중간 결과
월 28 2024
레인보우 희토류 제한
("무지개"나"그 회사")
LSE: RBW
31년 2023월 XNUMX일에 종료된 XNUMX개월 동안의 중간 결과
무지개 희토류 는 31년 2023월 XNUMX일에 종료된 XNUMX개월('기간')에 대한 미감사 결과를 발표하게 된 것을 기쁘게 생각합니다.
하이라이트
· Global net zero greenhouse gas ("GHG") emissions will require unprecedented levels of critical minerals, including rare earth elements ("REEs").
· Phalaborwa expected to be the highest margin REE project in development today due to its fundamentally different capital and operating cost profile compared to traditional projects. The project remains highly cash generative even at lower rare earth prices.
· Phalaborwa to produce all four of the high-value magnet rare earths: neodymium and praseodymium ("NdPr"), dysprosium ("Dy") and terbium ("Tb"). Forecast CAGR of ca. 10% for rare earth permanent magnets from 2022 to 2033[1] driven by their use in electric vehicles and wind turbines.
· Project backed by U.S. Government, with a US$50 million funding commitment from the U.S. International Development Finance Corporation ("DFC") announced at COP28, to be invested via strategic shareholder TechMet Limited ("TechMet").
· Successful production of ca. 35kg of mixed rare earth carbonate at the front-end pilot plant in South Africa; this material is being used as feed for the back-end pilot plant in Florida, USA to produce separated rare earth oxides expected in Q2 2024.
· Phalaborwa offers environmental advantages due to the clean-up of legacy issues and the opportunity to fully rehabilitate the site over time. The use of continuous ion exchange ("CIX") and continuous ion chromatography ("CIC") to produce separated rare earth oxides also provides cost and environmental benefits over traditional solvent exchange methods.
· Updated bulk density calculations have increased the Phalaborwa project tonnage by ca. 16% and added over two years to project life; an update to the JORC-compliant Resource is expected in Q2 2024.
· Letter of Intent entered into for an off-take agreement to sell ca. 400-600,000 tonnes of Phalaborwa's gypsum by-product per annum into the South African domestic and surrounding markets, which are anticipating supply shortages of gypsum, thereby providing an additional revenue stream to Rainbow.
· Strategic supply agreement entered into with Less Common Metals ("LCM"), the only rare earth metal and alloy manufacturing facility in the UK and one of the only facilities in the Western world.
· Memorandum of understanding ("MOU") entered into with The Mosaic Company ("Mosaic") with regards to the Uberaba phosphogypsum project in Brazil. Uberaba represents an exciting opportunity to potentially replicate Phalaborwa at a larger scale and initial test-work to date is promising.
CEO인 조지 베넷(George Bennett)은 다음과 같이 말했습니다. "Phalaborwa is a unique project in the rare earths space. Due to the fact that it is focused on the reprocessing of phosphogypsum stacks to recover rare earths, it has a fundamentally different cost profile to traditional mining projects and it is therefore expected to be the highest margin rare earth project in development today. Its potential to offer exceptional financial returns, its ability to go further down the supply chain to produce separated rare earth oxides, and its strong environmental credentials have seen the project backed by the U.S. Government during the Period, with a US$50 million funding commitment from the DFC announced at COP28, to be invested via TechMet.
We are also excited about the prospects for the Uberaba phosphogypsum project in Brazil, which is being developed in partnership with Mosaic. Initial test-work to date has been encouraging and the project is of a significantly larger scale than Phalaborwa. Furthermore, the addition of Uberaba adds geographical diversification to our portfolio and is in line with our aspiration to be a forerunner in the establishment of an independent and ethical supply chain of the rare earth elements that are driving the green energy transition."
시장 남용 규정("MAR") 공개
이 발표는 시장 남용 규정(EU) 7/596의 2014조 목적을 위한 내부 정보를 포함하며 유럽 연합(철회)법 2018("MAR")에 따라 영국 국내법의 일부를 구성하고 공개됩니다. MAR 제17조에 따른 회사의 의무에 따라
Rainbow H1 FY 2024 Interim Results investor presentation
CEO인 George Bennett는 3년 2024월 11일 오전 XNUMX시(GMT)에 Investor Meet Company 플랫폼을 통해 프레젠테이션과 실시간 질의응답 세션을 주최할 예정입니다. 질문은 회의 전날 오전 9시까지 또는 라이브 프레젠테이션 중 언제든지 Investor Meet Company 대시보드를 통해 이벤트 전에 제출할 수 있습니다.
투자자는 Investor Meet Company에 무료로 가입하고 모임에 추가할 수 있습니다. RAINBOW 희토류 제한 과 연락해주세요.
https://www.investormeetcompany.com/rainbow-rare-earths-limited/register-investor
이미 팔로우하고 있는 투자자 RAINBOW 희토류 제한 Investor Meet Company 플랫폼에서 자동으로 초대됩니다.
자세한 내용은 문의하시기 바랍니다 :
레인보우 희토류 회사 | 기업 정보 | 조지 베넷 피트 가드너 | +27 82 652 8526
|
| IR | 캐시 말린스 | +44 7876 796 629 |
Berenberg | Broker | 매튜 아밋 제니퍼 리
| + 44 (0) 20 3207 7800 |
스티 펠
| Broker | 애쉬튼 클랜필드 바룬 탈와르
| +44 20 7710 7600 |
타비스톡 커뮤니케이션즈 | 홍보/IR | 찰스 비비안 타라 비비안-닐 | + 44 (0) 20 7920 3150 |
편집자 참고 사항 :
Rainbow Rare Earths는 녹색 에너지 전환을 주도하는 희토류 원소의 독립적이고 윤리적인 공급망 구축의 선두주자가 되는 것을 목표로 합니다. 영구 자석 희토류 원소인 네오디뮴, 프라세오디뮴, 디스프로슘 및 테르븀.
회사는 다음의 개발에 중점을 두고 있습니다. 남아프리카의 Phalaborwa 희토류 프로젝트와 브라질의 초기 단계 Uberaba 프로젝트. 두 프로젝트 모두 인산 생산의 부산물로 발생하는 인석고 더미에서 희토류를 회수하는 작업을 수반하며, 두 광상의 원래 근원암은 경암 탄산염입니다. 무지개 에 계획 에 의해 개발된 독점 분리 기술을 사용합니다. 파트너인 K-Technologies, Inc.는 분리된 희토류 산화물을 생산하는 공정(기존 용매 추출과 비교)을 단순화하여 비용과 환경적 이점을 제공합니다.
