REG - Alba Mineral Resrcs. - Half-Yearly Report and First Blast at Clogau
30/08/2024 07:00
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RNS Number : 2308C Alba Mineral Resources PLC 30 August 2024
Alba Mineral Resources plc
("Alba" or the "Company")
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 31 MAY 2024;
FIRST BLAST SUCCESSFULLY COMPLETED AT CLOGAU GOLD MINE
The Board of Directors of Alba Mineral Resources plc (the "Company" or "Alba")
is pleased to report the Group's interim results for the six months ended 31
May 2024. The Company is also delighted to report on the successful completion
of the first blast at the Company's priority gold target at the Clogau Gold
Mine in north Wales ("Clogau" or the "Mine").
COMPLETION OF FIRST BLAST AT CLOGAU
The Company is delighted to confirm the successful completion of the first
blast at the Llechfraith Target at Clogau on 28 August 2024.
The first blast took place at No. 4.5 Level. Eight blast holes were
drilled. All detonated successfully, producing several tonnes of broken vein
ore. This material will be removed to surface in due course and processed.
The next sequence of blasts is expected to proceed at No.5 Level. While the
Company will provide periodic updates on the progress of operations on site,
it will not be providing reports on each individual blast.
George Frangeskides, Alba's Executive Chairman, commented: "We are delighted
to have successfully and safely completed the first blast at our main gold
target at Clogau, the Llechfraith Target. To our knowledge, this is the first
blast to have taken place at Clogau since the 1980s and is a testament to the
skill and dedication of our mining personnel onsite. We look forward now to
continuing blasting operations on No.5 Level."
Figure 1: Historical section showing area, circled and coloured pink, where
first blast took place on 4.5 Level (labelled "5 metre Level" on the drawing).
Figure 2: left, Mine & Operations Manager Kobus Byleveldt inspecting
quartz vein on No. 4.5 Level; right, broken quartz vein on No. 4.5 Level post
first blast.
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 31 MAY 2024
CHAIRMAN'S STATEMENT
I am pleased to present shareholders with a review of our activities in the
six months to 31 May 2024.
1. REVIEW OF ACTIVITIES
1.1 WELSH GOLD PROJECTS
(Clogau-St David's, Gwynfynydd and Dolgellau Gold Exploration Project) (100%)
In December 2023, revised discharge and abstraction permits were granted to
Alba, allowing the Company to dewater the Lower Llechfraith workings at the
Clogau-St David's Gold Mine ("Clogau" or the "Mine") at a rate of up to 250
cubic metres per day, a significant increase to the previous maximum of up to
100 cubic metres per day. Consequently, the Company was able to complete the
dewatering of the Lower Llechfraith workings down to No.4 Level in January
2024.
Simultaneously with the dewatering exercise, the Company's specialist
geotechnical contractors completed the installation of new platforms and
ladderways to allow access to No.4 Level.
In February 2024, Alba announced that it had taken more than 40 samples from
No.4 Level at the Llechfraith Target. These samples were processed at the
Company's onsite pilot processing plant and the resulting concentrates were
then assayed for their gold content at an independent laboratory. As announced
during March 2024, composites of the concentrates returned exceptional gold
grades:
- Composite 1: 3.1 grams of gold were recovered from 49.2 kg of sample
(dry weight), equating to a back-calculated head grade of 89.15 g/t or 2.87
troy ounces per tonne (oz/t).
- Composite 2: 3.2 grams of gold were recovered from 34.4 kg of sample
(dry weight), equating to a back-calculated head grade of 111.63 g/t or 3.59
oz/t.
- Composite 3: 4.0 grams of gold were recovered from 36.9 kg of sample
(dry weight), equating to a back-calculated head grade of 133.73 g/t or 4.30
oz/t.
Also in February 2024:
- notification was made under Permitted Development Rights in respect of
the Company's intention to proceed with the planned bulk sampling of the
Llechfraith Target, in accordance with the previously completed Habitat
Regulations Assessment ("HRA") and existing European Protected Species Licence
("EPSL") permissions;
- the airborne geophysical survey undertaken over Alba's key regional
gold targets across the Dolgellau Gold Belt ("DGB") was completed; and
- following a review of the plan for future exploitation of the historic
waste tip at Clogau ("Waste Tip"), the Company announced that it had submitted
a notification under Permitted Development Rights to carry out a trenching
programme prior to submitting a planning application for the Waste Tip.
