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Shefa Gems Ltd - Annual Financial Report

RNS Number : 9695Q
Shefa Gems Ltd
25 June 2020
 

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25 June 2020

 

 

 

Shefa Gems Ltd.

 

("Shefa Gems" or the "Company")

 

Annual Financial Report

 

Following the release on 30 April 2020 of the Company's Final Results Announcement for the financial year ended 31 December 2019, Shefa Gems announces that the 2019 Annual Report and Accounts have been published today. This document is available in the Investor section on the Shefa Gems website: https://www.shefagems.com/Articles-and-Documents

 

A copy of the 2019 Annual Report and Accounts will also shortly be available for inspection at the UK Listing Authority's National Storage Mechanism website https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

The Company's auditor has reported on the accounts and its reports are unqualified. The Independent Auditor's Report on the Company's financial statements is set out in full on page 32 of the 2019 Annual Report and Accounts.

 

Valuation of Gemstone Stock

 

The Gemological Valuation (included in the CPR issued in December 2019) of the gemstones stored in the Company's vaults are set out on page 58-59 of the 2019 Annual Report and Accounts.

 

The total quantity of gemstones currently in the Company vaults, extracted during the exploration performed in the Kishon Mid Reach zone 1 and 2, (pre commercial mining), is 15,573 carat (as of December 31, 2019).  This is expected to yield approximately 6,000 carat after cutting and polishing. The value of the polished gemstones is estimated at approximately US$4.8 million. Cutting and polishing costs are expected to be up to US$0.2 million

 

Commenting on the results, recently appointed CEO of Shefa Gems, Ms. Tali Shalem said:

 

"The year 2019 was a significant year of progress in the company's exploration, a fact that came to fruition in March 2020 when we received a "Certificate of Discovery" from the state of Israel. This was in spite of the difficult phase that the company went through upon the founder's untimely passing, and on slower business conditions upon the outbreak of the Corona pandemic.  I am pleased to see that we are now moving forward with renewed powers and with a lot of motivation and innovation towards the realization of the founder's vision."

 

 

 

- Ends -

 

 

 

 

Enquiries

Shefa Gems Ltd

 

Michael Rosenberg, OBE - Chairman 

www.shefagems.com

+44 20 7938 4026

 

 

VSA Capital Limited - Financial Adviser

 

Andrew Raca

+44 20 3005 5000

 

 

SI Capital Limited - Broker 

 

Nick Emerson and Jon Levinson

+44 20 3871 4038 / +44 1483 413500

 

 

 

 

Notes to Editors

 

About Shefa Gems Ltd

 

Shefa Gems Ltd (LSE: SEFA) is an explorer and developer of precious gems deposits operating in Northern Israel. Exploration activity is managed by professionally skilled and technically competent personnel and is accompanied by an international team of geological experts. All exploration activities are conducted under international standards and the internationally recognized SAMREC 2016 Code.

 

The Company holds three permits, granted to it by the Commissioner of Mines at the Ministry of Energy, Natural Resources Administration, Israel, extend over an area of approximately 488,366 Dunams (48,836 hectares) that includes the Kishon River, the volcanic bodies on Mount Carmel, the Zevulun and Yizre'el valleys and their margins.

 

Shefa Gems has established a "Source to Sink" geological model and the presence of a Target Mineral Assemblage of gemstones ("TMA Suite") in both primary volcanic sources and in secondary alluvial deposits lying within the Kishon catchment, on Mount Carmel and in the Zevulun and Yizre'el valleys and their margins. The TMA suite comprises Precious Stones (Diamond, rare natural moissanite, sapphire, ruby, Carmel Sapphire™, garnet, hibonite, spinel, ilmenite) and heavy minerals including zircon and rutile.

 

On March 2020, the Quarries and Mines Branch of the Ministry of National Infrastructures of the State of Israel has awarded a Certificate of Discovery to the Company covering the projected gemstone mine development in the Kishon Mid Reach, Zones 1 and 2. The Certificate of  Discovery is the culmination of the Company's successful exploration activities and market analysis; and signals the beginning of the process towards future commercial mining. 20 years of exploration in the Kishon valley have brought the Company one step closer in the establishing Israel's first and only future precious gemstone mine, originally identified and progressed by the founder of the company, the late and much missed Abraham (Avi) Taub.

 

Alongside its exploration activities, the Company is developing a "Mine to Market" strategy to promote unique jewellery collections utilising Shefa Gems' suite of precious gemstones.

 

The Company upholds environmental values and protects the nature in the areas where it operates, cooperating fully with all authorities. 

 

For further information please visit the website at www.shefagems.com

 


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