modest capital expenditure.
Progress during the period includes:
-- Completion of the drilling programme for Ore-Bodies 1,2,3 and 4
-- Open pit geotechnical drilling for Ore-Body 1 has been
completed with mechanical testing pending
-- Open pit hydrogeological drilling completed
-- Full site topographical survey completed
-- Metallurgical testing nearing completion indicates high
metallurgical recovery in line with previous Company test work
-- Carbon flotation tests show that a >40% carbon concentrate
can be made with good overall carbon recovery. Test work on the
resulting rubber performance shows that partial substitution of
this concentrate for carbon black in the production of rubber for
tyres can be made without loss of performance
Existing operation
Although operations during the year were severely impacted by
difficulties importing raw materials, the Group has made
significant progress with the development of the existing
operation.
-- The planned expansion of the plant to increase production and
to recover more value from each tonne treated was completed,
including:
- Approximately doubling the potential maximum recovery of
molybdenum from additional ion-exchange resin
- Adding a third roaster to the vanadium pentoxide line to
increase maximum throughput of treatable concentrates and a fourth
roaster for the nickel process
- Installation of three new press filters
- Commissioning of a new equipment to convert ammonium
metavanadate to vanadium pentoxide that commands better product
pricing in the market
- Implementing a plan to convert the fuel of the roasting ovens
used by the plant from diesel to gas
-- Increased the number of vanadium concentrate supply contracts
and diversified source location in order to minimise the risk of
failure of delivery of concentrates by any one supplier
-- Funding from a Kazakhstan government agency was received to
undertake a project leading to the production of vanadium oxides
for making electrolyte for vanadium redox flow batteries
Reconciliation of year end losses
-- The Company announced a preliminary unaudited loss for the
year in January in the region of US$3.3m. The further losses being
reported of c. US$1m incurred following the finalisation of the
year end accounts and are a result of:
- c. US$210,000 of negative pricing adjustments incurred on long
duration delivery sales contracts due to the falling price of
vanadium between June and November
- c. US$160,000 of post year end stock provisions made against
slow moving and obsolete stock lines held by the Group at the year
end
- c. US$55,000 of obsolete asset write offs for Group equipment
that can no longer be repaired or do not have a future useful
life
- c. US$205,000 of administrative expenses incurred by the Group
after the year relating to 2022 trading activity
- c. US$370,000 of foreign exchange losses incurred on finalised
year end balances and transactions completed during the year
Outlook
-- Positive updated MRE report on the OB1 deposit shows an
increase in contained metal and the successful conversion of 100%
of the Resources to Indicated - post period
-- In Q1 2023 a contract was signed with a significant new
ongoing supplier of raw materials to compensate for the shortfalls
being experienced from existing suppliers
-- The Group's assumption is for metal prices to remain at
current levels of around US$9.50/lb of vanadium pentoxide and
US$24.3/kg of nickel for the remainder of 2023. Molybdenum prices
have come down from the exceptionally high levels of early 2023 but
are expected to remain at current levels of around US$53/kg.
-- With the plant now fully developed and with concentrates
expected to be in good supply, the Company believes that both the
production and financial results for 2023 are likely to be
significantly better than 2022 and result in the Company operating
profitably because of:
- increased quantity of concentrates to be treated
- increased recoveries of vanadium, molybdenum and nickel from each tonne treated
- higher prices expected for vanadium as a result of the
conversion of AMV to vanadium pentoxide or other oxides
- return to more normal levels of transport, fuel and reagent
costs which in 2022 were impacted by the ending of the pandemic and
the commencement of the Ukrainian invasion.
Sir Mick Davis, Non-executive Chairman, commented:
"The management team has acted to address external pressures
related to the constrained raw material supply which impacted
financial results during the year.
Another successful capital raise in September, followed by the
endorsement of the recent mineral resource estimate, enables the
Company to continue its journey towards becoming an important
global vanadium producer. At the same time, it is encouraging to
see continuing growth in demand for vanadium serving both the
growing stainless steel and battery market segments."
Commenting on the results, Nick Bridgen, CEO of Ferro-Alloy
Resources said:
"It is extremely encouraging that the feasibility study results
so far have met or exceeded the Company's previous work which shows
how transformative the Balasausqandiq project will be for the
world's vanadium industry.
"The existing operation has been impacted by supply difficulties
during 2022 but the plant is now fully developed and, with
concentrates in good supply, we expect the existing plant to
operate profitably from now on, producing a meaningful contribution
to the development of the Balasausqandiq project.
"I am also delighted to have received the updated MRE report
from SRK which has shown some encouraging results at our OB1
deposit. We are reviewing the report and will provide shareholders
with an update on 2 May 2023."
Publication of Annual Report
The Company's annual report will be available shortly on the
Company's website at www.ferro-alloy.com
For further information, visit www.ferro-alloy.com or contact:
Ferro-Alloy Resources Nick Bridgen (CEO) info@ferro-alloy.com
Limited / William Callewaert
(CFO)
Shore Capital Toby Gibbs/John More
(Joint Corporate Broker) +44 207 408 4090
Liberum Capital Limited Scott Mathieson/William
(Joint Corporate Broker) King +44 20 3100 2000
St Brides Partners
Limited
(Financial PR & IR Catherine Leftley/Ana
Adviser) Ribeiro +44 207 236 1177
Report on Operations
Strategy
Operational Review
During 2022 and the first quarter of 2023, the Group made
significant progress with the ongoing feasibility study into the
development of the transformative Balasausqandiq vanadium deposit
as well as the expansion of the existing operations treating
bought-in vanadium concentrates.
Feasibility study
The progress made by the Group on the Stage 1 feasibility study
is covered more fully by the feasibility study review.
The highlights of that review are:
- Completion of the drilling programme for Ore-Bodies 1,2,3 and 4;
- Imminent publication of the revised mineral resource estimate for Ore-Body 1 ("OB1");
- Mine planning for Stage 1 of the feasibility study to commence
post publication of the OB1 mineral resource estimate;
- Open pit geotechnical drilling for OB1 has been completed with mechanical testing pending;
- A full site topography survey has been taken;
- Extraction of vanadium during acid leaching shows 94-97%
vanadium extraction into solution and 95% adsorbed in ion-exchange
in line with previous Group test work; and
- Flotation tests show that a >40% carbon concentrate can be
made with good overall carbon recovery. Test work on the resulting
rubber performance shows that partial substitution of this
concentrate for carbon black in the production of rubber for tyres
can be made without loss of performance.
Existing operation
The existing operation is the result of the conversion and
expansion of the large scale test-plant that was constructed to
pilot and test the metallurgical processes to be used in the main
Balasausqandiq project.
This operation will provide a cash flow to assist with the
substantial ongoing costs of the preparation of the feasibility
study and to contribute to the construction costs of the
Balasausqandiq project mining operations.
A second objective is to retain the high-quality technical and
operating team that developed the metallurgical processes to be
used in the main Balasausqandiq project so that they are available
to assist with the feasibility study, design and future
construction and operation of Stage 1 and Stage 2 of the
Balasausqandiq project. As a result, the Group's work-force is
experienced and will have a high level of technical and operational
expertise prior to commissioning of the mine. This significantly
de-risks the project.
Plant developments
The original test-plant has been adapted to treat bought-in
vanadium concentrates. During 2022 and the start of 2023, the plant
has been significantly expanded and equipment added to enable the
full recovery of all of the components of the purchased
concentrates so that a great deal more value is extracted from each
tonne treated and, more importantly, no tailings or other residues
are left on-site.
Although the plant is designed to be flexible and able to treat
a variety of raw materials, the most common raw materials are the
spent (charged) catalysts used to remove impurities from crude oil
in refineries. These typically contain vanadium, molybdenum and
nickel, all of which can now be recovered.
Specifically, the Group has completed the following
installations at the plant during the year:
-- Added a third roaster to the vanadium pentoxide line to
increase maximum throughput of treatable concentrates;
-- Added a fourth roaster to either upgrade the low-grade nickel
residues to high-grade nickel concentrates, or to provide
additional vanadium pentoxide throughput capacity, depending on
market prices and demand;
-- Procured the equipment to convert the roasting fuel used by
the plant from diesel to natural gas (to be commissioned in May
2023);
-- Approximately doubled the maximum recovery of molybdenum by
the addition of additional ion-exchange resin tanks;
-- Installed three new press filters;
-- Commissioned a new dissociation oven to convert ammonium
metavanadate ("AMV") to vanadium pentoxide;
-- Purchased a new product drying oven; and
-- Equipped a new ferro-molybdenum department to provide greater
smelting capacity and better environmental control.
Together, these additions have transformed the operating
capability of the Group by not only increasing throughput capacity
but also maximising the value recovered from each tonne
treated.
Production
During the year, production of vanadium pentoxide and molybdenum
(in ferro-molybdenum) amounted to 305.5 tonnes (2021: 259.6 tonnes)
and 36.0 tonnes (2021: 38.7 tonnes), respectively.
Production of Growth Production
Quarter Vanadium pentoxide vs last of Molybdenum
(tonnes of vanadium year (tonnes of Growth
pentoxide contained molybdenum vs last
in AMV) contained in year
ferro-molybdenum
and in calcium
molybdate)
Q1 81.1 +41% 11.3 -18%
--------------------- --------- ------------------ ----------
Q2 91.7 +197% 10.4 +395%
--------------------- --------- ------------------ ----------
Q3 69.9 - 11.0 -19%
--------------------- --------- ------------------ ----------
Q4 62.8 -38% 3.3 -65%
--------------------- --------- ------------------ ----------
2022 total 305.5 +17.7% 36.0 -7%
--------------------- --------- ------------------ ----------
The plant also produced a nickel concentrate for sale to
customers during the year.
Production during 2022 was severely disrupted by a combination
of factors that affected deliveries of concentrates available for
processing at the plant.
At the beginning of 2022 both concentrate supplies and transport
routes continued to be adversely affected by residual Covid-19
issues as well as the piecemeal re-opening of the global economy
following lockdown. Domestic riots in Kazakhstan during January
caused further, albeit short-term, disruption, and then in
February, the Russian invasion of Ukraine resulted in increased
disruption across the Group's supply and transport networks.
As a result, transportation prices increased dramatically and
some of the usual freight routes into Kazakhstan were blocked,
requiring longer and more expensive routing. Similarly, the cost
and availability of reagents and, particularly, diesel, were also
impacted by the geo-political disruption. Diesel prices rose
significantly over the year and, at times, became unavailable.
In order to mitigate future concentrate supply issues in light
of the ongoing regional geo-political disturbance and other
factors, the Group has:
i. increased the number of vanadium concentrate supply contracts
and diversified source location in order to minimise the risk of
failure of delivery of concentrates by any one supplier; and
ii. implemented a plan to convert the fuel intake of the
roasting ovens used by the plant from diesel to natural gas which
will not only be cheaper, but also be more reliable and will make
use of more widely available gas supplies in the region.
Product prices remained broadly stable during the year:
Start of 2022 Average for the Current (21 April
year 2023)
Vanadium pentoxide
(US$/lb) 8.50 9.19 9.50
-------------- ---------------- ------------------
Ferro-molybdenum
(US$/kg of Mo) 44.00 43.95 53.00
-------------- ---------------- ------------------
Nickel (US$/kg) 20.72 25.60 24.33
-------------- ---------------- ------------------
Development of VRFBs
Vanadium VRFBs (vanadium redox flow batteries) are a means of
energy storage particularly suitable for the longer-duration
storage of energy from intermittent renewable sources in order to
make energy available at night and when there is no wind. VRFBs
have certain advantages over lithium-ion technology, including
being scalable, not degrading over time and not catching fire,
which make them more suitable for bulk energy storage.
The world-wide roll-out of VRFBs appears to have started and
although forecasts vary, the general expectation is for the demand
for vanadium for electrolyte purposes to expand to become a
significant part of overall vanadium demand.
