TIDMPAT
RNS Number : 5085N
Panthera Resources PLC
30 September 2021
30 September 2021
Panthera Resources Plc
("Panthera" or "the Company")
Audited Financial Results and Management Update for the 12
Months Ended March 31, 2021
Panthera Resources PLC (AIM: PAT), the gold exploration and
development company with assets in India and West Africa, is
pleased to provide a summary of the Company's audited financial
results for the year ended March 31, 2021.
Highlights of 2020-21 Financial Year
Panthera Resources PLC ("Panthera", "PAT" or the "Company") has
navigated its third full year as an AIM-listed exploration and
mining company. During this period, we have refocused the Company
towards its gold projects in West Africa while continuing our
efforts to unlock the significant potential value of the Bhukia
Project (Bhukia) in Rajasthan, India.
Growing High Potential West Africa Gold Portfolio
-- The Bassala Project has been the key focus of Panthera's work
in West Africa during and after the financial year. The Bassala
gold project is located within a very well gold endowed Birimian
greenstone belt in southwest Mali, within 7km of the 3.7Moz Kalana
gold mine (Endeavour Resources) and 5km of the 2.4Moz Kodieran gold
mine (Wassoul'or). During the year, the Company completed an
extensive gold in soil and ground magnetic survey followed by an IP
survey in May 2021. This work has resulted in the identification of
22 high priority exploration targets, 13 of which were drilled
after the end of the financial year. The Company completed an
air-core (AC) drilling programme of 9,997 metres for 164 drill
holes and a reverse circulation (RC) drilling programme of 392m for
4 drill holes. Partials assays results (38% of the drilled metres)
received to date have been very encouraging with the remaining
assays expected shortly. The AC drilling programme is proposed to
continue after the wet season in the fourth quarter of this
calendar year. In addition, several direct targets for deeper
drilling have already been identified and a larger RC rig or a
diamond drill rig will also be secured for drilling these targets
following the completion of shallower AC drilling.
-- The Bido gold project (formerly known as Naton) is located
within a well gold endowed Birimian greenstone belt in southern
Burkina Faso. During the year, the Company successfully secured the
reissue of the licence following administrative challenges with the
Malian government. Following the grant of this licence during the
year, the remaining areas considered suitable for gold in soil
sampling in the south-central part of the licence were surveyed.
Several high gold in soil sample assays were returned including
26.5g/t Au, 16.7g/t Au. A new zone of extensive artisanal working
activity targeting in situ mineralisation was identified during the
survey. In addition, numerous outcropping quartz veins were also
identified and a programme of mapping and rock chip sampling was
undertaken. As there are many discrete targets within the licence
area, further activities will be required to prioritise the targets
for follow-up drilling. In this regard, it is proposed that the
principal areas of interest are surveyed with IP during the 2021-22
financial year followed by drilling.
-- During the year, the Company spun out its Labola (Burkina
Faso) and Kalaka (Mali) Projects into Moydow Holdings Limited
(Moydow), a private exploration vehicle. The transaction provided
finance to kick start exploration on the Labola and Kalaka Projects
while maintaining for the Company a significant ongoing
shareholding in Moydow. Moydow has moved quickly to progress the
Labola and Kalaka projects:
- During the year, Moydow has successfully secured all of the
historical exploration data over the licence from the previous
explorers. A total of 65,556m drilling in 541 holes (mainly diamond
and reverse circulation) has been undertaken by previous explorers.
Broad, moderate grade mineralisation such as 59m @ 1.83g/t Au from
41m, as well as narrow, very high-grade mineralisation such as 1m @
258.7g/t Au from 66m have been returned. Work is currently focused
on confirming the previous data, in particular, by twin drilling a
selection of previous explorers' drill holes to confirm that the
location of mineralisation zones and gold grades within these
mineralisation zones are repeatable. This programme should enable
the estimation of a resource compliant with NI43-101 guidelines in
the fourth quarter of this calendar year.
- The Kalaka gold project in southern Mali, West Africa, is
located 55km south of the 7Moz Morila gold mine (Barrick/Anglogold)
and 85km northwest of the 6Moz Syama gold mine (Resolute). The
Kalaka project has confirmed the potential for large tonnages
(several hundred million tonnes) of low-grade gold mineralisation.
Potential for higher-grade zones within the large low-grade system
has been identified associated with IP anomalies and artisanal
workings in areas of interpreted structural complexity. Work during
and after the end of the financial year comprised two ground IP
surveys that resulted in the identification of more than 20 drill
targets. A maiden drill programme is planned for the fourth quarter
of this calendar year.
Bhukia Project (Rajasthan, India)
-- A JORC-Inferred Mineral Resource Estimate of 1.74Moz was
reported by the Company from its early exploration over granted
tenure during the period 2005-08; whilst it has defined a planned
exploration programme that targets increasing this to over 6.0Moz
upon grant of the PL.
