TIDMAMC
RNS Number : 2123R
Amur Minerals Corporation
26 June 2020
26 June 2020
AMUR MINERALS CORPORATION
("Amur" or the "Company")
AUDITED FINAL RESULTS FOR THE YEARED 31 DECEMBER 2019
2019 Highlights:
-- Completion of the Pre-feasibility Study ("PFS")
-- Commencement of the Permanent Conditions TEO ("TEO")
-- Board and executive management restructuring
Pre-feasibility Study
In February 2019, the Company completed its PFS. This is a
significant milestone that reinforces Kun-Manie's technical and
economic viability. The PFS is a document of some 650 pages with a
sizable dataroom that supports our interactions with third parties
who are assisting us in technical areas or who require more
detailed information on the project. Access to the PFS and dataroom
is only granted under non-disclosure agreements.
PFS Highlights:
-- JORC Mineral Resource Estimate of 155.1 million ore tonnes
-- Nickel equivalent grade of 1.02% equating to 1.58 million equivalent tonnes of nickel metal
-- Production from four open pits and one underground operation
-- Two production scenarios - toll smelt and low-grade matte
-- C1 costs within the second lower quartile for nickel producers
-- Toll smelt - estimated US$3.87 per pound of payable nickel
-- Low-grade matte - estimated US$2.34 per pound including additional by-product revenues
-- Pre-production capital expenditure
-- Toll smelt - US$570.4 million with a payback period of three years
-- Low-grade matte - US$695.0 million with a payback period of three years
-- Using US$8 per pound nickel and 10% discount rate
-- Toll smelt - NPV US$614.5 million, IRR 29.3%
-- Low-grade matte - NPV US$987.4 million, IRR 34.7%
The PFS also provided the platform for planning the work
programme for the TEO report. This independently compiled Russian
feasibility report is a mandatory study due in December 2020 which
will allow the Company to proceed to the next stage of
development.
Permanent Conditions TEO
Planning work for the TEO began early in the year and required a
detailed review of the TEO inputs and the standards that those
inputs need to be at. With assistance from OOO Oreol ("Oreol"), a
Moscow based and TEO experienced company, the Company developed the
work programme. The 2019 undertakings of this work programme
included:
-- A wholesale review and packaging of the Company's existing data for handover to Oreol
-- A review by Russian certified and independent laboratories of
the 2015 to 2018 QAQC programmes. This is a function required to
meet the Russian State Committee on Reserves ("GKZ")
requirements
-- Completion of an independent Hydrological Assessment which
established that a more than sufficient water supply is available
to support the project
-- Completion of an independent Rock Mechanics Assessment
confirming that open pit operations can be successfully implemented
at the Maly Kurumkon / Flangovy and Vodorazdelny deposits, and at
the area identified as ISK (the now continuous orebody from
Ikenskoe / Sobolevsky through Kubuk)
-- Completion of the Base Line Environmental Assessment which
defined line preproduction environmental setting and conditions.
This is an integral part of the environmental quality management
system and the related controls for monitoring the impacts of the
planned mining operation at Kun-Manie
The Company also engaged Gipronickel Institute ("Gipronickel")
to oversee the objectives and undertakings of the metallurgical
test work and subsequent flowsheet design. As part of this
metallurgical programme, they assessed the potential to produce a
separate copper concentrate only.
Looking forward the studies being worked on in 2020 involve:
-- Mining - identifying the preferred mine plan and production
schedule for reporting of the GKZ approved reserves
-- Flowsheet - establishing the final metallurgical flowsheet
providing a blueprint for the processing plant and tailings storage
facilities
-- Concentrates - the potential of generating individual nickel
and copper concentrate streams and the composition of final
concentrates and recoveries
-- Economics - updating the economic assessment of Kun-Manie
based on newly generated information contained within the TEO
-- Provision of non-binding indicative offtake terms
The various components of the TEO completed on behalf of the
Company will be used to update relevant sections of the
Pre-Feasibility Study ("PFS").