The Phalaborwa Preliminary Economic Assessment ("PEA") has confirmed strong base line economics for the project, which has a base case NPV10 US $ 627 백만의[2], 평균 EBITDA 영업 마진은 75%이고 투자 회수 기간은 2023년 미만입니다. 파일럿 공장 운영은 2026년에 시작되었으며, 프로젝트는 Rainbow가 프로젝트 작업을 시작한 지 불과 XNUMX년 후인 XNUMX년에 상업 생산에 도달할 것으로 예상됩니다.
더 자세한 정보는에 있습니다. www.rainbowrareearths.com.
CEO 리뷰
시장
The world is in the midst of a new industrial revolution: the green energy transition. Global net zero GHG emissions will require unprecedented levels of critical minerals, including REEs which are essential components of the permanent magnets used in the production of electric vehicles ("EVs") and wind turbines. Furthermore, REEs have many highly strategic uses in advanced technologies, including in defence applications, adding to their criticality worldwide; for example, each American F-35 Lightning II fighter jet contains over 400kg of rare earths, the Arleigh Burke DDG-51 missile destroyer contains ca. 2,300kg of rare earths and a Virginia class submarine contains ca. 4,200kg of rare earths[3].
The International Energy Agency ("IEA") estimates that the market for REEs has more than doubled over the period from 2017 to 2022, and demand for rare earth permanent magnets is forecast to continue to grow strongly by a CAGR of ca. 10% per annum to 2030, according to Argus.
While the long-term demand drivers for the market remain strong due to the electrification of our transport system, as well as the unstoppable move towards renewable energy solutions, in the short-term the market may continue to see some volatility due to the current weakness of the Chinese economy, a slow-down in the take-up of EVs and the roll-out of wind power generational projects, as well as its reliance on consumer trends worldwide.
Rare earth pricing has been notably weak in 2023 and into 2024. The current price of NdPr oxide of ca. US$50/kg is estimated to be well below the average breakeven price for the industry and is not deemed to be sustainable over the medium to long-term, with Argus expecting pricing to strengthen by the end of 2024.
Phalaborwa's rare earths basket includes the 'heavy' rare earths Dy and Tb, which are noted to be more at risk of supply disruption than that of the light rare earths due to their scarcity in economic quantities worldwide. The inclusion of Dy and Tb, as well as NdPr, improves the overall value of the Phalaborwa basket in comparison to the industry average.
Furthermore, Phalaborwa's PEA indicated a comparatively low operating cost of ca. US$34/kg of separated magnet rare earth oxides (NdPr, Dy and Tb), which provides resilience against all modelled pricing scenarios. By contrast, Canaccord Genuity estimates that the incentive pricing for greenfield ex-China projects is likely to be over US$100/kg.
운영 업데이트
Phalaborwa - South Africa
Rainbow's primary focus is the Phalaborwa project in South Africa, which represents an exciting, near-term production opportunity of all four of the magnet rare earths required for the green energy transition.
The operation will involve the processing of phosphogypsum stacks, which are the by-product of historic phosphoric acid production on the site. This resource sits at surface in a "cracked" chemical form, which is why it has a fundamentally different cost profile to traditional rare earth development projects.
Rainbow is using proprietary technology developed in conjunction with its partner K-Technologies, Inc. ("K-Tech"), to allow for the material to be processed first into a mixed rare earth carbonate, before being refined further into separated rare earth oxides of 99.5% purity.
The Phalaborwa PEA published in October 2022 (using spot rare earth pricing of ca. US$112/kg NdPr oxide at the time) confirmed strong base line economics for the project, which has a base case NPV10 of US$627 million, an average EBITDA operating margin of 75% and a payback period of less than two years. Recent analysis has confirmed that Phalaborwa is expected to be the highest margin rare earth project in development today, which provides resilience against pricing volatility.
Rainbow is currently carrying out a Definitive Feasibility Study ("DFS") at Phalaborwa, which is on track to be completed in the last quarter of 2024/early 2025. Following completion of the DFS, a Final Investment Decision will be made by the Board prior to construction and the expected commencement of operations by the end of 2026.
파일럿 플랜트
A key component of the DFS is the operation of a pilot plant to confirm and optimise the operating parameters for the unique flowsheet developed in conjunction with K-Tech to deliver separated rare earth oxides from the Phalaborwa phosphogypsum.
The pilot plant comprises a front-end circuit that produces a mixed rare earth carbonate and a back-end circuit that utilises CIX and CIC to produce separated rare earth oxides. The innovative application of this established technology has been pioneered by K-Tech in the rare earth space and replaces traditional solvent extraction 독성 및 인화성 용매와 희석제를 사용하며 100개 이상의 별도 단계가 필요합니다.
The front-end pilot plant is located at the Johannesburg facilities of the Council for Mineral Technology ("Mintek"), a global leader in mineral processing, extractive metallurgy, and related fields. The front-end piloting programme has successfully completed all three of its planned campaigns to date, with the integrated whole circuit 24/7 campaign completed in March 2023. Throughout its duration of operation, the front-end pilot plant has produced ca. 35kg of mixed rare earth carbonate as planned and this material is being shipped in progressive batches to the back-end pilot plant in Florida for separation.
During operation the following key opportunities for optimisation of the front-end plant process were identified and are expected to result in capex and opex savings:
· improvement in the impurity and rare earths leach temperature conditions from the 40?C set out in the PEA to 30?C, delivering a significant ca. 50% saving in energy requirements;
· the successful regeneration of two key reagents in the leach solution, improving on our founding principles of circularity; and
· optimisation of the second stage acid leach circuit which has reduced the number of counter current decantation thickeners required from 12 to six.
As part of the optimisation process, Rainbow worked with K-Tech to establish the optimal mixed rare earth product for the back-end CIX / CIC system, which is located at K-Tech's premises in Lakeland, Florida, USA. Having first successfully produced a mixed rare earth sulphate, it was decided to further beneficiate the product, removing certain unwanted elements, with the optimal end product for separation agreed as a cerium-depleted mixed rare earth carbonate, providing a higher-grade feedstock to the back-end separation circuit. 백엔드 흐름도의 진행 상황을 요약하면 다음과 같습니다.