-- Since 2008, the Company has actively sought the approval of
the Prospecting Licence over Bhukia (PL). The PL Application (PLA)
was again rejected by the Government of Rajasthan (GoR) in August
2018 on various spurious grounds. The Company subsequently obtained
an interim Stay Order from the Rajasthan High Court which continues
to remain in place restraining the GoR from granting third party
rights within the entire area of the PLA.
-- In March 2021, the Government of India (GoI) amended the
Mines and Minerals (Development and Regulation) Act (MMDR2021)
which resulted in the immediate lapse of all prospecting licence
applications. Under the MMDR2021, provision is made to reimburse
any expenses incurred towards reconnaissance or prospecting
operations in such manner as may be prescribed by the GoI. The
Company continues to seek the reinstatement of its PLA through the
Rajasthan High Court in order that it is eligible for any
applicable reimbursement.
-- In February 2021, the Company announced that it had appointed
Fasken to advise the Company on a potential dispute with the GoI
concerning Bhukia. More specifically, Fasken is advising the
Company on its potential dispute under the Australia India
Bilateral Investment Treaty (ABIT) in relation to Bhukia.
Chairman's Statement
Dear Shareholder,
I am pleased to present the 2020-21 Annual Report for Panthera
Resources PLC. Panthera aims to create a mid-tier mining company by
building a strong portfolio of high-quality, low-cost gold assets
in West Africa and India. The past year has seen significant value
accretion for our shareholders following the refocus of our
business to our West African gold projects, while the Company
continues to seek a resolution to the impasse over the Bhukia
Project in Rajasthan, India (Bhukia).
In July 2020, the Company announced the spin-out of its Labola
(Burkina Faso) and Kalaka (Mali) Projects into Moydow Holdings
Limited (Moydow), a private exploration vehicle led by Mr Brian
Kiernan. The Moydow transaction provided the necessary finance to
kick start exploration on the Labola and Kalaka Projects. The
Company maintained a significant ongoing shareholding in Moydow.
This ensures that it will benefit from any success derived from the
work programmes, while not diluting shareholders' exposure to the
Company's other assets. Moydow has moved quickly, recently
completing its initial drilling programme at Labola and anticipates
the release of its maiden mineral resource estimate in the fourth
quarter of this calendar year.
At Kalaka, Moydow has completed two successful Induced
Polarisation (IP) surveys with more than 20 drill targets
identified. The Kalaka project has confirmed the potential for
large tonnages (several hundred million tonnes) of low-grade gold
mineralisation. Potential for higher-grade zones within the large
low-grade system have been identified to be associated with IP
anomalies and artisanal workings in areas of interpreted structural
complexity. Following the completion of the IP surveys, a maiden
drill programme is planned for the fourth quarter of this calendar
year.
Following the implementation of the Moydow transaction, the
Company has capitalised on the exploration momentum conducting
several successful exploration programmes at its core Bido (Burkina
Faso) and Bassala (Mali) projects directly operated by Panthera. In
July 2021, the Company completed a 9,000 metre air-core drilling
programme at Bassala with the initial assays confirming the
presence of significant gold mineralisation. A follow-up drilling
programme is planned for the fourth quarter of this calendar
year.
During the year, the Company has continued its efforts through
its JV for the grant of its mineral rights over the highly
prospective Bhukia Project in India (Bhukia). Despite the acute
challenges, the Bhukia PLA remains a very valuable asset for our
Company and we are resolutely pursuing our rights over the
project.
During the early part of the year, the Company has worked
closely with its local partner, Galaxy, to advance its negotiations
with GoR for the grant of the PL over Bhukia. In March 2021,
progress to securing the PL took a significant setback when the GoI
amended the Mines and Minerals (Development and Regulation) Act
which resulted in the immediate lapse of all prospecting licence
applications. Given the frustration in the grant of the PL by the
GoR and subsequently legislation changes by the GoI, the Company
appointed Fasken to advise on a potential dispute with the GoI
under the Australia India Bilateral Investment Treaty. The Company
is presently in discussions with potential litigation funders in
support of possible arbitration proceedings under the treaty. In
light of the legislative changes in India, in May 2021 the Company
announced that it has elected not to extend its partnership with
Galaxy.
I would also like to express our appreciation and gratitude to
all of our employees for their efforts, sacrifices and hard work
during the past year.
