TIDMIRR
RNS Number : 0852U
IronRidge Resources Limited
31 March 2021
31 March 2021
IronRidge Resources Limited
Interim results
Transformational Pre and Post Period End
Strong Cash Position, Milestone Scoping Study and Highly
Successful Operational Period
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), the African focussed minerals exploration company, is
pleased to announce its unaudited interim results for the half year
ended 31 December 2020.
A full copy of today's report (including tables and/or diagrams
referred to in this release) is available through the Investor
Centre of the Company's website ( www.ironridgeresources.com.au )
or can be viewed in the PDF version via the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0852U_1-2021-3-31.pdf
FINANCIAL AND CORPORATE HIGHLIGHTS:
Ø Exploration and evaluation expenditure during the period was
A$8.0 million, resulting in an overall total of A$42.0 million at
period end, with continued exploration programmes conducted across
the Company's projects in Ghana, Côte d'Ivoire and Chad
Ø Cash position of A$1.5 million at 31 December 2020 (prior to
the exercise of Fundraise Warrants, as announced on 22 February
2021, raising net proceeds of GBP3.6 million, the equivalent of
A$6.4 million)
Ø Acquisition of the Bodite and Bianouan gold licenses in Côte
d'Ivoire from Major Star SA
Ø Acquisition of the Vavoua gold license in Côte d'Ivoire from
CAPRI Metals SARL
Ø Appointment of Ms. Amanda Harsas as full-time Chief Financial
Officer
Ø Appointment of Ms. Christelle Van Der Merwe to the Board as
Non-executive Director
Ø Accepted as a member of the European Battery Alliance
("EBA250")
POST PERIOD- HIGHLIGHTS:
Ø Completion of a Scoping Study on the Ewoyaa Lithium Project in
Ghana, West Africa which supports a business case producing an
average of 295,000 tonnes per annum of 6% Li(2) O spodumene
concentrate, with life of mine revenues exceeding US$1.55
billion
Ø On 30 March 2021 the Company announced the completion of the
third phase drill programme at Zaranou for 51,539m of drilling
including 20,323m in 110 RC holes and 31,216m in 611 AC holes at
the Ehuasso, Ebilassokro, Yakassé, M'Basso and Coffee Bean/Super
pit targets. The Company also completed a 645m diamond drilling
programme in three holes at the Ehuasso target for geology, RC
twinning and density work.
Ø Appointment of Ms. Amanda Harsas as full-time Company
Secretary
Ø Change of the Company's registered office, in line with the
Company's strategy to migrate all management and administrative
services in house
Ø Exercise of Fundraise Warrants, raising net proceeds of GBP3.6
million
Ø Completion of the sale of the non-core May Queen gold project
in South East Queensland to Australasian Gold Limited ("AGL")
Ø Completion of the acquisition of 100% of the share capital of
Joy Transporters Ltd, providing IronRidge full ownership of the
highly prospective Saltpond license and Cape Coast license
application in Ghana
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"The period ended 31 December 2020 saw momentous progress made
across the Company's portfolio of gold and lithium assets in
Africa.
"In Ghana, where the Company has defined a spodumene pegmatite
maiden mineral resource estimate of 14.5Mt at 1.31% Li(2) O in the
inferred and indicated category (JORC 2012 compliant) at the
flagship Ewoyaa Lithium Project, further metallurgical test work
improved the recovery of lithium whilst maintaining a product grade
of 6% Li(2) O. This test work also defined a potential valuable
by-product stream in high-quality feldspar concentrate with low
contaminants, which is in demand in the local and European ceramics
industry.
"Post period end, we were delighted to announce Scoping Study
results from Ewoyaa, which support a business case for a 2.0
Million tonnes per annum production operation, producing an average
of 295,000 tonnes per annum of 6% Li(2) O spodumene concentrate,
with life of mine revenues exceeding US$1.55 billion. This landmark
Scoping Study provides outstanding asset fundamentals and confirms
our belief that Ewoyaa is an industry-leading asset. Additional
drilling is now underway to increase the resource scale and improve
the project's economics and we are in the process of evaluating
available options in order to fast track the project to
production.