· 그룹 분리에 적합한 공급 용액을 제공하는 초기 이온 교환 단계에서 성공적인 불순물 제거;
· 비경제적인 란타늄과 세륨족의 성공적인 분리;
· successful group separation in the first step of the chromatography stage, delivering a NdPr group, grading ca. 68%, as feed for purification in the subsequent individual chromatography separation steps;
· considerable upgrading of the concentration of the Dy and Tb from a combined feed grade of 0.9% to 14.6%, which requires separation from the samarium, europium and gadolinium ("SEG") group; and
· good separation of the SEG group at a grade of ca. 63%, which provides the strong potential for an additional valuable product line.
The current focus of the pilot plant test work at K-Tech is to optimise the second stage of the chromatography process to produce a 99.5% NdPr product, expected in Q2 2024. This will be followed by separation of Dy and Tb oxides.
자원 업데이트
Phalaborwa currently has a total mineral resource estimate ("MRE") of 30.4 Mt at 0.44% TREO, with the high-value, permanent magnet elements Nd and Pr representing 29% of the TREO in the rare earths basket, as well as economic quantities of Dy and Tb. The MRE is reported at a 0.2% TREO cut-off grade.
During the Period, Rainbow's technical team was focused on evaluation of the density at depth of the two phosphogypsum stacks that make up the Resource at Phalaborwa. On the advice of Ardaman and Associates, Inc., a Tetra Tech Company ("Ardaman"), a revised drilling technique was used for a drilling campaign carried out in the Period to provide representative samples from the stacks. These were submitted to Ardaman for comprehensive bulk density testing and the results revealed a clear corelation of higher bulk density with increasing depth.
The increased bulk density reported by Ardaman has resulted in a significant increase of ca. 16% in the project tonnes from 30.4 Mt to 35.1 Mt, extending the operating life by over two years at the proposed operating rate.
Samples from the drill campaign will now be assayed for grade by SGS in South Africa to allow for an updated JORC compliant MRE. This work is also expected to upgrade the Inferred Resources to the Measured and Indicated categories.
환경
Phalaborwa is founded on the principles of circularity, reprocessing phosphogypsum which is the by-product of historic phosphoric acid production to produce rare earths required for global decarbonisation. With legacy environmental issues prior to our ownership, Rainbow has the opportunity not only to exploit a secondary source of these critical minerals, but also to clean up the project site. This will involve neutralising the acidic solution currently on top of the gypsum stacks for use in a closed loop process and redepositing benign gypsum on stacks which will be lined in accordance with International Finance Corporation ("IFC") Standards and Equator Principles.
Rainbow recognises the benefits that securing a source of low carbon energy would bring to the project and its stakeholders and is therefore well advanced in the evaluation of a renewable energy power agreement. It is envisaged that renewable energy will provide the bulk of the project's power requirements, thereby further reinforcing its green credentials. While Phalaborwa is a relatively low energy-intensive project with draw requirements of ca. 13.3 MW (as set out in the PEA), management are also exploring the potential for on-site solar back-up power capacity.
As part of the DFS and as required for the permitting process, a new Environmental and Social Impact Assessment is being carried out by WSP Golder and all workstreams for this are on track to allow permit applications to be lodged in 2024.
During the Period, Rainbow signed a Letter of Intent to enter into an offtake agreement with NEXUS Intertrade (Pty) Ltd ("NEXUS"), under which NEXUS will acquire the benign gypsum which is the by-product of the Phalaborwa process and sell it to end users. The ability to sell down the remaining gypsum stacks at the project is expected to allow for complete environmental rehabilitation of the site over time, as well as providing an additional revenue stream to Rainbow.
Supply agreement
무지개 aims to be a forerunner in the establishment of an independent and ethical supply chain of the rare earth elements that are driving the green energy transition.
In accordance with this aim, the Company entered into a strategic supply agreement in September 2023 with LCM, a world leader in the manufacture and supply of complex alloy systems and metals. LCM occupies a unique position in the rare earths supply chain in that it is based in Ellesmere Port, Cheshire. As such, it is currently the only rare earth metal and alloy manufacturing facility in the UK and one of the only facilities in the Western world.
LCM had been looking to partner with a supplier with similar values in order to secure ethical supply of the feedstock required for their business and it chose Rainbow after a lengthy evaluation process of the various rare earth development companies globally. This decision was based on Rainbow's capability to take its rare earth material further downstream to the separated rare oxide stage, as well as due to its low production cost, which gives the Phalaborwa project resilience against rare earth pricing volatility.
A framework will be set out in due course for Rainbow and LCM to negotiate a binding offtake agreement for separated rare earth oxides from Phalaborwa, with the ultimate customer of the rare earth permanent magnets being clearly defined and in alignment with both LCM's existing customer base and the positioning of both companies in an expanding Western supply chain.
Uberaba - Brazil
Following an extensive worldwide search to identify phosphogypsum projects with similar characteristics to Phalaborwa, Rainbow entered into an MOU with Mosaic in July 2023 with regards to the Uberaba project in Minas Gerais, Brazil.
As at Phalaborwa, the Uberaba project will entail the processing of a phosphogypsum stack that is the by-product of phosphoric acid production which was originally based on a hard rock carbonatite. Mosaic's phosphoric acid operations are ongoing, meaning that new phosphogypsum is deposited on the stacks annually.
Due to the similarities of the feedstock, the Uberaba stack was expected to have a similar grade and rare earth element make-up as those of Phalaborwa and this was confirmed by initial assay analysis, which indicated an average grade of 0.58% TREO and that the basket contains all four of the magnet rare earths NdPr, Dy and Tb, with NdPr representing ca. 25% of the basket.
Following the co-production of a process flowsheet, Rainbow and Mosaic will collaborate on the production of a PEA for this opportunity to extract rare earths.
Gakara - Burundi
Gakara was placed on care and maintenance in June 2021 at the request of the Government of Burundi.
Further to the acquisition of the Phalaborwa project in December 2020 and the subsequent development of processing technology to recover REEs from phosphogypsum as a by-product of phosphoric acid production, the Directors have re-focused the business on secondary sources of REEs where they consider higher returns are available. As such, the decision was made not to invest any further funds in the project and Gakara was fully written down in the Company's accounts for the year to 30 June 2023.
Corporate
Notwithstanding falling rare earth prices, coupled with a wider difficult environment for small to medium sized resource companies on the London Stock Exchange, Rainbow's successful development was rewarded by continued strong backing for the Company in the market via the completion of a private placement in September 2023 to raise ca. US$5.5 million. This placing was carried out at a minor discount of 3% to the share price and was supported by the majority of Rainbow's Board, as well as its major shareholder TechMet.