Board and Executive Management Restructuring
As the Company moves forward and beyond the exploration stage of
the project, the Board recognised that new skillsets and experience
were required to address project financing and potential
transaction opportunities. The search for the appropriately
qualified persons began in early 2019 and at the same time some
roles within the executive management team began to wind down.
In August 2019, we welcomed Mr. Tom Bowens to the Board as a
non-executive Director. As President and CEO of IG Copper, Tom's
successful development and sale of the Malmyzh copper gold project
for US$200 million, highlights his accomplishments within Russia.
His knowledge of completing M&A activities of this scale and in
this region will contribute to the Company as it continues to
engage with potential strategic partners to assist in advancing the
Kun-Manie nickel copper project.
In February 2020, Mr. Adam Habib was appointed as an Advisor to
the Board on transactions and corporate development. As an
experienced senior banker with a combined 17 years of experience in
investment banking (Credit Suisse, Lehman Brothers and recently
ICBC Standard Bank) with a proven track record in the energy,
mining and infrastructure industries. Adam's extensive
relationships across the banking and mining industry will enhance
the Company's contacts and are expected to be of significant
additional value to Amur.
As at the time of writing the executive management team consists
of Mr. Robin Young, and Mr. Paul McKay. Mr. Adam Habib is an
Advisor to the Board who has responsibility for advancing funding
activities and establishment of strategic partnerships.
Financial Overview
As at 31 December 2019, the Company had cash reserves of US$0.4
million, down from the US$1.3 million at the start of 2019 and
remains debt free.
In February 2019, the Company restructured the convertible loan
facility that it had entered into in February 2018. The outstanding
US$1.2 million of the initial advance had its maturity date
extended by 12 months and the Company drew down a further US$0.5
million (net of implementation fee). A further 10.9 million
warrants with an exercise price of 3.76 pence per share were issued
to the investors as part of this restructuring and second draw
down. During 2019, 71.9 million new ordinary shares had been issued
by the Company in settlement of US$1.7 million in principal and
accrued interest. On 18 November 2019, the Company repaid in full
the balance (US$853,000) of the outstanding loan.
In March 2019, the Board and executive management completed the
12 month share purchase programme entered into in April 2018. Under
this programme the Board and executive management had purchased
1.57 million shares in the open market.
On 27 August 2019, non-executive Director Mr. Tom Bowens
subscribed for 7.5 million new ordinary shares at a price of 2.165
pence per share for a total of GBP163,000. On 2 December 2019,
certain Directors and executive management subscribed for 9.52
million new ordinary shares at a price of 2.06 pence per share for
a total of GBP195,000 in part satisfaction of unpaid salaries and
fees.
In 2019, the Company spent US$0.5 million on exploration costs
(2018: US$2.0 million) mostly in relation to the TEO work
programme. In 2019, the Company spent US$1.9 million on other
operating costs (2018: US$2.6 million) with a significant
proportion of this reduction due to the executive management
restructuring.
The Company reported a loss for the year ended 31 December 2019
of $2.3 million, down from $3.3 million for 2018. This is
attributable to a reduction in administrative expenses of $170,000
and a reduction in finance costs of $420,000. Additionally, the
Company reports a fair value gain of $342,000 in 2019 on derivative
financial instruments.
The Directors have reviewed the Group's cash flow forecast for
the period to 31 December 2021 and note that the Group's ability to
continue advancing its exploration and evaluation work programme to
Bankable Feasibility Stage ("BFS") is dependent on its ability to
raise additional financing either through share placings with new
partners or combination of debt and equity financing from financial
institutions. The Directors are currently in negotiations with a
number of parties in respect of raising further funds. Whilst
progress is being made on a number of potential transactions which
would provide additional funding to the Group, there are no binding
agreements in place.
