TIDMKIW
RNS Number : 5877E
Kiwara PLC
23 December 2009
Registration number: 01760458
JSE: KWR
AIM:KIW
ISIN:GB0007702953
23 December 2009
Kiwara plc
("Kiwara" or "the Company" or "the Group")
Chairman's Statement and Interim Results for the
period ended 30 September 2009
Highlights
- Optimal open pit resource statement - 340MT at 0.78% copper
- IFC investment of US$6M with option to invest a further US$9M
- Further high grade Ni results at Kawako
- Offer from First Quantum Minerals Ltd to acquire Kiwara for GBP157.6M
Operations
During the reporting period the Company has continued to make significant
advances with the exploration of both Kalumbila and Kawako, the Company's base
metals targets within its prospecting licence area. These projects are located
on the periphery of the Kabompo Dome in North West Province, Zambia, an area
which is now considered to be the highly prospective extension of the historic
Zambian copper-belt.
Kalumbila: Following the 2008 drill programme, the Company engaged Snowden, the
independent mining consultants to model Kalumbila and produce a resource
statement on the optimal open pit area for copper mineralisation. Their SAMREC
code compliant estimation is of an Inferred Category Resource of 340MT at 0.78%
copper, using an economically viable cut off of 0.55% Cu. This open pit target
is in the central part of the known mineralisation, reports to surface and
remains open on strike and dip. The Company is currently engaged in both in-fill
drilling necessary to increase the resource from Inferred to Indicated Category,
and also to increase confidence in the previously determined mineralised areas
along strike from the targeted pit area so that additional tonnage may be
brought into the resource. The current drill programme is the first step towards
a pre-feasibility study. The Board believes that Kalumbila has the potential to
be a very significant copper mine.
Kawako: The Company's initial drilling programme identified very high grade
nickel mineralisation in two boreholes. During the reporting period the Company
drilled a further 8 core boreholes to determine both continuity and structure of
what is believed to be a complex hydrothermal system. Results continue to report
high nickel grades over considerable intersections (KW3 intersected 17.7m
grading 1.04% Ni from 22.3m, which includes 6.04m at 2.26% Ni from 25.2m. KW4
intersected 12.2m at 3.03% Ni from 87.5m and 9.6m at 0.94% Ni from 128.4m);
ongoing geo-chemistry and analytical work continues to suggest that Kawako has
significant potential as a nickel target.
Financial and Corporate Review
The pre-tax loss for the six months to 30 September 2009 was GBP999,138 (2008 -
GBP172,483). The consolidated income statement includes an exchange loss of
GBP491,217 (2008 - exchange gain of GBP466,155) which relates to the GBP
denominated inter-company loan due to Kiwara from its 100% owned Zambian based
subsidiary, Kiwara Resources (Zambia) Limited ("Kiwara Zambia"). These exchange
differences are unrealised and have arisen due to the different reporting
currencies of the parent company, Kiwara (GBP) and its 100% owned subsidiary,
Kiwara Zambia (US$).
Cumulative exploration expenditure incurred to 30 September 2009 amounted to
GBP2,675,979 at 30 September 2009. During the period under review, Kiwara
increased its interest in Kalumbila Minerals Ltd ("Kalumbila"), the joint
venture company by 5% for a consideration of GBP1M plus 800,000 Kiwara ordinary
shares of 1p each. This additional interest increases Kiwara's holding in
Kalumbila to 85% effective from 23 September 2009.
On 27 August 2009, the International Finance Corporation (the "IFC") committed
to an equity investment of US$15 million in the Company. The initial US$6
million was executed through its investment in 19,510,403 million Kiwara
ordinary shares of 1p each at a price of 18.97 pence per share. As part of the
US$6 million initial investment, the IFC was granted the right to invest a
further US$9 million at a price of 37 pence per share for a period of 3 years
from the date of the initial investment. This investment by the IFC provides the
Company with a highly credible strategic investor necessary for the progression
of the Company's rapidly emerging projects in an environmentally and socially
sustainable manner.
