Empire
Metals Limited / LON: EEE / Sector: Natural Resources
18 September 2024
Empire Metals
Limited
("Empire" or "the
Company")
Interim
Results
Empire Metals Limited (LON:
EEE), the AIM-quoted resource exploration
and development company, is pleased to
announce its interim results for the six-month period ended 30 June
2024.
Highlights:
·
Unprecedented exploration results from the giant
mineral system discovery at the Pitfield Project ("Pitfield") which
hosts titanium mineralisation of globally significant size and
grade, associated with a 40km by 8km by 5km deep magnetics
anomaly.
·
100% success rate during 2024 reverse circulation drilling
("RC") and diamond core drilling campaigns with every hole, and
every metre of every hole, intersecting titanium mineralisation
from surface, or near surface, and with each and every hole
terminating in titanium mineralisation that is open at
depth.
·
Identification of higher TiO2 grades
within a high-purity anatase-rich weathered cap zone found at or
near surface across Pitfield's two primary target areas,
Cosgrove and Thomas.
·
Declaration of JORC-Code Exploration Target,
covering the Thomas and Cosgrove mineral prospects, estimated to
contain between 26.4 to 32.2 billion tonnes with a grade range of
4.5 to 5.5% TiO2*.
·
Included within the total Exploration Target above
is a subset that covers the weathered cap zone, which extends from
surface to an average vertical depth of 30m to 40m and is estimated
to contain between 4.0 to 4.9 billion tonnes with a grade range of
4.8 to 5.9% TiO2*.
·
Confirmation of favourable mineralogy and
metallurgy which is expected to lead to a relatively straight
forward processing flowsheet involving mineral separation and
hydrometallurgical stages to produce a highly concentrated,
high-value commercial end product.
·
Talented exploration and development team
established in Western Australia and further bolstered post period
end with the addition of highly experienced professionals to
support the rapid development of Pitfield.
·
Completed a £3 million fundraise led by a
supportive Saudi Strategic Investor and the single largest
shareholder of Empire.
·
Strong balance sheet of £2.4 million as at 17
September 2024 to support further exploration and development work
into 2025.
*The potential quantity and grade of
the Exploration Target is conceptual in nature. There has been
insufficient exploration to estimate a Mineral Resource and it is
uncertain if further exploration will result in the estimation of a
Mineral Resource.
Shaun Bunn, Managing Director,
commented: "Our focus remains firmly on the
accelerated development of Pitfield, with huge leaps forward being
made in terms of our understanding of the geology and mineralogy,
the metallurgy and associated processing options, as well as the
addition of multiple process testwork studies all aimed at
unlocking this giant mineral deposit's value. Our project has
created a buzz throughout the mining and metals world, and our
technical team and board are united in their ambition to keep this
momentum up and make Pitfield a highly profitable commercial
operation in as short timeframe as practicable.
"In line with this, earlier this
month I was delighted to report that diamond core drilling has
recommenced at Pitfield, focusing specifically on better
characterising the higher grade weathered cap zone, including
thickness, grade and shape, as well as obtaining additional drill
core samples for metallurgical test work. This weathered cap
zone presents an enormous opportunity for the Company to accelerate
its plans to become the next fully integrated "mine to high-quality
TiO2 product" project. Alongside this drilling
campaign, which is expected to cost in the region of £150,000, our
immediate work remains on confirming the process route, delineating
a maiden Mineral Resource Estimate and defining high-value
commercial end products. The numerous workstreams that we
have underway, supported by our healthy bank balance which
presently stands at £2.4 million, will deliver frequent news flow
over the coming weeks and months as we edge closer to
commercialisation."
Market Abuse Regulation (MAR)
Disclosure
Certain information contained in
this announcement would have been deemed inside information for the
purposes of Article 7 of Regulation (EU) No 596/2014, as
incorporated into UK law by the European Union (Withdrawal) Act
2018, until the release of this announcement.
