leadf
logo-loader
RNS
viewPembridge Resources PLC

Pembridge Resources - Final Results

RNS Number : 2930R
Pembridge Resources plc
29 June 2020
 

 

29 June 2020

Financial Statements Released

 

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to release its annual report and consolidated financial statements for the year ended 31st December 2019.

On 26 June 2020 the Board of Directors of the Company approved the Annual Report and Consolidated Financial Statements for the year ended 31 December 2019. During the year the Group made a loss of US$13,087,000 (2018 - loss of US$3,829,000).  The operating loss of $11,818,000 (2018: $3,829,000) comprised exceptional expenses from the Minto acquisition of $2,347,000 (2018: nil), administrative costs of the Company of $3,049,000 (2018: $3,829,000) and the loss post-acquisition from Minto of $6,422,000 (2018: nil) which reflect the costs of re-starting operations during the period. 

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

Extracts from the consolidated financial statements follow.

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:

"The financial results for 2019 reflect the investment made and costs incurred to acquire and restart the Minto mine.  Having achieved this successfully, I am pleased that we are in a position to face the challenges in front of us as well as grow the business.  Although showing a loss for 2019, it is encouraging to be able to show the Company generating revenues from operations in the Consolidated Financial Statements.  I look forward to having the shareholders consider and approve the Annual Report and Consolidated Financial Statements at an EGM, which is to be called in the near future."

ENDS

 

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

 

 

 

Year ended

 

Year ended

 

 

 

31 December 2019

 

31 December 2018

 

 

 

US$'000

 

US$'000

 

 

 

 

 

 

Revenue from contracts with customers

 

 

 12,398

 

-

 

 

 

 

 

 

Production costs

 

 

(14,739)

 

-

Royalties

 

 

(204)

 

-

Depreciation and amortisation

 

 

(3,459)

 

-

Administrative, legal and professional expenses

 

(3,110)

 

(3,829)

Exceptional items - acquisition and re-admission costs

 

 

(2,347)

 

-

Foreign exchange gain / (loss)

 

 

(357)

 

-

Operating loss

 

 

(11,818)

 

(3,829)

Finance income

 

 

-

 

-

Finance cost

 

 

(1,295)

 

-

Loss before income tax

 

 

(13,113)

 

(3,829)

Income tax

 

 

26

 

Loss for the year

 

 

(13,087)

 

(3,829)

Other comprehensive income

 

 

936

 

-

Total comprehensive income for the year

 

 

(12,151)

 

(3,829)

 

 

 

 

 

 

Loss is attributable to:

 

 

 

 

 

Non-controlling interest

 

 

(5,024)

 

-

Shareholders of the Company

 

 

(8,063)

 

(3,829)

Loss for the year

 

 

(13,087)

 

(3,829)

 

Total comprehensive income is attributable to:

 

 

 

 

 

Non-controlling interest

 

 

(4,400)

 

-

Shareholders of the Company

 

 

(7,751)

 

(3,829)

Total comprehensive income for the year

 

 

(12,151)

 

(3,829)

 

 

 

 

 

 

 

 

 

Year ended

 

Year ended

Earnings per share expressed in US cents

 

 

31 December 2019

 

31 December 2018

Basic and diluted loss per share attributable to the equity holders of the Company

 

 

(33.5c)

 

(17.1c)

                           

 

 

 

 

Consolidated statement of financial position

 

 

 

31 December 2019

 

31 December 2018

 

 

 

US$'000

 

US$'000

Assets

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

 

50,207

 

15

Intangible assets

 

 

394

 

148

Long-term deposits

 

 

4,040

 

-

Total non-current assets

 

 

54,641

 

163

 

 

 

 

 

 

Current assets

 

 

 

 

 

Inventories

 

 

5,710

 

-

Trade and other receivables

 

 

8,610

 

240

Cash and cash equivalents

 

 

964

 

151

 Total current assets

 

 

15,284

 

391

Total assets

 

 

69,925

 

554

 

 

 

 

 

 

Non-Current liabilities

 

 

 

 

 

   Borrowings

 

 

(10,631)

 

(103)

   Lease liabilities

 

 

(2,734)

 

-

   Reclamation and closure cost provision

 

 

(22,438)

 

-

   Deferred consideration due to Capstone

 

 

(4,305)

 

-

   Deferred tax liabilities

 

 

(270)

 

-

Total non-current liabilities

 

 

(40,378)

 

(103)

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

   Trade and other payables

 

 

(8,736)

 

(1,831)

   Borrowings

 

 

-

 

(279)

   Lease liabilities

 

 

(2,899)

 

-

   Deferred consideration due to Capstone

 

 

(4,897)

 

-

Total current liabilities

 

 

(16,532)

 

(2,110)

Total liabilities

 

