Premier African Minerals Limited, the BVI-registered company established to acquire and develop mineral properties across Africa, has issued its annual report for the financial year 2013. For the period ended 31st December 2013, which was company’s full year after admission to AIM, and the seventh since the acquisition of the first exploration licences, the Group reported an operating loss of US$4,728,000. This amount includes impairment charges of US$2,118,000 on exploration and evaluation assets in Togo, and the expense of US$453,000 for options awarded during 2012. During 2013, no new options were awarded. Loss after tax for the reported year for the Group was US$4,769,000.
In year 2013, capitalized expenditure of the company was US$1,254,000, comprised entirely of cash outflows. During 2012, expenditure capitalised of US$4,188,000 included cash outflows of $1,516,000, all the rest amount being non-cash outflows. As at 31 December 2013, Premier African Minerals held US$88,000 in cash and cash equivalents (US$1,518,000 in the end of financial 2012).
As at 20 June 2014, Premier African Minerals had cash reserves of approximately US$300k.