ABOUT US ROYALTIES INVESTORS & MEDIA OUR CONTRIBUTION CONTACT Interim results for the six months ended 30 June 2021 August 25, 2021Anglo Announcements No Comments Anglo Pacific Group PLC (“Anglo Pacific”, the “Company”, the “Group”) (LSE: APF) (TSX: APY) is pleased to announce interim results for the six months ended 30 June 2021 which are available on both the Group’s website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com. Following the transformational $205m Voisey’s Bay cobalt stream acquisition in March 2021 and the associated financing, the Company has determined that it is now appropriate to commence reporting results in US dollars rather than in British pounds. With four of the Group’s nine royalties being received in US dollars, the majority of Anglo Pacific’s revenue, and the remaining ones largely being based on US dollar prices but then converted to local currency, the Company feels now is the right time to transition its presentation currency to one that more appropriately reflects the underlying performance of the business and is in line with its peers. The change in presentation currency does not impact the underlying business nor dividends, in particular the previously announced interim dividends of 1.75p per share to be paid in November 2021, December 2021 and February 2022. RESULTS HY1 2021 HY1 2020 HY1 2021 HY1 2020 $M YOY% $M £M YOY% £M Kestrel 9.55 (37%) 15.10 6.88 (43%) 11.97 Voisey’s Bay 3.12 – – 2.25 – – Narrabri 1.15 (43%) 2.00 0.83 (48%) 1.59 Mantos Blancos 2.75 82% 1.51 1.98 65% 1.20 Maracás Menchen 1.46 484% (0.38) 1.05 439% (0.31) Four Mile 0.10 (41%) 0.17 0.07 (46%) 0.13 ROYALTY AND STREAM INCOME 18.13 (1%) 18.40 13.06 (10%) 14.58 Dividends – LIORC & Flowstream 2.86 (1%) 2.89 2.06 (10%) 2.30 Interest – McClean Lake 1.23 10% 1.12 0.89 0% 0.89 ROYALTY AND STREAM RELATED REVENUE 22.22 (1%) 22.41 16.01 (10%) 17.77 EVBC* 1.59 34% 1.19 1.15 19% 0.97 Principal repayment – McClean Lake – (100%) 0.50 – (100%) 0.40 Less: Metal streams cost of sales (0.77) – (0.55) – TOTAL PORTFOLIO CONTRIBUTION 23.04 (4%) 24.10 16.61 (13%) 19.14 * Following the application of IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than recorded as royalty income. HIGHLIGHTS: Portfolio contribution of $23.0m in H1 21 compared to $24.1m in H1 20, reflects lower coking coal prices and volumes at both Kestrel and Narrabri, primarily in Q1 21, but is offset by maiden contributions from the Group’s Voisey’s Bay stream of $2.4m 62% of the Group’s asset value is derived from battery materials (31 December 2020: 22%) with coal exposure reducing 19% (31 December 2020: 33%) 53% of the Group’s portfolio contribution is derived from non-coal revenue (H1 2020: 29%) Successful integration of the Voisey’s Bay cobalt stream acquisition into the business, with 14 deliveries processed thus far 90% increase in the spot price of coking coal in the last three months and an 80% increase for thermal coal both of which are the strongest performing commodities within the period and will assist in driving H2 21 revenue Dividends from LIORC of C$2.75 per share declared in H1 21 compared to C$0.80 per share in H1 20 – benefitting from continued strong iron ore pricing throughout the first six months of 2021 Realised copper and vanadium prices (vanadium is up 80% year to date) were higher in the period which benefitted the Company’s Mantos Blancos and Maracás Menchen revenue (the latter was impacted by a one-off off-take adjustment charge in H1 20) All of the Group’s producing assets are back in operation, following the recommencement of activities at the McClean Lake Mill after a period of COVID-19 related care and maintenance Adjusted earnings of 5.5c (H1 20: 7.7c), or ~3.95p, which should be viewed in the context that the majority of the Group’s earnings are expected to come through in H2 21 Net debt of $108.9m at the end of June 2021 ($33.3m at the beginning of the year) reflecting the acquisition of the Voisey’s Bay cobalt stream in Q1 21, with operating leverage under 2.5x With $29.0m of undrawn borrowings, ~US$33.0m residual position in LIORC and ~US$8.0m of treasury shares, the Group has financing flexibility of ~US$70.0m to finance further growth opportunities Strategic review under way to consider options in relation to a possible divestment of the Narrabri thermal coal royalty, which would see the Group being thermal coal free Next quarterly dividend payment of 1.75p to be paid on 10 November 2021 to shareholders on the register at 7 October 2021 Anglo Pacific expects H2 21 to be much stronger given that coal prices are trading at 52-week highs and that the majority of