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Horizonte Minerals - Interim Results for the 6 Months to end-June 2020

RNS Number : 1120W
Horizonte Minerals PLC
14 August 2020
 

NEWS RELEASE

14 August 2020

INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2020

 

Horizonte Minerals Plc, (AIM: HZM; TSX: HZM) (the "Company" or "Horizonte"), the nickel development company focused on developing its ferro-nickel project in Brazil ("Araguaia" or "the Project"), announces it has today published its unaudited financial results for the six month period to 30 June 2020 and the Management Discussion and Analysis for the same period. Both of the aforementioned documents have been posted on the Company's website www.horizonteminerals.com and are also available on SEDAR at www.sedar.com.

Highlights for the Period

·      Horizonte maintained a strong cash position of £15.6m following completion of the US$25 million royalty transaction with Orion Mine Finance in Q4 2019;

·      Well funded to advance Araguaia towards being construction ready;

·      Project financing process currently running to schedule with no negative effects on the process observed as a result of the Covid-19 pandemic, although a delay to the process may occur should a further period of 'lock-down' be implemented;

·      Work on Araguaia continued to advance the level of engineering from feasibility stage level through to being implementation ready;

·      Ms Sepanta Dorri was appointed to the board as the nominee Director for Teck Resources ("Teck") replacing Alex Christopher who stepped down due to other commitments;

·      All employees and relevant stakeholders continue to follow strict health and safety policies specifically tailored to Covid-19. Remote working, where practicable, remains in place with all major workstreams continuing as planned;

·      The Group donated 300 food parcels during April & May to the municipalities of Conceição do Araguaia, Floresta do Araguaia and Xinguara, in light of the socio-economic impact caused by Covid-19; and

·      Nickel market fundamentals remain robust, with analyst consensus price of $16,133/t at the time Araguaia is forecast to commence production, driven by growth in the EV battery sector and steady growth in the stainless steel market.

Events post the Reporting Date

·      A syndicate of five international financial institutions mandated for a US$325 million senior debt facility to part fund the development of Araguaia;

·      BNP Paribas, ING Capital LLC, Mizuho Bank, Ltd., Natixis, New York Branch, and Société Générale will act as the Mandated Lead Arrangers;

·      Closing of the facility, targeted for end of the calendar year 2020, remains subject to completion of due diligence, final credit approvals and execution of definitive facility documentation; and

·      Peel Hunt LLP appointed as nominated adviser and sole broker to the Company.

 

Horizonte Minerals plc

 

Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2020

 

Condensed consolidated statement of comprehensive income

 

 

 

 

6 months ended

30 June

3 months ended

30 June

 

 

2020

2019

2020

2019

 

 

Unaudited

Unaudited

Unaudited

Unaudited

 

Notes

£

£

£

£

Continuing operations

 

 

 

 

 

Revenue

 

-

-

-

-

Cost of sales

 

-

-

-

-

 

 

 

 

 

 

Gross profit

 

-

-

-

-

 

 

 

 

 

 

Administrative expenses

 

(1,565,142)

(968,917)

(890,685)

(450,930)

Charge for share options granted

 

-

(237,171)

-

(107,178)

Change in value of contingent consideration

 

(391,160)

192,201

91,850

(118,847)

Gain/(Loss) on foreign exchange

 

1,126,822

(4,049)

185,376

52,192

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

(829,480)

(1,017,936)

(613,459)

(624,763)

 

 

 

 

 

 

Finance income

 

90,730

33,791

45,485

20,840

Finance costs

 

(1,941,704)

(146,837)

(1,083,712)

(73,589)

 

 

 

 

 

 

Loss before taxation

 

(2,680,454)

(1,130,982)

(1,651,686)

(677,512)

 

 

 

 

 

 

Taxation

 

-

-

-

-

 

 

 

 

 

 

Loss for the year from continuing operations

 

(2,680,454)

(1,130,982)

(1,651,686)

(677,512)