For further information please visit
www.empiremetals.co.uk
or contact:
Empire Metals
Ltd
Shaun Bunn / Greg Kuenzel / Arabella Burwell
|
Tel: 020
4583 1440
|
S. P. Angel
Corporate Finance LLP (Nomad & Broker)
Ewan Leggat / Adam Cowl
|
Tel: 020 3470 0470
|
Shard Capital
Partners LLP (Joint Broker)
Damon Heath
|
Tel: 020 7186 9950
|
St Brides Partners Ltd (Financial
PR)
Susie Geliher / Charlotte
Page
|
Tel: 020
7236 1177
|
CHAIRMAN'S STATEMENT
Our Pitfield Project has gone from
strength to strength during the period, surpassing our own
expectations on numerous occasions. Word continues to spread
about our giant mineral system discovery, and its potential to
become a fully integrated, mining, processing and refining
operation on an internationally significant scale.
The primary objectives at the start
of the year were to expand and characterize our discovery through
additional exploration and begin the mineralogical studies and
metallurgical test work required to accelerate the economic
development of Pitfield.
In January 2024, we released details
of the analytical lab results from the RC programme conducted at
the end of 2023. These results confirmed that Titanium
Dioxide (TiO2) mineralisation was present in virtually
every drilled metre, starting from or near surface, in all of the
40 holes drilled, that all 40 drillholes ended in Titanium
Dioxide mineralisation, and that broad, higher-grade Titanium
Dioxide mineralisation was identified in the sandstone-rich beds,
which consistently return higher-grade Titanium Dioxide results
than the adjacent conglomerate or siltstone-rich beds. We
could not have planned for a better outcome from our
drilling.
Based on these findings, and with
the geological model developed from our extensive exploration work
since Q2 2023, the technical team's focus has now narrowed in on
demonstrating Pitfield's viability for economic development through
mineralogical studies, metallurgical test work and processing flow
sheet design.
In March 2024, Empire demonstrated
the favourable mineralogy and metallurgy in high-grade Titanium
Dioxide samples drilled at Pitfield; indicating potential for
a relatively simple processing flowsheet and a highly concentrated,
high-value commercial end product. Importantly titanite, a
calcium titanium silicate, was confirmed as the most abundant
titanium-bearing mineral in the unweathered sandstone host rock,
accounting for approximately 67% of the total contained Titanium
Dioxide and approximately 20% of the potential Pitfield ore by
mass.
Subsequent work, in the form of
diamond core and RC drill chip logging, confirmed extensive
weathering of the uppermost 40m of mineralised bedded sandstones,
coincident with high Titanium Dioxide grades, forming a 'weathered
cap'. This weathered cap covers the extent of the 40km long
titanium-rich mineral system and is a discrete and significant
Titanium Dioxide discovery in its own right, containing abundant,
highly concentrated Titanium Dioxide in the form of predominantly
anatase and lesser rutile. These twin sister minerals are
both highly valuable Titanium Dioxide minerals that contain >95%
Titanium Dioxide and are both important feedstocks for the titanium
pigment and titanium metal markets.
This naturally occurring
anatase-rich deposit was created simply by the weathering of the
underlying mineralised sandstones, through the disintegration of
the host sandstone and complete alteration of the primary titanite
(the principal titanium ore mineral in the unweathered bedrock) to
the more concentrated and pure Titanium Dioxide minerals.
Additional lab results received post period end, confirmed that the
weathered cap contains an abundance of high-purity anatase,
containing up to 98.5% Titanium Dioxide and accounting for more
than 5% of the mass of the near-surface weathered bedrock, being 4
to 5 times higher Titanium Dioxide concentration than that
typically found in mineral sand deposits.
This weathered cap reinforces the
potential for Empire to develop a fully integrated, single-site,
mine to high quality Titanium Dioxide product project and it opens
up the possibility of a new, staged development plan whereby the
Company can look to develop this high-grade, high-value, easily
mined, anatase-rich ore deposit located at surface, whilst it
achieves development of an optimal processing flowsheet for the
vast, underlying titanite-rich ore deposit.
A further milestone event for Empire
was the announcement of a JORC Exploration Target, covering the
Thomas and Cosgrove mineral prospects, which was estimated to be
between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to
5.5% Titanium Dioxide*. Included within the total Exploration
Target above is a subset that covers the weathered sandstone cap
zone, which extends from surface to an average vertical depth of
30m to 40m and is estimated to contain between 4.0 to 4.9 billion
tonnes with a grade range of 4.8 to 5.9% Titanium Dioxide*.
In the world of mining, size matters; with this Exploration Target,
Empire has certainly demonstrated the potential for a project that
has international importance.