"Post period end, we were also pleased to complete the
acquisition of 100% of the share capital of Joy Transporters Ltd,
providing IronRidge full ownership of the Saltpond license and Cape
Coast license application within the current portfolio. The
portfolio, situated adjacent to Ewoyaa, provides exploration upside
with similarly robust infrastructure support and valuable synergies
for our team to advance. Having been accepted as part of the
European Battery Alliance during the period, IronRidge is
well-positioned to take advantage of the increasing demand for
lithium and its role in the stored energy transition.
"During the period, we continued drilling activities at the
Zaranou gold license in Côte d'Ivoire. Drilling was focused on the
Ehuasso target, where artisanal workings are most developed, but
also commenced drilling at the Ebilassokro, Mbasso, Coffee Bean and
Yakassé targets. Drilling has returned very encouraging results
and, with only 12km of 47km of potential strike having been drill
tested to date, we are confident that the license presents
considerable further exploration upside. The acquisitions of the
highly prospective Bodite and Bianouan gold licenses, which
strongly complement our flagship Zaranou gold license, and the
Vavoua gold license, also present us with a significant
opportunity.
"In Chad, the Company successfully renewed its Dorothe, Echbara
and Am Ouchar licenses for a further four years and additional gold
targets have been identified within the Echbara, Am Ouchar, Kalaka
and Nabagay licenses. Now that travel restrictions have eased and
access is permitted into N'Djamena, we intend to undertake a maiden
drilling programme to test the Dorothe target prior to the onset of
the wet season in July 2021.
"Management continues to closely follow the situation regarding
Covid-19 as it continues to evolve, with measures in place to
safeguard all employees and communities with which we operate.
During these uncertain times, we would like to once again echo our
previous thanks to all our staff who have worked tirelessly during
this period.
"This is a truly exciting and significant period for the Company
as we further de-risk and add value to our portfolio of assets in
Ghana, Côte d'Ivoire and Chad, and we retain the upmost confidence
in our strategy for developing and sustaining value for the Company
and its shareholders. We look forward to updating the market with
our continued progress."
For any further information please contact:
IronRidge Resources Limited Tel: +61 2 8072 0640
Vincent Mascolo (Chief Executive Officer)
Amanda Harsas (Company Secretary)
www.ironridgeresources.com.au
SP Angel Corporate Finance LLP Tel: +4 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
SI Capital Limited Tel: +44 (0) 1483 413 500
Company Broker Tel: +44 (0) 207 871 4038
Nick Emerson
Jon Levinson
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Henry WilkinsonMatthew McHale
Dominic Barretto
Competent Person Statement
Information in this report relating to the exploration results
is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc.
Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of
the Australian Institute of Geoscientists who has in excess of 20
years' experience in mineral exploration and is a Qualified Person
under the AIM Rules. Mr Kolff consents to the inclusion of the
information in the form and context in which it appears.
Information in this report relating to metallurgical results is
based on data reviewed by Mr Noel O'Brien, Director of Trinol Pty
Ltd. Mr O'Brien is a Fellow of the Australasian Institute of Mining
and Metallurgy (AusIMM) and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the December 2012
edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves" (JORC Code). Mr
O'Brien consents to the inclusion in the report of the matters
based upon the information in the form and context in which it
appears.
Information in this report relating to Mineral Resources was
compiled by Shaun Searle, a Member of the Australian Institute of
Geoscientists. Mr Searle has sufficient experience that is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Searle is a director of Ashmore.
Ashmore and the Competent Person are independent of the Company and
other than being paid fees for services in compiling this report,
neither has any financial interest (direct or contingent) in the
Company.
CHAIRMAN STATEMENT:
"We are delighted by the developments we have made during the
period across the Company's portfolio.