In April 2024, the Company announced that three new gold targets had been
identified from the review and interpretation of the first part of the
magnetic data generated during Alba's airborne geophysical survey over the
DGB. Two of the targets are located within the envelope of the Clogau Mine and
represent the potential definition of new drill targets within the Mine. The
third target has been identified on a fault that extends 4 km northeasterly
within the DGB and thus falls within the Company's 100% owned Dolgellau Gold
Exploration Project.
In May 2024, Alba announced that it had excavated nearly 33 tonnes of <20mm
material (or "fines") from the Waste Tip. Four concentrates were produced
from composite samples of <20mm material taken from each trench, three of
which concentrates returned back-calculated head grades of 6.0 g/t, 17.22 g/t
and 5.33 g/t respectively.
In July 2024 it was announced that all fines from Trenches 1 and 3 at the
Waste Tip had been processed for their gold content. 16.4 grams of gold were
produced from Trench 1 and 14.2 grams from Trench 3, equating to
back-calculated head grade for the -20mm fines material of 3.83 g/t from
Trench 1 and 2.68 g/t from Trench 3 (overall average 3.19 g/t).
At the end of the reporting period, the Company appointed Kobus Byleveldt as
Mine & Operations Manager at Clogau. Mr Byleveldt has more than 26 years
of mining and management experience within the gold mining sector in South
Africa and Scotland, including in mine planning, construction and
development. His most recent role was as Mine Manager (for approximately 2.5
years) at the Cononish Mine in Scotland, where he also acted as Senior
Production Supervisor and Process Plant Manager.
Ongoing underground works in July 2024 have revealed significant completed
historic development between No. 4 and No.5 Levels, around 20m in length,
which provides further opportunities for sampling and access to the
payshoot. Further, the dewatering of No.5 Level has unearthed substantial
amounts of ore and tailings from previous mining which is being removed to
surface and will be assayed for its gold content.
Since the end of the reporting period, work has focused on preparing the
Llechfraith Target for blasting, involving:
- 100m of cabling being installed and a new pump lowered to No.4 Level
to enable completion of the dewatering of No.5 Level;
- Alba's underground works contractors completing a further round of
safety and access works on No.4 Level and, post dewatering, on No.5 Level, to
install ladderways to enable the team to access No.5 Level for blasting;
- ventilation, in the form of fans and vent ducting, being installed on
Levels 4 and 5 for the removal of blasting fumes;
- compressed air being extended to No.4 Level by the installation of
about 40m of pipes linking to the existing air pipes located on No. 2 Level,
and water pipes being extended down to No.4 Level; and
- a large tonnage capacity winch being installed at the top of the
Llechfraith Shaft with another one on No.4 Level, together with shaft doors
and signalling devices.
On 28 August 2024, the first blast at the Llechfraith Target was successfully
completed.
1.2 OTHER PROJECTS AND INVESTMENTS
(a) Greenroc Strategic Materials Plc ("GreenRoc")
As at 31 May 2024, Alba owned 37.49% of the issued share capital of GreenRoc
(formerly called GreenRoc Mining Plc).
Significant progress has been made at GreenRoc during the reporting period:
• In April 2024, GreenRoc's application for an enlargement of
the licence MEL 2022-03 was approved by the Government of Greenland. GreenRoc
now holds all of the prospective ground in South Greenland with known graphite
mineralisation - several of which hold exceptionally high grades similar to
those of Amitsoq.
• GreenRoc was invited to present at the Mineral Security
Partnership ("MSP") meeting on graphite held in Toronto in March 2024, as one
out of only three established global graphite companies and the only graphite
company in the northern hemisphere. The MSP is a collaboration of 13 countries
plus the EU and is designed to catalyse public and private investment in
responsible critical minerals supply chains globally.
