THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pensana
Plc
Reports
on Payments to Governments for FY 2023
Pensana Plc (LSE: PRE)
(“Pensana” or “the Company”) publishes the Company’s Payments to
Governments Report for the year ended 30
June 2023 (“the Year” or “FY2023”) (the
“Report”).
Basis of
preparation
This Report, which
provides an overview of the payments to governments made by Pensana
and its subsidiaries, is required under the United Kingdom’s (“UK”)
Report on Payments to Governments Regulations 2014 and its
amendment in December 2015 (“the
Regulations”). This Report is also intended to satisfy the
requirements of the Disclosure and Transparency Rules of the
Financial Conduct Authority in the UK.
This report is also
available on the Company’s website at: www.pensana.co.uk.
Activities
Payments made by Pensana
to governments arising from activities involving the exploration,
prospection, discovery, development and extraction of minerals
(extractive activities) across its projects are to be disclosed in
this report.
Summary of
Payments (US$)1
|
|
|
|
|
|
|
Country
|
Corporate
taxes
|
Mining & other
licence fees
|
Royalties
|
Infrastructure
improvements
|
Other
|
Total
|
Australia
|
-
|
-
|
-
|
-
|
-
|
-
|
Angola2
|
-
|
195,812
|
-
|
-
|
-
|
195,812
|
UK
|
-
|
-
|
-
|
-
|
-
|
-
|
1
Payments are
shown in US$ equivalent amounts for the financial year ending
30 June 2023 using the average FX
rate for the year
2
Payments shown
relate to the Longonjo Project and Coola Exploration
Project
Government
definition
Government includes any
national, regional or local authority of a country, and includes a
department, agency or entity that is a subsidiary of a
government.
Payments
Payments to governments
are required to be reported in the following
categories:
These are any taxes paid
by Pensana on its income and profits in accordance with legislation
enacted in the applicable jurisdiction. Payments are reported net
of refunds. Value added tax, personal income taxes, social taxes,
property taxes are excluded.
Royalties are not yet
applicable as the projects are still in
exploration/development.
These are any fees and
other sums paid as consideration for acquiring a licence for
gaining access to an area where extractive activities are
performed. Administrative government fees that are not specifically
related to the extractive sector are excluded.
-
Infrastructure
improvements
Payments in kind in the
form of infrastructure expenditure other than in circumstances
where the infrastructure is expected to be primarily dedicated to
operational activities throughout its useful life. The Regulations
do not require reporting social or community payments, such as
payments to build a hospital or a school.
Other types of
payments
Other types of payments
that are required to be disclosed in accordance with the
Regulations but are not relevant to Pensana’s operations are the
following:
-
Production
entitlements
-
Dividends
including dividends paid
to a government in lieu of production entitlements or royalties.
Dividends paid to a government as an ordinary shareholder on the
same terms as to other ordinary shareholders and not paid in lieu
of production entitlements or royalties are
excluded.
-
Signature, discovery and
production bonuses
Payments are reported on a
cash basis. No in-kind payments were made during year ended
30 June 2023.
Materiality
Level
Payments included in the
Report are amounts paid, whether in money or in kind, for relevant
activities. In line with the Regulations, where a payment or a
series of related payments have not exceeded £86,000 they have not
been disclosed.
Payments per
government
Total payments to
governments under the Regulations amounted to US$195,812 in FY 2023 (FY 2022: US$1,514).
The information
contained within this announcement is considered by the Company to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014. Upon the publication of this
announcement via a Regulatory Information Service, this inside
information will be considered to be in the public domain. The
person responsible for arranging for the release of this
announcement on behalf of the Company is
Paul Atherley,
Chairman.
- ENDS
–
For further
information, please contact:
Shareholder/analyst
enquiries:
Pensana
Plc
Paul Atherley, Chairman IR@pensana.co.uk
Tim George, Chief Executive
Officer
Rob Kaplan, Chief Financial
Officer