A major endorsement for Phalaborwa's exceptional economic and environmental credentials was achieved via the announcement at the U.N.'s Climate Change Conference, COP28, that the DFC had committed US$50 million for the project, to be invested via strategic shareholder TechMet. This funding commitment helps to de-risk the overall capital requirement of ca. US$295.5 million for Phalaborwa and demonstrates the strategic role the project is expected to play in the establishment of a responsible supply chain for rare earths outside of China.
재무 검토
The financial statements for the Period are dominated by costs totalling US$8.5 million capitalised for Phalaborwa, bringing the total balance sheet value for the exploration and evaluation assets associated with the project to US$13.4 million. This included US$5.7 million to increase Rainbow's economic interests in Phalaborwa from 70% to 85%, with an option to acquire the remaining 15% from Bosveld Phosphates (Pty) Limited via the issue of 38,873,663 new Rainbow shares. Other expenditure at Phalaborwa in the Period included US$2.0 million relating to the ongoing pilot plant operations, US$0.4 million for other workstreams associated with the DFS, US$0.2 million for mineral resource work and US$0.2 million for Rainbow's technical team and associated costs. At 31 December 2023, the Group had US$4.0 million of cash available.
The income statement showed a net loss of US$1.5 million for the Period in line with the comparative period in FY 2023. This includes the Group's administrative costs, business development costs associated with both the Uberaba project in Brazil and Rainbow's wider long-term project pipeline, and costs to maintain the Gakara asset on care and maintenance.
주의문:
이 중간 보고서의 사업 검토 및 기타 특정 섹션에는 이 보고서를 승인할 때까지 이용 가능한 정보를 바탕으로 이사들이 선의로 작성한 미래 예측 진술이 포함되어 있습니다. 그러나 이러한 미래 예측 정보의 기초가 되는 경제 및 비즈니스 위험 요소를 포함한 내재된 불확실성으로 인해 이러한 내용은 주의 깊게 다루어야 하며 어떠한 진술도 이익 예측으로 해석되어서는 안 됩니다.
이사의 책임 성명서
우리는 우리가 아는 한 다음을 확인합니다.
a) the Condensed set of Interim Financial Statements has been prepared in accordance with IAS 34 '중간재무보고';
b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year);
c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein); and
d) the condensed set of interim financial statements, which has been prepared in accordance with the applicable set of accounting standards, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the consolidation as a whole as required by DTR 4.2.4R.
본 중간 보고서는 이사회의 승인을 받았으며 이사회를 대신하여 다음 사람이 서명했습니다.
조지 베넷
최고 경영자(CEO)
월 28 2024
요약 연결 포괄 손익 계산서
31년 2023월 XNUMX일로 종료되는 XNUMX개월 동안
| 6 개월 종료 | 6 개월 종료 | |
노트 | US$'000 감사되지 않음 | US$'000 감사되지 않음 | |
|
| ||
수익 |
| - | - |
생산 및 판매 비용 |
| - | - |
심한 손실 |
| - | - |
관리비 | 3 | (1,461) | (1,500) |
영업활동으로 인한 손실 |
| (1,461) | (1,500) |
|
| ||
금융 수입 |
| 130 | 73 |
금융 비용 |
| (120) | (54) |
|
|
|
|
세전 손실 |
| (1,451) | (1,481) |
|
| ||
소득세 비용 |
| - | - |
|
| ||
해당 기간의 세후 및 종합 비용을 제외한 총 손실액 |
| (1,451) | (1,481) |
|
| ||
해당 기간의 세후 및 포괄 비용을 제외한 총 손실은 다음과 같습니다. | |||
비 지배 지분 | (9) | (38) | |
부모의 소유자 | (1,442) | (1,443) | |
(1,451) | (1,481) | ||
주당 손실(센트) | |||
Basic | 4 | (0.24) | (0.27) |
희석 | 4 | (0.24) | (0.27) |
각 기간의 결과는 계속영업에서 파생됩니다.
요약 연결 재무 상태 표
31 년 2023 월 XNUMX 일 기준
~에서 | ~에서 | ~에서 | ||
노트 | US$'000 감사되지 않음 | US$'000 감사 | US$'000 감사되지 않음 | |
비유동 자산 |
| |||
탐색 및 평가 자산 | 5 | 13,363 | 4,830 | 11,405 |
재산, 식물 및 장비 | 6 | 24 | 27 | 872 |
자산 사용권 |
| 99 | 37 | 89 |
비유동 자산 |
| 13,486 | 4,896 | 12,366 |
유동 자산 | ||||
목록 | 718 | 718 | 858 | |
매출 채권 및 기타 채권 | 565 | 365 | 426 | |
현금 및 현금성 자산 | 4,002 | 8,107 | 2,146 | |
총 유동 자산 |
| 5,285 | 9,190 | 3,430 |
총자산 |
| 18,771 | 14,086 | 15,796 |
유동 부채 | ||||
매입 채무 및 기타 채무 | 7 | (1,689) | (1,250) | (879) |
차입금 | 8 | (250) | (201) | (101) |
리스 부채 |
| (47) | (23) | (34) |
총 유동 부채 |
| (1,986) | (1,474) | (1,014) |
| ||||
비유동 부채 |
|
| ||
차입금 | 8 | (283) | (285) | (589) |
리스 부채 |
| (59) | (21) | (56) |
식량 |
| (55) | (55) | (61) |
비유동 부채 |
| (397) | (361) | (706) |
|
|
|
|
|
부채 |
| (2,383) | (1,835) | (1,720) |
| ||||
순자산 |
| 16,388 | 12,251 | 14,076 |
| ||||
공평 |
| |||
주식 자본 | 9 | 56,303 | 50,937 | 41,552 |
공유 기반 지불 준비금 | 1,634 | 1,719 | 1,588 | |
기타 준비금 | - | - | - | |
이익잉여금 | (39,618) | (38,483) | (27,955) | |
지배기업에 귀속되는 지분 | 18,319 | 14,173 | 15,155 | |
비 지배 지분 | (1,931) | (1,922) | (1,079) | |
총 자본 |