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss

Change in value of available for sale financial assets

 

 

 

 

 

Currency translation differences on translating foreign operations

 

(8,067,677)

465,523

(1,457,805)

1,560,085

 

Other comprehensive income for the period, net of tax

 

(8,067,677)

465,523

(1,457,805)

1,560,085

Total comprehensive income for the period

 

 

 

 

 

attributable to equity holders of the Company

 

(10,748,131)

(665,459)

(3,109,491)

882,573

 

 

 

 

 

 

Earnings per share from continuing operations attributable to the equity holders of the Company

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted (pence per share)

9

(0.185)

(0.078)

(0.114)

(0.047)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed consolidated statement of financial position

 

 

 

30 June

2020

31 December

2019

 

 

Unaudited

Audited

 

Notes

£

£

Assets

 

 

 

Non-current assets

 

 

 

Intangible assets

6

8,039,824

7,057,445

Property, plant & equipment

 

26,007,694

32,260,544

 

 

34,047,518

39,317,989

Current assets

 

 

 

Trade and other receivables

 

82,319

134,726

Derivative financial asset

 

2,409,348

2,246,809

Cash and cash equivalents

 

15,594,717

17,760,330

 

 

18,086,384

20,141,865

Total assets

 

52,133,902

59,459,854

Equity and liabilities

 

 

 

Equity attributable to owners of the parent

 

 

 

Issued capital

7

14,463,773

14,463,773

Share premium

7

41,785,306

41,785,306

Other reserves

 

(12,734,607)

(4,666,930)

Accumulated losses

 

(22,515,546)

(19,835,092)

Total equity

 

20,998,926

31,747,057

Liabilities

 

 

 

Non-current liabilities

 

 

 

Contingent consideration

 

6,859,764

6,246,071

Royalty Finance

 

23,692,173

20,570,411

Deferred tax liabilities

 

166,939

212,382

 

 

30,718,876

27,028,864

Current liabilities

 

 

 

Trade and other payables

 

416,100

683,933

Deferred consideration

 

-

-

 

 

416,100

683,933

Total liabilities

 

31,134,976

27,712,864

Total equity and liabilities

 

52,133,902

59,459,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed statement of changes in shareholders' equity

 

Attributable to the owners of the parent

 

Share

capital

£

Share

premium

£

Accumulated

losses

£

Other

reserves

£

 

Total

£

 

 

 

 

 

 

As at 1 January 2019

14,325,218

41,664,018

(16,990,291)

(2,039,991)

36,958,954

Comprehensive income

 

 

 

 

 

Loss for the period

-

-

(1,130,982)

-

(1,130,982)

Other comprehensive income

 

 

 

 

 

Currency translation differences

-

-

-

465,523

465,523

Total comprehensive income

-

-

(1,130,982)

465,523

(665,459)

Transactions with owners

 

 

 

 

 

Issue of ordinary shares

138,555

121,288

-

-

259,843

Issue costs

-

-

 

 

-

Share based payments

 

 

237,171

 

237,171

Total transactions with owners

138,555

121,288

237,171

-

497,014

As at 30 June 2019 (unaudited)

14,463,773

41,785,306

(17,884,102)

(1,574,468)

36,790,509

 

 

 

Attributable to the owners of the parent

 

Share

capital

£

Share

premium

£

Accumulated

losses

£

Other

reserves

£

 

Total

£

 

 

 

 

 

 

As at 1 January 2020

14,463,773

41,785,306

(19,835,092)

(4,666,930)

31,747,057

Comprehensive income

 

 

 

 

 

Loss for the period

-

-

(2,680,454)

-

(2,680,454)

Other comprehensive income

 

 

 

 

 

Currency translation differences

-

-

-

(8,067,677)

(8,067,677)

Total comprehensive income

-

-

(2,680,454)

(8,067,677)

(10,748,131)

Transactions with owners

 

 

 

 

 

