TIDMFAR
RNS Number : 9314L
Ferro-Alloy Resources Limited
11 September 2023
11 September 2023
Ferro-Alloy Resources Limited
("Ferro-Alloy" or "the Company" or "the Group")
2023 Interim Results
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer
and developer of the large Balasausqandiq vanadium deposit in
Southern Kazakhstan, is pleased to announce its interim results for
the six months ended 30 June 2023.
Overview
Feasibility Study
-- Feasibility study ongoing with completion of Stage 1 of the
study expected in April 2024 and Stage 2 later in 2024:
o Ore resource for ore-body 1 was revised upwards during the
period by SRK Consulting (Kazakhstan) to 32.9m tonnes at a mean
grade of 0.62%, giving an increase of 35.4% in the resource and 23%
in contained V(2) O(5) .
o Drilling of ore-bodies 2, 3 and 4 has been completed with the
exception of an area which is difficult to access. The Company is
awaiting assays for these ore-bodies which are expected to provide
the feed for the larger Stage 2 development of the deposit.
o Metallurgical test-work is nearing completion.
Operations
-- Final planned improvements completed at the Existing
Operation (where the Group processes secondary materials and
recovers the contained vanadium, molybdenum and nickel for sale to
third parties) including:
o The conversion of the fuel used for the various roasting ovens
from diesel to natural gas.
o A further press filter and tanks to allow a second pulpation
process to give a further recovery of vanadium.
o A further press filter and tanks to allow for
recrystallisation of ammonium metavanadate, an essential step in
producing a high purity product as required for electrolyte
purposes.
o Improved molybdenum processes to increase recovery to around
90% depending on the raw-material treated.
o Various additional equipment to contain production
emissions.
-- Following poor availability of concentrate supply in Q1, Q2
achieved best production by the Group to date in terms of both
tonnes of concentrates treated and tonnes of metal recovered across
all product lines, however, H1 production constrained by a lack of
raw materials caused by continuing defaults of certain of the
Group's suppliers.
-- The Group has subsequently made changes to suppliers and has
secured future deliveries to allow full production from mid-late
September 2023.
Financial
-- Total revenues of US$3.3m for the period (H1 2022: US$3.9m)
reflecting the reduced volumes of raw materials delivered to the
existing plant for processing during the first quarter of the
year.
-- Overall loss for the period of US$1.5m (2022: loss of US$0.7m).
Corporate
-- Post period, launched the first tranche of a new Kazakhstan
exempt offer bond programme in July 2023. The proceeds of the
Programme will be used to strengthen the Company's balance sheet
and provide working capital, allowing the acceleration of the
project's development as far as possible.
Commenting on the interim financial results, Nick Bridgen, CEO
of Ferro-Alloy Resources said:
"I am pleased to report the good progress with the feasibility
study. With the completion of the expansion of the existing process
plant, and the improved raw-material supply position, I look
forward to much better operational performance from the fourth
quarter of this year onwards."
- Ends -
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/Lucy Bowden
(Joint Corporate Broker) +44 207 408 4090
Liberum Capital Limited Scott Mathieson/Kane
(Joint Corporate Broker) Collings +44 20 3100 2000
St Brides Partners
Limited
(Financial PR & IR Catherine Leftley/Ana
Adviser) Ribeiro +44 207 236 1177
Operations Review
Balasausqandiq feasibility study
The Company is currently undertaking a comprehensive bankable
feasibility study on the Balasausqandiq project, with completion of
Stage 1 of the study expected in April 2024 and Stage 2 later in
the year. Although a full mineral resource estimate has only been
completed for ore-body 1 ("OB1"), indications are that
Balasausqandiq will be one of the largest vanadium operations in
the world.
The ore resource for OB1 was revised upwards during the period
by SRK Consulting (Kazakhstan) Limited, the author of the
feasibility study, to 32.9m tonnes at a mean grade of 0.62%, giving
an increase of 35.4% in the resource and 23% in contained V(2) O(5)
.
The drilling of ore-bodies 2, 3 and 4 has been completed with
the exception of an area which is difficult to access. This is
planned to be drilled closer to the time of mining when access has
been developed. The Company is awaiting assays for these ore-bodies
which are expected to provide the feed for the larger Stage 2
development of the deposit.
The metallurgical test-work is nearing completion. The Company's
metallurgical process was previously tested in a pilot plant and
the process parameters are now being rigorously tested in
independent laboratory conditions by SGS Canada Inc under the
direction of Tetra Tech Limited, who are carrying out the
metallurgical section of the feasibility study.
Other parts of the study are also nearing completion and the
overall study for Stage 1 is expected to be announced in April
2024, as noted above.
The existing operation
The existing operation was developed from the original 15,000
tonnes per year ore-treatment test plant which was used to develop
and pilot the proposed treatment process of the Balasausqandiq ore.
The plant was subsequently adapted to treat purchased concentrates.
The most common raw material is the loaded catalysts used in
refineries to remove the metal impurities from crude oil. The Group
buys these secondary materials and recovers the contained vanadium,
molybdenum and nickel for sale to third parties.