It is also important to note that
the total Exploration Target covers a combined area of
approximately 59km2, extends down to 150m vertical depth
only, and has been constrained at a 2% Titanium Dioxide cut-off
grade. This means that the total Exploration Target covers
less than 20% of the area of the overall 40km by 8km mapped mineral
system at Pitfield. Furthermore, given that geophysics and
other supportive data indicates a 5km depth extent of the mineral
system, this Exploration Target potentially only covers the top 3%
of the vertical extent of mineralization. With this in mind,
the resource potential for Pitfield to continue growing is truly
considerable and unmatched anywhere.
Earlier this month we announced that
diamond drilling had commenced again and is expected to continue
through October. This is a relatively small but focused
drilling campaign, expected to cost in the region of £150,000, and
is targeting the shallow, near-surface, weathered sandstone-hosted,
high-purity anatase-rich mineralisation in order to further define
the geological characteristics of this weathered cap Titanium
Dioxide deposit, including thickness, grade and shape, as well
obtaining important drill core samples for metallurgical test
work.
Given the intensive work programmes
which are certainly merited at Pitfield, and the Company's
confidence in its ultimate commercial value, the Board took the
decision to rationalise its wider portfolio during the period and
release certain non-core assets. As a consequence of this,
the Board decided not to extend the Gindalbie Tribute Agreement,
which was due to expire on 24 February 2024, or complete the
acquisition of the Stavely Project, which expired on 6 April
2024.
Corporate
Empire has built a team that can
transform the Pitfield Project from an exploration discovery into
an economic mine development project as its next stage of
evolution, and ultimately a highly profitable commercial
operation.
During the period, Empire announced
the appointment of Narelle Marriott as the Company's Process
Development Manager and that it had secured the services of two
senior titanium industry consultants, Dr. Trevor Nicholson and
Eugene Dardengo, who together have over 72 years of experience in
the titanium processing and extraction industry. The
Company also appointed Carrie Pritchard as Environmental Manager
and David Parker as Commercial Manager; both highly experienced
professionals in the mining industry who will provide invaluable
support to Empire as it advances Pitfield. Post period end,
the Company announced the appointment of a new Senior Geologist,
Tsog Batsaikhan. Tsog is an experienced resource and
exploration geologist, with degrees in Geology, Metallurgy and
Computer Science, and he will assist with the exploration drilling
and help build both the geometallurgical and mineral resource
estimate models.
The Company will continue to seek
out experienced and talented professionals to join our small and
motivated development team as we move closer towards
commercialisation of Pitfield.
Financial Results
As an exploration and development
group which has no revenue, we are reporting a loss for the 6
months ended 30 June 2024 of £1,389,318 (30 June 2023: loss of
£1,037,128).
At the beginning of the period, on
22 January 2024, the Company announced that it had raised £3
million before expenses by way of a placing of 27,272,728 new
ordinary shares of no par value in the capital of the Company at
11p to a strategic investor in Saudi Arabia and existing
shareholders.
The Group's cash position as at 30
June 2024 was £3.14 million. Cash at bank as at 17 September
is £2.4 million.
Outlook
Empire has a defined project
development path, spanning the next 12-18 months that is the
critical next step towards commercialisation. Our immediate
plan remains focused on confirming the processing route,
delineating a maiden Mineral Resource Estimate and defining on-site
commercial products. The drill programme that is currently
underway at Pitfield is a key element of this plan as the recovered
diamond core will be used to provide additional substantial
quantities of high-grade, high-purity anatase-rich ore samples to
accelerate the mineral processing test work that recently commenced
on the weathered cap samples.
The rapid pace of development at
Pitfield has been impressive, and the entire Empire team is
committed to ensuring this momentum is sustained. Each and
every work programme that our team has carried out at Pitfield has
not only generated successful results in a responsible, safe and
efficient manner, but has clearly demonstrated and acted to further
reveal the true global significance of this giant mineral system
discovery and our ability as a company to quickly evolve to unlock
and develop its potential into one of the world's great orebodies
and commercial operations that will benefit all stakeholders, both
local and afar. I would like to take this opportunity to
thank our shareholders and wider stakeholders once again for their
support during the period, and I look forward to sharing further
updates in the coming weeks and months.