Michael Higgins
Non-Executive Chairman
29 September 2021
The audited Annual Report and Financial Statements for the year
ended 31 March 2020 will shortly be sent to shareholders and
published at: pantheraresources.com
Group statement of comprehensive income for the year ended 31
March 2021
2021 2020
$ USD $ USD
----------------------------------------------------- ----------- -----------
Continuing operations
Revenue - -
----------------------------------------------------- ----------- -----------
Gross profit - -
Other Income 99,509 58,038
Exploration costs expensed (631,131) (365,139)
Administrative expenses (915,190) (821,156)
Impairment expense (801,724) -
Loss from operations (2,248,536) (1,128,257)
Investment revenues 3,953 632
Loss on sale of investments (1,108) -
----------------------------------------------------- ----------- -----------
Loss before taxation (2,245,691) (1,127,625)
Taxation - -
Other comprehensive income
Items that may be reclassified to profit or
loss:
Changes in the fair value of financial assets - -
measured at FVOCI
Gain on sale to non-controlling interest 1,625,372 -
Exchange differences (17,721) (4,889)
----------------------------------------------------- ----------- -----------
Loss and total comprehensive income for the
year (638,040) (1,132,514)
----------------------------------------------------- ----------- -----------
Total loss for the year attributable to:
- Owners of the parent Company (2,188,292) (1,084,736)
- Non-controlling interest (57,399) (42,889)
----------------------------------------------------- ----------- -----------
(2,245,691) (1,127,625)
----------------------------------------------------- ----------- -----------
Total comprehensive income for the year attributable
to:
* Owners of the parent Company (580,641) (1,089,625)
* Non-controlling interest (57,399) (42,889)
----------------------------------------------------- ----------- -----------
(638,080) (1,132,514)
----------------------------------------------------- ----------- -----------
Loss per share attributable to the owners
of the parent
Continuing operations (undiluted/diluted) (0.03) (0.01)
----------------------------------------------------- ----------- -----------
Group statement of financial position for the year ended 31
March 2021
2021 2020
$ USD $ USD
--------------------------------------------- ------------ --------------
Non-current assets
Property, plant and equipment 2,988 2,811
Investments 2,209,671 6,102
Financial assets at fair value through other
comprehensive income - 947,257
--------------------------------------------- ------------ --------------
2,212,659 956,170
Current assets
Trade and other receivables 155,589 64,788
Cash and cash equivalents 1,591,175 97,762
--------------------------------------------- ------------ --------------
1,746,764 162,550
--------------------------------------------- ------------ --------------
Total assets 3,959,423 1,118,720
Non-current liabilities
Provisions 45,327 36,300
--------------------------------------------- ------------ ------------
45,327 36,300
Current liabilities
Provisions 10,978 8,658
Trade and other payables 205,081 313,332
--------------------------------------------- ------------ --------------
Total liabilities 261,386 358,290
--------------------------------------------- ------------ --------------
Net assets 3,698,037 760,430
--------------------------------------------- ------------ --------------
Equity
Share capital 1,216,198 1,010,308
Share premium 18,836,758 18,032,309
Capital reorganisation reserve 537,757 537,757
Other reserves 1,454,157 (1,111,153)
Retained earnings (18,021,218) (17,440,576)
--------------------------------------------- ------------ --------------
Total equity attributable to owners of the
parent 4,023,652 1,028,645
Non-controlling interest (325,614) (268,215)
--------------------------------------------- ------------ --------------
Total equity 3,698,038 760,430
--------------------------------------------- ------------ --------------
Group statement of changes of equity for the year ended 31 March
2021
Share Capital
Share premium re-organisation Other Retained Total Non-controlling
capital account reserve reserves earnings equity interest Total
$ USD $ USD $ USD $ USD $ USD $ USD $ USD $ USD
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Balance at 1
April 2019 913,588 17,373,601 537,757 (115,997) (16,352,292) 2,356,657 (225,326) 2,131,331
Year ended 31
March 2020:
Loss for the
year - - - - (1,082,878) (1,082,878) (42,889) (1,125,767)
Foreign
exchange
differences - - - - (5,407) (5,407) - (5,407)
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Total
comprehensive
income for
the
year - - - - (1,088,285) (1,088,285) (42,889) (1,131,174)
Issue of
shares
during period 96,720 658,708 755,428
Foreign
exchange
differences
on
translation
of
currency - - - (73,759) - (73,759) - (73,759)
Loss on
remeasurement
of financial
assets at
FVOCI - - - (921,397) - (921,397) - (921,397)
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Total
transactions
with owners,
recognised
directly
in equity 96,720 658,708 - (995,156) - (239,728) - (239,728)
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Balance at 31
March 2020 1,010,308 18,032,309 537,757 (1,111,153) (17,440,577) 1,028,644 (268,215) 760,429
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Capital re-organisation reserve is the balance of share capital
remaining after the Company purchased all shares in its subsidiary
Indo Gold Pty Ltd.
Other reserves is the combined balance of the Share Option
Reserve, Unrealised gain on investments reserve and Foreign
exchange translation reserve.
