REG - Landore Resources Ld - Interim Results
28/09/2023 07:00
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RNS Number : 8981N Landore Resources Limited 27 September 2023
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023
London, United Kingdom - 28 September 2023 - Landore Resources Limited (AIM:
LND) ("Landore Resources" or the "Company") is pleased to announce its
unaudited interim results for the six months ended 30 June 2023.
The Company notes that the interim results also include results for the three
month period ended 30 June 2023, and associated comparatives, in order to
facilitate the Company's planned forthcoming dual listing on the TSX Venture
Exchange ("TSX-V").
Full copies of the Company's unaudited interim results for the three and six
months ended 30 June 2023 (the "Interim Results"), together with the separate
accompanying Management's Discussion and Analysis ("MD&A"), will shortly
be made available to download on the Company's website at: www.landore.com
(http://www.landore.com) .
For further information, please contact:
Landore Resources Limited
Claude Lemasson, Chief Executive Officer Tel: +1-807-623-3770
Glenn Featherby, Finance Director
Strand Hanson Limited (Nominated Adviser and Joint Broker)
James Dance/Matthew Chandler/Robert Tel: 020 74093494
Collins
Novum Securities Limited (Joint Broker)
Jon Belliss/Colin Rowbury Tel: 020 73999402
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.
Key Extracts from the Interim Results and MD&A are set out below:
General
The following MD&A of Landore Resources Limited (the "Company", the
"Group" or "Landore") should be read in conjunction with the unaudited
condensed interim consolidated financial statements for the three and six
months ended 30 June, 2023 with comparatives for the three and six month
periods ended 30 June, 2022 and the notes thereto. The Company's unaudited
condensed interim consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS"). Unless
otherwise stated, all amounts discussed herein are denominated in British
Pounds.
Overview
The Company is quoted on AIM with the trading symbol LND.L. The Company is
based in Guernsey in the Channel Islands and its 100 per cent. owned operating
subsidiary, Landore Resources Canada Inc. ("Landore Canada"), is engaged in
the exploration and development of a portfolio of precious and base metal
properties in North America.
Financial Results:
The financial results for the six months to 30 June 2023 show a loss before
income tax of £822,251 (30 June 2022: £794,385), and for the three months
ended 30 June 2023 a loss of £771,560 (30 June 2022: £308,022). Exploration
costs for the six months ended 30 June 2023 were £242,502 (30 June 2022:
£398,341), and for the three months ended 30 June 2023 £142,752 (30 June
2022 £248,834).
The Company's cash and cash equivalents balance was £397,109 at 30 June, 2023
compared to £1,235,528 at 31 December, 2022.
Operations Report
The Junior Lake Property:
The Junior Lake property, 100 per cent. owned by Landore Canada, is located in
the province of Ontario, Canada, approximately 235 kilometres north-northeast
of Thunder Bay and is host to the BAM Gold Deposit, the B4-7
Nickel-Copper-Cobalt-PGEs deposit and the adjacent Alpha PGEs zone. Junior
Lake also contains the VW Nickel deposit and numerous other highly prospective
mineral occurrences including lithium.
BAM Gold Deposit:
Works to-date have brought the BAM Gold Project's In-Situ NI 43-101 compliant
resource to 49,231,000 tonnes (t) at 1.0 grams/tonne (g/t) for 1,496,000
ounces of gold (oz Au) including 30,965,000t at 1.0g/t for 1,029,000 ounces
gold in the Indicated Category (February 2022 mineral resource estimate, at a
0.3g/t cut-off).
On 9 May 2022, Landore announced a positive preliminary economic assessment
("PEA") which indicated that under certain conditions the BAM Gold Project
generates pre-tax and post-tax NPVs of, respectively, US$333.6M and US$231.2M
and pre-tax and post-tax real IRRs of 87.4% and 66.7%. The BAM Gold Project
has an after-tax simple pay back of 1.25 years from the start of production or
2.25 years from the start of the project.
Landore Canada's focus for the remainder of 2023 and going forward is on
advancing its highly prospective BAM Gold Project, targeting a
two-million-ounce resource together with completing a Pre-Feasibility Study,
concentrating on:
• The underground potential at BAM as identified by CUBE in its
May 2022 resource upgrade and presentation.
• Advancing the existing Inferred resource into an Indicated
Resource together with infilling the exploration targets to the immediate east
and west of the current resource.
• Commencing a pre-feasibility study to advance the BAM Gold
Project towards production.
Gold-Strategic Metals Exploration:
Exploration drilling in 2022 over a distance of 8 kilometres westwards along
strike from the BAM Gold and B4-7 Nickel- Copper-Cobalt-PGEs Deposits
successfully intersected gold and strategic metals mineralisation in all areas
including the highly prospective Felix-Grassy Pond Prospects located from
1100W to 5000W. Drilling also infilled and extended the Carrot Top zone
located 7 to 8 kilometres west of the BAM Gold Deposit to allow modelling for
resource purposes.
During 2022 a soil-till sampling programme was completed in the Felix Lake,
Lamaune Gold and Carrot Top Ni-Cu-Co- PGEs prospect areas to build on Landore
Canada's extensive dataset of soil sampling results along the Junior Lake
shear zone. Soil sampling covering 16 kilometres from the Placer Dome Gold
prospect in the west, to east of the BAM Gold Deposit successfully confirmed
the presence of highly anomalous gold occurrences and trends on the Felix
prospect and south of Felix westwards into the Lamaune Gold area, identifying
direct drill targets.
Preparatory work is currently underway to follow up on the promising drill and
soil results with the aim of expanding the BAM Gold Deposit to the west and
east, as well as further delineating strategic metals trends.
The continued rapid growth of the BAM Gold Deposit together with the possible
future development of the other known gold prospects along this highly
prospective 31 kilometre long Archean greenstone belt bodes well for the
future of the Junior Lake Property potentially hosting a multi-million ounce
gold deposit.
Junior Lake Lithium Prospects:
On 6 March 2023, Landore announced that it had entered into an option
agreement with Green Technology Metals Limited ("GT1") which provides GT1 with
the right to purchase an 80 per cent. interest (the "Option") in certain
tenements which contain Lithium prospects in return for staged payments over
three years to Landore Canada totalling C$2,500,000 in cash and an additional
C$1,500,000 either in cash or by issuing Landore Canada with new common shares
in GT1 (the "Lithium Claim Blocks").