Covid-19
Since the start of January 2020, Covid-19 has created
significant disruption to the global markets and economies,
including Russia. In order to keep safe its personnel, the Company
has put in place special measures to protect its workforce while at
the same time ensuring business continuity. Prior to the outbreak,
the Company had the facilities in place to allow remote working for
most members of staff. This capability has been enhanced to ensure
that the Company can now operate effectively over an extended
period of time without requiring regular access to physical
offices. The Company maintains close contact with its contractors
working on the TEO as they also put in place procedures to work
effectively over the coming months in order to ensure that these
projects are delivered within their original schedules. As an
additional assurance to shareholders, the Russian Federation
subsoil law does allow for extensions to filing dates. However, the
Company does not believe that an application for an extension is
necessary at this point in
time.
As of the date of this announcement, Covid-19 has created a lot
of uncertainty and disruption in the financial markets. The Company
has not seen any negative impact of Covid-19 on its ability to
raise funds, having completed equity placements in April 2020 of
GBP750,000 and May 2020 of GBP500,000. However, the Directors are
cognitive that conditions in the financing market is changeable and
will continue to monitor developments.
Outlook
The Company is fully focused on the completion of the TEO and
BFS and have undertaken considerable work during 2019. A good start
has been made and there are some high value outputs to be expected
in 2020, namely:
-- Updated resource and reserves, incorporating results from the
highly successful 2018 field season. The Company expects that this
will substantially increase the current JORC mineral resource
estimate of 155.1 million ore tonnes
-- Optimised mine scheduling. The Company expects that this will
substantially increase the open pit potential
-- Copper concentrate metallurgical test work. Should a separate
copper only concentrate be achievable the increased market
payability for both the copper and nickel streams will
substantially increase the project economics
-- Updated economic model incorporating the impact of the points above
The Company has developed a strategy for the compilation of the
BFS. It is envisaged that the funding will be principally through
debt, with a further component funded through equity and / or a
supporting investment from an offtake partner. In addition, the
Company is actively seeking to invest in mining opportunities in
the near future that are either near cash flow or are already in
production in established mining jurisdictions. The objective for
this strategy is to provide revenue streams to fund the Company's
corporate activities through the BFS and beyond.
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.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance LLP Blytheweigh
Robin Young CEO Richard Morrison Megan Ray
Soltan Tagiev Tim Blythe
+7 (4212) 755 615 +44 (0) 20 3470 0470 +44 (0) 20 7138 3203
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2019
2019 2018
US$'000 US$'000
Non-current assets
Exploration and evaluation assets 26,713 23,010
Property, plant and equipment 1,154 1,668
--------- ---------
27,867 24,678
--------- ---------
Current assets
Inventories 276 257
Other receivables 211 191
Cash and cash equivalents 398 1,257
--------- ---------
885 1,705
--------- ---------
Total assets 28,752 26,383
--------- ---------
Current liabilities
Trade and other payables 965 802
Convertible loan notes - 1,663
Derivative financial liabilities - 153
--------- ---------
965 2,618
--------- ---------
Net current assets (80) (913)
--------- ---------
Non-current liabilities
Rehabilitation provision 164 146
Total liabilities 1,129 2,764
--------- ---------
Net Assets 27,623 23,619
========= =========
Equity
Share capital 69,510 65,674
Share premium 4,790 4,904
Foreign currency translation reserve (12,865) (15,476)
Share options reserve 1,136 2,034
Retained deficit (34,948) (33,517)
--------- ---------
Total equity 27,623 23,619
========= =========
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 DECEMBER 2019
2019 2018
US$'000 US$'000
Administrative expenses (1,984) (2,153)
Operating loss (1,984) (2,153)
Finance income 1 1
Finance costs (803) (1,223)
Fair value movements on derivative financial
instruments 342 67
Gain on loan modification 115 -
Loss before taxation (2,329) (3,308)
Tax expense - -
Loss for the year attributable to owners
of the parent (2,329) (3,308)
=========== ========
Loss per share (expressed in cents)
Basic and diluted (0.33) (0.51)
=========== ========
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2019
2019 2018
US$'000 US$'000
