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RNS Number : 0934T Citius Resources PLC 10 November 2023
Date: 10 November 2023
Citius Resources Plc
("Citius" or the "company")
Interim Financial Statements
for the six month period ended 31 October 2023
The Company is pleased to announce its Interim Results for the six-month
period to 31 October 2023.
For further information please contact
Citius Resources Plc Tavira Securities Limited
Cameron Pearce (Director) Jonathan Evans
www.Citiusresources.co.uk Tel: +44(0)20 7330 1833
Tel: +44 (0)1624 681 250 Jonathan.evans@tavirasecurities.com
info@citiusresources.co.uk
Shard Capital Partners
Damon Health
Tel: +44(0)20 7186 9927
Damon.heath@shardcapital.com (mailto:Damon.heath@shardcapital.com)
Interim Management Report
Dear shareholder,
I am pleased to present the interim report and accounts for the six-month
period to 31 October 2023 for Citius Resources Plc.
The Company was pleased to announce during the period that we have entered
into a binding Heads of Terms for the acquisition of 100% of the issued shares
in Harena Resources Pty Ltd ("Harena") the 75% owner of the Ampasindava Rare
Earths Project in Madagascar (the, "Acquisition"). Harena is an Australian
domiciled company preparing to develop the 75% owned Ampasindava Rare Earths
Project, which will include the mining and processing of Ionic Clay material
to extract Rare Earth elements to produce Mixed Rare Earth Carbonate or Mixed
Rare Earth Concentrate.
Harena is what can be described as Reverse Take Over ("RTO") advanced stages
therefore the Company is well positioned to complete the Acquisition in this
next reporting period which would constitute a RTO under the Listing Rules and
accordingly, the company would apply for re-admission of its shares to the
Official List and Main Market of the London Stock Exchange.
I would like to thank the board and our advisors for their dedication and
professionalism in what can only be described as challenging market conditions
and we look forward to applying for re-admission and moving the exciting
Ampasindava Rare Earths project forward.
Cameron Pearce
Chief Executive Officer
Responsibility Statement of the Directors' in respect of the Interim Report
The Directors are responsible for preparing the Interim Financial Statements
in accordance with applicable law and regulations. In addition, the Directors
have elected to prepare the Interim Financial Statements in accordance with
International Financial Reporting Standards ("IFRSs"), as adopted by the
United Kingdom ("UK").
The Interim Financial Statements are required to give a true and fair view of
the state of affairs of the Group and of the profit or loss of the Group for
that period.
In preparing these Interim Financial Statements, the Directors are required
to:
· select suitable accounting policies and then apply them consistently;
· present information and make judgements that are reasonable, prudent
and provides relevant, comparable and understandable information;
· provide additional disclosures when compliance with the specific
requirements in IFRS is insufficient to enable users to understand the impact
of particular transactions, other events and conditions on the entity's
financial position and financial performance; and
· make an assessment of the Group's ability to continue as a going
concern.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Group's transactions and disclose with
reasonable accuracy at any time its financial position of the Group to enable
them to ensure that the financial statements comply with the requirements of
the Companies Act 2006. They have general responsibility for taking such steps
as are reasonably open to them to safeguard the assets of the Group and to
prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the
corporate and Interim Financial Statements. Legislation governing the
preparation and dissemination of Interim Financial Statements may differ from
one jurisdiction to another.
We confirm that to the best of our knowledge:
· the Interim Financial Statements, prepared in accordance with
International Financial Reporting Standards as adopted by the UK, give a true
and fair view of the assets, liabilities, financial position and profit or
loss of the Group for the period;
· the Director's report includes a fair review of the development
and performance of the business and the position of the group, together with a
description of the principal risks and uncertainties that they face; and
· the annual report and financial statements, taken as a whole, are
fair, balanced and understandable and provide the information necessary for
shareholders to assess the group's performance, business model and strategy.
Statement of Comprehensive Income for the year end ended 31 October 2023
6 months ended 31 October 2023 6 months ended 31 October 2022 12 months ended
30 April 2023
(Unaudited) (Unaudited) (Audited)
Notes GBP GBP GBP
Administrative fees and other expenses 5 (340,378) (139,526) (444,287)
Operating loss (340,378) (136,526) (444,287)
Finance costs - - -
Loss before tax (340,378) (136,526) (444,287)
Income tax - - -
Total comprehensive loss for the period (340,378) (136,526) (444,287)
Basic and diluted loss per share (pence) 7 (0.79) (0.44) (1.03)
There was no other comprehensive income for the period ended on 31 October
2023.