During the first half of 2023, the final planned improvements
were made to the plant, including:
1. The conversion of the fuel used for the various roasting ovens from diesel to natural gas;
2. A further press filter and tanks to allow a second pulpation
process to give a further recovery of vanadium, taking the average
overall recovery of vanadium from catalysts treated to over
90%;
3. A further press filter and tanks to allow for
recrystallisation of ammonium metavanadate ("AMV"), an essential
step in producing a high purity product as required for electrolyte
purposes;
4. Improved molybdenum processes to increase recovery to around
90% depending on the raw material treated; and
5. Various additional equipment to contain production emissions.
The Group received grant funding from the Kazakhstan National
Scientific Council to develop the process and install equipment for
the production of various oxides of vanadium suitable for use in
electrolyte for vanadium redox flow batteries. The development work
is in association with the Physical-Technical Institute of Almaty
(part of the Satbayev University) who are building a laboratory in
which a battery will be installed and electrolyte produced from the
Group's oxides for test purposes.
Production
The second quarter of the year achieved the best production by
the Group to date in terms of both tonnes of concentrates treated
and tonnes of metal recovered across all product lines.
By comparison, production for the first quarter of the year was
severely constrained by the availability of concentrate supply to
the existing plant and is reflected in the corresponding production
figures.
2023 2022 2023 2022 2023 2022
Quarter Tonnes Tonnes Tonnes Tonnes Tonnes Tonnes
of vanadium of vanadium of molybdenum** of molybdenum** of nickel*** of nickel***
pentoxide* pentoxide*
------------- ------------- ----------------- ----------------- -------------- --------------
Q1 31.3 81.1 6.5 11.3 9.7 25.1
------------- ------------- ----------------- ----------------- -------------- --------------
Q2 141.4 91.7 14.1 10.4 50.8 32.2
------------- ------------- ----------------- ----------------- -------------- --------------
H1 172.7 172.8 20.6 21.7 60.5 57.3
------------- ------------- ----------------- ----------------- -------------- --------------
* contained in AMV
** contained in ferro-molybdenum
*** contained in nickel concentrate
Outlook
The first half of 2023's output was constrained by a lack of raw
materials, caused by continuing defaults of certain of the Group's
suppliers. The Group responded by signing several new long-term and
spot supply contracts but further delays to delivery were
experienced. In response, the Group has made yet further changes to
its suppliers and signed new contracts to secure future deliveries.
The indications are that more material is being offered to the
Group, allowing the Group to select the more reliable
counterparties. Despite these setbacks, sufficient volumes of raw
materials have been purchased and are en route to the Group's plant
site to allow full production from mid to late September. Winter
transport delays may impact on winter deliveries, albeit to a
lesser extent than previously experienced.
Corporate
The Company's previously issued and outstanding bonds, amounting
to US$1.1m at 31 December 2022, were redeemed at maturity during
March 2023.
Subsequently, the Company launched a new Kazakhstan US$20m
exempt offer bond programme ("the Programme") in July 2023. Cash
proceeds generated by the Programme will be used, in general, to
strengthen the Company's balance sheet and provide working capital
for the existing operation.
The key features of the Programme are as follows:
- the Programme can comprise of one or more tranches of bonds,
each listed on the Astana International Exchange ("AIX");
- the total nominal value of all tranches issued under Programme will not exceed US$20m;
- only accredited investors resident in Kazakhstan will be
eligible to invest in the Programme;
- bonds issued under the Programme will be denominated in either
US dollars or Kazakhstan tenge;
- all bonds issued will rank as unsecured debt obligations of the Company;
- the applicable coupon rate, duration, issue price and other
relevant terms of any bonds issued under the Programme will be
defined and determined by the terms and conditions of each tranche
of bonds issued; and
- the Programme is governed by the laws and regulations of the
Astana International Finance Centre and is valid until 31 July
2033.
Following the launch of the Programme, the Company listed the
first tranche of bonds on the AIX on 27 July 2023 with the ability
to raise an initial US$3 million. As at the date of this report,
the first tranche of bonds has been materially sold and the cash
proceeds received.
The Company is preparing to list a second tranche of bonds on
the AIX during the course of September / October with the ability
to raise a further US$5 million. The cash proceeds from the second
tranche will be deployed to accelerate the development of the
project, including front-end engineering.
Product prices in the period
Vanadium pentoxide
At the start of 2023, the price of vanadium pentoxide was around
US$9.30/lb, rising slightly to between US$10.00/lb and US$10.50/lb
for the period January to March inclusive, after which the price
dropped to US$6.85/lb during June before recovering to around
US$7.50/lb at the period end.
Ferro-molybdenum
At the start of 2023, the price of ferro-molybdenum was around
US$79/kg rising sharply to a period high of US$101/kg in February
before gradually falling to a period low of US$42/kg in April,
after which prices stabilised at around US$50/kg for the balance of
the period.
Earnings and cash flow
The Group generated total revenues of US$3.3m for the period (H1
2022: US$3.9m). The reduction in revenue reflects the reduced
volumes of raw materials delivered to the existing plant for
processing during the first quarter of the year.
The cost of sales for the period under review was US$3.6m in
line with the first six months of 2022 (US$3.5m).
Administrative expenses for the period were US$1.3m (2022:
US$1.2m).
The Group made a loss before and after tax of US$1.5m (2022:
loss of US$0.7m).
Net cash outflows used in operating activities were US$1m (2022:
cash outflow of US$0.5m). Net cash used in investing activities
during the period was US$2.3m, an increase of US$0.6m in comparison
to the prior period, reflecting the Group's continued investment in
the Balasausqandiq feasibility study and planned upgrades to the
plant at the existing processing operation. Net cash used in
financing activities increased by US$1.1m between the periods due
to the maturity and repayment of the Company's outstanding bonds in
issue during March 2023.