Share Capital
Share premium re-organisation Other Retained Total Non-controlling
capital account reserve reserves earnings equity interest Total
$ USD $ USD $ USD $ USD $ USD $ USD $ USD $ USD
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Balance at 1
April 2020 1,010,308 18,032,309 537,757 (1,111,153) (17,440,577) 1,028,644 (268,215) 760,429
Year ended 31
March 2021:
Loss for the
year - - - - (2,188,293) (2,188,293) (57,399) (2,245,692)
Gain on sale
to non
controlling
interest - - - - 1,625,372 1,625,372 - 1,625,372
Foreign
exchange
differences - - - - (17,721) (17,721) - (17,721)
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Total
comprehensive
income for
the
year - - - - (580,642) (580,642) (57,399) (638,041)
Share
Application
moneys
received - - - 45,658 - 45,658 - 45,658
Share Options
Issued - - - 102,914 - 102,914 - 102,914
Issue of
shares
during period 205,890 804,449 - - - 1,010,339 - 1,010,339
Foreign
exchange
differences
on
translation
of
currency - - - 190,577 190,577 - 190,577
Loss on
remeasurement
of financial
assets at
FVOCI - - - 2,226,161 - 2,226,161 - 2,726,161
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Total
transactions
with owners,
recognised
directly
in equity 205,890 804,449 - 2,565,310 - 3,575,649 - 3,575,649
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Balance at 31
March 2021 1,216,198 18,836,758 537,757 1,454,157 (18,021,219) 4,023,651 (325,614) 3,698,037
--------------- ---------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Group statement of cash flows for the year ended 31 March
2021
2021 2020
$ USD $ USD
---------------------------------------------------- ------------ ----------
Cash flows from operating activities
Cash used in operations (1,402,247) (947,313)
Income taxes paid -
---------------------------------------------------- ------------ ----------
Net cash outflow from operating activities (1,402,247) (947,313)
Investing activities
Purchase of intangible assets -
Sale of property, plant and equipment (2,408) (1,133)
Sale/(Purchase) of financial assets at FVOCI 1,832,188 49,603
Net cash generated /(used) in investing activities 1,829,780 48,470
Financing activities
Proceeds from issue of shares 790,616 635,881
Proceeds from share applications 45,658 -
Proceeds from issue of shares in subsidiaries - 250,000
Effect of exchange rate on cash 229,608 (77,650)
---------------------------------------------------- ------------ ----------
Net cash generated from financing activities 1,065,882 808,231
Net decrease in cash and cash equivalents 1,493,415 (90,613)
Cash and cash equivalents at beginning of
year 97,762 188,375
Cash and cash equivalents at end of year 1,591,177 97,762
---------------------------------------------------- ------------ ----------
Material non-cash transactions included issue of shares in lieu
of fees of $219,723.
Notes to the 2021 Financial Statements (Extract)
1. Accounting policies
Group information
Panthera Resources PLC is a public Company limited by shares
incorporated in the United Kingdom. The registered office is
Salisbury House, London Wall, London EC2M 5PS
The Group consists of Panthera Resources PLC and its subsidiaries,
as listed in note 23.
1.1 Basis of preparation
The Group's and Company's financial statements for the year ended
31 March 2021 have been prepared in accordance with International
Financial Reporting Standards (IFRS) in conformity with the requirements
of the Companies Act 2006.
The financial statements have been prepared on the historical
cost basis, except for the valuation of investments at fair value
through profit or loss. The principal accounting policies adopted
are set out below.
The functional currency of the Company is British Pounds (GBP).
This is due to the Company being registered in the U.K and being
listed on AIM, a London based market. Additionally, a large proportion
of its administrative and operative costs are denominated in
GBP.
The financial statements are prepared in United States Dollars
($), which is the reporting currency of the Group. Monetary amounts
in these financial statements are rounded to the nearest whole
dollar. This has been selected to align the Group with accounting
policies of other major gold-producing Companies, the majority
of whom report in $.
As permitted by section 408 of the Companies Act 2006, the Company
has not presented its own statement of comprehensive income and
related notes. The Company's profit for the year was $1,985,025
(2020: loss of $13,390,677).
1.2 Basis of consolidation
The consolidated financial statements comprise the financial
statements of Panthera Resources PLC and its subsidiaries as
at 31 March 2021.
Panthera Resources PLC was incorporated on 8 September 2017.
On 21 December 2017, Panthera Resources PLC acquired the entire
share capital of Indo Gold Limited by way of a share for share
exchange. The transaction has been treated as a Group reconstruction
and has been accounted for using the reverse merger accounting
method. This transaction does not satisfy the criteria of IFRS
3 Business Combinations and therefore falls outside the scope
of the standard. Accordingly, the financial information for the
current year and comparatives have been presented as if Indo
Gold Limited has been owned by Panthera Resources PLC throughout
the current and prior years.
A controlled entity is any entity Panthera Resources PLC has
the power to control the financial and operating policies of,
so as to obtain benefits from its activities. Details of the
subsidiaries are provided in note 23. The assets, liabilities
and results of all subsidiaries are fully consolidated into the
financial statements of the Group from the date on which control
is obtained by the Group. The consolidation of a subsidiary is
discontinued from the date that control ceases. Intercompany
transactions, balances and unrealised gains or losses on transactions
between Group entities are fully eliminated on consolidation.
Accounting policies of subsidiaries have been changed and adjustments
made where necessary to ensure uniformity of the accounting policies
adopted by the Group.
