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Corporate update

At the beginning of the year, Deutsche Rohstoff AG provides an overview of developments in the Group, its subsidiaries and individual shareholdings.

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Bright Rock acquires land package in Wyoming

Bright Rock Energy has signed a purchase agreement for extensive areas in the US state of Wyoming. The package consists of approximately 28,000 net acres (approximately 11,300 hectares or 111 square kilometers) with currently five wells, which produced approximately 300 barrels per day in April 2020.

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USD 7.5 million tax refund in the USA

Due to a new tax legislation of the US government in connection with the corona pandemic, Deutsche Rohstoff USA expects a tax refund in the amount of approximately USD 7.5 million in the coming months. This results from a newly created possibility to carry back operating losses to 2014.

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Response to COVID-19 pandemic

Deutsche Rohstoff AG considers itself prepared for the current COVID-19 crisis and the market environment in the oil and gas sector. The Group has sufficient liquidity to master the current crisis. As reported, the Group had about EUR 85 million available at the end of 2019. In January 2020, these funds were used for the partial repayment of the bond 16/21 of EUR 16 million.

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Preliminary annual financials

Deutsche Rohstoff Group generated sales of EUR 41.1 million (previous year: EUR 109.1 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 22.7 million (previous year: EUR 97.9 million) in the fiscal year 2019. As already predicted in November when the nine-month figures were presented, sales were at the lower end of the forecast of EUR 40-50 million, as was the EBITDA, which as previously expected is slightly below the original forecast range of EUR 25-35 million.

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Q1 Oil Production 80% hedged

The companies of Deutsche Rohstoff Group have hedged 80% of their expected oil production for Q1/2020. The hedged price amounts to USD 57.48 per barrel. For the full year 2020, the expected hedging ratio is approximately 55% at a minimum price of 57.12 USD/barrel, for the first half of 2020 at 60% with a minimum price of 57.04 USD/Barrel.

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Almonty’s Sangdong project receives preliminary Export Credit Cover

Almonty Industries, in which Deutsche Rohstoff holds a 12.8% stake, has cleared the decisive hurdles for the project financing of the Sangdong mine in South Korea. After the financing bank, the KfW-IPEX Bank from Frankfurt, had already given a binding commitment at the beginning of February, the Austrian bank “Österreichische Kontrollbank” (OeKB) has now issued a preliminary Export Credit Cover (ECA).

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First oil in place estimate for Rhein Petroleum’s Steig discovery

Tulip Oil, majority shareholder of Rhein Petroleum GmbH, today published a first estimate of how much oil the Steig field could contain according to internal calculations. According to this, the so-called Oil in Place, i.e. the amount of oil in the reservoir identified by last year’s test well, amounts to more than 114 million barrel of oil. The economically recoverable quantities will be estimated in the coming months as part of a reserve calculation.

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New wells in the USA commence production

Cub Creek Energy, one of four subsidiaries of Deutsche Rohstoff AG in the US, will start the production of oil and gas from a total of 11 new wells drilled from the Olander pad with a horizontal length of two miles each. The drilling phase lasted from mid-June to the end of September, since then the wells have been completed. Cub Creek is investing approximately USD 50 million in the development of the field. Cub Creek is expected to release initial production results during February.

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Half call of bond 2016/2021

Deutsche Rohstoff AG exercises its right to call and redeem the outstanding bearer bonds of the 5.625% bond 2016/2021 with ISIN DE000A2AA055/WKN AA2AA05 in the amount of 50% of their nominal amount in accordance with § 5 para. 3 of the terms and conditions of the bond.

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Successful placement of the 2019/2024 bond with a volume of EUR 87.1 million

Deutsche Rohstoff AG has successfully completed the placement of its corporate bond 2019/2024 (ISIN DE000A2YN3Q8) with an issue volume of EUR 87.1 million. EUR 53.8 million was attributable to subscriptions within the framework of the public offering and the institutional private placement. In addition, creditors of the corporate bond 2016/2021 (ISIN DE000A2AA055) exchanged bonds with a nominal value of EUR 33.3 million for the new Deutsche Rohstoff bond.

