09:31 Fri 11 Sep 2020
Panthera Resources - Annual Financial Report
(Panthera or the Company)
Audited Financial Results and Management Update for the 12 Months Ended
Highlights of 2019-20 Financial Year
Panthera has navigated its second full year as an AIM listed exploration and mining company. During this period, it has continued to work closely with its strategic partners, including
· A JORC-Inferred Mineral Resource Estimate of 1.74Moz was reported by the Company from its early exploration over granted tenure during the period 2005-08; whilst it has defined a planned exploration programme that targets increasing this to over 6.0Moz upon grant of the PL.
· The Company continued to work closely with Galaxy in
· The PL Application was rejected by the Government of
· During the year, the Court proceedings have further progressed with various submissions made by the JV and the GoR. More recently, progress has slowed while the Court manages the impact of Covid-19, albeit the Company remains confident of getting a favorable judgment once all pleadings are complete.
· In recent months and following the appointment of
Growing High Potential West Africa Gold Portfolio
· The Company acquired the rights to the Labola gold project in southern
· The Naton gold project is located within a well gold endowed
- Kwademen: a +2km high order gold in soil anomaly with previous explorer drill results including 23m @ 1.44g/t Au from 143m and 1m @ 40.0g/t Au from 90m.
- Kwademen South: Extension of Kwademen under transported laterite cover to the south with over 1300m x 350m of artisanal workings.
- Bido Vein: Previous PAT drilling returned 6m @ 1.90g/t Au from 99m.
- Central Anomaly: Large area of coincident gold in soil anomalism and artisanal mining activity.
- Somika Hill: Previous PAT drilling returned 8m @ 4.78g/t Au from 66m.
· The Kalaka gold project in southern
· The Bassala gold project is located within a very well gold endowed
Chairman's Statement
I am pleased to present the 2019-20 Annual Report for
During the year, the Company has continued its efforts through its JV for the grant of its mineral rights over the highly prospective
Following the GoR and
Activities in
Follow-up of the significant drill results returned at the
In
At the
For the 2020-21 financial year, the Company is actively pursuing a two-pronged strategy. In
Concurrent with the strong gold market, we are also actively progressing our West African gold portfolio led by the recently announced Moydow transaction. The Moydow transaction represents a spin-out of two of the Company's properties, which when combined with Moydow's early mover stage gold exploration properties in
We believe that Moydow's proposed work programme will confirm the historical drilling at Labola to deliver a JORC compliant mineral resource estimate. Furthermore, the proposed infill and step-out drilling has the potential to materially increase the overall resource base at Labola. The combination of attractive and relatively unexplored, early stage exploration properties in
Subsequent to the end of the 2019-20 financial year, the Company has reinvigorated its leadership team with the appointment of
On behalf of the entire Panthera board of directors and team, I extend our sincere gratitude and thanks to
Non-Executive Chairman
The audited Annual Report and Financial Statements for the year ended
Group statement of comprehensive income for the year ended
|
2020 |
|
2019 |
|
|
|
$ USD |
|
$ USD |
Continuing operations |
|
|
|
|
Revenue |
|
- |
|
- |
Gross profit |
|
- |
|
- |
Other Income |
|
58,038 |
|
29,768 |
Exploration costs expensed |
|
(365,139) |
|
(675,810) |
Administrative expenses |
|
(821,156) |
|
(934,720) |
|
|
|
|
|
Impairment expense |
|
- |
|
- |
|
|
|
|
|
|
|
|
||
Loss from operations |
|
(1,128,257) |
|
(1,580,762) |
Investment revenues |
|
632 |
|
8,454 |
Loss on sale of investments |
|
- |
|
(8,412) |
|
|
|
||
Loss before taxation |
|
(1,127,625) |
|
(1,580,720) |
Taxation |
|
- |
|
- |
Other comprehensive income |
|
|
|
|
Items that may be reclassified to profit or loss: |
|
|
|
|
Changes in the fair value of available-for-sale financial assets |
|
- |
|
49,602 |
Gain on sale to non-controlling interest |
|
- |
|
500,040 |
Exchange differences |
|
(4,889) |
|
(35,251) |
|
|
|
||
Loss and total comprehensive income for the year |
|
(1,132,514) |
|
(1,066,329) |
|
|
|
||
Total loss for the year attributable to: |
|
|
|
|
- Owners of the parent Company |
(1,084,736) |
|
(1,553,396) |
|
- Non-controlling interest |
(42,889) |
|
(27,324) |
|
|