Neil O'Brien
Non-Executive Chairman
17 September 2024
Market Abuse Regulation (MAR)
Disclosure
Certain information contained in
this announcement would have been deemed inside information for the
purposes of Article 7 of Regulation (EU) No 596/2014, as
incorporated into UK law by the European Union (Withdrawal) Act
2018, until the release of this announcement.
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
|
Notes
|
6 months to 30 June 2024
Unaudited
£
|
6 months to 30 June 2023
Unaudited
£
|
Continuing
operations
|
|
|
|
Administration expenses
|
4
|
(974,376)
|
(655,749)
|
Share option expense
|
|
(430,589)
|
(381,248)
|
Foreign exchange
|
|
(1,082)
|
(7,274)
|
Loss Before
Interest and Income Tax
|
|
(1,406,047)
|
(1,044,271)
|
Net finance Income
|
|
16,729
|
7,910
|
Loss Before
Tax
|
|
(1,389,318)
|
(1,036,362)
|
Corporation tax expense
|
|
-
|
(767)
|
Loss for the
period
|
|
(1,389,318)
|
(1,037,128)
|
Loss
attributable to:
|
|
|
|
-
owners of the Parent
|
|
(1,389,318)
|
(1,037,128)
|
Loss for the
period
|
|
(1,389,318)
|
(1,037,128)
|
Other
comprehensive income
|
|
|
|
Items that may
be subsequently reclassified to profit or loss
|
|
|
|
Currency translation differences
|
|
(57,242)
|
(246,244)
|
Total
comprehensive income
|
|
(1,446,560)
|
(1,283,372)
|
Attributable
to:
|
|
|
|
-
owners of the Parent
|
|
(1,446,560)
|
(1,283,372)
|
Total
comprehensive income
|
|
(1,446,560)
|
(1,283,372)
|
Earnings/(loss) per share (pence) from
continuing operations attributable to owners of the Parent - Basic
and diluted
|
10
|
(0.230)
|
(0.225)
|
CONDENSED
CONSOLIDATED BALANCE SHEET
|
Notes
|
30 June 2024
Unaudited
£
|
31 December 2023
Audited
£
|
Non-Current
Assets
|
|
|
|
Property, plant and equipment
|
|
29,800
|
7,377
|
Right of use asset
|
|
10,376
|
21,067
|
Held for sale asset
|
7
|
1,718,590
|
1,744,584
|
Intangible assets
|
6
|
3,978,395
|
2,869,667
|
|
|
5,737,161
|
4,642,695
|
Current
Assets
|
|
|
|
Trade and other receivables
|
|
285,139
|
311,126
|
Cash and cash equivalents
|
|
3,140,370
|
2,752,187
|
|
|
3,425,509
|
3,063,313
|
Total
Assets
|
|
9,162,670
|
7,706,008
|
Current
Liabilities
|
|
|
|
Trade and other payables
|
8
|
228,947
|
730,292
|
Finance lease liabilities
|
|
10,360
|
21,382
|
Total
Liabilities
|
|
239,307
|
751,674
|
Net
Assets
|
|
8,923,363
|
6,954,334
|
Equity
Attributable to owners of the Parent
|
|
|
|
Share premium account
|
9
|
52,877,259
|
49,892,259
|
Reverse acquisition reserve
|
|
(18,845,147)
|
(18,845,147)
|
Other Reserves
|
|
1,184,963
|
811,616
|
Retained losses
|
|
(26,293,712)
|
(24,904,394)
|
Total equity
attributable to owners of the Parent
|
|
8,923,363
|
6,954,334
|
Total
Equity
|
|
8,923,363
|
6,954,334
|
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Share premium
£
|
Reverse acquisition
reserve
£
|
Other reserves
£
|
Retained losses
£
|
Total equity
£
|
As at 1
January 2023
|
45,523,695
|
(18,845,147)
|
448,309
|
(22,360,771)
|
4,766,086
|
Comprehensive
income
|
|
|
|
|
|
Profit/(Loss) for the period
|
-
|
-
|
-
|
(1,037,128)
|
(1,037,128)
|
Other
comprehensive income
|
|
|
|
|
|
Currency translation differences
|
-
|
-
|
(246,244)
|
-
|
(246,244)
|
Total
comprehensive income
|
-
|
-
|
(246,244)
|
(1,037,128)
|
(1,283,372)
|
Issue of ordinary shares
|
1,269,500
|
-
|
-
|
-
|
1,269,500
|
Cost of share issues
|
(55,581)
|
-
|
-
|
-
|
(55,581)
|
Share based payment charge