Equity interests in a subsidiary not attributable, directly or
indirectly, to the Group are presented as "non-controlling interests".
The Group initially recognises non-controlling interests that
are present ownership interests in subsidiaries either at fair
value or at the non-controlling interests' proportionate share
of the subsidiary's net assets when the holders are entitled
to a proportionate share of the subsidiary's net assets on liquidation.
All other components of non-controlling interests are initially
measured at their acquisition-date fair value. Subsequent to
initial recognition, non-controlling interests are attributed
their share of profit or loss and each component of other comprehensive
income. Non-controlling interests (when applicable) are shown
separately within the equity section of the statement of financial
position and statement of comprehensive income.
Associates are entities over which the Group has significant
influence but not control over the financial and operating policies.
Investments in associates are accounted for using the equity
method of accounting and are initially recognised at cost. The
Group's share of its associates' post-acquisition profits or
losses is recognised in profit or loss, and its share of post-acquisition
movements in reserves is recognised in other comprehensive income.
The cumulative post acquisition movements are adjusted against
the carrying amount of the investment. Accounting policies of
equity-accounted investees have been changed where necessary
to ensure consistency with the policies adopted by the Group.
"Joint ventures" as referred to in the financial statements refer
to agreements with exploration partners and not joint ventures
as defined within IFRS 11.
1.3 Going concern
The financial statements have been prepared on a going concern
basis. The group incurred a net loss of $638,080 and incurred
operating cash outflows of $1,402,247 and is not expected to
generate any revenue or positive outflows from operations in
the 12 months from the date at which these financial statements
were signed. Management indicate that on current expenditure
levels, all current cash held will be used prior to the 12 months
subsequent of the signing of the financial statements.
The Directors are currently in talks with potential investors
to secure the necessary funding to ensure that the Group can
continue to fund its operations for the 12 months subsequent
to the date of the signing of the financial statements. While
they are confident that they will be able to secure the necessary
funding, the current conditions do indicate the existence of
a material uncertainty that may cast doubt regarding the applicability
of the going concern assumption and the auditors have made reference
to this in their audit report.
The Directors have, in the light of all the above circumstances,
a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.
Thus, they continue to adopt the going concern basis of accounting
preparing the Group Financial Statements.
The effect of COVID-19 is actively being assessed by the Directors,
the future impact of which remains unknown. The Directors are
of the opinion that there is no reason to believe there will
be any effect in respect of the Group's going concern status
for the foreseeable future.
1.4 Segmental reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, which is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors that
makes strategic decisions.
1.5 Fair Value of Assets and Liabilities
The Group measures some of its assets and liabilities at fair
value on either a recurring or non-recurring basis, depending
on the requirements of the applicable Accounting Standard.
Fair value is the price the Group would receive to sell an asset
or would have to pay to transfer a liability in an orderly (i.e.
unforced) transaction between independent, knowledgeable and
willing market participants at the measurement date.
As fair value is a market-based measure, the closest equivalent
observable market pricing information is used to determine fair
value. Adjustments to market values may be made having regard
to the characteristics of the specific asset or liability. The
fair values of assets and liabilities that are not traded in
an active market are determined using one or more valuation techniques.
These valuation techniques maximise, to the extent possible,
the use of observable market data.
To the extent possible, market information is extracted from
either the principal market for the asset or liability (i.e.
the market with the greatest volume and level of activity for
the asset or liability) or, in the absence of such a market,
the most advantageous market available to the entity at the end
of the reporting period (i.e. the market that maximises the receipts
from the sale of the asset or minimises the payments made to
transfer the liability, after taking into account transaction
costs and transport costs).
For non-financial assets, the fair value measurement also takes
into account a market participant's ability to use the asset
in its highest and best use or to sell it to another market participant
that would use the asset in its highest and best use.
The fair value of liabilities and the entity's own equity instruments
(excluding those related to share-based payment arrangements)
may be valued, where there is no observable market price in relation
to the transfer of such financial instruments, by reference to
observable market information where such instruments are held
as assets. Where this information is not available, other valuation
techniques are adopted and, where significant, are detailed in
the respective note to the financial statements.
1.6 Business combinations
Business combinations occur where an acquirer obtains control
over one or more businesses.
A business combination is accounted for by applying the acquisition
method, unless it is a combination involving entities or businesses
under common control. The business combination will be accounted
for from the date that control is attained, whereby the fair
values of the identifiable assets acquired and liabilities (including
contingent liabilities) assumed are recognised (subject to certain
limited exceptions).
When measuring the consideration transferred in the business
combination, any asset or liability resulting from a contingent
consideration arrangement is also included. Subsequent to initial
recognition, contingent consideration classified as equity is
not remeasured and its subsequent settlement is accounted for
within equity. Contingent consideration classified as an asset
or a liability is remeasured in each reporting period to fair
value recognising any change to fair value in profit or loss,
unless the change in value can be identified as existing at acquisition
date.