(1,127,625) |
|
(1,580,720) |
|
Total comprehensive income for the year attributable to: |
|
|
|
|
- Owners of the parent Company |
(1,089,625) |
|
(1,039,005) |
|
- Non-controlling interest |
(42,889) |
|
(27,324) |
|
|
(1,132,514) |
|
(1,066,329) |
|
|
|
|
|
|
Loss per share attributable to the owners of the parent
|
|
|
|
|
Continuing operations (undiluted/diluted) |
|
(0.01) |
|
(0.02) |
Group statement of financial position for the year ended
|
2020 |
9 |
2019 |
|
|
|
$ USD |
|
$ USD |
|
||||
Non-current assets |
||||
Property, plant and equipment |
|
2,811 |
|
3,526 |
Investments |
|
6,102 |
|
21,769 |
Financial assets at fair value through other comprehensive income |
|
947,257 |
|
1,918,257 |
|
|
|
|
|
|
956,170 |
|
1,943,552 |
|
|
||||
Current assets |
|
|||
Trade and other receivables |
|
64,788 |
|
343,057 |
Cash and cash equivalents |
|
97,762 |
|
188,376 |
|
|
|
|
|
|
162,550 |
|
531,433 |
|
|
|
|
|
|
Total assets |
|
1,118,720 |
|
2,474,985 |
|
||||
Non-current liabilities |
||||
Provisions |
|
36,300 |
|
38,489 |
|
36,300 |
|
38,489 |
|
Current liabilities |
|
|||
Provisions |
|
8,658 |
|
5,646 |
Trade and other payables |
|
313,332 |
|
299,519 |
|
|
|
|
|
Total liabilities |
358,290 |
|
343,654 |
|
|
|
|
|
|
Net assets |
|
760,430 |
|
2,131,331 |
|
||||
|
||||
Equity |
||||
Share capital |
|
1,010,308 |
|
913,588 |
Share premium |
|
18,032,309 |
|
17,373,601 |
Capital reorganisation reserve |
|
537,757 |
|
537,757 |
Other reserves |
|
(1,111,153) |
|
(115,997) |
Retained earnings |
|
(17,440,576) |
|
(16,352,292) |
|
|
|
|
|
Total equity attributable to owners of the parent |
|
1,028,645 |
|
2,356,657 |
Non-controlling interest |
|
(268,215) |
|
(225,326) |
Total equity |
|
760,430 |
|
2,131,331 |
|
|
|
|
Group statement of changes of equity for the year ended
|
Share capital |
Share premium |
Capital re-organisation reserve |
Other reserves |
Retained earnings |
Total equity |
Non-controlling interest |
Total |
|
$ USD |
$ USD |
$ USD |
$ USD |
$ USD |
$ USD |
$ USD |
$ USD |
Balance at |
913,588 |
17,373,601 |
537,757 |
(497,524) |
(15,313,287) |
3,014,135 |
(198,002) |
2,816,133 |
|
|
|
|
|
|
|
|
|
Year ended |
|
|
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
- |
(1,553,396) |
(1,553,396) |
(27,324) |
(1,580,720) |
Changes in the fair value of available-for-sale financial assets |
|
|
|
|
49,602 |
49,602 |
|
49,602 |
Gain on sale to non-controlling interest |
|
|
|
|
500,040 |
500,040 |
|
500,040 |
Foreign exchange differences |
- |
- |
- |
- |
(35,251) |
(35,251)) |
- |
(35,251) |
Total comprehensive income for the year |
- |
- |
- |
- |
(1,039,005) |
(1,039,005) |
(27,324) |
(1,066,329) |
Foreign exchange differences on translation of currency |
- |
- |
- |
(394,595) |
- |
(394,595) |
- |
(394,595) |
Gain on fair value of investment assets |
- |
- |
- |
776,122 |
- |
776,122 |
- |
776,122 |
Total transactions with owners, recognised directly in equity |
- |
- |
|
381,527 |
- |
381,527 |
- |
381,527 |
Balance at |
913,588 |
17,373,601 |
537,757 |
(115,997) |
(16,352,292) |
2,356,657 |
(225,326) |
2,131,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
Share |
Capital re-organisation reserve |
Other reserves |
Retained earnings |
Total equity |
Non-controlling interest |
Total |
|
$ USD |
$ USD |
$ USD |
$ USD |
$ USD |
$ USD |
$ USD |
$ USD |
Balance at |
913,588 |
17,373,601 |
537,757 |
(115,997) |
(16,352,292) |
2,356,657 |
(225,326) |
2,131,331 |
|
|
|
|
|
|
|
|
|
Year ended |
|
|
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
- |
(1,082,878) |
(1,082,878) |
(42,889) |
(1,125,767) |
Foreign exchange differences |
- |
- |
- |
- |
(5,407) |
(5,407) |
- |
(5,407) |
Total comprehensive income for the year |
- |
- |
- |
- |
(1,088,285) |
(1,088,285) |
(42,889) |
(1,131,174) |
Issue of shares during period |
96,720 |
658,708 |
|
|
|
|
|
|
Foreign exchange differences on translation of currency |
- |
- |
- |
(73,759) |
- |
(73,759) |
- |
(73,759) |
Loss on remeasurement of financial assets at FVOCI |
- |
- |
- |
(921,397) |
- |
(921,397) |
- |
(921,397) |
Total transactions with owners, recognised directly in equity |
96,720 |
658,708 |
- |
(995,156) |
- |
(239,728) |
- |
(239,728) |
Balance at |
1,010,308 |
18,032,309 |
537,757 |
(1,111,153) |
(17,440,577) |
1,028,644 |
(268,215) |
760,429 |
Group statement of cash flows for the year ended
|
2020 |
|
2019 |
|
|
|
$ USD |
|
$ USD |
Cash flows from operating activities |
|
|||
Cash used in operations |
|
(947,313) |
|
(1,443,125) |
Income taxes paid |
|
- |
|
- |
Net cash outflow from operating activities |
