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    (AAU) Ariana Resources Share Chat, May 26, 2020 at 7:07 AM
  1. Groucho

    26 May 2020

    AIM: AAU


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce its operating results for the quarter ended 31 March 2020 for the Kiziltepe Mine ("Kiziltepe" or "the Project") in Turkey. Kiziltepe is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction Co., and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").


    · Gross quarterly income of US$8.84 million at an average realised gold price of US$1,599 per ounce, against an average revenue per gold ounce of US$1,724 (due to silver credit)*.

    · Production and sale of 5,129 ounces of gold during the quarter ending 31 March 2020.

    · Operating cash costs for the quarter are estimated at US$533 per ounce#.

    · 31,421 ounces of silver was not sold during the period due to adverse price conditions and has been retained in stock.

    · Operational mill availability running at 99% and utilisation at 99% during March.

    · 53,840 tonnes ore milled during the period ending 31 March 2020 at an average head grade of 3.22 g/t Au.

    · Process recovery of gold remains high at 92.5%.

    · Kiziltepe Mine currently remains on track to deliver on the 2020 production target of 18,000 ounces of gold.

    Dr. Kerim Sener, Managing Director, commented:

    "Production during the first quarter of 2020 has provided another pleasing result, which was delivered in part during the current pandemic. Our business, being considered an essential industry, was allowed to continue and operations remain largely unaffected despite the introduction of various risk mitigation procedures at the mine site and an overall reduction of active staff levels. Indeed, our operations in to the current quarter are continuing in accordance with the mine plan.

    "It is also important to note that the average monthly production from Kiziltepe during Q1 and in to the current quarter is currently running above target. This is in part due to higher material movements and the consequent accessibility of optimal grade ore feed throughout the period. Assuming production is able to continue uninterrupted through the current quarter, we remain on track to deliver on our production target for the year."

    This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

    Current Developments:

    · Production of ore from the open-pits achieved an average rate of 30,827 tonnes per month over the period, with a peak rate of over 31,891 tonnes achieved in February.

    · Operations in the Arzu North and Derya areas are continuing as planned, with mining undertaken primarily from Arzu North during the period.

    · Following the repayment of the US$33 million construction capital loan to Turkiye Finans Katilim Bankasi A.S., the JV is largely free of debt but maintains a separate working capital loan balance with the bank of approximately US$8.5 million which is expected to be repaid in full by October 2021.

    * All production figures are quoted gross with respect to the JV in this announcement.

    # Operating cash costs are inclusive of on-site costs and off-site charges and royalties specific to the project. It also includes adjustments for stockpile balances at the end of each quarter, in addition to an adjustment for by-product silver. They exclude finance costs, taxes and development capital. The definition used to derive the cash costs is essentially the same as that used within the feasibility study. This cash cost was calculated based on unaudited figures obtained from Zenit.

    View attachment 9044

    Ariana Resources PLC - KIZILTEPE QUARTERLY OPERATIONAL UPDATE #AAU @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/6d36ebb9-12e0-4f61-8911-87e02ffa2159 #voxmarkets undefined
  2. AAZ Anglo Asian Mining share chat, May 21, 2020 at 9:49 AM
  3. Groucho

    21 May 2020

    Anglo Asian Mining PLC

    Strategic Update

    Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce an update of the Company's ongoing growth and exploration strategy. The Company's strategy is focused on three key objectives:

    1 Prioritising discoveries identified by current exploration to increase production and mine life

    2 Long term upside potential of existing concessions

    3 Evaluating other opportunities, both within and outside Azerbaijan

    Significant work has already been carried out on each of these objectives.


    Prioritising discoveries identified by current exploration to increase production and mine life

    · The Company is now focused on five discoveries which can be fast tracked into production

    · Gold and copper mineralisation exist on or near the surface for each discovery giving good potential for mine development - production anticipated from 2022 onwards

    · Development programmes completed for the five discoveries as follows:

    o Avshancli 1 and Avshancli 3

    § Located in the north-east sector of Gedabek, 6.5 kilometres from existing processing facilities

    § Potential for open pit mines producing gold-rich ore for leaching and copper-rich ore for flotation, with production potentially commencing in 2022

    o Gilar

    § Located in the north-east sector of Gedabek close to Avshancli

    § Gold in quartz on surface with underlying copper

    § Open pit mine anticipated, but further exploration required before exploitation, with potential production in 2023

    o Ugur Deeps

    § Located close to the south-east flank of the Ugur mine

    § Potential underground mine with portal access from the valley - existing infrastructure and road access of the Ugur mine will facilitate development.

    § Potential production from 2023

    o Zefer Cell 9

    § Located 600 metres west of the leach pad processing facility

    § Very favourable geology on the mineralisation trend of the existing open pit mine with production possible from 2024

    Long term upside potential of existing concessions

    · Gedabek is highly prospective with the potential to host a large porphyry system

    o Porphyry evaluation is planned for three years from 2021 to identify a mineral deposit suitable for mine development by 2024

    o A porphyry ore body could potentially provide sufficient ore to extend production into at least the mid-2030s

    · Several regional exploration targets have been identified at Gosha

    o Asrikchay is high-grade poly-metallic occurrence and the mineralisation continues to be assessed

    o A new geological map of the Gosha contract area has been completed to better target future work

    · Ordubad has significant potential to provide resources for future production

    o A targeted programme is underway to evaluate the highest priority assets and to assess when they could be developed and brought into production

    · There is also the expectation of extending the life of existing mines at both Gedabek and Gosha by near-mine exploration

    Evaluating other opportunities, both within and outside Azerbaijan

    · The Company will also consider any suitable opportunities, both inside and outside Azerbaijan, which it believes will enhance shareholder value

    JORC Resource and Reserves of existing mines

    · Near-mine exploration to prolong the lives of the existing mines continues at Gedabek and Gosha. A JORC Code (2012) update of the resources and reserves for all three currently producing mines at Gedabek is underway, with completion expected during the third quarter of 2020.

    Stephen Westhead, Director of Geology and Mining, commented:"The Company has a very strong portfolio of exploration assets that can be fast tracked into production, provided they are demonstrated to be of sufficient size. The evaluation process includes preliminary exploration, detailed exploration including drilling to provide data for resource estimation, metallurgical test-work and financial assessments for reserve estimation and mine design.

    "The Company has previously demonstrated its ability to rapidly develop mineral discoveries into both open pit and underground mines. The schedules below assume that assay results yield mineable grades and the work proceeds to the planned timeline.

    "The geology and mining teams continue to work with enthusiasm to progress the development pipeline and bring exploration targets to production from both within its current project portfolio and through new opportunities."

    Reza Vaziri, CEO, commented: "I am delighted to present this strategic update detailing our exploration and growth strategy, which clearly demonstrates the considerable potential for extending mine life and increasing production from our existing assets.

    "The five new exploration discoveries now prioritised for development have the potential to significantly increase the production and mine life of the Company. Each project has gold and copper mineralisation at, or near, surface. We have developed extensive work programmes for each of these projects and this work will be a key focus for the Company in the near to medium term.

    "Gedabek also has exceptional potential to host a porphyry system which, if proven, could provide tens of millions of tonnes of ore and increase mine life through to the mid 2030s and beyond. This is something we intend to focus on from 2021 onwards.

    "This current plan demonstrates our confidence in the abundant resource base of the Company, which we believe will continue to generate significant shareholder value."

    Anglo Asian Mining - Strategic Update #AAZ @AAZMining https://www.voxmarkets.co.uk/rns/announcement/fed73cd9-9ea2-47cd-bef5-3a35746339de #voxmarkets undefined
  4. (GGP) Greatland Gold Share Chat, May 19, 2020
  5. Groucho

    19 May 2020

    Greatland Gold plc (LON:GGP), the London Stock Exchange AIM listed precious and base metals exploration and development company, announces the exercise of options and sale of shares by Gervaise Heddle, Chief Executive Officer.

    The Company has received a binding option exercise notice from Gervaise Heddle, Chief Executive Officer, for 17,500,000 options at 0.7 pence per share for a total consideration of £122,500. As a result of the option conversion, 17,500,000 new ordinary shares are expected to be admitted to trading on or around 27 May 2020 ("Admission").

    Following Admission, the total issued share capital of the Company will consist of 3,688,391,766 ordinary shares. As such the total number of voting rights in the Company will be 3,688,391,766 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

    The Company has also been notified that, in order to cover the cost of the option exercise and associated taxes,Gervaise Heddle has sold 4,500,000 ordinary shares of 0.1 pence in the capital of the Company ("Ordinary Shares") at a price of 9.25 pence for a total consideration of £416,250 on 18 May 2020.

    Following the option exercise and sale of shares, Gervaise Heddle has an increased holding of 68,750,000 Ordinary Shares, representing 1.9% of the issued share capital of the Company. Additionally, he has 46,000,000 share options at various strike prices.

    Greatland Gold PLC - Exercise of Options and Director Dealing #GGP @GreatlandGold https://www.voxmarkets.co.uk/rns/announcement/666751cf-ad56-4ebe-b03c-989741ca36e8 #voxmarkets undefined
  6. (WSG) Westminster Group Share Chat, May 14, 2020
  7. Groucho

    14 May 2020

    Westminster Group Plc

    ('Westminster', the 'Group' or the 'Company')

    Final Results

    Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, announces its Final Results for the 12 months to 31 December 2019.