Balance sheet review
At the period end, non-current assets totalled US$11.9m (2022:
US$8.0m) reflecting the continued capitalisation of expenses
incurred by the Group on the development of the Balasausqandiq
feasibility study (as an exploration and evaluation asset) and
capital additions made to the plant at the existing processing
operation.
Current assets, excluding cash balances, totalled US$5.0m at the
period end compared to US$4.8m for the prior period.
The Group held an aggregate cash balance of US$0.6m at the
period end (2022: US$0.5m). As at the date of this report, the
Group held an aggregate cash balance of US$1.8m.
The Group did not hold any significant or material non-current
liabilities at the period end.
With respect to current liabilities, the reduction in the
overall balance from US$4.2m at 30 June 2022 to US$3.0m at the
period end can be attributed, in the main, to the repayment of the
Company's outstanding bonds.
Environmental, social and governance
Both the existing operation and the planned process plant for
Balasausqandiq will have a strongly positive environmental impact.
The vanadium from production will benefit energy storage in both
vanadium redox flow batteries, the front-running technology for
fixed ground long-term energy storage, but also potentially in
certain technologies for mobile batteries used in electric
vehicles.
Furthermore, in both operations we are aiming to leave little or
no residues from processing operations, since all the components of
the ore are potentially useful. The CO(2) emissions created by our
production at Balasausqandiq are expected to be a fraction of most
other producers which generally require concentration and
high-temperature roasting to liberate the vanadium. The carbon
concentrate which we plan to market as a replacement for carbon
black is produced without burning hydrocarbons, as is the usual
production process.
Description of principal risks, uncertainties and how they are
managed
(a) Current processing operations
Current processing operations make up a small part of the
Company's expected future value but are expected to provide useful
cash flows in the near term and allow the Group to gain valuable
experience of the vanadium industry. The principal risks of this
operation are the prices of its products (vanadium, molybdenum and
nickel), availability of vanadium bearing concentrates and the
efficiency of recovery of products from those concentrates.
The Group is constantly reviewing the market opportunities for
supplies of vanadium bearing concentrates. The Group aims to
extract all the useful components of the raw materials so that no
residues remain on site and so maximum value is obtained from each
tonne treated. By this means, we aim to be one of the most
efficient and lowest cost secondary vanadium treatment plants so
that our competitive position reduces the danger of high prices for
raw materials making the operation uneconomic.
(b) Balasausqandiq project
The Balasausqandiq project is a much larger contributor to the
Company's value than the current processing operation and is
primarily dependent on long-term vanadium prices.
The project is dependent on raising finance to meet projected
capital costs (see below) and the successful construction and
commissioning of the project's proposed mine processing facilities.
It is not unusual for new mining projects to experience unforeseen
problems, incur unexpected costs and be exposed to delays during
construction, commissioning, and initial production, all of which
could have a material adverse effect on the Company's operations
and financial position. The Company has taken steps to mitigate
such potential adverse effects by engaging globally recognised
engineers and consultants to assist with the development and design
of the key elements of the project in addition to the Group's own
highly qualified workforce.
(c) Geopolitical situation
The Directors remain vigilant of the situation created by the
ongoing invasion of Ukraine by Russia. The continued main risk of
the conflict is to the Group's transport routes, many of which
involve transit through Russia. Whilst these are currently
operating without issue, sanctions have been made against Russian
and Belorussian vehicles transiting through Europe (but not against
vehicles registered in other jurisdictions in the region such as
Kazakhstan). There is a risk that further sanctions might prevent
transit through Russia. The Company continues to review alternative
transit routes for raw material imports and product exports through
the West of Kazakhstan, either via the Caspian Sea or overland
south of the Caspian Sea. Routes to China are working normally.
With respect to the global sanctions imposed on certain Russian
entities and individuals, the Group monitors the implications of
those sanctions on the Group's trading activities on an ongoing
basis.
(d) Financing risk
The Balasausqandiq project will require substantial funds to be
raised in debt and possibly further equity which will be dependent
upon market conditions at the time and the successful completion of
the Stage 1 feasibility study.
The existing operation is fully developed and operating well
and, subject to the uncertainty over vanadium bearing concentrate
availability, prices and costs, is forecast to make profits going
forward.
In March of 2021 the Company signed an investment agreement with
Vision Blue Resources Limited ("Vision Blue"). Under the terms of
this agreement and in addition to Vision Blue's participation in
the 2022 equity fundraise, investments totalling US$14.3m have
already been made and Vision Blue has the right to subscribe a
further US$2.5m at the original deal price of 9 pence per share at
any time up to two months after the announcement of the Stage 1
feasibility study. Vision Blue also has further options to
subscribe up to US$30m at higher prices to partially finance the
construction of the Balasausqandiq project.
The favourable financial and other characteristics of the
project determined by studies so far completed give the Directors
confidence that the outcome of the Stage 1 feasibility study will
be successful. Initial discussions with potential providers of debt
finance have been encouraging.
(e) Climate change risk
The Group has not identified any particular climate change
related scenarios that would likely have a significant impact on
the Balasausqandiq project or the existing operation. The existing
operation already functions in an environment that is subject to
extreme weather conditions and is, therefore, considered to have a
strong resilience to existing and future climate-related
scenarios.
(f) Risks associated with the developing nature of the Kazakh economy
According to the World Bank, Kazakhstan has transitioned from
lower-middle-income to upper-middle-income status in less than two
decades. Kazakhstan's regulatory environment has similarly
developed and the Company believes that the period of rapid change
and high risk is coming to an end. Nevertheless, the economic and
social regulatory environment continues to develop and there remain
some areas where regulatory risk is greater than in developed
economies.
