REG - Zanaga Iron Ore - Interim Results
29/09/2023 07:00
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RNS Number : 0732O Zanaga Iron Ore Company Ltd 29 September 2023
29 September 2023
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC) is
pleased to announce its unaudited interim results for the six months ended 30
June 2023 and an update on post reporting period end events to 28 September
2023.
Highlights
Corporate strategy
· Corporate strategy approved by the ZOIC Board of Directors, focused on
leveraging recent discussions with potential partners in order to progress the
Zanaga Project through positive defined milestones
· Key milestone objectives through to the end of Q1 2024 include:
o Feasibility Study update - End 2023
o Hydro power partnership - Q1 2024 (Memorandum of Understanding)
o Port partnership - Q1 2024 (Memorandum of Understanding)
o Strategic partner initiative - Q1 2024 (Memorandum of Understanding)
Zanaga Iron Ore Project (the "Project" or the "Zanaga Project")
· Partnership launched with Chinese iron ore technical expert engineering
firm ("Chinese EPC Partner") as part of a two stage optimisation process of
the Zanaga 30Mtpa staged development project.
o Phase 1 - Feasibility Study update (the "FS Update")
§ 2014 Feasibility Study cost estimates to be updated to current market
pricing using Chinese contractor pricing for both phases of 12Mtpa Stage One
("Stage One"), plus 18Mtpa Stage Two expansion ("Stage Two") projects.
§ Chinese EPC Partner possesses specific, specialised, design and
construction expertise in slurry pipeline projects as well as iron ore pellet
feed concentrate projects similar to that proposed at the Zanaga Project.
§ Initial guidance provided by the Chinese EPC Partner is that potential
capital and operating cost savings of more than 20% could be achieved.
§ The results of this exercise are expected to be received in Q4 2023.
o Phase 2 - Processing technology application study
§ Chinese EPC Partner possesses a proprietary new processing technology for
iron ore processing, with the potential to provide further capital and
operating cost savings beyond the results of the FS Update.
§ The application of this processing technology to the iron ore from the
Zanaga Project is planned to undergo technical assessment as initial results
from the FS Update are received in the coming months.
· Port infrastructure discussions underway
o Discussions are in progress with a large port infrastructure development
firm, including consideration of:
§ Opportunity for expansion of the existing port of Pointe-Noire.
§ Potential development solutions for a large bulk mineral port capable of
supporting the Zanaga 30Mtpa staged development project.
· Early Production Project ("EPP Project" or "EPP")
o Multiple production scenarios remain under investigation on processing
facilities and suitable logistics solutions, with a particular focus on an
export solution through the Republic of Congo ("RoC").
Funding
· Shard Merchant Capital Ltd ("SMC") equity subscription agreements
("Shard ESAs").
o Original SMC equity subscription agreement (ESA) fully completed ("2020
ESA").
§ In 2022 SMC subscribed for 7 million shares of no par value in ZIOC, as
part of the final tranche of the 21 million ordinary share facility signed in
2020.
§ Total proceeds of £1,318,126.12 were received from the facility, following
the placement of the final 7,000,000 tranche shares by SMC in 2022.
o New ESA signed with SMC on 1 July 2023 ("2023 ESA").
§ Following the successful completion of the 2020 ESA, ZIOC has entered into
the 2023 ESA with SMC.
§ Under the terms of the 2023 ESA the Company will issue and SMC will
subscribe for up to 36 million ordinary shares of no par value in the Company
("Subscription Shares") in up to three tranches of up to 12 million shares
each.
§ Pursuant to the 2023 ESA, SMC has undertaken to use its reasonable
endeavors' to place the relevant Subscription Shares that it has subscribed
for and to pay to ZIOC 95% of the gross proceeds of any such sales.
o Proceeds of the Shard ESAs applied to general working capital, including
the provision of further contributions to the Zanaga Project's operations.
· Cash balance of US$0.6m as at 30 June 2023 and cash balance of US$0.5m
as at 31 August 2023.
o Current available cash on hand is expected to cover ZIOC's corporate
overheads until end Q1 2024 assuming an extension of the term of the current
facility from Glencore which is currently due to be repaid on 31 December
2023, with current SMC facility placement expected to extend ZIOC working
capital into Q3 2024 following that extension.
· Annual General Meeting to be held in November 2023, with the requisite
notice to be sent to shareholders in due course.