 

(56,910)

 

(2,213)

 

Net assets/(liabilities)

 

 

13,015

 

(1,659)

 

 

 

 

 

 

Equity

 

 

 

 

 

Share capital

 

 

825

 

295

Share premium

 

 

8,900

 

2,902

Capital redemption reserve

 

 

1,011

 

1,011

Translation reserve

 

 

312

 

-

Other reserve

 

 

369

 

66

Retained deficit

 

 

(13,465)

 

(5,933)

Equity attributable to shareholders of the Company

(2,048)

 

(1,659)

Non-controlling interests

 

 

15,063

 

-

Total equity

 

 

 13,015

 

 (1,659)

               

 

 

 

Consolidated statement of changes in equity

 

Share capital

Share premium

Capital redemption reserve

Translation / Other reserve

Retained deficit

Total

Non-controlling interest

Total Equity

 

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

 

 

 

 

 

 

 

 

 

Balance at 1 January 2018

1,306

2,902

-

165

(2,203)

2,170

-

2,170

 

 

 

 

 

 

 

 

 

Loss for the year

-

-

-

(3,829)

-

-

(3,829)

Other comprehensive income for the year

-

-

-

-

-

-

-

-

Total comprehensive income for the year

-

-

-

(3,829)

(3,829)

-

(3,829)

 

 

 

 

 

 

 

 

 

Cancellation of deferred shares

(1,011)

-

1,011

-

-

-

-

-

Warrants expired

-

-

-

(99)

99

-

-

-

Total transactions with owners recognised directly in equity

 

(1,011)

 

-

 

1,011

(99)

99

-

-

 

-

 

Balance at 31 December 2018

295

2,902

1,011

66

(5,933)

(1,659)

-

(1,659)

 

 

 

 

 

 

 

 

 

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

                   

 

Reserve

Description and purpose

 

Consolidated cash flow statement

 

Year ended

 

Year ended

 

31 December 2019

 

31 December 2018

 

US$'000

 

US$'000

Cash flows from operating activities

 

 

 

Loss for the year

(13,087)

 

(3,829)

Adjusted for:

 

 

 

Net finance costs

1,295

 

-

Unrealised FX on debt included in administrative expenses

(169)

 

-

Depreciation

3,459

 

5

Tax charge / (credit)

(26)

 

-

Share based payments

250

 

-

 

(8,278)

 

(3,824)

Movements in working capital

 

 

 

Decrease / (increase) in inventories

(3,248)

 

-

Decrease / (increase) in trade and other receivables

(8,252)

 

(344)

Increase / (decrease) in trade and other payables

6,752

 

1,928

Cash used by operations

(13,026)

 

(2,240)

Income taxes recovered / (paid)

-

 

-

Net cash used in operating activities

(13,026)

 

(2,240)

 

Cash flows from investing activities

 

 

 

Payments into long-term deposits

(1,582)

 

-

Purchase of property, plant and equipment

(490)

 

(18)

Purchase of mining claims

(237)

 

-

Net cash used in investing activities

(2,309)

 

(18)

 

 

 

 

Cash flows from financing activities

 

 

 

Interest payments

(497)

 

-

Repayment of borrowings

(647)

 

-

Proceeds from borrowings

10,754

 

382

Lease payments

(1,621)

 

-

Proceeds from issuance of shares

8,149

 

-

Net cash generated from financing activities

12,974

 

382

 

 

 

 

Net increase in cash and cash equivalents

803

 

(1,876)

 

 

 

 

Cash and cash equivalents at beginning of year

151

 

2,027

Impact of exchange rates on cash balances

10

 

-

Cash and cash equivalents at end of year

964

 

151

 

 

 

 

BASIS OF PREPARATION

 

Going concern

The Financial Statements from which these extracts are taken have been prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant available information about the current and future position of the Group and Company, including the current and future level of resources. As part of their assessment, the Directors have also taken into account the need for the Company to raise additional funding during the going concern period. Further funding will be required by the Company either through equity raisings or other financial arrangements and this additional funding is not guaranteed, however to date the Company has been successful in securing funding when required.

The Company has no income stream of its own and is reliant, until it is able to receive an income from its investment in Minto, on funding from equity and loans. The company is in the process of obtaining such funding and its management are confident that it can meet its contracted and committed expenditure for at least the next 12 months.  Minto has received commitments from its other investors, Cedro Holdings and Copper Holdings, they will support its operations for at least the next 12 months.  The need for the Company to raise additional funds at the required amount during the going concern period indicates that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern, and therefore its ability to settle its debts and realise its assets in the normal course of business.

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.

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
FR KKFBQABKDOAB

Quick facts: Pembridge Resources PLC

Price: 3.8

Market: LSE
Market Cap: £2.83 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

23 min read