    Highlights include:


    · EBITDA^ profit of £0.1m from underlying continuing and discontinued operations (2018 restated* loss of £0.4m)

    · Strong performance by both Managed Services and Technology Divisions

    · Secured new Managed Services project in Tema Port, Ghana

    · Secured a $3.48m USD contract for the provision of advanced container screening solutions to two separate ports in an Asian country

    · West Africa airport operations performed at record levels

    · Acquired French security and support services company, Euro Ops

    · Successfully delivered the remainder of the $4.5m USD vehicle screening contract in the Middle East, that the Company secured in 2018

    · Significant progress with several large-scale project opportunities

    · Supplied products and solutions to 66 countries across the world

    · Formed Strategic Joint Venture, Westminster Arabia, in Saudi Arabia

    · Entered into strategic alliance with the Gulf Aviation Academy in Bahrain

    · Entered into strategic alliance with the Tunisian Academy for Civil Aviation Safety and Security Training

    · Provided training throughout 2019 to various airports, including several major hubs, across the Middle East, Africa and Asia

    · Board strengthened in terms of skills and experience with the appointment of two new Non-Executive Directors Charles Cattaneo in January 2019 and Mawuli Ababio in November 2019


    · Revenues up by 63% to £10.9m (2018: £6.7m)

    · Recurring Revenue^ (such as Managed Service contracts) in the year up by 46% to £5.6m(2018: £3.8m)

    · Fourth consecutive year of double-digit percentage revenue growth

    · EBITDA^ profit from underlying continuing and discontinued operations of £0.1m (2018: restated* loss £0.4m)

    · Total Equity / Net Assets grows from £1.1m in 2018 to £1.9m in 2019

    Post period End:

    · 2020 commenced on a strong and profitable note with Q1 orders and revenues ahead of budget

    · Q1 2020 revenues increased by 22% to over £4.5m (Q1 2019: £3.7m), producing a healthy profit at both pre and post-tax levels

    · Q1 2020 passenger numbers for our West Africa airport operations at record levels before airport closed end of March due to Coronavirus

    · 5-year main contract signed relating to Ghana port managed services project awarded in June 2019

    · Completed balance of $3.48m USD of advanced container screening solutions for two ports in Asia secured in 2018

    · Reduced the Group's convertible loan notes by £561,250 to £1,683,750, maturity date for the balance extended to 1 May 2021

    · Coronavirus (COVID-19) Pandemic causing disruption to airport security and training operations but effect mitigated by significant increase in fever screening product sales.

    * restated as a result of the implementation of IFRS16

    ^ This is an Alternative Performance Measure refer to Note 2 for further details

    Commenting on the results and prospects, Peter Fowler, Chief Executive of Westminster said:

    "I am delighted to report that 2019 was a record year for the Group with a 63% (£4.2m) year on year increase in revenues to £10.9m (2018: £6.7m), our fourth year of double-digit percentage revenue growth and shows the momentum we are building.

    "Both the Managed Services and Technology divisions delivered an impressive performance during the year, both financially and operationally. Financially our Managed Services Division achieved a 50% increase in revenues to £5.5m (2018: £3.7m) whilst our Technology Division achieved an impressive 80% increase in revenues to £5.4m (2018: £3.0m). Operationally both Divisions had a busy year and made excellent progress on a number of fronts.

    "2020 has started on an equally positive note, building on the success of 2019 with both order intake and revenues ahead of budget. Q1 delivered revenues of over £4.5m, an increase of more than 22% over the same period in 2019 (Q1 2019: £3.7m), and I am pleased to report our management accounts show we made a healthy profit of several hundred thousand GBP in the quarter at both pre and post-tax levels as we begin to benefit from new contracts and the investment we have been making in our business over the years.

    "The current Coronavirus (COVID-19) pandemic, in addition to the tragic loss of life, is of course having a profound impact on the global economy and businesses across the globe. As a company operating globally the pandemic has affected parts of our business in various ways. The business model we have been developing is based on multiple revenue streams, many of which are from long term or recurring contracts, from diverse sources in varying parts of the world and this has proved invaluable during the current pandemic. Whilst some parts of our business have been adversely affected and others have seen little impact, some have experienced significant growth, particularly our sales of fever screening and safety solutions.

    "We entered 2020 with visibility of over £8m of annual recurring revenue for the year from long term managed services, guarding and maintenance contracts and because of the nature of our long term contracts, where we have experienced reductions in such revenue streams during the COVID-19 disruption these are expected to resume quickly once the pandemic passes. We not only have more large-scale project opportunities under discussions than ever before but in view of the COVID-19 situation we continue to expand our online and non-contact sales opportunities and are developing new opportunities as our business model evolves.

    "Over the next few months and years, we have an opportunity to achieve unprecedented growth from the prospects we are pursuing, and the Board and I remain committed to delivering on this potential."

    Chairman's Statement


    I am pleased to present the Westminster Group plc. Final Results for the year ended 31 December 2019 which was a record year for the Group both in terms of revenue and growth.

    I am also pleased to report we achieved a record 63% growth in revenues to £10.9m, an increase of £4.2m over the £6.7m reported in 2018. This is the fourth consecutive year of double-digit percentage revenue growth and the highest growth rate since Westminster's shares were admitted to trading on AIM in 2007. Encouragingly our recurring revenue^ also rose strongly, up by 46% to £5.6m (2018: £3.8m). Accordingly, we have delivered an improved financial position with an EBITDA^ profit from underlying continuing and discontinued operations of £0.1m (2018: loss £0.4mrestated). This bodes well for our future trading and demonstrates what the Group is capable of. Q1 2020 has already commenced on a strong footing ahead of budget with revenues of over £4m, being around 30% up on Q1 2019 (£3.1m).

    A key achievement in the year was that within only two weeks from receiving a letter of intent in June 2019 and our being appointed as technical partner running the container screening operations in the new $1.5bn container port in Ghana, we mobilised, set up and were running a complex screening operation in time for the port opening. As Chairman, I was impressed by our team's ability to deliver such a complex operation in a short timescale.

    Both our operating divisions are performing well. Enquiry levels remain healthy and levels of interest in the Group's services are growing. Both divisions are developing and pursuing sizeable business opportunities and it is encouraging to see our Technology division securing important contracts such as $3.48m USD contract announced in April 2019. More detail on the strategic developments, projects and opportunities we are undertaking is covered in the CEO's Strategic Report.

    During the year the Group raised £1.55m gross from the issue of new equity to support the development of the Group. In January 2020 we announced we had secured a flexible financing facility consisting of a £3.0m mezzanine loan supported by a £1.75m Equity Placing and Sharing Agreement and elected to draw down an initial £1.5m to commence a redemption programme of the Company's £2.245m Convertible Loan Notes. This was due to be completed before 30 June 2020 but due to the Coronavirus pandemic this was extended with the support and consent of noteholders to 1 May 2021. With the option to draw down further funds at our discretion, this financing facility provides us with the necessary flexibility needed to support the continued growth of the business.

    Corporate Conduct

    As a company whose shares are traded on the AIM market of the London Stock Exchange, we recognise the importance of sound corporate governance throughout our organisation giving our shareholders and other stakeholders including employees, customers, suppliers and the wider community confidence in our business. We endeavour to deliver on our corporate Vision and Mission Statements in an ethical and sensitive manner irrespective of race, colour or creed. This is not only a requirement of a well-run public company but makes good commercial and business sense.

    In my capacity as Executive Chairman, I have ultimate responsibility for ensuring the Board adopts and implements a recognised corporate governance code in accordance with our stock market status. Accordingly, the Board has adopted, and is working to, the Quoted Companies Alliance (QCA) Corporate Governance Code 2018. The Chief Executive Officer (CEO) has responsibility for the implementation of governance throughout our organisation, commensurate with our size of business and worldwide operations.

    The QCA Corporate Governance Code 2018 has ten key principles and we set out on our website how we apply those principles to our business, and more detailed information is provided in these accounts.

    We operate worldwide with a focus on emerging markets and in a sector where discretion, professionalism and confidentiality are essential. It is vitally important that we maintain the highest standards of corporate conduct. The Corporate Governance Report sets out the detailed steps that we undertake to ensure that our standards, and those of our agents, can stand any scrutiny by Government or other official bodies.

    Social Responsibility

    As a Group, we take our corporate social responsibilities very seriously, particularly as we operate in emerging markets and in some cases in areas of poverty and deprivation. I am proud of the support and assistance we as a company provide in many of the regions in which we operate, and I would like to pay tribute to our employees and other individuals and organisations for their generous support and contributions to our registered charity, the Westminster Group Foundation. We work with local partners and other established charities to provide goods or services for the relief of poverty or advancement of education or healthcare making a difference to the lives of the local communities in which we operate. For more information or to donate please visit www.wg-foundation.org.

    Employees and Board

    It is with great sadness that in 2019 we marked the passing of Lt Col Sir Malcolm Ross GCVO, OBE, GCStJ, DL.

    Sir Malcolm was Westminster's Chairman from 2007 and was an inspirational and supportive leader. Sir Malcolm was a true Gentleman in every sense of the word and a hard-working public servant. In 2017 Sir Malcolm moved to Deputy Chairman in order to allow more time for his public duties and yet he continued to devote considerable support to the Company.

    Sir Malcolm was a former member of the Royal Household of the Sovereign of the United Kingdom, and from 2006, that of the Prince of Wales (retired March 2008). He was made an OBE in 1988 and joined the Royal Victorian Order in 1994 as a CVO. He was knighted as a KCVO in 1999, and advanced to GCVO in 2005. He had been a member of the Royal Company of Archers since 1981, and a Freeman of the City of London since 1994. In 2006, he was made Her Majesty's Lord Lieutenant of the Stewartry of Kirkcudbright. Until recently Sir Malcolm was also the Lord Prior of The Order of St John.

    He was a wonderful man and will be greatly missed by a great many people, not least all at Westminster.

    The vacancy left by Sir Malcolm's passing was filled in November 2019 by Mawuli Ababio stepping up from our international advisory board to Non-Executive Director. Mawuli is based in Accra, Ghana and has extensive board and corporate governance experience having served on several listed and unlisted boards over the last 20 years, both as an Executive and Non-Executive Director. His experience across the whole of sub-Saharan Africa is already proving to be invaluable to the Group. Mawuli has taken over the chair of the Remuneration Committee.

