Vast Resources plc

Interim Results: 1 May 2021 – 31 October 2021

Interim Results: 1 May 2021 – 31 October 2021

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

31 January 2022

Vast Resources plc
(‘Vast’ or the ‘Company’)

Interim Results: 1 May 2021 – 31 October 2021

Vast Resources plc, the AIM-listed mining company, is pleased to announce that it has released its unaudited interim report and financial results for period of 1 May 2021 to 31 October 2021. 

The report can be found on the Company’s website at the following address: 

https://www.vastplc.com/investor-information/document-downloads

Market Abuse Regulation (MAR) Disclosure:

Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”) until the release of this announcement.

**ENDS**

For further information, visit www.vastplc.com or please contact:

Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)

www.vastplc.com
+44 (0) 20 7846 0974
Beaumont Cornish – Financial & Nominated Advisor
Roland Cornish
James Biddle

www.beaumontcornish.com
+44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited Joint Broker
Toby Gibbs / James Thomas (Corporate Advisory)

www.shorecapmarkets.co.uk
 +44 (0) 20 7408 4050
Axis Capital Markets Limited Joint Broker
Kamran Hussain

www.axcap247.com
 +44 (0) 20 3206 0320
St Brides Partners Limited
Susie Geliher / Charlotte Page
www.stbridespartners.co.uk
+44 (0) 20 7236 1177

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.

In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.

The Company's Romanian portfolio includes 100% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.

The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.

Overview of the Interim Results for the six months to 31 October 2021

Financial

Operational Development

Funding

Share issues during the period: gross proceeds / consideration before cost of issue

£ $ Shares Issued Issued to
1,536,940 2,114,972 24,395,870 Placing with investors
225,600 311,588 3,580,952 Subscription by investors
1,762,540 2,426,560 27,976,822  

On 6 May 2021 the Company concluded a capital reorganisation which comprised two distinct parts, firstly a consolidation of the existing Ordinary Shares on a 1 for 100 basis, and then a subdivision of each resulting ordinary share of 10p into one new Ordinary Share and eleven new Deferred Shares. The effect of this reorganisation was to reduce the number of ordinary shares in issue by a factor of 100. The loss per share comparatives for the 12 months to 30 April 2021, and the 6 months to 31 October 2020 have been adjusted to reflect this reduction in shares.

Post period end:

£ $ Shares Issued Issued to
1,350,000 1,812,595 54,000,000 Placing with investors
185,585 250,000 9,306,341 Settle debt
1,535,585 2,062,595 63,306,341  

Debt Funding

Post period end:

Board and Management

Post period end:

CHAIRMAN’S STATEMENT

The period under review has been an extremely challenging one for the Company.

The Baita Plai Polymetallic Mine (‘BPPM’) experienced complications and production delays due to encountering friable ground at the faces that required extra tunnelling to safely re-enter the resource. The team successfully navigated these challenges, which should not be considered unusual for such a complex mining project, and I am pleased to report that production subsequent to the period end has steadily increased.

We have been actively engaging with investors with the objective of refinancing Atlas and Mercuria, supporting the restart of the Manaila Polymetallic Mine (‘MPM’) which is currently on care and maintenance, and to provide general working capital. I am pleased to report that we received a binding term sheet for the refinancing of the Atlas Tranche 1 bond. The term sheet is conditional on the transfer of client funds upon the execution of appropriate legal documentation including assignment of the relevant security assets. The Company and Atlas have concluded an agreement to allow for a 3 month extension to the maturity of the bond which now becomes due on 30 April 2022 in order to close the refinancing transaction.

The Company continues discussions to finalise the right to mine diamonds for the Company at the community diamond concession. Our discussions with the various Zimbabwe stakeholders remain in line with previous expectations, other than on timing, and we remain confident that we will be able to commence our mining operations in due course.

On 23 August 2021, Nigel Wyatt was appointed as an independent Non-Executive Director of the Company. Nigel has held senior positions in several mining and engineering companies primarily in Southern Africa. Andrew Hall was formally appointed to the Board on 7 December 2021 as Commercial Director. Andrew’s responsibilities comprise the Company’s strategic business initiatives, capital raising, managing offtake relationships as well as leading the Company’s external and investor communications. On 7 December 2021 Roy Tucker relinquished his executive functions but remains a Non-Executive Director. At the request of the Board, his in-depth knowledge and understanding of the Company remains available through a consultancy agreement.