Clifford Elphick, Non-Executive Chairman of ZIOC, commented:
"During the first half of 2023, ZIOC launched a process with its Chinese EPC
Partner to secure Chinese contractor pricing and to update the cost estimates
of the 30Mtpa Feasibility Study, while also considering the application of new
iron ore processing technology to reduce estimated costs further. This is a
completely different exercise to the study work conducted by consulting firms
in the past, as the Chinese EPC Partner is a constructor and developer of iron
ore mining projects, with specific expertise in slurry pipelines and pellet
feed concentrate processing. We look forward to concluding the process by year
end.
Furthermore, port infrastructure discussions are underway with a large port
infrastructure development firm seeking to expand the existing port of
Pointe-Noire. Consideration is also being given to potential development
solutions for a large bulk mineral port capable of supporting the 30Mtpa
staged development project.
Following the acquisition of full ownership and control of the Zanaga Project
we are now engaging with strategic entities interested in participating in the
Zanaga Project, and intend on securing a selected partner by the end of Q1
2024".
Copies of the unaudited interim results for the six months ended 30 June 2022
are available on the Company's website at www.zanagairon.com
(http://www.zanagairon.com/)
The Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.
For further information, please contact:
Zanaga Iron Ore
Corporate Development and
Andrew Trahar
Investor Relations Manager
+44 20 7399 1105
Liberum Capital Limited
Nominated Adviser, Financial
Scott Mathieson, Kane Collings
Adviser and Corporate Broker +44 20
3100 2000
About us:
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM ticker: ZIOC)
is the owner of the Zanaga Iron Ore Project based in the Republic of Congo
(Congo Brazzaville) through its subsidiary Jumelles Limited. The Zanaga Iron
Ore Project is one of the largest iron ore deposits in Africa and has the
potential to become a world-class iron ore producer.
Business Review - Operations
Chinese EPC contractor engagement
ZIOC has entered into an engagement with a Chinese EPC partner with
substantial experience in the design, engineering and construction management
of large iron ore projects. The Chinese EPC contractor possesses specific,
specialised, design and construction expertise in slurry pipeline projects as
well as iron ore pellet feed concentrate projects similar to the Zanaga
Project.
The process involves a two stage project optimisation work programme.
The initial FS Update will involve updating the 2014 Feasibility Study cost
estimates to current market pricing using Chinese contractor pricing for both
phases of the 30Mtpa staged development project, including both 12Mtpa Stage
One, plus 18Mtpa Stage Two expansion.
The Chinese EPC has initially guided that cost savings of more than 20% could
be available through the utilisation of Chinese construction contractor firms
capable of building the Zanaga Project utilising lower cost construction
solutions than traditional Western EPC firms would typically be able to
provide.
The results of this exercise are expected to be received in Q4 2023.
The second phase of work will involve investigating the potential to apply
proprietary iron ore processing technology that the Chinese EPC Partner
possesses, with the potential to provide further capital and operating cost
savings beyond the results of the FS Update.
The application of this processing technology to the iron ore from the Zanaga
Project is planned to undergo technical assessment as initial results from the
FS Update are received in the coming months.
Port infrastructure discussions underway
Discussions are in progress with a large port infrastructure development firm
to investigate opportunities to align the Zanaga Project with their planned
port infrastructure facilities in Pointe-Noire. Consideration is being given
to both of the following port infrastructure initiatives:
· Opportunity for expansion of the existing port of Pointe-Noire,
potentially enabling a larger solution for the EPP Project.
· Potential development solutions for a large bulk mineral port
terminal capable of supporting the Zanaga 30Mtpa staged development project.
Corporate Strategy approved
The ZIOC Board of Directors and management have determined specific milestones
and objectives until the end of Q1 2024. This strategy intends to leverage
recent discussions with potential partners in order to progress the Zanaga
Project through specific work programs to derisk the project and enable the
financing and ultimately the construction of the project in due course. These
items are outlined below:
· Feasibility Study update - End 2023 (See section below for further
information)
· Hydro power partnership - Q1 2024 (Memorandum of Understanding)
o The Zanaga project team have been working with a number of hydro power
infrastructure development partners and construction companies to evaluate
potential sites for hydro-power projects capable to providing power to the
30Mtpa Project as well as the EPP. A number of these firms have expressed an
interest in developing such power solutions, and a memorandum of understanding
for the evaluation of potential hydro power solutions with a selected power
partner for the Zanaga Project is targeted for Q1 2024.