The Group has been awarded a grant from the Kazakhstan Science
Fund to produce vanadium oxides for the production of vanadium
electrolyte for use in VRFBs. The grant will be used to buy
additional production equipment and to modify existing equipment to
produce vanadium tri-oxide, a test VRFB and some related equipment
for laboratory use. After a period of testing and development, the
plan is to continue to produce and market vanadium tri-oxide and,
if there is demand in the local region, to supply electrolyte. The
aim is to position the Group to be able to supply at a large scale
into this potentially very large market when the main
Balasausqandiq project is commissioned.
Production outlook
The planned expansion of the existing operation is now complete.
The plant is, therefore, capable of making significant cash flows
to fund the ongoing costs of completing the Stage 1 feasibility
study and contribute to the funding of the future construction of
the Balasausqandiq facilities.
In order to prevent the recurrence of the concentrate supply
problems of 2022 and early 2023, the Group has signed additional
concentrate supply contracts. Supplies under previous contracts
have resumed and are expected to continue, so the board of
directors ("the Directors" or "the Board") are optimistic that the
historic supply problems have now been resolved.
Vanadium prices are strong, and although difficult to forecast,
the Group's assumption is for them to remain at current levels of
around US$9.50/lb of vanadium pentoxide and US$24.3/kg of nickel.
For the remainder of 2023. Molybdenum prices have come down from
the exceptionally high levels of early 2023 but are expected to
remain at current levels of around US$53/kg.
With the plant now fully developed and with concentrates
expected to be in good supply, the Group expects the existing plant
to operate profitably, producing a meaningful positive cash flow,
for the remainder of 2023 and beyond.
Financial Review
Earnings
The Group reported increased revenues of US$6.27m for the year
compared to US$4.73m in 2021, reflecting a 33% increase in sales
over the period.
US$'000 2022 2021
Revenue from shipments recorded
at the price at time of dispatch 6,773 4,709
------ ------
Adjustments to revenue after
final price determination
and fair value changes (502) 22
------ ------
Total Revenue 6,271 4,731
------ ------
Revenue is recognised at the time of transfer of control of the
Group's products to the customer but, as is common in the industry,
the final pricing determination is often based on assay and prices
after arrival of the goods at the final port of destination. The
adjustments to revenue reflect these final pricing determinations
which occur after the relevant revenue is initially recognised.
Between mid-June and the end of November the market price of
vanadium pentoxide fell from around US$10.50/lb to c. US$7.50/lb
and, therefore, a number of the Group's sales contracts entered
into before June were subject to a negative final pricing
determination upon arrival at the final port of destination leading
to an overall negative revenue adjustment of c. US$0.5m for the
year. The price of vanadium pentoxide has subsequently risen to c.
US$10/lb after the year end.
Cost of sales increased to US$7.5m from US$4.9m in 2021
primarily reflecting increases in the prices of the raw materials
used in the production process of AMV and other products. In
particular, as a result of the Russian invasion of Ukraine, a
number of the reagents used by the plant and sourced from the CIS
significantly increased in price during the year, as did the cost
of diesel. The prices of reagents and diesel have both stabilised
after the year end, and as noted in the Operational Review, the
Group is taking steps to convert the fuel supply for the roasting
ovens from diesel to natural gas which is a significantly cheaper
form of fuel and more widely available in country. The largest part
of the cost of sales is the purchase of raw materials, the price
for which is determined as a percentage of the value of the content
of vanadium at the prices prevailing at the time of purchase.
Administrative expenses of US$2.5m (2021: US$2.5m) were broadly
in line with the prior year other than wages and salary costs which
have increased by approximately US$0.58m as a result of the
recruitment of a number of senior management employees during the
year including a group finance director, mine project director and
Kazakhstan finance director. The Group has not suffered any
non-refundable VAT write-downs during the year as was the case in
2021 (US$0.5m).
The Group incurred other expenses during the year of US$0.43m
(2021: US$0.011m) comprising currency conversion losses
(representing transactional foreign exchange differences), an
agreed write down of slow moving / obsolete stocks held at the
existing plant and the write-off of unrepairable factory
equipment.
The Group made an overall loss for the year of US$4.29m (2021:
loss of US$2.83m).
Cashflow
Net cash outflows from operating activities, before changes in
working capital, for the year totalled US$3.46m (2021: US$4.98m)
following adjustments for depreciation, amortisation, inventory
write-downs and net finance gains. Changes in trade and other
receivables increased to US$1m (2021: US$0.4m) as a result of the
recognition of a significant VAT refund due from the Kazakh tax
authorities at the year end (received after the year end). Changes
in trade payables increased to US$1.56m (2021: decrease US$ 0.85m)
in light of substantial orders of concentrates for processing at
the existing plant, yet to be paid for by the Group.
Net cash outflows from investing activities totalled US$4.3m
(2021: US$2.5m) and included US$1.47m (2021: US$2.2m) of capital
expenditure associated with the planned expansion of the processing
operation's production facilities (see Operational Review) and
US$2.87m (2021: US$0.33m) of expenditure on the Stage 1 feasibility
study capitalised as an exploration and evaluation asset (see Note
13).
Net cash inflows from financing activities for the year were
US$9.19m (2021: US$10.06m), representing the proceeds of the US$10m
cash equity fundraise conducted during the year (2021: US$5.9m)
less the costs of the fundraise of US$0.43m (2021: US$0.24m),
repayment of a bondholder entitled to an early redemption of
US$0.3m (2021: proceeds received of US$0.48m) and interest payable
to the Company's residual bondholders of US$0.08m (2021:
US$0.08m).
The Group held cash of US$4.33m at 31 December 2022 (2021:
US$2.81m).
Balance sheet review
Total non-current assets increased to US$10.93m from US$7.25m
principally due to the continued capitalisation of the feasibility
study as an exploration and evaluation asset and the addition of
new equipment at the production plant.
Current assets increased from US$5.7m to US$8m, reflecting a
significant VAT refund due from the Kazakh tax authorities at the
year end and an increase in cash from the finance raising
activities completed during the year, as noted below.
Total non-current liabilities decreased by approximately US$0.9m
during the year from US$0.94m to US$0.03m as a result of the
Company's outstanding bond liabilities being reclassified to
current liabilities to reflect their maturity in March 2023.
Current liabilities increased from US$1.34m to US$3.5m as a
result of the outstanding bond reclassification noted above and the
purchase of significant quantities of concentrate for the existing
operation prior to the year end.
Corporate
During September 2022, the Company completed an equity fundraise
by way of a placing, in addition to direct subscriptions, of
ordinary shares of the Company. As a result, the Company issued
72,025,351 new ordinary shares for cash at a price of 12 pence per
share raising a total of GBP8.64m (US$10.0m).
Key performance indicators
The Group is in a period of development and its current
operations, the processing of bought-in secondary
vanadium-containing materials for extraction of vanadium, are
relatively small in comparison with the main objective of the Group
to develop the Balasausqandiq deposit and processing facility.
Moreover, the current operations are themselves undergoing a
significant expansion which means that operations are not in a
steady state capable of meaningful inter-period comparisons. The
Directors are, therefore, of the opinion that key performance
indicators may be misleading if not considered in the context of
the development of the operation as a whole for which the
information for shareholders is better given in a descriptive
manner than in tabular form.
Furthermore, the existing processing business of the Group is
complex and the business model has been developed to allow maximum
flexibility in the type of raw materials treated so that market
variations in raw material prices can be moderated by the ability
to select raw materials which may be more profitable to treat
notwithstanding they be of lower grade and result in a lower level
of production. Nevertheless, the Directors consider that the main
indicator of performance, although subject to interpretation as
described above, is the level of production (refer to the
Operational Review for further information).
Feasibility Study Review
The main objective of the Group is to bring into production the
Balasausqandiq deposit and to build a processing plant to treat one
million tonnes of ore per year (Stage 1) mined from OB1 and later
increase to a total of four million tonnes per year (Stage 2)
through the additional mining of Ore Bodies 2, 3 and 4 ("OB2, 3 and
4").
An initial feasibility study has been completed under Kazakhstan
standards and is in the process of being upgraded and expanded to
western bankable standards by the Group's appointed feasibility
study consultants, SRK Consulting (Kazakhstan) Limited.
Balasausqandiq deposit
The Balasausqandiq deposit is exceptional in a number of ways.
Primarily, it is not a typical vanadiferous magnetite deposit but a
sedimentary deposit and is expected to have far lower capital and
operating costs.
Furthermore:
-- The ore is amenable to a whole-ore pressure acid leach
process which gives a far higher metallurgical recovery than
conventional magnetite extraction;
-- Pre-concentration of the ore and high temperature roasting are not required;
-- There are potentially valuable by- or co- products within the
ore, principally carbon, which can be easily recovered without
significant additional processing;
-- Major infrastructure items of power and road and rail
connections already exist on site or nearby;
-- The Balasausqandiq deposit is a very large deposit and is
easily mined from an open pit. Stages 1 and 2 combined envisage
production of 24,000 tonnes per year of vanadium pentoxide, over
10% of known current world supply; and
-- The Competent Person's Report of 2018 indicated exceptional
financial characteristics, with an overall net present value
("NPV") of US$2 billion, an operating margin of nearly 80%, and low
capital costs.
The development of the deposit is planned to be in two stages,
Stage 1 and Stage 2. Stage 1 will involve the construction and
operation of an initial process plant treating one million tonnes
per year of ore, followed, as soon as commissioning has been
successfully concluded, by a Stage 2 operation for a further three
million tonnes per year. The staging is to allow for the reduction
of engineering scale-up risk and to also allow time for the
development of markets as production increases. The staged
development also reduces the amount of capital that has to be
raised for the initial development, with the second stage to be
largely financed by the earnings of the first.
The feasibility study is also being carried out in two stages,
with the results of the first stage scheduled to be announced in
the fourth quarter of 2023 and those for the second stage in
2024.
Exploration
There are six known ore-bodies in the deposit which have been
named OB1 - 6, and there is some evidence of a seventh. Of these,
only OB1 had previously been explored sufficiently to declare a
resource under the CRIRSCO approved standards.
The Group's recent drilling campaign, now completed, has
included 19,720 meters of drilling on OB1, 2, 3, and 4 with a view
to being able to identify CRIRSCO compliant resources and,
eventually, reserves, sufficient to provide feed for two stages of
development, the first involving the processing of one million
tonnes per year of ore, and the second an additional three million
tonnes per year.
OB1
The exploration of OB1 during the year involved infill drilling
and trenching to reduce the section spacing from around 500m to
250m, so as to be able to further define and upgrade the
resource.
Following receipt and analysis of the assaying from the updated
drilling programme, a revised resource estimate for OB1 is expected
by the Company imminently.
OB2, 3 and 4
The drilling of OB2, 3 and 4 has been completed and receipt of
the final assay results and corresponding mineral resource estimate
is expected later in the year. Some 25% of the planned exploration
area has proved to be difficult and expensive to access and as a
result has not been drilled (albeit the Company does not expect the
area of difficult topography to create difficulties for actual
mining).
The new mineral resource estimate for these ore-bodies will
exclude the area of difficult topography in the expectation that
the remaining area will provide sufficient ore to feed the Stage 2
development.
Open pit geotechnical drilling
Open pit geotechnical drilling for OB1 has been completed and
geotechnical sample collection and mechanical testing is currently
in progress. The results of the drilling and subsequent mechanical
testing programme will be used to confirm the open pit slope
design.
Open pit hydrogeological drilling
Open pit hydrogeological drilling for OB1 has commenced and is
expected to finish on schedule during July 2023. The results of the
drilling will determine potential water inflows and pore pressures
in the pit walls, providing inputs to the geotechnical and mine
planning studies.
Water supply hydrogeological drilling
A geophysical survey of the water supply bore field area has
been completed. The results of the survey will be used to define
the fieldwork and drilling programme required to define the water
extraction bore field required to support the project's water
needs.
