Frontier Diamonds Limited announced audited consolidated operating, earnings and parent results for the year ended June 30, 2018. For the period, on consolidated basis, the company reported revenue from sales of USD 3,852,334 against USD 5,794,535 for the same period a year ago. Gross loss was USD 8,317,604 compared to USD 916,144 for the same period a year ago. Loss from continuing operations before income tax expense was USD 13,406,248 compared to profit from continuing operations before income tax expense of USD 1,917,906 for the same period a year ago. Net loss for the period expense was USD 13,406,248 compared to net profit for the period of USD 1,917,906 for the same period a year ago. Loss for the period attributable to owners of the parent was USD 10,303,982 compared to profit for the period attributable to owners of the parent of USD 1,186,978 for the same period a year ago. Basic and diluted loss per share was 3.17 cents per share compared to basic and diluted earnings per share of 1.07 cents per share for the same period a year ago. Net cash flows used in operating activities was USD 747,664 compared to net cash flows generated from operating activities of USD 6,383,658 for the same period a year ago. Payments for plant & equipment amounted to USD 2,355,954 compared to USD 7,175,537 for the same period a year ago. Payments for exploration & evaluation assets were USD 1,102,435. Net assets decreased from USD 4,924,491 in 2017 to USD 978,658, a decrease of 80%.

The Consolidated Entity treated 56,535 metric tonnes of primary fissure material for the financial year compared to 85,751 metric tonnes for the same period a year ago with a recovery of 10,818 carats compared to 15,451 carats for the same period a year ago from only the edibeng Diamond Mine at a grade of 19.20 cpht. A further 351 carats were recovered from tailings material. Inventory of 11,175 carats were sold during the financial year compared to 15,053 for the same period a year ago at an average of USD 331.72/carat compared to 384.94/carat for the same period a year ago. A total of USD 3.6 million compared to USD 7.2 million for the same period a year ago was invested into mine development, plant acquisition and purchase of intangibles during the financial year. The primary capital investment was spent on USD 2.0 million in development activities at the Sedibeng and Star mines, USD 1.1 in the development of the Bellsbank exploration pit and USD 0.5 million in the tailings plant acquisition costs. A further USD 2.2 million non-recurring spend on the refurbishment of underground infrastructure at the Sedibeng and Star mines.

For the period on parent basis, the company reported loss of the parent entity was USD 20,875,174 compared to USD 870,240 for the same period a year ago.