"The advancements at the Ewoyaa Lithium Project enabled us to
complete the Scoping Study for the project post period end,
supporting a business case for 2.0 Million tonnes per annum
production operation with life of mine revenues exceeding US$1.55
billion. This Study is undeniably transformative for the Company
and we now look forward to further progressing the project towards
production in order to capitalise on the heightened demand for
lithium and its role in the stored energy transition.
"Meanwhile, drilling at the Company's Zaranou gold license
continued to deliver highly encouraging results and new targets for
drilling, affirming our belief of potential to become a
large-scale, open pit gold mine. Further updates on the results
from our recent drilling programmes will be provided in due
course.
"The acquisitions of the Bodite and Bianouan gold licenses and
the Vavoua gold license in Côte d'Ivoire during the period, plus
the completion of the acquisition of the Saltpond license and Cape
Coast license application in Ghana post period, reflect the
Company's strategy of growing its portfolio of assets covering
in-demand commodities in Africa. Using this strategy, we have
demonstrated our ability to deliver significant progress across our
projects to date and subsequently return values to shareholders. As
such, we retain the belief in this strategy going forward.
"As always, we would like to express our thanks to our
shareholders for their continued support and we wish them all the
best during what remain very uncertain times as a result of the
Covid-19 pandemic.
"2021 marks a pivotal year for the growth of the projects across
the Company's portfolio and we hope our shareholders are as excited
as we are as we advance our respective assets. We look forward to
updating the market on our progress in due course."
OPERATIONAL HIGHLIGHTS:
Ghana - Lithium:
Ø The Company continued to advance the Ewoyaa Lithium Project
where a 14.5Mt at 1.31% Li(2) O Mineral Resource estimate (reported
in accordance with the JORC Code) in Indicated and Inferred status
is defined within the broader 684km(2) Cape Coast Lithium
portfolio, which occurs within 110km of an operating deep-sea port,
within 1km of a bitumen high-way and adjacent to grid power.
Ø Additional metallurgical test work was completed on the
potential to further improve lithium recoveries by re-crushing
middlings in the process flow-sheet design with both fresh and
transitional material seeing improved lithium recovery whilst
maintaining a product grade of 6% Li(2) O.
Ø The test work also highlighted that the lighter SG2.6 gravity
fractions have elevated levels of potassium (K(2) O) and sodium
(Na(2) O) minerals considered to be commercial grade feldspar by
the ceramics industry. Based on this preliminary analysis, upwards
of 20% of the plant feed material could be recovered as a saleable
feldspar product, which is in demand from the regional ceramics
industry in Ghana and the wider industry in Europe.
Ø In August 2020, the Company was accepted as a member of the
European Battery Alliance ("EBA250"); an organisation committed to
driving a competitive and sustainable battery industry in Europe by
2025. The EBA250 network brings together interested stakeholders,
industry specialists and participants from both the public and
private sectors; a collaboration of more than 400 participants
across the European Union's ("EU") battery value chain.
Côte D'Ivoire - Gold and Lithium:
Zaranou license
Ø The Company continued drilling activities at the Zaranou gold
license, located approximately 200km north-east of the capital
Abidjan, adjacent to the border with Ghana and covering 397km(2) of
highly prospective Birimian terrain. The Company focussed its
drilling efforts at the Ehuasso target, where artisanal workings
are most intense but also commenced drilling at the Ebilassokro,
Mbasso, Coffee Bean and Yakassé targets.
Ø The Company secured unverified historical soils and drilling
data from previous explorers AngloGold Ashanti ("AGA") and Etruscan
Resources ("EET"), including a data for a total of 279 Rotary Air
Blast ("RAB") holes for 8,025m to a maximum depth of 50m and 186
reverse circulation ("RC") holes for 9,759m to a maximum depth of
80m over the Yakassé target in the extreme south-west of the
license area.
Ø The Company completed a second phase drill programme for a
total of 20,312m in 404 aircore ("AC") holes and 2,077m in 12 RC
holes. Drilling focused within the Ehuasso target along 160m spaced
AC and RC drill traverses to test mineralisation continuity, in
addition to two exploration AC drill traverses at the Ebilassokro
soil anomaly.
