leadf
logo-loader
RNS
viewURU Metals Ltd

URU Metals Limited - Final Results

RNS Number : 2114O
URU Metals Limited
30 September 2019
 

URU Metals Limited
("URU Metals" or "the Company")

Final Results

URU Metals is pleased to announce its final results for the year ended 31 March 2019. The full Report & Accounts are available on the Company's website and are expected to be posted to shareholders today.

Chairman's Statement
For the Year Ended 31 March 2019

I am pleased to present to our shareholders and stakeholders the consolidated financial statements of the Group for the year ended 31 March 2019.

Excellent progress has been made at our flagship Zebediela Project, and the technical team are confident in their ability to prove up the strike length of the recently discovered Ni-Cu-PGE mineralisation at Zebediela, and develop the project into a world class Ni-PGE project.

The past financial year has been a fruitful year for URU, with achievements in fulfilling investment strategies. We are now well positioned to take advantage of potential positive movements in the nickel market.

To view the Full Report & Accounts with the illustrative figures and tables please use the following link:http://www.rns-pdf.londonstockexchange.com/rns/2114O_1-2019-9-30.pdf

Jay Vieira                                                                                                               

Non-executive Chairman
 

Chief Executive Officer's Report
For the Year Ended 31 March 2019

Below are the major events in the year ended 31 March 2019 and major events after the reporting period.

Zebediela Nickel Project

Major advances have been made in the past twelve months in the understanding of the geology of the Zebediela Project in a regional context. The Zebediela Project is located on the Northern Limb of the Bushveld Complex, one of the most exciting and profitable nickel, copper and platinum group elements, (Ni-Cu-PGE) mining and exploration areas globally. The project shares similar geology to Anglo American Platinum's Mogalakwena Mine, the world's best PGE mine, as well as the adjacent Ivanhoe Mines' Platreef Project, where shaft sinking on two shafts is progressing to a depth of in excess of 980m.

A thorough review of all data was undertaken, which included the relogging of core from historical drillholes on the Zebediela Project, plus the interrogation of historical reports from the area around the Zebediela Project. This has led the technical team to conclude that there is potentially 5 km of strike length of Platreef related Ni-Cu-PGE mineralisation, hidden beneath a veneer of cover rocks on the project location. The Platreef is the same horizon that both Anglo American Platinum and Ivanhoe Mines exploit and are aiming to exploit at their respective mines.

A comparison of the grades and basket prices of recent drilling by URU with that of Anglo Platinum and Ivanplats, as well as that of the operational Nkomati Nickel Mine, also located in South Africa on the Bushveld Complex, indicates that the target Ni-Cu-PGE is of a higher Nickel grade than that being mined at both Mogalakwena and Nkomati mines, and, although it is lower than Ivanplat's Platreef Project grade, it is near surface as opposed to being in excess of 800 m deep at the Platreef Project.

The figure below shows the location of known drillholes that intersect Platreef (Critical Zone rocks), and from this image, it becomes clear that the potential exists for Platreef material to be found to the west of the historically mapped outcrop of the Platreef, shown by the red dashed line in the image below.

 

When these drill results listed in the table above are taken into a regional context, it is evident that the potential for over 5 km of strike length of Platreef on the Zebediela Project exists, at grades with a superior basket price to that being mined at Mogalakwena mine, as well as Nkomati Nickel mine.

 

The geophysical surveys conducted in 2018 assisted with detailed mapping of the geology of the area, and the target horizon, in close proximity to the shale - hornfels contact of the Transvaal Supergroup metasediments, has been identified.

 

The Department of Mineral Resources (now the Department of Minerals and Energy) (DMRE) in December 2018 issued the renewal for Prospecting Right LP148PR over Uitloop 3 KS, which forms the core license of the Zebediela Project. An application in terms of Section 102 of the Mineral and Petroleum Resources Development Act of 2002 (the MPRDA) has been made to append licenses LP1074PR and LP1787 to LP148PR.

 

An application to the DMRE for a mining right over the Zebediela Project was made and accepted in August 2019. The mining right application will secure the tenure of the project for 30 years once it is granted. The basis of the Mine Works Program which accompanies the application was made on the existing NI43-101 compliant resource, which contains an Indicated Resource of 485.4 million tonnes at 0.245% Ni and an Inferred Resource of 1,115.1 million tonnes at 0.248% Ni. The Company, however, has the right to amend the Mine Works Program via Section 102 of the MPRDA, to incorporate a mine plan to exploit any Ni-Cu-PGE resource that may be defined by further planned exploration drilling.

 

As part of the Mining Right application process, the Company has submitted an application for Environmental Authorisation for the Zebediela Project and commenced with environmental impact assessment studies and a public consultation process.

 

Based on recent discoveries in other geological terrains that host similar ultramafic rocks to those found on the Zebediela Project, the potential exists for the area to host massive sulphides nickel deposits.

The high nickel and palladium to platinum ratio in the Platreef mineralisation, found at shallow depths, coupled with the increase in nickel and palladium prices over the past 12 months, make the Zebediela Project an exciting Ni-PGE targets. The close proximity to existing road, rail, power and mining infrastructure bode well for the potential to develop the project into a world-class Ni-Cu-PGE mine and URU remains committed to the responsible development of the project.

Burgersfort Nickel Project

After a decision was taken to focus on the Zebediela Nickel Project, the Company wrote down its 50% interest in the Burgersfort nickel assets in South Africa.

Investment in Management Resource Solutions PLC (MRS)

 

On 1 March 2017 The Company acquired 7,550,000 shares of Management Resource Solutions Plc ("MRS") from Scopn Pty Ltd. ("Scopn") at a price of £0.05 per share. As consideration the Company issued to Scopn 25,166,666 new shares of the Company (each at an implied price of £0.045). On 10 April 2017 the Company subscribed for an additional 10,000,000 shares of MRS at a price of £0.05 per share for total cash consideration of £500,000 bringing the Company's aggregate interest in MRS to 17,550,000 shares (representing 9.59% of its current issued share capital). The Group believes operational efficiencies can be realised to restore MRS' profitability and the potential exists for significant revenue growth as a result of re-opening and/or expanding of mining operations in New South Wales, coupled with the continual demand for New South Wales coal from the Chinese, South Korean and Japanese markets. The Board believes the investment in MRS provides the Group with a liquid investment with potential near-term upside.

 

On 5 May 2017, trading in MRS shares resumed on the AIM market of the London Stock Exchange. The closing middle market share price was £0.075 per MRS share on 27 September 2018 representing an overall value of $1,726,780 based on 17,550,000 shares held.

 

On 19 September 2019, MRS announced that two of its main subsidiaries in Australia, Bachmann Plant Hire Pty Ltd ("BPH") and MRS Subzero Pty Ltd (trading as MRS Services Group, "MRSSG"), were put in voluntary administration. This announcement resulted in the suspension of the trading of MRS shares. Accordingly, the Group impaired the investment in MRS during the year ended 31 March 2019. Subsequently MRS announced that it's working on a finance solution to restart the trading of its shares.

 

Strategy for 2019/2020

Zebediela Nickel project

Based on the improved understanding of the geology of the Zebediela Project, the company will continue to focus its efforts on understanding and defining the Platreef Ni-Cu-PGE mineralisation, and apply modern sound geological principles to developing an exploration strategy to explore for massive sulphide nickel associated with the ultramafic rocks found on the project area.

The Group remains committed to its strategy of acquiring mineral assets, through:-

·      direct investments in companies with prospects with medium to long term production potential;

·      partnership with other industry participants to develop projects with production forecast in the near to medium term; and

·      Investment of 100% equity in earlier stage projects with the potential to develop world class sized mineral resources that could be brought to market over the long term.

The Group would not rule out investing in longer term, 100% equity projects, or in other prospective junior companies should the right opportunity arise. However, this would be dependent on investor appetite at the time.

