TIDMPERE
RNS Number : 8719Y
Pembridge Resources plc
17 May 2021
17 May 2021
2020 Financial Statements Released
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce its annual
report and consolidated financial statements for the year ended
31(st) December 2020.
On 17 May 2021 the Board of Directors of the Company approved
the Annual Report and Consolidated Financial Statements for the
year ended 31 December 2020. During the year the Group made a loss
of US$27,275,000 (2019 - loss of US$13,087,000). The operating loss
of $24,296,000 (2019: $11,818,000) comprised the mark-to-market
revaluation of the Company's liability to Capstone of GBP9,369,000
(2019: exceptional expenses from the Minto acquisition of
$2,347,000), administrative costs of the Company of $1,585,000
(2019: $3,049,000) and the loss from Minto of $13,342,000 (2019
post-acquisition: 3,049,000) which reflect the early stage of
operations since re-starting in late 2019 and the challenges of
2020, including low copper prices and the staff quarantine and
similar requirements caused by Covid-19, which are keeping the
Minto mine safe but increased costs and affected efficiency.
The financial statements are available in pdf form on the
Company's website using the link below.
https://www.pembridgeresources.com/investors/financial-reports-and-presentations
The Company's Annual General Meeting will be held on 24 June
2021. The meeting will not be open to shareholders and voting will
be by proxy only, following government guidelines related to the
Covid-19 pandemic.
Extracts from the consolidated financial statements follow.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"These results reflect 2020 being a year in which the Minto team
developed the mine and laid the groundwork for future success,
despite the unexpected challenges that they faced in the year from
the Covid-19 pandemic and a low copper price. We are now seeing the
benefit of this work in 2021 and the recently announced result of
the 43-101 Preliminary Economic Assessment Technical Report shows
the long-term potential and value of the investment in Minto."
Cautionary Statement
This News Release includes certain "forward-looking statements"
which are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the
effect that the Company, or management, expects a stated condition
or result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no
assurance that actual results will meet management's expectations.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, the Company's intentions regarding its objectives,
goals or future plans and statements. Factors that could cause
actual results to differ materially from such forward-looking
information include, but are not limited to, the Company's ability
to predict or counteract the potential impact of COVID-19
coronavirus on factors relevant to the Company's business, failure
to identify additional mineral resources, failure to convert
estimated mineral resources to reserves with more advanced studies,
the inability to eventually complete a feasibility study which
could support a production decision, the preliminary nature of
metallurgical test results may not be representative of the deposit
as a whole, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political
risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects, capital, operating
and reclamation costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry, and those risks set out in the Company's public
documents. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
S
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is listed on the standard
segment of the Official List of the FCA and trading on the main
market for listed securities of London Stock Exchange plc.
Pembridge has an investment in Minto Explorations Ltd, a British
Columbia incorporated business operating the Minto mine in Yukon,
Canada.
Enquiries:
Pembridge Resources plc: +44 (0) 20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
Consolidated statement of comprehensive income
For the year ended 31 December 2020
Year ended Year ended
31 December 31 December
2020 2019
US$'000 US$'000
Revenue from contracts with customers 58,278 12,398
Production costs (62,542) (14,739)
Mark-to-market revaluation of concentrate
receivable 647 -
Royalties (308) (204)
Depreciation and amortisation (8,381) (3,459)
Administrative, legal and professional
expenses (2,036) (3,110)
Exceptional items
- acquisition and re-admission costs - (2,347)
- revaluation of Capstone liability (9,369) -
Foreign exchange gain / (loss) (585) (357)
Operating loss (24,296) (11,818)
Finance income 22 -
Finance cost (2,895) (1,295)
Loss before income tax (27,169) (13,113)
Income tax (106) 26
Loss for the year (27,275) (13,087)
Other comprehensive income (175) 936
Total comprehensive income for the year (27,450) (12,151)
============ ============
Loss is attributable to:
Non-controlling interest (12,544) (5,024)
Shareholders of the Company (14,731) (8,063)
Loss for the year (27,275) (13,087)
============ ============
Total comprehensive income is attributable
to:
Non-controlling interest (12,546) (4,400)
Shareholders of the Company (14,904) (7,751)
Total comprehensive income for the year (27,450) ( 12,151)