Post the reporting period, Kiwara received and the directors unanimously
supported an offer from First Quantum Minerals Ltd ("First Quantum") to purchase
the entire share capital of Kiwara for approximately GBP157.6 million by way of
a cash and equity transaction. The terms of the First Quantum offer consist of a
cash payment of 37.5 pence plus 0.0085 First Quantum share per Kiwara ordinary
share. The Scheme circular relating to this transaction was posted to
shareholders on 18 December 2009 and a copy is available on the Company's
website. It is currently estimated that the transaction will complete in early
February 2010.
Colin Bird
Chairman
23 December 2009
+------------------------------+-------+---------------+---------------+---------------+
| Consolidated Income Statement | | |
+------------------------------------------------------+---------------+---------------+
| | Notes | | |
+------------------------------+-------+-------------------------------+---------------+
| | | Six months | Six months | Year ended |
| | | ended | ended | 31/03/2009 |
| | | 30/09/2009 | 30/09/2008 | Audited |
| | | Unaudited | Unaudited | |
+------------------------------+-------+---------------+---------------+---------------+
| | | GBP | GBP | GBP |
+------------------------------+-------+---------------+---------------+---------------+
| Revenue | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Other income | | | - | - |
+------------------------------+-------+---------------+---------------+---------------+
| Administration expenditure | | -529,319 | -662,007 | -1,142,013 |
+------------------------------+-------+---------------+---------------+---------------+
| Loss from operations | | -529,319 | -662,007 | -1,142,013 |
+------------------------------+-------+---------------+---------------+---------------+
| Finance income | | 2,060 | 22,969 | 34,586 |
+------------------------------+-------+---------------+---------------+---------------+
| Finance cost | | -103 | - | -4 |
+------------------------------+-------+---------------+---------------+---------------+
| Foreign exchange (loss)/gain | | -491,217 | 466,555 | 1,745,740 |
+------------------------------+-------+---------------+---------------+---------------+
| Other income | | 19,441 | - | 309,900 |
+------------------------------+-------+---------------+---------------+---------------+
| Profit/(loss) before income | | -999,138 | -172,483 | 948,209 |
| tax expense | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Income tax expense | | - | - | - |
+------------------------------+-------+---------------+---------------+---------------+
| Profit/(loss) for the period | | -999,138 | -172,483 | 948,209 |
| after income tax expense | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Loss attributable to | | 19,807 | 25,448 | -218,129 |
| minority interest | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Profit/(loss) attributable | | -979,331 | -147,035 | 730,080 |
| to members of Kiwara Plc | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Number of shares in issue | 4 | 198,551,210 | 165,485,010 | 174,365,806 |
+------------------------------+-------+---------------+---------------+---------------+
| Weighted average number of | | 179,419,572 | 160,594,300 | 165,540,875 |
| shares in issue | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Diluted weighted average | | 180,131,949 | 161,105,130 | 166,036,916 |
| number of shares in issue | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Basic profit/(loss) per | 3 | -0.55 | -0.09 | -0.44 |
| share (pence) | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Headline profit/(loss) per | 3 | -0.55 | -0.09 | -0.44 |
| share (pence) | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Diluted profit/(loss) per | 3 | -0.55 | -0.09 | -0.44 |
| share (pence) | | | | |
+------------------------------+-------+---------------+---------------+---------------+
| Diluted headline | 3 | -0.55 | -0.09 | -0.44 |
| profit/(loss) per share | | | | |
| (pence) | | | | |
+------------------------------+-------+---------------+---------------+---------------+
+----------------------------------+-------+----------------+---------------+---------------+
| Consolidated Balance Sheet |
+-------------------------------------------------------------------------------------------+
| | | 30/09/2009 | 30/09/2008 | 31/03/09 |
| | | Unaudited | Unaudited | Audited |
+----------------------------------+-------+----------------+---------------+---------------+
| |Notes | GBP | GBP | GBP |
+----------------------------------+-------+----------------+---------------+---------------+
| Assets | | | | |
+----------------------------------+-------+----------------+---------------+---------------+
| Non-current assets | | | | |
+----------------------------------+-------+----------------+---------------+---------------+
| Property, plant and equipment | | 65,948 | 78,017 | 97,376 |
+----------------------------------+-------+----------------+---------------+---------------+
| Intangible assets | | 16,852,431 | 14,224,160 | 15,554,420 |
+----------------------------------+-------+----------------+---------------+---------------+
| Total non-current assets | | 16,918,379 | 14,302,177 | 15,651,796 |
+----------------------------------+-------+----------------+---------------+---------------+
| Current assets | | | | |