The Nickel Market

Nickel is used in numerous products including, industrial, consumer, military, transport/aerospace, marine, and stainless steel. 78% of the world's nickel is consumed by the stainless steel industry. Growing quite rapidly is the use of nickel in electric vehicle batteries, although at this stage it only accounts for about 3% of the nickel demand. With the growth in electric vehicles expected to continue, the demand for nickel will increase too. At this stage the main demand for nickel is still from the stainless-steel industry to meet specific industry requirements for heat resistance and corrosion. Nickel-containing materials are also needed to modernize infrastructure, for industry and to meet the material aspirations of their populations.

Overall positive trend - At the end of 2018, the average nickel price was approximately $10,791.00 per metric ton, with the highest nickel price recorded in 2018 at approximately $15635.00 per metric ton. The nickel price has increased by $ 7,347.50 per metric ton or 69.29 % since the beginning of 2019, with the nickel price currently at $ 17,952.00 per metric ton. The Group believe the nickel price has been lifted by sustained demand growth and decreasing supply.

Outlook - The Group has a positive outlook on the nickel market. The nickel price reached a maximum value of $18,153.00 per metric ton on 12 September 2019 in the World Bank Commodity Markets Outlook Report published in April 2018, forecast was that nickel would reach $18,000 a metric ton by 2030.

Your Management believes that our current projects have the potential to deliver shareholder value and look forward to updating shareholders on the development of its Nickel projects in South Africa.

 

John Zorbas

Chief Executive Officer

 

30 September 2019

 

Consolidated Statement of Comprehensive Income

For the Year Ended 31 March 2019

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

 

 

 

 

 

 

 

Administrative expenses

 

(737

)

 

(862

)

Exceptional items (note 18)

 

(1,554

)

 

-

 

Operating loss

 

(2,291

)

 

(862

)

 

 

 

 

 

 

 

Net loss for the year

 

(2,291

)

 

(862

)

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

Items that will be reclassified subsequently to income

 

 

 

 

 

 

       Unrealised loss on financial assets at fair value through OCI

 

(876

)

 

  (334

)

       Effect of translation of foreign operations

 

   (350

)

 

      159

 

Other comprehensive loss for the year

 

(1,226

 

(175

)

Total comprehensive loss for the year

 

(3,517

)

 

(1,037

)

 

 

 

 

 

 

 

Basic and diluted net loss per share (USD dollars) (note 8)

 

(2.94

)

 

(1.10

)

The loss per share calculation relates to both continuing and total operations.

The accompanying notes to the consolidated financial statements are an integral part of these statements.

Consolidated Statement of Financial Position

As at 31 March 2019

 

 

 

As at

 

 

As at

 

 

 

31 March

 

 

31 March

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

       Property, plant and equipment (note 10)

 

43

 

 

85

 

       Intangible assets (note 11)

 

2,471

 

 

3,243

 

       Long-term prepaid assets (note 9)

 

41

 

 

41

 

Total non-current assets

 

2,555

 

 

3,369

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

       Financial asset at fair value through OCI (note 12)

 

-

 

 

1,676

 

       Trade and other receivables (note 13)

 

64

 

 

67

 

       Cash and cash equivalents

 

475

 

 

1,317

 

 

 

 

 

 

 

 

Total current assets

 

539

 

 

3,060

 

 

 

 

 

 

 

 

Total assets

 

3,094

 

 

6,429

 

 

 

 

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

     Share capital (note 14)

 

7,806

 

 

7,806

 

     Share premium (note 14)

 

46,938

 

 

46,938

 

     Other reserves

 

1,030

 

 

1,380

 

     Accumulated deficit

 

(53,839

)

 

(50,672

)

Total equity

 

1,935

 

 

5,452

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

       Trade and other payables (note 16)

 

1,159

 

 

977

 

Total liabilities

 

1,159

 

 

977

 

 

 

 

 

 

 

 

Total equity and liabilities

 

3,094

 

 

6,429

 

The accompanying notes to the consolidated financial statements are an integral part of these statements.

 

Consolidated Statement of Cash Flows

For the Year Ended 31 March 2019

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss for the year

 

(2,291

)

 

(862

)

Adjustments for:

 

 

 

 

 

 

       Share-based payments

 

-

 

 

203

 

       Depreciation

 

40

 

 

33

 

       Impairment of intangible asset

 

868

 

 

(145

)

       Impairment of financial assets at fair value through OCI

 

686

 

 

-

 

       Unrealised foreign exchange gain

 

114

 

 

-

 

Changes in non-cash working capital items:

 

 

 

 

 

 

       Decrease/(increase) in receivables

 

3

3

 

(37)

 

       Increase in trade and other payables

 

182

 

 

300

 

Net cash used in operating activities

 

(398

)

 

(508

)

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Purchase of financial assets at fair value through OCI

 

-

 

 

  (650)

 

Purchase of intangible assets

 

(401

)

 

(406

)

Net cash used in investing activities

 

(401

)

 

(1,056

)

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Net proceeds from exercise of share options

 

-

 

 

203

 

Net cash generated by financing activities

 

-

 

 

203

 

 

 

 

 

 

 

 

Loss on exchange rate changes on cash and cash equivalents

 

(43)

 

 

-

 

Net decrease in cash and cash equivalents

 

(842

)

 

(1 ,361)

 

Cash and cash equivalents, beginning of year

 

1,317

 

 

2,678

 

Cash and cash equivalents, end of year

 

475

 

 

1,317

 

The accompanying notes to the consolidated financial statements are an integral part of these statements.

 

Consolidated Statement of Changes in Shareholders' Equity

For the Year Ended 31 March 2019

 

Equity attributable to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Share Option

 

 

  Foreign Currency 

 

 

 

 

 

 

 

 

 

Share

 

 

Share

 

 

Shares to be

 

 

and Warrants

 

 

Translation

 

 

Accumulated

 

 

 

 

 

 

Capital

 

 

Premium

 

 

Issued

 

 

Reserve

 

 

Reserve

 

 

Deficit

 

 

Total

 

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

At 31 March 2017 

 

7,726

 

 

46,723

 

 

-

 

 

2,307

 

 

(1,123

)

 

(49,476

)

 

6,157

 

Share-based compensation

 

-

 

 

-

 

 

 

 

129

 

 

-

 

 

-

 

 

129

 

Shares issued upon exercise of stock options

 

80

 

 

123

 

 

-

 

 

-

 

 

-

 

 

-

 

 

203

 

Reclassification of fair value of stock options exercised

 

-

 

 

92

 

 

 

 

(92

)

 

-

 

 

-

 

 

-

 

Net loss and comprehensive loss for the year

 

-

 

 

-

 

 

-

 

 

-

 

 

159

 

 

(1,196

)

 

(1,037

)

At 31 March 2018

 

7,806

 

 

46,938

 

 

-

 

 

2,344

 

 

(964

)

 

(50,672

)

 

5,452

 

Net loss and comprehensive loss for the year

 

-

 

 

-

 

 

-

 

 

-

 

 

(350)

 

 

(3,167

)

 

(3,517

)

At 31 March 2019

 

7,806

 

 

46,938

 

 

-

 

 

2,344

 

 

(1,314

)

 

(53,839

)

 

1,935

 

The accompanying notes to the consolidated financial statements are an integral part of these statements.

Notes to Consolidated Financial Statements

For the Year Ended 31 March 2019

 

1.

General information

URU Metals Limited (the "Company"), formerly known as Niger Uranium Limited, and before that, as UraMin Niger Limited, was incorporated in the British Virgin Islands ("BVI") on 21 May 2007. The Company's shares were admitted to trading on AIM, a market operated by the London Stock Exchange on 12 September 2007. The address of the Company's registered office is Intertrust, P.O. Box 92, Road Town, Tortola, British Virgin Islands, and its principal office is Suite 401, 4 King Street West, Toronto, Ontario, Canada, M5H 1A1.

On 21 November, 2018, the Company resolved to re‑organise the Company's share capital by combining all of the Existing Ordinary Shares on the basis of one new ordinary share of no par value ('New Ordinary Share') for every 1,000 Existing Ordinary Shares, such shares having the same rights and being subject to the same restrictions as the Existing Ordinary Shares as set out in the Articles of the Company ('Consolidation').  All references to common shares, stock options and warrants have been fully retrospectively restated to reflect the Consolidation.