(g) Commodity price risk
As already noted above, the success of the Company is dependent
upon the long-term prices of the products to be produced by the
planned mine processing facilities. As a result of there being no
formally established trading markets for the Company's principal
products from the project, there is a risk that price fluctuations
and volatility for these products may have an adverse impact on the
Company's future financial performance
Condensed unaudited Statement of Profit or Loss and Other
Comprehensive Income
for the six months ended 30 June 2023
Unaudited
six-month
period ended
30 June
Unaudited 2022 $000
Audited
six-month year
period
ended ended
30 June 31 December
2023 2022
Note $000 $000
------------- ------------- -------------
Revenue from customers (pricing
at shipment) 2 3 ,410 4,327 6 , 773
Other revenue ( adjustments
to price after delivery and
fair value changes) 2 ( 9 6) (417) (502)
------------- ------------- -------------
Total revenue 2 3 ,314 3,910 6,271
( 3,541 ( 7,516
Cost of sales 3 (3,565) ) )
------------- ------------- -------------
Gross (loss) / profit (251) 369 (1,245)
Other income 4 13 12 77
( 2,545
Administrative expenses 5 (1,337) (1,154) )
Distribution expenses (66) ( 52 ) ( 265 )
Other expenses 6 (47) - (426)
------------- ------------- -------------
( 4,404
Loss from operating activities (1,688) ( 825 ) )
------------- ------------- -------------
Net finance income 8 158 131 118
------------- ------------- -------------
( 4 , 286
Loss before income tax (1,530) ( 694 ) )
============= ============= =============
Income tax - - -
=============
( 4 , 286
Loss for the period (1,530) ( 694 ) )
=============
Other comprehensive income / (loss)
Items that may be reclassified subsequently
to profit or loss
Exchange differences arising
on translation of foreign
operations 496 (834) (541)
------------- ------------- -------------
Total comprehensive loss
for the period (1,034) (1,528) (4,827)
============= ============= =============
Loss per share (basic and
diluted) 16 (0.0 0 3) (0.0 0 2) (0.011)
------------- ------------- -------------
These condensed unaudited financial statements were approved by
the directors on 8 September 2023 and signed by:
_____________________________
William Callewaert
Director
Condensed unaudited Statement of Financial Position
for the six months ended 30 June 2023
Unaudited Unaudited
Audited
3 0 June 3 0 June 31 December
2023 2022 2022
Note $000 $000 $000
---------- ---------- ------------
ASSETS
Non-current assets
Property, plant and equipment 9 6,072 4,624 5,434
Exploration and evaluation
assets 10 5,581 2,819 4,208
Intangible assets 11 20 19 19
Prepayments 14 185 575 1,273
----------
Total non-current assets 11,858 8,037 10,934
---------- ---------- ------------
Current assets
Inventories 12 2,015 2,422 1,628
1 , 8 9
Trade and other receivables 1 3 2 1,356 1,151
Prepayments 14 1,115 1,043 911
Cash and cash equivalents 15 606 542 4,331
----------
Total current assets 5,628 5,363 8,021
---------- ---------- ------------
Total assets 17, 486 13,400 18,955
========== ========== ============
EQUITY AND LIABILITIES
Equity
Share capital 16 50,827 41,252 50,827
Convertible loan notes 16 4,019 4,019 4,019
Additional paid-in capital 397 397 397
Share-based payment reserve 5 - 5
Foreign currency translation
reserve (3,665) (4,454) (4,161)
Accumulated losses (37,204) (32,082) (35,674)
---------- ---------- ------------
Total equity 14,379 9,132 15,413
---------- ---------- ------------
Non-current liabilities
Provisions 33 45 33
----------
Total non-current liabilities 33 45 33
---------- ---------- ------------
Current liabilities
Loans and borrowings 17 - 1,390 1,108
Trade and other payables 18 3, 074 2,404 2,383
Payables at FVTPL 19 - 405 -
Interest payable 17 - 24 18
---------- ---------- ------------
Total current liabilities 3, 074 4,223 3,509
---------- ------------
Total liabilities 3, 107 4,268 3,542
---------- ---------- ------------
1 7 ,
Total equity and liabilities 486 13,400 18,955
========== ========== ============
Condensed unaudited Statement of Changes in Equity
for the six months ended 30 June 2023
Foreign
Additional Share-based currency
Share Convertible paid in payment translation Accumulated
capital loan notes capital reserve reserve losses Total
$000 $000 $000 $000 $000 $000 $000
-------- ----------- ---------- ----------- ------------ ------------------ -------
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 9,575 - - - - - 9,575
Other
transactions
recognised
directly
in equity - - - 5 - - 5
-----------
Balance at 30
June 2022 41,252 4,019 397 - (4,454) (32,082) 9,132
======== =========== ========== =========== ============ ================== =======
Balance at 31
December 2022 50,827 4,019 397 5 (4,161) (35,674) 15,413
======== =========== ========== =========== ============ ================== =======
Balance at 1
January 2023 50,827 4,019 397 5 (4,161) (35,674) 15,413
Loss for the
period - - - - - (1,530) (1,530)
Other
comprehensive
expenses
Exchange
differences
arising on
translation
of foreign
operations - - - - 496 - 496
-------- ----------- ---------- ----------- ------------ ------------------ -------
Total
comprehensive
loss for the
period - - - - 496 (1,530) (1,034)
-------- ----------- ---------- ----------- ------------ ------------------ -------
Transactions
with owners,
recorded
directly in
equity
Shares issued, -
net of issue
costs - - - - - -
Other -
transactions
recognised
directly