+----------------------------------+-------+----------------+---------------+---------------+
| Trade and other receivables | | 10,260 | 100,655 | 31,793 |
+----------------------------------+-------+----------------+---------------+---------------+
| Cash and cash equivalents | | 3,905,200 | 1,292,989 | 472,643 |
+----------------------------------+-------+----------------+---------------+---------------+
| Prepaid expenses and other | | 24,107 | 24,018 | 35,396 |
| current assets | | | | |
+----------------------------------+-------+----------------+---------------+---------------+
| Total current assets | | 3,939,567 | 1,417,662 | 539,832 |
+----------------------------------+-------+----------------+---------------+---------------+
| Total assets | | 20,857,946 | 15,719,839 | 16,191,628 |
+----------------------------------+-------+----------------+---------------+---------------+
| Current liabilities | | | | |
+----------------------------------+-------+----------------+---------------+---------------+
| Trade and other payables | | 282,985 | 340,284 | 75,746 |
+----------------------------------+-------+----------------+---------------+---------------+
| Total current liabilities | | 282,985 | 340,284 | 75,746 |
+----------------------------------+-------+----------------+---------------+---------------+
| Total liabilities | | 282,985 | 340,284 | 75,746 |
+----------------------------------+-------+----------------+---------------+---------------+
| Net current assets | | 3,656,582 | 1,077,378 | 464,086 |
+----------------------------------+-------+----------------+---------------+---------------+
| Net assets | | 20,574,961 | 15,379,555 | 16,115,882 |
+----------------------------------+-------+----------------+---------------+---------------+
| Equity | | | | |
+----------------------------------+-------+----------------+---------------+---------------+
| Share capital | 4 | 6,604,414 | 6,273,752 | 6,362,560 |
+----------------------------------+-------+----------------+---------------+---------------+
| Share premium | 4 | 13,875,671 | 8,738,664 | 8,738,665 |
+----------------------------------+-------+----------------+---------------+---------------+
| Share based payment reserve | | 343,325 | 207,474 | 343,325 |
+----------------------------------+-------+----------------+---------------+---------------+
| Currency translation reserves | | -1,194,814 | -397,192 | -1,358,502 |
+----------------------------------+-------+----------------+---------------+---------------+
| Other reserves | | 7,411,656 | 6,790,000 | 7,411,656 |
+----------------------------------+-------+----------------+---------------+---------------+
| Retained earnings | | -6,945,179 | -6,866,987 | -5,965,848 |
+----------------------------------+-------+----------------+---------------+---------------+
| Equity attributable to equity | | 20,095,073 | 14,745,711 | 15,531,856 |
| holders of the company | | | | |
+----------------------------------+-------+----------------+---------------+---------------+
| Minority interests | | 479,888 | 633,844 | 584,026 |
+----------------------------------+-------+----------------+---------------+---------------+
| Total equity | | 20,574,961 | 15,379,555 | 16,115,882 |
+----------------------------------+-------+----------------+---------------+---------------+
+--------------------------------------+-------------+--------------+----------+---------------+
| Consolidated Statement of Changes in Equity |
+----------------------------------------------------------------------------------------------+
| Attributable to Equity Holders of the Company |
+----------------------------------------------------------------------------------------------+
| | Share | Share | Share | Currency |
| | Capital | Premium | based | translation |
| | | | payment | reserves |
| | | | reserve | |
+--------------------------------------+-------------+--------------+----------+---------------+
| | GBP | GBP | GBP | GBP |
+--------------------------------------+-------------+--------------+----------+---------------+
| Balance at 1 April 2008 | 6,223,752 | 7,815,204 | 200,885 | 12,744 |
+--------------------------------------+-------------+--------------+----------+---------------+
| Issue of share capital | 50,000 | - | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Premium on issue of share capital | - | 950,000 | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Costs on issue of shares | - | -26,540 | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Net profit/(loss) for the period | - | - | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Addition in minority interest | - | - | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Share based payment charge | - | - | 6,589 | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Currency translation adjustment | - | - | - | -409,936 |
+--------------------------------------+-------------+--------------+----------+---------------+
| Balance at 30 September 2008 | 6,273,752 | 8,738,664 | 207,474 | -397,192 |
+--------------------------------------+-------------+--------------+----------+---------------+
| Issue of share capital | 88,808 | - | | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Net profit/(loss) for the period | - | - | | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Addition /Deduction in minority | - | - | | - |
| interest | | | | |