Site topography survey
A full topography survey of the deposit utilising both aerial
drone footage and satellite imagery has been completed to identify
the sites most suitable for the location of the process plant and
planned tailing storage facility.
Processing
Metallurgy
Extraction of vanadium during acid leaching, following initial
pilot and subsequent testing, continues to be above Group
expectations with 94-97% vanadium extraction into solution.
Metallurgical testing including ore body variability tests,
solid liquid separation tests and ion exchange testing continues at
SGS Canada Inc ("SGS") supervised and managed by Tetra Tech Limited
("Tetra Tech").
Testing of the carbon element of the ore has been added to the
scope of work at SGS targeting a
minimum 40% carbon grade product with carbon flotation
optimisation work continuing contemporaneously. Testing of the
product for use in making rubber by substitution for carbon black
has been successfully completed and a further test programme to
produce tyre industry normative data has been commissioned.
Process design
The process plant design by Tetra Tech is focussed on employing
the results of the SGS laboratory
test work to initially design the comminution, leaching circuit
and full process design criteria for the Stage 1 plant.
Carbon
Test work on the extraction of a carbon concentrate and on its
use as a substitute for carbon black has been included within the
scope of the Stage 1 feasibility study. Flotation tests show that
the necessary >40% concentrate can be made with good overall
carbon recovery. Test work on the resulting rubber performance
shows that partial substitution of this concentrate for carbon
black in the production of rubber for tyres can be made without
loss of performance. A further programme aimed at facilitating
marketing is planned. Test work on an alternative use for the
carbon-rich tailings for use in the smelting of ferro-silicon is
ongoing.
Conclusion
The results of the feasibility study for Stage 1 so far support
or exceed the results indicated in the Company's 2018 Competent
Person's Report which indicated a project (combined Stage 1 and
Stage 2) NPV of some US$2 billion.
The Company expects the publication of the Stage 1 feasibility
study in the fourth quarter this year to significantly raise
awareness of the emergence of this transformational addition to the
global vanadium market.
Discussions with various potential investors and debt funders
have already been initiated but the publication of the study will
be the trigger for the finalisation of these plans.
Consolidated Statement of Profit or Loss and Other Comprehensive
Income for the year ended 31 December 202 2
202 2 2021
Note $000 $000
------------- --------------------------
Revenue from customers (pricing
at shipment) 4 6 ,77 3 4,709
Other revenue (adjustments
to price after delivery and
fair value changes) 4 (502) 22
------------- --------------------------
Total revenue 4 6 , 271 4,731
Cost of sales 5 ( 7 ,516) (4,8 9 3)
------------- --------------------------
Gross loss (1,245) ( 16 2)
Other income 6 77 2 8
Administrative expenses 7 ( 2 ,545) ( 2 ,471)
Distribution expenses (265) ( 94 )
Other expenses 8 (426) (11)
------------- --------------------------
( 4 ,4 0 4
Loss from operating activities ) (2,710)
------------- --------------------------
Net finance income / (costs) 10 118 (117)
------------- --------------------------
( 4 , 2 86
Loss before income tax ) (2,827)
============= ==========================
Income tax 11 - -
( 4 , 2 86
Loss for the period ) (2,827)
Other comprehensive loss
Items that may be reclassified
subsequently to profit or
loss
Exchange differences arising
on translation of foreign
operations (5 41 ) (158)
------------- --------------------------
Total comprehensive loss
for the period (4, 8 27 ) (2,985)
============= ==========================
Loss per share (basic and
diluted) (US$) 20 (0.0 11 ) (0.008)
------------- --------------------------
31 December 31 December
2022 2021
Consolidated Statement
of Financial Position as
at 31 December 2022 Note $000 $000
------------ ------------
ASSETS
Non-current assets
Property, plant and equipment 12 5,4 3 4 4,863
Exploration and evaluation
assets 13 4, 2 0 8 1,434
Intangible assets 14 19 21
Prepayments 18 1 ,2 73 930
Total non-current assets 10,934 7,248
------------ ------------
Current assets
Inventories 16 1,628 2,100
Trade and other receivables 1 7 1,151 116
Prepayments 18 911 670
Cash and cash equivalents 19 4,331 2,810
Total current assets 8,021 5,696
------------ ------------
Total assets 18,955 12,944
============ ============
EQUITY AND LIABILITIES
Equity
Share capital 20 50,827 41,252
Convertible loan notes 20 4,019 4,019
Additional paid-in capital 397 397
Share-based payment reserve 20 5 -
Foreign currency translation
reserve (4,161) (3,620)
Accumulated losses (35,674) (31,388)
------------ ------------
Total equity 15,413 10,660
------------ ------------
Non-current liabilities
Loans and borrowings 21 - 901
Provisions 22 33 42
Total non-current liabilities 33 943
------------ ------------
Current liabilities
Loans and borrowings 21 1,108 489
Trade and other payables 23 2,383 828
Interest payable 18 24
Total current liabilities 3,509 1,341
------------ ------------
Total liabilities 3,542 2,284
------------ ------------
Total equity and liabilities 18,955 12,944
============ ============
These consolidated financial statements were approved by the
Board of Directors on 27 April 2023 and were signed on its behalf
by:
William Callewaert
Director
The notes form part of these consolidated financial
statements.
Consolidated
Statement of
Changes Foreign
in Equity for Additional Share-based currency
the year ended Share Convertible paid in payment translation Accumulated
31 December capital loan notes capital reserve reserve losses Total
2022 $000 $000 $000 $000 $000 $000 $000
-------- ----------- ---------- ----------- ------------ ------------------ -------
Balance at 1
January 2021 35,606 - 397 - (3,462) (28,561) 3,980
Loss for the
year - - - - - (2,827) (2,827)
Other
comprehensive
expenses
Exchange
differences
arising on
translation
of foreign
operations - - - - (158) - (158)
-------- ----------- ---------- ----------- ------------ ------------------ -------
Total
comprehensive
loss for the
year - - - - (158) (2,827) (2,985)
-------- ----------- ---------- ----------- ------------ ------------------ -------
Transactions
with owners,
recorded
directly in
equity
Shares issued,
net of issue
costs 5,646 - - - - - 5,646
Convertible
loan notes - 4,019 - - - - 4,019
-----------
Balance at 31
December 2021 41,252 4,019 397 - (3,620) (31,388) 10,660
======== =========== ========== ----------- ============ ================== =======
Balance at 1
January 2022 41,252 4,019 397 - (3,620) (31,388) 10,660
Loss for the
year - - - - - (4,286) (4,286)
Other
comprehensive
expenses
Exchange
differences
arising on
translation
of foreign
operations - - - - (541) - (541)
-------- ----------- ---------- ----------- ------------ ------------------ -------
Total
comprehensive
loss for the
year - - - - (541) (4,286) (4,827)
-------- ----------- ---------- ----------- ------------ ------------------ -------
Transactions
with owners,
recorded
directly in
equity
Shares issued,
net of issue
costs
(Note 20) 9,575 - - - - - 9,575
Other
transactions
recognised
directly
in equity - - - 5 5
-----------
Balance at 31
December 2022 50,827 4,019 397 5 (4,161) (35,674) 15,413
-------- ----------- ---------- ----------- ------------ ------------------ -------
Consolidated Statement of Cash Flows for the year ended 31
December 2022
2022 2021
$000 $000
-------- -------
Cash flows from operating activities
Loss for the year Note (4,286) (2,827)
Adjustments for:
Depreciation and amortisation 5, 7 505 455
Write-off of property, plant and
equipment 54 (84)
Write-down of inventory to net realisable
value 8 160 -
Write-off of VAT non-refundable 7 - 499
Share-based payment expense 20 5 -
Net finance (gain) / loss 10 (118) 117
Cash used in operating activities
before changes in working capital (3,680) (1,840)
Change in inventories 312 (1,209)
Change in trade and other receivables (1,035) (397)
Change in prepayments (584) (628)
Change in trade and other payables 1,555 (846)
Change in receivables/payables at
FVTPL - (59)
-------- -------
Net cash used in operating activities (3,432) (4,979)
-------- -------
Cash flows from investing activities
Acquisition of property, plant and
equipment 12 (1,466) (2,211)
Acquisition of exploration and evaluation
assets 13 (2,871) (333)
Acquisition of intangible assets 14 (1) (1)
Proceeds on fixed asset disposal 6 36 (1)
Net cash used in investing activities (4, 302) (2,545)
-------- -------
Cash flows from financing activities
Proceeds from issue of share capital 20 10,000 5,900
Transaction costs on share subscriptions (425) (254)
Proceeds from issuance of convertible
loan notes - 4,019
Repayment / proceeds from borrowings 21 (300) 476
Interest paid 21 (82) (80)
Net cash from financing activities 9,193 10,061
-------- -------
Net increase in cash and cash equivalents 1,459 2,537
Cash and cash equivalents at the beginning
of year 19 2,810 707
-------- -------
Effect of movements in exchange rates
on cash and cash equivalents 62 (434)
-------- -------
Cash and cash equivalents at the
end of the year 4,331 2,810
======== =======
Notes to the consolidated financial statements for the year
ended 31 December 2022
1 Basis of preparation
The consolidated financial statements for the year ended 31
December 2022 comprise the Company and the following
subsidiaries:
Company's
share in share
Company Location capital Primary activities
------------------- ----------- ---------------- ----------------------------
Energy Metals UK 100% Dormant
Limited
Vanadium Products Kazakhstan 100% Performs services
LLC for the Group
Firma Balausa Kazakhstan 100% Production and sale
LLC of vanadium and associated
by-products
Balausa Processing Kazakhstan 100% Development of processing
Company LLC facilities
(a) Statement of compliance
These financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union ("IFRS").
(b) Basis of measurement
The consolidated financial statements are prepared on the
historical cost basis except as otherwise noted below.
(c) Functional and presentation currency
The national currency of Kazakhstan is the Kazakhstan Tenge
("KZT) which is also the functional currency of the Group's
operating subsidiaries. The functional currency of the Company is
US Dollars ("US$"). The presentation currency of the consolidated
financial statements is US Dollars.
(d) Going concern
The consolidated financial statements are prepared in accordance
with IFRS on a going concern basis.
The Directors have reviewed the Group's cash flow forecasts for
a period of at least 12 months from the date of approval of the
financial statements, together with sensitivities and mitigating
actions. In addition, the Directors have given specific
consideration to the continued risks and uncertainties associated
with the geopolitical situation with respect to Russia and
Ukraine.
The Group now has the facilities and capacity in place to
operate profitably and although the amount of those profits
available to fund the Stage 1 feasibility study and investment
programme may vary with metal prices and other factors, the
Directors are confident that the Company has sufficient resources
to continue as a going concern for at least the next 12 months.
2 Use of estimates and judgements
Preparing the financial statements requires management to make
judgements, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets and
liabilities, income and expenses. Actual results may differ from
these estimates.
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised and in any future periods
affected.
Carrying value of processing operations
The Directors have tested the processing operations' property,
plant and equipment ("PP&E") for impairment (Note 12) at 31
December 2022. In doing so, net present value cash flow forecasts
were prepared using the value in use method which required key
estimates including vanadium pentoxide, ferro-molybdenum and
ferro-nickel prices, production including the impact of ongoing
PP&E maintenance costs and an appropriate discount rate. Key
estimates included:
-- Production volumes of 67 tonnes per month of vanadium
pentoxide (as ammonium metavanadate ("AMV")), 8 tonnes of
molybdenum (as ferro-molybdenum) and 18 tonnes of nickel (as nickel
concentrate / ferro-nickel).
-- Average prices of vanadium pentoxide of US$9.19/lb,
ferro-molybdenum of US$43.95/kg and nickel of US$25.60/kg in 2022
and thereafter, reflecting management estimates having
consideration of market commentary less a discount, and used by the
Company as a long-term assumption for other planning purposes.
-- Discount rate of 10% post tax in real terms.