The Lithium Claim Blocks, located in the northern part of the Junior Lake
Property, consist of 10,856 hectares and host a number of lithium-bearing
pegmatites, with three drill-ready prospects identified from previous
exploration activity, the historical Despard Lithium deposit, the Swole Lake
spodumene-bearing pegmatite and Tape Lake pegmatites, both discovered by
Landore Canada. As an exploration asset, the Lithium Claim Blocks currently
generate no revenues or profits and as at 31 December 2022 and 30 June 2023,
for accounting purposes, had a book value of nil.
The consideration received by the Company pursuant to the Option agreement
will be applied towards the Group's working capital requirements, specifically
the advancement of the BAM Gold Project to the Pre-Feasibility Stage.
COVID-19:
The spread of a novel strain of coronavirus ("COVID-19") and measures taken to
contain the spread of the virus caused significant disruption to Landore
Canada's exploration activities during the first half of 2020. By mid-2020 the
Company resumed Canadian operations, and since then has successfully operated
in accordance with Canadian Government's COVID-19 guidelines.
Social and environmental responsibilities:
The Group believes that a successful project is best achieved through
maintaining close working relationships with First Nations and other local
communities. This social ideology is at the forefront of the Group's
exploration initiatives and the Company seeks to establish and maintain
co-operative relationships with First Nations communities, hiring local
personnel and using local contractors and suppliers where possible. Careful
attention is given to ensure that all exploration activity is performed in an
environmentally responsible manner and abides by all relevant mining and
environmental acts. Landore Canada takes a conscientious role towards its
operations and is aware of its social responsibilities and its environmental
duties.
28 September 2023
Unaudited Condensed Interim Consolidated Statement of Comprehensive Income
For the three and six months ended 30 June 2023
Three months ended 30 June Six months ended 30 June
2023 2022 2023 2022
Notes £ £ £ £
Exploration costs 6 (142,752) (248,834) (242,502) (398,341)
Administrative expenses (527,331) (499,277) (964,773) (818,316)
Operating loss (670,083) (748,111) (1,207,275) (1,216,657)
Other income 19 - 467,715 451,988 448,779
Loss on disposal of non-current investments (54,225) - (54,887) -
Loss on non-current investments measured at fair value 9 (47,252) (27,626) (12,077) (26,507)
Loss before income tax (771,560) (308,022) (822,251) (794,385)
Income tax 5 - - - -
Loss for the period (771,560) (308,022) (822,251) (794,385)
Other comprehensive income
Items that will subsequently be reclassified to profit or loss:
Exchange differences on translating foreign operations 10,620 26,500 (24,678) 58,021
Other comprehensive income/(loss) for the period net of tax 10,620 58,021
26,500 (24,678)
Total comprehensive loss for period (760,940) (281,522) (846,929) (736,364)
Loss attributable to:
Equity holders of the Company (771,644) (308,163) (822,610) (794,153)
Non-controlling interests 84 141 359 (232)
Total comprehensive loss attributable to:
Equity holders of the Company (761,024) (281,663) (847,288) (736,132)
Non-controlling interests 84 141 359 (232)
Loss per share for losses attributable to the equity holders
of the Company during the period
- Basic and diluted (£) 7 (0.007) (0.003) (0.008) (0.007)
The above Unaudited Condensed Interim Consolidated Statement of Comprehensive
Income should be read in conjunction with the accompanying notes.
Unaudited Condensed Interim Consolidated Statement of Financial Position
As at 30 June 2023
As at As at
30 June
31 December
2023 2022
Notes £ £
Assets
Non-current assets
Property, plant and equipment 8 59,870 68,432
Investments 9 87,970 169,682
147,840 238,114
Current assets
Trade and other receivables 10 68,331 110,890
Cash and cash equivalents 397,109 1,235,528
465,440 1,346,418
Total assets 613,280 1,584,532
Equity
Capital and reserves attributable to the Company's
equity holders
Share capital - nil par value 12 51,926,526 51,926,526
Share-based payment reserve 13 570,500 584,266
Accumulated deficit (51,948,655) (51,139,811)
Translation reserve (325,711) (301,033)
Total equity shareholders' funds 222,660 1,069,948
Non-controlling interests (5,339) (5,698)
Total equity 217,321 1,064,250
Liabilities
Current liabilities
Trade and other payables 11 395,959 520,282
395,959 520,282
Total liabilities 395,959 520,282
Total equity and liabilities 613,280 1,584,532
The above Unaudited Condensed Interim Consolidated Statement of Financial
Position should be read in conjunction with the accompanying notes.
Unaudited Condensed Interim Consolidated Statement of Changes in Equity
For the six months ended 30 June 2023
Equity shareholders' funds
Share-based Accumulated Translation
Share capital Non-controlling
nil par value payment deficit reserve interest Total
£ £ £ £ £ £
Balance as at 1 January 2022 50,179,599 979,409 (49,692,080) (322,611) (4,901) 1,139,416
Issue of ordinary share capital - nil par value (note 12) - - -
909,605 - 909,605
- (12,529) 12,529 -
Warrants exercised - -
Total transactions with owners 12,529
909,605 (12,529) - - 909,605
Loss for the period - - (794,153) - (232) (794,385)
Exchange difference from translating foreign operations - - 58,021 - 58,021
-
Total comprehensive loss for the period -
- (794,153) 58,021 (232) (736,364)
Balance as at 30 June 2022 51,089,204 966,880 (50,473,704) (264,590) (5,133) 1,312,657
Balance as at 1 July 2022 51,089,204 966,880 (50,473,704) (264,590) (5,133) 1,312,657
Issue of options (note 13) - 16,914 - - - 16,914
Issue of ordinary share capital - nil par value (note 12) 837,322 - - - - 837,322
Options exercised - (16,727) 16,727 - - -
Options lapsed - (339,382) 339,382 - - -
Warrants exercised - (8,134) 8,134 - - -
Warrants Lapsed - (35,285) 35,285 - - -
Total transactions with owners (382,614) 399,528
837,322 - - 854,236
Loss for the year - - (1,065,635) - (565) (1,066,200)
Exchange difference from translating - - (36,443) -
foreign operations -
(36,443)
-
Total comprehensive loss for the period
- (1,065,635) (36,443) (565) (1,102,643)
Balance as at 31 December 2022 51,926,526
584,266 (51,139,811) (301,033) (5,698) 1,064,250
Balance as at 1 January 2023 51,926,526
584,266 (51,139,811) (301,033) (5,698) 1,064,250
Warrants lapsed - (13,766) 13,766 - - -
Total transactions with owners - (13,766) 13,766 - -
-
Loss for the period - - (822,610) - 359 (822,251)
Exchange difference from translating - - - - (24,678)
foreign operations
(24,678)
Total comprehensive loss for the period - - (822,610) (24,678) 359
(846,929)
Balance as at 30 June 2023 51,926,526 570,500 (51,948,655) (325,711) (5,339) 217,321
The above Unaudited Condensed Interim Consolidated Statement of Changes in
Equity should be read in conjunction with the accompanying notes.
