URU METALS LIMITED URU METALS LIMITED
Interim Results for Period Ended 30 September 2021
URU Metals Limited
Chairman's Statement
For the Period Ended 30 September 2021
I am pleased to present to our shareholders and stakeholders the consolidated financial statements of the Group for the six months ended 30 September 2021.
In August 2021, URU successfully completed the disposal of the Zebediela Nickel Project ("Project") to Zeb Nickel Corp. (TSX-V: ZBNI) and the Project remains the primary focus of URU, through its 74.82% interest in Zeb Nickel Corp. and URU's continuing role as the technical operator of the Project.
The long-term fundamentals for nickel sourced from Class I nickel sulphide deposits remains good, based on the surging demand for nickel for batteries in electric vehicles and other energy storage applications. On the back of these excellent fundamentals, the Company looks forward to commencing with the 3,600 m diamond exploration drilling program, which is scheduled to commence in H2 2021. The aim of this program is to improve the confidence in the historical NI43-101 compliant resource, as well as explore for higher grade nickel sulphide mineralisation found in Critical Zone rocks which are located in the footwall to the existing resource. The presence of Critical Zone rocks on the Zebediela Project area is exciting; these Critical Zone rocks host the Platinum Group Element and Nickel Copper mineralisation that is being exploited at Anglo American's flagship Mogalakwena Mine, as well as Ivanhoe Mines' Platreef Project, located immediately west of the Zebediela Project.
Good progress has been made on advancing the Mining Right application, and all required documentation has been submitted to the South African Department of Mineral Resources (DMRE). Consultation with Interested and Affected Parties (I&AP's) continues, as the Company continues to build on its good relationship with host communities and its "social license to operate".
Additionally, during the period ending 30 September 2021, the South African Department of Mineral Resources ("DMRE") has accepted an application for a Prospecting Right over ten portions of the farm Piet Potgietersrust Town and Townlands 44 KS, totalling 246 hectares. The Prospecting Right under application is immediately south of the Zebediela Project, and located approximately 4 km east of Ivanhoe Mines Platreef Project, and approximately 20 km south of Anglo American Platinum's Mogalakwena Mine. A brief Environmental Impact Assessment and a Final Environmental Report were submitted and the Company is now awaiting for the DMRE to award the Prospecting Right.
The Company looks forward to updating the market with news flow emanating from the drilling program on Zebediela, as well as receiving a granted Mining Right from the DMRE.
Jay Vieira
Non-executive Chairman
31 December 2021
URU METALS LIMITED
CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
PERIOD ENDED 30 SEPTEMBER 2021
(UNAUDITED)
Notice To Reader
The accompanying unaudited condensed consolidated interim financial statements of URU Metals Limited (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed consolidated interim financial statements have not been reviewed by the Company's auditors.
URU Metals Limited
Condensed Consolidated Interim Statement of Comprehensive Income
For the Period Ended 30 September 2021
(Unaudited)
Six months | Six months | |||
ended | ended | |||
30 September | 30 September | |||
2021 | 2020 | |||
$'000 | $'000 | |||
Administrative expenses | (273) | (302) | ||
Listing expense | (521) | |||
Operating loss before below items | (794) | (302) | ||
Loss on settlement of debt with share (note 9) | - | (1,508) | ||
Net loss for the period | (794) | (1,810) | ||
Other comprehensive income | ||||
Items that will be reclassified subsequently to income | ||||
Effect of translation of foreign operations | (277) | 177 | ||
Other comprehensive income for the period | (277) | 177 | ||
Total comprehensive loss for the period | (1,071) | (1,633) | ||
Comprehensive loss attributable to : | ||||
Shareholders of the Company | (867) | (1,633) | ||
Non-controlling interest | (204) | - | ||
Total comprehensive loss | (1,071) | (1,633) | ||
Basic and diluted net loss per share (USD cents) | (0.53) | (1.34) | ||
Weighted average number of common shares outstanding | 1,646,691 | 1,347,591 |
The loss per share calculation relates to both continuing and total operations.
The accompanying notes to the unaudited condensed consolidated interim financial statements are an integral part of these statements.
URU Metals Limited
Condensed Consolidated Interim Statement of Financial Position
As at 30 September 2021
Unaudited
As at | As at | |
30 September | 31 March | |
2021 | 2021 | |
$'000 | $'000 | |
ASSETS | ||
Non-current assets | ||
Intangible assets (note 7) | 3,822 | 3,774 |
Total non-current assets | 3,822 | 3,774 |
Current assets | ||
Trade and other receivables (note 8) | 123 | 95 |
Restricted cash (note 14) | 746 | - |
Cash and cash equivalents | 1,956 | 99 |
Total current assets | 2,825 | 194 |
Total assets | 6,647 | 3,968 |
EQUITY AND LIABILITIES | ||
Equity | ||
Share capital (note 11) | 7,815 | 7,815 |
Share premium (note 11) | 48,070 | 48,070 |
Non-controlling interest (note 10) | 2,605 | - |
Other reserves (note 12) | 1,316 | 1,586 |
Accumulated deficit | (55,882) | (55,222) |
Total equity | 3,924 | 2,249 |
Current liabilities | ||
Trade and other payables (note 13) | 1,477 | 1,443 |
Due to related party (note 14) | 746 | |
Convertible loan note (note 9) | 500 | 276 |
Total liabilities | 2,723 | 1,719 |
Total equity and liabilities | 6,647 | 3,968 |
The accompanying notes to the unaudited condensed consolidated interim financial statements are an integral part of these statements.
Approved on behalf of the Board on 31 December 2021:
Jay Vieira, Non-executive Chairman
Kyle Appleby, Non-executive Director
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Disclaimer
URU Metals Limited published this content on 30 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 December 2021 07:56:05 UTC.