· Port partnership - Q1 2024 (Memorandum of Understanding)
o Port infrastructure discussions are underway with a large port
infrastructure development firm seeking to expand the existing port of
Pointe-Noire. Consideration is also being given to potential development
solutions for a large bulk mineral port capable of supporting the 30Mtpa
staged development project.
o A memorandum of understanding with a large port infrastructure development
firm for the port infrastructure is targeted for Q1 2024.
· Strategic partner initiative - Q1 2024 (Memorandum of Understanding)
o Following the completion of the acquisition of Glencore's shareholding in
the Zanaga Project, ZIOC Early stage strategic partner discussions are
underway and a memorandum of understanding with a selected partner is targeted
for Q1 2024.
Iron Ore Market
The iron ore market has been relatively stable in recent months, providing a
positive backdrop for sustained pricing at these levels. China continues to
consume significant quantities of iron ore to feed its substantial steel
industry. Furthermore, given the current geopolitical environment, we believe
that increased resource independence will provide impetus to strategic
investors in China and outside of China to secure access to globally
significant assets, especially outside Australia and Brazil - for Chinese
investors. The Zanaga Project therefore has the potential to deliver
substantial iron ore production to strategic customers looking to secure
positions in the commodity.
Subscription Agreement with Shard Merchant Capital Ltd
The Company has been pleased with the success of the 2020 ESA with SMC which
has provided the Company with access to funding through a relatively low cost
structure that minimised dilution to shareholders.
The proceeds received by the Company from SMC pursuant to the Subscription
Agreement have been applied to general working capital, including the
provision of further contributions to the Zanaga Project's operations.
As a result, the Company has entered into a new 2023 ESA with SMC on 1 July
2023, post period end. An overview of the two ESAs is provided below:
1) 2020 ESA
a. As previously announced, on 26 June 2020 ZIOC announced that the
Company had entered into a Subscription Agreement with SMC, a financial
services provider.
b. Under the Subscription Agreement, and over the course of 2020 to
2022, the Company issued and SMC subscribed for 21 million ordinary shares of
no par value in the Company ("Subscription Shares") in three tranches of 7
million shares each (First tranche in 2020 and the subsequent tranches in 2021
and 2022).
c. During 2022, the final 7,000,000 ordinary shares in the Company
were placed by SMC. As a result of such transactions, as at 28 June 2023, all
of the 21,000,000 ordinary shares in the Company had been placed and the
Company had received the aggregate net sum of £1,318,126.12.
2) 2023 ESA
a. As announced by the Company, on 1 July 2023 the Company entered into
a new Subscription Agreement (the 2023 ESA) with SMC.
b. Under the Subscription Agreement, the Company will issue and SMC will
subscribe for 36 million ordinary shares of no par value in the Company
("Subscription Shares") in three tranches of 12 million shares each (the First
tranche was issued immediately on 1 July 2023).
Cash Reserves and Project Funding
As at 29 June 2023, ZIOC has outlined a 2023 Project Work Programme and Budget
as outlined below.
At 30 June 2023 the Company had cash reserves of US$0.6m The Company had cash
reserves of US$0.5m as at 31st August 2023.
In order to raise additional funding the Company entered a Subscription
Agreement with SMC (as described above). The financing structure with SMC
enables the Company to access funding for the costs that the Company is
expected to meet in the near future. For illustrative purposes only, if the
average price at which SMC places the 36,000,000 shares was 4.67 pence (being
ZIOC's 90 day value weighted average share price as at 28 September 2023), the
net proceeds received by ZIOC from such sales would be approximately £1.60m.
Based on the current cost base at the Zanaga Project, the direct loan facility
to Jumelles Ltd, the current low corporate overheads of ZIOC, the agreed cash
preservation plan adopted by the Company (described below), the Company's
existing cash reserves and (on the basis of cautious assumptions made by the
Company in its funding model) the funds expected to be obtained from the
funding facility established by the Subscription Agreement with SMC, the board
of directors of ZIOC (the "Board") believes that the Company will be
adequately positioned to support its operations going forward in the near
future. As the final cash amounts to be received for each tranche of issued
shares, and the timing of this receipt, are dependent on SMC successfully
selling the shares prior to transferring funds to the Company, the Board is of
the view that the going concern basis of accounting is appropriate. However,
the Board acknowledges that there is a material uncertainty which could give
rise to significant doubt over the Company's ability to continue as a going
concern and, therefore, that the Company may be unable to realise its assets
and discharge its liabilities in the normal course of business. Nevertheless,
based on and taking into account the foregoing factors, the Board are
satisfied the Company will have sufficient funds to meet its own working
capital requirements up to, and beyond, twelve months from the approval of
these accounts.