Issue of ordinary shares

-

-

-

-

-

Issue costs

-

-

-

-

-

Share based payments

-

-

-

-

-

Total transactions with owners

-

-

-

-

-

As at 30 June 2020 (unaudited)

14,463,773

41,785,306

(22,515,546)

(12,734,607)

20,998,926

 

 

Condensed Consolidated Statement of Cash Flows

 

 

 

 

6 months ended

30 June

3 months ended

30 June

 

 

2020

2019

2020

2019

 

 

Unaudited

Unaudited

Unaudited

Unaudited

 

 

£

£

£

£

Cash flows from operating activities

 

 

 

 

 

Loss before taxation

 

(2,680,454)

(1,130,982)

(1,651,686)

(677,512)

Interest income

 

(90,730)

(33,791)

(45,485)

(20,840)

Finance costs

 

1,941,704

146,837

1,083,712

72,589

Exchange differences

 

(1,126,822)

4,049

(185,376)

(52,192)

Employee share options charge

 

-

237,171

-

107,178

Change in fair value of contingent consideration

 

391,160

(192,201)

(91,850)

118,847

Depreciation

 

-

-

-

-

Operating loss before changes in working capital

 

(1,565,142)

(968,918)

(890,685)

(450,931)

Decrease/(increase) in trade and other receivables

 

53,126

(3,275)

56,001

10,840

(Decrease)/increase in trade and other payables

 

(137,320)

26,406

(15,113)

23,616

Net cash outflow from operating activities

 

(1,649,336)

(945,787)

(849,797)

(416,475)

Cash flows from investing activities

 

 

 

 

 

Purchase of intangible assets

 

(1,326,585)

(1,289,208)

(599,918)

(621,873)

Purchase of property, plant and equipment

 

(407,243)

-

(180,092)

-

Interest received

 

90,730

33,791

45,485

20,840

Net cash used in investing activities

 

(1,643,098)

(1,255,417)

(734,525)

(601,033)

Cash flows from financing activities

 

 

 

 

 

Proceeds form issue of ordinary shares

 

-

-

-

-

Issue costs

 

-

-

-

-

Net cash used in financing activities

 

-

-

-

-

Net decrease in cash and cash equivalents

 

(3,292,434)

(2,201,204)

(1,584,322)

   (1,017,508)

Cash and cash equivalents at beginning of period

 

17,760,330

6,527,115

16,993,664

5,288,014

Exchange gain/(loss) on cash and cash equivalents

 

1,126,822

(3,212)

185,376

52,192

Cash and cash equivalents at end of the period

 

15,594,718

4,322,699

15,594,718

   4,322,699

 

 

 

 

 

 

             

 

                                                                                                                                        

 

 

 

                                                                                                                                        

Notes to the Financial Statements

 

 

1.  General information

 

The principal activity of the Company and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. There is no seasonality or cyclicality of the Group's operations.

 

The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Toronto Stock Exchange (TSX). The Company is incorporated and domiciled in the United Kingdom. The address of its registered office is Rex House, 4-12 Regent Street, London SW1Y 4RG.

 

 

2.  Basis of preparation

 

The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

 

The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2019 were approved by the Board of Directors on 7 April 2020 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.

 

The condensed  consolidated interim financial statements of the Company have not been audited or reviewed by the Company's auditor, BDO LLP.

 

Going concern

 

The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed consolidated interim financial statements for the period ended 30 June 2020. Please refer to note 2.2 in the annual report for 2019 for the assessment of the current Covid-19 pandemic on the operations of the Group.

 

Risks and uncertainties

 

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2018 Annual Report and Financial Statements, a copy of which is available on the Group's website: www.horizonteminerals.com and on Sedar: www.sedar.com The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.

 

Critical accounting estimates

 

The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 2018 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

 

 

3 Significant accounting policies

 

The condensed consolidated interim financial statements have been prepared under the historical cost convention as modified by the revaluation of certain of the subsidiaries' assets and liabilities to fair value for consolidation purposes.