============ ============
Year ended Year ended
31 December 31 December
Earnings per share expressed in US cents 2020 2019
Basic and diluted loss per share attributable
to the equity holders of the Company (20.8c) (33.5c)
Consolidated statement of financial position
As at 31 December 2020
31 December 31 December
2020 2019
US$'000 US$'000
Non-current assets
Property, plant and equipment 56,798 50,207
Intangible assets - 394
Long-term deposits 7,059 4,040
------------ ------------
Total non-current assets 63,857 54,641
Current assets
Inventories 4,401 5,710
Trade and other receivables 5,672 8,610
Cash and cash equivalents 415 964
------------ ------------
Total current assets 10,488 15,284
Total assets 74,345 69,925
Non-Current liabilities
Borrowings (15,470) (10,631)
Lease liabilities (2,835) (2,734)
Reclamation and closure cost provision (25,286) (22,438)
Deferred consideration due to Capstone - (4,305)
Deferred tax liabilities (388) (270)
Total non-current liabilities (43,979) (40,378)
Current liabilities
Trade and other payables (16,253) (8,736)
Borrowings (1,600) -
Lease liabilities (4,764) (2,899)
Deferred consideration due to Capstone (18,571) (4,897)
Total current liabilities (41,188) (16,532)
Total liabilities (85,167) (56,910)
Net assets/(liabilities) (10,822) 13,015
============ ============
Equity
Share capital 965 825
Share premium 9,222 8,900
Capital redemption reserve 1,011 1,011
Translation reserve 139 312
Other reserve 46 369
Retained deficit (30,516) (13,465)
Equity attributable to shareholders of
the Company (19,133) (2,048)
Non-controlling interests 8,311 15,063
Total equity (10,822) 13,015
============ ============
Consolidated statement of changes in equity
For the year ended 31 December 2020
Share Share Capital Translation Retained Total Non-controlling Total
capital premium redemption / Other deficit interest Equity
reserve reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at
1 January 2020 825 8,900 1,011 681 (13,465) (2,048) 15,063 13,015
Loss for the
year - - - - (14.731) (14,731) (12,544) (27,275)
Other
comprehensive
income - items
that may be
reclassified
subsequently
to profit or
loss
Exchange
difference
on translation - - - (173) - (173) (2) (175)
Total
comprehensive
income for
the year - - - (173) (14,731) (14,904) (12,546) (27,450)
--------- --------- ------------ ------------ --------- --------- ---------------- ---------
Proceeds from
shares issued 140 322 - - - 462 - 462
Equity element
of convertible
loan - - - (53) - (53) - (53)
Investment
by
non-controlling
interest in
Minto share
capital - - - - 330 330 2,670 3,000
Change in share
of economic
interest in
Minto - - - - (3,124) (3,124) 3,124 -
Share-based
payments - - - 204 - 204 - 204
Transfer to
retained
deficit
after surrender
of share
options - - - (474) 474 - - -
Total
transactions
with owners
recognised
directly in
equity 140 322 - (323) (2,320) (2,181) 5,794 3,613
Balance at
31 December
2020 965 9,222 1,011 185 (30,516) (19,133) 8,311 (10,822)
========= ========= ============ ============ ========= ========= ================ =========
Consolidated statement of changes in equity
For the year ended 31 December 2019
Share Share Capital Translation Retained Total Non-controlling Total
capital premium redemption / Other deficit interest Equity
reserve reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at
1 January 2019 295 2,902 1,011 66 (5,933) (1,659) - (1,659)
Loss for the
year - - - - (8,063) (8,063) (5,024) (13,087)
Other
comprehensive
income - items
that may be
reclassified
subsequently
to profit or
loss
Exchange
difference
on translation - - - 312 - 312 624 936
Total
comprehensive
income for
the year - - - 312 (8,063) (7,751) (4,400) (12,151)
--------- --------- ------------ ------------ --------- -------- ---------------- ---------
Proceeds from
shares issued 530 6,109 - - - 6,639 - 6,639
Direct cost
of shares issued - (111) - - - (111) - (111)
Equity element
of convertible
loan - - - 53 - 53 - 53
Investment
by
non-controlling
interest in
Minto share
capital - - - - 531 531 1,059 1,590
Non-controlling
interest on
acquisition
of subsidiary - - - - - - 18,404 18,404
Share-based
payments - - - 250 - 250 - 250
Total
transactions
with owners
recognised
directly in
equity 530 5,998 - 303 531 7,362 19,463 26,825
Balance at
31 December
2019 825 8,900 1,011 681 (13,465) (2,048) 15,063 13,015
========= ========= ============ ============ ========= ======== ================ =========
The following describes the nature and purpose of each reserve
within Group and Company owners' equity:
Reserve Description and purpose
Share capital Nominal value of shares issued.
Share premium Amount subscribed for share capital in excess
of nominal value, less share issue costs.
Capital redemption Reserve created on cancellation of deferred
reserve shares.
Other reserve Cumulative fair value of warrants and share
options granted, together with the equity
element of the convertible loan.
Translation reserve Cumulative translation adjustment from retranslation
of group undertakings with functional currencies
other than USD.
Retained deficit Cumulative net gains and losses recognised
in the statement of comprehensive income.