|
(947,313) |
|
(1,443,125) |
|
||||
Investing activities |
|
|||
Purchase of intangible assets |
|
- |
|
- |
Sale of property, plant and equipment |
|
(1,133) |
|
(3,485) |
Sale/(Purchase) of financial assets at FVOCI |
|
49,603 |
|
- |
Sale/(Purchase) proceeds for investments |
|
- |
|
242,914 |
Net cash generated /(used) in investing activities |
|
48,470 |
|
239,429 |
|
||||
Financing activities |
|
|||
Proceeds from issue of shares |
|
635,881 |
|
- |
Proceeds from issue of shares in subsidiaries |
|
250,000 |
|
- |
Effect of exchange rate on cash |
|
(77,650) |
|
(179,506) |
Net cash generated from financing activities |
|
808,231 |
|
(179,506) |
|
||||
Net decrease in cash and cash equivalents |
|
(90,613) |
|
(1,383,202) |
|
||||
Cash and cash equivalents at beginning of year |
|
188,375 |
|
1,571,578 |
|
||||
Cash and cash equivalents at end of year |
|
97,762 |
|
188,376 |
|
Notes to the Financial Statements (Extract)
1 |
Accounting policies |
|
Group information |
|
The Group consists of |
1.1 |
Basis of preparation |
|
The financial statements have been prepared in accordance with |
|
The financial statements have been prepared on the historical cost basis, except for the valuation of investments at fair value through profit or loss. The principal accounting policies adopted are set out below. |
|
The functional currency of the Company is British Pounds (£). This is due to the Company being registered in the The financial statements are prepared in As permitted by section 408 of the Companies Act 2006, the Company has not presented its own statement of comprehensive income and related notes. The Company's loss for the year was |
1.2 |
Basis of consolidation The consolidated financial statements comprise the financial statements of A controlled entity is any entity Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as "non-controlling interests". The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries either at fair value or at the non-controlling interests' proportionate share of the subsidiary's net assets when the holders are entitled to a proportionate share of the subsidiary's net assets on liquidation. All other components of non-controlling interests are initially measured at their acquisition-date fair value. Subsequent to initial recognition, non-controlling interests are attributed their share of profit or loss and each component of other comprehensive income. Non-controlling interests (when applicable) are shown separately within the equity section of the statement of financial position and statement of comprehensive income. "Joint ventures" as referred to in the financial statements refer to agreements with exploration partners and not joint ventures as defined within IFRS 11. |
1.3 |
Going concern |
|
The financial statements have been prepared on a going concern basis. The Group incurred a net loss of In common with many junior resource investment and exploration companies, the Group and Company raise funds in discrete tranches from existing shareholders and /or new investors. The Directors and management are using funds for the evaluation of resource investment and exploration opportunities. While an agreement is in place with Directors are confident of getting a favourable judgement as the grounds for rejection are baseless. Receipt of the tranche of funding, unless the agreement is re-negotiated, is uncertain. Subsequent to year end the Company announced that it has entered into a conditional sale and purchase agreement to divest its interests in the Labola gold project in south west The Directors have, in the light of all the above circumstances, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting preparing the Group Financial Statements. The effect of Covid-19 is actively being assessed by the Directors, the future impact of which remains unknown. The Directors are of the opinion that there is no reason to believe there will be any effect in respect of the Group's going concern status for the foreseeable future. Further information on the impact of Covid-19 is included in Note 27 (Post balance sheet events). |
Enquiries
|
+61 411 220 942 |
Nominated Advisor and Broker
RFC Ambrian |
+44 (0) 20 3440 6800 |
Qualified Person
The technical information contained in this disclosure has been read and approved by
For more information visit www.pantheraresources.com
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.
Forward-looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
**ENDS**
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