Loss for the year (2,239) (3,308)
=========== ========
Other comprehensive income items that
may be reclassified to profit or loss
Exchange differences on translation of
foreign operations 2,611 (4,249)
Total other comprehensive income for the
year 2,611 (4,249)
Total comprehensive income/(loss) for
the year attributable to owners of the
parent 282 (7,557)
=========== ========
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2019
2019 2018
US$'000 US$'000 US$'000 US$'000
Cash flows from operating activities
Payments to suppliers and employees (1,884) (2,586)
-------- --------
Net cash outflow from operating
activities (1,884) (2,586)
Cash flow from investing activities
Payments for exploration expenditure (501) (2,003)
Payments for property, plant and
equipment - (48)
Interest received 1 1
-------- --------
Net cash used in investing activities (500) (2,050)
Cash flow from financing activities
Cash received on issue of shares 1,845 -
Issue of convertible loans, net
of issue costs 492 3,454
Repayment of convertible loans (835)
Net cash generated from financing
activities 1,502 3,454
-------- --------
Net decrease in cash and cash equivalents (900) (1,182)
Cash and cash equivalents at beginning
of year 1,257 2,555
Exchange gains/(losses) on cash
and cash equivalents 41 (116)
-------- --------
Cash and cash equivalents at end
of year 398 1,257
======== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2019
Share Share Foreign Share Retained Total
capital premium currency options deficit equity
translation reserve
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January
2018 62,879 4,904 (11,227) 3,366 (31,541) 28,381
--------- --------- ------------- --------- --------- --------
Year ended 31 December
2018:
Loss for the year - - - - (3,308) (3,308)
Other comprehensive
income:
Exchange differences
on translation of
foreign operations - - (4,249) - - (4,249)
--------- --------- ------------- --------- --------- --------
Total Comprehensive
income for the year - - (4,249) - (3,308) (7,557)
Issue of share capital 39 - - - - 39
Conversion of loan 2,756 - - - - 2,756
Options expired - - - (1,332) 1,332 -
--------- --------- ------------- --------- --------- --------
Balance at 31 December
2018 65,674 4,904 (15,476) 2,034 (33,517) 23,619
========= ========= ============= ========= ========= ========
Share Share Foreign Share Retained Total
capital premium currency options deficit equity
translation reserve
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January
2019 65,674 4,904 (15,476) 2,034 (33,517) 23,619
--------- --------- ------------- --------- --------- --------
Year ended 31 December
2019:
Loss for the year - - - - (2,329) (2,329)
Other comprehensive
income:
Exchange differences
on translation of
foreign operations - - 2,611 - - 2,611
--------- --------- ------------- --------- --------- --------
Total Comprehensive
income for the year - - 2,611 - (2,319) 282
Issue of share capital 1,988 (114) - - - 1,874
Conversion of loan
notes 1,848 - - - - 1,848
Options expired - - - (898) 898 -
Balance at 31 December
2019 69,510 4,790 (12,865) 1,136 (34,948) 27,623
========= ========= ============= ========= ========= ========
1. Basis of prePARATION
a) General Information
Amur Minerals Corporation is incorporated under the British
Virgin Islands Business Companies Act 2004. The registered office
is Kingston Chambers, P.O. Box 173, Road Town, Tortola, British
Virgin Islands.
The Company and its subsidiaries ("Group") locates, evaluates,
acquires, explores and develops mineral properties and projects in
the Russian Far East.
The Company is the 100% owner of Irosta Trading Limited
("Irosta"), an investment holding company incorporated and
registered in Cyprus. Irosta holds 100% of the shares in ZAO
Kun-Manie ("Kun-Manie"), an exploration and mining company
incorporated and registered in Russia, which holds the Group's
mineral licences.
The Group's principal place of business is in the Russian
Federation.
The Group's principal asset is the Kun-Manie production licence,
which was issued in May 2015. The licence is valid until 1 July
2035 and allows the Company's subsidiary, ZAO Kun-Manie, to recover
all revenues from 100% of the mined metal that specifically
includes nickel, copper, cobalt, platinum, palladium, gold and
silver. The Company's management are evaluating the project with a
view of determining an appropriate model for the development and
ultimate exploitation of the project.
b) Basis of Preparation
These financial statements have been prepared under the
historical cost convention, except for the valuation of derivative
financial instruments, on the basis of a going concern and in
accordance with International Financial Reporting Standards (IFRS)
and IFRIC interpretations issued by the International Accounting
Standards Board (IASB) as adopted by the European Union.