The consolidated financial statements of the Group for the year ended 31 March 2019 comprise the Company and its subsidiaries.

2.

Nature of operations

During the year ended 31 March 2019, the Group's principal business activities were the exploration and development of mineral properties in South Africa.

The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance that planned exploration and development programs will result in profitable mining operations. The Group has not yet established whether its mineral properties contain reserves that are economically recoverable. Changes in future conditions could require material write-downs of the carrying values of mineral properties.

The Group is in the exploration stage and is subject to the risks and challenges similar to other companies in a comparable stage of development. These risks include, but are not limited to:

•  

Dependence on key individuals;

•  

receipt and maintenance of all required exploration permits and property titles;

•  

successful development; and

•  

as noted above, the ability to secure adequate financing to meet the minimum capital required to successfully develop the Group's projects and continue as a going concern.

 

3.

Basis of preparation

The annual consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretations Committee ("IFRIC") interpretations. The Group has consistently applied the accounting policies detailed below throughout all periods presented.

The consolidated financial statements have been prepared on a historical cost basis convention, as modified by the revaluation of financial assets at fair value through other comprehensive income.

 

 

 

Items included in the consolidated financial statements for each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (the "functional currency"). Similarly, the Group reports its results in a specified currency (the "presentation currency"). The functional currencies of the Company and its subsidiaries (with their abbreviation defined in note 4) are set out in the table below:

 

 

URU Metals Limited ("URU")

CAD

 

Niger Uranium Societe Anonyme ("NUSA")

CFA

 

8373825 Canada Inc. ("Nueltin")

CAD

 

Svenska Skifferoljeaktiebolaget ("SSOAB")

SEK

 

Southern Africa Nickel Ltd. ("SAN Ltd")

USD

 

Umnex Minerals Limpopo Pty ("UML")

USD

 

Lesogo Platinum Uitloop Pty ("LPU")

USD

All of the Company's subsidiaries were dormant in the year.

The Group's consolidated financial statements are presented in US Dollars, rounded to the nearest thousand.

In accordance with IAS 21, Effects of Changes in Foreign Exchange Rates ("IAS 21"), Group entities and operations whose functional currencies differ from the presentation currency are translated into US dollars.

•  

Monetary assets and liabilities are translated at the closing rate as at the date of the statement of financial position;

•  

Income and expenses are translated at the average rate of exchange for the reporting period;

•  

Equity balances are initially translated at closing exchange rates and subsequent balances are translated at historical rates; and

•  

Translation gains and losses are recognised in consolidated other comprehensive income and are reported as such in accumulated other comprehensive income.

 

4.

Summary of significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements.

(a) Going concern

These consolidated financial statements have been prepared based on accounting principles applicable to a going concern, which assume that the Group will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.  As at 31 March 2019 the Group had net current liabilities of $620,000 (2018:$2,083,000 net current assets) and had not yet achieved profitable operation and expects to incur further losses in the development of business. The Group will therefore need further financing to operate over the next 12 months.

Management acknowledges that uncertainty remains over the ability of the Group to meet its funding requirements but believes that financing will be available and continues to explore debt and equity financing options that would provide the Group with sufficient cash to continue with its exploration activities. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. These circumstances indicate the existence of material uncertainties that may cast significant doubt as to the Group's ability to continue as a going concern.

There is, however, no assurance that the sources of funding described above will be available to the Group, or that they will be available on terms and a timely basis that are acceptable to the Group. Accordingly, these  consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities, the reported expenses and the statement of financial position classifications used that would be necessary should the Group be unable to continue as a going concern. These adjustments could be material.

As part of their going concern review, the Directors have followed the guidelines published by the Financial Reporting Council entitled "Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risk" issued in April 2016.

The Directors have prepared detailed financial forecasts and cashflows for the twelve months from the date of signing these financial statements. In developing these forecasts, the Directors have made assumptions based upon their view of current and future economic conditions over the forecast period.

 (b) Basis of consolidation

Subsidiaries

Subsidiaries are all entities that are controlled by the Group.  The definition of control involves three elements; power over the investee, exposure or rights to variable returns and the ability to use power over the investee to affect the amount of the investors' returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IAS 39 either in profit or loss or other comprehensive loss.

Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.

Associates

Associates are entities over which the Group exercises significant influence but does not exercise control. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost, which includes goodwill identified on acquisition, net of any accumulated impairment loss. The Group's share of its associate's profits or losses after acquisition of its interest is recognised in profit or loss and cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Where the Group's share of losses of an associate equals or exceeds the carrying amount of the investment, the Group only recognises further losses where it has incurred obligations or made payments on behalf of the associate.

Financial asset at fair value through other comprehensive income

Financial assets consist of equity investments in other companies or limited partnerships where the Group does not exercise either control or significant influence.

 

Financial assets are shown at fair value at each reporting date with changes in fair value being shown in Other Comprehensive Income, or at cost less any necessary provision for impairment where a reliable estimate of fair value is not able to be determined.

Joint arrangements, joint operations and joint ventures

A joint arrangement is a contractual arrangement in which two or more parties have joint control. Joint control only exists when decisions require unanimous consent of the parties sharing that control. A joint arrangement is either a joint operation, where the parties have rights to the assets and obligations of the operation and thus recognise its share of the assets, liabilities, and operations, or a joint venture, where the parties have rights to the net assets or the obligation, and thus recognise their interest as an investment using the equity method.

Transactions eliminated on consolidation

Intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

 

(c) Foreign currency transactions

i) Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in consolidated statement of other comprehensive income.

ii) Foreign operations

The assets and liabilities of operations, including goodwill and fair value adjustments arising on acquisition, are translated to the Group presentation currency (where different) at exchange rates at the reporting date. The income and expenses of foreign operations are translated to the Group presentation currency at average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions. Equity balances are translated to presentation currency at historical exchange rates.

Foreign currency differences are recognised directly in other comprehensive income and such differences have been recognised in the foreign currency translation reserve (FCTR). When a foreign operation is disposed of, in part or in full, the relevant amount in the FCTR is transferred to profit or loss.

Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognised directly in other comprehensive income in the FCTR.

(d) Property, plant and equipment

Items of property, plant and equipment are measured at historical cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment was determined by reference to the cost at the date of acquisition.

Historical cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of replacing part of an item of plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of plant and equipment are recognised in profit or loss as incurred.

Gains and losses on disposal of an item of plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of plant and equipment, and are recognised net within the statement of comprehensive income.

Depreciation is calculated over the depreciable amount, which is the cost of the asset, less its residual value. If the useful lives and depreciation methods are the same for significant parts of assets, these are not depreciated on a component basis. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of plant and equipment as follows:

Field equipment

3 years

(e) Exploration costs and intangible assets

Exploration and evaluation costs are capitalised on a project-by-project basis, pending determination of the technical feasibility and the commercial viability of the project. In accordance with IFRS 6, 'Exploration for and Evaluation of Mineral Resources', the Group allocates costs incurred to cash generating units (CGUs), which are projects, or groups of projects, which share a consistent profile and proximity. Exploration costs are presented in intangible assets in the Statement of Financial Position.

Capitalised costs include costs directly related to the exploration and evaluation activities in the CGU.

General and administrative costs are allocated to the exploration property to the extent that the costs are directly related to activities in the relevant areas of interest. Costs incurred before the legal rights are obtained to explore an area and costs relating to a relinquished or abandoned licence are recognised in profit or loss.

Exploration and evaluation assets shall be assessed for impairment at each reporting period in accordance with IFRS 6, and any impairment loss is recognised in profit or loss.

Once technical feasibility and commercial viability have been established, exploration assets attributable to those projects are tested for impairment and reclassified from exploration properties to development properties.

Mineral property acquisition costs, and exploration and development expenditures incurred subsequent to the determination of the feasibility of mining operations and approval of development by the Group, are capitalised until the property to which they relate is placed into production, sold, allowed to lapse or abandoned.