+--------------------------------------+-------------+--------------+----------+---------------+
| Share based payment charge | - | | 135,851 | |
+--------------------------------------+-------------+--------------+----------+---------------+
| Currency translation adjustment | - | 1 | - | -961,310 |
+--------------------------------------+-------------+--------------+----------+---------------+
| Other reserves | - | - | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Balance at 31 March 2009 | 6,362,560 | 8,738,665 | 343,325 | -1,358,502 |
+--------------------------------------+-------------+--------------+----------+---------------+
| Issue of share capital | 241,854 | - | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Premium on issue of share capital | - | 5,137,006 | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Net profit/(loss) for the period | - | - | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Addition/Deduction in minority | - | - | - | - |
| interest | | | | |
+--------------------------------------+-------------+--------------+----------+---------------+
| Share based payment charge | - | - | - | - |
+--------------------------------------+-------------+--------------+----------+---------------+
| Currency translation adjustment | - | - | - | 163,688 |
+--------------------------------------+-------------+--------------+----------+---------------+
| Balance at 30 September 2009 | 6,604,414 | 13,875,671 | 343,325 | -1,194,814 |
+--------------------------------------+-------------+--------------+----------+---------------+
+--------------------------------------+-------------+--------------+-------------+--------------+
| Consolidated Statement of Changes in Equity | | |
+-------------------------------------------------------------------+-------------+--------------+
| Attributable to Equity Holders of the Company |
+------------------------------------------------------------------------------------------------+
| | Other | Retained | Minority | Total |
| | reserves | earnings | Interests | |
+--------------------------------------+-------------+--------------+-------------+--------------+
| | GBP | GBP | GBP | GBP |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Balance at 1 April 2008 | 6,790,000 | -6,719,952 | 601,850 | 14,924,483 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Issue of share capital | - | - | - | 50,000 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Premium on issue of share capital | - | - | - | 950,000 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Costs on issue of shares | - | - | - | -26,540 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Net profit/(loss) for the period | - | -147,035 | -25,448 | -172,483 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Addition in minority interest | - | - | 57,442 | 57,442 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Share based payment charge | - | - | - | 6,589 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Currency translation adjustment | - | - | - | -409,936 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Balance at 30 September 2008 | 6,790,000 | -6,866,987 | 633,844 | 15,379,555 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Issue of share capital | - | - | - | 88,808 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Net profit/(loss) for the period | - | 877,115 | 243,577 | 1,120,692 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Addition /Deduction in minority | - | 24,024 | -293,395 | -269,371 |
| interest | | | | |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Share based payment charge | | | | 135,851 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Currency translation adjustment | - | - | - | -961,309 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Other reserves | 621,656 | - | - | 621,656 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Balance at 31 March 2009 | 7,411,656 | -5,965,848 | 584,026 | 16,115,882 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Issue of share capital | - | - | - | 241,854 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Premium on issue of share capital | - | - | - | 5,137,006 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Net profit/(loss) for the period | - | -979,331 | -19,807 | -999,138 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Addition/Deduction in minority | - | - | -84,331 | -84,331 |
| interest | | | | |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Share based payment charge | - | - | - | - |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Currency translation adjustment | - | - | - | 163,688 |
+--------------------------------------+-------------+--------------+-------------+--------------+
| Balance at 30 September 2009 | 7,411,656 | -6,945,179 | 479,888 | 20,574,961 |
+--------------------------------------+-------------+--------------+-------------+--------------+
+-------------------------------------------+---------------+--------------+--------------+
| Consolidated Cash flow statement |
+-----------------------------------------------------------------------------------------+
| | | | |
+-------------------------------------------+---------------+--------------+--------------+
| | Six months | Six months | Year ended |
| | ended | ended | 31/03/2009 |
| | 30/09/2009 | 30/09/2008 | Audited |
| | Unaudited | Unaudited | |
+-------------------------------------------+---------------+--------------+--------------+