All transaction costs incurred in relation to business combinations,
other than those associated with the issue of a financial instrument,
are recognised as expenses in profit or loss.
The acquisition of a business may result in the recognition of
goodwill or a gain from a bargain purchase.
Included in the measurement of consideration transferred is any
asset or liability resulting from a contingent consideration
arrangement. Any obligation incurred relating to contingent consideration
is classified as either a financial liability or equity instrument,
depending on the nature of the arrangement. Rights to refunds
of consideration previously paid are recognised as receivables.
Subsequent to initial recognition, contingent consideration classified
as equity is not re-measured and its subsequent settlement is
accounted for within equity.
Contingent consideration classified as an asset or a liability
is re-measured each reporting period to fair value through the
statement of comprehensive income, unless the change in value
can be identified as existing at acquisition date.
All transaction costs incurred in relation to the business combination
are expensed to the consolidated statement of comprehensive income.
The Group transferred the non-Indian assets from Indo Gold Pty
Ltd to the parent company following the execution of the funding
agreement with Galaxy to invest directly in the equity of Indo
Gold Pty Ltd. The transfer was completed on 28 March 2019.
During the year the Group formed a new wholly owned group to
hold Mali interests, Panthera Mali (UK) Limited and local company
Panthera Exploration Mali SARL.
1.7 Taxation
Income tax expense represents the sum of the tax currently payable
and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from profit as reported in the consolidated
statement of comprehensive income because of items of income
or expense that are taxable or deductible in other years and
items that are never taxable or deductible. The Group's liability
for current tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting
period.
Deferred tax
Deferred tax is recognised on temporary differences between the
carrying amounts of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in
the computation of taxable profit. Deferred tax liabilities are
generally recognised for all taxable temporary differences. Deferred
tax assets are generally recognised for all deductible temporary
differences to the extent that it is probable that taxable profits
will be available against which those deductible differences
can be utilised. Such deferred tax assets and liabilities are
not recognised if the temporary difference arises from goodwill
or from the initial recognition (other than in a business combination)
of other assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences associated with investments in subsidiaries and associates,
and interest in joint ventures, except where the Group is able
to control the reversal of the temporary difference and it is
probable that the temporary difference will not reverse in the
foreseeable future. Deferred tax assets arising from deductible
temporary differences associated with such investments and interests
are only recognised to the extent that it is probable that there
will be sufficient taxable profits against which to utilise the
benefits of the temporary differences and they are expected to
reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the
end of each reporting period and reduced to the extent that it
is no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply in the period in which the liability
is settled or asset is realised, based on tax rates (and tax
laws) that have been enacted or substantively enacted by the
end of the reporting period. The measurement of deferred tax
liabilities and assets reflects the tax consequences that would
follow from the manner in which the Group expects, at the end
of the reporting period, to recover or settle the carrying amount
of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is
a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes
levied by the same taxation authority and the Group intends to
settle its tax assets and liabilities on a net basis.
Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except
when they relate to items that are recognised in other comprehensive
income or directly in equity, in which case the current and deferred
tax are also recognised in other comprehensive income or directly
in equity, respectively. Where current tax or deferred tax arises
from the initial accounting for a business combination, the tax
effect is included for the business combination.
The purchase method of accounting is used for all acquisitions
of assets regardless of whether equity instruments or other assets
are acquired. Cost is measured as the fair value of the assets
given up, shares issued, or liabilities undertaken at the date
of acquisition plus incidental costs directly attributable to
the acquisition
1.8 Acquisitions of assets
The purchase method of accounting is used for all acquisitions
of assets regardless of whether equity instruments or other assets
are acquired. Cost is measured as the fair value of the assets
given up, shares issued, or liabilities undertaken at the date
of acquisition plus incidental costs directly attributable to
the acquisition.
1.9 Revenue recognition
The Group currently is in the exploration and development phase
of its assets and has no directly attributable revenues. For
any one-off items transacted, revenues are recognised at fair
value of the consideration received, net of the amount of value
added tax ("VAT) or similar taxes payable to the taxation authority.
Exchanges of goods or services of the same nature and value without
any cash consideration are not recognised as revenues.
Interest income from a financial asset is recognised when it
is probable that the economic benefits will flow to the Group
and the amount of revenue can be measured reliably. Interest
income is accrued on a time basis, by reference to the principal
outstanding and the effective interest rate applicable.
1.10 Payables
A liability is recorded for goods and services received prior
to balance date, whether invoiced to the Group or not. Payables
are normally settled within 30 days.
1.11 Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held
at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or
less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value,
and bank overdrafts. The Group currently does not utilise any
bank overdrafts.
1.12 Exploration and Development Expenditure
Exploration and evaluation costs are expensed as incurred. Acquisition
costs will normally be expensed but will be assessed on a case
by case basis and if appropriate may be capitalised. These acquisition
costs are only carried forward to the extent that they are expected
to be recouped through the successful development or sale of
the area. Accumulated acquisition costs in relation to an abandoned
area are written off in full against profit in the year in which
the decision to abandon the area is made.