(f) Cash and cash equivalents

Cash and cash equivalents comprise cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less from inception which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
 

 

(g) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

(i) Financial assets and financial liabilities

Financial assets and financial liabilities are classified into one of three categories as summarised in the table below:

 

                                                  Derivative                Initial             Subsequent to initial                URU's assets               

Category                                   status                 measurement   recognition, held at:                in the category            

Amortised cost                    Non‑derivative            Fair value         Amortised cost using    Trade and other receivables

                                                                                                          The effective interest                           

                                                                                                                         method

Amortised cost                    Non‑derivative            Fair value         Same as above                Cash and cash

                                                                                                                                                                 equivalents 

Other financial liabilities    Non‑derivative            Fair value         Same as above               Trade and other payables       

                                                                                                        Fair value through profit

Other financial liabilities     Non‑derivative            Fair value               and loss               Contingent consideration       

Fair value through other

   comprehensive income     Non‑derivative            Fair value        Fair value through profit    Marketable securities

                                                                                                                      and loss                                     

The classification is determined at initial recognition and depends on the nature and the purpose of the financial asset. Financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument.

Fianncial assets at amortised cost

 

 A financial asset shall be classified as amortised cost if both of the following conditions are met: (a) the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and (b) the contractual terms of the financial asset give rise on specified dates to cash cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

Other financial liabilities

 

The Group initially recognises financial liabilities on the trade date at which the Group becomes a party to the contractual provisions of the instrument.

 

Financial liabilities are recognised initially at fair value plus any directly attributable transaction costs.

 

 

Financial assets at fair value

 

Fair value determination

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. The Company has no financial instruments carried at fair value as at 31 March 2019 other than the investment in Management Resource Solutions Plc (MRS) which is a Level 2 financial asset at fair value.

 

Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term, or if it is a derivative financial instrument. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise, they are classified as non‑current. Securities in privately held companies are initially recorded at cost, being the fair value at the time of acquisition. At the end of each financial reporting period, the Company's management estimates the fair value of investments based on the criteria below and reflects such valuation in the consolidated financial statements. These are included in Level 1 as disclosed in note 6.

 

A financial asset shall be measured at fair value through other comprehensive income if both of the following conditions are met: (a) the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and (b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

Changes in fair values of financial assets through other comprehensive income are presented as fair value gain or loss on investment in the consolidated statement of comprehensive income, and within operating activities in the statement of cash flows.

 

(ii) Derecognition of financial assets and financial liabilities

 

A financial asset is derecognised when the contractual right to the asset's cash flows expire or if the Group transfers the financial asset and substantially all risks and rewards of ownership to another entity. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability.

 

The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire.

 

(iii) Offset

 

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position only when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

 (h) Impairment of assets

(i) Financial assets

Financial assets are assessed for indicators of impairment at each reporting period end. Financial assets are impaired when there is objective evidence that the estimated future cash flows of the financial assets have been affected by one or more events that occurred after the initial recognition of the financial asset.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the assets original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognised. When an event occurring after the impairment was recognised causes the amount of impairments loss to decrease, the decrease in impairment loss is reversed through profit or loss.

(ii) Non-financial assets

The carrying amounts of the Group's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less cost of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets. Fair value less cost of disposal is determined as the amount that would be obtained from the disposal of the assets in an arm's length transaction between knowledgeable and willing parties.

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

 (i) Income tax

Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the associated unused tax losses and deductible temporary differences can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

(j) Loss per share

The Group presents basic and diluted loss per share ("EPS") data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares in issue during the period. Diluted earnings or loss per share is similar to basic earnings or loss per share, except that the denominator is adjusted to include the dilutive potential ordinary shares that would have been outstanding assuming that options and warrants with an average market price for the year greater than their exercise price are exercised and the proceeds used to repurchase ordinary shares.

(k) Segmental reporting

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. All operating segments' operating results are reviewed regularly by the Group's chief operating decision maker, the CEO, to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.

 (l) Employee benefits

Pension obligations and other post-employment benefits

The Group does not offer any pension and/or post-employment benefits to employees.

Short-term employee benefits

Short-term employee benefits obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonuses if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

Share-based compensation

The Group operates an equity-settled, share-based compensation plan, The Niger Uranium Limited Share Option Plan 2008. The grant date fair value of the employee services received in exchange for the grant of the options is recognised as an expense with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions, such as forfeiture rates, are included in assumptions about the number of options that are expected to vest. At each reporting date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision of original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

(m) New accounting standards and interpretations

During the year ended 31 March 2019 the Group adopted the following IFRS standards:

 

IFRS 2 - Share‑based Payment ("IFRS 2")

 

IFRS 2 was amended by the IASB in June 2016 to clarify the accounting for cash‑settled share‑based payment transactions that include a performance condition, the classification of share‑based payment transactions with net settlement features and the accounting for modifications of share‑based payment transactions from cash‑settled to equity‑settled. On 1 April, 2018, the Group adopted this amendment and has determined that the adoption of this new amendment does not have a significant impact on its consolidated financial statements.

 

IFRS 15 ‑ Revenue From Contracts With Customers ("IFRS 15")

 

IFRS 15 replaces IAS 18 ‑ Revenue, IAS 11 ‑ Construction contracts, and some revenue‑related interpretations. The standard contains a single model that applies to contracts with customers and two approaches to recognising revenue: at a point in time or over time. The model features a contract‑based five‑step analysis of transactions to determine whether, how much and when revenue is recognised. New estimates and judgmental thresholds have been introduced, which may affect the amount and/or timing of revenue recognised. On 1 April 2018, the Company adopted IFRS 15 and has determined that the adoption of this new standard does not have a significant impact on its consolidated financial statements. 

 

IFRS 9 Financial Instruments ("IFRS 9")

 

On 24 July 2014 the IASB issued the completed IFRS 9, Financial Instruments, (IFRS 9) effective on 1 January 2018 with early adoption permitted.

 

IFRS 9 includes finalised guidance on the classification and measurement of financial assets. Under IFRS 9, financial assets are classified and measured either at amortised cost, fair value through other  comprehensive  income  ("FVOCI") or fair value  through  profit or loss ("FVTPL") based on the business model in which they are held and the characteristics of their contractual cash flows. IFRS 9 largely retains the existing requirements in IAS 39 Financial   Instruments: recognition and measurement, for the classification and measurement of financial liabilities.

 

The Group adopted IFRS 9 in its consolidated financial statements on 1 April 2018.  Due to the nature of  its  financial  instruments,  the  adoption  of  IFRS  9  had  no  impact  on  the  opening accumulated deficit balance on 1 April 2018.  The impact on the classification and  measurement of its financial instruments is set out below.

 

All financial assets not classified at amortised cost or FVOCI are measured at FVTPL. On initial recognition, the Company can irrevocably designate a financial asset at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.

 

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated at FVTPL:

 

It is held within a business model whose objective is to hold the financial asset to collect the contractual cash flows associated with the financial asset instead of selling the financial asset for a profit or loss; Its contractual terms give rise to cash flows that are solely payments of principal and interest.

 

All financial instruments are initially recognised at fair value on the consolidated statement of financial position. Subsequent measurement of financial instruments is based on their classification. Financial assets and liabilities classified at FVTPL are measured at fair value with changes in those fair values recognised  in  the  consolidated  statement of loss  and  comprehensive  loss  for the  year.  Financial assets classified at amortised cost and  financial liabilities are  measured at amortised cost using the effective interest method.

 

The following table summarises the classification and measurement changes under  IFRS 9 for each financial instrument:

 

 

 

Classification                                                                                              IAS 39                                                         IFRS 9

 

Cash and cash equivalents                                           Loans and receivables (amortised cost)                   Amortised cost

Trade and other receivables                                         Loans and receivables (amortised cost)                   Amortised cost

Marketable securities                                                                        Available for sale                                              FVOCI

Accounts payable and accrued liabilities                 Other financial liabilities (amortised cost)                  Amortised cost

 

 

IFRS 9 Financial Instruments ("IFRS 9") (continued)

 

(i) The Company made an irrevocable election upon adoption of IFRS 9 to classify the marketable securities at FVOCI, with all subsequent changes in fair value being recognised in other comprehensive income. FVOCI is a new measurement category with which the cumulative changes in fair value will remain in OCI and is not reclassified to profit or loss upon disposal of the investment.