|
-
|
-
|
358,654
|
-
|
358,654
|
Warrants exercised
|
-
|
-
|
(3,684)
|
3,684
|
-
|
Expired options
|
-
|
-
|
(181,818)
|
181,818
|
-
|
Total
transactions with owners
|
1,213,919
|
-
|
173,152
|
185,502
|
1,572,573
|
As at 30 June
2023
|
46,737,614
|
(18,845,147)
|
375,217
|
(23,212,397)
|
5,055,287
|
|
|
|
|
|
|
Share premium
£
|
Reverse acquisition
reserve
£
|
Other reserves
£
|
Retained losses
£
|
Total equity
£
|
As at 1
January 2024
|
49,892,259
|
(18,845,147)
|
811,616
|
(24,904,394)
|
6,954,334
|
Comprehensive
income
|
|
|
|
|
|
Profit/(Loss) for the period
|
-
|
-
|
-
|
(1,389,318)
|
(1,389,318)
|
Other
comprehensive income
|
|
|
|
|
|
Currency translation differences
|
-
|
-
|
(57,242)
|
-
|
(57,242)
|
Total
comprehensive income
|
-
|
-
|
(57,242)
|
(1,389,318)
|
(1,446,560)
|
Issue of ordinary shares
|
3,000,000
|
-
|
-
|
-
|
3,000,000
|
Cost of share issues
|
(15,000)
|
-
|
-
|
-
|
(15,000)
|
Share based payment charge
|
-
|
-
|
430,589
|
-
|
430,589
|
Total
transactions with owners
|
2,985,000
|
-
|
430,589
|
-
|
3,415,589
|
As at 30 June
2024
|
52,877,259
|
(18,845,147)
|
1,184,963
|
(26,293,712)
|
8,923,363
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
|
Note
|
6 months to
30 June 2024 Unaudited
£
|
6 months to
30 June 2023 Unaudited
£
|
|
Cash flows
from operating activities
|
|
|
|
|
Loss before taxation
|
|
(1,389,318)
|
(1,037,128)
|
|
Adjustments for:
|
|
|
|
|
Depreciation
|
|
12,277
|
899
|
|
Share based payments
|
|
430,589
|
381,248
|
|
Net finance costs
|
|
(16,729)
|
(7,910)
|
|
Income tax expense
|
|
-
|
766
|
|
(Increase)/Decrease in trade and other
receivables
|
|
44,454
|
(64,677)
|
|
Increase/(Decrease) in trade and other
payables
|
|
(518,073)
|
147,192
|
|
Income tax paid
|
|
-
|
(5,939)
|
|
Net cash used
in operations
|
|
(1,436,800)
|
(585,549)
|
|
Cash flows
from investing activities
|
|
|
|
|
Purchase of property, plant &
equipment
|
|
(24,461)
|
(6,587)
|
|
Purchase of intangible assets
|
6
|
(1,141,581)
|
(548,601)
|
|
Net cash used
in investing activities
|
|
(1,166,042)
|
(555,188)
|
|
Cash flows
from financing activities
|
|
|
|
|
Proceeds from issue of shares
|
9
|
3,000,000
|
1,133,977
|
|
Cost of issue
|
9
|
(15,000)
|
(55,581)
|
|
Cost of borrowings
|
|
(10,704)
|
(8,190)
|
|
Finance income
|
|
16,729
|
7,910
|
|
Net cash from
financing activities
|
|
2,991,025
|
1,078,116
|
|
Net (increase)
/ decrease in cash and cash equivalents
|
|
388,183
|
(62,621)
|
|
Cash and cash
equivalents at beginning of period
|
|
2,752,187
|
1,467,769
|
|
Exchange
differences on cash
|
|
-
|
-
|
|
Cash and cash
equivalents at end of period
|
|
3,140,370
|
1,405,148
|
|
NOTES TO THE
INTERIM FINANCIAL STATEMENTS
1. General
Information
The principal activity of Empire Metals Limited
('the Company') and its subsidiaries (together 'the Group') is the
exploration and development of precious and base metals. The
Company's shares are quoted on the AIM Market of the London Stock
Exchange. The Company is incorporated in the British Virgin Islands
and domiciled in the United Kingdom. The Company was incorporated
on 10 February 2010 under the name Gold Mining Company Limited. On
10 October 2016 the Company changed its name from Noricum Gold
Limited to Georgian Mining Corporation and subsequently on 10
February 2020 changed its name from Georgian Mining Corporation to
Empire Metals Limited.