The Company continues to review the costs of its operational activities with a
view to conserving its cash resources. As part of such review, and in order to
preserve the cash position of the Company, it has been agreed with the
Directors (since January 2019) and Management (since September 2019) that fees
previously deferred would be reviewed. As of today, discussions with
management continue and a resolution is expected to be reached imminently
through the issue of shares in consideration of part of this deferred
consideration.
Financial review
Results from operations
The financial statements contain the results for ZIOC for the first half of
2023. ZIOC made a loss in the half-year of US$0.4m compared to a gain of
US$8.1m in the full year ended December 2022. The loss for the 2023 half-year
period comprised:
1 January to 1 January to 1 January to
30 June
30 June
31 December
2023
2022
2022
Unaudited Unaudited Audited
US$000
US$000 US$000
General expenses (350) (160) (516)
Net foreign exchange (loss)/gain - (32) -
Share of loss of associate - (334) (436)
Gain on revaluation of investment - - 9,050
(Loss)/Gain before tax (350) (526) 8,098
Reclassification of share of other comprehensive (loss) / income of associate - - (3,447)
Share of other comprehensive income of associate - foreign exchange - 37 61
Total Comprehensive income (350) (489) 4,712
General expenses of US$0.4m (2022: US$0.2m), consisting of: Directors' fees of
US$Nil (2022: US$Nil), professional fees of US$Nil (2022: US$Nil), LTIP charge
of US$Nil (2022 US$0.1m) and US$0.4m (2022: US$0.1m) of other general
operating expenses.
Financial position
ZIOC's net asset value ("NAV") of US$84.9m is comprised of a US$85.3m
exploration and evaluation assets, US$0.7m of PPE, US$0.6m of cash balances
and US$1,8m net current liabilities.
30 June 2023 30 June 2022 31 December 2022
Unaudited Unaudited Audited
US$m
US$m
US$m
Investment in associate - 37.1 -
Exploration and Evaluation 85.3 - 85.3
PPE 0.7 - 0.7
Cash 0.6 0.3 0.3
Other net current assets/(liabilities) (1.7) 0.1 (1.1)
Net assets 84.9 37.5 85.2
Cash flow
Cash balances have increased by US$0.3m since 31 December 2022. Operating
activities were US$0.5m and the Glencore loan increased by US$0.8m.
30 June 2023 30 June 2022 31 December 2022
Unaudited Unaudited Audited
US$000 US$000 US$000
GBP Balances 0.1 0.2 0.2
USD value of GBP balances 0.2 0.3 0.2
USD value of other currencies 0.3 - 0.1
USD balances 0.1 - -
Cash Total 0.6 0.3 0.3
Consolidated Statement of Comprehensive Income for the six months ended 30
June 2023
Note 1 January 1 January 1 January
to
to
to
30 June 2023 30 June 2022
31 December 2022
Unaudited Unaudited Audited
US$000 US$000 US$000
Gain on revaluation of investment - - 9,050
Administrative expenses (350) (192) (516)
Share of (loss)/profit associate - (334) (436)
Operating loss (350) (526) 8,098
(Loss) before tax (350) (526) 8,098
Taxation 5 - -
(Loss) for the period (350) (526) -
Reclassification of share 0f other comprehensive income / (loss of associate) -` - (3,447)
Share of other comprehensive (loss)/income of associate - foreign exchange 61
translation
- 37
Other comprehensive (loss)/gain - 37 (3,386)
Total comprehensive (loss)/gain (350) (489) 4,712
(Loss)/Earnings per share (Cents)
Basic 7 (0.1) (0.2) 0.3
Diluted 7 (0.1) (0-2) 0.3
All other comprehensive income may be classified as profit and loss in the
future.
