Q3 2017 Trading Update

09.11.2017 | FSCwire

London, England (FSCwire) - Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, issues the following trading update for the period July 1, 2017 to November 9, 2017. Unless otherwise stated, all unaudited financial information is for the quarter ended September 30, 2017.

Highlights

Total free cash flow generated of £14.6m in Q3 2017 (Q3 2016: £4.7m), an increase of 211%
Total contribution of £9.5m in Q3 2017 (Q3 2016: £4.7m) comprising:

- Royalty income of £8.9m in Q3 2017 (Q3 2016: £4.7m), an increase of 89%

- Denison financing receipts of £0.6m in Q3 2017

Increase in royalty income from Q3 2016 mainly due to a 39% increase in average coal price achieved at Kestrel and a 46% increase at Narrabri
Record production at Maracás Menchen in Q3 2017 which, when combined with a 110% increase in the average vanadium price achieved, resulted in royalty income increasing to £0.6m (Q3 2016: £0.2m), an increase of 200%
A return to net cash of £6.2m as at September 30, 2017 compared to net debt of £0.6m as at June 30, 2017
Net cash and free cash flow benefited from the commencement of monthly royalty receipts, previously quarterly, from Kestrel following changes to the Queensland royalty regime in Q3 2017, resulting in a one-off benefit to reported cash in 2017
Completion of the US$2.0m acquisition of a 1% GRR over the Piauí Nickel-Cobalt project which is operated by Brazilian Nickel Limited
The previously announced 2017 interim dividend of 3.00p to be paid in November 2017
A further interim dividend of 1.50p in relation to Q3 2017, in line with previous guidance, is declared and will be payable in February 2018

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/9876V_1-2017-11-8.pdf

This information is provided by RNS

The company news service from the London Stock Exchange

END

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Anglo11092017.pdf

Source: Anglo Pacific Group PLC (LSE:APF, TSX:APY)

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