In May 2021, the Company’s ordinary share capital was reorganised and consolidated so that the number of ordinary shares in issue was reduced by a factor of 100. The capital reorganisation comprised two distinct parts, firstly a consolidation of the existing ordinary shares on a 1 for 100 basis, and then a subdivision of each resulting ordinary share of 10p into one new ordinary share of 0.1p and eleven new deferred shares of 0.9p each.

I wish all our stakeholders well in these difficult times and, as always, remain committed to the safety of our employees and the communities in which we operate. With increasing production at BPPM and other projects in the pipeline, the Board remains optimistic for the future success of the Company.

Brian Moritz
Chairman

CHIEF EXECUTIVE OFFICER’S REPORT

The half year to 31 October 2021 has been another challenging period for the Company. The Company experienced complications and delays to production at the Baita Plai Polymetallic Mine (‘BPPM’) due to encountering friable ground at the faces that required extra tunnelling to come back into the resource. The Company successfully worked around this issue. This is testament to the establishment of a strong leadership team in Romania and the continued implementation of processes, procedures, and technical capabilities that provide the necessary platform to realise the value of BPPM. I am pleased to report that production has steadily increased since October 2021. In the quarter to 31 December, the mine steadily increased production numbers, with December contributing almost 50% of the total. We believe we have established the mining and production base on which to expand volumes and achieve profitability in the very near term.

Our Manaila Polymetallic Mine (‘MPM’) remained on care and maintenance during the period and we plan to restart production once we have successfully engaged new lenders for the project. The Company assessed the suitability of X-Ray Sorting Technology (XRT) to optimise the mine’s production profile. The assessment indicates that the implementation of XRT equipment would significantly improve the economics of MPM by reducing transportation and production expenses. The combination of MPM and BPPM production would also provide more favourable export logistics and the restart would represent an important part of the Company’s short-term strategy.

The Company has been actively engaged in acquiring new financing in order to refinance Tranche 1 of the Atlas bond facility and for financing for the Manaila restart and general working capital. We have received a binding term sheet with a new lender to repay the Atlas loan facility in full. The term sheet is conditional on the transfer of client funds upon the execution of appropriate legal documentation including assignment of the relevant security assets. The Company and Atlas have executed legal documentation for a variation in the terms of the bond to allow for a 3 month extension to 30 April 2022 in order to close the refinancing transaction.

The Company continues discussions with stakeholders regarding the right to mine diamonds for the Company at the community diamond concession. All stakeholders continue to express their support and the Company remains confident that an agreement will be finalised in due course.

On 4 May 2021 the Company appointed Nicolae Turdean as Romanian Country Manager. Nicolae has many years of experience in the mining industry, predominantly in Romania. Most recently, Nicolae held the position of President of the National Agency for Mineral Resources. Prior to this, Nicolae was the Chief Executive Officer of Cupra Min SA, the state-owned copper producer. Nicolae’s joining together with other key hires and appointments has strengthened the Company’s management and technical capabilities to successfully mine at BPPM.

Many thanks to fellow Board members and management for the commitment and hard work that has been put into the Group. I thank all our stakeholders for their support through these challenging times.

Andrew Prelea
Chief Executive Officer

Condensed consolidated statement of comprehensive income
for the six months ended 31 October 2021

    31 Oct 2021 30 Apr 2021 31 Oct 2020
    6 Months 12 Months 6 Months
    Group Group Group
    Unaudited Audited Unaudited
  Note $’000 $’000 $’000
Revenue   1,143 896 -
Cost of sales   (3,244) (2,642) -
Gross profit / (loss)   (2,101) (1,746) -
Overhead expenses   (3,733) (2,439) 13
Depreciation of property, plant and equipment   (344) (724) (398)
Profit / (loss) on sale of property, plant and equipment   - 2 -
Share option and warrant expense   - (178) -
Sundry income   38 88 68
Exchange gain / (loss)   (1,109) 2,612 2,015
Other administrative and overhead expenses   (2,318) (4,239) (1,672)
         