| 16,388 | 12,251 | 14,076 |
요약 연결 현금 흐름표
31년 2023월 XNUMX일로 종료되는 XNUMX개월 동안
6 개월 종료 | 6 개월 종료 | ||
US$'000 감사되지 않음 | US$'000 감사되지 않음 | ||
영업 활동으로 인한 현금 흐름 | |||
영업활동으로 인한 손실 | (1,461) | (1,500) | |
다음에 대한 조정 : | |||
감가 상각 | 25 | 189 | |
주식기준보상수수료 | 223 | 151 | |
운전자본 변경 전 영업손실 |
| (1.213) | (1,160) |
기타채권순증가 | (238) | (25) | |
Net increase / (decrease) in trade and other payables | (276) | (30) | |
운영에 사용된 현금 |
| (1,727) | (1,215) |
|
| 16 |
|
환차익 실현 |
| 16 | 73 |
금융 비용 |
| (31) | (69) |
영업 활동에 사용 된 순 현금 |
| (1,742) | (1,211) |
| |||
투자 활동으로 인한 현금 흐름 | |||
부동산, 플랜트 및 장비 구매 | - | (2) | |
탐사 및 평가 비용 | (7,831) | (817) | |
투자 활동에 사용 된 순 현금 |
| (7,831) | (819) |
| |||
금융 활동으로 인한 현금 흐름 | |||
차입금 상환 | (37) | - | |
리스 부채의 지불 | (21) | (16) | |
보통주 발행 대금 | 5,501 | 125 | |
신규주식 발행에 따른 거래비용 | (84) | (16) | |
자금 조달 활동으로 생성 된 순 현금 |
| 5,359 | 93 |
현금 및 현금 등가물의 순 감소 |
| (4,214) | (1,937) |
기초의 현금및현금성자산 |
| 8,107 | 4,134 |
Foreign exchange gain / (loss) on cash & cash equivalents | 109 | (51) | |
기말의 현금및현금성자산 |
| 4,002 | 2,146 |
요약 연결 자본 변동 명세서
31년 2023월 XNUMX일로 종료되는 XNUMX개월 동안
| 주식 자본 | 주식기준보상 | 누적 손실 | 귀속 ~로 부모의 | 비 지배 지분 | 금액 |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
|
| |||||
1년 2022월 XNUMX일 잔액(감사) | 41,442 | 1,467 | (26,572) | 16,337 | (1,041) | 15,296 |
|
| |||||
총 종합 비용 |
|
| ||||
총 포괄 손실 | - | - | (1,443) | (1,443) | (38) | (1,481) |
|
| |||||
소유자와의 거래 |
|
| ||||
해당 기간의 직원 주식 옵션의 공정 가치 | - | 151 | - | 151 | - | 155 |
기간에 행사된 주식선택권(순비용) | 110 | (60) | 60 | 110 | - | 184 |
31년 2022월 XNUMX일 잔액(미감사)) | 41,552 | 1,558 | (27,955) | 15,155 | (1,079) | 14,076 |
|
| |||||
총 종합 비용 |
|
| ||||
총 포괄 손실 | - | - | (10,541) | (10,541) | (843) | (11,384) |
|
|
| ||||
소유자와의 거래 |
|
| ||||
Issue of shares during the period for cash | 9,485
| - | - | 9,485 | - | 9,485 |
Share placing transaction and other costs | (100) | (100) | (100) | |||
해당 기간의 직원 주식 옵션의 공정 가치 | - | 174 | - | 174 | - | 174 |
Share options cancelled in the period | - | (13) | 13 | - |
| |
30년 2023월 XNUMX일 잔액(감사) | 50,937 | 1,719 | (38,483) | 14,173 | (1,922) | 12,251 |
|
| |||||
총 종합 비용 |
|
| ||||
총 포괄 손실 | - | - | (1,442) | (1,442) | (9) | (1,451) |
| ||||||
소유자와의 거래 |
|
| ||||
Issue of shares during the period for cash | 5,501 | - | - | 5,501 | - | 5,300 |
Share placing transaction and other costs | (135) | - | - | (135) | - | (135) |
해당 기간의 직원 주식 옵션의 공정 가치 | - | 222 | - | 222 | - | 223 |
Share option exercised in the period | - | (201) | 201 | - | - | 201 |
Share options cancelled in the period | - | (106) | 106 | - | - | - |
31년 2023월 XNUMX일 잔액(미감사) | 56,303 | 1,634 | (39,618) | 18,319 | (1,931) | 16,389 |
요약재무제표에 대한 주석
31년 2023월 XNUMX일로 종료되는 XNUMX개월 동안
1. 일반 정보
Rainbow Rare Earths Limited (the "Company" or "Rainbow", together with its subsidiaries the "Group"), is a company limited by shares domiciled in Guernsey, incorporated on 5 August 2011 with company registration number 53831. The Company's registered office is Connaught House, St Julian's Avenue, St Peter Port, Guernsey. The nature of the Group's operations and its principal activities are set out in the CEO and Financial Reviews.
The financial information for the period ended 31 December 2023 does not constitute the audited statutory accounts but the comparative information has been extracted from those accounts. The report of the auditors on those accounts was unqualified.
본 중간보고서는 감사나 검토를 받지 않았습니다.
이 반기 보고서의 사본이 출판되었으며 회사 웹사이트( www.rainbowrareearths.com
2. 준비의 기초
본 요약연결 중간재무제표는 6년 31월 2023일 기준 34개월간 IAS 2022 '중간재무보고'에 따라 작성되었습니다. 여기에는 전체 재무제표에 요구되는 공개 사항이 포함되어 있지 않으며 XNUMX년 연차 보고서 및 계정과 함께 읽어야 합니다.
27년 2023월 XNUMX일에 발표된 그룹의 가장 최근 연차 재무제표와 동일한 회계 정책 및 계산 방법이 요약 중간 재무제표에 적용됩니다. 영향을 미친 새로 유효한 IFRS 기준은 없습니다. 재무 제표에.
(a) 계속기업
이사들은 이 요약재무제표를 준비할 때 계속기업 기준을 계속해서 사용해 왔습니다. 그룹의 비즈니스 활동과 향후 개발, 성과 및 지위에 영향을 미칠 수 있는 요소는 CEO 성명서에 명시되어 있습니다. 그룹의 재무 상태, 현금 흐름 및 유동성 상태는 재무 검토에 설명되어 있습니다.
31년 2023월 4.0일 기준 그룹의 현금 잔고는 미화 30만 달러(2023년 8.1월 30일: 미화 2025만 달러)였습니다. 이사회는 합리적으로 가능한 하향 시나리오를 포함하여 XNUMX년 XNUMX월 XNUMX일까지 그룹의 최신 현금 흐름 예측을 검토했습니다. 여기에는 다음과 같은 가정이 포함되었습니다.
· Forecast expenditure of US$4.0 million for ongoing general and administrative costs of the Group over the 18-month period from 1 January 2024 to 30 June 2025, based on the current administrative cost base. The reasonably possible downside scenario includes a 10% contingency for unexpected costs.