| | GBP | GBP | GBP |
+-------------------------------------------+---------------+--------------+--------------+
| | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Cash flow from operating activities |
+-----------------------------------------------------------------------------------------+
| (Loss)/profit before income tax and | -999,139 | -172,483 | 948,209 |
| minority interest | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Depreciation | 22,547 | 17,120 | 39,885 |
+-------------------------------------------+---------------+--------------+--------------+
| Profit on disposal of property, plant and | - | -5,014 | - |
| equipment | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Decrease/(increase) in trade and other | 21,535 | -59,497 | 9,366 |
| receivables | | | |
+-------------------------------------------+---------------+--------------+--------------+
| (Increase)/decrease in prepaid expenses | -12,204 | 5,171 | -6,207 |
| and other current assets | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Increase/(decrease) in trade and other | 230,731 | 204,524 | -60,014 |
| payables | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Increase/(decrease) in currency | 378,027 | -429,722 | -1,401,520 |
| translation reserves | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Share based payments | - | 6,589 | 142,440 |
+-------------------------------------------+---------------+--------------+--------------+
| Interest received | -2,060 | -22,969 | -34,586 |
+-------------------------------------------+---------------+--------------+--------------+
| Gain from bargain purchase | - | - | -309,900 |
+-------------------------------------------+---------------+--------------+--------------+
| Net cash outflow from operating | -360,563 | -456,281 | -672,327 |
| activities | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Cash flows utilised by investing | | | |
| activities | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Acquisition of additional interest in | -1,000,000 | - | -197,845 |
| subsidiaries | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Purchase of intangible fixed assets | -250,228 | -1,086,103 | -1,953,545 |
+-------------------------------------------+---------------+--------------+--------------+
| Purchase of property, plant and equipment | -1,572 | -881 | -25,194 |
+-------------------------------------------+---------------+--------------+--------------+
| Proceeds from disposal of property, plant | - | 15,726 | 14,898 |
| and equipment | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Interest received | 2,060 | 22,969 | 34,586 |
+-------------------------------------------+---------------+--------------+--------------+
| Net cash outflow from investing | -1,249,740 | -1,048,289 | -2,127,100 |
| activities | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Cash flow from financing activities | | | |
+-------------------------------------------+---------------+--------------+--------------+
| Decrease in minority interest | - | - | -235,954 |
+-------------------------------------------+---------------+--------------+--------------+
+-------------------------------------------+----------------+--------------+--------------+
| Consolidated Cash flow statement |
+------------------------------------------------------------------------------------------+
| | | | |
+-------------------------------------------+----------------+--------------+--------------+
| | Six months | Six months | Year ended |
| | ended | ended | 31/03/2009 |
| | 30/09/2009 | 30/09/2008 | Audited |
| | Unaudited | Unaudited | |
+-------------------------------------------+----------------+--------------+--------------+
| | GBP | GBP | GBP |
+-------------------------------------------+----------------+--------------+--------------+
| | | | |
+-------------------------------------------+----------------+--------------+--------------+
| Issue of shares, net of costs of issuance | 5,042,860 | 973,460 | 1,683,925 |
+-------------------------------------------+----------------+--------------+--------------+
| Net cash inflow from financing activities | 5,042,860 | 973,460 | 1,447,971 |
+-------------------------------------------+----------------+--------------+--------------+
| Net increase/(decrease) in cash and cash | 3,432,557 | -531,110 | -1,351,456 |
| equivalents | | | |
+-------------------------------------------+----------------+--------------+--------------+
| Cash and cash equivalents at the | 472,643 | 1,824,099 | 1,824,099 |
| beginning of the year | | | |
+-------------------------------------------+----------------+--------------+--------------+
| Cash and cash equivalents at the end of | 3,905,200 | 1,292,989 | 472,643 |
| the year | | | |
+-------------------------------------------+----------------+--------------+--------------+
Notes to the Financial Statements
1. The unaudited interim financial statements for the six months ended 30
September 2009 have been prepared and are presented in accordance with
International Accounting Standards 34, Interim Financial Reporting,
International Financial Reporting Standard ("IFRS"), the Companies Act and the
JSE Limited Listings Requirements. The accounting policies and methods of
computation have been applied consistently throughout the Group and are
consistent with those for the financial year ended 31 March 2009.