Ø The Company commenced a third phase drilling programme for
approximately 20,000m of RC resource drilling at the Ehuasso Main
target, and approximately 30,000m of exploration AC drilling at the
Ebilassokro, Yakassé, M'Basso and Coffee Bean/Super pit targets at
broad 160m spaced AC drill traverses.
Vavoua Portfolio
Ø The Company announced the 100% acquisition of the Vavoua gold
license from CAPRI Metals SARL.
Bianouan and Bodite Portfolio
Ø The Company announced the 100% acquisition of the Bodite and
Bianouan Gold licenses from Major Star SA.
Chad - Gold:
Ø The Company successfully renewed its Dorothe, Echbara and Am
Ouchar licenses for a further 4 years with requisite area
reductions for a total 746.25km(2) of highly prospective tenure,
where it has defined a significant gold target at Dorothe in
approximately 15km of trenching at 200m spacing over a 3km x 1km
surface area. Additional gold targets have been identified within
the Echbara, Am Ouchar, Kalaka and Nabagay licenses.
Ø The Company re-commenced travel into Chad now that travel
restrictions have eased in N'Djamena to allow for field programmes
to commence with the intention to focus on a maiden drilling
programme to test the Dorothe target prior to the onset of the wet
season in July 2021.
POST PERIOD- HIGHLIGHTS:
Ghana - Lithium:
Ø On 19 January 2021, the Company announced the completion of a
Scoping Study on the Ewoyaa Lithium Project in Ghana, West Africa
which supports a business case for 2.0 Million tonnes per annum
production operation producing an average 295,000 tonnes per annum
of 6% Li(2) O spodumene concentrate with life of mine revenues
exceeding US$1.55 billion.
Ø On 22 February 2021, the Company announced multiple high-grade
lithium pegmatite drill intersections at new targets adjacent to
the Ewoyaa Lithium Project in Ghana, West Africa.
Côte D'Ivoire - Gold and Lithium:
Ø On 18 January 2021, the Company announced multiple high-grade
drill intersections and the confirmation of new gold targets at the
Zaranou Project in Côte d'Ivoire, West Africa.
Ø On 30 March 2021 the Company announced the completion of the
third phase drill programme at Zaranou for 51,539m of drilling
including 20,323m in 110 RC holes and 31,216m in 611 AC holes at
the Ehuasso, Ebilassokro, Yakassé, M'Basso and Coffee Bean/Super
pit targets. The Company also completed a 645m diamond drilling
programme in three holes at the Ehuasso target for geology, RC
twinning and density work.
FINANCIAL HIGHLIGHTS:
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the half year ended 31 December 2020
31 December 2020 31 December 2019
A$ A$
Notes (Unaudited) (Audited)
Revenue 3 50,000 45
Administration and consulting
expenses 999,410 1,311,474
Depreciation 30,610 3,407
Employment benefits expenses 215,874 238,450
Exploration costs written off - 127,883
Project Generation Expenses 3,756
Legal expenses 34,994 69,651
Interest expenses 2,970 463
Share based payments expenses - 548,978
Unrealised foreign exchange
(gains) losses 136,901 (72,808)
------------------------------- ----------------- -------------------- ----------------------
(Loss) before income tax 4 (1,374,515) (2,227,453)
Income tax expense 1,043 -
------------------------------- ----------------- -------------------- ----------------------
(Loss) for the period (1,375,558) (2,227,453)
------------------------------- ----------------- -------------------- ----------------------
Other comprehensive income
(loss) (1,318,519) 612
------------------------------- ----------------- -------------------- ----------------------
Total comprehensive loss for
the period (2,694,077) (2,226,841)
------------------------------- ----------------- -------------------- ----------------------
Earnings per share Cents per share Cents per share
Basic earnings per share 5 (0.3) (0.7)
Diluted earnings per share 5 (0.3) (0.7)
The above consolidated statement of comprehensive income should
be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2020
31 December 2020 31 June 2020
A$
Notes (Unaudited) A$
(Audited)
Current assets
Cash and cash equivalents 1,480,957 7,331,643
Trade and other receivables 127,762 399,250
Other current assets 140,709 213,916
------------------------------- --------- ------------- ------------
Total current assets 1,749,428 7,944,809
------------------------------- --------- ------------- ------------
Non-current assets
Other financial assets 186,166 186,666
Property, plant and equipment 292,471 348,791
Exploration and evaluation
assets 41,986,355 34,017,466