 

The  original  carrying  value  of the  Company's  financial  instruments  under  IAS 39 has not changed under  IFRS 9.

The following IFRS and IFRIC Interpretations have been issued but have not been applied by the Group in preparing these financial statements as they are not as yet effective and in some cases had not yet been adopted by the European Union.

The Group intends to adopt these Standards and Interpretations when they become effective, rather than adopt them early.

 

·              IFRS 16, 'Leases"

·              IFRS 10 and IAS 28 (amendments), 'Sale or Contribution of Assets between an Investor and its Associate or Joint Venture'

·              Amendments to IFRS 2, 'Classification and Measurement of Share‑based Payment Transactions'

·              Amendments to IAS 7, 'Disclosure Initiative'

·              Amendments to IAS 12, 'Recognition of Deferred Tax Assets for Unrealised Losses'

 

The directors do not expect that the adoption of the Standards listed above will have a material impact on the Group in future periods.

 

IFRS 16 is a significant change to lessee accounting and all leases will require balance sheet recognition of a liability and a right‑of‑use asset except short term leases and leases of low value assets. The effect on the Group cannot be accurately quantified at this stage but is expected to be immaterial on the Group is currently not a party to any material operating leases as lessee or lessor.

 

A number of IFRS and IFRIC interpretations are also currently in issue which are not relevant for the Group's activities and which have not therefore been adopted in preparing these consolidated financial statements.

 

5.      Critical Accounting Estimates and Judgements

The preparation of the consolidated financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement and make estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The Group makes estimations and assumptions concerning the future. The resulting accounting estimates may not equal the related actual results.

The estimates, assumptions and judgements which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are:

 

Determination of the Functional Currency

The Group comprises several entities in three different countries; Canada, South Africa and Sweden. The statutory financial statements of each entity, where required, are prepared using the functional currency of the country where it is registered to do business except where management have chosen a more appropriate currency as the functional currency.  On preparation of the consolidated financial statements management chooses an appropriate exchange rate to translate each of the functional currencies to the presentational currency. The consolidated financial statements are presented in USD. These judgements may change if future events dictate that a more appropriate presentational currency should be adopted.

 

Impairment of exploration and evaluation expenditure (intangible assets)

At 31 March 2019 the carrying value of intangible assets of the Group were $2,471,000 (2018: $3,243,000). The Group capitalises expenditure relating to exploration and evaluation where it is considered likely to be recoverable or where the activities have not yet reached a stage that permits a reasonable assessment of the existence of reserves. The directors have carried out an assessment of the carrying value of exploration and evaluation expenditure and any required impairment in accordance with the accounting policy in note 4.

 

Assessment of significant influence

The Group holds 7.85% of the issued share capital of Management Resource Solutions Plc ('MRS') which is below the 20% assumed threshold for significant influence. However as J. Zorbas was appointed as the Non-executive Chairman of MRS on 10 April 2017 management have reviewed the criteria detailed in IAS 28 'Investments in Associates' of potential indication of the existence of significant influence. Management judgement is therefore required to assess whether significant influence is exercised over MRS in the year and have concluded that the Group did not exercise significant influence over MRS in the year. J. Zorbas resigned as Non-executive Chairman of MRS on 30 August 2019.

 

 

Valuation of financial assets at fair value through other comprehensive income   

The Group has adopted a policy of the revaluation of financial assets through other comprehensive income. Management therefore need to determine fair value and thus need to exercise judgement in their assessment of the fair value hierarchy.

 

In respect of the carrying value of the shares held in MRS management have assessed the current suspension of the company's shares on AIM, due to two of its principal subsidiaries being placed into administration, and the likelihood that the refinancing will be completed and that the company's shares will be re admitted to trading on AIM.

 

Share based payments

The Company has issued share options to Directors and advisors. The Black Scholes model is used to calculate the appropriate charge for these options. The use of this model to calculate a charge involves a number of estimates and judgements to establish the appropriate inputs to be entered into the model, including areas such as the use of appropriate interest and dividend rates, exercise restrictions and behavioural considerations. A significant element of judgement is therefore involved in the calculation of the charge.

 

Calculation and recognition of contingent consideration

The Group is exposed to potential contingent consideration from previous acquisitions as detailed in note 11. Management exercises judgement in assessing whether the contingent consideration should be recognised in the consolidated financial statements.

 

6.

Financial risk management

 

The Group's Board of Directors monitors and manages the financial risks relating to the operations of the Group. These include credit risk, liquidity risk and market risk which includes foreign currency and interest rate risks.

 

Credit risk

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. The Group's credit risk is primarily attributable to the Group's cash and cash equivalents and trade and other receivables. The Group has no allowance for impairment that might represent an estimate of incurred losses on other receivables. The Group has cash and cash equivalents of $475,000 (31 March 2018 ‑ $1,317,000), which represent the maximum credit exposure on these assets. As at 31 March 2019, the majority of the cash and cash equivalents were held with a major Canadian chartered bank from which management believes the risk of loss to be minimal. 

Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.

 

Typically the Group tries to ensure that it has sufficient cash on demand to meet expected operational expenses for a period of twelve months, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted. Management monitors the rolling forecasts of the Group's liquidity reserve on the basis of expected cash flows.

The following are the contractual maturities of financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

6 months

 

 

 

Carrying

 

 

Contractual

 

 

6 months

 

 

to 5

 

 

 

amount

 

 

cash flows

 

 

or less

 

 

years

 

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

31 March 2018

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other payables

 

1,159

 

 

1,159

 

 

1,159

 

 

-

 

31 March 2018

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other payables

 

977

 

 

977

 

 

977

 

 

-

 

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group's loss or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

Foreign currency rate risk
The Group, operating internationally, is exposed to currency risk on purchases that are denominated in a currency other than the functional currency of the Group's entities, primarily Pound Sterling ("GBP"), the Canadian Dollar ("CAD"), the South African Rand ("ZAR"), Swedish Krona ("SEK") and the US Dollar ("USD").

The Group does not hedge its exposure to currency risk.

In respect of other monetary assets and liabilities denominated in foreign currencies, the Group's policy is to ensure that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary to address short term imbalances.

The Group's exposure to foreign currency risk, based on notional amounts, was as follows:

 

 

USD

 

 

GBP

 

 

SEK

 

 

CAD

 

 

Total

 

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

31 March 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

-

 

 

466

 

 

-

 

 

9

 

 

475

 

Trade and other receivables

 

-

 

 

-

 

 

-

 

 

6

 

64

 

Trade and other payables

 

-

 

 

(201

)

 

(53

)

 

(905

)

 

(1,159

)

31 March 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

-

 

 

1,294

 

 

-

 

 

23

 

 

1,317

 

Trade and other receivables

 

-

 

 

-

 

 

-

 

 

67

 

 

67

 

Trade and other payables

 

-

 

 

(217

)

 

(58

)

 

(702

)

 

(977

)

 

Interest rate risk

The financial assets and liabilities of the Group are subject to interest rate risk, based on changes in the prevailing interest rate. The Group does not enter into interest rate swap or derivative contracts. The primary goal of the Group's investment strategy is to make timely investments in listed or unlisted mining and mineral development properties to optimise shareholder value. Where appropriate, the Group will act as an active investor and will strive to advance corporate actions that deliver value adding outcomes. The Group will undertake joint ventures with companies that have the potential to realise value through mineral project development, and invest substantially in those joint ventures to advance asset development over the near term.

Market risks

Sensitivity analysis

A 10% strengthening of the USD against the following currencies at the year end would have increased/(decreased) equity and profit or loss by the amounts shown below. This was determined by recalculating the USD balances held using a 10% greater exchange rate to the USD. This analysis assumes that all other variables, in particular interest rates, remain constant.

 

 

31 March 2019

 

 

31 March 2018

 

 

 

Equity

 

 

Profit or loss

 

 

Equity

 

 

Profit or loss

 

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

GBP

 

-

 

 

(27

)

 

-

 

 

(108)

 

CAD

 

-

 

 

83

 

 

-

 

 

              61      

 

SEK

 

-

 

 

6

 

 

-

 

 

                        6

 

 

 

7.