in equity - - - - - -
-----------
Balance at 30
June 2023 50,827 4,019 397 5 (3,665) (37,204) 14,379
======== =========== ========== =========== ============ ================== =======
Condensed unaudited Statement
of Cash Flows for the six months
ended 30 June 2023
-------------- ----------- -------------
Unaudited Unaudited
six-month six-month Audited
period
period ended ended year ended
30 June 31 December
30 June 2023 2022 2022
$000 $000 $000
-------------- ----------- -------------
Cash flows from operating activities Note
Loss for the period (1,530) (694) (4,286)
Adjustments for:
3,
Depreciation and amortisation 5 210 269 505
Write-off of property, plant
and equipment - - 54
Write-down of inventory to net
realisable value - - 160
Share-based payment expense - - 5
Net finance gains 8 (158) (131) (118)
--------------
Cash used in operating activities
before changes in working capital (1,478) (556) (3,680)
Change in inventories (387) (516) 312
Change in trade and other receivables ( 7 4 1 ) (1,256) (1,035)
Change in prepayments 884 (137) (584)
Change in trade and other payables 6 8 3 1,583 1,555
Change in receivables / payables
at FVTPL - 419 -
-------------- ----------- -------------
Net cash used in operating activities (1,039) (463) (3,432)
-------------- ----------- -------------
Cash flows from investing activities
Acquisition of property, plant
and equipment 9 (773) (361) (1,466)
Acquisition of exploration and
evaluation assets 10 (1,481) (1,385) (2,871)
Acquisition of intangible assets 11 (1) (1) (1)
Proceeds on fixed asset disposal - - 36
--------------
Net cash used in investing activities (2,255) (1,747) (4,302)
-------------- ----------- -------------
Cash flows from financing activities
Proceeds from issue of share
capital 16 - - 10,000
Transaction costs on shares subscription 16 - - (425)
Repayment of borrowings 17 (1,112) - (300)
Interest paid 17 (32) (41) (82)
--------------
Net cash used in financing activities (1,144) (41) 9,193
-------------- ----------- -------------
Net (decrease) / increase in
cash and cash equivalents (4,438) (2,251) 1,459
Cash and cash equivalents at
the beginning of the period 15 4,331 2,810 2,810
-------------- ----------- -------------
Effect of movements in exchange
rates on cash and cash equivalents 713 (17) 62
-------------- ----------- -------------
Cash and cash equivalents at
the end of the period 606 542 4,331
============== =========== =============
Notes to the Condensed unaudited Financial Statements for the
six months ended 30 June 2023
1 (a) Basis of preparation
These Condensed unaudited Financial Statements have been
prepared in accordance with IAS34 'Interim Financial Reporting' and
International Financial Reporting Standards as adopted by the
European Union ("IFRS") on a going concern basis.
The same accounting policies and basis of preparation have been
followed as adopted in the annual financial statements of the Group
which were published on 27 April 2023.
(b) Going concern
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 has the plant 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.
(c) 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 existing operation's property,
plant and equipment ("PP&E") for impairment (Note 9) at 30 June
2023. 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 nickel prices,
production including the impact of ongoing PP&E maintenance
costs and an appropriate discount rate. Key estimates included:
-- Production volumes of 64 tonnes per month of vanadium
pentoxide (as AMV), 6 tonnes of molybdenum (as ferro-molybdenum)
and 41 tonnes of nickel (as nickel concentrate).
-- Average prices of vanadium pentoxide of US$7.5/lb,
ferro-molybdenum of US$50/kg and nickel of US$20/kg in 2023 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$31.8m) exceeds its carrying amount (US$6.1m)
by US$25.7m and, therefore, PP&E has not been impaired.
Inventories (Note 12)
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 the period end less applicable discounts. The
estimates are based on market data and historical trends.
Exploration and evaluation assets (Note 10)
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 ("SUA"). Judgement was required in determining that a
current application for deferral of obligations under the SUA will
be granted and management anticipate such approvals being provided
given their understanding of the Kazakh market and plans for the
asset.
(d) Unaudited status
These Condensed unaudited Financial Statements have not been
audited or reviewed by the Group's auditor.
2 Revenue
Unaudited Unaudited Audited
six-month six-month year ended
period ended period ended 31 December
2022
30 June 30 June 2022 $000
2023
$000 $000
--------------- --------------- --------------
Sales of vanadium products 2,340 3,343 5,163
Sales of ferro-molybdenum 955 897 1,509
Sales of nickel products 109 87 86
Service revenue 6 - 15
--------------- --------------- --------------
Total revenue from customers
under IFRS 15 3,410 4,327 6,773
=============== =============== ==============
Other revenue (adjustments to
price after delivery and fair
value changes) (96) (417) (502)
--------------- --------------- --------------
Total revenue 3,314 3,910 6,271
=============== =============== ==============
Vanadium products
Under certain sales contracts the single performance obligation
is the delivery of products 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 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.