The financial statements are presented in thousands of United
States Dollars.
The principal accounting policies adopted in the preparation of
the financial statements are set out below. The policies have been
consistently applied to all the years presented, unless otherwise
stated.
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and
factors that are believed to be reasonable under the circumstances,
the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these
estimates. The areas involving a higher degree of judgement or
complexity, or where assumptions and estimates are significant to
the consolidated financial statements, are disclosed in note 3.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision only
affects that period, or in the period of revision and future
periods if the revision affects both current and future periods
.
c) Going concern
The Group operates as a natural resources exploration and
development group. To date, it has not earned significant revenues
and is considered to be in the final stages of exploration and
evaluation activities of its Kun-Manie project.
The Directors have reviewed the Group's cash flow forecast for
the period to 30 June 2021 and note that the Group's ability to
continue to meet its obligations as and when they fall due is
dependent on its ability to raise additional financing either
through share placings with new partners or combination of debt and
equity financing from financial institutions.
The Directors are currently in negotiations with a number of
parties in respect of raising further funds. Whilst progress is
being made on a number of potential transactions which would
provide adequate funding to the Group, there are no binding
agreements in place. As at the date of this report, the Company has
been successful in completing two equity placements in 2020 and
therefore the Directors are confident of raising additional
funding.
These conditions indicate the existence of a material
uncertainty which may cast significant doubt over the Group's
ability to continue as a going concern. Based on the current
progress of the negotiations with potential investors and providers
of finance the Directors believe that the necessary funds to
provide adequate financing to continue with the current work
program on its Kun-Manie project will be raised as required and
accordingly they are confident that the Group will continue as a
going concern and have prepared the financial statements on that
basis.
The financial statements do not include the adjustments that
would result if the Group was not able to continue as a going
concern.
c) Loss per share
Basic and diluted loss per share are calculated and set out
below. The effects of warrants and share options outstanding at the
year ends are anti-dilutive and the total of 27.1 million (2018:
21.7 million) of potential ordinary shares have therefore been
excluded from the following calculations:
2019 2018
Number of shares
Weighted average number of ordinary
shares used in the calculation of basic
earnings per share 753,839,463 656,558,298
2019 2018
Earnings US$'000 US$'000
Net loss for the year from continued
operations attributable to equity shareholders (2,239) (3,308)
============ ============
Loss per share for continuing operations
(expressed in cents)
Basic and diluted earnings per share (0.33) (0.51)
d ) Events after the reporting date
Since the start of January 2020, Covid-19 has created
significant disruption to the global markets and economies.
Management has concluded that the impact of Covid-19 is a
non-adjusting subsequent event in respect of the financial
statements for the year ended 31 December 2019.
The duration and impact of the Covid-19 pandemic, as well as the
effectiveness of government and central bank responses, remains
unclear at this time. It is not possible to reliably estimate the
duration and severity of these consequences, as well as their
impact on the Company's future financial position and results.
On 13 February 2020, the Company appointed Mr. Adam Habib as
advisor to the Board. As part of Adam Habib's consultancy
agreement, he has been awarded a total of 25,619,260 share options
over the Company's ordinary shares with an exercise price of 1.95
pence per share (the "Options"). Of the total, 12,809,630 will vest
immediately and are not subject to performance criteria. The
remaining 12,809,630 are subject to performance and will vest as
upon the successful completion by the Company of an off-take
agreement, or completion of a producing asset investment. The
options will expire on 13 February 2025.
On 21 February 2020, the Company granted 10,000,000 warrants
over the Company's ordinary shares with an exercise price of 2.12
pence per share to the participants of the fund raising completed
on 4 November 2019. Additionally, 3,000,000 warrants over the
Company's shares with an exercise price of 2.12 pence per share
have been granted to SP Angel Corporate Finance LLP. Both sets of
warrants have an expiry date of 20 February 2023.