Fair value movement in available for sale investments   - (29) -
Profit / (loss) from operations   (5,834) (4,214) 13
Finance income   - 4 59
Finance expense   (1,486) (3,509) (1,112)
Loss before taxation from continuing operations   (7,320) (7,719) (1,040)
Taxation charge   - - -
Total (loss) after taxation for the period   (7,320) (7,719) (1,040)
Other comprehensive income        
Items that may be subsequently reclassified to either profit or loss        
(Loss) / gain on available for sale financial assets   - - -
Exchange gain /(loss) on translation of foreign operations   542 (1,740) (1,412)
Total comprehensive profit / (loss) for the period   (6,778) (9,459) (2,452)
         
Total profit / (loss) attributable to:        
- the equity holders of the parent company   (7,320) (7,755) (1,076)
- non-controlling interests   - 36 36
    (7,320) (7,719) (1,040)
Total comprehensive profit / (loss) attributable to:        
- the equity holders of the parent company   (6,778) (9,495) (2,488)
- non-controlling interests   - 36 36
    (6,778) (9,459) (2,452)
Loss per share – basic and diluted 4 (3.27) (4.90) (0.89)

Condensed consolidated statement of changes in equity

for the six months ended 31 October 2021

  Share capital Share premium Share option reserve Foreign currency translation reserve Retained deficit Total Non-controlling interests Total
  $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
At 30 April 2020 27,096 82,997 2,983 (855) (107,377) 4,844 (349) 4,495
Total comprehensive loss for the period - - - (1,412) (1,076) (2,488) 36 (2,452)
Share option and warrant charges - - - - - - - -
Share options and warrants lapsed - - - - - - - -
Shares issued:                
- for cash consideration 3,503 1,799 - - - 5,302 - 5,302
- to settle liabilities 117 72 - - - 189 - 189
At 31 October 2020 30,716 84,868 2,983 (2,267) (108,453) 7,847 (313) 7,534
Total comprehensive loss for the period - - - (328) (6,679) (7,007) - (7,007)
Share option and warrant charges - - 178 - - 178 - 178
Share options and warrants lapsed - - (179) - 179 - - -
VBP NCI acquisition         (6,756) (6,756) 313 (6,443)
Shares issued:                
- for cash consideration 6,171 1,783 - - - 7,954 - 7,954
- for NCI acquisition 3,790 2,653       6,443   6,443
- to settle liabilities 415 44 - - - 459 - 459
At 30 April 2021 41,092 89,348 2,982 (2,595) (121,709) 9,118 - 9,118
Total comprehensive loss for the period - - - 542 (7,320) (6,778) - (6,778)
Share option and warrant charges - - - - - - - -
Share options and warrants lapsed - - - - - - - -
Shares issued for cash                
- for cash consideration 39 2,261 - - - 2,300 - 2,300
- to settle liabilities - - - - - - - -
At 31 October 2021 41,131 91,609 2,982 (2,053) (129,029) 4,640 - 4,640

Condensed consolidated statement of financial position
As at 31 October 2021

    31 Oct 2021 30 Apr 2021 31 Oct 2020
    Unaudited Audited Unaudited
    Group Group Group
    $’000 $’000 $’000
Assets Note      
Non-current assets        
Property, plant and equipment 3 17,100 17,284 15,751
Available for sale investments   895 891 -
Investment in subsidiaries   - - -
    17,995 18,175 15,751
Current assets        
Inventory 5 743 936 840
Receivables 6 3,246 3,207 2,747
Available for sale investments   - - 977
Cash and cash equivalents   55 1,385 239
Total current assets   4,044 5,528 4,803
Total Assets   22,039 23,703 20,554
         
Equity and Liabilities        
Capital and reserves attributable to equity holders of the Parent        
Share capital   41,131 41,092 30,716
Share premium   91,609 89,348 84,868
Share option reserve   2,982 2,982 2,983
Foreign currency translation reserve   (2,053) (2,595) (2,267)
Retained deficit   (129,029) (121,709) (108,453)
    4,640 9,118 7,847
Non-controlling interests   - - (313)
Total equity   4,640 9,118 7,534
         