Unaudited Condensed Interim Consolidated Statement of Cash Flows
For the six months ended 30 June 2023
6 months ended 30 June
2023 2022
Notes £ £
Cash flows from operating activities
Loss for the period (822,251) (794,385)
Loss on disposal of non-current asset investments 54,887 -
Depreciation of tangible fixed assets 8 6,728 8,371
Foreign exchange loss on non-cash items 856 (25,466)
Non-cash option income - (299,186)
Decrease/(increase) in trade and other receivables 40,662 (8,406)
(Decrease)/increase in trade and other payables (116,611) 17,255
Fair value loss on financial assets 9 12,077 26,507
Net cash used in operating activities (823,652) (1,075,310)
Cash flows from investing activities
Proceeds from disposal of non-current asset investments 10,896 -
Net cash used in investing activities 10,896 -
Cash flows from financing activities
Proceeds from issue of ordinary shares - 909,605
Net cash generated by financing activities - 909,605
Net (decrease)/increase in cash and cash equivalents (812,756) (165,705)
Cash and cash equivalents at the beginning of the period 1,235,528 875,658
Exchange (loss)/gain on cash and cash equivalents (25,663) 30,452
Cash and cash equivalents at the end of the period 397,109 740,405
The above Unaudited Condensed Interim Consolidated Statement of Cash Flow
should be read in conjunction with the accompanying notes.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
1. General information
The Company was registered in Guernsey, Channel Islands on 16 February 2005
with registered number 42821 under the Companies (Guernsey) Law, 2008. The
Company is quoted on the AIM with the trading symbol LND.L. The principal
activity, mainly in Canada, is mineral exploration including the
identification, acquisition and development of technically and economically
sound mineral projects either alone or with joint venture partners.
2. Basis of accounting and accounting policies
The unaudited condensed interim consolidated financial statements have been
prepared in accordance with IAS 34, Interim Financial Reporting ("IAS 34") and
do not include all of the information required in annual financial statements.
These unaudited condensed interim consolidated financial statements should be
read in conjunction with the audited consolidated financial statements for the
year ended 31 December 2022.
The condensed interim consolidated interim financial statements have not been
audited and have been prepared on the historical cost basis. The principal
accounting policies adopted are consistent with those adopted in the audited
annual consolidated financial statements for the year ended 31 December 2022.
The unaudited condensed interim consolidated financial statements incorporate
the financial statements of the Company and entities controlled by the Company
(its subsidiaries and collectively the "Group") made up to 30 June 2023.
Changes in accounting policies
New and revised standards that are effective for annual periods beginning on
or after 1 January 2023 have been adopted in these unaudited condensed interim
consolidated financial statements.
During the financial period, the Group has adopted the following new IFRSs
(including amendments thereto), which became effective for the first time:
Standard Effective date, annual period beginning on or after
IFRS 17 - Insurance Contracts 1 January 2023
Amendments to IFRS 17 - Insurance Contracts 1 January 2023
and Extension of the Temporary Exemption from Applying IFRS 9
(Amendments to IFRS 4 Insurance Contracts)
Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of 1 January 2023
Financial Statements and IFRS Practice Statement 2 Making Materiality
Judgements)
Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, 1 January 2023
Changes in Accounting Estimates and Errors)
Deferred Tax related to Assets and Liabilities arising from a Single 1 January 2023
Transaction (Amendments to IAS 12 Income Taxes)
Classification of Liabilities as Current or Non-Current: amendments to IAS 1 1 January 2024
The Company's management have reviewed the application of the amendments and
have concluded that there is no impact on these unaudited condensed interim
consolidated financial statements.
3. Basis of consolidation
The unaudited condensed interim consolidated financial statements incorporate
the financial statements of the Company and entities controlled by the Company
(its subsidiaries and collectively the "Group") made up to 30 June 2023.
Control is achieved where the Company is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. The financial statements of
subsidiaries are included in the unaudited condensed interim consolidated
financial statements from the date that control commences until control
ceases.
On acquisition, the assets and liabilities and contingent liabilities of a
subsidiary are measured at their fair values at the date of acquisition. Any
excess of the cost of acquisition over the fair values of the identifiable net
assets acquired is recognised as goodwill. Any deficiency of the cost of
acquisition below the fair values of the identifiable net assets acquired
(i.e., discount on acquisition) is credited to the Statement of Comprehensive
Income in the period of acquisition.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used
by the Company. All intra-group transactions, balances, income and expenses
are eliminated on consolidation.
The Directors consider that the Company exerts control over its subsidiaries
by virtue of its ownership of 100% of the share capital in each of those
companies and therefore 100% of the voting rights and rights to variable
returns from its involvement with those companies (apart from Lamaune Iron
Inc. which is owned 90.2%). The Directors therefore consider that the Company
has control over the companies it identifies as its subsidiaries in accordance
with IFRS 10.
4. Going concern
Note 15 to the unaudited condensed interim consolidated financial statements
includes the Group's objectives, policies and processes for managing its
capital; its financial risk management objectives; details of its financial
instruments; and its exposures to credit risk and liquidity risk.
Due to the location of the Group's principal assets, it is well protected from
the effects of any potential COVID-19 resurgence on its operations. Whilst the
Group is exposed to any wider economic implications from any further
restrictions, the Board believes that its interests in a range of precious
metals combined with the drilling progress achieved in 2022 provide a
significant hedge to the potential exposure to any further COVID-19 impacts.