    In January 2019 Charles Cattaneo joined the board as a Non-Executive Director. Charles has been a director of a number of public and private companies and is currently the Chairman of the Midlands Regional Advisory Group of the London Stock Exchange. His wealth of City and corporate finance knowledge and experience gained from a variety of business sectors, in particular advising AIM companies and serving on boards of growing and successful companies, is of great value to our business as we expand and deliver on our significant potential. As a Chartered Accountant he has taken over as Chair of the Audit Committee.

    Also, in January 2019, James Sutcliffe, by agreement, left the Westminster Group Plc board to take on the role as Chairman of the International Advisory Board, where the benefit of his extensive international experience and high-level Government contacts overseas can be of significant value to the Company's business development and expansion going forward.

    We continue to work closely with and receive excellent support from the Foreign Office and UK Diplomatic Missions around the world and I am very grateful for the support these and other governmental departments provide to our teams and our operations worldwide.

    At the time of writing we are in the midst of the global Coronavirus (COVID-19) pandemic which, in addition to the tragic loss of life, has major implications for the global economy creating material uncertainty and challenges. The duration and full impact of this pandemic is difficult to predict at the present time although we are seeing encouraging signs that the worst now appears to be over in some parts of the world with some countries looking to gradually relax restrictions. As a company operating globally the pandemic has affected parts of our business in various ways. Some parts of our business have been adversely affected, others have seen little impact, whilst some have seen significant growth. The Chief Executive Officer's Report provides some detail on the challenges this pandemic has created and how we have responded to the situation.

    Meeting with the Group's ever-expanding team of consummate professionals is one of the Board's more pleasurable responsibilities. As a service-based business, our employees are key to delivering success. On behalf of the Board, I want to congratulate Westminster's management and employees around the globe for their achievements and the vital contribution they have made to our success in 2019 and the way in which they have risen to the challenges and opportunities presented by COVID-19.

    I would finally like to extend my appreciation to our investors for their continued support and to our strategic investors who are bringing their expertise to help deliver value for all.

    Rt. Hon Sir Tony Baldry DL


    Westminster Group - Final Results #WSG @wg_plc https://www.voxmarkets.co.uk/rns/announcement/e353aaf5-4e9c-476a-9637-760015df3521 #voxmarkets undefined
  8. (HZM) Horizonte Minerals Share Chat, May 12, 2020
  9. Groucho

    12 May 2020


    12 May 2020 - Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or the 'Company'), the nickel development company focused in Brazil, announces it has today published its unaudited financial results for the three month period to 31 March 2020 and the Management Discussion and Analysis for the same period. Both of the above have been posted on the Company's website www.horizonteminerals.com and are also available on SEDAR at www.sedar.com.

    Highlights for the quarter

    · Horizonte finished the quarter with a strong cash position of £17.0m, being well funded to advance Araguaia towards being construction ready;

    · Focused on the safety of all Group, employees and stakeholders by implementing strict health and safety policies specifically tailored to Covid-19;

    · Both in Brazil and the UK, the teams have adapted well to the change in circumstances due to Covid-19, including remote working, with all major workstreams continuing as planned;

    · Nickel market fundamentals remain strong with analyst consensus prices of $16,150at the time Araguaia is forecast to commence production, compared to a consensus forecast price of $16,188 observed at 31 December 2019 before the effects of Covid-19;

    · Project financing process currently running to schedule with no negative effects on the process observed as a result of the Covid-19 pandemic, although a delay to the process may occur if "lock-down" continues for a longer period of time. It remains presently too early to tell if this is the case; and

    · Work on Araguaia is focussed around advancing the level of engineering from Feasibility stage level through to being implementation ready.

    Events after the Reporting Date

    · The Group committed to donating 300 food parcels during April & May 20 to the municipalities of Conceição do Araguaia, Floresta do Araguaia and Xinguara, in light of the socio-economic impact caused by Covid-19.

    Horizonte Minerals - Quarterly Report #HZM @HorizontePLC https://www.voxmarkets.co.uk/rns/announcement/f698cb60-526f-4346-ac6e-737da69dc738 #voxmarkets undefined
  10. (JLP) Jubilee Platinum Share Chat, May 5, 2020
  11. Groucho

    5 May 2020

    Anglo American Platinum ramps up ACP plant to restart refined PGM production

    Anglo American plc notes the announcement by Anglo American Platinum Limited released today to the Johannesburg stock exchange. The text of the announcement is copied below:

    Anglo American Platinum has safely and successfully completed the repair of the Anglo Converter Plant (ACP) Phase B unit. The ACP and full downstream processing operations are completing a safe ramp-up and expect to be fully operational from 12 May 2020. Force majeure to suppliers of concentrate will be lifted on that date.

    CEO of Anglo American Platinum, Natascha Viljoen, stated:

    "I am pleased to report that we have safely and successfully completed the repair of the ACP Phase B unit ahead of schedule, enabling the restart of refined production of our platinum group metals and our base metals. We were vigilant in adhering to strict health and safety protocols to keep the repair team safe during the lockdown, whilst ensuring that we were able to implement social distancing and hygiene requirements which form our new way of working during the COVID-19 pandemic.

    We have carried out substantial testing to ensure the stability of the ACP Phase B unit, and as we complete the ramp-up, we are engaging with suppliers of concentrate to lift force majeure imminently. All temporary commercial arrangements applicable during the force majeure period will revert to normal commercial terms."

    The estimated final cost of repairs for ACP Phase B is c.R150 million, in line with the lower end of guidance provided. Repair work on the ACP Phase A unit continues and is progressing in line with the project plan. All orders for long lead items have been placed and the dismantling work started on site.

    Due to the time taken to refine the respective platinum group and base metals, the force majeure notice remains in effect for our refined metal customers. Force majeure arrangements with these customers will be lifted in the future and in line with the provisions of our agreements.

    Given the collective uncertainty around the start-up of ACP, the ramp-up of mining operations and the potential impact of COVID-19, Anglo American Platinum retains its current guidance and will provide an update as appropriate when we have further information and clarity on production.

    A safe and successful repair under lockdown

    In accordance with lockdown regulations, the repair team was able to continue with repairs throughout the extended lockdown period in South Africa. All materials required for repairs were ordered and available on site ahead of the lockdown, and there were no supply chain disruptions that impacted the ability to complete the repairs. Safety protocols were implemented on site in line with Government approvals and regulations. A construction work risk review was completed to determine work phasing, method of execution, key resource identification and increased health protocols.

    The ACP construction repair team was split into two teams that self-isolated for the duration of the repair work, and COVID-19 specific health protocols were put in place for cleaning, screening and transport to site. A new shift pattern was introduced that fostered social distancing. Increased site hygiene measures for sanitisation, together with site safety and health supervision were implemented to ensure safety and quality of construction. We have reported zero injuries, zero health issues or positive COVID-19 cases and did not experience any health and safety or construction issues during the repair and ramp up.

    The Company's ability to continue these essential repairs during lockdown has been critical to the resumption of the processing pipeline. As a result of the incidents at the ACP, and the need to shut operations to secure a safe operational environment for employees, the Company could not process any metal to final product during this period. With mining activity resuming to varying degrees under the current Level 4 lockdown restrictions, the Company is now able to begin processing concentrate and releasing metal from the pipeline.

    Anglo American PLC - Anglo American Platinum ramps up ACP plant #AAL @AngloAmerican https://www.voxmarkets.co.uk/rns/announcement/32c01700-95fc-4bfc-9940-0d6ac62b268c #voxmarkets undefined
  12. (ARS) Asiamet Resources Share Chat, May 5, 2020
  13. Groucho

    5 May 2020

    2019 Annual Report & Financial Statements

    Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its audited financial statements for the 12 months ended 31 December 2019 ("Financial Statements") as extracted from the Company's 2019 Annual Report which is now available on the Company website at www.asiametresources.com and will be provided to shareholders who have requested a printed or electronic copy.

    The Financial Statements are set out below and should be read in conjunction with the 2019 Annual Report which contains the notes to the Financial Statements.

    All dollars in the report are US$ unless otherwise stated.

    2019 Financial and Operational Highlights Include:

    · Beutong Project Mineral Resource Statement updated to contain metal in Resource on a 100% basis of 2.43Mt (5.3BIb) copper, 2.11Moz gold and 20.9Moz silver (1.95Mt (4.3Blb) copper, 1.69Moz gold and 16.73Moz silver on an 80% attributable basis).

    · Environmental Permit and approval of the Indonesian Feasibility Study received for BKM.

    · Appointment of Feng (Bruce) Sheng as a Non-Executive Director.

    · Updated Mineral Resource and Maiden Ore Reserve Statements delivered for BKM reinforcing the integrity, size and scale of the BKM deposit and providing a solid foundation for our emerging mid-size BKM copper development project.

    · Completion of BKM Feasibility Study delivered a robust copper project with post tax NPV8of $124.8 million, life of mine revenue of $1.27 billion and EBITDA of $563.3 million.

    · MOU signed with China Nonferrous Metals for value engineering at BKM.

    · Commenced value enhancement activities for the BKM Feasibility Study.

    · Capital raisings totalling US$4.1 million (before capital raising costs) completed during the period.

    Key Subsequent Events Include:

    · A $3.89 million Placement completed in March 2020 with $3.11 million to Singaporecommodities trader and strategic investor, Aeturnum Energy Pte LTD to become a 19.9% shareholder in Asiamet with significant support from Asiamet Directors.

    Asiamet Res Ltd - 2019 Annual Report & Financial Statements #ARS @AsiametTweets https://www.voxmarkets.co.uk/rns/announcement/e1e458d8-98f5-4c80-9664-e7b5a6109d95 #voxmarkets undefined
  14. (JLP) Jubilee Platinum Share Chat, Apr 28, 2020
  15. Groucho

    Leon Coetzer, CEO of @Jubilee_Metals talking with @ZaksTradersCafe with #JLP Inyoni Surface PGM & Chrome Operation in production. Leon speaks about the latest company updates

  16. (JDG) Judges Scientific share chat, Apr 28, 2020
  17. Groucho

    18 March 2020

    Judges Scientific plc

    ("Judges Scientific", "Judges", the "Company" or the "Group")


    Record revenue, order intake and cash generation underpinning 25% increase in dividend

    Judges Scientific, a group involved in the buy and build of scientific instrument businesses, is pleased to announce its Final Results for the year ended 31 December 2019.