Capital risk management

The Group includes its share capital, share premium, reserves and accumulated deficit as capital. The Group's objective is to maintain a flexible capital structure which optimises the costs of capital at an acceptable risk. In light of economic changes and with the risk characteristics of the underlying assets, the Group manages the capital structure and makes adjustments to it. As the Group has no cash flow from operations and in order to maintain or adjust the capital structure, the Group may issue new shares, issue debt and/or find a strategic partner. The Group is not subject to externally imposed capital requirements.

The Group prepares annual expenditure budgets to facilitate the management of its capital requirements and updates them as necessary depending on various factors such as capital deployment and general industry conditions. During the year ended 31 March 2019 there were no changes in the Group's approach to capital management.

8.  Earnings per Share

 

The calculation of basic and diluted earnings per share is based on the result attributable to shareholders divided by the weighted average number of ordinary shares in issue in the year.

 

Basic earnings per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

 

The Company has potentially issuable shares which relate to share options issued to directors and third parties. In the years ended 31 March 2019 and 31 March 2018 none of the options had a dilutive effect on the loss in the two years.

 

 

 

As at

 

 

As at

 

 

 

31 March

 

 

31 March

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

Loss used in calculating basic and diluted earnings per share ($)

 

(2,291)

 

 

(862)

 

Number of shares

 

 

 

 

 

 

Weighted average number of shares for the purpose of basic earnings per share

 

779,944

 

 

779,944

 

Weighted average number of shares for the purpose of diluted earnings per share

 

779,944

 

 

779,944

 

 

 

 

 

 

 

 

Basic loss per share (US dollars)

 

(2.94)

 

 

(1.10)

 

Diluted loss per share (US dollars)

 

(2.94)

 

 

(1.10)

 

 

9.

Long-term prepaid assets

 

 

 

31 March

 

 

31 March

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

 

 

 

 

 

 

 

Long-term prepaid assets

 

41

 

 

41

 

 

On determination that an impairment charge was required for the Group's SSOAB Licences project, the Group identified a long-term prepaid asset for future drilling costs that may be applied to projects undertaken in other locations. Accordingly, the long-term prepaid asset was transferred out of intangible assets.

10. Property, plant and equipment

 

 

Field

 

 

 

equipment

 

COST

 

$'000

 

 

 

 

 

At 31 March 2017

 

119

 

Impact of foreign exchange

 

2

 

At 31 March 2018

 

121

 

Impact of foreign exchange

 

(3)

 

At 31 March 2019

 

118

 

 

 

 

Field

 

 

 

equipment

 

ACCUMULATED DEPRECIATON

 

          $'000

 

 

 

 

 

At 31 March 2017

 

3

 

Depreciation for the year

 

33

 

At 31 March 2018

 

36

 

Depreciation for the year

 

40

 

Impact of foreign exchange

 

(1)

 

At 31 March 2019

 

75

 

 

 

 

Field

 

 

 

equipment

 

CARRYING VALUE

 

$'000

 

At 31 March 2018

 

85

 

At 31 March 2019

 

43

 

 

 

11.

Intangible assets

 

Exploration costs

 

 

 

COST

 

$'000

 

At 31 March 2017

 

4,557

 

Additions

 

406

 

Foreign exchange

 

98

 

At 31 March 2018

 

5,061

 

Additions

 

401

 

Foreign exchange

 

(369)

 

At 31 March 2019

 

5,093

 

 

ACCUMULATED AMORTISATION AND IMPAIRMENT

 

$'000

 

At 31 March 2017

 

1,761

 

Foreign exchange

 

57

 

At 31 March 2018

 

1,818

 

Impairment (note 18)

 

868

 

Foreign exchange

 

(64

)

At 31 March 2019

 

2,622

 

 

CARRYING VALUE

 

$'000

 

At 31 March 2018

 

3,243

 

At 31 March 2019  

 

2,471

 

The Group has operated three distinct projects, SSOAB Licences, Nueltin Licence and the South African Projects as detailed below:

The exploration costs, amortisation and impairment detailed in the above table are in respect of the Group's South African Projects only. The Group's exploration costs in respect of its SSOAB Licences project of $1,145,000 were fully impaired at 31 March 2016 and the exploration costs in respect of its Nueltin Licence project of $153,000 were fully impaired at 31 March 2015. The Burgersfort South African project has been fully impaired in these consolidated financial statements. At 31 March 2019 the carrying value is solely in relation to the Zebediela Nickel Project described below.

SSOAB Licences

SSOAB (as defined in note 3) had 100% ownership of several exploration licences near the town of Örebro, Sweden. The Swedish licences are considered to be a single project, and thus to be one CGU. During the year ended 31 March 2016, due to the continued decline of the prices of oil and uranium, the Group decided not to pursue the development of SSOAB properties and therefore determined that the recoverable amount of the intangible assets under the SSOAB properties was estimated to be $nil. The Group fully impaired the intangible assets in the consolidated statement of financial position for the year ended 31 March 2016. The foreign currency reserve of SSOAB was reclassified from equity to the consolidated statement of comprehensive income in the year ended 31 March 2017.

 

 

Nueltin Licence

Nueltin (as defined in note 3) was party to an option agreement with Cameco Corporation ("Cameco"), the holder of a licence located in the Nunavut Territory of Canada. Under the agreement, Nueltin could earn 51% interest in the project from Cameco in return for exclusively funding CDN$2.5 million in exploration expenditure by 31 December 2016. The Cameco project was considered to be one CGU. The Group fully impaired the intangible assets in the consolidated statement of financial position in the year ended 31 March 2015 as the Group had no plans to pursue the project in Nunavut Territory and thus let the option expire.

 

South African Projects

In November 2013, the Group acquired (i) a 100% interest in Southern Africa Nickel Limited ("SAN Ltd.") which had been the Group's joint venture partner since 2010 on the Zebediela Nickel Project and (ii) a 50% interest in the Burgersfort Project. SAN Ltd in turn had a 74% interest in a joint operation (the "SAN-Umnex Joint Venture"). The remaining 26% was held by Umnex Mineral Holdings Pty ("UMH"), which had title to the Zebediela licences through its subsidiary, UML. With the Group's acquisition of SAN Ltd., the SAN-URU joint venture was dissolved and San Ltd. obtained ownership of the JV's 50% interest in the Burgersfort Project with BSC Resources as the other party to the agreement. On 10 April 2014, SAN Ltd. and UMH agreed that SAN Ltd. would purchase 100% of Umnex Minerals Limpopo Pty ("UML") from UMH for consideration of 33,194,181 new Group shares and 8,000,000 bonus shares issued to directors and officers for their services in the acquisition of UML.

The Burgersfort Project extends over two adjacent prospecting rights in Burgersfort North and Burgersfort South. The Group has no plans to pursue the project and as announced on 31 May 2019 has fully impaired the intangible assets related to Burgersfort Project in the amount of $868,000 in the consolidated statement of financial position as at 31 March 2019.

The Zebediela Nickel Project extends over three separate adjacent prospecting rights in the Limpopo Province of South Africa. All three rights are now held by Lesogo Platinum Uitloop Pty ("LPU"), which in turn is 100% owned by UML.

All three rights are currently compliant with minimum expenditure obligations, annual report submissions, annual prospecting fees, and submitted prospecting work programs.

Under the terms of the acquisition agreement, UMH is permitted to return the shares and take back the licences should the Group:

 

fail to maintain adequate cash funds to meet its general and project expenditure obligations, or

 

fail to meet the purchased rights' minimum statutory expenditure obligations

 

As at 31 March 2019, the "general and project expenditure obligations" and the "minimum statutory expenditure obligations" of the general and project expenditure obligations had not been determined.

Additionally, conditional consideration of 12,000,000 free-trading shares is payable if either 1) a transaction is consummated by the Group to sell, farm-out, or similarly dispose of any portion of a mineral project on some or all of the mining titles, or 2) a mining right is obtained from the South African Department of Mines and Resources in respect of some or all of the rights, or 3) an effective change of control of the Group occurs. As at 31 March 2019 none of the above conditions have occurred.