Based on the key assumptions set out above, the recoverable
amount of PP&E (US$ 15.9m) exceeds its carrying amount (US$
5.4m) by US$ 10.5m and therefore PP&E were not impaired.
Sensitivity analysis
Any impairment is dependent on judgement used in determining the
most appropriate basis for the assumptions and estimates made by
management, particularly in relation to the key assumptions
described above. Sensitivity analysis to potential changes in key
assumptions has, therefore, been provided below.
The impact on the impairment calculation of applying different
assumptions to product sales prices, production volumes and
post-tax discount rates, all other inputs remaining equal, would be
as follows:
Decrease in headroom
US$'000
--------------------------------- ---------------------
Impact if product sales prices
reduced by 10%: (7,529)
---------------------------------- ---------------------
Impact if production volumes
decreased by 10%: (6,992)
----------------------------------
Impact if post-tax discount
rate increased by 2 percentage
points: (2,077)
---------------------------------- ---------------------
Inventories (Note 16)
The Group holds material inventories which are assessed for
impairment at each reporting date. The assessment of net realisable
value requires consideration of future cost to process and sell and
spot market prices at year end less applicable discounts. The
estimates are based on market data and historical trends.
Exploration and evaluation assets (Note 13)
The Group holds material exploration and evaluation assets and
judgement is applied in determining whether impairment indicators
exist under the Group's accounting policy. In determining that no
impairment indicator exists management have considered the
Competent Person's Report on the asset, the strategic plans for
exploration and future development and the status of the Subsoil
Use Agreement. Judgement was required in determining that the
application for deferral of obligations under the licence (Note 25)
will be granted and management anticipate such approvals being
provided given their understanding of the Kazakh market and plans
for the asset.
3 Significant accounting policies
The accounting policies set out below have been applied
consistently to all periods presented in these consolidated
financial statements and have been applied consistently by Group
entities, except for the implementation of new standards and
interpretations.
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group
controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity.
The financial statements of subsidiaries are included in the
consolidated financial statements from the date that control
commences until the date that control ceases. The accounting
policies of subsidiaries have been changed when necessary to align
them with the policies adopted by the Group.
(ii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income
and expenses arising from intra-group transactions, are eliminated
in preparing the consolidated financial statements. Unrealised
losses are eliminated in the same way as unrealised gains, but only
to the extent that there is no evidence of impairment.
(b) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated to the
respective functional currencies of Group entities at exchange
rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign
currencies at the reporting date are translated to the functional
currency at the exchange rate at that date.
Non-monetary items in a foreign currency that are measured based
on historical cost are translated using the exchange rate at the
date of the transaction.
Foreign currency differences arising in translation are
recognised in profit or loss.
(ii) Presentation currency
The assets and liabilities of foreign operations are translated
to US$ at the exchange rates prevailing at the reporting date. The
income and expenses of foreign operations are translated to US$ at
the average exchange rate for the period, which approximates the
exchange rates at the dates of the transactions. Where specific
material transactions occur, such as impairments or reversals of
impairments, the daily exchange rate is applied when the impact is
material.
Foreign currency differences are recognised in other
comprehensive income and are presented within the foreign currency
translation reserve in equity.
Foreign currency differences arising on intercompany loans,
where the loans are not planned to be repaid within the foreseeable
future and form part of a net investment, are recorded within other
comprehensive income and are presented within the foreign currency
translation reserve in equity.
(c) Financial instruments
Financial assets and financial liabilities are recognised in the
Group's consolidated statement of financial position when the Group
becomes a party to the contractual provisions of the
instrument.
(i) Financial assets
Financial assets are classified as either financial assets at
amortised cost, at fair value through other comprehensive income
("FVTOCI") or at FVTPL depending upon the business model for
managing the financial assets and the nature of the contractual
cash flow characteristics of the financial asset.
A loss allowance for expected credit losses is determined for
all financial assets, other than those at FVTPL, at the end of each
reporting period. The Group applies a simplified approach to
measure the credit loss allowance for trade receivables using the
lifetime expected credit loss provision. The lifetime expected
credit loss is evaluated for each trade receivable taking into
account payment history, payments made subsequent to year end and
prior to reporting, past default experience and the impact of any
other relevant and current observable data. The Group applies a
general approach on all other receivables classified as financial
assets. The general approach recognises lifetime expected credit
losses when there has been a significant increase in credit risk
since initial recognition.
The Group derecognises a financial asset when the contractual
rights to the cash flows from the asset expire, or when it
transfers the financial asset and substantially all the risks and
rewards of ownership of the asset to another party. The Group
derecognises financial liabilities when the Group's obligations are
discharged, cancelled or have expired.
(ii) Customer contracts
Under some of its customer sale arrangements, the Group receives
a provisional payment upon satisfaction of its performance
obligations based on the spot price at that date, which occurs
prior to the final price determination, with the Group then
subsequently receiving or paying the difference between the final
price and quantity and the provisional payment. As a result of the
pricing structure, the instrument is classified at FVTPL and
measured at fair value with changes in fair value recorded as other
revenue.
(iii) Other receivables
Other receivables are accounted for at amortised cost. Other
receivables do not carry any interest and are stated at their
nominal value as reduced by appropriate expected credit loss
allowances for estimated recoverable amounts as the interest that
would be recognised from discounting future cash payments over the
short payment period is not considered to be material.
(iv) Cash and cash equivalents
Cash and cash equivalents comprise cash balances in banks, call
deposits and highly liquid investments with maturities of three
months or less from the acquisition date that are subject to
insignificant risk of changes in their fair value, and petty
cash.
(v) Financial liabilities
The Group has the following non-derivative financial
liabilities: borrowings and trade and other payables. Such
financial liabilities are recognised initially at fair value plus
any directly attributable transaction costs. Subsequent to initial
recognition these financial liabilities are measured at amortised
cost using the effective interest method.
(vi) Long-term borrowings
After initial recognition, interest-bearing borrowings are
subsequently measured at amortised cost using the effective
interest rate method. Gains and losses are recognised in profit or
loss. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective
interest rate amortisation is included as finance costs in the
statement of profit or loss.
(vii) Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of ordinary shares are
recognised as a deduction from equity, net of any tax effects.
(d) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less
accumulated depreciation and impairment losses. Land is measured at
cost.
Cost includes expenditure that is directly attributable to the
acquisition of the asset. The cost of self-constructed assets
includes the cost of materials and direct labour, any other costs
directly attributable to bringing the asset into a working
condition for its intended use, the costs of dismantling and
removing the items and restoring the site on which they are
located.
When parts of an item of property, plant and equipment have
different useful lives, they are accounted for as separate items
(major components) of property, plant and equipment.
The gain or loss on disposal of an item of property, plant and
equipment is determined by comparing the proceeds from disposal
with the carrying amount of property, plant and equipment, and is
recognised net within other income/other expenses in profit or
loss.
(ii) Subsequent costs
The cost of replacing part of an item of property, plant and
equipment is recognised in the carrying amount of the item if it is
probable that the future economic benefits embodied within the part
will flow to the Group and its cost can be measured reliably. The
carrying amount of the replaced part is derecognised. The costs of
the day-to-day servicing of property, plant and equipment are
recognised in profit or loss as incurred.
(iii) Depreciation
Depreciation is based on the cost of an asset less its residual
value. Significant components of individual assets are assessed and
if a component has a useful life that is different from the
remainder of that asset, that component is depreciated
separately.
Depreciation is recognised in profit or loss on a straight-line
basis over the estimated useful lives of each part of an item of
property, plant and equipment, since this most closely reflects the
expected pattern of consumption of the future economic benefits
embodied in the asset. Leased assets are depreciated over the
shorter of the lease term and their useful lives unless it is
reasonably certain that the Group will obtain ownership by the end
of the lease term. Land is not depreciated.
The estimated useful lives for the current and prior periods are
as follows:
-- Buildings 10-50 years;
-- Plant and equipment 4-20 years;
-- Vehicles 4-7 years;
-- Computers 3-6 years; and
-- Other 3-10 years.
Depreciation methods, useful lives and residual values are
reviewed at each financial year end and adjusted prospectively if
appropriate.
Assets under construction are not depreciated and begin being
depreciated once they are ready and available for use in the manner
intended by management.
(e) Exploration and evaluation assets
Exploration and evaluation expenditure for each area of interest
once the legal right to explore has been acquired, other than that
acquired through a purchase transaction, is carried forward as an
asset provided that one of the following conditions is met.
-- Such costs are expected to be recouped through successful
exploration and development of the area of interest or,
alternatively, by its sale; or
-- Exploration and evaluation activities in the area of interest
have not yet reached a stage which permits a reasonable assessment
of the existence or otherwise of economically recoverable reserves,
and active and significant operations in relation to the area are
continuing.
Exploration and evaluation costs are capitalised as incurred.
Exploration and evaluation assets are classified as tangible or
intangible based on their nature. Exploration expenditure which
fails to meet at least one of the conditions outlined above is
written off. Administrative and general expenses relating to
exploration and evaluation activities are expensed as incurred.
The exploration and evaluation assets shall no longer be
classified as such when the technical feasibility and commercial
viability of extracting a mineral resource are demonstrable. This
includes consideration of a variety of factors such as whether the
requisite permits have been awarded, whether funding required for
development is sufficiently certain of being secured, whether an
appropriate mining method and mine development plan is established
and the results of exploration data including internal and external
assessments.
Exploration and evaluation assets will be reclassified either as
tangible or intangible development assets and amortised on a
unit-of-production method based on proved reserves.
Exploration and evaluation assets are assessed for impairment
when facts and circumstances suggest that the carrying amount of
exploration and evaluation assets may exceed their recoverable
amount, which is the case when: the period of exploration license
has expired and it is not expected to be renewed; substantial
expenditure on further exploration is not planned; exploration has
not led to the discovery of commercially viable reserves; or
indications exist that exploration and evaluation assets will not
be recovered in full from successful development or by sale.
Impairment losses recognised in prior periods are assessed at
each reporting date for any indications that the loss has decreased
or no longer exists. An impairment loss is reversed if there has
been a change in the estimates used to determine the recoverable
amount.
(f) Intangible assets
(i) Intangible assets with finite useful lives
Intangible assets that are acquired by the Group, which have
finite useful lives, are measured at cost less accumulated
amortisation and accumulated impairment losses.
(ii) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the
future economic benefits embodied in the specific asset to which it
relates. All other expenditure, including expenditure on internally
generated goodwill and brands, is recognised in profit or loss as
incurred.
(iii) Amortisation
Amortisation is calculated over the cost of the asset, or other
amount substituted for cost, less its residual value.
Amortisation is recognised in profit or loss on a straight-line
basis over the estimated useful lives of intangible assets from the
date that they are available for use since this most closely
reflects the expected pattern of consumption of future economic
benefits embodied in the asset.
The estimated useful lives for the current and comparative
periods are as follows:
-- Patents 10-20 years; and
-- Mineral rights 20 years.
Amortisation methods, useful lives and residual values are
reviewed at each financial year end and adjusted if
appropriate.
(g) Leased assets
Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease liabilities include the
net present value of the following lease payments: fixed payments
(including in-substance fixed payments), less any lease incentives
receivable and variable payments based on index or rate amounts
expected to be payable by the Group under residual value
guarantees, payments of penalties for terminating the lease, if the
lease term reflects the Group exercising that option. Lease
payments to be made under reasonably certain extension options are
also included in the measurement of the liability. The lease
payments are discounted using the interest rate implicit in the
lease. If that rate cannot be readily determined, which is
generally the case for leases in the Group, the lessee's
incremental borrowing rate is used, being the rate that the
individual lessee would have To pay to borrow the funds necessary
to obtain an asset of similar value to the right-of-use asset in a
similar economic environment with similar terms, security and
conditions.