------------------------------- --------- ------------- ------------
Total non-current assets 42,464,992 34,552,923
------------------------------- --------- ------------- ------------
Total assets 44,214,420 42,497,732
------------------------------- --------- ------------- ------------
Current liabilities
Trade and other payables 3,776,396 2,152,690
------------------------------- --------- ------------- ------------
Total current liabilities 3,776,396 2,152,690
------------------------------- --------- ------------- ------------
Total liabilities 3,776,396 2,152,690
------------------------------- --------- ------------- ------------
Net assets 40,438,024 40,345,042
------------------------------- --------- ------------- ------------
Equity
Issued capital 6 72,975,140 70,188,081
Reserves 11,375,561 12,694,080
Accumulated losses (43,912,677) (42,537,119)
------------------------------- --------- ------------- ------------
Total equity attributable
to owners of
IronRidge Resources Limited 40,438,024 40,345,042
------------------------------- --------- ------------- ------------
The above consolidated statement of financial position should be
read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the half year ended 31 December 2020
Issued Capital Accumulated Share Based Foreign Currency Total Equity
Losses Payments Translation
Reserve Reserve
A$ A$ A$ A$ A$
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Balance at 1 July
2019 57,052,711 (35,927,989) 9,839,847 109,954 31,074,523
Loss for the period - (2,227,453) - - (2,227,453)
Other comprehensive
income - - - 612 612
------------------- -------------- ------------- ------------------ --------------
Total comprehensive
income - (2,227,453) - 612 (2,226,841)
for the period
Shares issued during
the period 4,509,799 - - - 4,509,799
Share issue costs (134,704) - - - (134,704)
Share based payments - - 548,978 - 548,978
------------------------ ------------------- -------------- ------------- ------------------ --------------
Balance at 31 December
2019 61,427,806 (38,155,442) 10,388,825 110,566 33,771,755
------------------------ ------------------- -------------- ------------- ------------------ --------------
Loss for the period - (4,381,677) - - (4,381,677)
Other comprehensive
income - - - (45,169) (45,169)
------------------- -------------- ------------- ------------------ --------------
Total comprehensive
income - (4,381,677) - (45,169) (4,426,846)
for the period
Shares issued during
the period 9,111,199 - - - 9,111,199
Share issue costs (350,924) - 48,405 - (302,519)
Share based payments - - 2,191,453 - 2,191,453
------------------------ ------------------- -------------- ------------- ------------------ --------------
Balance at 30 June
2020 70,188,081 (42,537,119) 12,628,683 65,397 40,345,042
------------------------ ------------------- -------------- ------------- ------------------ --------------
Loss for the period - (1,375,558) - - (1,375,558)
Other comprehensive
income - - - (1,318,519) (1,318,519)
------------------- -------------- ------------- ------------------ --------------
Total comprehensive
income - (1,375,558) - (1,318,519) (2,694,077)
for the period
Share issued during
the period 2,789,491 - - - 2,789,491
Shares issue costs (2,432) - - - (2,432)
Share based payments - - - - -
------------------------ ------------------- -------------- ------------- ------------------ --------------
Balance at 31 December
2020 72,975,140 (43,912,677) 12,628,683 (1,253,122) 40,438,024
------------------------ ------------------- -------------- ------------- ------------------ --------------
The above consolidated statement of changes in equity should be
read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH
FLOWS
For the half year ended 31 December
2020
31 December 2020 31 December 2019
A$ A$
Notes (Unaudited) (Audited)
Cash flows from operating activities
Payments to suppliers and employees (849,808) (1,669,492)
Interest received 3 - 45
Interest paid (2,970) (463)
Other Income 50,000 -
--------------------------------------------- --------- ------------------- ----------------------
Net cash flows from operating activities (802,778) (1,669,910)
--------------------------------------------- --------- ------------------- ----------------------
Cash flows from investing activities
Refund of security deposits 500 2,500
Purchase of property, plant and
equipment (77,163) (3,570)
Payments for exploration and evaluation
assets (5,854,104) (4,331,992)