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9-month report published

In the first nine months of the financial year, Deutsche Rohstoff Group generated sales of EUR 31.2 million (previous year: EUR 88.4 million), earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 19.2 million (previous year: EUR 79.5 million) and net profit of EUR 2.4 million (previous year: EUR 15.2 million). The report will shortly be available on www.rohstoff.de.

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Placement of a bond with 5.25% coupon p.a.

Die Deutsche Rohstoff AG („Deutsche Rohstoff“) is planning a new corporate bond placement (WKN A2YN3Q, ISIN DE000A2YN3Q8) with a volume of up to EUR 100 million. It will be the third bond of Deutsche Rohstoff. The bond 2013/2018 was repaid on time, the bond 2016/2021 has a remaining term of approximately 20 months. Both bonds constantly traded above 100 percent of their nominal value.

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Half-year report published

In the first half of 2019, the Deutsche Rohstoff Group (further referred to as “Group”) generated sales of EUR 24.2 million (previous year: EUR 54.1 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 15.2 million (previous year: EUR 52.0 million). Consolidated net income for the year amounted to EUR 3.5 million (previous year: EUR 10.1 million). For the complete financial year 2019, the executive board continues to expect sales of between EUR 40 and 50 million, EBITDA of between EUR 25 and 35 million as well as a positive consolidated net income. The forecast for 2020 also remains unchanged with expected sales of EUR 75 to 85 million, EBITDA of EUR 55 to 65 million and a positive consolidated net income.

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Significant oil discovery in the Upper Rhine Valley

Rhein Petroleum GmbH has had a significant oil discovery in its recently drilled Steig-1 well, as the majority shareholder Tulip Oil reported in a press release published today. Rhein Petroleum had drilled the well in the Southern German region of Baden Wurttemberg in recent months and is currently testing it. The size and value of the deposit will be determined more precisely in the coming months. The planning for the development of this oil field has already begun.

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Cub Creek starts drilling Olander wells

As announced earlier this year, Cub Creek Energy has started an extensive drilling program on the company’s sites in Colorado. The program consists of 11 2-mile horizontal wells from the Olander drilling site. The costs are expected to amount to USD 60 million, of which Cub Creek will bear most. Cub Creek holds a 93% interest in these wells. Production of oil and gas is expected to begin in early 2020.

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Almonty pushes Sangdong development forward

The development of the Sangdong Mine in South Korea, 100% owned by Almonty Industries, is progressing. The company has now announced, that it has signed a contract with the South Korean utility company KEPCO (Korea Electric Power Cooperation) for the construction of an exclusive 10 MW line to supply the mine and processing facilities. The cost of USD 1.7 million for the power line will be fully covered by KEPCO under an industrial development program. The power line is to be completed by June 2020, a few months before the mine is scheduled to go into operation.

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Rhein Petroleum commences Steig-1 well

Rhein Petroleum GmbH, in which Deutsche Rohstoff AG holds a 10% stake, is expected to commence drilling Steig-1 near the Baden town of Weingarten, a few kilometres north of Karlsruhe, on 27 May. The wells objective is to provide information as to whether there are quantities of crude oil worth producing at a depth of around 900 metres.

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Further dividend increase planned

In fiscal year 2018, Deutsche Rohstoff Group generated sales of EUR 109,1 million (previous year: EUR 53.7 million), EBITDA of EUR 97.9 million (previous year: EUR 36.1 million) and consolidated net income of EUR 17.9 million (previous year: EUR 7.7 million; all figures German Gaap HGB and audited). The Executive Board and Supervisory Board will propose to the Annual General Meeting to be held in Mannheim on 4 July 2019 that a further increased dividend of EUR 0.70 per share be distributed (previous year: EUR 0.65). Deutsche Rohstoff AG is thus expected to pay a rising dividend for the fifth consecutive year.

