Preliminary Statement
30 6월 2006 - 8:57PM
UK Regulatory
RNS Number:4594F
Xceldiam Limited
30 June 2006
Xceldiam Limited
("Xceldiam" or the "Company")
Preliminary Statement of Annual Results
Xceldiam Limited, (AIM: XLD), the specialist Angolan diamond exploration and
mining company, announces audited results for the period 7 October 2004 to 31
December 2005, and provides an update on operations.
Highlights
* Two successful private placings and subsequent admission of the Company's
shares to trading on AIM (with associated placing) raised US$ 21.17 million
(in total);
* Formalisation and securing of both kimberlite and alluvial prospecting
licenses;
* Initiation of exploration programmes;
* Completion of total field aero-mag survey of Luangue concession;
* Site establishment in Luangue concession and offices in Luanda;
* Identification of priority targets for kimberlite drilling programme;
* Preliminary confirmation of alluvial potential; and
* Procurement and transport of plant, equipment and infrastructure to
operational area.
Chairman's Statement
Overview
It is my pleasure to report on the first 15 months of activities of Xceldiam's
operations which have focused on the highly prospective north east Angola.
Current operations are on the Luangue Concession where Xceldiam and its
subsidiaries (the "Group") have a 39% interest in a kimberlite exploration
license and a 40% interest in an alluvial exploration license. Xceldiam has been
partnered on these operations with Endiama, the state appointed diamond
concessionaire and Bapsil Lda, an Angolan mining investment company. Having
both alluvial and kimberlite licenses at this stage has given the Group an early
foothold in Angola which is now recognised as an important territory in the
search for new diamond production.
Diamond market
The acute shortage of fine, large diamonds over 2 carats is expected to
intensify and broaden out into small and medium goods over the coming years as
supply flattens out and demand continues to grow. Rough diamond prices, which
rose by about 50% between 2003 and 2005, are expected to rise further over the
next decade. Importantly, supply of rough diamonds is expected to fall by 1-2%
by 2015, to slightly under US$13billion at current prices as Canada's Ekati mine
is depleted, Argyle in Australia has declined further and production from Diavik
in Canada is expected to decline quite sharply. This is in contrast to the last
25 years during which time supply increased almost continually. The combination
of these factors bodes well for the market and the economic feasibility of a new
large kimberlite deposit.
Exploration licenses
Following the granting of the alluvial prospecting license by the Ministry of
Geology and Mines in October 2004, the Luangue kimberlite prospecting licence
was concluded and signed in May 2005. Approvals by Endiama on the methodology of
the exploration programmes and associated investment expenditure for both
alluvial and kimberlite licences were subsequently obtained.
Both kimberlite and alluvial licenses provide for an initial three year term,
renewable to five years upon surrender of 50% of the exploration area that is
determined to be unprospective. It is important, therefore, not only to
concentrate initially on the attractive areas of the concession, but also to
ascertain which areas are of no further interest. Although alluvial evaluation
is reasonably rapid, the nature of kimberlite exploration is more prolonged,
requiring both small diameter drilling to identify diamondiferous targets
followed by large diameter drilling on selected positive targets allowing
greater volumes of kimberlite to be collected from depth and tested for diamond
content. Following a bulk sample and confirmation of an economic kimberlite or
alluvial deposit, conversion to a dedicated mining licence occurs with the
interest of the Group being preserved at a minimum of the percentage granted in
exploration phase in a special purpose company formed for the mining operations.
Snowden Mining Industry Consultants, as part of the independent competent
persons report conducted for listing purposes, undertook a valuation of the
Luangue Concession placing a value of between US$10,000 and US$21,000 per km2.
This comparatively high valuation to other exploration areas is based on the "
good address" of the area and was prior to any significant on-the-ground
exploration work. A revaluation will be undertaken in the next twelve months
once the drilling programs and bulk sampling are established.
