Tally Ltd (incorporated in Guernsey with Company Number 53026) is the developer of the banking platform and physical asset currency, Tally®. Previously quoted as Lionsgold (LSE:LION) on the London Stock Exchange AIM market, Tally Ltd is a public company that intends to list again in London as part of its commitment to the true democratisation of money. Thereby not only providing people choice in the mainstream money they use, but also giving people the choice to own part of the Company that operates the banking platform and is focused on delivering a better type of money worldwide.
Tally Ltd also has significant holdings in certain fintech, gold mining and exploration companies. This includes a 12.5% shareholding in banking platform developer Railsbank Technology Ltd (“Railsbank”), who is a key technology partner of Tally Ltd. With regard to gold mining and exploration, the Company has a 22% holding of leading India gold exploration and mine development company Geomysore Services India Private Limited (“Geomysore”). In addition, Tally Ltd has an interest in gold exploration and production in Finland via 32% ownership of Finnish joint venture company, Kalevala Gold Oy (“Kalevala”).
Founded by serial entrepreneurs and FinTech veterans Nigel Verdon and Clive Mitchell, Railsbank enables businesses to provide global banking services to their customers quickly and cost effectively through Railsbank’s API (application programmer interface). Tally Ltd holds exclusive rights to utilise Railsbank’s API for deposits, currencies and any other products connected with physical gold or gold derivatives.
Railsbank was named as one of the FinTech50 2017 and 2018, winners of Best Fintech Startup at MoneyConf 2018, winners of the Simmons & Simmons FinTech Fund in 2016 and Startup Pitch winners at Paris FinTech Forum 2017. Railsbank was also the “Startup-in-Residence” for the 2016 Startupbootcamp FinTech 2016 Cohort.
Finnish JV company, Kalevala, holds approximately 1,500km2 of gold prospective ground in Finland, including over 90% of the Suomussalmi Greenstone Belt and significant coverage of the Kuhmo Greenstone Belt. Located immediately south of the Suomussalmi Greenstone Belt where Kalevala's Kuikka Gold Deposit is hosted, the Kuhmo Greenstone Belt is the largest Archaean greenstone belt in Finland, being up to 10km wide and more than 100km from north to south.
The Kuikka Gold Deposit ("Kuikka") is a high grade deposit located within the Syrjälä Project area on the Suomussalmi Greenstone Belt. Originally defined by 4,359m of diamond core drilling undertaken by the Geological Survey of Finland (GTK) and the Finnish company Outokumpu Mining, Kuikka was subject to a further 937 metres of infill RAB drilling carried out by Lionsgold JV partner Mineral Exploration Network (Finland) Ltd ("MENF") in 2016.
During 2017 work at Kuikka concentrated on detailed planning, mapping and further grade confirmation drilling as part of the environmental permitting and optimisation of the bulk sampling programme. An additional 22 inclined RAB drill holes were drilled to help refine understanding of the morphology of the central vein and parallel gold mineralisation, to a depth of up to 10m, within the envelope of the planned bulk sample. This work was completed ahead of equipment testing that took place in 2018 on 200 tonnes of gold ore and a targeted box-cut bulk sampling programme. Small-scale high-grade underground mining will be potentially permitted to occur from 2019.
Geomysore is a leading Indian gold exploration company based in Bangalore.
Geomysore holds exploration rights covering in excess of 900km2 in India including a granted 30-year mining lease ("ML") at Jonnagiri covering 6km2. The Jonnagiri Gold Project ("Jonnagiri Mine") is situated in the state of Andhra Pradesh and is Geomysore's most advanced project. An NI 43‐101 compliant Feasibility Study was completed in late 2017 ("Feasibility Study") resulting in a decision to mine. The team are focused on securing and structuring the required finance to facilitate the purchase of the ML area and development of mine and associated infrastructure, to see the Jonnagiri mine be the first privately owned and operated gold mine in India. At full production Jonnagiri is forecast to produce approximately 25,000 ounces of gold per annum.
In addition to Jonnagiri, Geomysore's portfolio contains numerous exploration and development targets and its South Kolar Project ("South Kolar"), situated in the Southern part of the Kolar Gold Field (which historically produced 25 million ounces of gold over 100 years of operation), located in the state of Andhra Pradesh, represents the next target contemplated for mine development. The South Kolar target has been refined to an area covering approximately 10km2, and Geomysore has signed a Memorandum of Understanding with the government of Andhra Pradesh to progress development of the area into commercially viable mine and Geomysore is currently pursuing its Mining Lease Application with the Ministry of Mines in New Delhi.
As detailed in the project Feasibility Study, the Jonnagiri Mine Base Case production profile is based on the 151,020 Probable Reserve gold ounces currently and shows a Net Present Value of USD$28.2 million (pre-tax) (based on USD$1 = INR67.08 at time of the study) applying an 8.48% discounted cash flow rate. The Internal Rate of Return (IRR) for the Base Case is 24.0% pre-tax and 17.8% post-tax.
Further detailed in the Feasibility Study, the Jonnagiri Mine Total Production Case, which includes the processing of low grade stockpiles and the Inferred Resource within the optimised pit shell, produces an NPV of USD$34.9 million (pre-tax) applying an 8.48% discounted cash flow rate. The IRR for the Total Production Case is 28.0% pre-tax and 20.9% post-tax.