(h) Inventories
Inventories are measured at the lower of cost and net realisable
value. The cost of inventories is based on first-in first-out
method, and includes expenditure incurred in acquiring the
inventories, production or conversion costs and other costs
incurred in bringing them to their existing location and condition.
In the case of manufactured inventories and work in progress, cost
includes an appropriate share of production overheads based on
normal operating capacity.
Net realisable value is the estimated selling price in the
ordinary course of business, less the estimated costs of completion
and selling expenses.
(i) Impairment
(i) Non-financial assets
The carrying amounts of the Group's non-financial assets, other
than inventories and deferred tax assets are reviewed at each
reporting date to determine whether there is any indication of
impairment. If any such indication exists, then the asset's
recoverable amount is estimated. An impairment loss is recognised
if the carrying amount of an asset or its related cash-generating
unit ("CGU") exceeds its estimated recoverable amount.
The recoverable amount of an asset or CGU is the greater of its
value in use and its fair value less costs to sell (otherwise
referred to as fair value less cost to develop in the industry).
Fair value less costs to sell is determined by discounting the
post-tax cash flows expected to be generated by the cash-generating
unit, net of associated selling costs, and takes into account
assumptions market participants would use in estimating fair value.
In assessing the value in use, the estimated future cash flows are
adjusted for the risks specific to the asset/cash-generating unit
and are discounted to their present value that reflects the current
market indicators. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset or CGU. For the
purpose of impairment testing, assets that cannot be tested
individually are grouped together into the smallest group of assets
that generates cash inflows from continuing use that are largely
independent of the cash inflows of other assets or CGUs.
The Group's corporate assets do not generate separate cash
inflows. If there is an indication that a corporate asset may be
impaired, then the recoverable amount is determined for the cash
generating unit to which the corporate asset belongs.
An impairment loss is recognised if the carrying amount of an
asset or its cash-generating unit exceeds its recoverable amount.
Impairment losses are recognised in profit or loss.
Impairment losses recognised in prior periods are assessed at
each reporting date for any indications that the loss has decreased
or no longer exists. An impairment loss is reversed if there has
been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the
asset's carrying amount does not exceed the carrying amount that
would have been determined, net of depreciation or amortisation, if
no impairment loss had been recognised.
(j) Employee benefits
(i) Defined contribution plans
The Group does not incur any expenses in relation to the
provision of pensions or other post-employment benefits to its
employees. In accordance with Kazakhstan state pension social
insurance regulations, the Group withholds pension contributions
from Kazakhstan based employee salaries and transfers them into
State operated pension funds. Once the contributions have been
paid, the Group has no further pension obligations. Upon retirement
of employees, all pension payments are administered by the pension
funds directly.
(ii) Short-term benefits
Short-term employee benefit obligations are measured on an
undiscounted basis and are expensed as the related service is
provided. A liability is recognised for the amount expected to be
paid under short-term cash bonus or profit-sharing plans if the
Group has a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee, and
the obligation can be estimated reliably.
(k) Provisions
(i) Recognition and measurement
A provision is recognised if, as a result of a past event, the
Group has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic
benefits will be required to settle the obligation. Provisions are
determined by discounting the expected future cash flows at a
pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability. The
unwinding of the discount is recognised as a finance cost.
(ii) Site restoration
In accordance with the Group's environmental policy and
applicable legal requirements, a provision for site restoration is
recognised when the land is disturbed as a result of pit
development and plant decommissioning with a corresponding increase
in exploration and evaluation costs or property, plant and
equipment. Subsequent changes in the provision due to estimates are
recorded as a change in the relevant asset. The provision is
discounted at a risk-free rate with the costs incorporating risks
relevant to the site restoration and an unwinding charge is
recognised within finance costs for the unwinding of the
discount.
(l) Revenue
(i) Goods sold
Revenue from customers comprises the sale of vanadium and
molybdenum products with other revenues from gravel and waste rock
being non-significant. Revenue from vanadium products is recognised
at a point in time when the customer has a legally binding
obligation to settle under the terms of the contract and when the
performance obligations have been satisfied, which is once control
of the goods has transferred to the buyer at a designated delivery
point at which point possession, title and risk transfers.
The Group commonly receives a provisional payment at the date
control passes with reference to spot prices at that date. The
final consideration is subject to quantity / quality adjustments
and final pricing based on market prices determined after the
product reaches its port of destination. The quantity / quality
adjustments represent a form of variable consideration and revenue
is constrained to record amounts for which it is highly probable no
reversal will be required. However, given the short period to
delivery post year end the final quantity / quality adjustments are
known and revenue for the period is adjusted to reflect the final
quantity / quality occurring subsequent to year end if
material.
Changes in final consideration due to market prices is not
determined to qualify as variable consideration within the scope of
the IFRS 15 "Revenue from Customers". Changes in fair value as a
result of market prices are recorded within revenue as other
revenue.
(m) Finance costs
Finance costs comprise interest expense on borrowings, unwinding
of the discount on provisions for historical costs and site
restoration and foreign currency losses. Borrowing costs that are
not directly attributable to the acquisition, construction or
production of a qualifying asset are recognised in profit or loss
using the effective interest method.
Foreign currency gains and losses are reported on a net basis as
either finance income or finance cost depending on whether foreign
currency movements result in a net gain or loss, this includes
exchange gains and losses that arise on trade and other receivables
and trade and other payables in foreign currency.
(n) Income tax
Income tax expense comprises current and deferred tax. Current
tax and deferred tax are recognised in profit or loss except to the
extent that they relate to items recognised directly in equity or
in other comprehensive income.
Current tax is the expected tax payable or receivable on the
taxable income or loss for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to
tax payable in respect of previous years. Deferred tax is
recognised in respect of temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes. Deferred tax is not
recognised for temporary differences on the initial recognition of
assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit
or loss. Deferred tax is measured at the tax rates that are
expected to be applied to the temporary differences when they
reverse, based on the laws that have been enacted or substantively
enacted by the reporting date.
Deferred tax assets and liabilities are offset if there is a
legally enforceable right to offset current tax assets and
liabilities, and they relate to income taxes levied by the same tax
authority on the same taxable entity, or on different tax entities,
but they intend to settle current tax liabilities and assets on a
net basis or their tax assets and liabilities will be realised
simultaneously.
A deferred tax asset is recognised for unused tax losses, tax
credits and deductible temporary differences, to the extent that it
is probable that future taxable profits will be available against
which they can be utilised. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
(o) Earnings per share
The Company presents basic and diluted earnings per share
("EPS") data for its ordinary shares. Basic EPS is calculated by
dividing the profit or loss attributable to ordinary shareholders
of the Company by the weighted average number of ordinary shares
outstanding during the period, adjusted for own shares held.
Diluted EPS is determined by adjusting the profit or loss
attributable to ordinary shareholders and the weighted average
number of ordinary shares outstanding, adjusted for own shares
held, for the effects of all dilutive potential ordinary
shares.
(p) Segment reporting
An operating segment is a component of the Group that engages in
business activities from which it may earn revenues and incur
expenses (including revenues and expenses related to transactions
with other components of the same Group); whose operating results
are regularly reviewed by the chief operating decision maker to
make decisions about resources to be allocated to the segment and
assess its performance, and for which discrete financial
information is available.
(q) Share-based payments
(i) Share-based payment transactions
The Company grants share options to certain Directors and Group
employees ("Equity-Settled Transactions") under the Company's share
option plan. The Directors determine the specific grant terms
within the limits set by the Company's share option plan.
(ii) Equity-settled transactions
The costs of Equity-Settled Transactions are measured by
reference to the fair value at the grant date and are recognised,
together with a corresponding increase in equity, over the period
in which the performance and/or service conditions are fulfilled,
ending on the date on which the relevant persons become fully
entitled to the award (the "Vesting Date"). The cumulative expense
recognised for Equity-Settled Transactions at each reporting date
until the Vesting Date reflects the Company's best estimate of the
number of equity instruments that will ultimately vest. The profit
or loss charge or credit for a period represents the movement in
cumulative expense recognised as at the beginning and end of that
period and the corresponding amount is represented in share-based
payments reserve. No expense is recognised for awards that do not
ultimately vest.
Where the terms of an equity-settled award are modified, the
minimum expense recognised is the expense as if the terms had not
been modified. An additional expense is recognised for any
modification which increases the total fair value of the
share-based payment arrangement or is otherwise beneficial to the
Director or Group employee as measured at the date of
modification.
Where Equity-Settled Transactions are awarded to Directors or
Group employees, the fair value of the share options at the date of
grant is charged to the profit and loss statement over the vesting
period. Non-market performance vesting conditions are taken into
account by adjusting the number of equity instruments expected to
vest at each reporting date so that, ultimately, the cumulative
amount
recognised over the vesting period is based on the number of the
options that will eventually vest. Market performance vesting
conditions are incorporated into the fair value of the equity
instrument at the grant date.
Upon exercise of share options, the proceeds received are
allocated to share capital together with any associated balance in
the share-based payments reserve are transferred to retained
earnings. The dilutive effect of outstanding options is reflected
as additional dilution in the computation of diluted earnings per
share.
The Company utilises the Black-Scholes option pricing model to
estimate the fair value of share options granted to Directors and
Group employees. The use of this model requires management to make
various estimates and assumptions that impact the value assigned to
the share options including the forecast future volatility of the
share price, the risk-free interest rate, dividend yield, the
expected life of the share options and the expected number of
shares which will vest. See Note 20 for further details.
(r) New and amended standards adopted
No new standards and interpretations issued by the IASB have had
a significant impact on the consolidated financial statements.
4 Revenue
2022 202 1
$000 $000
------ ------
Sales of vanadium products 5,163 4,078
Sales of calcium molybdate - 392
Sales of ferro-molybdenum 1,509 161
Sales of gravel and waste rock 86 61
Service revenue 15 17
Total revenue from customers under
IFRS 15 6,773 4,709
------ ------
Other revenue - change in fair
value of customer contracts (502) 22
====== ======
Total revenue 6,271 4,731
====== ======
Vanadium and molybdenum products
Under certain sales contracts the single performance obligation
is the delivery of AMV to the designated delivery point at which
point possession, title and risk on the product transfers to the
buyer. The buyer makes an initial provisional payment based on
volumes and quantities assessed by the Company and market spot
prices of vanadium pentoxide for AMV at the date of shipment. The
final payment is received once the product has reached its final
destination with adjustments for quality / quantity and pricing.
The final pricing is based on the historical average market prices
during a quotation period based on the date the product reaches the
port of destination and an adjusting payment or receipt will be
made to the revenue initially received. Where the final payment for
a shipment made prior to the end of an accounting period has not
been determined before the end of that period, the revenue is
recognised based on the spot price that prevails at the end of the
accounting period.
Other revenue related to the change in the fair value of amounts
receivable and payable under the sales contracts between the date
of initial recognition and the period end resulting from market
prices are recorded as other revenue.
5 Cost of sales
2022 202 1
$000 $000
------ ------
Materials 5,863 3,709
Wages, salaries and related taxes 937 656
Depreciation 406 425
Electricity 111 99
Other 199 4
------ ------
7,516 4,893
====== ======
6 Other income
2022 202 1
$000 $000
------ ------
Currency conversion gain 41 -
Other (Sales of equipment) 36 2 8
------ ------
77 2 8
====== ======
7 Administrative expenses
2022 202 1
$000 $000
------ ------
Wages, salaries and related taxes 1,619 1,035
Professional services 263 305
Write-off of non-refundable VAT - 499
Taxes other than income tax 15 17
Listing and reorganisation expenses 162 119
Audit 111 151
Materials 37 75
Rent 53 37
Depreciation and amortisation 99 30
Insurance 44 22
Bank fees 23 20
Travel expenses 16 18
Security - 14
Research - 11
Communication and information services 12 7
Other 91 111
------ ------
2,545 2,471
====== ======
8 Other expenses
2022 202 1
$000 $000
------ ------
Currency conversion loss 204 -
Write-down of inventory to net
realisable value 160 -
Write-down of obsolete assets 54 11
Share-based payment expense 5 -
Other 3
------ ------
426 11
====== ======
9 Personnel costs
2022 202 1
$000 $000
------ -------
Wages, salaries and related taxes 2,569 1, 71 1
------
2,569 1, 71 1
====== =======
During 2022 personnel costs of US$937,000 (202 1 : US$ 6 3 0
,000) have been charged to cost of sales, US$1,619,000 (202 1 : US$
1, 035,000) to administrative expenses and US$43,000 (2021:
US$46,000) were charged to cost of inventories which were not yet
sold as at the year end.