The Group's operations during the period were unaffected by the pandemic which
has now abated.
As at 30 June 2023, the Group had cash balances of £397,109. In addition, the
Group is due to receive the following further sums:
- A cash payment of C$250,000 and a convertible cash payment of
C$500,000 on or before 24 November 2023;
- A cash payment of C$500,000 and a convertible cash payment of
C$750,000 on or before 24 May 2024; and
- Furthermore, a cash payment of C$500,000 is due in March 2024 in
relation to the option for the sale of the Lithium Claim Blocks.
Whilst the Group has reported a comprehensive loss after tax for the period
ended 30 June 2023 amounting to approximately £0.85m, the above mentioned
expected further receipts, plus the £600,000 (before expenses) via the
fundraising announced on 29 June 2023, together with cash balances held at the
period end means that the Board is satisfied that the Group has sufficient
cash to meet its operational requirements for a period of at least 12 months
from the date of approval of these unaudited condensed interim consolidated
financial statements.
The Group currently has no debt. Future development activities to continue to
grow the Group's resources can be adjusted based on the Group's ability to
raise additional funds as necessary.
The unaudited condensed interim consolidated financial statements have been
prepared on a going concern basis with a reasonable expectation that the Group
has adequate resources to continue in operational existence for a period of at
least 12 months from the date of approval of these unaudited condensed interim
consolidated financial statements.
5. Taxation
The Company is taxed at the company standard rate of 0%.
The Company's subsidiary, Landore Resources Canada Inc., is subject to
Canadian Federal tax. No tax has been provided in the accounts of Landore
Resources Canada Inc. since there were no taxable profits generated by the
company during the year.
Landore Resources Canada Inc. has potential deferred tax assets of
approximately C$17m (31 December 2022: C$17m) which are not recognised at the
end of the period. These deferred tax assets are in relation to exploration
expenditures which are carried forward to be utilised against future profits.
Landore Resources Canada Inc. also has a subsidiary, Brancote US Inc. which is
subject to taxation in the United States.
6. Mineral properties
Exploration expenditure and mineral properties Accumulated
Net expense Net expense expenditure at
in the three month in the six month 30 June
period to 30 June 2023 period to 30 June 2023 2023
£ £ £
Junior Lake 135,388 197,657 29,423,835
Miminiska Lake - 716 1,535,047
Frond Lake - - 90,341
Wottam - - 61,558
Lessard - - 709,122
Other, including Swole Lake
and Root Lake 7,364 44,129 146,026
142,752 242,502 31,965,929
Accumulated
Net expense Net expense expenditure at
in the three month in the six month 30 June
period to 30 June 2022 period to 30 June 2022 2022
£ £ £
Junior Lake 240,561 383,523 27,458,707
Miminiska Lake 1,186 1,139 1,534,291
Frond Lake - 1,490 89,949
Wottam - - 61,558
Lessard 505 4,133 709,480
Other, including Swole Lake
and Root Lake 6,582 8,056 98,949
248,834 398,341 29,952,934
6.1 Junior Lake
Junior Lake is a nickel, copper, platinum group metals, iron, gold, and
lithium property located north of Thunder Bay in Northern Ontario, Canada,
wholly owned by the Group. The Junior Lake property also encompasses the
Lamaune property block and the Swole property block.
On 5 March 2023, Landore Resources Canada entered into an agreement with Green
Technology Metals Limited ("GT1") which provides GT1 with the right to
purchase an 80 per cent. interest (the "Option") in certain tenements which
contain Lithium prospects, located within the Junior Lake Property, (the
"Lithium Claim Blocks"). Under the terms of the Option, GT1 has the right to
purchase an 80 per cent. interest in the Lithium Claim Blocks, in return for
staged payments over three years to Landore Resources ("Staged Payments")
totalling C$2,500,000 in cash and an additional C$1,500,000 either in cash or
by issuing Landore Resources with new common shares in GT1 as set out below:
- Initial cash payment of C$500,000 (within 5 business days of
execution of the option agreement (the "Effective Date")) (received);
- Cash payment of C$500,000 on or before the date which is 12 months
after the Effective Date;
- Cash payment of C$500,000, plus a further C$500,000 payable either
in cash or through the issue of new shares in GT1 to Landore (at GT1's
election) on or before the date which is 24 months after the Effective Date;
and
- Cash payment of C$1,000,000, plus a further C$1,000,000 payable
either in cash or through the issue of new shares in GT1 to Landore Canada (at
GT1's election) on or before the date which is 36 months after the Effective
Date.
6.2 Miminiska Lake
Miminiska Lake is a gold exploration project located east of Pickle Lake in
Northern Ontario, Canada. Following the April 2018 conversion of all claims in
the province of Ontario, the property consists of a southern block ("Miminiska
Lake"), and a northern block ("Keezhik Lake"). Both blocks are wholly owned by
the Group (collectively, the "Property"). On 5 May 2021, the Group entered
into an agreement with Lithoquest Resources Inc. ("Lithoquest") granting
Lithoquest the exclusive right and option (the "Option") to acquire a 100%
interest in and to the Property and all of Landore Resource's rights, licences
and permits appurtenant thereto or held for the specific use and enjoyment
thereof, including all of Landore Resource's interest in the underlying
agreements by paying to Landore Resources the staged sum of C$1,375,000 cash
and an additional sum of C$2,625,000 in cash or in new Lithoquest common
shares (hereinafter referred to as "Convertible Cash"), to be paid as follows:
i. C$25,000 cash on the execution and delivery of
the option agreement (received);
ii. an additional C$100,000 cash within ten business
days following the date (the "Effective Date") of acceptance of the agreement
by the TSX Venture Exchange (the "TSXV") (received);
iii. an additional C$250,000 cash and C$400,000 in
Convertible Cash to be paid within six months of the Effective Date
(received);
iv. an additional C$250,000 cash and C$500,000 in
Convertible Cash to be paid within 12 months of the Effective Date (received);
v. an additional C$250,000 cash and C$750,000 in
Convertible Cash to be paid within 18 months of the Effective Date; and
vi. an additional C$500,000 cash and C$1,000,000 in
Convertible Cash to be paid within 24 months of the Effective Date.