3 Cost of sales
Unaudited Unaudited
six-month six-month Audited
period ended period ended year ended
31 December
30 June 2023 30 June 2022 2022
$000 $000 $000
-------------- -------------- -------------
Materials 2,651 2,738 5,863
Wages, salaries and related taxes 538 451 937
Depreciation 190 254 406
Electricity 42 74 111
Other 144 24 199
-------------- -------------- -------------
3,565 3,541 7,516
============== ============== =============
4 Other income
Unaudited Unaudited
six-month six-month Audited
period ended period ended year ended
31 December
30 June 2023 30 June 2022 2022
$000 $000 $000
-------------- -------------- -------------
Currency conversion gain 8 8 41
Other (sales of equipment) 5 4 36
13 12 77
============== ============== =============
5 Administrative expenses
Unaudited Unaudited Audited
six-month six-month year ended
period ended period 31 December
ended 2022
30 June 2023 30 June $000
2022
$000 $000
--------------- ------------ --------------
Wages, salaries and related taxes 867 633 1,619
Professional services 61 163 263
Taxes other than income tax - - 15
Listing and reorganisation expenses 97 13 162
Audit 126 57 111
Materials 24 43 37
Rent 17 18 53
Depreciation and amortisation 20 15 99
Insurance 2 2 44
Bank fees 12 15 23
Travel expenses 13 10 16
Security - 7 -
Communication and information
services 8 6 12
Other 90 172 91
--------------- ------------ --------------
1,337 1,154 2,545
=============== ============ ==============
6 Other expenses
Unaudited Unaudited
six-month six-month Audited
period ended period ended year ended
31 December
30 June 2023 30 June 2022 2022
$000 $000 $000
-------------- -------------- -------------
Currency conversion loss 27 - 204
Write-down of inventory to net
realisable value - - 160
Write-down of obsolete assets - - 54
Share-based payment expense - - 5
Other 20 - 3
-------------- -------------- -------------
47 - 426
============== ============== =============
7 Personnel costs
Unaudited Unaudited
six-month six-month Audited
period ended period ended year ended
31 December
30 June 2023 30 June 2022 2022
$000 $000 $000
-------------- -------------- -------------
Wages, salaries and related taxes 1,610 1,083 2,569
1,610 1,083 2,569
============== ============== =============
Personnel costs of US$495,000 (2022: US$421,000) have been
charged to cost of sales, US$867,000 (2022: US$633,000) to
administrative expenses and US$248,000 (2022: US$29,000) were
charged to cost of inventories which were not yet sold as at the
end of the period.
8 Finance costs
Unaudited Unaudited
six-month six-month Audited
period ended period ended year ended
31 December
30 June 2023 30 June 2022 2022
$000 $000 $000
-------------- -------------- -------------
Net foreign exchange gain (175) (172) (195)
Interest expense on financial liabilities
(bonds) 17 41 77
Net finance income (158) (131) (118)
============== ============== =============
9 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 2022 2,060 2,639 509 39 102 2,632 7,981
Additions 35 85 - 1 11 229 361
Disposals - - (17) - - - (17)
Foreign currency translation
difference (150) (194) (36) (3) (8) (196) (587)
---------- ---------- -------- --------- ----- ------------ -------
Balance at 30 June 2022 1,945 2,530 456 3 7 105 2,665 7,738
========== ========== ======== ========= ===== ============ =======
Balance at 31 December 2022 1,959 2,723 458 43 174 3,448 8,805
Additions - 254 - 1 8 510 773
Transfers 255 46 - - - (301) -
Disposals - (4) - - (5) - (9)
Foreign currency translation
difference 35 51 10 - 3 64 163
---------- ---------- -------- --------- ----- ------------ -------
Balance at 30 June 2023 2,249 3,070 468 44 180 3,721 9,732
========== ========== ======== ========= ===== ============ =======
Depreciation
Balance at 1 January 2022 688 2,028 327 28 47 - 3,118
Depreciation for the period 34 186 17 3 5 - 245
Disposals - - (17) - - - (17)
Foreign currency translation
difference (51) (152) (23) (2) (4) - (232)
---------- ---------- -------- --------- ----- ------------ -------
Balance at 30 June 2022 671 2,062 304 29 48 - 3,114
========== ========== ======== ========= ===== ============ =======
Balance at 31 December
2022 708 2 , 256 322 28 57 - 3 , 371
========== ========== ======== ========= ===== ============ =======
Balance at 1 January 2023 708 2 , 256 322 28 57 - 3 , 371
Depreciation for the period 45 165 16 2 7 - 235
Disposals - (4) - - (5) - (9)
Foreign currency translation
difference 12 41 7 1 2 - 63
---------- ---------- -------- --------- ----- ------------ -------
Balance at 30 June 2023 765 2,458 345 31 61 - 3,660
========== ========== ======== ========= ===== ============ =======
Carrying amounts
At 1 January 2022 1,372 611 182 11 55 2,632 4,863
========== ========== ======== ========= ===== ============ =======
At 30 June 2022 1,274 468 152 8 57 2,665 4,624
========== ========== ======== ========= ===== ============ =======
At 31 December 2022 1,251 467 136 15 117 3,448 5,434
========== ========== ======== ========= ===== ============ =======
At 30 June 2023 1,484 612 123 13 119 3,721 6,072
========== ========== ======== ========= ===== ============ =======
Depreciation expense of US$190,000 (2022: US$254,000) has been
charged to cost of sales, excluding cost of finished goods that
were not sold at the period end, US$20,000 (2022: US$15,000) to
administrative expenses, and US$67,000 has been charged to cost of
finished goods that were not sold at the end of the period (2022:
US$21,000).
Construction in progress relates to upgrades to the processing
plant associated with the expansion of the facility.
10 Exploration and evaluation assets
The Group's exploration and evaluation assets ("E&EA")
relate to the Balasausqandiq deposit. During the six month period
ended 30 June 2023, the Group capitalised the cost of geotechnical
drilling work, technical design, sample assaying and project
management costs, all relating to the Company's Stage 1 feasibility
study. As at 30 June 2023, the carrying value of exploration and
evaluation assets was US$5.6 m (2022: US$2.8m).