· Estimated funding requirements of US$7.5 million for Phalaborwa, of which US$4.0 million has been incurred to date or is committed. This includes US$2.4 million to complete pilot plant test-work, US$3.7 million to finalise the DFS and US$0.9 million for Rainbow's technical team and associated costs. Due to the nature of the work, actual costs and the timing of expenditure may differ to estimates. The forecast includes a 10% contingency for increased technical costs associated with the pilot plant and DFS. The reasonably possible downside scenario adds a further 10% contingency for all Phalaborwa expenditure.
· A continuation of care and maintenance for the Group's Gakara project in Burundi at a total cost of US$0.6 million for the 18-month period from 1 January 2024 to 30 June 2025, based on the current administrative cost base. The reasonably possible downside scenario includes a 10% contingency for unexpected costs.
Based on management's reasonably plausible downside scenario outlined above, the Group will need to raise additional finance of at least US$9.2 million for the period ending 30 June 2025, along with any funds required to progress the Uberaba opportunity in Brazil. Based on the robust economic prospects for the Phalaborwa project, the Board is confident that additional funding will be secured as required. However, the Board accepts that these circumstances indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
나. 배당금
The Directors do not recommend the payment of a dividend for the period (six months ended 31 December 2023: US$Nil, six months ended 31 December 2022: US$Nil).
(c) 주요 위험 및 불확실성
광업 및 금속 부문에는 회사의 장기적인 성과에 중대한 영향을 미칠 수 있고 실제 결과가 예상 및 과거 결과와 실질적으로 다를 수 있는 여러 가지 잠재적인 위험과 불확실성이 내재되어 있습니다. 회사는 가능한 경우 이를 완화하기 위해 합리적인 조치를 취했습니다. 자세한 내용은 46년 47월 30일에 종료된 연도의 연례 보고서 2023~XNUMX페이지에 공개됩니다. 위험과 불확실성은 아래에 요약되어 있습니다.
· Project definition risk (High):
- At Phalaborwa, the PEA published in October 2022 confirmed a processing flowsheet capable of economically extracting the magnet rare earth metals from the gypsum stacks in a low capital and low operating cost environment. The Group's technical team has designed and commissioned numerous commercial plants in Africa, including completion of feasibility studies for rare earth projects, and are therefore familiar with alternative technical options that may need to be deployed if the original strategies prove uneconomic.
- Pilot test work to confirm the efficacy of the processing flowsheet is underway with the production of a mixed rare earth carbonate in South Africa which has been shipped for pilot testing of the final separation process in the USA. As a result of the pilot test work, changes may be required to the proposed processing flowsheet which could have a detrimental impact on the economics of the project as set out in the PEA. The results of the pilot test work programme to date have been in line with the PEA.
- A DFS will need to be completed to provide sufficient confidence for project development, which may not deliver results in line with the PEA.
· Permitting risk (High):
- New and updated permits and licences will be required to develop the Phalaborwa project including, but not limited to, a water use licence, waste management licence and air emissions licence. Rainbow is working with specialist consultants to compile the technical reports required for the permitting process and is aiming to make the relevant applications in parallel with work on the DFS.
- Whilst the timeframe for the issuance of permits is difficult to predict, the Phalaborwa project will clean up legacy environmental issues at the site, including treating the acid water currently associated with the unlined gypsum stacks and re-stacking the processed gypsum on new lined stacks designed in accordance with IFC Performance Standards and the Equator Principles. Accordingly, the Group is confident that the relevant permits will be issued to allow the project to proceed.
· Financing risk (High):
- The Group's ability to continue to develop the Phalaborwa project and other new business opportunities will rely upon its continued ability to access financing, both at the corporate and project level. The strong economic returns set out in the PEA for Phalaborwa are expected to ensure funding is available to deliver the DFS and, ultimately, the development of the Phalaborwa project.
- Management maintains strong relationships with key sources of finance. Rainbow has a history of securing funding required for the Group's growth plans, including support from its cornerstone investors, and management expects to be able to secure additional funding as required.
· Rare earth prices (High):
- Rainbow is focused on the identification and development of secondary rare earth deposits that can be brought into production quicker and at a lower cost than traditional hard rock mining projects, with a focus on the permanent magnet rare earth elements neodymium and praseodymium, dysprosium and terbium.
- Whilst analysts are predicting strong growth in demand for rare earths, prices have been volatile in the past and are currently at levels substantially below the base case set out in the Phalaborwa PEA. Whilst the Phalaborwa PEA confirmed a low-cost operation that has resilient economics in lower rare earth price environments, if the underlying rare earth basket price falls or remains at low prices for the long term, this reduces potential revenue that will impact the long-term profitability of the project and could impact the commercial viability of any development.
· Co-development risk (Medium):
- The Group's assets include projects that will be conducted in joint arrangements or with associates, which reduces the Group's ability to control and manage risk and places reliance on partners not controlled by the Group. For the earlier stage projects, Rainbow's rare earths processing expertise and ownership, directly or under licence in the relevant territories, of the IP rights to develop an economic processing flow sheet similar to Phalaborwa is expected to ensure that suitable commercial terms can be agreed for the long term development of these assets.
- At Phalaborwa, Bosveld Phosphates (Pty) Limited ("Bosveld") has a 15% interest in the project and, as current owner of the site, their assistance is required to ensure the assets necessary for the project development are transferred at the necessary time into the joint venture vehicle and they remain liable for the historic environmental liabilities associated with the project site. Rainbow has the option to acquire the 15% minority interest from Bosveld by issuing 38,873,663 ordinary shares of no par value in Rainbow Rare Earths Limited. This will enable the Group to fully control that project and creates a strong incentive for Bosveld to ensure it takes the necessary steps to allow the project to be developed.
- The Group's development pipeline, including the Uberaba property in Brazil and the opportunity with OCP in Morocco, are at a much earlier stage of development. The legal framework for the development of a commercial operation for these opportunities has not been fully defined and terms may not be agreed with the owners of these assets to allow a development to occur.
· Country and Political (Medium):
- Rainbow's operations are located in South Africa, Brazil and Burundi. Emerging market economies are generally subject to greater risks, including legal, regulatory, tax, economic and political risks, and these risks are potentially subject to rapid change.