The carrying values of acquisition costs are reviewed for impairment
when events or changes in circumstances indicate the carrying
value may not be recoverable.
1.13 Financial Assets
The Group and Company has classified all of its financial assets
as loans and receivables. The classification depends on the purpose
for which the financial assets were acquired. Management determines
the classification of its financial assets at initial recognition.
Loans and receivables are non-derivative financial assets with
fixed or determinable payments that are not quoted in an active
market. They are included in current assets. The Group's loans
and receivables comprise trade and other receivables and cash
and cash equivalents in the Statement of Financial Position.
Loans and receivables are initially recognised at fair value
plus transaction costs and are subsequently carried at amortised
cost using the effective interest method, less provision for
impairment.
Impairment of financial assets
The Group assesses, on a forward-looking basis, the expected
credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
A financial asset, or a group of financial assets, is impaired,
and impairment losses are incurred, only if there is objective
evidence of impairment as a result of one or more events that
occurred after the initial recognition of the asset (a "loss
event"), and that loss event (or events) has an impact on the
estimated future cash flows of the financial asset, or group
of financial assets, that can be reliably estimated.
The criteria that the Group and Company uses to determine that
there is objective evidence of an impairment loss include:
* significant financial difficulty of the issuer or
obligor;
* a breach of contract, such as a default or
delinquency in interest or principal repayments.
The amount of the loss is measured as the difference between
the asset's carrying amount and the present value of estimated
future cash flows (excluding future credit losses that have not
been incurred), discounted at the financial asset's original
effective interest rate. The asset's carrying amount is reduced,
and the loss is recognised in the profit or loss.
For trade receivables, the Group applies the simplified approach
permitted by IFRS 9, which requires expected lifetime losses
to be recognised from initial recognition of the receivables.
If, in a subsequent year, the amount of the impairment loss decreases
and the decrease can be related objectively to an event occurring
after the impairment was recognised (such as an improvement in
the trade and other receivables credit rating), the reversal
of the previously recognised impairment loss is recognised in
the Statement of Comprehensive Income.
1.14 Impairment of Assets
At each reporting date, the Group reviews the carrying values
of its tangible and intangible assets to determine whether there
is any indication that those assets have been impaired. If such
an indication exists, the recoverable amount of the asset, being
the higher of the asset's fair value less costs to sell and value
in use, is compared to the asset's carrying value. Any excess
of the asset's carrying value over its recoverable amount is
expensed to the income statement.
Impairment testing is performed annually for goodwill and intangible
assets with indefinite lives.
Where it is not possible to estimate the recoverable amount of
an individual asset, the Group estimates the recoverable amount
of the cash-generating unit to which the asset belongs.
1.15 Foreign currency transactions and balances
Transactions and balances
Foreign currency transactions are translated into functional
currency using the exchange rates prevailing at the date of the
transaction. Foreign currency monetary items are translated at
the year-end exchange rate. Non-monetary items measured at historical
cost continue to be carried at the exchange rate at the date
of the transaction. Non-monetary items measured at fair value
are reported at the exchange rate at the date when fair values
were determined.
Exchange differences arising on the translation of monetary items
are recognised in the income statement, except where deferred
in equity as a qualifying cash flow or net investment hedge.
Exchange differences arising on the translation of non-monetary
items are recognised directly in equity to the extent that the
gain or loss is directly recognised in equity; otherwise the
exchange difference is recognised in the income statement.
Group companies
The financial results and position of foreign operations whose
functional currency is different from the Group's presentation
currency are translated as follows:
* assets and liabilities are translated at year-end
exchange rates prevailing at that reporting date;
* income and expenses are translated at average
exchange rates for the period; and
* equity and retained earnings balances are translated
at the exchange rates prevailing at the date of the
transaction.
1.16 Employee benefits
A liability is recognised for benefits accruing to employees
in respect of wages and salaries, annual leave, long service
leave, and sick leave when it is probable that settlement will
be required and they are capable of being measured reliably.
Liabilities recognised in respect of employee benefits expected
to be settled within 12 months are measured at their nominal
values using the remuneration rate expected to apply at the date
of settlement.
Liabilities recognised in respect of employee benefits which
are not expected to be settled within 12 months are measured
as the present value of the estimated future cash outflows to
be made by the Group in respect of services provided to employees
up to reporting date.
1.17 Value Added Tax (VAT) and similar taxes
Revenues, expenses and assets are recognised net of the amount
of VAT or similar tax, except where the amount of tax incurred
is not recoverable from the relevant taxing authority. In these
circumstances the tax is recognised as part of the cost of acquisition
of the asset or as part of an item of the expense. Receivables
and payables in the consolidated statement of financial position
are shown inclusive of tax.