Unaudited Unaudited
six-month six-month Audited
period ended period ended year ended
31 December
30 June 2023 30 June 2022 2022
$000 $000 $000
-------------- -------------- -------------
Balance at 1 January 4,208 1,434 1,434
Additions (Stage 1feasibility study) 1,481 1,653 2,871
Foreign currency translation difference (108) (268) (97)
Balance at 30 June / 31 December 5,581 2,819 4,208
============== ============== =============
11 Intangible assets
Mineral Computer
rights Patents software Total
$000 $000 $000 $000
-------- -------- ---------- --------
Cost
Balance at 1 January
2022 88 33 3 124
Additions - 1 - 1
Foreign currency translation
difference (6) (3) - (9)
-------- -------- ---------- --------
Balance at 30 June
2022 82 31 3 116
======== ======== ========== ========
Balance at 31 December
2022 83 32 3 118
======== ======== ========== ========
Balance at 1 January
2023 83 32 3 118
Additions - 1 - 1
Foreign currency translation
difference 1 1 - 2
-------- -------- ---------- --------
Balance at 30 June
2023 84 34 3 121
======== ======== ========== ========
Amortisation
Balance at 1 January
2022 88 12 3 103
Amortisation for the
year - 1 - 1
Foreign currency translation
difference (6) (1) - (7)
-------- -------- ---------- --------
Balance at 30 June
2022 82 12 3 97
======== ======== ========== ========
Balance at 31 December
2022 83 13 3 99
======== ======== ========== ========
Balance at 1 January
2023 83 13 3 99
Amortisation for the
year - 1 - 1
Foreign currency translation
difference 1 - - 1
-------- -------- ---------- --------
Balance at 30 June
2023 84 14 3 101
======== ======== ========== ========
Carrying amounts
At 1 January 2022 - 21 - 2 1
======== ======== ========== ========
At 30 June 2022 - 19 - 19
======== ======== ========== ========
At 31 December 2022 - 19 - 19
======== ======== ========== ========
At 30 June 2023 - 20 - 20
======== ======== ========== ========
During the six months ended 30 June 2023 and 2022, amortisation
of intangible assets was charged to administrative expenses.
12 Inventories
Unaudited
Audited 31
30 June 2023 December 2022
Unaudited
30 June 2022
$000 $000 $000
-------------- -------------- --------------
Raw materials and consumables 1,422 2,223 1,379
Finished goods 584 192 216
Work in progress 9 7 33
2,015 2,422 1,628
============== ============== ==============
During the six months ended 30 June 202 3 , inventories expensed
to profit and loss amounted to US$2.7m (six month period ended 30
June 2022:US$2.8m).
13 Trade and other receivables
Current Unaudited Unaudited Audited
31 December
2022
30 June 2023 30 June 2022
$000
---------------
$000 $000
--------------- --------------- -------------
Trade receivables from
third parties 920 351 65
Due from employees 55 44 50
VAT receivable 920 976 1,062
Other receivables 64 20 10
--------------- --------------- -------------
1 , 959 1,391 1,187
Expected credit loss provision
for receivables (67) (35) (36)
--------------- --------------- -------------
1 , 892 1,356 1,151
=============== =============== =============
The expected credit loss provision for receivable 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.
14 Prepayments
Unaudited Unaudited Audited 31
December 2022
30 June 2023 30 June 2022 $000
$000 $000
--------------- --------------- ---------------
Non-current
Prepayments 185 575 1,273
--------------- --------------- ---------------
185 575 1,273
=============== =============== ===============
Current
Prepayments for goods and
services 1,115 1,043 911
--------------- --------------- ---------------
1,115 1,043 911
=============== =============== ===============
15 Cash and cash equivalents
Unaudited Unaudited Audited
31 December
2022
30 June 30 June 2022 $000
2023
$000 $000
----------- --------------- -------------
Cash at current bank accounts 592 529 1,010
Cash at bank deposits 13 13 3,321
Petty cash 1 - -
----------- --------------- -------------
Cash and cash equivalents 606 542 4,331
=========== =============== =============
16 Equity
(a) Share capital
Number of shares unless otherwise stated Ordinary shares
Unaudited Unaudited Audited 31
30 June 2023 30 June 2022 December 2022
-------------- ------------------------- -------------------------
Par value - - -
Outstanding at beginning of
period / year 449,702,150 377,676,799 377,676,799
Shares issued - - 72,025,351
-------------- ------------------------- -------------------------
Outstanding at end of period
/ year 449,702,150 377,676,799 449,702,150
============== ========================= =========================
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.
The Company did not issue any ordinary shares during the period
(2022: no ordinary shares issued during the period).
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
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.
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 period.
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) Dividends
N o dividends were declared for the six months ended 30 June
2023 (2022: US$ Nil).
