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RNS Number : 0972T Artemis Resources Limited 15 March 2023
Artemis Resources Limited
("Artemis" or the "Company")
(ASX/AIM: ARV, FRA: ATY, US: ARTTF)
Interim Financial Report for the six months ended 31 December 2022
The Directors of Artemis Resources Limited ("Artemis Resources" or the
"Company") (ASX/AIM: ARV, FRA: ATY, US: ARTTF), an Australian-based mining
exploration and development company, announce the Company's interim financial
report for the half year ended 31 December 2022.
A copy of the Artemis Resources Half Year Report is also available on the
Company's website at www.artemisresources.com.au
(http://www.artemisresources.com.au/) .
HALF YEAR REPORT
31 December 2021
Consolidated Statement of Profit or Loss And Other Comprehensive Income
For the Half Year Ended 31 December 2022
Consolidated
31 December 31 December
2022 2021
Notes $ $
Other income 3 13,840 21,629
Personnel costs (29,650) (31,706)
Occupancy costs (15,891) (58,522)
Legal fees (3,679) (27,617)
Consultancy costs (365,420) (187,926)
Compliance and regulatory expenses (123,138) (670,497)
Directors' fees (376,750) (290,313)
Travel (15,000) (2,674)
Borrowing costs (4,101) -
Project and exploration expenditure written off 6 (113,741) (551,677)
Impairment expense 7 (12,469,852) -
Net fair value (loss)/gain on financial instruments designated as fair value (3,128,849) (138,472)
through profit or loss
5
Share-based payments 10 (373,300) -
Marketing expenses (47,322) (47,885)
Depreciation and amortisation (59,243) (67,074)
Unrealised foreign exchange (loss)/gain (11,675) (6,206)
Other expenses (74,206) (172,683)
LOSS BEFORE INCOME TAX (17,197,977) (2,231,623)
Income tax expense - -
LOSS FOR THE PERIOD (17,197,977) (2,231,623)
Other comprehensive income, net of tax - -
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
(17,197,977) (2,231,623)
Basic loss per share - cents 4 (1.24) (0.18)
Diluted loss per share - cents 4 (1.24) (0.18)
The consolidated statement of profit or loss and other comprehensive income is
to be read in conjunction with the accompanying notes
Consolidated Statement of Financial Position
As at 31 December 2022
Consolidated
31 December 30 June
2022 2022
Notes $ $
CURRENT ASSETS
Cash and cash equivalents 1,652,791 6,106,222
Other receivables 572,546 282,701
Other financial assets 5 945,000 6,283,560
TOTAL CURRENT ASSETS 3,170,337 12,672,483
NON-CURRENT ASSETS
Plant and equipment 84,586 95,741
Intangible assets 5,293 3,523
Right-of-use assets 332,796 153,980
Exploration and evaluation expenditure 6 31,205,451 27,323,626
Development expenditure 7 15,000,000 27,420,924
TOTAL NON-CURRENT ASSETS 46,628,126 54,997,794
TOTAL ASSETS 49,798,463 67,670,277
CURRENT LIABILITIES
Trade and other payables 8 1,605,686 2,931,542
Current lease liabilities 149,542 44,140
Employee benefits obligation 53,406 39,473
TOTAL CURRENT LIABILITIES 1,808,634 3,015,155
NON-CURRENT LIABILITIES
Lease liabilities 185,336 109,311
Provisions 9 5,223,259 5,223,259
TOTAL NON-CURRENT LIABILITIES 5,408,595 5,332,570
TOTAL LIABILITIES 7,217,229 8,347,725
NET ASSETS 42,581,234 59,322,552
EQUITY
Share capital 10 115,010,598 114,927,239
Reserves 11 2,115,090 2,725,913
Accumulated losses (74,544,454) (58,330,600)
TOTAL EQUITY 42,581,234 59,322,552
The consolidated statement of financial position should be read in conjunction
with the accompanying notes.
Consolidated Statement of Changes in Equity
As at 31 December 2022
Consolidated Issued Accumulated Losses Reserves Total
Capital Equity
$ $ $ $
Balance at 1 July 2022 114,927,239 (58,330,600) 2,725,913 59,322,552
Loss for the period - (17,197,977) - (17,197,977)
Other comprehensive income - - - -
Total comprehensive loss for the period
- (17,197,977) - (17,197,977)
Issue of shares 83,359 - - 83,359
Transfer to share based payments reserve
- - 373,300 373,300
Transfer from share based payments reserve
- 984,123 (984,123) -
Balance at 31 December 2022 115,010,598 (74,544,454) 2,115,090 42,581,234
Consolidated Issued Accumulated Losses Reserves Total
Capital Equity
$ $ $ $
Balance at 1 July 2021 105,855,802 (51,564,182) 3,376,640 57,668,260
Loss for the period - (2,231,623) - (2,231,623)
Other comprehensive income - - - -
Total comprehensive loss for the period
- (2,231,623) - (2,231,623)
Balance at 31 December 2021 105,855,802 (53,795,805) 3,376,640 55,436,637
The consolidated statement of changes in equity should be read in conjunction
with the accompanying notes.
Consolidated Statement of Cash Flows
For the Half Year Ended 31 December 2022
Consolidated
31 December 2022 31 December 2021
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 15,149 17,739
Payments to suppliers and employees (1,486,233) (1,072,289)
Interest received - 686
NET CASH USED IN OPERATING ACTIVITIES (1,471,084) (1,053,864)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation (4,723,740) (5,169,392)
Payments for property, plant and equipment (17,293) (56,683)
Payments for purchase investments - (224,499)
Proceeds on sale of investments 2,209,711 -
Payment for development expenditure (402,867) (16,161)
NET CASH USED IN INVESTING ACTIVITIES (2,934,189) (5,466,735)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of lease liabilities (35,541) -
NET CASH USED IN FINANCING ACTIVITIES (35,541) -
Net decrease in cash held (4,440,814) (6,520,599)
Effects of exchange rate changes on the balance of cash held in foreign (12,617) -
currencies
Cash at the beginning of the period 6,106,222 9,082,554
CASH AT THE END OF THE PERIOD 1,652,791 2,561,955
The consolidated statement of cash flows is to be read in conjunction with the
accompanying notes.
For further information on the Company, please visit
www.artemisresources.com.au (http://www.artemisresources.com.au) or contact:
Artemis Resources Limited
Mark Potter via Camarco
WH Ireland Limited (Nominated Adviser)
Antonio Bossi / James Bavister (Corporate Finance) Tel: +44 20 7220 1666
Cenkos Securities (Broker)
Neil McDonald / Adam Rae / Pearl Kellie (Corporate Finance) Tel: +44 20 7894 7000
Leif Powis (Corporate Broking) Tel: +44 20 7894 7000
Camarco (Financial PR)
Gordon Poole / Emily Hall / Rebecca Waterworth Email: artemis@camarco.co.uk (mailto:artemis@camarco.co.uk)
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