Anglo Pacific Group PLC ('Anglo Pacific', the 'Company' or the 'Group') (LSE: APF, TSX: APY) is pleased to announce its record full year results for the year ended 31 December 2021, consistent with the trading update published on 27 January 2022.

The Company has also published its audited 2021 Annual Report and Accounts, which are available on the Group's website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com. The following statement should be read in conjunction with the audited financial statements.

Financial Highlights

Record annual portfolio contribution of $85.6m (2020: $47.5m) with 45% of this generated in the final quarter

Portfolio contribution comprises $77.3m of royalty and stream income, $8.0m of other royalty related revenue, $4.3m of other portfolio contribution less $4.0m of stream cost of sales

Record results driven by strong performances at Kestrel and Voisey's Bay - with the former producing $26m in Q4 2021 - over 50% of total contributions in FY 2020

Profit after tax, of $37.5m (2020: Loss after tax $23.9m), which includes valuation and impairment charges and reflects a $30.5m valuation increase, primarily for Kestrel and LIORC, and a loss on disposal of the Narrabri royalty of $19.0m

Basic earnings per share of 18.03c (2020: loss of 13.23c)

60% increase in Adjusted earnings1 per share to 25.18c (2020: 15.69c)

New longwall panel added to 500 series mine plan at Kestrel, increasing expected volumes within the Group's private royalty lands by 10% and smoothing expected volume stepdown over the remaining life of the royalty

21st century commodities now represent 75% of the Group's royalty assets on the balance sheet (2020: 32%)

Net debt at year-end of $90m (2020: $33.3m) reflecting the $205m Voisey's Bay acquisition in March 2021 and the fact that the record Q4 revenue was not received until January 2022

Pro-forma net debt at 1 April 2022 expected to be $60m, with H1 2022 cashflow expected to drive rapid deleveraging

Final dividend proposed of 1.75p per share which will take the total dividend for FY 2021 to 7p per share in line with the Company's guidance during the year

$120m of liquidity available to finance further growth initiatives

Our model means that we are fully exposed to commodity prices but do not have direct exposure to operating cost inflationary pressures - a highly attractive position to be in given current commodity and inflationary dynamics

The record Q4 2021 portfolio contribution was based on an average coking coal price of $308/t - which is half the current spot price

Julian Treger, outgoing Chief Executive Officer of Anglo Pacific, commented: 'I am delighted to report a record year for Anglo Pacific, with contribution 80% higher than in 2020 and 17 times higher than when I joined back in 2013. I am extremely proud of the team and our achievements transforming the business. There remains huge potential for Anglo Pacific, and I leave the Company in safe and talented hands and in a strong position for further growth.'

Marc Bishop Lafleche, Chief Executive Officer Designate of Anglo Pacific, commented: 'The record FY 2021 results have been well flagged to the market and are in-line with previous announcements. The global economy is now facing inflationary pressures unseen over the past 30 years. In the past, hard assets such as commodities have outperformed in periods of significant inflation, and Anglo Pacific is exceptionally well positioned to provide investors with exposure to non-precious commodity prices without direct exposure to operating cost inflation incurred by the mining sector. This is the unique benefit of the royalty and stream business model.

Year-to-date commodity prices are substantially higher than the levels driving our record Q4 2021 results. We expect similar levels of production from the assets in our portfolio, and with a more than doubling of coking coal prices as well as resilient performances in cobalt and copper prices, the near-term outlook for the business is very strong. We intend to use this higher cash flow to reduce our borrowings in the first instance and then recycle into growth opportunities. We will continue to develop our portfolio in line with our strategy, with a focus on commodities which will support and benefit from the move towards a low carbon future. This will create an even better, diverse and growing asset base for the benefit of all stakeholders.

Contact:

Tel: +44 (0)20 3435 7400

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