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Bright Rock successfully grows acreage position

Bright Rock Energy has completed the purchase of additional mineral acreage and minority working interest in the Uinta Basin, Utah. The purchase price amounts to USD 2.0 million for 300 net acres. Production on the acquired acreage is currently around 30 barrel oil equivalent (BOE) per day. In total, Bright Rock produces 100 BOE per day and holds a position of over 1,000 net acres within the core of the basin, where horizontal drilling activities have been focused. The company holds an additional 3,300 acres outside the high-activity center of the basin, which came from a package purchased last year.

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New wells in Colorado

Cub Creek Energy plans to commence an extensive drilling program on the company’s Colorado acreage in June 2019. It will consist of 11 2 mile horizontal wells from the Olander drilling site and represent an investment of approximately USD 60 million. Cub Creek’s working interest is approximately 93%. Drilling is expected to commence in early 2020.

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Consolidated net income rises to EUR 17.9 million

In fiscal year 2018, the Deutsche Rohstoff Group generated sales of EUR 109.1 million (previous year: EUR 53.7 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 96.6 million (previous year: EUR 36.6 million). Sales were thus at the upper end of the November forecast of EUR 100 to 110 million. The EBITDA, which the Management Board had expected in November at around EUR 90 million, was again exceeded. According to preliminary figures, the consolidated result amounts to EUR 17.9 million (previous year: EUR 7.7 million) and EBIT (earnings before interest and taxes) to EUR 32.9 million (previous year: EUR 5.3 million).

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Tin International sells Gottesberg license to Anglo Saxony Mining

Tin International AG (TIN) sells 100% interest in its Gottesberg license in the Saxon Vogtland to Anglo Saxony Mining Limited (ASM). ASM is a private company based in London which, in addition to tin projects in England, is primarily developing the license „Breitenbrunn Indo“, also located in Saxony. The Upper Mining Authority of Saxony in Freiberg already approved the transfer of the Gottesberg license from Tin International AG to Saxore Bergbau GmbH, a wholly owned subsidiary of ASM.

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Further raise of full year guidance

For the full year 2018, Deutsche Rohstoff Group is expected to achieve higher sales than forecasted at the end of September and earnings before interest, taxes, depreciation and amortization (EBITDA) at or slightly above the upper end of the forecast range. After nine months, Group revenue amounted to EUR 88.4 million (previous year EUR 39.5 million) and EBITDA to EUR 79.5 million (previous year EUR 29.1 million). Consolidated net income climbed to EUR 15.2 million (previous year EUR 5.2 million). For the year as a whole, the Management Board now expects revenues of EUR 100 to 110 million (previous forecast EUR 90 to 100 million) and EBITDA of around EUR 90 million (previous forecast EUR 85 to 90 million). Due to the strong cash flow, the Group had cash and cash equivalents of around EUR 60 million at the end of the third quarter. At the same time, liabilities fell by around EUR 14 million.

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Almonty provides update on the project financing for the Sangdong Mine

Almonty Industries announced that KfW IPEX-Bank GmbH has consented to the Company disclosing the bank as the lender and the general terms of the proposed debt project financing for Almonty’s Sangdong mine in Korea. The project financing approval process is now in the late stage of finalization with due diligence almost complete.

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New US subsidiary acquires first acreage

The new oil and gas subsidiary Bright Rock Energy, which was founded in July 2018, has already achieved its first acquisition success after only a few weeks. For USD 2.5 million Bright Rock purchased a total of 4,601 net acres in the Uinta Basin in the US state of Utah. Current daily production is 66 barrels of oil equivalent (BOE) (45 barrels of oil), with reserves of around 150,000 BOE. There is significant upside for further production on the acreage. The Uinta Basin has become much more attractive as some major companies such as Newfield and Crescent Point have recently published very good drilling results. The closing of the acquisition is subject to the usual due diligence provisions.