10 Finance costs
2022 2021
$000 $000
------ ------
Net foreign exchange (gain) / costs (195) 35
Interest expense on financial liabilities
(bonds) 77 82
Net finance (income) / costs (118) 117
====== ======
11 Income tax
The Group's applicable tax rates in 2022 are an income tax rate
of 20% for Kazakhstan registered subsidiaries (2021: 20%) and 0%
(2021: 0%) for Guernsey registered companies. The Kazakh tax rate
has been applied below as this is most reflective of the Group's
trading operations and tax profile.
During the years ended 31 December 2022 and 2021 the Group
incurred tax losses and, therefore, did not recognise any current
income tax expense.
Unrecognised deferred tax assets are described in Note 15.
Reconciliation of effective tax rate:
2022 2021
----------------- ----------------
$000 % $000 %
----------- --- ---------- ---
Loss before tax (Group) (4,286) 100 (2,827) 100
=========== ==== ========== ====
Income tax at the applicable
tax rate (857) 20 (565) 20
Effect of unrecognised
deferred tax assets / (utilisation
of previously unrecognised
losses) 923 (22) 581 (13)
Net non-deductible expenses/non-taxable
income or loss (66) 2 (16) (7)
----------- --- ---------- ----
- - - -
=========== ==== ========== ====
1 2 Property, plant and equipment
Land and Plant and Construction
buildings equipment Vehicles Computers Other in progress Total
$000 $000 $000 $000 $000 $000 $000
---------- ---------- -------- --------- ----- ------------ --------
Cost
Balance at 1 January 2021 1,529 1,853 541 36 99 1,560 5,618
Additions 8 154 14 4 14 2,523 2,717
Transfers 569 740 7 - - (1,316) -
Disposals - (51) (39) - (8) (80) (178)
Foreign currency translation
difference (46) (57) (14) (1) (3) (55) (176)
---------- ---------- -------- --------- ----- ------------ --------
Balance at 31 December
2021 2,060 2,639 509 3 9 102 2,632 7,981
========== ========== ======== ========= ===== ============ ========
Balance at 1 January 2022 2,060 2,639 509 39 102 2,632 7,981
Additions 37 188 - 10 89 1,142 1,466
Transfers 23 83 - - - (106) -
Disposals (23) (9) (17) (4) (10) (41) (104)
Foreign currency translation
difference (138) (178) (34) (2) (7) (179) (538)
---------- ---------- -------- --------- ----- ------------ --------
Balance at 31 December
2022 1,959 2,723 458 4 3 174 3,448 8,805
========== ========== ======== ========= ===== ============ ========
Depreciation
Balance at 1 January 2021 629 1 , 779 340 22 48 - 2 , 818
Depreciation for the period 76 343 35 7 11 - 4 72
Disposals - (45) (39) - (10) - (94)
Foreign currency translation
difference (17) (49) (9) (1) (2) - (78)
---------- ---------- -------- --------- ----- ------------ --------
Balance at 31 December
2021 688 2 , 028 327 28 47 - 3 , 118
========== ========== ======== ========= ===== ============ ========
Balance at 1 January 2022 688 2 , 028 327 28 47 - 3 , 1 18
Depreciation for the period 66 374 34 5 25 - 50 4
Disposals - (9) (17) (3) (11) - (40)
Foreign currency translation
difference (46) (137) (22) (2) (4) - (211)
---------- ---------- -------- --------- ----- ------------ --------
Balance at 31 December
2022 708 2 , 256 322 28 57 - 3 , 371
========== ========== ======== ========= ===== ============ ========
Carrying amounts
At 1 January 2021 900 74 201 14 51 1,560 2,800
========== ========== ======== ========= ===== ============ ========
At 31 December 2021 1,372 611 182 11 55 2,632 4,863
========== ========== ======== ========= ===== ============ ========
At 31 December 2022 1,251 467 136 15 117 3,448 5,434
========== ========== ======== ========= ===== ============ ========
During 2022 a depreciation expense of US$406,000 (2021:
US$424,000) has been charged to cost of sales, excluding cost of
finished goods that were not sold at year end, US$98,000 (2021:
US$30,000) to administrative expenses, and US$4,000 has been
charged to cost of finished goods that were not sold at the year
end (2021: US$1,000). Construction in progress relates to upgrades
to the processing plant associated with the expansion of the
facility.
13 Exploration and evaluation assets
The Group's exploration and evaluation assets ("E&EA")
relate to the Balasausqandiq deposit. During the year, the Group
capitalised the cost of geological and geotechnical drilling work,
technical design, sample assaying and project management costs, all
relating to the Company's Stage 1 feasibility study. As at 31
December 2022 the carrying value of exploration and evaluation
assets was US$4.2m (2021: US$1.43m).
2022 2021
$000 $000
------ ------
Balance at 1 January 1,434 813
Additions (Stage 1 feasibility study) 2,871 626
Change in estimate (asset restoration
obligation) - (14)
Foreign currency translation difference (97) 9
Balance at 31 December 4,208 1,434
====== ======
14 Intangible assets
Mineral Computer
rights Patents software Total
$000 $000 $000 $000
-------- -------- ---------- ------
Cost
Balance at 1 January
2021 91 32 3 126
Additions - 1 - 1
Foreign currency translation
difference (3) - - (3)
-------- -------- ---------- ------
Balance at 31 December
2021 88 33 3 124
======== ======== ========== ======
Balance at 1 January
2022 88 33 3 124
Additions - 1 - 1
Foreign currency translation
difference (5) (2) - (7)
-------- -------- ---------- ------
Balance at 31 December
2022 83 32 3 118
======== ======== ========== ======
Amortisation
Balance at 1 January
2021 91 11 3 105
Amortisation for the
year - 1 - 1
Foreign currency translation
difference (3) - - (3)
-------- -------- ---------- ------
Balance at 31 December
2021 88 12 3 1 03
======== ======== ========== ======
Balance at 1 January
2022 88 12 3 103
Amortisation for the
year - 1 - 1
Foreign currency translation
difference (5) - - (5)
-------- -------- ---------- ------
Balance at 31 December
2022 83 13 3 99
======== ======== ========== ======
Carrying amounts
At 1 January 2021 - 21 - 2 1
======== ======== ========== ======
At 31 December 2021 - 2 1 - 21
======== ======== ========== ======
At 31 December 2022 - 19 - 19
======== ======== ========== ======
During 2022 and 2021 the amortisation of intangible assets was
charged to administrative expenses.
15 Deferred tax assets and liabilities
Unrecognised deferred tax assets
2022 2021
$000 $000
-------- --------
Temporary deductible differences 292 119
Tax losses carried forward 14,470 11,590
Unrecognised tax deferred tax assets (14,762) (11,709)
- -
======== ========
Deferred tax assets have not been recognised in respect of these
items given the taxable loss in the year and because the Kazakhstan
processing operations benefit from a tax incentive agreement which
reduces the tax payable to nil and it is, therefore, uncertain that
future taxable profit will be available against which the Group can
utilise the benefits therefrom. The tax incentive agreement is
effective for ten years starting from 2018.
The increase in carried forward tax losses comprises the tax
loss for the period and the effect of resubmissions of previous tax
filings which contributed to an increase in tax losses.
Temporary deductible differences mostly relate to property,
plant and equipment. Unutilised tax losses expire after 10 years
from the year of origination.
Expiry dates of unrecognised deferred tax assets in respect of
tax losses carried forward at 31 December 2022 are presented
below:
Expiry year $000
----------- ------
202 3 928
202 4 474
202 5 228
202 6 801
202 7 480
202 8 514
2029 2,148
2030 3,385
2031 1,564
2032 3,948
14,470
======
Unrecognised deferred tax assets above are calculated based on
the Kazakh tax rate of 20%.
16 Inventories
2022 2021
$000 $000
----------- -----------
Raw materials and consumables 1,379 1,805
Finished goods 216 287
Work in progress 33 7
Goods in transit - 1
1,628 2,100
=========== ===========
During 2022 inventories expensed to profit and loss amounted to
US$5.9m (2021: US$3.7m).
17 Trade and other receivables
Current 2022 2021
$000 $000
----- ----
Trade receivables from third
parties 65 62
Due from employees 50 22
VAT receivable 1,062 58
Other receivables 10 9
----- ----
1,187 151
Expected credit loss provision
for receivables (36) (35)
-----
1,151 116
===== ====
The expected credit loss provision for receivables relates to
credit impaired receivables which are in default and the Group
considers the probability of collection to be remote given the age
of the receivable and default status.
18 Prepayments
2022 2021
$000 $000
------ ------
Non-current
------ ------
Prepayment for E&EA 697 531
Other prepayments 576 399
------ ------
1,273 930
====== ======
Current
Prepayments for goods and services 911 670
------ ------
911 670
====== ======
The prepayments for E&EA are related mainly to the Stage 1
feasibility study.
19 Cash and cash equivalents
2022 2021
$000 $000
------ ------
Cash at current bank accounts 1,010 2,795
Cash at bank deposits 3,321 14
Petty cash - 1
Cash and cash equivalents 4,331 2,810
====== ======
20 Equity
(a) Share capital
Number of shares unless otherwise stated Ordinary shares
31 December 31 December
2022 2021
----------- -------------------------
Par value - -
Outstanding at beginning of
year 377,676,799 330,589,052
Shares issued 72,025,351 47,087,747
-----------
Outstanding at end of year 449,702,150 377,676,799
=========== =========================
Ordinary shares
All shares rank equally. The holders of ordinary shares are
entitled to receive dividends as declared from time to time and are
entitled to one vote per share at meetings of the Company.
During 2022, the Company undertook an equity fundraise and
issued 72,025,351 ordinary shares of no-par value by way of a
placing and direct subscriptions for cash at a price of 12 pence
per share, raising a total of GBP8,643,042 (US$10,000,000).
Convertible loan notes
Convertible loan notes are considered as equity as the
conditions that are set out in the Convertible Loan Note agreement
provide for conversion into equity in all circumstances except in
certain conditions that the Directors do not consider probable. In
particular, the conditions required to be fulfilled before
conversion takes place include an obligation on the Company to
receive certain consents from the regulatory authorities and
avoidance of the possibility of triggering a requirement for the
issue of a prospectus.
During the year, the Convertible Loan Note agreement between the
Company and Vision Blue was amended as part of the equity fundraise
note above. The amendments have not had an impact on the Company's
current or future financial position and were administrative in
nature.
Reserves
Share capital: Value of shares issued less costs of
issuance.
Convertible loan notes: Further investment rights at issue
price.
Additional paid in capital: Amounts due to shareholders which
were waived.
Share-based payment: Share options issued during the year.
Foreign currency translation reserve: Foreign currency
differences on retranslation of results from functional to
presentational currency and foreign exchange movements on
intercompany balances considered to represent net investments which
are considered as permanent equity.
Accumulated losses: Cumulative net losses.
(b) Share Options
Summary
All share options are issued under the Company's share option
plan that was implemented during the year. The share option plan is
a scheme that entitles key management personnel to purchase shares
in the Company at the market price of the shares at the date of
grant.
The following table summarise the activities and status of the
Company's share option plan during the year and at the year
end.