• In April 2024 a Letter of Interest was issued by US EXIM
Bank inviting GreenRoc to apply for financing of up to US$3.5M towards the
company's work programme.
• Amitsoq uncoated purified spherical graphite was analysed
for its electrochemical performance in a test battery cell at a specialised
battery research facility in Europe. The Amitsoq graphite anode performed well
against all studied parameters, was very stable and had no signs of damage or
loss of capacity after several cycles of both short and intensive charging.
• In January 2024, GreenRoc representatives visited key
Chinese manufacturers of graphite anode material processing equipment as part
of the Pre-Feasibility Study ("PFS") in respect of the Company's planned
graphite active anode material ("AAM") plant project ("AAM Plant").
• The AAM Plant PFS has been supported by a £250,000 grant
from the UK's Automotive Transformation Fund. Results of the AAM Plant PFS
were published in May and July 2024 and showed:
o Pre-Tax Net Present Value at 8% discount rate (NPV8) of US$942M with
Internal Rate of Return (IRR) of 35.4%.
o After-tax NPV8 of US$621M with IRR of 26.5%.
o Total gross revenue of US$6.5Bn over the 22-year period, with total gross
profit totalling US$3.1Bn.
o Years of operation set at 22 to match that planned for the Amitsoq
Graphite Mine.
o 4-year payback period on capital from start of production.
o Initial capital cost (Capex) of US$340M inclusive of a 25% contingency.
o Average operating cost (Opex) of US$1,872 per tonne of CSPG.
o Average annual processing of 80,000t of graphite concentrate at 95%
graphitic carbon (C(g)) with production of 39,700t of active anode material in
the form of coated spherical purified graphite (CSPG).
• Due to a change in Greenlandic law which now allows for a
faster application process for an exploitation permit, GreenRoc expects to be
in a position to apply for an exploitation permit for licence MEL 2013-06 at
Amitsoq before the end of 2024.
In June 2024, Alba subscribed for 3,888,890 shares in GreenRoc at 1.8 pence
per share for a total subscription of £110,000. Alba's directors also
separately subscribed for shares in GreenRoc at the same price.
In August 2024, GreenRoc announced that it had signed a Letter of Interest
("LOI") to secure an area in southern Norway for its planned AAM Plant. It
also confirmed that it had applied for "Strategic Project" status under the
EU's Critical Raw Materials Act ("CRMA") and had submitted the Project
Description for the Amitsoq Graphite Mine to the Government of Greenland as
part of the path to achieving an Exploitation Licence.
At the date of this RNS, Alba owns 34.72% of the issued share capital of
GreenRoc.
(b) Horse Hill Developments Ltd
Alba owns an 11.765% effective interest in the Horse Hill Oil Project in the
Weald Basin in southern England ("Horse Hill"). In December 2023, Alba
received £102,000 from Horse Hill Developments Limited as a partial repayment
of shareholder loans.
In June 2024, UK Oil & Gas Plc ("UKOG"), the Operator of Horse Hill, noted
the Supreme Court's decision that in its 2019 grant of planning consent for
the oil production at Horse Hill, Surrey County Council ("SCC") failed to
request and consider in its assessment an estimate of the end-use carbon
combustion emissions of produced hydrocarbons. UKOG further stated that it
planned "to work closely with SCC to promptly rectify the situation, either
via an amendment to the original 2018 planning application's EIA or via a new
retrospective planning submission...". Alba awaits the advice of the
Operator as to the next steps and timetable for rectification of the relevant
planning consents.
(c) Projects under Review
On 24 April 2024 Alba announced that it had acquired an option to purchase a
50% interest in a package of highly prospective lithium exploration licences
in the West Pilbara, Western Australia. In June, it was announced that the
option period had expired without the option being exercised, but that
discussions were ongoing with the vendors. As at the date of this report, no
discussions are ongoing.
The Company continues to review potential new projects and investments which
it considers may add significant value to Alba.
2. CORPORATE
On 28 March 2024, Alba announced a share placing raising £380,000 before
costs.
Post period end, Alba announced a placing and a Retail Offer, which was
over-subscribed. Total funds raised were £492,000 before costs.
