Altus Strategies Plc / Index (EPIC): AIM (ALS) & TSXV (ALTS) / Sector: Mining
Altus Strategies Plc
(“Altus” or the “Company”)
Audited Final Results
Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa focused royalty and project generator, announces its audited final results for the year ended 31 December 2018. These are presented below and are available (along with the Company’s 2018 Annual Report) to download on the Company's website at http://altus-strategies.com/investors/financials/ and on SEDAR at www.sedar.com.
- Completion of the Plan of Arrangement with Legend Gold Corp.
- Dual listing of the Company’s shares on the TSX-V alongside AIM listing
- Agreement to vend Cameroon Bauxite JV into JV partner for equity plus royalty
- Discussions with potential Joint Venture partners across project portfolio
- Potential VMS style copper and gold discovery at Daro in Ethiopia
- New copper and zinc focused exploration licences granted in Morocco
- Major artisanal gold workings discovered at the Zolowo licence in Liberia
- Grant of the Company’s first exploration licence in Côte d’Ivoire
- Additional high grade iron ore discovered at Bikoula licence in Cameroon
- Drill targets defined at Lakanfla gold project in Mali
- Fundraise of £2.3m/C$4.1m (before expenses) in April 2018 with strong institutional support
- Cash outflow of £1.8m/C$3.1m from operating activities during the year
- Cash and marketable securities of £1.6m/C$2.8m (cash balance of £0.7m/C$1.3m and listed equity holdings of £0.9m/C$1.5m as at 31 December 2018
Reflection on the year
2018 was a significant year for the Company. We materially expanded the firm’s assets and shareholder base by way of our Plan of Arrangement with Legend Gold Corp, which was listed on the TSX Venture exchange in Toronto (“TSX-V”). From a financial standpoint the deal brought intangible assets worth £3.7 million on to our balance sheet and, critically, the deal expanded our portfolio of projects across Africa, with six new and exceptionally prospective advanced gold licences in Mali, one of which was already under a JV agreement with ASX-listed Resolute Mining Ltd. Shortly after this deal, Altus completed a £2.3m/C$4.1m financing and successfully listed on the TSX-V. I am delighted to take the opportunity here to welcome our new shareholders to our register and thank them for their continued support.
Company vision and focus
The vision we are pursuing is to develop a portfolio of royalty income streams and minority interests in mines across Africa, through the generation of exploration projects and advancing them with joint venture partners. The portfolio continues to evolve with 17 projects now undergoing exploration activity and a number of JV arrangements having been made or under discussion. The portfolio approach is important to us, as it mitigates inherent exploration risk and geopolitical risk, and by partnering at the advanced stages we reduce our own reliance on capital markets. Our focus remains on the vast and prospective continent of Africa, as this is where projects can still be discovered and developed rapidly and cost efficiently from surface.
Our initial public offering on London’s AIM in August 2017 was a counter-cyclical move by the Company and one which has proven to be pivotal. Within a few months the listing had acted as a springboard for us to undertake our combination with Legend Gold, complete a financing and dual list on the TSX-V. The remainder of 2018 has provided an opportunity for the Board to bed in, and get to grips with the enlarged operations of the Company and its dual-listed status with the governance requirements in two jurisdictions. As laid out in our Corporate Governance Report, the board members bring a range of talents and a wealth of relevant multi-national experience to meet the challenges ahead, and I am encouraged by the enthusiasm and dedication to the success of Altus that the Board has demonstrated.
By the end of 2018 Altus was listed in two countries and conducting exploration activities in six more. The board is keenly aware that the growing size and complexity of is operations means that it must keep a sharp focus on good governance in all spheres of its activity, which involves keeping its assets in good standing, preserving the value of shareholders’ interests, maintaining compliance with laws and regulations, and upholding the highest standards in its conduct.
Altus is on track to become a specialist mining royalty company. What sets us apart is that we are generating our own opportunities for future royalties, by making and monetising mineral discoveries. The forthcoming year promises to be another exciting and busy time for the Altus team. A number of the Company’s assets have been developed to the stage of readiness for drilling with JV partners, and I have been greatly encouraged by the level of interest shown by third parties over recent months. I am confident that the team has the ability to secure advantageous agreements, and I look forward to seeing their hard work continue to bear fruit.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Altus Strategies Plc
Tel: +44 (0) 1235 511 767
SP Angel (Nominated Adviser)
|Tel: +44 (0) 20 3470 0470|
SP Angel (Broker)
|Tel: +44 (0) 20 3470 0471|
Blytheweigh (Financial PR)
|Tel: +44 (0) 20 7138 3204|
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed royalty and project generator in the mining sector with a focus on Africa. Our team creates value by making mineral discoveries across multiple licences. We enter joint ventures with respected groups and our partners earn interest in these discoveries by advancing them toward production. Project milestone payments we receive are reinvested to extend our portfolio, accelerating our growth. The portfolio model reduces risk as our interests are diversified by commodity and by country. The royalties generated from our portfolio of projects are designed to yield sustainable long term income. We engage constructively with all our stakeholders, working diligently to minimise our environmental impact and to promote positive economic and social outcomes in the communities where we operate.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this news release.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.