 

The same accounting policies, presentation and methods of computation have been followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group's Financial Statements for the year ended 31 December 2019.

 

 

4  Segmental reporting

 

The Group operates principally in the UK and Brazil, with operations managed on a project by project basis within each geographical area. Activities in the UK are mainly administrative in nature whilst the activities in Brazil relate to exploration and evaluation work. The reports used by the chief operating decision maker are based on these geographical segments.

 

 

2020

UK

Brazil

 

Other

Total

 

6 months ended

30 June 2020

£

6 months ended

30 June 2020

£

6 months ended

30 June 2020

£

 

6 months ended

30 June 2020

£

Revenue

-

-

 

-

Administrative expenses

(1,026,821)

(328,537)

(209,784)

(1,565,142)

Profit  on foreign exchange

1,065,995

35,342

25,485

1,126,822

(Loss) from operations per reportable segment

39,174

(293,195)

(184,299)

(438,320)

Inter segment revenues

-

-

-

-

Depreciation charges

-

-

-

-

Additions and foreign exchange movements to non-current assets

 

(6,252,503)

-

(6,252,503)

Reportable segment assets

9,557,383

39,893,444

2,683,075

52,133,902

Reportable segment liabilities

7,018,073

424,730

23,692,173

31,134,976

 

 

 

 

 

 

2019

UK

Brazil

 

Other

Total

 

6 months ended

30 June 2019

£

6 months ended

30 June 2019

£

6 months ended

30 June 2019

£

6 months ended

30 June 2019

£

Revenue

-

-

-

-

Administrative expenses

(639,106)

(329,811)

-

(968,917)

Profit  on foreign exchange

(12,344)

8,295

-

(4,049)

(Loss) from operations per reportable segment

(651,450)

(321,516)

-

(972,966)

Inter segment revenues

-

-

-

-

Depreciation charges

-

-

-

-

Additions and foreign exchange movements to non-current assets

-

1,734,262

-

1,734,262

Reportable segment assets

3,435,042

38,400,272

-

41,835,314

Reportable segment liabilities

4,595,902

448,902

-

5,044,804

 

 

 

 

 

 

 

 

 

 

 

 

2020

UK

Brazil

 

Other

Total

 

3 months ended

30 June 2020

3 months ended

30 June 2020

3 months ended

30 June 2020

3 months ended

30 June 2020

 

£

£

£

£

Revenue

-

-

-

-

Administrative expenses

(588,360)

(164,143)

(138,182)

(890,685)

Profit on foreign exchange

65,848

94,043

25,485

185,376

(Loss) from operations per

(522,512)

(70,100)

(112,697)

(705,309)

reportable segment

 

 

 

 

Inter segment revenues

-

-

-

-

Depreciation charges

-

-

-

-

Additions and foreign exchange movements to non-current assets

-

1,589,722

-

1,589,722

 

 

 

 

 

 

2019

UK

                     Brazil

 

Other

Total

 

3 months ended

30 June 2019

3 months ended

30 June 2019

3 months ended

30 June 2019

3 months ended

30 June 2019

 

£

£

£

£

Revenue

-

-

-

-

Administrative expenses

(310,048)

(140,882)

-

(450,930)

Profit/(Loss) on foreign exchange

8,249

43,943

-

52,192

(Loss) from operations per

(301,799)

(96,939)

-

(398,738)

reportable segment

 

 

 

 

Inter segment revenues

-

-

-

-

Depreciation charges

-

-

-

-

Additions and foreign exchange movements to non-current assets

-

2,195,257

-

2,195,257

 

 

 

 

 

           

 

 

A reconciliation of adjusted loss from operations per reportable segment to loss before tax is provided as follows:

 

 

6 months ended

30 June 2020

6 months ended

30 June 2019

3 months ended

30 June 2020

3 months ended

30 June 2019

 

£

£

£

£

Loss from operations per reportable segment

 

(438,320)

(972,966)

(705,309)

(398,738)

- Change in fair value of contingent consideration

(391,160)

192,201

91,850

(118,847)

- Charge for share options granted

-

(237,171)

-

(107,178)

- Finance income

90,730

33,791

45,485

20,840

- Finance costs

(1,941,704)

(146,837)

(1,083,712)

(73,589)

Loss for the period from continuing operations

(2,680,454)

(1,130,982)

(1,651,686)

(677,512)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5  Change in Fair Value of Contingent Consideration

 

Contingent Consideration payable to Xstrata Brasil Mineração Ltda.