Two directors subscribed for shares in that placing as follows:
Director Subscription (£) Shares Allotted
George Frangeskides £17,000 48,571,428
Michael Nott £3,000 8,571,428
In December 2023 Alba announced the cancellation of a numbers of warrants and
options is issue, and the grant of new options and warrants to directors and
employees.
3. RESULTS
The Group made a loss of £639,000 after tax (May 2022: profit of £2,102,000
including an accounting profit in relation to the de-consolidation of GreenRoc
of £2,672,000).
Operating losses were £489,000 compared with £459,000 in the comparative
period. These include £197,000 non-cash costs attributable to the grant of
new warrants and options in December 2023. Note that in the comparative
period, GreenRoc was consolidated for 3 months and therefore Alba reported
both companies' costs in the income statement for that time.
The grant of new warrants and options (as noted in 2. above) are valued with a
Black-Scholes calculation. The warrants that were cancelled at the same time
led to a release of historic costs booked when they were granted. This release
occurs in reserves rather than the income statement so does not offset the
non-cash cost in the income statement.
Net assets at 31 May 2024 are in line with those at year end at £9.7 million.
During the period, £200,000 was spent on exploration activities, increasing
the value capitalised in Intangible Assets. Investments were reduced slightly
due to a repayment from Horse Hill and the allocation of a proportionate share
of the loss of GreenRoc for the period.
Cash at the period end was £97,000. As noted above, Alba has raised funding
of £492,000, before costs, since the reporting date.
4. OUTLOOK
I am pleased to be writing just after our team has completed our first blast
underground at the Clogau Gold Mine. It has taken a huge amount of work,
skill and dedication from all the Alba team, as well as from our fantastic
group of technical consultants and contractors, to have reached this historic
milestone, to our knowledge the first blast to have taken place at Clogau in
around four decades.
Most importantly, the start of blasting signifies that we are now very much at
the business end of our operational activities at Clogau. This next phase of
work will go some way to determining the viability of commercial gold
operations based at the Lower Llechfraith workings, our priority target within
the existing envelope of the Mine.
On behalf of the entire Board, I would like to take this opportunity to thank
our shareholders for all their support.
George Frangeskides
30 August 2024
Executive Chairman
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
Company's ability to execute and implement future plans, and the occurrence of
unexpected events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
For further information, please visit www.albamineralresources.com
(http://www.albamineralresources.com) or contact:
Alba Mineral Resources plc
George Frangeskides, Executive
Chairman +44 20 3950
0725
SPARK Advisory Partners Limited (Nomad)
Andrew
Emmott
+44 20 3368 3555
CMC Markets plc (Broker)
Thomas Smith / Douglas
Crippen
+44 20 7392 1494
capx@cmcmarkets.com
Alba's Projects and Investments
Mining Projects Operated by Alba Location Ownership
Clogau (gold) Wales 100%
Dolgellau Gold Exploration (gold) Wales 100%
Gwynfynydd (gold) Wales 100%
Investments Held by Alba Location Ownership
GreenRoc Strategic Materials Plc Greenland 34.72%
(graphite - anode)
Horse Hill (oil) England 11.765%
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2024
Unaudited Unaudited Audited Year ended 30 Nov 2023
6 months ended 31 May 2024 6 months ended 31 May 2023
£'000 £'000 £'000
Other income 33 - 55
Administrative expenses (522) (459) (738)
Operating (loss)/profit (489) (459) (683)
Gain on deemed disposal - 2,672 1,475
Loss on dilution of investment in associate - - (325)
Share of loss of associate (150) (110) (661)
Finance costs - (1) (2)
(Loss)/profit before tax (639) 2,102 (196)
Taxation - - -
(Loss)/profit for the year (639) 2,102 (196)
Attributable to:
Equity holders of the parent (639) 2,182 (116)
Non-controlling interests - (80) (80)
(639) 2,102 (196)
Profit/(loss) per ordinary share
Basic (pence) (0.009) 0.030 (0.002)
Diluted (pence) (0.009) 0.028 (0.002)
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
Unaudited Unaudited Audited Year ended 30 Nov 2023
6 months ended 31 May 2024 6 months ended 31 May 2023
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 162 144 168
Intangible fixed assets 3,721 3,214 3,520
Investment in associate 3,297 5,386 3,447
Investments - Horse Hill Developments 2,497 2,600 2,600