Non-current liabilities        
Loans and borrowings 7 - - 8,605
Provisions 9 1,185 1,206 473
Deferred tax liability   - - -
    1,185 1,206 9,078
Current liabilities        
Loans and borrowings 7 10,903 9,593 249
Trade and other payables 8 5,311 3,786 3,693
Total current liabilities   16,214 13,379 3,942
Total liabilities   17,399 14,585 13,020
Total Equity and Liabilities   22,039 23,703 20,554
         

Condensed consolidated statement of cash flow

for the six months ended 31 October 2021

  31 Oct 2021 30 Apr 2021 31 Oct 2020
  Unaudited Audited Unaudited
  Group Group Group
  $’000 $’000 $’000
CASH FLOW FROM OPERATING ACTIVITIES      
Profit (loss) before taxation for the period (7,320) (7,719) (1,040)
Adjustments for:      
Depreciation and impairment charges 344 724 398
(Profit) loss on sale of property, plant and equipment - (2) -
Share option expense - 178 -
Finance expense 1,486 3,509 1,112
  (5,490) (3,310) 470
Changes in working capital:      
Decrease (increase) in receivables (17) (1,513) (937)
Decrease (increase) in inventories 320 (981) (1,122)
Increase (decrease) in payables 2,488 (153) (351)
  2,791 (2,647) (2,410)
       
Taxation paid - - -
       
Cash generated by / (used in) operations (2,699) (5,957) (1,940)
       
Investing activities:      
Payments to acquire property, plant and equipment (756) (4,391) (2,755)
Proceeds on disposal of property, plant and equipment - 2 -
    .  
Total cash used in investing activities (756) (4,389) (2,755)
       
Financing Activities:      
Proceeds from the issue of ordinary shares 2,300 13,256 5,302
Proceeds from loans and borrowings granted - - -
Repayment of loans and borrowings (175) (2,003) (846)
Total proceeds from financing activities 2,125 11,253 4,456
       
Increase (decrease) in cash and cash equivalents (1,330) 907 (239)
Cash and cash equivalents at beginning of period 1,385 478 478
Cash and cash equivalents at end of period 55 1,385 239
       

Interim report notes

1        Interim Report
These condensed interim financial statements, which are unaudited, are for the six months ended 31 October 2021 and consolidate the financial statements of the Company and all its subsidiaries. The statements are presented in United States Dollars.

The financial information set out in these condensed interim financial statements does not constitute statutory accounts as defined in Section 434(3) of the Companies Act 2006. The condensed interim financial statements should be read in conjunction with the consolidated financial statements of the Group for the period ended 30 April 2021 which have been prepared in accordance with International Financial Reporting Standards (IFRSs and IFRIC interpretations). The Auditor's report on those financial statements was unqualified and did not contain a statement under s.498(2) or s.498(3) of the Companies Act 2006.

While the Auditors’ report for the period ended 30 April 2021 was unqualified, it did include a material uncertainty related to going concern, to which the Auditors drew attention by way of emphasis without qualifying their report. Full details of these comments are contained in the report of the Auditors on Pages 22-26 of the annual financial statements for the period ended 30 April 2021, released elsewhere on this website on 28 October 2021. The accounts for the period have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) and the accounting policies are consistent with those of the annual financial statements for the period ended 30 April 2021, unless otherwise stated, and those envisaged for the financial statements for the year ended 30 April 2022.

New IFRS accounting standards
At the date of authorisation of these financial statements, a number of Standards and Interpretations were in issue but were not yet effective. The Directors do not anticipate that the adoption of these standards and interpretations, or any of the amendments made to existing standards as a result of the annual improvements cycle, will have a material effect on the financial statements in the year of initial application.

Going concern
After review of the Group’s operations and ongoing refinancing discussions, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the unaudited condensed interim financial statements.

This interim report was approved by the Directors on 29 January 2022.