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Sale of Sadisdorf and Hegelshöhe licenses successfully completed

Tin International AG has successfully completed the sale of the Hegelshöhe and Sadisdorf licenses to its former joint venture partner Lithium Australia NL. The Upper Mining Authority of Saxony approved the transfer of the licenses from Tin International AG to Trilithium Erzgebirge GmbH, a wholly owned subsidiary of Lithium Australia NL.

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Preliminary half-year figures confirm strong growth

According to preliminary, unaudited figures, Deutsche Rohstoff Group generated sales of EUR 55.1 million (previous year: EUR 32.1 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 52.6 million (previous year: EUR 23.5 million) in the first half of 2018. Consolidated net income for the year amounted to EUR 10.1 million (previous year: EUR 5.0 million). For the year as a whole, the Executive Board now expects revenues between EUR 90 and 100 million and EBITDA of EUR 85 to 90 million (previously: revenues between EUR 75 to 85 million and EBITDA of EUR 65 to 70 million).

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New US oil and gas company founded

Deutsche Rohstoff has founded Bright Rock Energy LLC, a new oil and gas company based in Denver Colorado, USA. The company is managed by a team with extensive experience, particularly in the oil and gas fields in the Rocky Mountain region. Bright Rock Energy will acquire and develop undervalued oil and gas properties. The current focus is on the states of North Dakota, Wyoming and Utah.

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Cub Creek releases results from initial production

Cub Creek Energy (CCE) today published the production results for new wells which commenced production from the company’s Litzenberger pad at the end of April. During the first 30 days of stable production the pad produced 5.632 barrels of oil equivalent per day (BOEPD) or 352 BOEPD per well, thereof 4.704 barrels of oil per day (BOPD) or 294 BOPD per well. The production comes from 16 wells with one mile lateral length. CCE’s average working interest in these wells amounts to approximately 86%.

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Tin International sells Sadisdorf and Hegelshöhe licenses to Joint Venture partner Lithium Australia

Tin International AG sells 100% interest in its Sadisdorf and Hegelshöhe licenses in the eastern part of the German Ore Mountains to the current Joint Venture partner Lithium Australia NL (ASX: LIT). The total consideration amounts to EUR 2 million of which EUR 0.5 million will be paid in cash and EUR 1.5 million paid in LIT shares. The shares are subject to a sales restriction of 6-18 months. The transaction will result in a pre-tax profit of approximately EUR 1.5 million for Deutsche Rohstoff. The sale will become effective when certain conditions precedent are fulfilled, including the consent of the responsible Upper Mining Authority for the transfer of the licenses. The parties expect the sale to be closed within the upcoming months.

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Salt Creek closes asset sale transaction

Salt Creek Oil & Gas closed the sale of the majority of its assets in North Dakota. The signing of the transaction was published on 26 April. Buyer is Northern Oil and Gas. The originally announced sales proceeds of USD 59.6 million have increased approximately by USD 4 million due to a rise of Northern’s share price over the last six weeks. As part of the consideration, the buyer had agreed to pay 6 million of its shares to Salt Creek.

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Almonty reports strong increase in sales and earnings in the second quarter

Almonty Industries, in which Deutsche Rohstoff holds a 13.5% stake, published their second quarter financials of the 2017/2018 financial year today. Revenue increased to CAD 17.3 million in the second quarter (EUR 11.5 million), which corresponds to an increase of 61% compared to the first quarter (CAD 10.8 million/ EUR 7.1 million). In the first half of the financial year 2017/2018, sales increased by 63% to CAD 28.1 million (EUR 18.6 million).

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Good start into the year 2018

Deutsche Rohstoff Group generated revenues of EUR 15.6 million in the first quarter of 2018 (Q1 2017: EUR 20.9 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of 10.6 EUR million (Q1 2017: EUR 17.2 million). The consolidated net income reached EUR 1.1 million (Q1 2017: EUR 5.0 million). The decline compared to the first quarter of 2017 is due to the fact that in the previous year, 21 wells had started production at the beginning of the year. For 2018, it is expected that the second and third quarter will bring the highest sales, as 41 wells were brought into production between February and April, in which the Group holds different working interests.

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