Total non-current assets 9,677 11,344 9,735
Current assets
Trade and other receivables 87 117 88
Cash and cash equivalents 97 58 97
Total current assets 184 175 185
Current liabilities
Trade and other payables (245) (257) (220)
Financial liabilities - - -
Total current liabilities (245) (257) (220)
Net current assets / (liabilities) (61) (82) (35)
Net assets 9,616 11,262 9,700
Capital and reserves
Called up share capital 5,196 5,076 5,137
Share premium account 11,418 10,461 11,119
Warrant reserve 442 782 782
Retained losses (7,608) (5,226) (7,506)
Foreign currency reserve 168 169 168
Total equity 9,616 11,262 9,700
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MAY 2024
Share capital Share premium Warrant reserve Dilution of ownership reserve Other reserves Retained losses Foreign currency reserve Attributable to equity holders Non-controlling interests Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 December 2022 5,076 10,461 1,187 991 136 (8,929) 168 9,090 2,231 11,321
Profit for the period - - - - - 2,182 - 2,182 (80) 2,102
Total comprehensive income for the period - - - - - 2,182 - 2,182 (80) 2,102
Equity settled share-based payments - - 11 - - - - 11 - 11
Transfer on exercise or expiry of warrants - - (416) - - 416 - - - -
Subsidiary equity settled share-based payments - - - - 5 - - 5 5 10
Dilution of ownership - - - - (8) - - (8) 330 322
Elimination of non-controlling interest on disposal (unaudited) - - - (991) (133) 1,106 - (18) (2,486) (2,504)
Total transactions with owners - - (405) (991) (136) 1,522 - 8 (2,151) (2,161)
Roundings (1) 1
At 31 May 2023 5,076 10,461 782 - - (5,226) 169 11,262 - 11,262
At 1 December 2022 5,076 10,461 1,187 991 136 (8,929) 168 9,090 2,231 11,321
Loss for the year - - - - - (116) - (116) (80) (196)
Other comprehensive income - - - - - (1) - (1) - (1)
Total comprehensive income for the year - - - - - (117) - (117) (80) (197)
Shares and warrants issued (net of costs) 61 658 - - - - - 719 - 719
Equity settled share-based payments - - 11 11 11
Transfer on exercise or expiry of warrants - - (416) - - 416 - - - -
Subsidiary equity settled share-based payments - - - - 5 - - 5 5 10
Dilution of ownership - - - - (8) - - (8) 330 322
Elimination of non-controlling interest on disposal - - - (991) (133) 1,124 - - (2,486) (2,486)
Total transactions with owners 61 658 (405) (991) (136) 1,540 - 727 (2,151) (1,424)
At 30 November 2023 5,137 11,119 782 - - (7,506) 168 9,700 - 9,700
Share capital Share premium Warrant reserve Dilution of ownership reserve Other reserves Retained losses Foreign currency reserve Attributable to equity holders Non-controlling interests Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 December 2023 5,137 11,119 782 - - (7,506) 168 9,700 - 9,700
Loss for the period - - - - - (639) - (639) - (639)
Total comprehensive income for the period - - - - - (639) - (639) - (639)
Shares and warrants issued 59 299 - - - - - 358 - 358
Equity settled share-based payments - - 197 - - - - 197 - 197
Transfer on exercise or expiry of warrants - - (537) - - 537 - - - -
Total transactions with owners 59 299 (340) - - 537 - 555 - 555
At 31 May 2024 5,196 11,418 442 - - (7,608) 168 9,616 - 9,616
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2024
Unaudited Unaudited Audited
6 months ended 31 May 2024 6 months ended 31 May 2023 Year ended 30 Nov 2023
Cash flows from operating activities
Operating loss (489) (459) (683)
Non-cash adjustments
Share based payment charge 197 21 21
Depreciation 6 6 12
Profit on sales to associate - 3 -
Increase / (decrease) in creditors 25 (207) (105)
(Increase)/ decrease in debtors 1 12 108
Deemed disposal of subsidiary - working capital impact - 205 -
Net cash used in operating activities (260) (419) (647)
Cash flows from investing activities
Payments for deferred exploration expenditure (200) (202) (508)
Payments for tangible fixed assets - - (30)
Investment in associate - - (115)
Receipt from investment 103 - -
Deemed disposal by dilution - net cash impact - (98) (98)
Net cash used in investing activities (97) (300) (751)
Cash flows from financing activities
Proceeds from issue of shares and warrants 380 - 764
Cost of issue (23) - (45)
Group net proceeds from subsidiary issue of shares - 322 322
Finance expense - (1) (2)
Net cash generated from financing activities 357 321 1,039
Net increase in cash and cash equivalents - (398) (359)
Cash and cash equivalents at beginning of period 97 456 456
Cash and cash equivalents at end of period 97 58 97
The significant non-cash item in the period not shown above is the share of
loss of associate of £150,000 (May 2023: share of loss £110,000, November
2023: share of loss £661,000).