The contingent consideration payable to Xstrata Brasil Mineração Ltda has a carrying value of £3,268,329 at 30 June 2020 (30 June 2019: £3,106,152). It comprises US$5,000,000 consideration in cash as at the date of first commercial production from any of the resource areas within the Enlarged Project area. The key assumptions underlying the treatment of the contingent consideration the US$5,000,000 are based on the current rates of tax on profits in Brazil of 34% and a discount factor of 7.0% along with the estimated date of first commercial production.  

As at 30 June 2020, there was a finance expense of £106,025 (2019: £100,946 ) recognised in finance costs within the Statement of Comprehensive Income in respect of this contingent consideration arrangement, as the discount applied to the contingent consideration at the date of acquisition was unwound.

The change in the fair value of contingent consideration payable to Xstrata Brasil Mineração Ltda generated a loss of £186,367 for the six months ended 30 June 2020 (30 June 2019: £197,617 credit) due to changes in the exchange rate of the functional currency in which the liability is payable.

 

Contingent Consideration payable to Vale Metais Basicos S.A.

The contingent consideration payable to Vale Metais Basicos S.A. has a carrying value of £3,591,433 at 30 June 2020 (2019: £nil ). It comprises US$6,000,000 consideration in cash as at the date of first commercial production from the Vermelho project and was recognised for the first time in December 2019, following the publication of a PFS on the project. The key assumptions underlying the treatment of the contingent consideration the US$6,000,000 are the same as those for the Xstrata contingent consideration and are based on the current rates of tax on profits in Brazil of 34% and a discount factor of 7.0% along with the estimated date of first commercial production.

As at 30 June 2020, there was a finance expense of £116,507 (2019: £nil ) recognised in finance costs within the Statement of Comprehensive Income in respect of this contingent consideration arrangement, as the discount applied to the contingent consideration at the date of acquisition was unwound.

The change in the fair value of contingent consideration payable to Vale Metais Basicos S.A. generated a loss of £204,792 for the six months ended 30 June 2020 (2019: £nil) due to changes in the value of the functional currency in which the liability is payable (USD).

 

6 Finance income and costs

 

 

6 months ended

30 June 2020

6 months ended

30 June 2019

 

£

£

Finance income

 

 

- Interest income on cash and short-term deposits

90,730

33,791

Finance costs

 

 

- Contingent and deferred consideration: unwinding of discount

(222,532)

(146,837)

- Amortisation of Royalty Finance

(1,619,744)

-

- Royalty Fair Value Adjustment

(99,428)

-

- Movement in fair value of derivative asset

-

-

Total finance costs

(1,941,704)

(146,837)

Net finance costs

(1,850,974)

(113,046)

 

7  Intangible assets

 

Intangible assets comprise exploration and evaluation costs and goodwill. Exploration and evaluation costs comprise internally generated and acquired assets.

 

 

 

 

Exploration and

 

 

Goodwill

Exploration licences

evaluation costs

Total

 

£

£

£

£

Cost

 

 

 

 

At 1 January 2020

210,585

4,534,392

2,312,467

7,057,444

Additions

-

-

1,264,906

1,264,906

Exchange rate movements

(45,057)

302,836

(540,305)

(282,526)

Net book amount at 30 June 2020

165,528

4,837,228

3,037,068

8,039,824

 

 

Share Capital and Share Premium

 

       

Issued and fully paid

Number of shares

Ordinary shares

£

Share premium

£

Total

£

At 1 January 2020

1,446,377,287

14,463,773

41,785,306

56,249,079

At 30 June 2020

1,446,377,287

14,463,773

41,785,306

56,249,079

 

 

 

9  Dividends

 

No dividend has been declared or paid by the Company during the six months ended 30 June 2020 (2019: nil).