Kimberlite exploration
The past year has seen solid progress on kimberlite exploration. The successful
completion of the 22,000 line kilometre total magnetic radiometric and
topographic aerial survey over the entire 3,000km2 concession in May 2005,
confirmed its prospectivity, with over 70 kimberlitic type anomalies being
identified. This confirmatory evidence justified the progress into ground based
work and further capital raising to conduct a proper sampling programme to
establish the viability of both kimberlite and alluvial deposits. During the
latter part of the year soil samples were taken from the anomalies. Indicator
mineral chemistry extracted from these samples, together with the geophysical
interpretation, will form the basis of prioritisation of the drilling targets -
the next step in the kimberlite exploration programme.
Alluvial exploration
Two areas of focus for the alluvial exploration have been identified, both of
which exhibit positive indicator mineralogy, indicating a possible nearby
primary diamond source. The first area lies in a 5km corridor along the Luangue
river between the Sampoio and N'Gombo rivers. The second lies adjacent to the
Canguvo river some 20km north west of the main camp on the Luangue Concession.
Initial exploration will delineate the extent of the deposits and then bulk
sampling will be used to establish grades and value of diamonds present.
Processing of these larger samples will be done through the recently procured
70tph scrubbing and 20tph DMS plant. The smaller mobile 6tph plant will be used
to do scouting and preliminary mini point sampling of other areas within the
concession. The aim is to evaluate the alluvial potential well ahead of the
three year exploration period and decide whether production of alluvial diamonds
is feasible.
Preparation and clearance of over 45 kilometres of access roads has been cut for
further reconnaissance activities, as well as general access for drilling and
ground-truthing magnetometery surveys. In addition, regional scale topographic
surveys were conducted to establish sand cover over the concession area along
with mapping of the previous artisanal mining activities. The ongoing
development of site infrastructure will continue as access and mobility will be
key to enabling prioritised kimberlite and alluvial targets to be sampled. The
Group is now well positioned to progress the Luangue Concession into an advanced
exploration phase.
Management and staff
2005 saw the recruitment of a multi skilled executive management team based in
Luanda and the establishment of a competent board.
Staffing levels increased with 44 staff being resident on site by year end, lead
by an operations manager and three geologists. Endiama also nominated a mining
engineer as general manager with extensive diamond experience who has taken a
proactive role and participation in execution of the project. As the bulk
sampling activities commence, the total employed on the project will approach
130 employees.
Corporate developments
In support of the exploration activities, the year saw two successful private
placings raising a total of US$5.02million, culminating in the admission of the
Company to AIM, a market of the London Stock Exchange in November, in which a
further US$16.15 million was raised under less than ideal market conditions.
This funding will enable the Company to progress the exploration on the Luangue
Concession significantly in terms of viability of alluvial production and
pre-feasibility studies on the potential for kimberlite mining.
Capital expenditure
At the time of this report, capital expenditure on the alluvial bulk sampling
plant and earthmoving equipment is largely complete, with commissioning underway
and expenditure mainly focusing on operational activities going forward of some
US$0.5million per month. The Group has also exceeded the US$3million minimum
expenditure required under the alluvial licence contract terms.
The focus of capital spend in the year ahead will revolve around the kimberlite
exploration programme. Small diameter core drilling of kimberlites by Gem Drill
will be initiated. This will be augmented by sampling of positive targets by
large diameter drilling with an associated drill chip dense media treatment
plant. The minimum investment requirement over the three year period is US$6
million
Events subsequent to year end
Subsequent to year end, the Group concluded a strategic co-operation agreement
with Petra Diamonds Limited ("Petra") which provides for the sharing of
information and co-operation on technical, operational and other related matters
regarding the development of the neighbouring Luangue and Alto Cuilo
Concessions. Bearing in mind the contiguous underlying geology of these
concessions and consequent kimberlite mineralogical similarities, the comparison
and profiling of the mineralogy of kimberlitic occurrences in Luangue against
the Alto Cuilo's kimberlitic occurrences already identified is expected to
enable Xceldiam to accelerate the assessment and development of Luangue's
targets at a lower cost. As detailed information on diamond content emerges in
the year ahead on the Alto Cuilo kimberlitic occurrences from large diameter
drilling ("LDD") and bulk sampling, this will significantly enhance the
selection and prioritisation of LDD targets on Luangue following the less
expensive small diameter drilling programme which is expected to commence
shortly.