2. Segmental Analysis
Business segments
The Group's only business segment is the exploration and development of
nickel-cobalt copper and uranium.
Geographical segments
An analysis of the profit/(loss) on ordinary activities before taxation and
minority interest, net assets and exploration expenditure by geographical area
is given below.
+------------------------------------------------+--------------+--------------+--------------+
| | Six months | Six months | Year ended |
| | ended | ended | 31/03/2009 |
| | 30/09/2009 | 30/09/2008 | |
+------------------------------------------------+--------------+--------------+--------------+
| | GBP | GBP | GBP |
+------------------------------------------------+--------------+--------------+--------------+
| Profit/(loss) on ordinary activities before | | | |
| income tax and minority interest | | | |
+------------------------------------------------+--------------+--------------+--------------+
| United Kingdom | -210,751 | -93,436 | -615,672 |
+------------------------------------------------+--------------+--------------+--------------+
| Zambia | -788,387 | -79,047 | 1,563,881 |
+------------------------------------------------+--------------+--------------+--------------+
| | -999,138 | -172,483 | 948,209 |
+------------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------------+--------------+--------------+--------------+
| Net assets by location | | | |
+------------------------------------------------+--------------+--------------+--------------+
| United Kingdom | 19,426,169 | 13,551,772 | 13,516,788 |
+------------------------------------------------+--------------+--------------+--------------+
| Zambia | 1,148,792 | 1,827,783 | 2,599,093 |
+------------------------------------------------+--------------+--------------+--------------+
| | 20,574,961 | 15,379,555 | 16,115,881 |
+------------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------------+--------------+--------------+--------------+
| Exploration expenditure | | | |
+------------------------------------------------+--------------+--------------+--------------+
| Zambia | 2,675,979 | 1,864,413 | 1,953,545 |
+------------------------------------------------+--------------+--------------+--------------+
| Total exploration expenditure | 2,675,979 | 1,864,413 | 1,953,545 |
+------------------------------------------------+--------------+--------------+--------------+
3. The calculation of the basic loss per share and headline loss per share is
based on the loss of GBP979,331 for the period ended 30 September 2009 divided
by the weighted average number of shares being 179,419,572 in issue during the
period.
The diluted loss per share and diluted headline loss per share is based on the
loss of GBP979,331 for the period ended 30 September 2009 divided by the
weighted average number of shares and potential shares being 180,131,949 in
issue during the period.
4. On 31 July 2009, The Group issued 3,875,001 ordinary shares of 1 p each at a
price of 36p, raising the Group GBP1,395,000 before costs. On 26 August 2009,
The Group issued 19,510,403 new ordinary shares to IFC raising US$6million.
On 23 September 2009, Kiwara Plc (Kiwara) entered into an agreement with LM
Engineering Ltd (LM) for the acquisition of 5% of LM's shareholding in Kalumbila
Minerals Ltd, an 80% subsidiary of Kiwara, for purchase consideration of GBP1
million plus 800,000 ordinary Kiwara shares. Kiwara was also granted the option
to acquire, within two years of the date of the agreement, a further 5% of the
shares in Kalumbila Minerals Ltd for a purchase consideration of GBP3 million
plus 2.4 million Kiwara ordinary shares.
5. Copies of the interim report are available to the public free of charge from
the Company at 4th Floor, 2 Cromwell Place, South Kensington, London, SW7 2JE,
during normal office hours for 30 days from the date of this report.
For further information, please contact:
Kiwara Plc
Colin Bird, Chairman
Tel: +44 (0)207 581 4477
Raju Samtani, Finance Director
Tel: +44 (0) 207 581 4477
Sasfin, Johannesburg
Brian Christie/Leonard Eiser, Corporate Finance
Tel: +27 (0) 11 809 7511
FinnCap, London
Matthew Robinson, Corporate Finance
Tel: +44 (0)20 7600 1658
Bishopsgate Communications Ltd
Suzanne Johnson-Walsh
Tel: +44 (0)20 7562 3359
This information is provided by RNS
The company news service from the London Stock Exchange
END
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