REG - ALT Resources PLC - Unaudited Interim Results
31/03/2025 07:15
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RNS Number : 7968C ALT Resources PLC 31 March 2025
31 March 2025
ALT RESOURCES PLC
("ALT" or "the Company")
Unaudited Interim Results
ALT Resources Plc (ALTR.L), the mining royalty and streaming company,
announces its unaudited interim results for the period ending 31 December 2024
(the "Period")
Chairman's Statement
During the Period, the Directors entered into a funding facility for £250,000
(the "Agreement") with Tristream Resources PTE. LTD, a private Singapore-based
company intended to facilitate the identification and acquisition of a royalty
interest of a natural resources asset. The Agreement was completed and was
fully drawn down as announced 13 September 2024. The facility provided the
Company with the necessary funding and resources to identify a mining royalty
and progress the documentation and the proposed admission of the Company's
issued share capital to the AIM Market of the London Stock Exchange (together
the "Transaction").
Post Period
The Company is progressing with the Transaction as announced 24 February 2025
and the completion will be subject to certain conditions, including, inter
alia, due diligence, legal documentation, fundraising, and admission of the
Company's entire issued and to be issued share capital to trading on AIM.
The Company looks forward to providing further updates in due course.
Paul Welch
Executive Chairman
31 March 2025
For further information
www.altresources.co.uk (http://www.altresources.co.uk)
ALT Resources
Paul Welch, Chairman
Celicourt
Communications
+44 207 770 6424 /
altresources@celicourt.uk
Mark Antelme / Jimmy Lea
Responsibility statement
This statement is being made by the Chairman, Mr. Paul Welch, and to the best
of his knowledge:
a. The financial statements, prepared in accordance with IAS 34 'Interim
financial reporting' as adopted by the United Kingdom, give an accurate and
fair view of the assets, liabilities, financial position, and profit or loss
of the issuer, and
b. The management report includes a fair review of the business's development
and performance and the issuer's position, together with a description of the
principal risks and uncertainties it faces.
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR ALT RESOURCES PLC FOR THE 6 MONTHS
TO 31 DECEMBER 2024
Unaudited statement of comprehensive income
The statements of comprehensive income of ALT Resources PLC for the periods
ended 31 December 2024 and 31 December 2023 are set out below:
Unaudited Unaudited
6 months ended 31 Dec 2024 6 months ended 31 Dec 2023
£ £
Other Income 29,940 -
Administrative expenses (371,987) (161,159)
Operating loss (342,047) (161,159)
Income tax - -
Loss and total comprehensive loss for the period (342,047) (161,159)
Earnings per share
Basic loss per share (0.7340p) (0.3548p)
Diluted loss per share (0.7340p) (0.3548p)
The statement of comprehensive income has been prepared on the basis that all
operations are continuing operations.
Unaudited statement of financial position
The statements of financial position of ALT Resources PLC as at 31 December
2024 and 30 June 2024 are set out below:
ASSETS Notes Unaudited as at 31 Dec 2024 Audited
Current assets £ as at 30 Jun 2024
£
Trade and other receivables 2 70,155 12,788
Cash and cash equivalents 96,357 35,706
166,512 48,494
Total assets 166,512 48,494
EQUITY
Called up share capital 93,200 93,200
Share premium account 492,580 492,580
Other reserves 863,856 863,856
Retained earnings (1,891,523) (1,549,476)
Total equity (441,887) (99,840)
LIABILITIES
Non-current liabilities
Borrowings 253,855 49,980
Current liabilities
Trade and other payables 3 354,544 98,354
Total liabilities 608,399 148,334
Total equity and liabilities 166,512 48,494
Unaudited statement of changes in equity
The statement of changes in equity of ALT Resources PLC for the 18-month
period ended 31 December 2024 is set out below:
Share Other Reserves
£
Share premium Retained
capital account earnings Total
£ £ £ £
Balance at 1 July 2023 93,200 492,580 863,856 (1,339,283) 110,353
Loss for the period and total comprehensive loss for the period
- - - (161,159) (161,159)
Balance at 31 December 2023 93,200 492,580 863,856 (1,500,442) (50,806)
Loss for the period and total comprehensive loss for the period
- - - (49,034) (49,034)
Balance at 30 June 2024 93,200 492,580 863,856 (1,549,476) (99,840)