The address of the Company's registered office
is Craigmuir Chambers, PO Box 71, Road Town, Tortola
BVI.
2. Basis of
Preparation
The condensed consolidated interim financial
statements have been prepared in accordance with the requirements
of the AIM Rules for Companies. As permitted, the Company has
chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The condensed interim
financial statements should be read in conjunction with the annual
financial statements for the year ended 31 December 2023, which
have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European
Union.
The interim financial information set out above
does not constitute statutory accounts. They have been
prepared on a going concern basis in accordance with the
recognition and measurement criteria of International Financial
Reporting Standards (IFRS) as adopted by the European Union.
Statutory financial statements for the year ended 31 December 2023
were approved by the Board of Directors on 10 June 2024. The report
of the auditors on those financial statements was
unqualified.
Going
concern
The Directors, having made appropriate
enquiries, consider that adequate resources exist for the Group to
continue in operational existence for the foreseeable future and
that, therefore, it is appropriate to adopt the going concern basis
in preparing the condensed interim financial statements for the
period ended 30 June 2024.
The factors that were extant in the 31 December
2023 Annual Report are still relevant to this report and as such
reference should be made to the going concern note and disclosures
in the 2023 Annual Report.
Risks and
uncertainties
The Board continuously assesses and monitors
the key risks of the business. The key risks that could affect the
Group's medium-term performance and the factors that mitigate those
risks have not substantially changed from those set out in the
Group's 31 December 2023 Annual Report and Financial Statements, a
copy of which is available on the Group's website: https://www.empiremetals.co.uk.
The key financial risks are liquidity risk, foreign exchange risk,
credit risk, price risk and interest rate risk.
Critical
accounting estimates
The preparation of condensed interim financial
statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, income
and expenses, and disclosure of contingent assets and liabilities
at the end of the reporting period. Significant items subject to
such estimates are set out in note 4 of the Group's 31 December
2023 Annual Report and Financial Statements. Actual amounts may
differ from these estimates. The nature and amounts of such
estimates have not changed significantly during the interim
period.
3. Accounting
Policies
The same accounting policies, presentation and
methods of computation have been followed in these condensed
interim financial statements as were applied in the preparation of
the Group's annual financial statements for the year ended 31
December 2023.
3.1 Changes in accounting
policy and disclosures
(a) New and amended standards mandatory for the
first time for the financial periods beginning on or after 1
January 2024.
The International Accounting Standards Board
(IASB) issued various amendments and revisions to International
Financial Reporting Standards and IFRIC interpretations. The
amendments and revisions were applicable for the period ended 30
June 2024 but did not result in any material changes to the
Financial Statements of the Group.
b) New standards, amendments and
interpretations in issue but not yet effective or not yet endorsed
and not early adopted.
There are a number of standards,
amendments to standards, and interpretations which have been issued
by the IASB that are effective in future accounting periods and
which have not been adopted early.
4. Administrative
expenses
|
30 June
2024
£
|
30 June
2023
£
|
Office expenses
|
43,930
|
32,030
|
Insurance
|
25,751
|
14,175
|
IT & software services
|
8,221
|
4,369
|
Directors, Employees & Contractors
|
406,528
|
262,396
|
Professional advisors
|
329,386
|
260,962
|
Travel & accommodation
|
91,403
|
63,900
|
Depreciation & amortisation
|
12,277
|
899
|
Other administrative expenses
|
56,880
|
17,018
|
|
974,376
|
655,749
|
5.
Dividends
No dividend has been declared or paid by the
Company during the six months ended 30 June 2024 (2023:
nil).