 

 

10  Earnings per share

 

The calculation of the basic loss per share of 0.185 pence for the 6 months ended 30 June 2020 (30 June 2019 loss per share: 0.078 pence) is based on the loss attributable to the equity holders of the Company of £ (2,680,454) for the six month period ended 30 June 2020 (30 June 2019: (£1,130,982)) divided by the weighted average number of shares in issue during the period of 1,446,337,287 (weighted average number of shares for the 6 months ended 30 June 2019: 1,444,616,645 ).

 

The calculation of the basic loss per share of 0.114 pence for the 3 months ended 30 June 2020 (30 June 2019 loss per share: 0.047 pence) is based on the loss attributable to the equity holders of the Company of £ (1,651,686) for the three month period ended 30 June 2020 (3 months ended 30 June 2019: (£677,512) divided by the weighted average number of shares in issue during the period of 1,446,337,287 (weighted average number of shares for the 3 months ended 30 June 2019: 1,432,521,800 ).

 

The basic and diluted loss per share is the same, as the effect of the exercise of share options would be to decrease the loss per share.

 

Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2019 and in note 10 below.

 

 

11  Issue of Share Options

 

On 12 February 2019, the Company awarded 2,000,000 share options to leading members of the Brazilian operations team. All of these share options have an exercise price of 4.80 pence. One third of the options are exercisable from August 2019, one third from February 2019 and one third from August 2020.

 

 

12  Ultimate controlling party

 

The Directors believe there to be no ultimate controlling party.

 

 

13  Related party transactions

 

The nature of related party transactions of the Group has not changed from those described in the Group's Annual Report and Financial Statements for the year ended 31 December 2019.

 

 

14  Events after the reporting period

 

There are no events which have occurred after the reporting period which would be material to the financial statements.

 

Approval of interim financial statements

 

These Condensed Consolidated Interim Financial Statements were approved by the Board of Directors on 12 August 2020.

* * ENDS * *

 

For further information contact:

 

Horizonte Minerals plc

 

Jeremy Martin (CEO)

Anna Legge (Corporate Communications)

+44 (0)203 356 2901

[email protected]

 

 

Peel Hunt (NOMAD & Joint Broker)

 

Ross Allister

David McKeown

+44 (0)207 418 8900

 

 

 

Tavistock (Financial PR)

 

Gareth Tredway

Annabel de Morgan

+44 (0) 207 920 3150

[email protected]

     

 

About Horizonte Minerals:

Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil. The Company is developing the Araguaia project, as the next major ferronickel mine in Brazil, and the Vermelho nickel-cobalt project, with the aim of being able to supply nickel and cobalt to the EV battery market. Both projects are 100% owned.

 

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company's current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; the realization of mineral resource and reserve estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: exploration and mining risks, competition from competitors with greater capital; the Company's lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company's future payment obligations; potential disputes with respect to the Company's title to, and the area of, its mining concessions; the Company's dependence on its ability to obtain sufficient financing in the future; the Company's dependence on its relationships with third parties; the Company's joint ventures; the potential of currency fluctuations and political or economic instability  in countries in which the Company operates; currency exchange fluctuations; the Company's ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company's plans to continue to develop its operations and new projects; the Company's dependence on key personnel; possible conflicts of interest of directors and officers of the Company, and various risks associated with the legal and regulatory framework within which the Company operates. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

 

 

 

 

 


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 [email protected] or visit www.rns.com.
 
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Quick facts: Horizonte Minerals PLC

Price: 6.25

Market: AIM
Market Cap: £90.59 m
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