- In South Africa, general elections will be held in May 2024, which could lead to an increase in political and social instability. The well-publicised challenges for state energy provider Eskom mean there are ongoing requirements for load-shedding / power outages in the country, albeit the power requirements for the industrial sectors are prioritised versus other sectors. South Africa's stance on geopolitical matters is at times contrarian to Western interests.
- On 12 April 2021, the Government of Burundi suspended the export of concentrate produced at Gakara. This was followed on 29 June 2021 with a suspension of all mining and exploration activity. All operations remain on care and maintenance. Due to the re-focus of Rainbow's business on the Phalaborwa asset and growth opportunities from the associated processing technology, the Directors do not envisage investing significant amounts in Burundi to develop a formal mineral resource and therefore the net assets of the Gakara cash generating unit were impaired to nil in the 2023 Annual Report and Accounts.
3. 관리비
6 개월 종료 | 6 개월 종료 | |
US$'000 감사되지 않음 | US$'000 감사되지 않음 | |
법인 비용 | 1,254 | 1,171 |
부룬디 행정부 | 207 | 329 |
| 1,461 | 1,500 |
31년 2023월 XNUMX일까지 XNUMX개월 동안 발생한 부룬디 관리 비용에는 Gakara 프로젝트 관리 및 유지 관리와 관련된 모든 비용이 포함됩니다.
4. 보통주당손실
보통주당순손실은 해당 기간의 지배기업 보통주에 귀속되는 순손실을 해당 기간의 가중평균유통보통주식수로 나누어 계산합니다.
회사는 제시된 모든 기간 동안 손실을 기록하였고, 따라서 희석주당이익 계산 시 주식선택권의 희석효과는 고려되지 않았습니다. 이는 보고된 각 기간의 주당 손실을 감소시키기 때문입니다.
기본 주당 손실 계산은 다음 데이터를 기반으로 합니다.
6 개월 종료 | 6 개월 종료 | |
US$'000 감사되지 않음 | US$'000 감사되지 않음 | |
모회사의 보통주에게 귀속되는 기간의 손실 | (1,442) | (1,443) |
번호 | 번호 | |
| '000 | '000 |
기본주당손실과 희석주당손실을 계산하기 위한 가중평균보통주식수 | 607,767 | 524,963 |
보통주당손실 | 센트 | 센트 |
기본 및 희석 | (0.24) | (0.27) |
5. 탐사 및 평가 자산
| 가카라 | 팔라보르와 | 금액 | |
US$'000 | US$'000 | US$'000 | ||
1년 2022월 XNUMX일 기준(감사) | 8,635 | 1,953 | 10,588 | |
추가 | - | 817 | 817 | |
At 31 December 2022(unaudited) |
| 8,635 | 2,770 | 11,405 |
추가 | - | 2,060 | 2,060 | |
손상 | (8,635) | - | (8,635) | |
30년 2023월 XNUMX일(감사됨) | - | 4,830 | 4,830 | |
추가 | - | 8,533 | 8,533 | |
31년 2023월 XNUMX일(미감사) |
| - | 13,363 | 13,363 |
Costs relating to the Phalaborwa project were capitalised during the Period. The Gakara project has been under care and maintenance throughout the Period and, accordingly, none of the costs meet the requirements under the Group's accounting policy for capitalisation.
The Phalaborwa project represents an opportunity to extract rare earth elements from the chemical re-treatment of gypsum stacks and therefore the costs of establishing the commercial viability of development for the project are being capitalised as exploration and evaluation assets under IFRS 6. Additions in the Period include the costs relating to resource testing, building and operating pilot plants in South Africa and USA, and acquiring a further 15% economic interest in the project from Bosveld.
Since acquiring the Phalaborwa project and the subsequent development of processing technology to recover rare earth elements from phosphogypsum as a by-product of phosphoric acid production, the Directors have re-focused the business on secondary sources of rare earth elements where they consider higher returns are available. As such, the Directors no longer intend to invest significant amounts at Gakara to convert the existing resource target to a reserve capable of supporting long term commercial production, resulting in an impairment review being carried out for the Gakara exploration and evaluation assets in the year ended 30 June 2023. Based on an assessment of both the legal and political position in Burundi, the Directors consider that the fair value of the Gakara exploration and evaluation assets calculated in accordance with IAS 36 is nil and an impairment loss has been recognised.
FinBank SA hold security over the fixed and floating assets of Rainbow Mining Burundi SM ("RMB") which include the impaired exploration and evaluation assets associated with the Gakara mining permit in Burundi.
6. 유형자산
US$'000 | 광산 개발 비용 | 플랜트 및 기계류 | 차량 | 사무 기기 | 금액 |
비용 | |||||
1년 2022월 XNUMX일 기준(감사) | 183 | 2,889 | 1,582 | 45 | 4,699 |
추가 | - | - | - | 2 | 2 |
31년 2022월 XNUMX일(미감사) | 183 | 2,889 | 1,582 | 47 | 4,701 |
추가 | - | - | 24 | 2 | 26 |
At 30년 2023월 XNUMX일(감사) | 183 | 2,889 | 1,606 | 49 | 4,727 |
추가 | - | - | - | - | - |
31년 2023월 XNUMX일(미감사) | 183 | 2,889 | 1,606 | 49 | 4,727 |
감가 상각 |
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1년 2022월 XNUMX일 기준(감사) | 99 | 2,668 | 855 | 34 | 3,656 |
기간 동안 요금 | 13 | 2 | 158 | - | 173 |
31년 2022월 XNUMX일(미감사) | 112 | 2,670 | 1,013 | 34 | 3,829 |
기간 동안 요금 | 12 | 3 | 159 | 2 | 176 |
손상 | 59 | 216 | 410 | 10 | 695 |
At 30년 2023월 XNUMX일(감사) | 183 | 2,889 | 1,582 | 46 | 4,700 |
기간 동안 요금 | - | - | 2 | 1 | 3 |
31년 2023월 XNUMX일(미감사) | 183 | 2,889 | 1,584 | 47 | 4,703 |
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31년 2023월 XNUMX일 기준 순장부가액(감사받지 않음) | - | - | 22 | 2 | 24 |
30년 2023월 XNUMX일 순장부가액(감사) | - | - | 24 | 3 | 27 |
31년 2022월 XNUMX일 기준 순장부가액(감사받지 않음) | 71 | 219 | 569 | 13 | 872 |
As set out in note 5 the Directors recognise that the ongoing suspension of all activities of RMB in Burundi and the subsequent decision not to commit investment for the conversion of the Gakara resource target to reserves requires an impairment review for the tangible fixed assets relating to the project in accordance with IAS36. Based on an assessment of both the legal and political position in Burundi, the Directors consider that the fair value of the property, plant and equipment associated with the Gakara project calculated in accordance with IAS 36 is nil and an impairment loss has been recognised.