--------------------------------------------- --------- ------------------- ----------------------
Net cash flows from investing activities (5,930,767) (4,333,062)
--------------------------------------------- --------- ------------------- ----------------------
Cash flows from financing activities
Proceeds from the issue of shares 1,002,421 3,551,852
Transactions costs on the issue
of shares (3,475) (38,012)
--------------------------------------------- --------- ------------------- ----------------------
Net cash flows from financing activities 998,946 3,513,840
--------------------------------------------- --------- ------------------- ----------------------
Net decrease in cash and cash equivalents (5,734,599) (2,489,132)
Cash and cash equivalents at the
beginning of the period 7,331,643 6,714,222
Foreign exchange impact on cash (116,087) 29,960
--------------------------------------------- --------- ------------------- ----------------------
Cash and cash equivalents at the
end of the period 1,480,957 4,255,050
--------------------------------------------- --------- ------------------- ----------------------
The above consolidated statement of cash flows should be read in
conjunction with the accompanying notes.
NOTES TO THE FINANCIAL STATEMENTS
For the half year ended 31 December 2020
Note 1: Summary of Significant Accounting Policies
Corporate information
The consolidated financial report of IronRidge Resources Limited
(the "Company") for the half-year ended 31 December 2020 was
authorised for issue in accordance with a resolution of the
Directors on 31 March 2021. IronRidge Resources Limited (the
Parent) is a public company limited by shares incorporated and
domiciled in Australia. The Company's registered office is located
at Level 33, Australia Square, 264 George St, Sydney,
Australia.
Basis of preparation
This half-year unaudited financial report for the period ended
31 December 2020 prepared in accordance with Australian Accounting
Standard AASB 134 Interim Financial Reporting and the Corporations
Act 2001, comprises the Company and its subsidiaries (together
referred to as the "Group").
The half-year financial report does not include all notes of the
type normally included within the annual financial report and
therefore cannot be expected to provide as full an understanding of
the financial performance, financial position and financing and
investing activities of the Group as the full financial report.
Accordingly, this half year financial report is to be read in
conjunction with the annual financial report for the year ended 30
June 2020 and any public announcements made by the Company during
the half-year reporting period in accordance with the continuous
disclosure requirements of the Corporations Act 2001.
The accounting policies and methods of computation are the same
as those adopted in the most recent annual financial report.
Going concern
The half year financial report has been prepared on a going
concern basis which contemplates the continuity of normal business
activities and the realisation of assets and discharge of
liabilities in the ordinary course of business. The Group has not
generated revenues from operations.
In addition, the COVID-19 global pandemic continues to be a risk
to the international community as the virus spreads globally. These
conditions have had a significant negative impact on world stock
markets, currencies and general business activities which could
negatively impact the Company in a material adverse manner.
As such, the Group's ability to continue to adopt the going
concern assumption will depend upon a number of matters including
subsequent successful raisings in the future of necessary funding
and the successful exploration and subsequent exploitation of the
Group's tenements.
These conditions give rise to material uncertainty which may
cast significant doubt over the Group's ability to continue as a
going concern. The Directors believe that the going concern basis
of preparation is appropriate as the Directors believe there is
sufficient cash available for the Group to continue operating until
it can raise sufficient further capital to funds its ongoing
activities. The Group has a proven ability to raise the necessary
funding or settle debts via the issuance of shares.
Should the Group be unable to continue as a going concern, it
may be required to realise its assets and extinguish its
liabilities other than in the ordinary course of business, and at
amounts that differ from those stated in the financial report.