On 30 November 2022, an amendment agreement was signed with Storm Exploration
Inc. ("Storm") (formerly named Lithoquest Resources Inc.) to amend the payment
schedule, resulting in the following revised remaining payments:
vii. an additional $250,000 cash and $250,000 in Convertible
Cash to be paid within 19 months of the Effective Date (received);
viii. an additional C$250,000 cash and C$500,000 in
Convertible Cash to be paid within 25 months of the Effective Date (received);
and
ix. an additional C$500,000 cash and C$500,000 in
Convertible Cash to be paid within 31 months of the Effective Date.
On 31 January 2023, Landore Resources received a further payment under the
Lithoquest Option, comprising of C$251,824 cash and 2,175,939 new common
shares in Storm to the value of C$248,176.
In addition, Landore Resources agreed to further amend the terms of the Option
such that Storm could now acquire a 100% interest in the Property by making
staged payments to Landore Resources totalling C$1,625,000 in cash and an
additional C$2,400,000 either in cash or new common shares in Storm
(previously these payments from inception were to comprise C$1,375,000 in cash
and C$2,625,000 in Convertible Cash), with the remaining payments to be made
in accordance with the revised schedule below:
(i) a cash payment of C$250,000 and a Convertible Cash
payment of C$500,000 on or before 24 July 2023; and
(ii) a cash payment of C$500,000 and a Convertible Cash
payment of C$750,000 on or before 24 January 2024.
Storm has exclusive discretion to determine if each tranche of the Convertible
Cash payments is settled in cash or in new Storm shares.
Following receipt of the remaining Cash payments, Convertible Cash payments
and exercise of the Option by Storm, Landore Resources shall be entitled to
receive a 2% net smelter returns royalty ("NSR") from the Property. Storm will
retain the right to reduce the NSR to 1% by paying Landore Resources the sum
of C$1,000,000 in cash.
On 5 July 2023, Landore Resources and Storm agreed to a further variation of
four months to the scheduling of each of the remaining payments due from Storm
in respect of the pre-existing option arrangement as follows:
(i) a cash payment of C$250,000 and a Convertible Cash
payment of C$500,000 on or before 24 November 2023; and
(ii) a cash payment of C$500,000 and a Convertible Cash
payment of C$750,000 on or before 24 May 2024.
6.3 Frond Lake
Frond Lake is a gold property located east of Pickle Lake in Northern Ontario,
Canada. The property is comprised of a number of patented claims contiguous to
the east of the Wottam Property. The Frond Lake property claims are wholly
owned by the Group subject to a 2% NSR to the original owners of the property.
6.4 Wottam
Wottam is a gold property located east of Pickle Lake in Northern Ontario,
Canada. The property is wholly owned by the Group and includes a number of
claims contiguous between the Miminiska and Frond properties.
6.5 Lessard
Lessard is a zinc and copper property located north of Chibougamau in Quebec,
Canada. The property is wholly owned by the Group.
6.6 Swole Lake
Swole Lake is host to nickel, copper, platinum group metals and lithium
occurrences. The Swole Lake mining claim, wholly owned by the Group, is
consolidated into the greater Junior Lake property. The Swole Lake legacy
claim is subject to a 2% NSR royalty to the original holder of the claim.
Sale of Net Smelter Returns Royalty ("NSR")
On 28 October 2022, the Group entered into an agreement with Green Technology
Metals Limited whereby Landore Resources sold its 3% Net Smelter Royalty
("Root Lake NSR") on the Root Lake Property, Ontario (the "Root Lake NSR").
In consideration for the sale of the 3% NSR, the Group received cash proceeds
of C$3,000,000.
Purchase of Net Smelter Returns Royalty ("NSR")
On 21 September 2020, the Group entered into a Royalty Purchase Agreement with
Stares Contracting Corp., Stephen Stares, Michael Stares and James Dawson (the
"Agreement"), whereby Landore Resources acquired one-half of the 2% NSR (the
"Lamaune NSR") that is held on Landore Canada's 90.2% owned Lamaune Lake
Property, Ontario.
In consideration for the purchase of 1% of the Lamaune NSR, the Group made a
cash payment of C$75,000 and issued 227,733 new ordinary shares in Landore
Resources at a price of 19.25 pence per share, for total consideration of
C$149,964.
7. Loss per share
The loss per share is based on the loss for the relevant period and the
weighted number of ordinary shares in issue during the relevant period.
The potential ordinary shares which arise as a result of the options in issue
are not dilutive under the terms of IAS 33 because they would not increase the
loss per share. Accordingly, there is no difference between the basic and
dilutive loss per share.
The loss per share and diluted loss per share for the periods concerned were:
Three Months Ended Six Months Ended
30 June 30 June
2023 2022 2023 2022
Loss attributable to:
Equity holders of the Company £ (771,644) (308,163) (822,610) (794,153)
Weighted average number of shares 106,553,257 109,585,744 106,553,257 108,209,176
- Basic and diluted £ (0.007) (0.003) (0.008) (0.007)
8. Property, plant and equipment
Automotive Computers and Machinery and
equipment office equipment equipment Total
£ £ £ £
Cost
At 31 December 2021 196,497 55,208 119,856 371,561
Foreign exchange movements 10,861 3,052 6,625 20,538
At 31 December 2022 207,358 58,260 126,481 392,099
Foreign exchange movements (5,787) (1,627) (3,530) (10,944)
At 30 June 2023 201,571 56,633 122,951 381,155
Depreciation
At 31 December 2021 127,112 50,032 113,358 290,502
Charge for the period 14,829 1,105 1,389 17,323
Foreign exchange movements 6,841 2,751 6,250 15,842
At 31 December 2022 148,782 53,888 120,997 323,667
Charge for the period 5,758 430 540 6,728
Foreign exchange movements (4,217) (1,509) (3,384) (9,110)
At 30 June 2023 150,323 52,809 118,153 321,285
Net book value
At 30 June 2023 51,248 3,824 4,798 59,870
At 31 December 2022 58,576 4,372 5,484 68,432
9. Non-current asset investments
Investment
in equities
£
Cost
At 31 December 2021 287,259
Additions at cost 309,578
Fair value loss (444,719)
Foreign exchange movements 17,564
At 31 December 2022 169,682
Disposals at cost (65,783)
Fair value loss (12,077)
Foreign exchange movements (3,852)
At 30 June 2023 87,970
Investments consist of 7,688,009 (31 December 2022: 7,929,009) common shares
of Storm Exploration Inc. (formerly known as Lithoquest Resources Inc. - a
publicly traded company listed on the TSX Venture Exchange) received pursuant
to the Miminiska property option agreement (see note 6.2).