In summary, Xceldiam has secured an experienced multi-disciplinary management
team and the capital to achieve the objective of locating a diamond bearing
kimberlites which can lead to the development of a commercially viable open-cast
diamond mine. This will run in parallel with the bulk sampling programme for
alluvial diamond deposits providing the potential for an alluvial mining
operation with revenue generating potential at an early stage.
I would like to take this opportunity to thank the management team, board and
our advisors for their support and commitment through this first challenging
year of operations.
TIM GEORGE
Chairman and Chief Executive Officer
Results for the period
The Group loss for the period 7 October to 31 December 2005 was US$ 4,3 million.
The loss for the period includes US$ 2, 8 million of expenditure related to the
exploration and development of operations on the Luangue concession and US$ 0.8
million related to consulting and fund raising fees incurred in the admission of
the Group to the AIM of the London Stock Exchange.
Funding during the period
In March 2005 a private placement was undertaken in which a total of 7,5 million
ordinary shares were issued to founding investors at a price of 20 pence per
share raising US$ 2.85 million.
In June 2005,a further capital raising was undertaken by way of a private
placement in which a total of 4,0 million ordinary shares were issued to
investors at a price of 30 pence per share raising US$ 2.17 million (US$ 2.03
million net of placing fees with WH Ireland Limited).
On 16th November 2005 Xceldiam completed a third placing of shares, conditional
upon Admission ("Third Placing"). A total of 20,9 million ordinary shares were
issued to investors at 45 pence per share raising a total of US$ 16.2 million
(US$ 15 million net of admission fees).
As part of the Third Placing one warrant was issued to each investor for every
two ordinary shares subscribed for (the "Placing Warrants"). 10,5 million
Placing Warrants were issued. Each Placing Warrant enabled the owner to
subscribe for a further one ordinary share at a price of 50 pence per share
exercisable at any time for the period of 2 years from the date of Admission. As
at the period ended 31 December 2005 no warrants had been exercised.
Revenue
The only income generated by the Group for the period was interest of US$ 72,657
received from the surplus funds on deposit.
Borrowings
As at the period ended 31 December 2005, the Company had repaid the capital
portion of the initial funding received to finance the start up costs in Angola.
The amount of US$ 744 000 was repaid over the course of 2005 in three tranches
with the interest portion being settled in 2006.
There were no other borrowings as at 31 December 2005.
Exploration Activities
The capital raised in the two private placements and the subsequent public
placement was primarily for the purpose of progressing the exploration
activities on the Luangue Concession. Significant capital spend to date has been
as follows:
Description Spend to 31 December 2005 Provisional 2006 spend
Earthmoving Equipment US$ 1,483 932 US$ 1,689,658
Alluvial Sampling Plant US$ 247, 954 US$ 1,592,728
Mobile Prospecting Plant US$ 159,520
Site Equipment US$ 356,050 US$ 300,000
Aerial Surveying US$ 307,546 US$ 125,000
Support Vehicles US$ 125,000 US$ 134,000
Kimberlite Drilling US$ 37,500 US$ 1,630,700 *
Kimberlite Sampling Plant US$ 930,000
Total US$ 2,557,982 US$ 6,561,606
* based on positive mineralogy from the small diameter drilling warranting large
diameter drilling
Funding subsequent to year end
In 2006 Xceldiam entered in to a Co-operation agreement with Petra Diamonds
Limited ("Petra"). As part of the Agreement, Petra was granted warrants with a
total exercise price of #14 million (the "Cooperation Warrants") to acquire up
to 26% of the issued share capital of Xceldiam's wholly owned subsidiary,
Frannor Investment and Finance Limited ("Frannor"), which holds Xceldiam's
interest in Project Luangue. Funds paid to Frannor on exercise of the
Cooperation Warrants will be ring-fenced to further develop the Luangue
Concession. There is no other financial consideration payable by either party
with regards to the Agreement and Cooperation Warrants.