New or amended Accounting Standards and Interpretations
adopted
The accounting policies adopted in the preparation of the
unaudited interim consolidated financial statements are consistent
with those followed in the preparation of the Group's annual
consolidated financial statements for the year ended 30 June 2020.
The consolidated entity has adopted all of the new or amended
Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board ('AASB') that are mandatory for the
current reporting period.
Any new or amended Accounting Standards or Interpretations that
are not yet mandatory have not been early adopted.
Note 2: Segment Information
The Group has identified its operating segment based on the
internal reports that are reviewed and used by the Board of
Directors (chief operating decision makers) in assessing
performance and determining the allocation of resources. The Group
is managed primarily on a geographic basis, that is, the location
of the respective areas of interest (tenements) in Queensland, and
Gabon. Operating segments are determined based on financial
information reported to the Board for the Group as a whole. The
Group does not yet have any products or services from which it
derives an income.
Accordingly, management currently identifies the Group as having
only one reportable segment, being exploration for base and
precious metals. The financial results from this segment are
equivalent to the financial statements of the Group. There have
been no changes in the operating segments during the half year.
Geographical information
31 December 2020 30 June 2020
A$
(Unaudited) A$
(Audited)
Australia 1,386,758 1,419,068
Chad 14,025,353 14,045,557
Ghana 10,059,370 9,757,440
Ivory Coast 16,993,511 9,330,858
42,464,992 34,552,923
31 December 2020 31 December 2019
A$
(Unaudited) A$
(Audited)
Note 3: Revenue
- Interest received - 45
- Other income 50,000 -
Total Revenue 50,000
45
(a) Interest revenue from:
- Cash deposits held with financial institutions - 45
Total Interest Revenue -
45
Note 4: Profit / (Loss)
Included in the profit / (loss) are the following specific
expenses:
Depreciation
- Office equipment 2,133 198
- Plant and equipment 3,209 3,209
- Motor Vehicle 25,268 -
Superannuation expense
7,581 9,896
Note 5: Earnings Per Share (EPS)
(a) Earnings
Earnings used to calculate basic and diluted EPS (1,375,558)
(2,227,453)
(b) Weighted average number of shares and options
Weighted average number of ordinary shares outstanding
during the period, used in calculating basic earnings per share 409,605,487
318,043,321
Weighted average number of dilutive options outstanding
during the period - -
Weighted average number of ordinary shares and potential
ordinary shares outstanding during the period, used in
calculating diluted earnings per share 409,605,487
318,043,321
31 December 2020 30 June 2020
A$
(Unaudited) A$
(Audited)
Note 6: Issued Capital
(a) Issued and paid up capital
Ordinary shares fully paid 74,406,385 71,616,893
Share issue costs (1,431,245 (1,428,812)
72,975,140 70,188,081
Ordinary shares participate in dividends and the proceeds on
winding up the Company. At shareholder meetings each ordinary share
is entitled to one vote when a poll is called, otherwise each
shareholder has one vote on show of hands.
(b) Reconciliation of issued and paid-up Number of Shares A$
capital
At 30 June 2020 404,513,660 71,616,893
1 July 2020 (1) 572,656 227,266
4 August 2020 (2) 571,309 89,716
10 August 2020 (3) 3,836,436 836,944
26 August 2020 (4) 984,431 233,453
28 October 2020 (5) 1,425,672 366,279
28 October 2020 (6) - 109,340
16 December 2020 (7) 1,618,336 429,302
17 December 2020 (8)
1,550,388
497,192
At 31 December 2019 415,072,888 74,406,385
(1) On 1 July 2020, 572,656 GBP0.22p (equivalent to $0.40)
ordinary shares were issued for the acquisition of the CAPRI Metals
SARL.
(2) On 4 August 2020, 571,309 GBP0.0866p (equivalent to $0.16)
ordinary shares were issued to a contractor in partial
consideration for services rendered.
(3) On numerous dates from 10 August to 9 November 2020,
3,836,436 GBP0.12p (equivalent to $0.22) ordinary shares were
issued pursuant to a warrants placement.