Statement of Financial Position as at 31 October 2023
Note As at As at As at
31 October 2023 31 October 2022 30 April
2023
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Current assets
Cash and cash equivalents 61,297 345,886 249,341
Other receivables 11,570 314,411 154,759
Total current assets 72,867 660,297 412,100
Current liabilities
Creditors: Amounts falling due within one year 120,728 62,660 119,223
Total current liabilities 120,728 62,660 119,223
Net (liabilities)/assets (47,861) 597,637 292,877
Equity
Share capital 8 216,250 216,250 216,250
Share premium 8 921,797 921,797 921,797
Warrant reserves 17,422 17,422 17,422
Retained earnings (1,203,330) (557,832) (862,592)
Total equity (47,861) 597,637 292,877
Statement of Changes in Equity for the six month period ended 31 October 2023
Share Share premium Warrants reserves Retained earnings Total equity
capital
GBP GBP GBP GBP GBP
Balance as at 30 April 2022 216,250 921,797 17,422 (418,306) 737,163
Loss for the period - - - (139,526) (139,526)
Total comprehensive loss - - - (139,526) (139,526)
Balance as at 31 October 2022 216,250 921,797 17,422 (557,832) 597,637
Loss for the period - - - (304,760) (304,760)
Total comprehensive loss - - - (304,760) (304,760)
Balance as at 30 April 2023 216,250 921,797 17,422 (862,592) (292,877)
Loss for the period - - - (340,738) (340,738)
Total comprehensive loss - - - (340,738) (340,738)
Balance as at 31 October 2023 216,250 921,797 17,422 (1,203,330) (47,861)
Statement of Cash Flows for the six month period ended 31 October 2023
Notes As at 31 October 2023 As at 31 October 2022 As at 30
April 2023
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Operating activities
Loss after tax (340,737) (139,526) (444,287)
Changes in working capital
(Decrease)/increase in trade and other receivables (3,570) (294,336) 12,076
Increase in trade and other payables 1,505 22,645 79,208
Net cash flows utilised by operating activities (342,802) (411,217) (353,003)
Investing activities
Decrease/(increase) Loan to Kamalenge Gold Project 249,341 - (249,341)
Net cash flows from investment activities 249,341 - (249,341)
Increase in cash and cash equivalents (93,461) (411,217) (602,344)
Cash and short-term deposits brought forward 154,759 757,103 757,103
Cash and cash equivalent at 61,298 345,886 154,759
31 October
Notes to the Financial Statements for the six month period ended 31 October 2023
1. General
Citius Resources Plc (the "Company") is a public limited company incorporated
and registered in England and Wales on 15 April 2020 with registered company
number 12557958. Its registered address 167-169 Great Portland Street, Fifth
Floor, London, W1W 5PF.
The Company did not trade during the period under review.
2. Accounting Policies
Basis of preparation
The interim financial statements of Citius Resources Plc are unaudited
condensed financial statements for the 6 month period ended 31 October 2023.
The accounting policies applied by the Company in these Interim Financial
Statements, are the same as those applied by the Company in its financial
statements and have been prepared on the basis of the accounting policies
applied for the financial year to 30 April 2023 which have been prepared in
accordance with IFRS as adopted by UK. The Company Interim Financial
Statements have been prepared using the measurement basis specified by IFRS
each type of asset, liability, income and expense.
The Company Interim Financial Statements are presented in GBP, which is the
Company's functional currency. All amounts have been rounded to the nearest
pound, unless otherwise stated.
3. Critical accounting estimates and judgments
In preparing the Company's Interim Financial Statements, the Directors have to
make judgments on how to apply the Company's accounting policies and make
estimates about the future. The Directors do not consider there to be any
critical judgments that have been made in arriving at the amounts recognised
in the Company Interim Financial Statements.
4. Significant accounting policies
The accounting policies adopted are consistent with those followed in the
preparation of the annual financial statements of Citius Resources Plc, for
the year ended 30 April 2023. A copy of these financial statements is
available on the Company website at https://citiusresources.co.uk/
(https://citiusresources.co.uk/)
5. Administrative fee and other expenses
6 months ended 31 October 2023 6 months ended 31 October 2022 12 months ended
30 April 2023
GBP GBP GBP
Directors' remuneration 24,000 24,000 48,000
Professional fees 24,455 90,524 115,785
Project cost expenditure 272,081 - 216,112
Audit fees 10,266 15,000 36,000
Administration fees 9,000 9,000 18,000
Miscellaneous fees 936 1,002 10,390
Total 340,738 139,526 444,287
The company did not employ any staff during the period other than Directors.
The Directors are the only members of key management and their remuneration
related solely to short term employee benefits.
6. Impairment of the loan
On 9 June 2022 the Company announced that it has entered into a binding Heads
of Terms with regard to the possible acquisition of 100% of the share capital
of AUC Mining (U) Limited ("AUC"). As part of the Heads of Terms, the
Company loaned AUC £249,341. On 26 October 2023, the Company agreed to
terminate the agreement with AUC for the acquisition of the Kamalenge project,
and therefore, the loan was impaired to Nil.
7. Basic and diluted loss per share
The calculation of the basic and diluted loss per share is based on the
following data:
6 months ended 31 October 2023 6 months ended 31 October 2022 12 months ended 30 April 2022
Earnings
Loss for the period (GBP) (340,738) (139,526) (444,287)
Number of shares
Weighted average number of Shares 43,250,000 31,692,482 43,250,000
Basic and diluted loss per share (pence) (0.79) (0.44) (1.03)
There are no potentially dilutive shares in issue.
8. Share capital issued
Number of shares issued Nominal value per share Share capital Share premium Total share capital
GBP GBP GBP GBP
At 30 October 2022 43,250,000 0.005 216,250 921,797 1,138,047
At 31 April 2023 43,250,000 0.005 216,250 921,797 1,138,047
At 31 October 2023 43,250,000 0.005 216,250 921,797 1,138,047
9. Related party transactions
The are no related party transactions during the period except for the
Directors' remuneration, which has been disclosed in note 5.
10. Events after the reporting date
There are no events after the reporting date.
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