www.xceldiamgroup.com
For further information, please contact:
WH Ireland Limited
David Youngman +44 161 832 2174
Conduit PR
Angus Prentice +44 20 7429 6603
+44 7974 982 512
Leesa Peters +44 20 7429 6600
XCELDIAM LIMITED
BALANCE SHEET
At 31 December 2005
Group Company
Notes USD USD
Assets
Non-current assets 2 754 562 6 227 780
Plant and equipment 2 2 247 489 6 752
Intangible asset 507 073 -
Loans receivable 3 - 6 220 913
Investments in subsidiaries 4 - 115
Current assets 13 979 832 12 983 203
Trade and other receivables 46 401 -
Cash and cash equivalents 5 13 933 431 12 983 203
Total assets 16 734 394 19 210 983
Equity and liabilities
Capital and reserves 16 414 278 19 091 659
Issued share capital 6 32 955 32 955
Share premium 7 20 515 841 20 515 841
Other reserves 179 242 79 716
Accumulated loss (4 313 760) (1 536 853)
Non-current liability
Interest bearing liability 26 541 -
Current liabilities
Trade and other payables 293 575 119 324
Total equity and liabilities 16 734 394 19 210 983
XCELDIAM LIMITED
INCOME STATEMENT
Period 7 October 2004 to 31 December 2005
Group Company
Note USD USD
Interest received 72 657 72 657
Interest paid (35 345) -
Operating costs 8 (4 351 072) (1 609 510)
Loss for the period (4 313 760) (1 536 853)
XCELDIAM LIMITED
STATEMENT OF CHANGES IN EQUITY
Period 7 October 2004 to 31 December 2005
Share Share Revaluation Share Accumulated Total
capital premium reserve options loss
USD USD USD USD USD USD
Group
Issue of share capital 32 955 20 515 841 - - - 20 548 796
Revaluation of - - 99 526 - - 99 526
intangible asset
Share based payments - - - 79 716 - 79 716
Loss for the period - - - - (4 313 760) (4 313 760)
Balances at 31 December 32 955 20 515 841 99 526 79 716 (4 313 760) 16 414 278
2005
Company
Issue of share capital 32 955 20 515 841 - - - 20 548 796
Share based payments - - - 79 716 - 79 716
Loss for the period - - - - (1 536 853) (1 536 853)
Balances at 31 December 32 955 20 515 841 - 79 716 (1 536 853) 19 091 659
2005
XCELDIAM LIMITED
CASH FLOW STATEMENT
Period 7 October 2004 to 31 December 2005
Group Company
Note USD USD
Cash flows from operating activities (3 630 812) (1 052 085)
Cash absorbed by operations 9 (3 668 124) (1 124 742)
Net interest received 37 312 72 657
Cash flows from investing activities (2 726 094) (6 228 508)
Acquisition of plant and equipment (2 318 547) (7 480)
Acquisition of intangible asset (407 547) -
Increase in loan receivable - (6 220 913)
Acquisition of investment - (115)
Cash flows from financing activities 20 290 337 20 263 796
Issue of share capital 20 263 796 20 263 796
Increase in interest bearing liability 26 541 -
Cash and cash equivalents at end of period 13 933 431 12 983 203
XCELDIAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Period 7 October 2004 to 31 December 2005
1. Accounting policies
The financial statements are prepared in conformity with International Financial
Reporting Standards on the historical cost basis except where otherwise stated.
1.1 Plant and equipment
Plant and equipment are reflected at cost less accumulated depreciation. Direct
costs and pre-production expenses relating to the erection, commissioning and
installation of major capital projects are capitalised until the projects are in
commercial operation.
Depreciation is charged on the straight-line basis over the estimated useful
lives of the assets. The estimated maximum useful lives of items of plant and
equipment are :
Computer equipment 3 years
Furniture and fittings 5 years
Motor vehicles 5 years
Earthmoving equipment, and over the life of exploration licence
Sampling equipment which is approximately 3 years
Carrying amounts of plant and equipment are impaired to the higher of value in
use or recoverable amount, where this is lower than the carrying amount. The
expected future cash flows attributable to such assets are considered in
determining the recoverable amount.
The assets residual values and useful lives are reviewed and adjusted if
appropriate at each balance sheet date.