    Financial Highlights

    · Revenues up 5.9% to a record £82.5 million (2018: £77.9 million), including 5.6% Organic* growth;

    · Adjusted** operating profit up 18% to £17.4 million (2018: £14.7 million);

    o Statutory operating profit of £14.1 million (2018: £10.7 million);

    · Adjusted** basic earnings per share up 21% to 222.5p (2018: 183.4p);

    o Statutory basic earnings per share of 183.1p (2018: 137.5p);

    · Final dividend of 35p, totalling 50p for the year, an increase of 25%; covered 4.5 times by adjusted earnings (this excludes the special dividend of £2 paid on 10 December 2019);

    · Organic* order intake up 3.3% compared with 2018;

    · Organic order book at 13.2 weeks (1 January 2019: 14.4 weeks); total order book 13.6 weeks;

    · Cash generated from operations of £19.1 million (2018: £15.7 million);

    · Adjusted** net debt of £2.0 million as at 31 December 2019 (31 December 2018: £0.9 million net cash);

    o Statutory net debt of £0.3 million at 31 December 2019 (31 December 2018: £0.7 millionnet cash);

    · Cash balances of £14.1 million as at 31 December 2019 (31 December 2018: £15.7 million).

    Strategic Highlights

    · Moorfield Nanotechnology acquired on 3 December 2019 for a consideration of £2.3 million plus excess cash.

    Outlook and COVID-19

    · The Group commenced 2020 in a strong financial position with a solid order book, both of which remain robust.

    · The impact of COVID-19 is being closely monitored with all necessary precautions being taken across Group businesses.

    · Pandemic will affect scientific conventions and our ability to travel safely to our customers and therefore impact order intake, sales and installations.

    · Effect on current year trading performance will be limited if the outbreak only lasts a further two months and will have a progressively growing and more significant impact thereafter.

    · It is currently expected that the impact on the Group will only be temporary and, that with its robust financial position, the Group's ability to conduct its business model will remain intact.

    * Organic describes the performance of the Group including businesses acquired prior to 1 January 2018.

    ** Adjusted earnings figures exclude adjusting items relating to amortisation of acquired intangible assets, acquisition-related costs, share based payments and hedging of risks materialising after the end of the year. Adjusted net debt includes acquisition-related liabilities and excludes subordinated debt owed by subsidiaries to non-controlling shareholders.

    Alex Hambro, Chairman of Judges Scientific, commented:

    "In 2019 the Group achieved new records for order intake, sales, adjusted profits, cash generation and earnings per share; this was driven by strong demand for our products, continued operational improvements and very favourable foreign exchange rates. The uncertainty of COVID-19 is clouding the immediate future but the Group's strong financial position ensures it is able to continue pursuing its business model."

    Judges ScientificPLC - Final Results #JDG https://www.voxmarkets.co.uk/rns/announcement/4b7f4205-06b7-450b-a8de-1b4bd5093e1a #voxmarkets undefined
  18. (ABDP) Share price, Apr 22, 2020
  19. Groucho

    22 April 2020

    AB Dynamics plc

    Interim Results for the six months ended 29 February 2020

    "Strong first half financial and operational performance across the Group"

    AB Dynamics plc (AIM: ABDP, "ABD", "the Group"), the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive market, is pleased to announce its Interim Results for the six-month period to 29 February 2020.
    View attachment 9014

    Good first half performance across both operating sectors

    · Track testing revenue growth of 29% driven by ADAS test platform sales and track testing services

    · Laboratory testing & simulation revenue growth of 82% driven by strong contribution from recently acquired rFpro in addition to new product sales

    Continued execution of strategic priorities

    · New product development continues as planned with new launches including aNVH and Static Simulator

    · Increased proportion of recurring revenue from 10% to 25% of Group revenue due to increased sales of tiered service packages and contribution from recently acquired businesses

    · Overseas sales offices performing in line with expectations with particularly strong performance in USA and Japan

    Positive contribution from acquired businesses

    · rFpro delivered robust revenue growth and strong operating margins

    · DRI performed in line with expectations in both sales of ADAS test products and track testing services


    · Mitigating actions promptly implemented to control discretionary spending and conserve cash whilst continuing to invest in new product development and business infrastructure

    · Impact in the second half of the year currently uncertain, both in terms of customer demand and the supply chain

    · Manufacturing facilities continue to be operational to ensure the Group can deliver against its existing order book and new customer orders

    · Sufficient inventory to address the short to medium term requirements of manufacturing and fulfilment of the orderbook

    Strong, debt free balance sheet

    · Significant net cash of £35.1m providing resources to withstand the likely impact of the COVID-19 pandemic and to support the Group's investment requirements

    Current trading and outlook

    · Following a strong first half performance, the outlook for the second half of the year remains highly uncertain due to the COVID-19 pandemic

    · Although there has not been a material reduction in order intake in the year to date, there has been deferment of some larger orders

    · The Group is further securing the existing strong cash position through disciplined control of discretionary spend and capital expenditure

    · The Group has withdrawn guidance and suspended the interim dividend

    · Future growth prospects remain supported by long term structural and regulatory growth drivers in active safety and autonomous systems

    There will be a presentation for analysts this morning at 9.30am via conference call. Please contact abdynamics@tulchangroup.com if you would like to attend.

    Commenting on the results, Dr James Routh, Chief Executive Officer said:

    "I am delighted that we have been able to deliver another strong set of results for the first half of the financial year alongside good progress against our strategic objectives. We are particularly pleased to see a material increase in the proportion of recurring revenue, a good performance from both acquired businesses and an increase in adjusted operating margin.

    However, given the considerable uncertainty and inevitable macroeconomic impact of the COVID-19 pandemic, the outlook for H2 is similarly uncertain. Given this macro environment we are withdrawing our guidance for the current year and suspending the payment of an interim dividend until we gain greater clarity.

    The Group has taken steps to preserve cash and has a robust balance sheet with sufficient resources to address any likely COVID-19 related impacts whilst continuing to invest in key areas to ensure the Group can capitalise on the long term structural and regulatory growth drivers in our markets."

    AB Dynamics PLC - Half-year Report #ABDP @ABDynamics https://www.voxmarkets.co.uk/rns/announcement/02659fdd-61c7-4206-b3dc-ed580fac58ba #voxmarkets undefined
  20. (GGP) Greatland Gold Share Chat, Apr 20, 2020
  21. Groucho

    Greatland Gold Plc ("Greatland") began the Quarter at 1.80p and closed on March 31 at 4.70p representing an increase of some 261%. At the time of writing the share price was 6.40p representing a year to date gain to date of over 355%.

    By any measure this is an outstanding performance and in the current environment even more so. Remarkably our Greatland holdings represent over 65% of our entire market capitalisation at the time of writing. This implies virtually no value is being attributed to cash and other investments.

    Since our last Quarterly update, the Havieron Joint Venture (now standing at Greatland Gold 60%, Newcrest Mining Ltd 40%) has reported further outstanding drill results. Furthermore, Newcrest have highlighted the significance of a new type of high-grade breccia mineralisation.

    Newcrest recently completed Stage 2 of it's farm-in agreement with Greatland and in so doing moved to a 40% ownership. The pace at which this has been done is years in advance of the minimum Farm-in contractual requirements. We believe this speaks volume about the size and potential of Havieron and the surrounding region.

    Having reviewed in some detail many sources of publicly available data it is clear the drilling footprint has expanded dramatically in the WSW and SW, SE and N of the existing Havieron drilling grid. Why that should be we can only speculate, however there is the possible conclusion that Newcrest have discovered significantly more mineralisation outside the previously defined limits. This could have a huge impact for the valuation of Greatland.

    Our view on the end-game (exit) for our investment in Greatland is very simple. In our opinion Newcrest Mining will seek to acquire the entire share capital in Greatland in the near future, possibly just post a maiden resource estimate for a small part of the overall mineralised system. We expect this maiden resource in late Q2 to early Q3 of this year.

    The reasons for these convictions are again simple. Telfer is 100% owned by Newcrest, as are all their Australian operations. We can't see any reason for Newcrest to maintain a minority partner at production level and the market capitalisation of Newcrest at some circa A$24 billion and with billions in cash and at call liquidity, it is easily capable of swallowing Greatland. The only question left in our mind is what price will they pay?

    Therefore, we will continue to hold our shares for that possibility and believe the best share price appreciation for our investment is still in front of us. Perhaps large UK institutions will take notifiable interests in Greatland soon, but they have been conspicuously and inexplicably absent to date. In our opinion Havieron is shaping up as a once in a generation discovery in a gold bull market. What is not to like?

    Primorus Investments - Quarterly Update #PRIM https://www.voxmarkets.co.uk/rns/announcement/d38aabb1-25df-4393-8757-ebd3f92129cd #voxmarkets
  22. AAZ Anglo Asian Mining share chat, Apr 15, 2020
  23. Groucho

    15 April 2020

    Anglo Asian Mining plc

    Q1 2020 Production and Operations review

    Production of 18,609 gold equivalent ounces calculated using budget metal prices - in line with guidance

    Increase in Net Cash to $26 million despite disruption to shipping of gold doré

    Operations at Gedabek continue and Baku office remains open

    Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area ("Gedabek") in western Azerbaijan for the three months to 31 March 2020 ("Q1 2020").

    Note that all references to "$" are to United States dollars.