Consolidated Statement of changes in equity
for the six months ended 30 June 2023
Foreign
currency
Share Retained translation Total
capital earnings reserve Equity
US$000 US$000 US$000 US$000
Balance at 1 January 2022 270,935 (236,516) 3,317 37,736
Consideration for share-based payments - other services 82 - - 82
Issued Capital - - - -
Loss for the period - (525) - (525)
Other comprehensive (loss)/ income - - 37 37
Total comprehensive (loss)/income - (525) 37 (406)
Balance at 30 June 2022 271,017 (237,041) 3,354 37,730
Consideration for share-based payments - other services 81 - - 81
Issued Capital 42,591 - - 42,591
Profit for the period - 8,623 - 8,098
Other comprehensive (loss)/income - - (3,423) (3,423)
Total comprehensive (loss)/income 8,623 (3,423) 5,200
Balance at 31 December 2022 313,689 (228,418) (69) 85,202
Consideration for share-based payments - other services - - - -
Issue of shares - - - -
Loss for the period - (350) - (350)
Other comprehensive (loss)/income - - - -
Total comprehensive loss - (350) - (350)
Balance at 30 June 2023 313,689 (228,768) (69) 84,852
Consolidated Balance sheet
as at 30 June 2023
30 June 2023 Unaudited 30 June 2022 31 December 2022
Unaudited Audited
Note US$000 US$000 US$000
Non-current asset
Exploration and evaluation assets 85,300 - 85,300
Property, plant and equipment 696 - 703
Investment in associate 6 - 37,067 -
85,996 37,067 86,003
Current assets
Other receivables 44 157 113
Cash and cash equivalents 573 250 310
617 407 423
Total Assets 86,613 37,473 86,426
Non -current liabilities
Lease liability 105 - 104
Current liabilities
Loans and borrowings 1,185 - 385
Trade and other payables 465 (144) 724
Lease liability 5 11
Net assets 84,853 37,330 85,202
Equity attributable to equity holders of the parent
Share capital 313,689 271,017 313,689
Retained earnings (228,767) (237,041) (228,418)
Foreign currency translation reserve (69) 3,354 (69)
Total equity 84,853 37,330 85,202
These financial statements were approved by the Board of Directors on 30
September 2023.
Consolidated Cash flow statement
for the six months ended 30 June 2022
1 January 1 January 1 January
to to To
30 June 30 June 31 Dec
2022 2021 2021
Unaudited Unaudited Audited
US$000 US$000 US$000
Cash flows from operating activities
Profit/(Loss) for the year (350) (526) 8,098
Adjustments for:
Share based payments - 82 163
Gain on revaluation of investment in associate - - (9,050)
Decrease in other receivables 69 76 130
Increase in trade and other payables 536 (9) 126
Net exchange (profit)/loss - 32 -
Share of Total Comprehensive income of associate - 334 436
Net cash from operating activities 255 (11) (97)
Cash flows from financing activities
Issue of shares - - -
Net cash from financing activities - - -
Cash flows from investing activities
Interest received - - -
Acquisition of property, plant and equipment - -
Investment in associate - (95) (95)
Net cash from investing activities - (95) (95)
Net increase in cash and cash equivalents 255 (106) (192)
Cash and cash equivalents at beginning of period 310 387 387
Acquired as acquisition of assets - - 115
Effect of exchange rate difference 8 (31) -
Cash and cash equivalents at end of period 573 250 310
Notes to the financial statements
1. Business information and going concern basis of preparation
As at 29 June 2023, ZIOC has outlined a 2023 Project Work Programme and Budget
as outlined below.
At 30 June 2023 the Company had cash reserves of US$0.6m The Company had cash
reserves of US$0.5m as at 31st August 2023.
In order to raise additional funding the Company entered a Subscription
Agreement with SMC (as described above). The financing structure with SMC
enables the Company to access funding for the costs that the Company is
expected to meet in the near future. For illustrative purposes only, if the
average price at which SMC places the 36,000,000 shares was 4.67 pence (being
ZIOC's 90 day value weighted average share price as at 28 September 2023), the
net proceeds received by ZIOC from such sales would be approximately £1.60m.