2022 share options 2022 Weighted
average exercise
price (US$)
Outstanding at the beginning - -
of the year
------------------- ------------------
Granted during the year 500,000 0.0157
------------------- ------------------
Exercised during the year - -
------------------- ------------------
Expired / cancelled during - -
the year
------------------- ------------------
Outstanding at the year
end 500,000 0.0157
------------------- ------------------
Share options granted during the year and in force at the year
end were as follows:
Grant date Number Exercise Exercise Expiry Remaining
of options date price per date contractual
share (US$) life (years)
29 June 29 June 29 June
2022 250,000 2025 0.0162 2027 4.5
------------ ------------- ------------- ------------- --------------
22 September 22 September 22 September
2022 250,000 2025 0.0151 2027 4.8
------------ ------------- ------------- ------------- --------------
500,000
------------ ------------- ------------- ------------- --------------
Share-based payment reserve
The following table summarises the changes in the Company's
share-based payment reserve during the year:
Share-based payment reserve
(US$)
At 1 January 2022 -
----------------------------
Exercise of share options -
----------------------------
Issue of options 5,000
----------------------------
At 31 December 2022 5,000
----------------------------
Share-based payment expense
During the year, the Company recognised US$5,000 (2021: nil) of
share-based payment expense. The fair value of the share-based
compensation was estimated on the dates of grant using the
Black-Scholes option pricing model with the following
assumptions:
Grant date 29 June 2022 22 September 2022
Share price at grant
date (US$) 0.0162 0.0151
------------- ------------------
Exercise price (US$) 0.0162 0.0151
------------- ------------------
Expected volatility* 68% 72.85%
------------- ------------------
Expected life (years) 4 4
------------- ------------------
Expected dividend yield - -
(US$)
------------- ------------------
Risk-free interest rate** 1.78% 2.25%
------------- ------------------
Fair value per option
(US$) 0.00695 0.00769
------------- ------------------
*expected volatility is derived from the Company's historical
share price volatility
**the risk-free rate of return is based on UK government gilts
for a term consistent with the option life
All share options granted during the year have non-market
vesting conditions that were not considered in measuring fair
value.
(c) Dividends
No dividends were declared for the year ended 31 December 2022
(2021: US$ nil).
(d) Loss per share (basic and diluted)
The calculation of the basic and diluted loss per share has been
based on the loss attributable to ordinary shareholders and
weighted-average number of ordinary shares outstanding. There are
no convertible bonds and convertible preferred stock, so basic and
diluted losses are equal.
(i) Loss attributable to ordinary shareholders (basic and diluted)
2022 2021
$000 $000
------- -------
Loss for the year, attributable
to owners of the Company (4,286) (2,827)
------- -------
Loss attributable to ordinary
shareholders (4,286) (2,827)
======= =======
(ii) Weighted-average number of ordinary shares (basic and diluted)
Shares 2022 2021
----------- -----------
Issued ordinary shares at 1 January
(after subdivision) 377,676,799 330,589,052
Effect of shares issued (weighted) 21,410,276 4,531,663
Weighted-average number of ordinary
shares at
31 December 399,087,075 335,120,715
=========== ===========
Loss per share of common stock
attributable to the Company (basic
and diluted) (US$) (0.011) (0.008)
----------- -----------
21 Loans and borrowings
In 2021 the Company issued unsecured corporate bonds with
effective interest rates of 7.0%. Investors have subscribed for a
total of 242 of the Company's bonds with a nominal value of
US$2,000 each but are issued at a premium to achieve the effective
interest rates agreed. The bonds are unsecured, have a three-year
term and bear the coupon rate of 5.8%, paid twice-yearly. The bonds
have been listed on AIX with identifier FAR.0323 and ISIN number
KZX000000336. The investors in certain bonds have the right to
receive early repayment after a minimum period of 12 months.
2022 2021
$000 $000
------ ------
Non-current liabilities
Bonds payable - 901
------ ------
- 901
====== ======
Current liabilities
Bonds payable (early repayment
rights) 1,108 465
Interest payable 18 24
----- ---
1,126 489
===== ===
Refer to Note 29 with respect to the repayment of the
outstanding bonds after the year end.
Terms and conditions of outstanding bonds at 31 December 2022
were as follows:
Effective
interest Nominal Actual Coupon Coupon
USD Currency rate amount amount rate paid Interest
--------- --------- ------- ------- ------ ------ --------
Bonds payable USD 7.5% 506 503 5.8% 29 29
Bonds payable USD 7.0% 586 576 5.8% 52 52
Bonds payable USD 5.8% 20 21 5.8% 1 1
------- ------
1,112 1,100 82 82
======= ======= ====== ========
In September 2022, the Company repaid bonds to a subscriber in
the amount of US$300,000 (2021: US$ nil).
Non-cash transactions from financing activities are shown in the
reconciliation of liabilities from financing transactions.
Loans and borrowings 2022 2021
$000 $000
-------- --------
At 1 January 1,427 936
Cash flows:
-Interest paid (82) (80)
-(Repayment) / proceeds from loans and
borrowings (300) 476
-------- --------
Total 1,045 1,332
Non-cash flows
* Interest accruing in period 82 95
- -
* Bond discount/premium
At 31 December 1,127 1,427
======== ========
22 Provisions
2022 2021
$000 $000
------ ------
Balance at 1 January 42 47
Unwinding of discount - -
Change in estimate (7) (4)
Foreign currency translation difference (2) (1)
------ ------
Balance at 31 December 33 42
====== ======
Non-current 33 42
------ ------
33 42
====== ======
Site restoration
A provision was recognised in respect of the Group's obligation
to rectify environmental issues at the Balasausqandiq deposit in
the Kyzylorda region.
In accordance with Kazakhstan environmental legislation, any
land contaminated by the Group in the Kyzylorda region must be
restored before the end of 2043. The provision was estimated by
considering the risks related to the amount and timing of
restoration costs based on the known level of damage. Because of
the long-term nature of the liability, the main uncertainty in
estimating the provision is the costs that will be incurred. In
particular, the Group has assumed that the site will be restored
using technology and materials that are available currently. A fund
to cover this liability will be collected via annual statutory
contributions to the special liquidation fund at the rate of 1% of
mining expenses as stipulated in the Subsoil Use Agreement. Based
on the working program which forms part of the Subsoil Use
Agreement the total amount is expected to reach KZT 675m or c.
US$1,838,000. The present value of restoration costs was determined
by discounting the estimated restoration cost using a Kazakh
risk-free rate for the respective period, and average inflation for
the last 10 years of 8.8%. The estimated period for discounting was
21 years (2021: 22 years). Environmental legislation in Kazakhstan
continues to evolve and it is difficult to determine the exact
standards required by the current legislation in restoring sites
such as this. Generally, the standard of restoration is determined
based on discussions with the Kazakh government at the time that
restoration commences.
23 Trade and other payables
2022 2021
$000 $000
------ ------
Trade payables 1,889 625
Debt to directors/key management
(Note 28) 214 7
Debt to employees 99 68
Other taxes 171 117
Advances received 10 11
------
2,383 828
====== ======
24 Financial instruments and risk management
(a) Overview
The Group has exposure to the following risks from its use of
financial instruments:
-- credit risk ;
-- liquidity risk ; and
-- market risk .
This note presents information about the Group's exposure to
each of the above risks, the Group's objectives, policies and
processes for measuring and managing risk, and the Group's
management of capital. Further quantitative disclosures are
included throughout these consolidated financial statements.
Risk management framework
The Chief Executive has overall responsibility for the
establishment and oversight of the Group's risk management
framework.
The Group's risk management policies are established to identify
and analyse the risks faced by the Group, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits.
Risk management policies and systems are reviewed to reflect
changes in market conditions and the Group's activities. The Group
aims to develop a disciplined and constructive control environment
in which all employees understand their roles and obligations.
(b) Credit risk
Credit risk is the risk of financial loss to the Group if a
customer or counterparty to a financial instrument fails to meet
its contractual obligations and arises principally from the Group's
receivables from customers.
(i) Exposure to credit risk
The carrying amount of financial assets represents the maximum
credit exposure. The maximum exposure to credit risk at the
reporting date was:
Carrying amount
----------------- ------
2022 2021
$000 $000
------------ ------
Trade and other receivables, excluding amounts due from employees and VAT receivable 75 71
Cash and cash equivalents 4,331 2,809
4,406 2,880
============ ======
The maximum exposure to credit risk for trade and other
receivables at the reporting date by geographic region was:
Carrying amount
-------------------
2022 2021
$000 $000
------- ------
Kazakhstan 75 71
75 71
======= ======
The maximum exposure to credit risk for trade and other
receivables at the reporting date by type of customer was:
Carrying amount
----------------------
2022 2021
$000 $000
------ ------
Trade receivables:
Wholesale customers 65 6 2
Other receivables
Other 10 9
------
1 75 7 1
====== ======
The ageing of trade and other receivables at the reporting date
was:
Gross Impairment Net Gross Impairment Net
2022 2022 2022 2021 2021 2021
$000 $000 $000 $000 $000 $000
------- ----------- ------- ------- ----------- -------
Not past
due 75 - 75 7 1 - 7 1
Past due
more than
180 days 36 (36) - 35 (35) -
------- ----------- ------- ------- ----------- -------
1 11 (36) 75 106 (35) 7 1
======= =========== ======= ======= =========== =======
The movement in the allowance for expected credit losses in
respect of other receivables during the year was as follows:
2022 2021
$000 $000
------ ------
Balance at beginning of the year 35 36
Expected gain change / credit (loss) 1 (1)
------
Balance at end of the year 36 35
====== ======
Amounts due from customers at the year end have been
subsequently collected in 2023, except for credit impaired amounts.
No additional expected credit loss provision has been applied.
(ii) Cash and cash equivalents
As at 31 December 2022 the Group held cash of US$4.33m (2021:
US$2.81m), of which bank balances of US$4.31m (2021: US$2.80m)
represent its maximum credit exposure on these assets, which
excludes petty cash. 92% (2021: 99%) is held in banks with credit
ratings of A+ to AA and 8% in banks with credit ratings of B to BB
(2021: 1%). Credit ratings are provided by the rating agency
FitchRatings.
(c) Liquidity risk
Liquidity risk is the risk that the Group will encounter
difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another
financial asset. The Group's approach to managing liquidity is to
ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and
stressed conditions, without incurring unacceptable losses or
risking damage to the Group's reputation.
The following are the contractual maturities of financial
liabilities. It is not expected that the cash flows included in the
maturity analysis could occur significantly earlier, or at
significantly different amounts.
2022
Carrying Contractual 6 months
amount cash flows On demand 0-6 mths - 1 year 1-3 years
$000 $000 $000 $000 $000 $000
-------- ----------- --------- -------- --------- ---------
Financial liabilities
Trade and other
payables 1,889 1,889 - 1,889 - -
Loans and borrowings 1,126 1,126 - 1,126 - -
---------- --------- ---------
3,015 3,015 - 3,015 - -
======== =========== ========= ========== ========= =========
2021
Carrying Contractual 6 months
amount cash flows On demand 0-6 mths - 1 year 1-3 years
$000 $000 $000 $000 $000 $000
-------- ----------- --------- ---------- --------- ---------
Financial liabilities
Trade and other
payables 601 601 9 592 - -
Loans and borrowings 1,390 1,477 - - 957 520
-------- ----------- --------- ---------- --------- ---------
1,991 2,078 9 592 957 520
======== =========== ========= ========== ========= =========
(d) Market risk
Market risk is the risk that changes in market prices, such as
foreign exchange rates, interest rates and equity prices will
affect the Group's income or the value of its holdings of financial
instruments. The objective of market risk management is to manage
and control market risk exposures within acceptable parameters,
while optimising the return.
In order to ascertain market risk the Group has analysed the
impact of different levels of vanadium pentoxide prices on
profitability as well as closely monitoring the market conditions
for other leading international organisations operating in the
vanadium industry. The sensitivity analysis shows that a price of
US$4/lb for vanadium pentoxide is the minimum price that must be
achieved by the Group in order to maintain operations.