Company
At 30 June 2023, the Company held interests in the issued share capital of the
following subsidiary undertakings which have all been included in the
consolidated interim financial statements:
Subsidiary Nature of business Country of incorporation
Landore Resources Canada Inc. (100%) Exploration of precious metals Canada
Brancote US Inc.* (100%) Exploration of precious metals United States
Lamaune Iron Inc.** (90.2%) Exploration of precious metals Canada
*The entire issued share capital of Brancote US Inc. is held by Landore
Resources Canada Inc.
**90.2% of the issued share capital of Lamaune Iron Inc. is held by Landore
Resources Canada Inc.
10. Trade and other receivables
As at 30 June 2023 As at 31 December 2022
£ £
Due within one year:
Trade receivables and prepayments 68,331 110,890
68,331 110,890
11. Trade and other payables: amounts falling due within one year
As at 30 June 2023 As at 31 December 2022
£ £
Trade payables 395,959 520,282
395,959 520,282
12. Share capital
As at 30 As at 31
June December 2022
2023
£ £
Issued and fully paid:
115,346,391 (31 December 2022: 115,346,391) ordinary shares of nil par value 51,926,526 51,926,526
each ranking pari passu
Ordinary
Shares of nil par value
£
Cost
At 31 December 2021 50,179,599
Issued in the period to 30 June 2022 909,605
Issued in the period to 31 December 2022 837,322
Issued in the period to 30 June 2023 -
At 30 June 2023 51,926,526
Movements in the Group's share capital of no par value ordinary shares during
the period were as follows:
Nominal Share
Number value capital
of shares £ £
Balance at 1 January 2022 106,553,257 - 50,179,599
20 January 2022 - Warrant exercise 95,570 - 19,114
4 February 2022 - Warrant exercise 100,000 - 20,000
22 February 2022 - Warrant exercise 175,000 - 35,000
22 March 2022 - Warrant exercise 500,000 - 100,000
28 March 2022 - Warrant exercise 200,000 - 40,000
12 April 2022 - Warrant exercise 500,000 - 100,000
13 April 2022 - Warrant exercise 185,185 - 37,037
26 April 2022 - Warrant exercise 148,148 - 29,630
28 April 2022 - Warrant exercise 435,622 - 87,124
3 May 2022 - Warrant exercise 888,888 - 177,778
10 May 2022 - Warrant exercise 300,000 - 60,000
13 May 2022 - Warrant exercise 83,500 - 16,700
18 May 2022 - Warrant exercise 111,111 - 22,222
6 June 2022 - Warrant exercise 299,999 - 60,000
15 June 2022 - Warrant exercise 125,000 - 25,000
23 June 2022 - Warrant exercise 400,000 - 80,000
5 July 2022 - Warrant exercise 185,185 - 37,037
11 July 2022 - Warrant exercise 1,444,444 - 288,889
13 July 2022 - Warrant exercise 1,308,982 - 261,796
14 July 2022 - Warrant exercise 1,006,500 - 201,300
25 July 2022 - Option exercise 300,000 - 48,300
Balance at 31 December 2022 and 30 June 2023 115,346,391 - 51,926,526
Issue costs of £Nil (2022: £Nil) were incurred when issuing shares.
The total gross cash proceeds received from the shares issued in the period
under review amounted to £Nil (Year to 31 December 2022: £1,746,927).
13. Share-based payment reserve
As at 30 As at 31 December 2022
June £
2023
£
Share options reserve 570,500 570,500
Share options reserve - warrants - 13,766
Total 570,500 584,266
13.1 Share options reserve
Number of options at (Lapsed or Number of options at
Exercise
price 1 January exercised)/ granted 30 June Fair value
Grant date Expiry date £ 2023 2023 £
83,637
24 July 2019 24 July 2024 0.161 1,500,000 - 1,500,000
24 July 2020 23 July 2025 0.24 2,400,000 - 2,400,000 253,501
1 January 2021 31 December 2025 0.31 100,000 - 100,000 4,627
20 July 2021 19 July 2026 0.323 2,200,000 - 2,200,000 211,821
22 July 2022 21 July 2027 0.25 1,150,000 - 1,150,000 16,914
7,350,000 - 7,350,000 570,500
Number of options at (Lapsed or Number of options at
Exercise
price 1 January exercised)/ granted 31 December Fair value
Grant date Expiry date £ 2022 2022 £
5 July 2017 5 July 2022 0.638 1,075,000 (1,075,000) - -
22 December 2017 22 December 2022 0.44 250,000 (250,000) - -
24 July 2019 24 July 2024 0.161 1,800,000 (300,000) 1,500,000 83,637
24 July 2020 23 July 2025 0.24 2,400,000 - 2,400,000 253,501
1 January 2021 31 December 2025 0.31 100,000 - 100,000 4,627
20 July 2021 19 July 2026 0.323 2,200,000 - 2,200,000 211,821
22 July 2022 21 July 2027 0.25 - 1,150,000 1,150,000 16,914
7,825,000 (475,000) 7,350,000 570,500
No options were exercised during the period (Year to 31 December 2022:
300,000).
No share options lapsed in the period (Year to 31 December 2022: 1,325,000).
All of the above options vested in full on the grant date other than 2,400,000
options issued in July 2020 which vested in January 2021. 7,350,000 options
were exercisable at both 30 June 2023 and 31 December 2022.
The weighted average exercise prices relating to the above movements in the
number of share options are as follows:
2023 2022
£ £
Outstanding at beginning of the period 0.251 0.307
Granted during the period - 0.250
Exercised during the period - 0.161
Lapsed during the period - 0.601
Outstanding at end of the period 0.251 0.251
Exercisable at end of the period 0.251 0.251
Weighted average share price of share options exercised in year - 0.161
Weighted average remaining contractual life of share options outstanding 2.48 2.97
at end of the period (years)
The estimated fair value of the options issued during the prior period was
calculated by applying the Black-Scholes pricing model.