2         Segmental Analysis

   
  Mining, exploration and development Admin and corporate Total
  Europe Africa    
  $’000 $’000 $’000 $’000
Six months to 31 October 2021        
Revenue 1,143 - - 1,143
Production costs (3,244) - - (3,244)
Gross profit (loss) (2,101) - - (2,101)
Impairment of intangible assets -   - -
Depreciation (342) - (2) (344)
Profit (loss) on sale of property, plant and equipment - - - -
Share option and warrant expense - - - -
Sundry income 38 - - 38
Exchange (loss) gain (1,049) - (60) (1,109)
Other administrative and overhead expenses (1,622) - (696) (2,318)
Finance income - - - -
Finance expense (276) - (1,210) (1,486)
Taxation (charge) - - - -
Profit (loss) for the period (5,352) - (1,968) (7,320)
         
31 October 2021        
Total assets 20,515 - 1,524 22,039
Total non-current assets 17,025 - 970 17,995
Additions to non-current assets 756 - - 756
Total current assets 3,490 - 554 4,044
Total liabilities 10,295 - 7,104 17,399

2        Segmental analysis (continued)

  Mining, exploration and development Admin and corporate Total  
  Europe Africa      
  $’000 $’000 $’000 $’000  
Year to 30 April 2021          
Revenue 896 - - 896  
Production costs (2,642) - - (2,642)  
Gross profit (loss) (1,746) - - (1,746)  
Impairment of intangible assets - - - -  
Depreciation (718) - (6) (724)  
Profit (loss) on sale of property, plant and equipment 2 - - 2  
Share option and warrant expense - - (178) (178)  
Sundry income 88 - - 88  
Exchange (loss) gain 1,939 - 673 2,612  
Other administrative and overhead expenses (2,036) - (2,203) (4,239)  
Fair value movement in available for sale investments - - (29) (29)  
Finance income - - 4 4  
Finance expense (545) - (2,964) (3,509)  
Profit (loss) for the year (3,016) - (4,703) (7,719)  
           
30 April 2021          
Total assets 20,913 - 2,790 23,703  
Total non-current assets 17,198 - 977 18,175  
Additions to non-current assets 4,390 - 1 4,391  
Total current assets 3,715 - 1,813 5,528  
Total liabilities 8,878 - 5,707 14,585  

2        Segmental analysis (continued)

  Mining, exploration and development Admin and corporate Total  
  Europe Africa      
  $’000 $’000 $’000 $’000  
Six months to 31 October 2020          
Revenue - - - -  
Production costs - - - -  
Gross profit (loss) - - - -  
Impairment of intangible assets - - - -  
Depreciation (395) - (3) (398)  
Profit (loss) on sale of property, plant and equipment - - - -  
Share option and warrant expense - - - -  
Sundry income 68 - - 68  
Exchange (loss) gain 1,630 - 385 2,015  
Other administrative and overhead expenses (744) - (928) (1,672)  
Finance income - - 59 59  
Finance expense (267) - (845) (1,112)  
Taxation (charge) - - - -  
Profit (loss) for the year 292 - (1,332) (1,040)  
           
31 October 2020          
Total assets 18,929 - 1,625 20,554  
Total non-current assets 15,648 - 103 15,751  
Additions to non-current assets 2,753 - 2 2,755  
Total current assets 3,281 - 1,522 4,803  
Total liabilities 7,719 - 5,301 13,020  

3        Property, Plant and equipment

Group Plant and machinery Fixtures, fittings and equipment Computer assets Motor vehicles Buildings and Improvements Mining assets Capital Work in progress Total
  $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Cost at 1 May 2020 3,064 48 150 265 3,093 6,127 5,206 17,953
Additions during the period 27 6 3 6 - 2,158 555 2,755
Reclassification 363 - - - 414 1,963 (2,740) -
Foreign exchange movements 195 3 8 27 160 255 308 956
Cost at 31 October 2020 3,649 57 161 298 3,667 10,503 3,329 21,664
Additions during the period - 11 - 1 - 201 1,423 1,636
Reclassification 825 6 - 425 (414) 1,308 (2,150) -
Foreign exchange movements 80 1 4 14 73 116 141 429
Cost at 30 April 2021 4,554 75 165 738 3,326 12,128 2,743 23,729
Additions during the period 32 1 6 13 - 197 507 756
Reclassification 8 2 - 118 - - (128) -
Foreign exchange movements (189) (5) (6) (51) (115) (399) (99) (864)
Cost at 31 October 2021 4,405 73 165 818 3,211 11,926 3,023 23,621
Depreciation at 1 May 2020 2,397 47 78 151 875 1,066 604 5,218
Charge for the period 174 7 8 15 61 133 - 398
Reclassification - - - - - (40) - (40)
Foreign exchange movements 171 3 5 28 77 53 - 337
Depreciation at 31 October 2020 2,742 57 91 194 1,013 1,212 604 5,913
Charge for the period 139 8 1 6 40 132 - 326
Reclassification - (5) 5 - - 40 - 40
Foreign exchange movements 68 5 3 25 36 29 - 166
Depreciation at 30 April 2021 2,949 65 100 225 1,089 1,413 604 6,445
Charge for the period 144 6 6 11 82 95 - 344
Reclassification - - - - - - - -
Foreign exchange movements (125) (4) (4) (25) (60) (50) - (268)
Depreciation at 31 October 2021 2,968 67 102 211 1,111 1,458 604 6,521
Net book value at 31 October 2020 907 - 70 104 2,654 9,291 2,725 15,751
Net book value at 30 April 2021 1,605 10 65 513 2,237 10,715 2,139 17,284
Net book value at 31 October 2021 1,437 6 63 607 2,100 10,468 2,419 17,100