NOTES TO THE HALF-YEARLY FINANCIAL INFORMATION
1. Basis of preparation
The Group consolidates the financial statements of the Company and its
subsidiary undertakings.
The financial information has been prepared under the historical cost
convention in accordance with UK-adopted International Accountant Standards
("UK-adopted IAS") as they apply to the Group for the six months ended 31 May
2024.
The financial information set out in this half-yearly report does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The same accounting policies, presentation and methods of computation
are followed in this interim condensed consolidated report as were applied in
the Group's annual financial statements for the year ended 30 November 2023.
The auditor's report on those financial statements was unqualified and did not
contain any statements under section 498(2) or section 498(3) of the Companies
Act 2006.
Going concern
Based on financial projections prepared by the Directors, the Group's current
cash resources are insufficient to enable the Group to meet its recurring
outgoings and projected exploration expenditure for the entirety of the next
twelve months. The Directors have prepared cash flow forecasts to 12 months
from the date of publication of these results which take into account planned
exploration spend, costs and external funding. The need for external funding
is a material uncertainty that may cast doubt on the Group's and Company's
ability to continue as a going concern. At this stage as an explorer, the
Group does not have a steady income stream and is reliant on external funding
sources such as capital raisings or asset transactions to fund activities. The
nature of these is ad-hoc and as such the Group and Company do not carry a
cash balance sufficient for 12 months of expenditure. However, the Board has
a reasonable expectation that the Group and Company will continue to be able
to meet their commitments for the foreseeable future by raising funds when
required from the equity capital markets and based on the following:
· The Group has a strong track record in sourcing external funding.
· Forecasts contain a level of discretionary spend such that in the
event that cash flow becomes constrained, action can be taken to enable the
Group to operate within available funding. The Group demonstrated this during
the Covid-19 pandemic when sourcing capital was uncertain.
· The Group and Company may also consider future joint venture funding
arrangements in order to share the costs of the development of its exploration
assets, or to consider divesting of certain of its assets and realising cash
proceeds in that way in order to support the balance of its exploration and
investment portfolio.
· The Group may be in a position to generate revenues from gold sales
from the ongoing bulk sampling exercises at the Clogau Waste Tip and Lower
Llechfraith workings.
For these reasons the Directors continue to adopt the going concern basis of
accounting in preparing these interim results.
2. Taxation
No charge for corporation tax for the period has been made due to the expected
tax losses available.
3. Earnings per share
Earnings per share is calculated by dividing the loss attributable to ordinary
shareholders of £639,000 (May 2023: profit of £2,182,000; November 2023:
loss of £116,000) by the weighted average number of shares of 7,448,838,754
in issue during the period (May 2023: 7,121,568,996; November 2023:
7,256,844,832).
The diluted loss per share calculation is identical to that used for basic
loss per share as the exercise of warrants would have had the effect of
reducing the loss per ordinary share and therefore was not dilutive.
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