Loss for the period and total comprehensive loss for the period
- - - (342,047) (342,047)
Balance at 31 December 2024 93,200 492,580 863,856 (1,891,523) (441,887)
Unaudited statement of cash flows
The statements of cash flows of ALT Resources PLC for the six months ended 31
December 2024 and 31 December 2023 are set out below:
Unaudited Unaudited
6 months ended 31 Dec 2024 6 months ended 31 Dec 2023
£ £
Cash flows from operating activities
Cash absorbed by operations (139,349) (132,736)
Net cash outflow from operating activities (139,349) (132,736)
Financing activities
Proceeds from borrowings 200,000 -
Net cash generated from financing activities 200,000 -
Net (decrease)/increase in cash and cash equivalents 60,651 (132,736)
Cash and cash equivalents at beginning of period 35,706 159,648
Cash and cash equivalents at end of period 96,357 26,912
Notes to the unaudited interim financial statements
1 Accounting policies
Company information
ALT Resources PLC is a public company limited by shares incorporated in
England and Wales. The registered office is 21 High Street, Lutterworth, LE17
4AT. The Company's principal activity is intended to be that of investment
in upstream oil and gas assets.
1.1 Basis of preparation
The unaudited interim financial statements present the financial track record
of the Company for the six months ended 31 December 2023, 31 December 2024 and
the 18-month period ended 31 December 2024.
The accounting policies set out in the financial statements for the period
ended 30 June 2024 have been applied consistently to all periods presented in
these unaudited interim financial statements.
The unaudited interim financial statements have been prepared in accordance
with the IAS 34 'Interim financial reporting' as adopted by the United
Kingdom. They should be read in conjunction with the financial statements for
the period ended 30 June 2024, which are prepared in accordance with IFRS as
adopted by the United Kingdom and with the Companies Act 2006.
The unaudited interim financial statements for the six months ended 31
December 2023 and for the six months ended 31 December 2024 do not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006.
The unaudited interim financial statements are prepared in sterling, which is
the functional currency of the Company. Monetary amounts in these unaudited
interim financial statements are rounded to the nearest £.
The unaudited interim financial statements have been prepared on the
historical cost basis.
1.2 Going concern
The going concern disclosure within the financial statements for the year
ended 30 June 2024 included reference to a material uncertainty
in respect of the ability of the Company to continue to operate as a going
concern. In preparing the 2024 financial statements, the Directors concluded
that, taking into account the information that they had at the time, in their
judgement it was appropriate that the Company continue as a going concern
despite there being a material uncertainty that may cause significant doubt
about the ability of the Company to continue to operate as a going concern.
In preparing these interim financial statements, the Directors have reviewed
the latest information available to them and concluded that there is no
significant change in circumstances since the date of signing the 2024
financial statements. Therefore, it is their view that it is appropriate for
the Company to continue as a going concern and these interim financial
statements have consequently been prepared on a going concern basis.
1.3 Significant accounting policies
The unaudited interim financial statements have been prepared on the basis of
accounting policies adopted in the financial statements for the year ended 30
June 2024 and expected to be adopted in the financial statements for the
period ending 30 June 2025. Where new IFRS standards, amendments or
interpretations became effective in the six months to 31 December 2024 there
has been no material impact on the net assets or results of the Company.
Notes to the unaudited interim financial statements (continued)
2 Trade and other receivables
Unaudited Audited
as at as at
31 Dec 2024 30 Jun 2024
£ £
Trade receivables 19,865 -
VAT recoverable 50,470 7,463
Prepayments - 5,325
70,155 12,788
3 Trade and other payables
Unaudited Audited
as at as at
31 Dec 2024 30 Jun 2024
£ £
Trade payables 316,713 31,969
Accruals 37,831 66,385
354,544 98,354
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