(4) On 26 August 2020, 984,431 GBP0.1331 (equivalent to $0.24)
ordinary shares were issued to a contractor in partial
consideration for services rendered.
(5) On 28 October 2020, 1,425,672 GBP0.1397 (equivalent to
$0.26) ordinary shares were issued to a contractor in partial
consideration for services rendered.
(6) On 28 October 2020, funds were received for 600,000 GBP0.10
(equivalent to $0.18) ordinary shares previously issued on 25
January 2019 as exercise of employee options.
(7) On 16 December 2020, 1,618,336 GBP0.1489 (equivalent to
$0.27) ordinary shares were issued to a contractor in partial
consideration for services rendered.
(8) On 17 December 2020, 1,550,388 GBP0.18p (equivalent to
$0.32) ordinary shares were issued for the acquisition of Bodite
and Bianouan Gold Licenses.
Note 7: Contingent Assets and Contingent Liabilities
The Directors are not aware of any contingent assets or
contingent liabilities at the date of this report.
Note 8: Financial Instruments
There are no financial assets or liabilities measured at fair
value in the statement of financial position.
The carrying value of all financial assets and liabilities not
measured at fair value in the statement of financial position
approximate their fair value.
Note 9: Subsequent Events
On 11 January 2021, the Company announced that it had completed
the sale of the non-core May Queen gold project in South East
Queensland to Australasian Gold Limited ("AGL"), the Company
received 4.5m shares representing 28.1% of the enlarged share
capital of AGL with a further investment of AUD$100,000 at 10 cents
per share to provide AGL with additional working capital.
On 18 January 2021, the Company announced multiple high-grade
drill intersections and the confirmation of new gold targets at the
Zaranou Project in Côte d'Ivoire, West Africa. The license borders
with Ghana and is along strike from significant operating gold
mines including Chirano, Bibiani and Ahafo.
On 19 January 2021, the Company announced completion of a
Scoping Study on the Ewoyaa Lithium Project in Ghana, West Africa
which supports a business case for 2.0 Million tonnes per annum
production operation with life of mine revenues exceeding US$1.55
billion.
On 19 January 2021, the Company gave written notice to exercise
the fully underwritten call warrants issued to participants in the
Company's capital raising announced on 11 May 2020.
On 4 February 2021, the Company announced that it had completed
the acquisition of 100% of the share capital of Joy Transporters
Ltd for the issue of 2,360,035 ordinary shares, providing IronRidge
full ownership of the highly prospective Saltpond license and Cape
Coast application in Ghana.
On 5 February 2021, 2,782,919 ordinary shares were issued to a
contractor in partial consideration for services rendered.
On 22 February 2021, the Company announced that all holders
elected to exercise the Fundraise Warrants, notice given 19 January
2021, which resulted in net proceeds of approximately
GBP3,630,648.
On 22 February 2021, the Company announced multiple high-grade
lithium pegmatite drill intersections at new targets adjacent to
the Ewoyaa Lithium Project, where the Company has defined a JORC
compliant mineral resource in Ghana, West Africa.
On 30 March 2021 the Company announced the completion of the
third phase drill programme at Zaranou for 51,539m of drilling
including 20,323m in 110 RC holes and 31,216m in 611 AC holes at
the Ehuasso, Ebilassokro, Yakassé, M'Basso and Coffee Bean/Super
pit targets. The Company also completed a 645m diamond drilling
programme in three holes at the Ehuasso target for geology, RC
twinning and density work.
The impact of the COVID-19 global pandemic continues to be a
focus in order to ensure the health and safety of all of its
employees and contractors. The Company has put in place measures
and protocols to ensure that safe working conditions exist for all
our personnel whilst our field programmes and drilling campaigns
continue. The Board will continue to monitor the situation and
tailor the Company's operating model to ensure its continued
viability whilst adjusting for any travel restrictions in
place.
There have been no other events since the end of the half year
that impact the financial report as at 31 December 2020.
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END
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