1.18 Provisions
Provisions are recognised when the Group has a legal or constructive
obligation, as a result of past events, for which it is probable
that an outflow of economic benefits will result and that outflow
can be reliably measured.
1.19 Plant and equipment
Each class of plant and equipment is carried at cost less, where
applicable, any accumulated depreciation and impairment losses.
Plant and equipment are measured on the cost basis less depreciation
and impairment losses. The carrying amount of plant and equipment
is reviewed annually by Directors to ensure it is not in excess
of the recoverable amount from these assets.
All other repairs and maintenance are charged to the income statement
during the financial period in which they are incurred.
The depreciable amount of all fixed assets is depreciated on
a diminishing value basis over the asset's useful life to the
consolidated Group commencing from the time the asset is held
ready for use.
Class of Fixed Asset: Depreciation rate
Property Plant and Equipment 10% - 50%
The assets' residual values and useful lives are reviewed, and
adjusted if appropriate, at each Statement of financial position
date.
An asset's carrying amount is written down immediately to its
recoverable amount if the asset's carrying amount is greater
than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds
with the carrying amount. These gains or losses are included
in the income statement.
1.20 Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income
are non-derivative financial assets that are either not capable
of being classified into other categories of financial assets
due to their nature or they are designated as such by management.
They comprise investments in the equity of other entities where
there is neither a fixed maturity nor fixed or determinable payments
and the intention is to hold them for the medium to long term.
They are subsequently measured at fair value with any re-measurements
other than impairment losses and foreign exchange gains and losses
recognised in Reserves. When the financial asset is derecognised,
the cumulative gain or loss pertaining to that asset previously
recognised in Reserves is reclassified into profit or loss.
The financial assets are presented as non-current assets unless
they matured, or the intention is to dispose of them within 12
months of the end of the reporting period.
1.21 Share-based payments
The Group operates equity-settled share-based payment option
schemes. The fair value of the options to which employees become
entitled is measured at grant date and recognised as an expense
over the vesting period, with a corresponding increase to an
equity account. The fair value of options is ascertained using
a Black-Scholes pricing model which incorporates all market vesting
conditions. The number of options expected to vest is reviewed
and adjusted at the end of each reporting date such that the
amount recognised for services received as consideration for
the equity instruments granted shall be based on the number of
equity instruments that eventually vest.
1.22 Critical accounting estimates and judgements
The Directors evaluate estimates and judgments incorporated into
the financial statements based on historical knowledge and best
available current information. Estimates assume a reasonable
expectation of future events and are based on current trends
and economic data, obtained both externally and within the Group.
Key estimates - Impairment of the carrying value of investments
& financial assets
The Group assesses impairment at the end of each reporting period
by evaluating the conditions and events specific to the Group
that may be indicative of impairment triggers. Recoverable amounts
of relevant assets are reassessed using value-in-use calculations
that incorporate various key assumptions.
Management make judgements in respect of the carrying value of
their investments in associates both at a group and company level.
In undertaking this exercise management make estimations in respect
of the projected success of the associates projects at the period
end based on the information available at that time including,
but not limited to, the financing available to the associate
to pursue its projects. At the year end they consider the best
estimate of the carrying value of the associate to be same at
both a Group and Company level.
Key estimates - Estimated fair value of certain financial assets
measured at fair value through other comprehensive income
The fair value of financial instruments that are not traded in
an active market is determined using judgement to make assumptions
that are mainly based on market conditions existing at the end
of each reporting period. Refer to note 13 for additional information.
2. Adoption of new and revised standards and changes in accounting
policies
At the date of authorisation of these financial statements, there
are no new, but not yet effective, standards, amendments to existing
standards, or interpretations that have been published by the
IASB that will have a material impact on these financial statements.
Contacts
Panthera Resources PLC
Mark Bolton (Managing Director) +61 411 220 942
contact@pantheraresources.com
Allenby Capital Limited (Nominated Adviser & Broker) +44 (0)
20 3328 5656
John Depasquale / Vivek B hardwaj (Corporate Finance)
Financial Public Relations
Vigo Communications Ltd +44 (0)20 7390 0230
Oliver Clark / Chris McMahon
Subscribe for Regular Updates
Follow the Company on Twitter at: @PantheraPLC
For more information and to subscribe to updates visit:
pantheraresources.com
Qualified Person
The technical information contained in this disclosure has been
read and approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG),
who is a qualified geologist and acts as the Competent Person under
the AIM Rules - Note for Mining and Oil & Gas Companies. Antony
Truelove is the COO of Panthera Resources PLC.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310. Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
Forward-looking Statements
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties, and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes, and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events, or results not to be as
anticipated, estimated, or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events, or results
or otherwise. Forward-looking statements are not guarantees of
future performance and accordingly, undue reliance should not be
put on such statements due to the inherent uncertainty therein.
**ENDS**
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END
FR URRORAWUKORR
(END) Dow Jones Newswires
September 30, 2021 01:59 ET (05:59 GMT)
Panthera Resources (LSE:PAT)
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