The current level of vanadium pentoxide prices is sufficient to
keep the Group at a stable future profitable level.
(i) Currency risk
The Group is exposed to currency risk on sales, purchases and
borrowings that are denominated in a currency other than the
respective functional currency of Group entities.
In respect of monetary assets and liabilities denominated in
foreign currencies, the Group ensures that its net exposure is kept
to an acceptable level by buying or selling foreign currencies at
spot rates when necessary to address short term imbalances.
Exposure to currency risk
The Group's exposure to foreign currency risk was as follows
based on notional amounts:
GBP- EUR- RUB- KZT-
2022 US$-denominated denominated denominated denominated denominated
2022 2022 2022 2022 2022
$000 $000 $000 $000 $000
--------------- ------------ ------------ ------------ ------------
Cash and cash equivalents 22 3 940 - 5 3 ,672
Trade and other
payables (654) (111) (108) (55) (1,455)
Loans and borrowings (1,126) - - - -
Net exposure (1,758) 3 829 (108) (50) 2,217
=============== ============ ============ ============ ============
GBP- EUR- RUB- KZT-
2021 US$-denominated denominated denominated denominated denominated
2021 2021 2021 2021 2021
$000 $000 $000 $000 $000
--------------- ------------ ------------ ------------ ------------
Cash and cash equivalents 2,725 42 - - 42
Trade and other
payables (206) (24) (31) (33) (534)
Loans and borrowings (1,390) - - - -
Net exposure 1,129 18 (31) (33) (492)
=============== ============ ============ ============ ============
The following significant exchange rates applied during the
year:
Reporting date spot
in US$ Average rate rate
------------------ -----------------------
2022 202 1 202 2 202 1
-------- ------ ----------- --------
KZT 1 0.002 2 0.0023 0.002 2 0.0023
GBP 1 1. 2 363 1.3756 1. 2 030 1.3855
RUB 1 0.0150 0.0136 0.0139 0.0138
EUR 1 1. 0 530 1.1831 1. 0 653 1.1907
(ii) Interest rate risk
Changes in interest rates do not significantly impact the
Group's position as at 31 December 2022. Management does not have a
formal policy of determining how much of the Group's exposure
should be to fixed or variable rates. However, at the time of
raising new loans or borrowings management uses its judgment to
decide whether it believes that a fixed or variable rate would be
more favourable to the Group over the expected period until
maturity.
The bonds interest rates are fixed by agreement.
Changes in interest rates at the reporting date would not
significantly affect profit or loss.
(iii) Other risks
IAS 1 requires the disclosure of the risks and measures to meet
the risks related to external capital requirements.
The Group manages its capital to ensure that entities in the
Group will be able to continue as going concerns while maximising
returns to shareholders through the optimisation of the debt and
equity balance. The Group's overall strategy remains unchanged from
2021.
The capital structure of the Group consists of net debt (see
Note 21) and the equity of the Group (see Note 20).
The Group is not subject to any externally imposed capital
requirements.
The Group reviews the capital structure on a regular basis
giving consideration to the cost of capital and the risks
associated with each class of capital.
Debt is defined as long- and short-term borrowings as detailed
in Note 21.
Equity includes all capital and reserves of the Group that are
managed as capital.
(e) Fair values versus carrying amounts
Management believes that the fair value of the Group's financial
assets and liabilities approximates their carrying amounts.
Categories of financial instruments
202
2 20 21
$000 $000
----------------------------------------------- ------ ---------
Financial assets (includes cash)
Trade and o ther receivables at FVTPL 75 7 1
Cash at amortised cost 4,331 2,809
4,406 2 , 880
----------------------------------------------- ------ ---------
Financial liabilities - measured at amortised
cost
Trade and other payables at amortised cost 1,889 601
Loans and borrowings at amortised cost 1,126 1,390
3,015 1,991
----------------------------------------------- ------ ---------
The basis for determining fair values is disclosed below.
Trade receivables and payables at FVTPL are recorded at fair
value through profit and loss as they fail the criteria for
amortised cost owing to the variability as a result of final
pricing adjustments.
Financial instruments measured at fair value are presented by
level within which the fair value measurement is categorised. The
levels of fair value measurement are determined as following:
-- Level 1 : quoted prices (unadjusted) in active markets for identical assets or liabilities.
-- Level 2 : inputs other than quoted prices included in Level 1
that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
-- Level 3 : inputs for the asset or liability that are not
based on observable market data (unobservable inputs).
The Group's contract receivables and liabilities at the year end
are recorded at fair value through profit and loss and fair valued
based on the estimated forward prices that will apply under the
terms of the sales contracts upon the product reaching the port of
destination. The trade receivable fair value reflects amounts
receivable from the customer adjusted for forward prices expected
to be realised.
In the absence of observable forward prices the forward price is
estimated using a valuation methodology which is based on vanadium
spot prices at 31 December 20 22 adjusted for the discount for AMV,
time value of money and carry costs. Given the short period to
final pricing the time value of money and carry costs are not
significant and the forward price materially approximates the spot
price at year end with the adjustment to reflect the difference
between vanadium pentoxide prices and AMV. Any fair value of trade
receivables and payables at FVTPL are categorised at Level 3.
During the year there were no transfers between levels of fair
value hierarchy.
25 Commitments
Under the conditions of the Subsoil Use Agreement under which
the Group has the right to develop and exploit the Balasausqandiq
deposit, the Group is obliged to undertake a minimum level of
mining and to make certain levels of expenditure on the training of
Kazakh employees, research and development and the development of
the Shieli region. There is also an obligation to set aside funds
to provide for the eventual costs of mine closure and or site
reclamation.
-- Minimum quantity of ore to be mined:
Year Tonnes
2018 15,000
----------------------
2019 15,000
----------------------
2020 15,000
----------------------
2021 15,000
----------------------
2022 15,000
----------------------
2023 545,000
----------------------
2024 763,000
----------------------
2025 onwards Increase to 1,000,000
per year starting
from 2025
----------------------
-- Training costs should be equal to 1% of the Group's capital
expenditures on subsoil activities. Costs in 20 2 2 : US$ 7 ,000
(202 1 : US$ 4 ,000)
-- Research and development should be equal to 1% of the Group's
income from subsoil activities. Costs in 20 2 2 : US$46 272 (202 1
: US$ 11 , 1 00)
-- The addition to the liquidation fund should be equal to 1% of
the Group's costs of mining ore. Costs in 2022: US$12,000 (202 1 :
US$12,000)
-- Expenditure on social development of the Shieli region should
be equal to 1.5% of the Group's costs of mining ore. Costs in 2022:
US$330 (202 1 : US$ 75 0).
All obligations of the Subsoil Use Agreement have been complied
with except for certain exploration work programme requirements,
specifically the volume of ore to be mined. As a result, the Group
has applied for amendments to the Subsoil Use Agreement given the
unique situation created by the Covid-19 pandemic during 2020 and
2021. The amendments that the Group have requested relate to the
transfer of 30,000 tons of ore to be mined between 2020 and 2021 to
2023 and 2024. As a result, and if the amendments are granted, the
obligation for mining in 2020 and 2021 will be equal to zero tons,
2022 to 2024 will be equal to 590,000 tons and starting from 2025
1,000,000 tons of ore, per year (mining of 15,000 tonnes for 2022
has been completed). The request is in the process of review with
the relevant authorities of the Kazakh government.
26 Contingencies
(a) Insurance
The insurance industry in the Kazakhstan is in a developing
state and many forms of insurance protection common in other parts
of the world are not yet generally or economically available. The
Group does not have full coverage for its plant facilities,
business interruption or third party liability in respect of
property or environmental damage arising from accidents on Group
property or relating to Group operations. There is a risk that the
loss or destruction of certain assets could have a material adverse
effect on the Group 's operations and financial position.
(b) Taxation
The taxation system in Kazakhstan is relatively new and is
characterised by frequent changes in legislation, official
pronouncements and court decisions which are often unclear,
contradictory and subject to varying interpretations by different
tax authorities. Taxes are subject to review and investigation by
various levels of authorities which have the authority to impose
severe fines, penalties and interest charges. A tax year generally
remains open for review by the tax authorities for five subsequent
calendar years but under certain circumstances a tax year may
remain open longer.
These circumstances may create tax risks in Kazakhstan that are
more significant than in other countries. Management believes that
it has provided adequately for tax liabilities based on its
interpretations of applicable tax legislation, official
pronouncements and court decisions. However, the interpretations of
the relevant authorities could differ and the effect on these
consolidated financial statements, if the authorities were
successful in enforcing their interpretations, could be
significant.
There are no tax claims or disputes at present.
27 Segment reporting
The Group's operations are split into three segments based on
the nature of operations: processing, subsoil operations (being
operations related to exploration and mining) and corporate segment
for the purposes of IFRS 8: Operating Segments. The Group's assets
are primarily concentrated in the Republic of Kazakhstan and the
Group's revenues are derived from operations in, and connected
with, the Republic of Kazakhstan.
2022
Processing Subsoil Corporate Total
$000 $000 $000 $000
---------- ------- --------- --------
Revenue 6,271 - - 6,271
Cost of sales (7,516) - - (7,516)
Other income 73 - 4 77
Administrative expenses (763) (24) (1,758) (2,545)
Other expenses (426) - - (426)
Distribution expenses (265) - - (265)
Finance costs 531 - (413) 118
(2,167
Loss before tax (2,095) (24) ) (4,286)
========== ======= ========= ========
202 1
Processing Subsoil Corporate Total
$000 $000 $000 $000
---------- ------- --------- --------
Revenue 4,731 - - 4,731
Cost of sales (4,893) - - (4,893)
Other income 28 - - 28
Administrative expenses (1,131) (31) (1,309) (2,471)
Other expenses - - (11) (11)
Distribution expenses (94) - - (94)
Finance costs 97 - (214) (117)
---------- ------- --------- --------
(1, 534 ( 2 ,
Loss before tax (1,262) ( 31 ) ) 8 2 7 )
========== ======= ========= ========
Included in revenue arising from processing are revenues of
US$6,100,000 (2021: US$4,600,000) which arose from sales to three
of the Group's largest customers. No other single customer
contributes 10 per cent or more to the Group's revenue.
All of the Group's assets are attributable to the Group's
processing operations.
Sales to the Group's largest customers in 2022 were as
follows:
London Chemicals and Resources Limited (UK) US$3.2m (50%) (2021: US$2.3m (47%))
MTALX Ltd (UK) US$1.6m (25%) (2021: US$1.3m (27%))
TK MetImpex TOO (Russian Federation) US$1.3m (20%) (2021:
US$0.1m (5%))
28 Related party transactions
Transactions with management and close family members
Management remuneration
Key management personnel received the following remuneration
during the year, which is included in personnel costs (see Note
9):
2022 2021
$000 $000
------ ------
Wages, salaries and related
taxes 986 400
------ ------
Refer to Note 23 for details of payables to key management and
the Directors' Report for shares issued to key management. The
amount of wages and salaries outstanding at 31 December 2022 is
equal to US$214,000 (2021: US$70,000).
Other
On 1 February 2022, the Company entered into a sub-let agreement
between Turian Sports Horses Limited as head lessee and NH Limited
as landlord for the rental of office space in Guernsey. Turian
Sports Horses Limited is wholly owned by James Turian, one of the
Company's directors and NH Limited is owned by James Turian and
Sharon Turian, equally. Sums paid to NH Limited during the year
under the terms of the sub-let agreement were US$17,339 (2021: US$
nil ).
29 Subsequent events
On 24 March 2023, the Company repaid all bondholders following
the maturity of all outstanding bonds previously issued by the
Company. The total payment made to bond holders was US$1,144,248
representing US$1,112,000 of principal and US$32,248 of accrued
interest.
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END
FR NKOBPBBKBDQB
(END) Dow Jones Newswires
April 28, 2023 02:00 ET (06:00 GMT)
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