On 19 April 2017, the Group entered into a Corporate and Management Services Agreement (the "Agreement") with UMH. As per the Agreement, UMH shall provide to UML services including project management, coordination of mining rights application, mineral rights management, finance and accounting, technical, metallurgical, engineering and geological services and corporate finance and capital raising. In exchange of the services, UMH will earning the following fees:

1.      Once the Bankable Feasibility Study commences a monthly retainer of ZAR150,000 until then a monthly retainer of ZAR75,000 will be paid;
2. First right of offer for technical, metallurgical, engineering and geological services at market related pricing;
3. Capital raising and corporate finance fees of 5% of the transaction value of capital raised through UMH sources;
4. UMH will be issued a 1.5% royalty on all revenue generated from the Zebediela project. 1% of the royalty can be purchased back by the Company or its successor for the amount of $2 million provided that the Company exercises this right within 24 months of the Mining Right being issued by the Department of Mineral Resources of South Africa.

On 4 December 2018 the Company announced that the South African Department of Mineral Resources had formally approved and executed the renewal of the primary prospecting right. The right will expire on 2 December 2021.

12.

Financial assets at fair value through other comprehensive income

 

 

 

As at

 

 

As at

 

 

 

31 March

 

 

31 March

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

At 1 April

 

1,676

 

 

1,173

 

Additions

 

-

 

 

650

 

Fair value adjustment through other comprehensive income

 

(876)

 

 

(334)

 

Impairment (note 18)

 

(686)

 

 

-

 

Foreign exchange (loss)/gain

 

(114)

 

 

187

 

At 31 March

 

-

 

 

1,676

 

 

On 1 March 2017, the Group acquired 7,550,000 shares of Management Resource Solutions Plc ("MRS") for £0.15 per share by issuance of 25,166,666 ordinary shares of the Group. The fair value of the MRS shares was determined to be the value of the shares of the Group issued, as MRS was a public company whose shares were not trading at the time and the market price was not available. On 5 May 2017, the MRS shares resumed trading on the AIM market of the London Stock Exchange.

During the year ended 31 March 2018 the Group acquired an additional 10,000,000 ordinary shares of MRS at £0.05 per share. At 31 March 2019 and 31 March 2018 the Group held 17,550,000 ordinary shares representing 9.59% of the issued share capital of MRS. As at 31 March 2019 the investments in MRS shares were valued at $686,000 based on share price of £0.03 per share.

 

On 4 September 2019, London Stock Exchange temporarily suspended the trading of MRS shares as two of the company's principal subsidiaries were placed into administration. As a result, the Group recorded a full impairment of the MRS shares which has been included as an exceptional item in profit and loss.

Management have assessed whether the Group exercises significant influence over MRS in accordance with the accounting policy as per note 4. Management have taken into consideration the criteria as set out in IAS 28 'Investments in Associates' and have determined that the Group did not exercise significant influence over MRS during the year. J. Zorbas was a non-executive director of MRS until his resignation on 30 August 2019.

 

 

13.

Trade and other receivables

 

 

 

31 March

 

 

31 March

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

Other receivables

 

64

 

 

67

 

 

14.

Share capital and share premium

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

 

shares

 

 

Share capital

 

 

Share premium

 

 

Total

 

 

 

 

 

 

$'000

 

 

$'000

 

 

$'000

 

At 31 March 2017

 

772,571

 

 

 7,726

 

 

 46,723

 

 

 54,449

 

Shares issued upon exercise of share options

 

8,000

 

 

80

 

 

123

 

 

203

 

Reclassification of fair value of share options exercised

 

-

 

 

-

 

 

92

 

 

92

 

At 31 March 2018 and 2019

 

780,571

 

 

 7,806

 

 

 46,938

 

 

 54,744

 

Issued shares

All issued shares are fully paid up.

Authorised: unlimited number of common shares. There are no preferences or restrictions attached to any classes of common shares.

During the year ended 31 March 2018 8,000 shares were issued upon exercise of share options by J. Vieira (3,000 shares); J. Zorbas (3,000 shares) and D. Subotic (2,000 shares), all at an exercise price of £20 per share.

On 20 November 2018 the Company completed a share consolidation by combining all of the existing ordinary shares on the basis of one new ordinary share of no par value for 1,000 existing ordinary shares of no par value, such shares having the same rights as the existing ordinary shares.

Unissued shares
In terms of the BVI Business Companies Act, any unissued shares are under the control of the Directors.

Dividends
Dividends declared and paid by the Group were $nil for the year ended 31 March 2019 (2018 - $nil).

15.

Reserves

(a) Share option and warrants reserve

The Share Option Plan is administered by the Board of Directors, which determines individual eligibility under the plan for optioning to each individual. Below is disclosure of the movement of the Group's share options as well as a reconciliation of the number and weighted average exercise price of the Group's share options outstanding on 31 March 2019 and 31 March 2018.

The assessed fair value at grant date is determined using the Black-Scholes Model that takes into account the exercise price, the term of the option, the share price at grant date, the expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option.

During the year ended 31 March 2018 30,200 share options were granted. The options vested on grant and 15,050 options are exercisable at a price of £0.60 and 15,150 options are exercisable at £90.

The inputs into the option pricing model for the 15,050 options granted in April 2017 are as follows:

Weighted average exercise price       £60

Expected volatility                              92.88%

Expected life                                        5 years

Risk-free interest rate                          0.91%

Expected dividends                             0.0%

The inputs into the option pricing model for the 15,150 options granted in April 2017 are as follows:

Weighted average exercise price       £90

Expected volatility                              92.88%

Expected life                                        5 years

Risk-free interest rate                          0.91%

Expected dividends                             0.0%

 (i) Reconciliation of share options outstanding as at 31 March 2019:

 

 

Weighted

 

 

Number of

 

 

 

 

 

 

average

 

 

options

 

 

Number

 

Exercise prices (£)

 

remaining life (years)

 

 

outstanding 

 

 

exercisable

 

60

 

3.15

 

 

15,050

 

 

15,050

 

90

 

3.15

 

 

15,150

 

 

15,150

 

49

 

1.56

 

 

2,633

 

 

2,633

 

70

 

3.02

 

 

32,833

 

 

32,833

 

The share options detailed in the above table have been adjusted to reflect the share consolidation in the year.

(ii) Continuity and exercise price

The number and weighted average exercise prices of share options are as follows:

 

 

 

 

 

Weighted

 

 

 

 

 

 

average

 

 

 

Number

 

 

exercise price

 

 

 

of options

 

 

per share (£)

 

At 31 March 2017

 

11,133

 

 

30

 

Options exercised

 

(8,000

)

 

34

 

Options expired unexercised

 

(500

)

 

34

 

Options granted

 

30,200

 

 

80

 

At 31 March 2018 and 2019

 

32,833

 

 

70

 

The following is a summary of the Group's warrants granted under its Share Incentive Scheme. As at 31 March 2019 the following warrants, issued in respect of capital raising, had been granted but not exercised:

 

 

 

Number of

Exercise

Expiry

Fair value at

Name

Date granted

Date vested

warrants

price (£)

date

grant date (£) 

Beaumont

9 October 2009

9 October 2009

100

345

9 October 2019 

             345

 (b) Foreign Currency Translation Reserve

The Foreign Currency Translation Reserve represents foreign currency differences recognised directly in other comprehensive income when assets and liabilities of foreign operations are translated to the Group's presentational currency at exchange rates at the reporting date and income and expenses are translated to the Group's presentational currency at average exchange rates.

16.

Trade and other payables

 

 

 

As at

 

 

As at

 

 

 

31 March

 

 

31 March

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

Other payables

 

360

 

 

358

 

Accruals

 

799

 

 

619

 

 

 

1,159

 

 

977

 

 

17.

Related party transactions

(a) Transactions with key management personnel

During the year ended 31 March 2019, nil (2018 ‑ 30,200) share options were granted to key management personnel as defined by IAS 24 'Related party disclosures'. Key management personnel include J. Peng, a senior employee of Marrelli Support Services Inc. (MSSI), a company which provides financial accounting services to the Group.  The share options granted in the year ended 31 March 2018 expire on 19 April 2022.