Non-controlling Non-controlling interests represent the portion
interest of the equity of a subsidiary not attributable
either directly or indirectly to the parent
company and are presented separately in the
Consolidated Statement of comprehensive income
and within equity in the Consolidated statement
of financial position, distinguished from
parent company shareholders' equity.
Consolidated cash flow statement
For the year ended 31 December 2020
Year ended Year ended
31 December 31 December
2020 2019
US$'000 US$'000
Cash flows from operating activities
Loss for the year (27,275) (13,087)
Adjusted for:
Net finance costs 2,873 1,295
Unrealised FX on debt included in administrative
expenses (75) (169)
Depreciation 8,381 3,459
Tax charge / (credit) 106 (26)
Share based payments 204 250
Revaluation of Capstone liability 9,369 -
(6,417) (8,278)
Movements in working capital
Decrease / (increase) in inventories 1,359 (3,248)
Decrease / (increase) in trade and other
receivables 2,995 (8,252)
Increase / (decrease) in trade and other
payables 6,735 6,752
Cash used by operations 4,672 (13,026)
Income taxes recovered / (paid) - -
------------ ------------
Net cash used in operating activities 4,672 (13,026)
============ ============
Cash flows from investing activities
Payments into long-term deposits (2,737) (1,582)
Purchase of property, plant and equipment (4,518) (490)
Purchase of mining claims - (237)
Net cash used in investing activities (7,255) (2,309)
============ ============
Cash flows from financing activities
Interest payments (1,297) (497)
Repayment of borrowings (122) (647)
Proceeds from borrowings 5,471 10,754
Lease payments (5,521) (1,621)
Proceeds from issuance of shares - Company 462 6,528
Proceeds from issuance of shares - Minto 3,000 1,621
Net cash generated from financing activities 1,993 16,138
============ ============
Net increase in cash and cash equivalents (590) 803
Cash and cash equivalents at beginning
of year 964 151
Impact of exchange rates on cash balances 41 10
Cash and cash equivalents at end of year 415 964
============ ============
BASIS OF PREPARATION
The Group's Financial Statements are presented in United States
dollars (US$), which is also the functional currency of the
Company, and rounded to the nearest thousand.
The Financial Statements from which these extracts are taken
have been prepared in accordance with international accounting
standards in conformity with the Companies Act 2006 and
international financial reporting standards adopted pursuant to
Regulation (EC) No.1606/2002 as it applies in the European Union.
The Financial Statements have been prepared under the historical
cost convention, except as modified for assets and liabilities
recognised at fair value on a business combination and contingent
consideration measured at fair value.
Going concern
The Financial Statements have been prepared on a going concern
basis, which assumes that the Company and Group will continue
operating in the foreseeable future and will be able to service
their debt obligations, realise their assets and discharge their
liabilities as they fall due. The Company and Minto both have a
planning, budgeting and forecasting process to determine the funds
required to support their operations and expansionary plans. The
Company raised new equity in January 2021, which is expected to
support its operations until it starts to receive repayments from
Minto of its inter-company balance in 2022. At 31 December 2020,
Minto had cash of US$ 398,000 and available capacity of US$ 9.5
million under the prepayment facility with Sumitomo Canada Limited.
The Group's liabilities include a contingent consideration balance
of US$ 18,571,000 due to Capstone, which is disclosed as a current
liability and explained fully in note 32. The amount that will
actually be paid in respect of this obligation, and the timing
thereof, is dependent on future copper price movements, so is not
certain, and there may be scope to negotiate a delay in payments
beyond one year if this is necessary. Because the liability would
become payable in full only if copper prices remain at or above
certain levels, the same factors that would cause it to be payable
would also assist the Group in funding it. The Group's ability to
continue as a going concern is dependent on their ability to obtain
additional funding and the successful development of their existing
assets in order to meet their planned business objectives. However,
because there can be no assurance of this funding or the Group's
ability to generate positive cash flows, a material uncertainty
exists which may cast doubt on the Group's ability to continue as a
going concern.
At present the Group believes that there should be no
significant material disruption to its mining operations from
COVID-19, but the Board continues to monitor these risks and
Minto's business continuity plans.
Having prepared forecasts based on current resources, assessing
methods of obtaining additional finance and assessing the possible
impact of COVID-19, the Directors believe the Group and Company
have sufficient resources to meet its obligations for a period of
12 months from the date of approval of these Financial Statements.
Taking these matters into consideration, the Directors continue to
adopt the going concern basis of accounting in preparing these
Financial Statements. The Financial Statements do not include the
adjustments that would be required should the going concern basis
of preparation no longer be appropriate.
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FR SFUFEWEFSEFI
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May 17, 2021 08:22 ET (12:22 GMT)
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