4        Loss per share

  31 Oct 2021 30 Apr 2021 31 Oct 2020
  Unaudited Audited Unaudited
  Group Group Group
Profit and loss per ordinary share has been calculated using the weighted average number of ordinary shares in issue during the relevant financial year.      
The weighted average number of ordinary shares in issue for the period is: 223,953,182 158,339,542 120,561,158
Profit / (loss) for the period: ($’000) (7,320) (7,755) (1,076)
Profit / (loss) per share for the period - basic and diluted (3.27) (4.90) (0.89)
       
The effect of all potentially dilutive share options is anti-dilutive.

     
     

The loss per share comparatives for the 12 months to 30 April 2021, and the 6 months to 31 October 2021 have been adjusted to reflect the reduction in shares as a consequence of a capital reorganisation announced on 6 May 2021. The effect of this reorganisation was to reduce the number of ordinary shares in issue by a factor of 100.

5        Inventory

  Oct 2021 Apr 2021 Oct 2020
  Unaudited Audited Unaudited
  Group Group Group
  $’000 $’000 $’000
       
Minerals held for sale 52 266 104
Production stockpiles 6 6 49
Consumable stores 685 664 687
  743 936 840

6        Receivables

  Oct 2021 Apr 2021 Oct 2020
  Unaudited Audited Unaudited
  Group Group Group
  $’000 $’000 $’000
       
Trade receivables 937 899 203
Other receivables 1,282 1,218 822
Short term loans 310 309 233
Prepayments 53 89 92
VAT 664 692 1,397
  3,246 3,207 2,747

7        Loans and borrowings

  Oct 2021 Apr 2021 Oct 2020
  Unaudited Audited Unaudited
  Group Group Group
  $’000 $’000 $’000
Non-current      
Secured borrowings 10,630 9,325 8,605
Unsecured borrowings -    
less amounts payable in less than 12 months (10,630) (9,325)  
       
  - - 8,605
Current      
Secured borrowings - - -
Unsecured borrowings 272 266 249
Bank overdrafts 1 2 -
Current portion of long term borrowings - secured 10,630 9,325 -
       
  10,903 9,593 249
Total loans and borrowings 10,903 9,593 8,854

8        Payables

  Oct 2021 Apr 2021 Oct 2020
  Unaudited Audited Unaudited
  Group Group Group
  $’000 $’000 $’000
       
       
Trade payables 1,889 1,434 1,287
Other payables 1,003 789 883
Other taxes and social security taxes 2,379 1,528 1,460
Accrued expenses 40 35 63
  5,311 3,786 3,693

9        Provisions

  Oct 2021 Apr 2021 Oct 2020
  Unaudited Audited Unaudited
  Group Group Group
  $’000 $’000 $’000
       
Provision for rehabilitation of mining properties      
- Provision brought forward from previous periods 1,206 420 420
- Liability recognised during period - - -
- Derecognised on disposal of subsidiary - - -
- Adjustments to provision during period (21) 786 53
  1,185 1,206 473

10        Events after the reporting date

Shares issued and gross proceeds / consideration
       
£ $ Shares Issued Issued to
1,350,000 1,812,595 54,000,000 Placing with investors
185,585 250,000 9,306,341 Settle debt
1,535,585 2,062,595 63,306,341