SOURCE: Anglo Pacific Group PLC

May 25, 2016 02:00 ET

Anglo Pacific Group PLC Announces Q1 2016 Trading Update

LONDON, UNITED KINGDOM--(Marketwired - May 25, 2016) - Anglo Pacific Group PLC (TSX: APY) (LSE: APF)

(LSE: APF; TSX: APY)

News Release
May 25, 2016

Anglo Pacific Group PLC
Q1 2016 Trading Update

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 January 1, 2016 to May 23, 2016. Unless otherwise stated, all unaudited financial information is for the quarter ended March 31, 2016.

Highlights

  • Royalty income of £1.9m in Q1 2016 (Q1 2015: £2.3m, Q4 2015: £3.0m) in line with the Group's expectations that the majority of royalty income, similar to 2015, will be received in H2 2016
  • Guidance from Kestrel remains unchanged with 30-35% of production expected within the Group's land in H1 2016 and 85-90% in H2 2016
  • Recovery in both the outlook and price of coking coal and vanadium pentoxide
  • First receipts from the Four Mile royalty of £0.2m
  • Cash and cash equivalents of £3.7m as at March 31, 2016 (December 31, 2015: £5.7m)
  • Borrowings of £9.3m as at March 31, 2016 (December 31, 2015: £7.3m)
  • Following positive developments at Berkeley Energia Limited ("Berkeley"), the Group's equity stake is valued at £10.3m (as of May 23, 2016) and the implied value of the Group's royalty, based on Berkeley's recently announced deal, is approximately $10m higher than the value carried on our balance sheet

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For further information:

Anglo Pacific Group PLC +44 (0) 20 3435 7400
Julian Treger - Chief Executive Officer  
Kevin Flynn - Chief Financial Officer and Company Secretary  
Website: http://www.anglopacificgroup.com/
   
BMO Capital Markets Limited +44 (0) 20 7664 8020
Jeffrey Couch / Neil Haycock / Tom Rider  
   
Macquarie Capital (Europe) Limited +44 (0) 20 3037 2000
Raj Khatri / Nicholas Harland / Ariel Tepperman  
   
Peel Hunt LLP +44 (0) 20 7418 8900
Matthew Armitt / Ross Allister  
   
Bell Pottinger +44 (0) 20 3772 2500
Nick Lambert / David Bass / Richard Crowley  
   
   

This information is provided by RNS
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