Based on the current cost base at the Zanaga Project, the direct loan facility
to Jumelles Ltd, the current low corporate overheads of ZIOC, the agreed cash
preservation plan adopted by the Company (described below), the Company's
existing cash reserves and (on the basis of cautious assumptions made by the
Company in its funding model) the funds expected to be obtained from the
funding facility established by the Subscription Agreement with SMC, the board
of directors of ZIOC (the "Board") believes that the Company will be
adequately positioned to support its operations going forward in the near
future. As the final cash amounts to be received for each tranche of issued
shares, and the timing of this receipt, are dependent on SMC successfully
selling the shares prior to transferring funds to the Company, the Board is of
the view that the going concern basis of accounting is appropriate. However,
the Board acknowledges that there is a material uncertainty which could give
rise to significant doubt over the Company's ability to continue as a going
concern and, therefore, that the Company may be unable to realise its assets
and discharge its liabilities in the normal course of business. Nevertheless,
based on and taking into account the foregoing factors, the Board are
satisfied the Company will have sufficient funds to meet its own working
capital requirements up to, and beyond, twelve months from the approval of
these accounts.
The Company continues to review the costs of its operational activities with a
view to conserving its cash resources. As part of such review, and in order to
preserve the cash position of the Company, it has been agreed with the
Directors (since January 2019) and Management (since September 2019) that fees
previously deferred would be reviewed. As of today, discussions with
management continue and a resolution is expected to be reached imminently
through the issue of shares in consideration of part of this deferred
consideration.
2. Accounting policies
The principal accounting policies applied in the preparation of these
financial statements are set out below. These policies have been consistently
applied to all the periods presented, unless otherwise stated.
3. Basis of preparation
The condensed set of financial statements has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU.
In accordance with the AIM Rules for Companies, the condensed set of financial
statements has been prepared in applying the accounting policies and
presentation that were applied in the preparation of the Company's published
consolidated financial statements for the year ended 31 December 2021. The
comparative figures for the financial year ended 31 December 2021 are not the
Company's statutory accounts for that financial year. The 2021 accounts have
been reported on by the Company's auditors. The report of the auditors was (i)
unqualified and (ii) did not include a reference to any matter to which the
auditors drew attention by way of emphasis without qualifying their report.
Up until 30 April 2014, the Company accounted for 100% of the Jumelles group
Comprehensive Income. From May 2014, as a result of completion of the
Feasibility Study (note 1 above) and thus consideration to complete the Call
Option, the Company has accounted for 50% less one share shareholding portion
of that Comprehensive Income.
4. Segmental reporting
The Company has one operating segment, being its investment in the Zanaga
Project, held through Jumelles. Financial information regarding this segment
is provided in note 6.
5. Taxation
The Company is exempt from most forms of taxation in the British Virgin
Islands ("BVI"), provided the Company does not trade in the BVI and does not
have any employees working in the BVI. All dividends, interest, rents,
royalties and other expense amounts paid by the Company, and capital gains
realised with respect to any shares, debt obligations or other securities of
the Company, are exempt from taxation in the BVI.
The effective tax rate for the Group is 0.00% (December 2022: 0.00%).
6. Investment in associate
US$000
Balance at 1 January 2022 37,269
Additions 95
Share of comprehensive loss (297)
Balance at 30 June 2022 37,067
Share of comprehensive loss (139)
Share of currency translation reserve 61
Disposal - on account of acquisition of controlling stake (36,998)
Balance at 31 December 2022 -
On 16 December 2022, the Company acquired the remaining stake in Jumelles from
Glencore, thereby gaining control, with 100% stake in Jumelles. The
consideration for this acquisition was made by issuing ordinary shares of the
Company.
7. Loss per share 30 June 30 June 31 December 2022
2023 2022 Audited
Unaudited Unaudited US$000
US$000 US$000
Profit/(Loss) (Basic and diluted) (US$000) (350) (526) 8,098
Weighted average number of shares (thousands)
Basic and diluted
Issued shares at beginning of period 593,374 307,034 307,034
Shares issued during the year - - 286,340
Weighted average of new shares issued - - 11,767
Weighted average number of shares at end of period - basic 593,374 307,034 318,801
(Loss)/Earnings per share (Cents)
Basic (0.1) (0.2) 0.3
Diluted (0.1) (0.2) 0.3
8. Related parties
The following transactions occurred with related parties during the period:
Transactions for the period Closing balance
30 June 30 June 31 December 30 June 31 December
2023 2022 2022 30 June 2022 2022
Unaudited Unaudited Audited 2023 Unaudited Audited
Unaudited
US$000 US$000 US$000 US$000 US$000 US$000
Funding: 800 - 385 385
Loan from Glencore to Jumelles Ltd * 1,185 -
* Repayable on 31 December 2023
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