1.2 Provisions
Provisions are recognised when the company has a present legal or constructive
obligation as a result of a past event and when it is probable that an outflow
of economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation.
1.3 Taxation
Where taxation is payable by the nature or situation of the company's
operations, the charge for current tax is based on the results for the year
adjusted for items which are tax exempt or are not tax deductible. Tax is
calculated using rates that have been enacted or substantively enacted by the
balance sheet date.
1.4 Deferred taxation
Deferred taxation is provided on the comprehensive basis and is calculated at
current rates using the balance sheet liability method. The deferred taxation
liability represents the amount of income tax payable in future periods in
respect of items of income and expenditure which are recognised for income tax
purposes in periods different from those in which they are brought to account in
the financial statements, allowing for the effect of tax losses carried forward.
A deferred tax asset is recognised when it is probable that the related tax
benefit will be realised.
XCELDIAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Period 7 October 2004 to 31 December 2005
Deferred tax is calculated at current tax rates and is charged or credited in
the income statement, except when it relates to items credited or charged
directly to equity, in which case the deferred tax is also dealt with in equity.
1.5 Foreign currency translations
Transactions denominated in foreign currencies are translated at the rates of
exchange ruling on the transaction date. Monetary items denominated in foreign
currencies are translated at the rate of exchange ruling at the balance sheet
date. Gains or losses arising on translations are credited to or charged
against income.
Financial statements of foreign operations are restated in US Dollars by
translating monetary balances at rates of exchange ruling at the balance sheet
date, non-monetary balances and components of equity at historic rates and
income statement items at an average rate for the period. These translation
differences are taken to income for the period.
1.6 Exploration, evaluation and development expenditure
Development expenditure in respect of minerals, exploration and evaluation
expenditure is charged to the profit and loss account as incurred except where :
* the expenditure is directly attributable to a particular project;
* it is expected that the expenditure will be recouped by future exploitation
or sale; or
* exploration and evaluation activities have identified a mineral resource
but these activities have not reached a stage which permits a reasonable
assessment of the existence of commercially recoverable reserves.
in which case the expenditure is capitalised.
Administrative costs and exploration costs not directly attributable to a
particular project are expensed in the period in which they are incurred.
Intangible assets are tested for impairment annually either individually or at
the cash generating unit level. Useful lives are also examined on an annual
basis and adjustments, where applicable, are made on a prospective basis.
1.7 Financial instruments
Financial instruments carried on the balance sheet include cash resources and
borrowings, other financial assets, receivables and payables. Financial
instruments are initially measured at cost, which includes transaction costs and
are generally carried at their estimated fair values.
Trade and other receivables are stated at cost less a provision for doubtful
debts.
Cash and cash equivalents and interest bearing liabilities are measured at fair
value.
XCELDIAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Period 7 October 2004 to 31 December 2005
Group Company
USD USD
2. Plant and equipment
Cost
Computer equipment 33 966 7 480
Furniture and fittings 68 321 -
Motor vehicles 125 000 -
Equipment 219 510 -
Equipment in progress 1 871 750 -
Earthmoving equipment 1 483 932 -
Equipment 139 864 -
Sampling equipment 247 954 -
2 318 547 7 480
Accumulated depreciation
Computer equipment 5 753 728
Furniture and fittings 5 742 -
Motor vehicles 18 750 -
Equipment 40 813 -
Equipment in progress - -
71 058 728
Carrying amount at end of period
Computer equipment 28 213 6 752
Furniture and fittings 62 579 -
Motor vehicles 106 250 -
Equipment 178 697 -
Equipment in progress 1 871 750 -
Earthmoving equipment 1 483 932 -
Equipment 139 864 -
Sampling equipment 247 954 -
2 247 489 6 752
XCELDIAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Period 7 October 2004 to 31 December 2005
Group Company
USD USD
Movements for the period
Carrying amount at beginning of period - -
Additions 2 318 547 7 480
Computer equipment 33 966 7 480
Furniture and fittings 68 321 -
Motor vehicles 125 000 -
Equipment 219 510 -
Equipment in progress 1 871 750 -
Earthmoving equipment 1 483 932 -
Equipment 139 864 -
Sampling equipment 247 954 -
Depreciation for period 71 058 728
Computer equipment 5 753 728
Furniture and fittings 5 742 -
Motor vehicles 18 750 -
Equipment 40 813 -
Carrying amount at end of period 2 247 489 6 752
XCELDIAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Period 7 October 2004 to 31 December 2005
Group Company
USD USD
3. Loan receivable
Subsidiary
Frannor Investments and Finance Ltd - 6 220 913
The above loan is unsecured, interest free and has
no fixed repayment terms.