6. Intangible
Assets
Exploration
& Evaluation Assets at Cost and Net Book
Value
|
30 June 2024
£
|
30 December 2023
£
|
Balance as at 1 January
|
2,869,667
|
3,337,598
|
Additions
|
1,141,581
|
1,960,050
|
Transfer to asset held for sale
|
-
|
(1,744,584)
|
Impairments
|
-
|
(527,245)
|
Foreign currency differences
|
(32,853)
|
(156,152)
|
As at 30
June
|
3,978,395
|
2,869,667
|
The Exploration & Evaluation additions in
the current period primarily relates to work performed at the
Company's Pitfield project.
The Directors do not consider the asset to be
impaired.
7. Held for Sale Asset
|
30 June 2024
£
|
30 December 2023
£
|
Balance as at 1 January
|
1,744,584
|
-
|
Additions
|
-
|
-
|
Transfer from Exploration & Evaluation
assets
|
-
|
1,744,584
|
Impairments
|
-
|
-
|
Foreign currency differences
|
(25,994)
|
-
|
As at 30
June
|
1,718,590
|
1,744,584
|
The Company continue to work on a potential
divestment of the Eclipse project and are actively engaged with a
number of Australian companies operating in the gold mining sector
to find a buyer. Management are committed to the sale of the
Eclipse licence and given the recent increase in the gold price
this asset has become significantly more attractive. The
expectation is that this sale will be completed in the next 6
months.
8.
Trade and Other Payables
|
30 June 2024
£
|
30 December 2023
£
|
Trade payables
|
114,041
|
319,356
|
Other payables
|
113,406
|
22,177
|
Accrued expenses
|
1,500
|
388,759
|
|
228,947
|
730,292
|
9.
Share capital and share premium
Group
|
Number of shares
|
Share premium
£
|
Total
£
|
At 1 January
2023
|
427,323,618
|
45,523,695
|
45,523,695
|
Issue of Ordinary Shares - 13 March
2023
Issue of Ordinary Shares - 26 April
2023
Exercise of Warrants - 27 April 2023
|
55,555,554
5,611,863
1,500,000
|
1,250,000
75,760
19,500
|
1,250,000
75,760
19,500
|
Exercise of Warrants - 15 August
2023
|
1,600,000
|
48,000
|
48,000
|
Exercise of Warrants - 15 August
2023
|
773,333
|
26,100
|
26,100
|
Issue of Ordinary Shares - 25 September
2023
|
75,000,000
|
3,000,000
|
3,000,000
|
Exercise of Warrants - 29 November
2023
|
1,876,553
|
24,395
|
24,395
|
Exercise of Options - 8 December
2023
|
500,000
|
20,000
|
20,000
|
Exercise of Options - 8 December
2023
|
500,000
|
27,500
|
27,500
|
Exercise of Warrants - 26 December
2023
|
1,336,875
|
80,213
|
80,213
|
|
144,254,178
|
4,571,468
|
4,571,468
|
Cost of capital
|
-
|
(202,904)
|
(202,904)
|
At 31 December
2023
|
571,577,796
|
49,892,259
|
49,892,259
|
At 1 January
2024
|
571,577,796
|
49,892,259
|
49,892,259
|
Issue of Ordinary Shares - 22 January
2024
|
27,272,728
|
3,000,000
|
3,000,000
|
Cost of capital
|
-
|
(15,000)
|
(15,000)
|
At 30 June
2024
|
598,850,524
|
52,877,259
|
52,877,259
|
10. Earnings
per share
The calculation of the total basic loss per
share of 0.230 pence (30 June 2023: 0.225 pence) is based on
the loss attributable to equity owners of the parent company of
£1,389,318 (30 June 2023: £1,037,128) and on the
weighted average number of ordinary shares of 595,703,671 (30
June 2023: 461,625,336) in issue during the period.
Details of share options that could potentially
dilute earnings per share in future periods are disclosed in the
notes to the Group's Annual Report and Financial Statements for the
year ended 31 December 2023.
8,500,000 options were granted during the
period. The total number of options outstanding at 30 June 2024 is
72,900,000.
11.
Commitments
Commitments stated in the Group's Annual
Financial Statements for the year ended 31 December 2023
remain.
12.
Events after the balance sheet date
There have been no events after the reporting
date of a material nature.
13.
Approval of interim financial statements
The condensed interim financial statements were
approved by the Board of Directors on 17 September 2024.