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    URU   VGG930042012

URU METALS LIMITED

(URU)
Delayed London Stock Exchange  -  05/18 11:35:08 am EDT
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2021URU METALS : Interim Results 2021
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URU Metals : Interim Results 2021

12/31/2021 | 02:57am EDT

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

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.


ę Publicnow 2021
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Financials (USD)
Sales 2021 - - -
Net income 2021 -0,65 M - -
Net Debt 2021 0,18 M - -
P/E ratio 2021 -5,77x
Yield 2021 -
Capitalization 7,19 M 7,19 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees 14
Free-Float 48,5%
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Income Statement Evolution
Managers and Directors
John Zorbas Chief Executive Officer & Executive Director
Jacinto Vieira Non-Executive Chairman
Kyle Appleby Non-Executive Director
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