4. Investments in subsidiaries %
Frannor Investments and Finance Limited, 100 - 100
at cost
Frannor Investments and Financing (Pty) 100 - 15
Ltd, at cost
- 115
XCELDIAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Period 7 October 2004 to 31 December 2005
Group Company
USD USD
5. Cash and cash equivalents
Cash and cash equivalents 13 933 431 12 983 203
Cash and cash equivalents are held in the following
currencies :
Pound Sterling #7 533 427 #7 533 427
US Dollars $869 104 $22 427
South African Rands R630 000 -
6. Share capital
Authorised
250,000,000 shares of USD 0,0006 each 150 000 150 000
Issued
54,924,831 shares of USD 0,0006 each 32 955 32 955
7. Share premium
Share premium 21 424 408 21 424 408
Share issue expenses (908 567) (908 567)
20 515 841 20 515 841
During the year the following commissions paid to W H
Ireland on the issue of shares were written off to the
share premium account :
- June placing 145 818 145 818
- November placing 762 749 762 749
908 567 908 567
XCELDIAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Period 7 October 2004 to 31 December 2005
Group Company
USD USD
8. Loss before taxation
Loss before taxation is stated after charging :
Administration fees 223 925 223 925
Audit fees 11 150 11 150
Camp supplies 139 406 -
Consulting and listing fees 726 975 692 606
Depreciation 71 058 727
Directors' emoluments - salaries 267 000 267 000
Security 181 534 -
Travel - local and international 428 404 7 043
XCELDIAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD 7 OCTOBER 2004 TO 31 DECEMBER 2005
Group Company
USD USD
9. Note to the cash flow statement
Cash absorbed by operations
Loss for the period (4 313 760) (1 536 853)
Consulting and listing fees 285 000 285 000
Depreciation 71 058 728
Net interest received (37 312) (72 657)
Share option expense 79 716 79 716
(3 915 298) (1 244 066)
Working capital changes 247 174 119 324
Trade and other receivables (46 401) -
Trade and other payables 293 575 119 324
(3 668 124) (1 124 742)
10. Commitments
Concession Spending Requirements
The company is required to spend the following amounts to comply with Concession
Spending Requirements laid down by the Angolan Government.
* Alluvial - USD 1.2 million on operating expenditure
- USD 1.8 million on capital expenditure
* Kimberlite - USD 6.0 million to be split between operating and
capital expenditure
In order to comply with the Concession Spending Requirements, the above amounts
should be incurred over the three years following the grant of the initial
concession in April 2005.
To date USD 6.12 million has been expended on the concession area. The spend
requirements on the Alluvial areas have been fulfilled with the balance of the
expenditure being apportioned to the Alluvial and Kimberlite areas.
XCELDIAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Period 7 October 2004 to 31 December 2005
11. Contractual commitments
During the year the Company has entered into various contracts for machinery and
equipment to begin the drilling phase of the prospecting programme.
At balance sheet date the following commitments existed for work contracted for
but not yet delivered.
USD
Earthmoving and drilling equipment 1 689 658
Alluvial processing plant 1 592 728
Mobile sampling plant 159 520
3 441 906
13. Copies of the annual report for the period will be dispatched to
shareholders on 30 June 2006. Additional copies will be available to the public,
free of charge, from Codan Services Limited, Clarendon House, 2 Church Street,
Hamilton, HM11, Bermuda.
14. A notice convening the annual general meeting together with a proxy form is
included in the Annual report posted to shareholders . The AGM will be held at
Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda on Wednesday 30
August 2006 at 10:00am.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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