these increases will only impact on cash flow in Q3 21. Cobalt prices are up 20% in the last three months which, along with increased deliveries to come during H2 21, will benefit revenue from the Voisey’s Bay stream. JULIAN TREGER, CHIEF EXECUTIVE OFFICER, COMMENTED: “The first half results do not reflect what appears likely to be a strong year for Anglo Pacific. The recent increase in coking and thermal coal spot prices, currently at 52-week highs, accelerated at the beginning of June, lagging the increases which took hold for other commodities at the beginning of the year. Coking coal prices have increased 120% in the year to date, with 90% of this occurring in the last three months. Thermal coal is up by 102% year to date and 80% in the last three months. With stability now appearing to have returned to coal markets, we are cautiously optimistic that these price levels can be sustained through the second half of 2021. In addition to coal prices, cobalt has increased by 20% in the last three months, which looks set to benefit the transformational $205m Voisey’s Bay stream acquisition completed at the end of Q1 21. The outlook for commodities in general continues to be well supported by significant infrastructure commitments outlined by some of the largest economies as a means to ensure no lasting damage caused by the COVID pandemic. This is most recently evidenced by the approval of the $1tn stimulus package in the US. Coupled with ongoing momentum in the development of decarbonisation technology, and the possibility of rising inflation, we see solid fundamentals for sustained pricing levels for commodities. As a result, we are confident that the second half will see a significantly higher outturn than that of the first six months of the year. We continue to be busy appraising further growth opportunities and have ~US$70m of financing flexibility to do so.” ANALYST PRESENTATION There will be an analyst presentation webcast at 9:30am (BST) on 25 August 2021. The presentation will be hosted by Julian Treger (CEO), Kevin Flynn (CFO) and Marc Bishop Lafleche (CIO). Please join the event 5-10 minutes prior to the scheduled start time. When prompted, provide the confirmation code or event title. EVENT CONFERENCE TITLE Anglo Pacific Interim Results TIME ZONE Dublin, Edinburgh, Lisbon, London START TIME/DATE 09:30 (BST) / Wednesday 25 August 2021 DURATION 60 minutes PHONE +44 (0)330 336 9434 UK Tollfree/freephone 0800 279 7209 CONFIRMATION CODE 5853511 WEBCAST LINK https://webcasting.brrmedia.co.uk/broadcast/611d0b81c97de6636c2d993d For a full copy of this release please click here Archives Archives Select Month October 2021 September 2021 August 2021 July 2021 June 2021 May 2021 April 2021 March 2021 February 2021 December 2020 November 2020 October 2020 September 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 December 2017 November 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 September 2016 August 2016 July 2016 June 2016 May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014 June 2014 May 2014 March 2014 February 2014 January 2014 December 2013 November 2013 October 2013 September 2013 August 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 October 2012 September 2012 August 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 June 2011 May 2011 April 2011 March 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 August 2007 July 2007 June 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 August 2006 June 2006 Proactive Investors NEWS AND ARTICLES MarketWatch.com – Top Stories London Markets: International Hotels Group climbs as Jefferies says time to buy leisure, while Vivo Energy soars on buyout November 25, 2021 : Americans increasingly say they don’t plan to have kids — this is the No. 1 reason why November 25, 2021 : Man in North Korean sentenced to death after smuggling in banned copies of Netflix series ‘Squid Game’ November 25, 2021 Financial Crime: ‘Mercenary’ grifter scammed dozens in Seattle’s comic book and LGBTQ scene with lies about fake medical costs, prosecutors say November 25, 2021 : Facing the biggest inflation surge in 30 years, shoppers expect to spend a lot more this holiday season November 25, 2021 Popular Searches Acquisition AGMs Annual Reports Directors' Share Dealings Dividend General Joint Venture Results Royalties Royalty Share Placings Substantial Shareholding Total Voting Rights Tel: +44 (0) 20 3435 7400 Legal Disclaimer By using this form you agree with the storage and handling of your data by this website. © 2021 Anglo Pacific Group. | All rights reserved | Site Designed & Developed by luketom.com