On 12 March 2020, the Company entered into a fixed term loan
note instrument of up to GBP1.5 million with Plena Global
Opportunities. An initial advance of GBP0.5 million was drawn down
(which was repaid on 4 May 2020 as set out below) with a second
advance of GBP0.5 million after 3 months and a final advance of
GBP0.5 million after six months. Each tranche is repayable in three
months of the advance being made. Any of the relevant tranches of
Loan Notes are not repaid at that date, the term of the Loan Notes
shall automatically be extended by a further period of 12 months.
If the Company elects not to repay the advance by the three month
repayment date the Investor can elect to convert that outstanding
advance at any time into new ordinary shares in the Company. In
conjunction with the Initial Advance, the Investor will be issued
with 52,447,552 three year warrants with an exercise price of 1.43
pence per ordinary share.
On 3 April 2020, the Company granted 30 million share options
over ordinary shares to certain Directors, executives and
employees. The Share Options will vest after 12 months from the
date of grant and will have a strike price of 1.75 pence and will
expiry on 3 April 2023.
On 16 April 2020, the Company completed an equity placing of 75
million ordinary shares at a price of 1 pence per share to gross
proceeds of GBP750,000. The funds raised are to be applied to repay
the initial advance from the loan note facility from Plena Global
Opportunities LLC, the details of which are set out in the
announcement of 12 March 2020, and also for general working capital
purposes to progress, amongst other things, the work on the
Company's TEO.
On 4 May 2020, the Company repaid in full all outstanding loan
amounts under the fixed term loan note instrument entered into with
Plena Global Opportunities on 12 March 2020.
On 20 May 2020, non-executive Director Lou Naumovski resigned
from the Board.
On 27 May 2020, the Company completed an equity placing of
47,619,048 ordinary shares at a price of 1.05 pence per shares for
gross proceeds of GBP500,000.
On 24 June 2020, the Company announced that is has developed a
strategy for the compilation of the
Bankable Feasibility Study (BFS) with the primary funding
objective being to position the company to
finance the Bankable Feasibility Study, principally through
debt. In addition, the Company is actively
seeking to invest in mining opportunities in the near future
that are either near cash flow or are already in production in
established mining jurisdictions. The objective for this strategy
is to provide revenue streams to fund the Company's corporate
activities through the BFS and beyond.
Annual Accounts
Copies of the Group's Annual Accounts will be posted to the Amur
shareholders today and are available for download from the
Company's website at www.amurminerals.com .
Notes to Editors
The information on exploration results and Mineral Resources
contained in this announcement has been reviewed and approved by
the CEO of Amur, Robin Young. Mr. Young is a Geological Engineer
(cum laude) and is a Qualified Professional Geologist, as defined
by the Toronto and Vancouver Stock Exchanges and a Qualified Person
for the purposes of the AIM Rules for Companies.
Glossary
DEFINITIONS OF EXPLORATION RESULTS, RESOURCES & RESERVES
EXTRACTED FROM THE JORC CODE: (December 2012) ( www.jorc.org
)
A 'Mineral Resource' is a concentration or occurrence of
material of intrinsic economic interest in or on the Earth's crust
in such form, quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories.
An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which tonnage, grade and mineral content can be
estimated with a low level of confidence. It is inferred from
geological evidence and assumed but not verified geological and/or
grade continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes which may be limited or of uncertain
quality and reliability.
An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which tonnage, densities, shape, physical
characteristics, grade and mineral content can be estimated with a
reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are too widely or
inappropriately spaced to confirm geological and/or grade
continuity but are spaced closely enough for continuity to be
assumed.
A 'Measured Mineral Resource' is that part of a Mineral Resource
for which tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are spaced closely enough
to confirm geological and/or grade continuity.
An 'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses which may occur when the material is
mined. Appropriate assessments and studies have been carried out,
and include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could
reasonably be justified. Ore Reserves are sub-divided in order of
increasing confidence into Probable Ore Reserves and Proved Ore
Reserves.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR KZGZVNVDGGZG
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