The following share options, granted to current and past directors and management, were outstanding as at 31 March 2019.

 

 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

options

 

 

Expiry

 

Directors/officers

 

Exercise price (£)

 

 

outstanding

 

 

date

 

Directors

 

 

 

 

 

 

 

 

 

 J. Zorbas

 

60

 

 

5,000

 

 

19 April 2022

 

 J. Zorbas

 

90

 

 

5,000

 

 

19 April 2022

 

J. Vieira

 

60

 

 

2,600

 

 

19 April 2022

 

J. Vieira

 

90

 

 

2,600

 

 

19 April 2022

 

Management

 

 

 

 

 

 

 

 

 

                 J. Peng

 

60

 

 

1,000

 

 

19 April 2022

 

                 J. Peng

 

90

 

 

1,000

 

 

19 April 2022

 

Former directors

 

 

 

 

 

 

 

 

 

D. Subotic

 

60

 

 

2,600

 

 

19 April 2022

 

D. Subotic

 

60

 

 

2,600

 

 

19 April 2022

 

  H. Kloepper

 

60

 

 

1,000

 

 

19 April 2022

 

  H. Kloepper

 

90

 

 

1,000

 

 

19 April 2022

 

 

 (b) Directors' remuneration

 

 

Year

 

 

Year

 

 

 

ended

 

 

ended

 

 

 

31 March

 

 

31 March

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

Fees for services as director

 

32

 

 

30

 

Basic salary

 

183

 

 

187

 

Share-based payments

 

-

 

 

74

 

Total

 

215

 

 

291

 

 

Included in trade and other payables in note 16 are amounts accrued in respect of  fees and salary of directors' of the Company in the year totalling $761,000 being amounts due to J.Zorbas ($688,000,(31 March 2018:$527,000)); J Vieira ($44,000, (31 March 2018:$32,000)); K. Appleby $16,000 (31 March 2018: $nil) and H. Kloepper ($13,000,(31 March 2018:$13,000)).

 

 

18.

Loss before income tax

The following items have been charged in arriving at the loss before income tax for the year:

 

 

Year ended

 

 

Year ended

 

 

 

31 March

 

 

31 March

 

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

Auditors' remuneration

 

87

 

 

40

 

Directors' fees

 

32

 

 

31

 

Share-based payment charge

 

37

 

 

128

 

Operating lease charges

 

17

 

 

16

 

Depreciation

 

40

 

 

33

 

Exceptional items

 

1,554

 

 

-

 

Foreign exchange loss/(gain)

 

120

 

 

(220

)

 

The exceptional items in the year relate to the impairment of the shares in MRS of $686,000 (note 12) which have been fully impaired at the year end, and the impairment of the Group's 50% interest in the Burgersfort project of $868,000 which has also been fully impaired at the year end (note 11).

 

 

19.

Income tax expense and deferred taxation

The Group is incorporated in the British Virgin Islands (BVI). The BVI Business Companies Act imposes no corporate or capital gains taxes and the Group's losses will also not result in an income tax recovery in the BVI. However, the Group may be liable for taxes in the jurisdictions where it operates or develops mining properties.

Effective 13 July 2012, the Group became resident in Canada, and is subject to income taxes at a combined federal and provincial statutory tax rate of 26.5% (2018 - 26.5%).

Income tax expense from the amount that would be computed by applying the Canadian federal and provincial statutory income tax rates to the loss for the year is as follows:

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

 

 

 

 

 

 

 

Loss for the year before taxation

 

(2,291

)

 

(862

)

Expected income tax recovery

 

(607

)

 

(228

)

Benefit of losses not recognised

 

607

 

 

228

 

A deferred tax asset has not been recognised in respect of the losses because there is insufficient evidence of the timing of future taxable profits against which it can be recovered.

The significant components of the Group's unrecognised deductible temporary differences as at 31 March 2019 and 2018 are as follows:

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

 

 

 

 

 

 

 

Loss carry-forward

 

 13,696

 

 

 11,338

 

Share issuance costs

 

164

 

 

232

 

Other

 

 982

 

 

 982

 

 

 

20.

Segmental information

(a) Reportable segments

The Group has two reportable segments, as described below, which are the Group's strategic business units. Both are determined by the CEO, the Group's chief operating decision-maker, and have not changed in the year. The strategic business units offer different services, and are managed separately because they require different strategies.

The following summary describes the operations in each of the Group's reportable segments:

Exploration

Includes obtaining licences and exploring these licence areas.

Corporate Office

Includes all Group administration and procurement

There are no other operations that meet any of the quantitative thresholds for determining reportable segments during the years ended 31 March 2019 or 31 March 2018.

There are varying levels of integration between the Exploration and Corporate Office reportable segments. This integration includes shared administration and procurement services.

Information regarding the results of each reportable segment is included below. Performance is measured based on segmented results. Any inter‑segment transactions would be determined on an arm's length basis. Inter‑segment pricing for the periods ended 31 March 2019 and 2018 consisted of funding advanced from Corporate Office to Exploration.

 (b) Operating segments

 

 

Exploration

 

 

Corporate office

 

 

Total

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

Depreciation

 

(40

)

 

(33

)

 

-

 

 

-

 

 

(40

)

 

(33

)

Reportable segment loss before tax

 

(908

)

 

(33

)

 

(1,383

)

 

(829

)

 

(2,291

)

 

(862

)

 

 

 

Exploration

 

 

Corporate office

 

 

Total

 

As at 31 March

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

Reportable segment assets

 

2,509

 

 

3,396

 

 

585

 

 

3,033

 

 

3,094

 

 

6,429

 

Reportable segment liabilities

 

(11

)

 

(10

)

 

(1,148

)

 

(967

)

 

(1,159

)

 

(977

)

 

 (c) Geographical segments

During the years ended 31 March 2019 and 31 March 2018, business activities took place in Canada and South Africa. In presenting information based on the geographical segments, segment assets are based on the physical location of the assets.

The following table presents segmented information on the Group's operations and loss for the year ended 31 March 2019 and assets and liabilities as at 31 March 2019:

 

 

Canada

 

 

Sweden

 

 

South Africa

 

 

Total

 

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

Net loss

 

(1,383

)

 

-

 

 

(908

)

 

(2,291

)

Total assets

 

566

 

 

-

 

 

2,528

 

 

3,094

 

Non-current assets

 

43

 

 

-

 

 

2,512

 

 

2,555

 

Liabilities

 

(1,148

)

 

(11

)

 

-

 

 

(1,159

)

The following table presents segmented information on the Group's operations and loss for the year ended 31 March 2018 and assets and liabilities as at 31 March 2018:

 

 

Canada

 

 

Sweden

 

 

South Africa

 

 

Total

 

 

 

$'000

 

 

$'000

 

 

$'000

 

 

$'000

 

Net loss

 

(829

)

 

-

 

 

(33

)

 

(862

)

Total assets

 

3,033

 

 

-

 

 

3,396

 

 

6,429

 

Non-current assets

 

85

 

 

-

 

 

3,284

 

 

3,369

 

Liabilities

 

(967

)

 

(10

)

 

-

 

 

(977

)

 

21.

Contingent liabilities

The Group is subject to the conditional consideration in respect of the acquisition of UML as detailed in note 11.

22.

Subsequent event

On 4 September 2019 the London Stock Exchange temporarily suspended the trading of MRS shares as two of the company's principal subsidiaries were placed into administration. As a result, the Group recorded an impairment of MRS shares which has been included as an exceptional item in profit and loss.

 

 

 

 

 

 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information, please contact:

URU Metals Limited

John Zorbas

(Chief Executive Officer)

 

+1 416 504 3978

 

SP Angel Corporate Finance LLP

(Nominated Adviser and Broker)

Ewan Leggat

+ 44 (0) 203 470 0470

 

 

 


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.
 
END
 
 
FR CKKDDPBKDCCN

Quick facts: URU Metals Ltd

Price: 215

Market: AIM
Market Cap: £3.2 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