FinBank SA hold security over the fixed and floating assets of RMB which include the impaired property, plant, and equipment in Burundi.
7. 매출채권 및 기타채무
~에서 2023 | ~에서 | ~에서 | |
US$'000 감사되지 않음 | US$'000 감사 | US$'000 감사되지 않음 | |
미지급금 거래 | 818 | 124 | 43 |
미지급 비용 | 357 | 736 | 316 |
세금과 사회보장 | 380 | 290 | 361 |
부룬디 토지세 납부 | 100 | 100 | 80 |
직원 및 경영진의 귀책 금액 | 34 | - | 11 |
고용 분쟁에 대한 규정 | - | - | 68 |
총거래액 및 기타채무 | 1,689 | 1,250 | 879 |
이사들은 거래 및 기타 채무의 장부 가치가 공정 가치에 가깝다고 생각합니다.
8. 차입금
~에서 | ~에서 | ~에서 | |
US$'000 감사되지 않음 | US$'000 감사 | US$'000 감사되지 않음 | |
핀뱅크론 | 324 | 363 | 557 |
보증 책임 | 209 | 123 | 133 |
총 차입금 | 533 | 486 | 690 |
12개월 이내에 지불 가능 | 250 | 201 | 101 |
12개월 이후부터 지급 가능 | 283 | 285 | 589 |
533 | 486 | 690 |
핀뱅크론
The FinBank loan facility in Burundi is expressed in BIF and carries an interest rate of 15%. Repayment terms agreed from February 2023 require payments of BIF30 million per month until April 2027 covering both principal and interest on a reducing balance basis. During 2023 the devaluation of the BIF to US$1:BIF2,840.54 at 30 June 2023 reduced the US dollar value of the liability by US$133k.
Under the terms of this loan, FinBank has security over the fixed and floating assets of RMB, the shares of RMB, and the cash held in RMB's FinBank bank accounts. Interest on the loan amounted to US$26k (2022: US$42k).
보증 책임
On 21 February 2020, 2,000,000 warrants were issued to Pipestone Capital Inc, in which George Bennett, the Company's CEO, has a beneficial interest. The warrants were issued in lieu of interest on a US$1 million bridging loan provided to the Company, which was repaid in full in December 2021. The warrants have a contractual life of four years at an exercise price of 4.55 pence per warrant. The Pipestone warrants are recognised as a financial liability at fair value through profit and loss with changes in value included under finance costs/income. Subsequent to the balance sheet date the contractual term of the warrants has been extended by a further two years.
9. 자본금
~에서 | ~에서 2022 | ~에서 | |
감사되지 않음 | 감사되지 않음 | 감사 | |
발행주식자본금(액면가 없음) US$'000 | 56,303 | 41,552 | 50,937 |
발행주식수('000) | 630,317 | 526,406 | 598,859 |
아래 표는 주식자본 이동의 조정을 보여줍니다.
주식수 | US$'000 | |
1년 2022월 XNUMX일 | 524,405,810 | 41,442 |
November 2022 - Options exercised (Cash receipts) | 2,000,000 | 110 |
31년 2022월 XNUMX일 | 526,405,810 | 41,552 |
May 2023 - Share placing (Cash receipts) | 72,452,846 | 9,386 |
30년 2023월 XNUMX일 | 598,858,656 | 50,937 |
November 2023-share placing (Cash receipts) | 30,000,000 | 5,366 |
November 2023-Options exercised (nil value options) | 1,458,000 | - |
31년 2023월 XNUMX일 | 630,316,656 | 56,303 |
On 26 September 2023, the Company agreed conditionally to issue 30 million shares at a price of 15 pence per share, raising gross cash proceeds of US$5.5 million (before costs of $135k).
The first tranche of 25,786,541 ordinary shares was issued on 5 October 2023. The second tranche of 4,213,459 ordinary shares was issued on 6 December 2023 following shareholder approval at the Company's Annual General Meeting held on 21 November 2023.
In addition, George Bennett, Rainbow's CEO, has exercised 1,458,000 nil priced share options originally issued in January 2021.
10. 특수관계자 거래
US$'000 | 31개월 ~ 2023년 XNUMX월 XNUMX일 | 31개월 ~ 2022년 XNUMX월 XNUMX일 |
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| 기간 내 청구 | 기간에 정착 | 폐쇄 균형 | 기간 내 청구 | 기간에 정착 | 폐쇄 균형 | ||
Benzu Minerals (Proprietary) Limited1 | - | - | - | 1 | (1) | - | ||
MPD 컨설팅 제한2 | 2 | (3) | 1 | 3 | (1) | 2 | ||
Magna Capital (Guernsey) Limited3 | 647 | (647) | - | 10 | - | 10 | ||
649 | (650) | 1 | 13 | (1) | 12 | |||
위 표에는 이사 및 고위 경영진의 보수가 포함되어 있지 않습니다.
1. Benzu Minerals (Proprietary) Limited is connected to Cesare Morelli who is currently engaged as the acting General Manager of RMB. In addition to the comparative amounts disclosed, which relate to costs associated with the drilling programme at Phalaborwa in 2022, salary was paid to Cesare Morelli via Benzu Minerals (Proprietary) Limited.
2. MPD Consulting Limited, in which Pete Gardner, the Company's CFO, has a beneficial interest, has recharged certain costs relating to UK support incurred on behalf of the Group.
3. Magna Capital (Guernsey) Limited ("Magna"), in which Adonis Pouroulis, the non-executive Chairman of the Board of Directors, has a beneficial interest, was engaged in December 2022 to assist the Company with its strategy to consolidate ownership of the Phalaborwa project and lift the notarial bonds in South Africa issued in favour of third parties which may have impacted the ability of Bosveld to transfer the rights to the Phalaborwa project to a new entity as envisaged. The transaction was concluded in July 2023 and a success fee of £500k was paid to Magna.
11. 대차대조표 이후 이벤트
보고일 이후 회사 그룹에 심각한 영향을 미치거나 재무 결과가 실질적으로 왜곡되게 표시될 수 있는 사건은 확인되지 않았습니다.
[1] Source: Argus Media Ltd ("Argus"), October 2023
[2] 10% 포워드 할인율을 사용한 순 현재 가치
[3] Source: U.S. Department of Defense, March 2024
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.