    · 18,609 gold equivalent ounces ("GEOs") produced calculated using budgeted metal prices - in line with guidance as announced on 11 March 2020

    · Reportable production at actual metal prices of 18,216 GEOs (Q1 2019: 20,287 GEOs) - price of gold continues to increase relative to copper

    · Current FY 2020 production guidance of 75,000 GEOs to 80,000 GEOs and revenue guidance of over $100 million at current metal prices remains unchanged

    · Gold production of 15,874 ounces (Q1 2019: 17,245 ounces)

    · Copper production increased to 559 tonnes (Q1 2019: 513 tonnes)

    · Gold doré production in March shipped to refiner in April due to COVID-19 delay - despite this delay, cash generation in Q1 2020 of $4.8 million

    · Company achieved debt free milestone - cash of $26.0 million at 31 March 2020

    · Operations at Gedabek continue and the Baku office remains open

    Anglo Asian CEO Reza Vaziri commented, "I am very pleased to report the first quarter 2020 production in line with the Company's guidance despite the COVID-19 emergency. The protection of our staff remains paramount and all possible measures are being implemented at Gedabek to safeguard their health. We did not ship our March gold doré production until April but the Company still generated significant cash in the quarter due to the increasing gold price and is now debt free.

    "These are unprecedented times which are placing exceptional demands upon the Company and its staff. Whilst the future evolution of the COVID-19 health emergency is currently unknown, your Company is well placed to weather the challenges and benefit from the increasing gold price."

    Production overview

    · 10 per cent. year-on-year decrease in reportable GEO production to 18,219 GEOs (Q1 2019: 20,287 ounces)

    · Eight per cent. year-on-year decrease for Q1 2020 in gold production to 15,874 ounces (Q1 2019: 17,245 ounces):

    o 15,041 ounces contained within gold doré

    o Eight ounces from SART processing

    o 825 ounces from flotation

    · Copper production for Q1 2020 increased by nine per cent. to 559 tonnes (Q1 2019: 513 tonnes):

    o 114 tonnes from SART processing

    o 445 tonnes from flotation processing

    · Silver production for Q1 2020 totalled 34,645 ounces (Q1 2019: 51,295 ounces):

    o 3,852 ounces contained within gold doré

    o 12,898 ounces from SART processing

    o 17,895 ounces from flotation

    Sales overview

    · Q1 2020 gold bullion sales of 11,236 ounces at an average of $1,577 per ounce (Q1 2019: 13,191 ounces at an average of $1,306 per ounce)

    · Q1 2020 copper concentrate shipments to the customer totalled 2,018 dry metric tonnes ("dmt") with a sales value of $2.9 million (excluding Government of Azerbaijan production share) (Q1 2019: 279 dmt with a sales value of $0.7 million)

    Company financials

    · Cash of $26.0 million at 31 March 2020 with no bank debt (Cash of $22.9 million and bank debt of $1.7 million at 31 December 2019 giving net cash of $21.2 million)

    · Gold doré production from 5 to 31 March 2020 was shipped to the refiner in April due to the delay caused by COVID-19. An estimated 90 per cent. of the Company's share of the contained gold bullion was sold on 6 April 2020 for $5.9 million

    Operations review

    The Company mined the following ore in the three months ended 31 March 2020:
    View attachment 9004

    Anglo Asian stacked 132,731 tonnes of dry crushed ore on to heap leach pads with an average gold content of 0.84 grammes per tonne of gold during Q1 2020 (Q4 2019: 98,280 tonnes with an average gold content of 0.86 grammes per tonne of gold). The Company also heap leached uncrushed Run of Mine ("ROM") ore. During Q1 2020, Anglo Asian stacked 258,121 tonnes of ROM ore on to heap leach pads with an average gold content of 0.49 grammes per tonne of gold (Q4 2019: 288,583 tonnes with an average gold content of 0.49 grammes per tonne of gold).

    The Company processed 163,379 dry tonnes of ore with an average gold content of 2.53 grammes per tonne of gold through the agitation leaching plant in Q1 2020 (Q4 2019: 181,710 dry tonnes with an average gold content of 2.44 grammes per tonne of gold). 126,354 dry tonnes of ore containing an average copper content of 0.49 per cent. were processed by the flotation plant (Q4 2019: 125,205 dry tonnes of ore containing an average copper content of 0.63 per cent.).

    The Company produced gold doré containing 15,041 ounces of gold and 3,852 ounces of silver at Gedabek (Q4 2019: 15,912 ounces of gold and 3,880 ounces of silver) in the quarter. During Q1 2020, the agitation leaching plant produced 11,862 and 3,030 ounces of gold and silver, respectively, and the heap leach operations produced 3,179 and 822 ounces of gold and silver, respectively.

    SART processing produced 221 dmt of copper concentrate containing 114 tonnes of copper, eight ounces of gold and 12,898 ounces of silver in Q1 2020 (Q4 2019: 165 dmt of copper concentrate containing 113 tonnes of copper, 16 ounces of gold and 11,159 ounces of silver).

    In Q1 2020, flotation processing produced 2,773 dmt of copper concentrate containing 445 tonnes of copper, 825 ounces of gold and 17,895 ounces of silver (Q4 2019, 3,354 dmt of copper concentrate containing 616 tonnes of copper, 1,979 ounces of gold and 26,647 ounces of silver).

    The Company sold 2,018 dmt of copper concentrate in Q1 2020 for $2.9 million compared to 3,723 dmt for $7.5 million in Q4 2019 (excluding Government of Azerbaijan production share).

    Company financial review


    The Company had cash at 31 March 2020 of $26.0 million and no bank debt, an increase in net cash of $4.8 million since 31 December 2019 when net cash was $21.2 million.

    As estimated 90 per cent. of the Company's share of the contained gold bullion was sold on 6 April 2020 for $5.9 million from the gold doré production from 5 to 31 March 2020.

    Anglo Asian Mining - Q1 2020 Production and Operations review #AAZ @AAZMining https://www.voxmarkets.co.uk/rns/announcement/2e852aeb-56e4-4019-a72d-feac8c4571d4 #voxmarkets undefined

    Refer to RNS for detailed production figures for each location.
  24. (JLP) Jubilee Platinum Share Chat, Apr 9, 2020
  25. (CAML) Central Asia Metals PLC - Share Chat, Apr 9, 2020
  26. Groucho

    View attachment 8998

    Overview - COVID-19

    During Q1 2020, both the Sasa mine in North Macedonia and the Kounrad facility in Kazakhstan continued to operate, with no disruptions to production or sales during the period due to COVID-19. No CAML employees have to date been diagnosed with COVID-19 at either operation and the Company has implemented various health measures on its sites, including issuing COVID-19 related personal protective equipment ('PPE'), reinforcing government guidance and hygiene measures, and limiting visits to site.

    The Government of Kazakhstan has declared a State of Emergency and has implemented several measures intended to curtail the spread of the pandemic, such as a total lock-down of the cities of Nur-Sultan and Almaty as well as some other larger cities. The borders have been closed for the movement of people but not goods. Currently, 704 people have tested positive for COVID-19 in Kazakhstan, with the numbers rising daily.

    Similarly, the Government of North Macedonia has declared a State of Emergency, implementing measures such as school closures, night-time curfews and closure of borders to the movement of people and in some cases the movement of trade vehicles. Sasa has to date been able to continue truck movements across the borders and has particular arrangements in place regarding the curfew to enable its night shift to continue to operate. Currently, 599 people have tested positive for COVID-19 in North Macedonia, with the numbers rising daily.


    Kounrad Q1 2020 copper production was 3,201 tonnes. Total Kounrad copper production since operations commenced in 2012 is now 99,446 tonnes, and the Company expects to reach the milestone of 100,000 tonnes of copper produced from Kounrad in Q2 2020.

    Total copper recovered from the Western Dumps in Q1 2020 was 2,396 tonnes, equating to approximately 75% of the amount plated.

    Copper sales during Q1 2020 were 3,191 tonnes.


    The new tertiary crusher which was installed in December 2019 was fully commissioned in January 2020. It is performing in line with expectations and consequently the Q1 2020 throughput rate of the Sasa processing plant was approximately 845,000 tonnes per year, up from approximately 820,000 tonnes in 2019.

    Having made the Q4 2019 decision to begin a fleet replacement programme of underground equipment, the Sasa team placed orders and the first of six new pieces of equipment, a new Epiroc Boomer drill rig, has arrived on site and is now operational.

    Despite travel restrictions, technical work continues for the Life of Mine study that is appraising the change in mining method from the current sub-level caving method to cut and fill stoping. The study is currently expected to be completed during H2 2020.


    In Q1 2020, mined and processed ore were 207,788 tonnes and 210,664 tonnes respectively. The average head grades for the period were 3.37% zinc and 3.82% lead. Q1 2020 metallurgical recoveries were 86.4% for zinc and 94.5% for lead.

    Sasa produces a zinc concentrate and a separate lead concentrate. In Q1 2020, 12,315 tonnes of concentrate containing 49.8% zinc and 10,560 tonnes of concentrate containing 72.0% lead were produced.

    Sasa typically receives from smelters approximately 84% of the value of its zinc in concentrate and approximately 95% of the value of its lead in concentrate. Accordingly, Q1 2020 payable production was 5,142 tonnes of zinc and 7,227 tonnes of lead. Given that deliveries from Sasa to the smelters occur on a regular basis, payable base metal in concentrate sales for the quarter were similar at 5,182 tonnes of zinc and 7,296 tonnes of lead.

    During Q1 2020, Sasa sold 91,598 ounces of payable silver to Osisko Gold Royalties, in accordance with its streaming agreement.
    View attachment 8999

    Central Asia Metals - Q1 2020 Operations Update #CAML @CamlMetals https://www.voxmarkets.co.uk/rns/announcement/e4a1ce36-d6ef-49b9-b63f-7ba2b6b4235d #voxmarkets undefined
  27. (HZM) Horizonte Minerals Share Chat, Apr 8, 2020
  28. Groucho

    8 April 2020


    Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company') the nickel development company focused in Brazil, announces its final results for the year ended 31 December 2019.

    Full Year Highlights

    · Company well-funded to see through current global Covid-19 crisis. Implemented strict health and safety policies in Brazil and the UK, specifically tailored to Covid-19.