The model inputs were:
Options granted 22 July 2022
Share price at grant date £0.18125
Expected volatility 18.49%
Risk-free interest rate 1.704%
Exercise price £0.25
Option life 5 years
The expected volatility is wholly based on the historic volatility of the
Company's share price (calculated based on the average life of the share
options).
The movements on the share options reserve are detailed below:
Six months to 30 Year
June to 31 December 2022
2023
£ £
Share options reserve as at 1 January 570,500 909,694
Charge in Statement of Comprehensive Income - options issued - 16,914
Transfer to retained earnings - lapsed and exercised options - (356,108)
Share options reserve at period end 570,500 570,500
13.2 Share options reserve - warrants
Grant date Expiry date Exercise price (£) Number of warrants at 1 January 2023 (Lapsed or exercised)/ Number of warrants at 30 June 2023 Fair value
granted
(£)
16 February 2021 16 February 2023 0.45 700,000 (700,000) - -
700,000 (700,000) - -
Grant date Expiry date Exercise price (£) Number of warrants at 1 January 2022 (Lapsed or exercised)/ Number of warrants at 31 December 2022 Fair value
granted
(£)
4 May 2020 4 May 2022 0.2 1,229,705 (1,229,705) - -
14 July 2020 14 July 2022 0.2 19,887,249 (19,887,249) - -
16 February 2021 16 February 2023 0.45 700,000 - 700,000 13,766
21,816,954 (21,116,954) 700,000 13,766
In consideration of the then broker's services as part of a February 2021
share placing and subscription, 700,000 warrants were issued. The warrants
were exercisable until February 2023 at £0.45 each.
Costs that were settled by way of the issue of warrants were directly
attributable to the issue of shares and therefore charged against share
premium in accordance with IAS 32.
The weighted average exercise prices relating to the movements in the number
of warrants are as follows:
30 31 December 2022
June
2023
£ £
Outstanding at beginning of the period 0.45 0.208
Granted during the period - -
Exercised during the period - 0.2
Lapsed during the period 0.45 0.2
Outstanding at end of the period - 0.45
Exercisable at end of the period - 0.45
Weighted average share price of warrants exercised in period - 0.2
Weighted average remaining contractual life of warrants outstanding
at end of the period (years) - 0.129
The movements on the warrant reserve are detailed below:
Six months to 30 Year
June to 31 December 2022
2023
£ £
Warrant reserve as at 1 January 13,766 69,715
Share issue costs - -
Transfer to retained earnings - lapsed and exercised warrants (13,766) (55,949)
Warrant reserve at period end - 13,766
14. Related party transactions
Helen Green, a Director of the Group, is also a Director of Saffery Champness
Management International Limited ("SCMIL") and Rysaffe International Services
Limited ("Rysaffe"). SCMIL were paid £143,891 (Six months to 30 June 2022:
£99,821) in the period in respect of its role in performing administrative
duties for the Group and Rysaffe was paid £5,000 (Six months to 30 June 2022:
£5,000) in respect of its role as Secretary. An amount of £83,016 (31
December 2022: £24,510) was owed to SCMIL at the period end and the amount
owing to Rysaffe was £Nil (31 December 2022: £Nil). All transactions are at
market value.
Key management includes the Company's directors, officers and any employees
with authority and responsibility for planning, directing and controlling the
activities of an entity, directly or indirectly.
Compensation awarded to key current and former management includes the
following:
Three months ended 30 June Six months ended 30 June
2023 2022 2023 2022
£ £ £ £
Executive Directors:
William Humphries 48,144 45,000 97,644 90,000
Glenn Featherby 26,125 23,750 52,250 47,500
74,269 68,750 149,894 137,500
Non-Executive Directors:
Helen Green 4,125 3,750 8,250 7,500
Huw Salter 4,125 3,750 8,250 7,500
Charles Wilkinson 5,349 5,000 10,849 10,000
13,599 12,500 27,349 25,000
Total 87,868 81,250 177,243 162,500
The Group does not have any single ultimate controlling party. In addition,
the Directors are reimbursed authorised travel expenses, office costs and
sundry items amounting to £48,985 (2022: £39,242) incurred on the Group's
behalf.
In July 2022, William Humphries subscribed for 300,000 shares at the issue
price of £0.161 per share.
In July 2022, William Humphries, Glenn Featherby, Charles Wilkinson, Helen
Green, Huw Salter and Michele Tuomi received 500,000, 250,000, 50,000, 50,000,
50,000 and 250,000 share options respectively, exercisable at £0.25 each.
William Humphries and Charles Wilkinson, former Chief Executive Officer and
Non-Executive Chairman, respectively, stepped down from the Board on
conclusion of the Company's Annual General Meeting held on 29 June 2023.
15. Financial instruments/Financial risk management
In the course of its business, the Group is exposed primarily to liquidity
risk. As the Company grows it is expected that capital management risk,
liquidity risk, foreign exchange risk, credit risk and interest rate risk will
also become focuses of the Group's financial risk management policies.
Capital management risk
The Group's objectives when managing capital are to safeguard the Group's
ability to continue as a going concern in order to provide returns for
shareholders and benefits for other stakeholders, to provide adequate
resources to fund its exploration activities with a view to providing returns
to its investors and to maintain sufficient financial resources to mitigate
against risk and unforeseen events.
The Company meets its capital needs by equity financing. The Group sets the
amount of capital it requires in proportion to risk. The Group manages its
capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of the underlying assets.
The objectives will be achieved by maintaining and adding value to existing
extraction projects and identifying new exploration projects, adding value to
these projects and ultimately taking them through to potential future
production and cash flow, either with partners or by the Group's own means.
The Group monitors capital on the basis of the carrying amount of equity less
cash and cash equivalents as presented on the face of the statement of
financial position. Capital for the reporting periods under review is
summarised in the consolidated statement of changes in equity and at the
period end is £217,321.
The Group sets the amount of capital in proportion to its overall financing
structure, i.e., equity and financial liabilities. The Group manages the
capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of the underlying assets. In
order to maintain or adjust the capital structure, the Group may adjust the
amount of dividends paid to shareholders in the future, return capital to
shareholders or issue new shares.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its
financial obligations as they fall due. The Group attempts to accurately
forecast the cash flow requirements of its ongoing operations and ensures that
it has sufficient funding in place to meet these needs. The Group currently
uses equity finance as its main source of funding.