(c) Loss per share (basic and diluted)
The calculation of 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)
Unaudited Unaudited Audited year
ended
six-month six-month 31 December
2022
period ended period $000
ended
30 June 2023 30 June
2022
$000 $000
--------------- ------------ --------------
Loss for the period, attributable
to owners of the Company (1,530) (694) (4,286)
--------------- ------------ --------------
Loss attributable to ordinary
shareholders (1,530) (694) (4,286)
=============== ============ ==============
(ii) Weighted-average number of ordinary shares (basic and diluted)
Shares Unaudited Unaudited Audited year
six-month six-month ended
period ended period 31 December
30 June 2023 ended 2022
30 June
2022
-------------- --------------
Issued ordinary shares at 1 January
(after subdivision) 449,702,150 377,676,799 377,676,799
Effect of shares issued (weighted) - - 21,410,276
-------------- -------------- --------------
Weighted-average number of ordinary
shares at period / year end 449,702,150 377,676,799 399,087,075
============== ============== ==============
Loss per share of common stock
attributable to the Company:
(Basic and diluted / US$) (0.003) (0.002) (0.011)
-------------- -------------- --------------
17 Loans and borrowings
In prior periods, the Company had issued unsecured three year
term corporate bonds with varying effective interest rates that
were listed on the AIX.
All of the Company's issued bonds in circulation at 1 January
2023 were redeemed by the Company on 24 March 2023.
Current liabilities
Bonds payable (early repayment
rights) - 1,390 1,108
Interest payable - 24 18
------ -------- --------
- 1,414 1,126
====== ======== ========
Non-cash transactions from financing activities are shown in the
reconciliation of liabilities from financing transactions
below.
Unaudited Unaudited
six-month six-month Audited year
ended 31 December
2022
period ended period ended $000
30 June 30 June 2022
2023
$000 $000
---------------- ---------------- --------------------
At 1 January 1,127 1,427 1,427
Cash flows:
-Interest paid (32) (41) (82)
-Repayment of loans and borrowings (1,112) - (300)
---------------- ---------------- --------------------
Total (17) 1,386 1,045
================ ================ ====================
Non-cash flows
* Interest accruing in the period 17 41 82
---------------- ---------------- --------------------
At 30 June / 31 December - 1,427 1,127
================ ================ ====================
18 Trade and other payables
Unaudited Unaudited Audited 31
December 2022
30 June 2023 30 June $000
2022
$000 $000
--------------- ----------- ---------------
Trade payables 2,550 2,130 1,889
Debt to directors/key management
(Note 22) 11 75 214
Debt to employees 154 73 99
Other taxes 225 116 171
Advances received 134 10 10
=============== =========== ===============
3 , 074 2,404 2,383
19 Payables at FVTPL
Unaudited Unaudited Audited 31
December 2022
30 June 2023 30 June $000
2022
$000 $000
--------------- ----------- ---------------
Payables at FVTPL - 405 -
--------------- ----------- ---------------
- 405 -
=============== =========== ===============
20 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 contingencies
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 for 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.
21 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.
Unaudited six-month period ended 30 June
2023
Processing Subsoil Corporate Total
$000 $000 $000 $000
---------- ------- --------- -------
Revenue 3,314 - - 3,314
( 3,565
Cost of sales (3,565) - - )
Other income 8 - 5 13
( 1,337
Administrative expenses ( 402 ) ( 24 ) ( 911 ) )
Distribution & other
expenses ( 113 ) - - ( 113 )
Finance costs (40) - 198 158
( 708
Loss before tax (798) ( 24 ) ) (1,530)
========== ======= ========= =======
Unaudited six-month period ended 30 June 2022
Processing Subsoil Corporate Total
$000 $000 $000 $000
---------- ------- --------- -------
Revenue 3,910 - - 3,910
( 3,541 ( 3,541
Cost of sales ) - - )
Other income 12 - - 12
( 1,154
Administrative expenses ( 466 ) (2 9 ) ( 659 ) )
Distribution & other
expenses ( 52 ) - - ( 52 )
Finance costs 596 - ( 465 ) 131
---------- ------- --------- -------
Loss before tax 459 (29) (1,124) (694)
========== ======= ========= =======
Audited year ended 31 December
2022
Processing Subsoil Corporate Total
$000 $000 $000 $000
---------- ------- --------- -------
Revenue 6,271 - - 6,271
( 7,516 ( 7,516
Cost of sales ) - - )
Other income 73 - 4 77
( 1,758 ( 2,545
Administrative expenses ( 763 ) ( 24 ) ) )
Distribution & other
expenses ( 691 ) - - ( 691 )
Finance costs 531 - ( 413 ) 118
---------- ------- --------- -------
Loss before tax (2,095) (24) (2,167) (4,286)
========== ======= ========= =======
Included in revenue arising from processing are revenues of
US$3.1m (2022: US$3.7m) which arose from sales to three of the
Group' largest customers. No other single customer contributes 10
per cent or more to the Group's revenue.
All of the Group's assets are attributable to the Group's
processing operations.
Sales to the Group's largest customers during the six months
ended 30 June 2023 were as follows:
Customer A US$ 1.5m (46%) (2022:US$ 1.9m)
Customer B US$ 1.5m (47%) (2022: US$1.1m)
Customer C US$ 0.1m (4%) (2022: US$ 0.7m)
22 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
7):
Unaudited Unaudited Audited
six-month six-month year ended
period period ended 31 December
ended 30 June 2022 2022 $000
30 June $000
2023
$000
----------- -------------- -------------
Wages, salaries and related
taxes 474 360 986
=========== ============== =============
The amount of wages and salaries outstanding at 30 June 2023 is
equal to US$11,000 (2022: US$75,000).
Other
The Company is party to 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 six months
ended 30 June 2023 were US$10,667 (2022: US$7,445).
23 Subsequent events
On 27 July 2023, the Company launched a phased Kazakhstan US$20
million exempt offer bond programme valid until 31 July 2033.
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END
IR SSDFLUEDSEIU
(END) Dow Jones Newswires
September 11, 2023 02:00 ET (06:00 GMT)
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