    · Current working structure allows Value Engineering and Project Finance work streams to continue tracking project schedule.

    · In October signed a US$25 million upfront cash royalty agreement with Orion Mine Finance to begin development of the Araguaia project.

    · Awarded the construction licence by SEMAS, the Brazilian Pará State Environmental Agency, for Araguaia permitting construction to begin on the rotary kiln electric furnace and processing plant.

    · Appointed Pedro Rodrigues dos Reis as Project Director to lead the construction of Araguaia.

    · Strong cash balance of £17.8 million at year end, following injection of Orion funds.

    · Company is well advanced on the financing process for the Araguaia Project.

    · Vermelho Nickel Cobalt Project 43-101 Prefeasibility Study released (PFS) demonstrating that the project can be a significant low-cost supplier of nickel and cobalt sulphate for the EV battery market:

    o 38-year mine life

    o Cash flows after taxation of US$7.3 billion

    o IRR of over 26%

    o Sits on the lower half of the global cost curve

    · Favourable long-term nickel market fundamentals remain robust despite short term weakness due to Covid-19 pandemic.

    Chairman's Statement David J Hall

    Dear Shareholders

    Late 2019 and early 2020 has thrown up a number of global challenges: Firstly, the continuation of the US China trade war; and secondly, the more serious challenge of the Covid-19 virus. The effects of the virus on global trade and commodities have been unprecedented, oil prices have seen their largest decline recorded in history and the S&P500 posting its worst daily performance since December 2008. This will all have a knock-on effect in the short term for nickel markets and in the mining project finance arena. Despite the current market volatility, the Company has a strong cash position of £17.8 Million, one of the lowest cost nickel development projects globally, and a strong shareholder base. Our team remains focused on the execution of our plans to begin construction at Araguaia and complete the next stage of the feasibility study at Vermelho. The Company will continue monitor the situation closely and adapt its business strategy to the market conditions.

    The year 2019 saw some major steps taken for us as a company as we continued to progress two of the most exciting nickel projects in the global pipeline. Araguaia, a project that we have developed from a grassroots exploration discovery through to being construction ready, is now at the funding stage. It will be a key source of high grade ferronickel for the stainless steel markets in the future. Vermelho, meanwhile, has now got a Pre-Feasibility Study behind it, and looks set to benefit from the significant growth in the electric vehicle market given the battery grade nickel and cobalt product it will produce and the timing at which it will come in to production. In parallel to the development of the projects, the fundamentals around the nickel market are robust. Nickel was the best performing metal on the LME during 2019, with the price rising by more than 34%, closing the year at the US$14,000/t mark.

    Despite the current challenging global environment, we continue to work on the various workstreams required to achieve our stated goals, including advancing Araguaia to the "construction-ready" phase and progressing the financing process. There is a possibility that the effects of Covid-19 might result in a delay to the project finance process however the nickel market fundamentals remain robust for the medium-term and aligned with the planned start of production at Araguaia.

    On the ground in Brazil, our team is well prepared to continue their work while at the same time ensuring the safety of those in our employ as a top priority. We have implemented strict health and safety policies specifically tailored to Covid-19.

    We announced important news on both projects during the course of 2019, securing significant funding for Araguaia via a royalty agreement with Orion Mine Finance (OMF), while producing a prefeasibility study at Vermelho that showed robust economics for our second 100% owned project.

    The timeline to development of our projects is well timed to match an expected increase in demand for nickel, due to continued stainless steel growth and the emerging, but fast-growing, demand from the electric vehicle market. During 2019 market sentiment around a pending Indonesian nickel ban, caused a sharp price increase and major reduction in nickel inventories during the year. This has since reversed due in part to the effects of the Covid-19. The nickel market that has seen a lack of investment over recent years, combined with a pending uptick in demand, align well for the development of Araguaia.

    There remains a significant concern amongst many market commentators and end users of nickel regarding the future availability of supply, especially with the anticipated widespread adoption of Electric Vehicles and the impact this is likely to have on already constrained nickel supplies.

    Wood Mackenzie has previously forecast a long-term incentive price of $19,800/t Ni, which represents the price environment which would incentivise enough production to come online to satisfy expected future demand. Due to their quality, Horizonte's two projects provide strong returns at prices well below this incentive and are therefore well positioned to help contribute to the envisioned supply gap.

    Additionally, the long-term consensus pricing for nickel remains around $16,400/t Ni which shows some further upside to the current price environment. These positive forecasts continue to roll in with Bank of America Merrill Lynch recently tipping nickel prices of US$17,375/t next year and US$20,000/t the year after.


    We continue to believe that Horizonte is uniquely placed to benefit from the improving nickel market fundamentals, driven by the robust market for stainless steel combined with the fast growing EV market.

    Achieving this benefit requires a management team capable of jointly progressing these projects towards production from a technical and regulatory point of view, while, at the same time, creating the relationships in the investor community to access the funding to develop them.

    This year the team has once again proved themselves on both accounts, advancing Araguaia and Vermelho at a rapid rate, while bringing OMF on board as a financing partner, with its US$25 million investment in the Araguaia royalty.

    On behalf of the Board, I would like to thank management for its contribution to another successful year. I would like to say thank you to the shareholders for your continued support as we look forward to updating the market on further positive developments as during 2020.

    David J Hall

    7 April 2020

    Horizonte Minerals - Final Results for Year Ended 31 December 2019 #HZM @HorizontePLC https://www.voxmarkets.co.uk/rns/announcement/f9e3fd3a-cbb0-46b1-8451-008306f07887 #voxmarkets undefined
  29. (SAGA) Share Chat, Apr 2, 2020
  30. Groucho

    2 April 2020

    Saga plc

    Unaudited trading update and assessment of the impact of COVID-19

    Saga plc ("Saga" or "the Group"), the UK's specialist in products and services for life after 50, announces a trading update for the 12 months ended 31 January 2020 and an updated assessment of the potential impact of COVID-19

    Trading update for the 12 months ended 31 January 2020

    · Underlying Profit Before Tax expected to be £110m, in line with the target range of £105m to £120m.

    · Debt ratio (excluding Cruise) of 2.4x, with £109m of short term net bank debt.

    · Good progress against the business priorities set in April 2019 and positive momentum in the cash generative Insurance business.

    · 320,000 three-year fixed-price policies sold and 57% of new business volumes written on a direct basis. Saga branded policies down 3% due to discipline in new business pricing, gross margins at £74 per policy.

    · Successful launch of Spirit of Discovery; financial performance in the first six months of operation was consistent with a full year objective of £40m of EBITDA. As at 31 January 2020, forward Cruise bookings for 2020/21 were at 80% of the full year target, ahead of internal expectations.

    · Projected Insurance cash flows are broadly unchanged from the prior year, however Insurance goodwill to be impaired by £370m primarily relating to an increase in the post-tax discount rate from 8.55% to 10.7%. This is due to updated external inputs, including the Group's share price in January 2020.

    · Audited results for the year ended 31 January 2020 and the 2019/20 annual report are expected to be published on 9 April 2020, a week later than initially planned, following the request by the Financial Conduct Authority to observe a moratorium on the publication of results statements.

    · Dividend to be suspended.

    Updated assessment of the potential impact of COVID-19

    · Strong progress from largely unaffected Insurance business underpins cash flow and profitability.

    · Saga moved rapidly to full home working with over 2,300 colleagues enabled:

    - Insurance capabilities are working well, with excellent call answer rates across our customer services and sales teams.

    - Travel operations have successfully repatriated almost all customers and are supporting rebooking efforts across Tour Operations and Cruise.

    · Given the significant potential impact of COVID-19 on the travel industry, the Group has considered scenarios for extended suspension of Cruise and Tour Operations, including full cancellation of all travel departures over six months, followed by a slow recovery.

    · Based on this analysis, the Group has taken action to protect its balance sheet and increase near-term liquidity by:

    - A precautionary £50m draw down of the revolving credit facility, with available cash resources at the end of March of £92m;

    - Reducing operating expenses, with run rate cost savings of £15m from actions that were implemented in February. This will be partially offset by an expected £10m of redundancy costs in the current year. Further mitigating actions are underway in response to the COVID-19 crisis in relation to the Travel business;

    - Suspending the dividend; and

    - Agreeing amendments to banking covenants, with the net debt to EBITDA (excluding Cruise debt and EBITDA) covenant within the Term Loan and RCF increasing to 4.75x from 3.5x for reporting periods from 30 July 2020 to 30 April 2021, and to 4.25x at 30 July 2021.

    · Saga has strong liquidity and diversified sources of income, and has the flexibility to respond to the challenging market environment due to the cash generative Insurance business, an expected £23m in cash proceeds to be received from the sale of Bennetts and the £50m remaining undrawn revolving credit facility.

    · The Group has been notified by Meyer Werft that disruption arising from COVID-19 may delay delivery of Saga's second new ship, the Spirit of Adventure, currently due to commence operations in August 2020. This has been considered within planning scenarios and is not anticipated to significantly change the Group's financial position.

    Euan Sutherland, Group Chief Executive Officer, said:

    "In a year of change, Saga has made significant operational progress and strengthened the management team to ensure the business is positioned to deliver for our customers and members and for investors. Our Insurance and Cruise businesses made good progress against the priorities we set out in April and we have moved to significantly strengthen our financial position, reducing debt and operating expenses and improving cash flow.

    "Saga Insurance remains largely unaffected by COVID-19, however along with all other Travel businesses, our Travel business has been significantly impacted. We have acted quickly to ensure the health and wellbeing of our customers and colleagues and, following the Government's advice on cruise ship and air travel, we have suspended our Cruise and Tour operations. We have also worked with our banks to agree temporary amendments to our debt covenants. We have significant available liquidity and can consider a range of further mitigating actions across the Group.