Accounts payable and accrued liabilities are due within the current operating
period.
Foreign currency risk
The Group primarily operates in Canada but reports its financial results in
GBP Sterling. It manages the potential exposure to fluctuations in the GBP
Sterling to Canadian Dollar exchange rate by holding its main asset, being its
cash reserves, in GBP Sterling. Cash is converted to Canadian Dollars to meet
the expenditure requirements of its Canadian business only when required.
Currently, the Group's net asset position is not significantly impacted by
movements in the exchange rate.
As the Group remains a development phase entity it only has small and
infrequent foreign currency transaction exposures.
In addition, the market for metals is principally denominated in United States
dollars. As the Group has not reached the production stage it does not
currently engage in active hedging to minimise exchange rate risk, although
this will remain under review.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its financing activities,
including deposits with banks and financial institutions, foreign exchange
transactions and other financial instruments. The Group does not hold
collateral as security.
Credit risk from balances with banks and financial institutions is managed by
the Board. Investments of surplus funds are made only with approved
counterparties and within credit limits assigned to each counterparty.
Counterparty credit limits are reviewed by the Board on a regular basis. The
limits are set to minimise the concentration of risks and therefore mitigate
financial loss through potential counterparty failure.
The maximum exposure at the period end was £68,331 (31 December 2022:
£110,890). No financial assets are credit impaired or past due.
Ongoing global economic uncertainty arising from the economic climate is being
monitored by the Board but is not affecting the Company at present.
Interest rate risk
The Group has insignificant exposure to interest rate fluctuations.
Financial instruments
The Group's financial instruments consist of cash, trade and other
receivables, other financial assets and trade and other payables.
The Group characterises inputs used in determining fair value using a
hierarchy that prioritises inputs depending on the degree to which they are
observable. The fair value hierarchy establishes three levels to classify the
inputs to valuation techniques used to measure fair value. The three levels of
the fair value hierarchy are as follows:
- Level 1: inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities. Active markets are those in which
transactions occur in sufficient frequency and volume to provide pricing
information on an ongoing basis.
- Level 2: inputs, other than quoted prices, that are observable,
either directly or indirectly. Level 2 valuations are based on inputs,
including quoted forward prices for commodities, market interest rates, and
volatility factors, which can be observed or corroborated in the marketplace.
- Level 3: inputs are less observable, unavoidable or where the
observable data does not support the majority of the instruments' fair value.
As at 30 June 2023, there were no changes in levels in comparison to 31
December 2022. The fair values of financial instruments are summarised as
follows:
As at 30 June As at 31 December 2022
2023
£ £
Carrying amount and fair value Carrying amount and fair value
Financial assets
Cash and cash equivalents 397,109 1,235,528
Trade and other receivables 68,331 110,890
Other financial assets 87,970 169,682
Financial liabilities
Trade and other payables 395,959 520,282
Other financial assets are measured at Level 1 inputs of the fair value
hierarchy on a recurring basis.
The carrying value of trade and other receivables and trade and other payables
approximate their fair value because of the short-term nature of these
instruments. The Group assessed that there were no indicators of impairment
for the financial assets.
16. Lease commitments
As at 30 June 2023, the Group had no significant lease commitments (31
December 2022: None).
17. Contractual commitments
As at 30 June 2023, the Group had no significant contractual obligations (31
December 2022: None).
18. Administrative expenses
Three months ended 30 June Six months ended 30 June
2023 2022 2023 2022
£ £ £ £
Administrative expenses 229,793 272,446 488,846 440,608
Directors' fees 87,868 85,000 177,243 162,500
Legal and professional, accountancy and audit expenses 209,670 141,831 298,684 215,208
Share-based payments expense - - - -
527,331 499,277 964,773 818,316
19. Other income
Three months ended 30 June Six months ended 30 June
2023 2022 2023 2022
£ £ £ £
Option income - 467,715 451,988 448,779
- 467,715 451,988 448,779
20. Subsequent events
As announced on 29 June 2023 with closing on 20 July 2023, the Company raised
£600,000 before expenses by way of a placing 6,666,667 new ordinary shares of
nil par value each in the capital of the Company (the "Placing Shares") at a
price of 9 pence per share (the "Placing"). The Placing successfully completed
upon admission of the Placing Shares to trading on AIM on 20 July 2023
("Admission").
Every Placing Share has one warrant attached, resulting in the issue of
6,666,667 warrants, with each warrant having the right to acquire one new
Ordinary Share at an exercise price of 18 pence on or before the second
anniversary of Admission of the Placing Shares.
The Placing was arranged by Novum Securities Limited ("Novum") which assumed
the role of Joint Broker to the Company. Accordingly, in connection with the
Placing, the Company agreed to issue 400,000 'broker' warrants to Novum,
giving them the right to acquire such number of new ordinary shares at an
exercise price of 9 pence per share for a period of two years from the date of
Admission of the Placing Shares.
Of the 6,666,667 Placing shares, 611,111 shares were subscribed for by certain
Directors. William Humphries acquired 277,778 shares and Glenn Featherby
333,333 shares. They also received the associated investor warrants referred
to above.
On 29 June 2023, following completion of the Company's Annual General Meeting
("AGM"), William Humphries and Charles Wilkinson stepped down from the Board
and relinquished their roles as Chief Executive Officer and Non-Executive
Chairman respectively. Huw Salter, previously Non-Executive Director, assumed
the role of Non-Executive Chairman of the Company also with effect from
conclusion of the AGM.
On 5 July 2023, Storm and Landore Resources agreed a further amendment to the
pre-existing option agreement, details of which are set out in note 6.2.
On 21 July 2023, Claude Lemasson was appointed as a Director and the Company's
new Chief Executive Officer. On 4 July 2023, upon joining the Company's
management team, Claude was awarded options over 2,000,000 ordinary shares,
exercisable from 4 July 2024 for a period of four years, at a price of
£0.0875 each.
On 3 August 2023, the Company's shareholders approved certain amendments and
updates to the Company's existing articles of incorporation to facilitate such
dual listing process on the TSX Venture Exchange and add certain additional
corporate governance and shareholder protections as required under Canadian
securities laws.
- ENDS -
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