    "Saga is a strong brand, with loyal customers and where we offer really differentiated products, underpinned by excellent service, our businesses do well and have potential to do better. Organisationally, the Group had become inefficient, lost its tight focus on customers and had under invested in digital, data and brand. We have started the work to make the changes necessary for us to be able to deliver the truly differentiated products and services our customers expect from us.

    "Against the backdrop of COVID-19, the outlook is uncertain, but we remain confident that the Saga brand, and our Insurance and Travel businesses have a successful future ahead."

    SAGA Plc - Unaudited Trading Update (inc. impact of COVID-19) #SAGA @SagaUK https://www.voxmarkets.co.uk/rns/announcement/fff3af86-7c86-4af6-9b84-62d2beb1683b #voxmarkets undefined
  31. (AAU) Ariana Resources Share Chat, Apr 2, 2020
  32. Groucho

    2 April 2020

    AIM: AAU


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce the completion of rock-saw channel sampling at Kepez North ("Kepez"). Kepez is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").


    · New rock-saw channel sampling intercepts confirm earlier results at Kepez, including:

    o 14.2m @ 10.77 g/t Au + 93 g/t Ag

    o 10.0m @ 11.45 g/t Au + 73 g/t Ag

    o 4.0m @ 3.64 g/t Au + 34 g/t Ag

    · Scree sampling grid identifies a larger area of highly mineralised and broken material at surface, with grab sample results including:

    o 36.37 g/t Au + 247 g/t Ag

    o 35.36 g/t Au + 200 g/t Ag

    o 27.00 g/t Au + 124 g/t Ag

    · Kepez is being integrated into the 2020 resource estimation for Kiziltepe and is being assessed in conjunction with associated pit optimisation studies.

    · New drill programme has been planned to further test the Kepez resource area and forestry submissions are underway.

    Dr. Kerim Sener, Managing Director, commented:

    "This additional work at Kepez was required in order to confirm our resource estimation at this important, high-grade satellite for the Kiziltepe processing plant. The in-situ grades and the widths of mineralisation reported add significant confidence to earlier work and will result in a more robust mineral resource estimate. We envisage this area being developed as a series of shallow open-pits producing ore which will be trucked approximately 14km to the Kiziltepe plant for processing."

    Ariana Resources PLC - KEPEZ RESOURCE DEVELOPMENT UPDATE #AAU @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/8505af1a-6ad4-4e48-ba2b-130ef7ee85a7 #voxmarkets undefined
  33. (CAML) Central Asia Metals PLC - Share Chat, Apr 1, 2020
  34. Groucho

    1 April 2020


    ('CAML' or the 'Company')

    2019 Full Year Results

    Central Asia Metals plc (AIM: CAML) today announces its full year results for the 12 months ended 31 December 2019.

    Update regarding COVID-19 pandemic and outlook for 2020

    · No CAML Group staff or contractors diagnosed with COVID-19

    · Both Sasa and Kounrad remain fully operational, with strong 2020 operational performances to date

    · Despite host government border restrictions for movement of people, metal sales have to date been unaffected

    · Situation intensifying in both countries with a rising number of COVID-19 cases

    · No 2019 final dividend proposed

    o Short-term priority is the welfare of all CAML employees and contractors

    o Prudent to maintain strong cash position

    o Decision to be revisited pending greater clarity on the impact of the pandemic

    Strong 2019 financial and operational performance

    · 2019 full year dividend (interim only) of 6.5 pence (2018: 14.5 pence)

    o Equates to a c.4.5% yield on the current share price

    · Group gross revenue[1] of $180.8 million (2018: $204.2 million) and Group net revenue of $171.8 million (2018: $194.4 million)

    · Group profit before tax of $67.8 million (2018: $72.7 million)

    · Sasa 2019 C1 zinc equivalent cash cost of $0.47 per pound (2018: $0.46 per pound)

    · Kounrad 2019 C1 cash cost of $0.52 per pound (2018: $0.54 per pound)

    · Group EBITDA1 of $108.6 million (2018: $125.3 million)

    · EBITDA margin1 of 60% (2018: 61%)

    · EPS from continuing operations of 29.36 cents (2018: 31.33 cents)

    · Group free cash flow1 ('FCF') of $69.8 million (2018: $73.8 million, adjusted)

    · Cash in the bank as at 31 December 2019 of $32.6 million[2] (2018: $39.0 million)

    · Group net debt1 as at 31 December 2019 of $80.2 million (2018: net debt of $110.3 million)

    · 2019 gross debt repayments of $38.4 million (2018: $38.5 million)

    · Zinc in concentrate production of 23,369 tonnes (2018: 22,532 tonnes)

    · Lead in concentrate production of 29,201 tonnes (2018: 29,388 tonnes)

    · Copper production of 13,771 tonnes (2018: 14,049 tonnes)

    · One lost time injury ('LTI') in 2019 (2018: eight LTIs)

    Nigel Robinson, Chief Executive Officer, commented:

    "Our 2019 financial results demonstrate the fundamental strength of the CAML business, which has two low cost base metals operations that are highly profitable and cash generative. We ended the 2019 financial year in a strong position with $32.6 million cash in the bank and gross debt reduced to $108.8 million, almost half the level it was only two years ago when we acquired Sasa.

    "Despite that, we are conscious that we announce these results in very uncertain times, when the short-term outlook for our health, the commodity markets and the global economy is in much doubt due to the COVID-19 pandemic. Our top priority during these times is the welfare of our employees and contractors.

    "Both Sasa and Kounrad remain fully operational at present and we have experienced no disruption to either the production or sales of our metal products. However, both North Macedonia and Kazakhstan have now closed their borders to neighbouring countries for the movement of people, although not trade, due to the escalating number of cases. Schools have been closed in North Macedonia and overnight curfews imposed, whilst in Kazakhstan, the cities of Nur-Sultan and Almaty are in lockdown.

    "As you would expect, we have implemented respective government guidance plus additional stringent procedures to protect the welfare of our staff at both operations, plus our London-based headquarters, where our CAML Group team now works remotely. While both North Macedonia and Kazakhstan currently have relatively few cases of COVID-19, the numbers are rising daily, and we are seeing the subsequent escalation of government measures therefore cannot rule out the potential for increased restrictions as seen elsewhere.

    "Given the current period of uncertainty, we have made the very difficult decision not to recommend a 2019 final dividend. We are also reviewing our 2020 capital expenditure budgets with the aim of identifying near-term savings. Despite the underlying strength of our business with a strong balance sheet and lowest quartile industry costs, we feel these measures are necessary to conserve cash given the unpredictable nature of the current situation, the potential impact on our operations and the volatility of the underlying commodity prices to which we are exposed. We remain confident for the medium and long-term future of our business and intend to review this tough decision as the year progresses and as we gain more clarity on the COVID-19 situation and its impact on our operations and metal prices.

    "We fully realise that we have built our business on returns to shareholders and appreciate that this has been a significant factor in the loyal investor support that we have enjoyed for many years. We fully intend to continue that approach in the future and trust that you will understand the rationale whilst we establish the impact of the pandemic and support our decision."

    Analyst conference call

    There will be an analyst conference call on Wednesday 1 April 2020 at 09:30 (BST). The call can be accessed by dialling +44 (0) 20 3003 2666 and quoting the confirmation code 'CAML Full Year Results'. Additionally, the presentation can be viewed via a live webcast using the following link https://webcasting.brrmedia.co.uk/broadcast/5e78b4d9599e401fc24fff1f . The webcast and the Company's corporate presentation will be available on the CAML website at www.centralasiametals.com.


    Operational and financial efficiency

    As we report our results, we are in the midst of the COVID-19 pandemic. The challenges and outlook for our health, our business and the global economy are changing daily. Our priority during this time is the welfare of our employees and contractors.

    2019 was another good year for CAML. While commodity markets were challenging with lower year on year metal prices prevailing, we have managed to maintain strong financial margins and generate significant profits and cash flow.

    Strong 2019 production from our operations led to CAML EBITDA of $108.6 million and free cash flow of $69.8 million. This has, in turn, meant we continued to de-leverage and we ended the year with gross debt of $108.8 million, some $36.1 million lower than 2018.

    We have now been listed on the AIM market of the London Stock Exchange for almost 10 years and have been producing copper at our Kounrad facility in Kazakhstan for eight years. In the first half of 2020 we expect to achieve the significant milestone of 100,000 tonnes of copper production from Kounrad. We are proud that this copper has been produced from what was waste material, and at costs that are amongst the lowest in the world.

    We grew in 2017 by acquiring the Sasa zinc and lead mine in North Macedonia and we have successfully integrated this operation into our business. We have made significant advances since we bought the mine, having made many incremental improvements in optimising operations and making the recent decision in principle to change our mining method for the long term.

    Indeed, we have since our listing generated revenue of $831.8 million and EBITDA of $502.3 million, and we have returned to shareholders in dividends $176.4 million or 97.7 pence per share. Despite this strong long-term performance, we are currently recommending no final dividend for 2019. While we have a robust balance sheet and low cost operations, the situation regarding COVID-19 and its potential impact on the global economy and our operations remains uncertain and is rapidly changing, so we believe that, currently, preserving cash is the most prudent approach.

    Recognising all our stakeholders

    In addition to our supportive shareholders, we recognise that there are many other stakeholders in our business such as our employees, the communities which surround our operations, host governments and suppliers, to name a few.

    We have contributed meaningfully to the economies of the countries in which we operate, employing over 1,000 people across Kazakhstan and North Macedonia and providing real financial support and time to important social development programmes. I was particularly proud of the financial and practical support that we provided to the Kind Heart Centre for disabled children in Balkhash, Kazakhstan, as we purchased and refurbished a day care building for the charity.


    2019 has rightly been a year of increased focus on sustainability and environmental, social and governance ('ESG') both in the investment community as a whole and in particular in the extractives' industries. While we have had a site-based Sustainability Director since 2013, during the year we have revisited our approaches and policies to keep abreast of current developments.

    In 2019, I took part in an ESG investor roadshow, where we approached some of our major shareholders to ask what they expect to see from us in terms of governance and sustainability, and their important feedback has informed some of the paths that we have taken.

    We will soon be publishing our first standalone Sustainability Report, which is to cover the activities of 2019 and our general approach and strategy with regard to sustainability, as we recognise the growing interest in us providing increased granularity and numerical metrics in this regard.

    Sustainability is a wide ranging and crucial topic and we believe that this forthcoming report will provide our investors and other stakeholders with a greater understanding of our efforts and achievements in this important aspect of our business. We hope that it will be seen as a big and positive step in our sustainability journey and no doubt there will be areas for continued improvement going forwards.

    Board changes

    I was delighted to announce the appointment of Dr Gillian Davidson to the CAML Board in November 2019. She is an experienced company director, whose sustainability knowledge has already been invaluable in guiding the Company forwards to continually improve in this important area.

    While I remain Chairman of CAML, my role has now transitioned from an executive position to becoming Non-Executive Chairman and I have therefore taken a step back from the day to day running of the Company. This change is part of a long-term succession plan that was initially implemented when I moved from CEO to Executive Chairman four years ago. This enabled Nigel Robinson and Gavin Ferrar to grow into their current roles as CEO and CFO respectively and I am confident that they are very capable of managing our business. My efforts going forward will centre on governance and succession planning to ensure that we continue to plan for the long-term sustainable future of CAML.


    I would like to thank the Board of Directors, our senior management team and all of our employees for their dedication to our business during 2019. Your efforts do not go unnoticed and we very much appreciate your hard work.

    Nick Clarke, Non-Executive Chairman

    Central Asia Metals - 2019 Full Year Results #CAML @CamlMetals https://www.voxmarkets.co.uk/rns/announcement/f15aff7f-2565-42ea-bb73-64abe0d58c0d #voxmarkets undefined


    The outlook for 2020 is uncertain given the severity of the COVID-19 pandemic and our immediate priority is the welfare of our employees and contractors.

    Currently, we reiterate our previously announced production guidance for Sasa, which has increased year-on-year to between 23,000 and 25,000 tonnes of zinc and between 30,000 and 32,000 tonnes of lead, generated from higher throughput levels of between 825,000 tonnes and 850,000 tonnes. Likewise, we maintain our Kounrad copper production guidance of 12,500 to 13,500 tonnes. We are facing some headwinds due to the current weak commodity prices exacerbated by COVID-19, coupled with increased 2020 global zinc and lead treatment charges.

    We have to date encountered no disruption to either the production or sale of our copper or our zinc and lead concentrates, but we are very conscious that the situation could change swiftly in the coming weeks and months. We will continue to monitor the COVID-19 position daily in both countries of operation and respond to the threats accordingly to protect both our employees and our business interests.

    Throughout this uncertainty, we will continue to maintain strong health and safety and environmental standards at both of our operations and we will strengthen our relationships with the local communities by also working closely with them on overcoming the difficulties posed by the COVID-19 pandemic.

    Nigel Robinson, Chief Executive Officer


    The final dividend for the year ended 31 December 2018 of 8.0 pence per Ordinary Share was paid to shareholders on 20 May 2019 amounting to $18.2 million. On 17 September 2019, the Company announced an interim dividend for the year ended 31 December 2019 of 6.5 pence per Ordinary Share and this was paid to shareholders on 25 October 2019 amounting to $14.0 million.

    In light of COVID-19, the CAML Board has taken the decision not to recommend a 2019 final dividend. This is due to the currently unquantifiable impact of the pandemic, and the Board's current priority is to preserve the Company's cash balances. Total dividends for the year therefore relate solely to the interim dividend and amount to 6.5 pence. The total amount returned to shareholders in dividends and share buy-backs since the 2010 IPO listing remains unchanged since the H1 2019 results at $176.4 million.

    Gavin Ferrar, Chief Financial Officer
  35. (CYAN) Cyan Holdings Share Chat, Mar 31, 2020
  36. Groucho

    31 March 2020

    CyanConnode Holdings plc

    ("CyanConnode" or the "Company")

    Interim results

    CyanConnode Holdings plc (AIM: CYAN), a world leader in narrowband radio frequency (RF) mesh networks, today announces its interim results for the twelve months ended 31 December 2019.

    Further to the announcement of 10 December 2019, in which the Company set out the revised reporting schedule following the decision to change the year end, these unaudited interim results are for the twelve months ended 31 December 2019 instead of the six months previously announced.

    Financial Highlights

    · Revenue of £2.3 million (2018: £4.5 million)

    · Operating costs reduced by £2.2 million to £6.9 million (2018: £9.1 million)

    · Operating losses reduced by 14% to £5.4 million (2018: £6.3 million)

    · Basic and diluted loss per share improved by 41% to 2.51p from 4.26p loss per share in 2018

    · Cash and cash equivalents at 31 December 2019 of £1.1 million (2018: £4.6 million)

    · Approximately £3.9 million cash collected from debtors during 2019 (2018: £2.6 million)

    Operational Highlights

    · £1.13 million order received from JST Group for a Thai Utility

    · £3.3 million Letter of Intent ("LOI") received from Genus Power Infrastructures Ltd ("Genus")

    · £0.7 million follow-on order received from HM Power

    · £0.4 million follow-on order received from Larsen & Toubro ("L&T")

    · £0.2 million order received from Toshiba Information Systems (UK) Ltd ("Toshiba")

    · Delay in the rollout of a large Indian contract caused a shortfall in revenue expectation

    · Chris Jones and Peter Tyler appointed Non-Executive Directors in March 2019

    · Change of External Auditor to RSM UK Audit LLP

    · Change of financial year end to 31 March

    · Launch of new Omnimesh products including a long-range RF module

    Post-Period Highlights

    · Circa £1 million cash received from debtors in the first quarter of 2020

    · R&D tax credits of £0.8 million expected to be received during 2020

    · Loan secured against R&D tax credits received in March 2020

    · £3.3 million order for 142,000 modules received from Genus secured by a Letter of Credit ("LOC")

    · Follow-on order received from Forth Corporation Public Company for a Thai Utility

    · Launch of new Omnimesh Cellular products including Dual SIM Cellular Network Interface Card

    John Cronin, CyanConnode Executive Chairman, commented:

    "Notwithstanding a number of follow-on orders secured in India, Thailand and Europe throughout and since the financial year, the Board was disappointed not to achieve its original expectation. As previously stated, this was largely as a result of the Indian General Elections, which took place between April and May 2019, and caused a number of new tenders to be delayed and the rollout of one of the orders on its books to be significantly delayed. With demand remaining strong in India and Thailand, the Group has made an encouraging start to the first quarter of 2020, winning a significant order for a smart metering project in South India as well as a follow-on order for the Metropolitan Electricity Authority (MEA) in Thailand.

    "The wellbeing and safety of our staff is paramount during these unprecedented times caused by COVID-19. We would like to reassure our customers and stakeholders that we are continuously monitoring the situation and are working tirelessly to ensure that CyanConnode can continue to deliver its products and services. Further information relating to the ways in which we are mitigating against the COVID-19 risk are set out in the Outlook section of this statement.

    "We look forward to updating shareholders on future progress in due course."

    CyanConnode Holdings - Interim results #CYAN @CyanConnode https://www.voxmarkets.co.uk/rns/announcement/7263c36d-1a05-4e31-be6e-df2abb11fd34 #voxmarkets undefined

    COVID-19 Update and Outlook

    At the time of writing this report, CyanConnode has considered the impact of COVID-19 on its business, including first and foremost the wellbeing of employees, as well as contract deliverables to customers and the management of cashflow, to ensure the progression of its projects. Following advice issued by National Governments, employees are now operating productively from their homes and as they were accustomed to 'Remote Working', the Company was able to swiftly implement a 'Home Working' policy.

    In the UK, all engineering staff were prepared with the necessary equipment and an agreed remote working model in preparation for the risk of a potential lock down. The remote working model allows the continuation of the Company's standard processes, with access to development and test environments. By using video conferencing and other remote meeting tools, CyanConnode Project Management Teams continue to support customer projects, so that they remain on track. CyanConnode Engineering Teams have the necessary equipment at home, including hardware rigs, to allow collaboration with their colleagues in different territories, to ensure customer deadlines are met. CyanConnode Manufacturing and Operations Teams have been working to secure the supply chain and they are beginning to see improved delivery times from Chinese manufacturers.

    This pre-emptive planning means that in the second week of remote working the engineering team development work remains on track, thus keeping deliverables aligned to the original project timelines. When customers return to normal working practices the Company expects to be on track and ready to commence field work.

    Covid-19 poses significant worldwide uncertainty. CyanConnode is working hard to understand the risks and how best to mitigate them and it will put in place the most appropriate measures to protect its business. CyanConnode is confident that it is effectively managing the challenges that Covid-19 presents.

    CyanConnode is managing cash and costs and it expects to meet its obligations as and when they fall due. Almost £1 million of cash has been received from customers since the period end. In addition, to further improve its financial position, CyanConnode has secured funding against future Research and Development Tax Credits.

    The Indian Government has stated a target of replacing 250 million conventional electricity meters with pre-paid smart meters within three years. Finance Minister Nirmala Sitharaman has allocated Rs 22,000 crore (c. US$3 billion) for the power and renewable sector in the Union Budget 2020 and has urged state governments to implement smart meters in three years, which would give the consumers the right to choose suppliers and the rate. CyanConnode continues to make significant progress with various Indian Tenders and it anticipates the receipt of material orders in due course.

    [1] https://economictimes.indiatimes.co...t-choice-of-supplier/articleshow/73833750.cms
  37. SML - Strategic Minerals, Mar 21, 2020
  38. (VAST) Vast Share Chat, Mar 21, 2020
  39. (JLP) Jubilee Platinum Share Chat, Mar 21, 2020
  40. (ARS) Asiamet Resources Share Chat, Mar 21, 2020
  41. (VAST) Vast Share Chat, Mar 18, 2020