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REG - ATOME PLC - Final Results

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RNS Number : 0530U  ATOME PLC  27 June 2024

27 June 2024

 

ATOME PLC

("ATOME", "the Company", or "the Group")

 

Audited Results for the year ended 31 December 2023

Operational Update

 

ATOME (AIM: ATOM), the only international green fertiliser project development
company on the London Stock Exchange, with current large-scale projects in
Latin America announces its audited results for the year ended 31 December
2023 and provides an operational update for FY 2024 year to date.

 

These financial statements follow only the second full year of operations and
project development after joining the London Stock Exchange's AIM market on 30
December 2021 and reflect another year of major progress which is projected to
culminate later this year by the making of the Final Investment Decision
("FID") on ATOME's flagship project in Villeta, Paraguay together with the
start of construction.

 

The Company's Annual Report will be posted to shareholders on 28 June 2024
together with the Notice for the Annual General Meeting, further details of
which are set out below.

 

Financial Highlights FY 2023

 

 ●    Total comprehensive loss for the year ended 31 December 2023 was US$6.6
      million (2022: US$5.9 million) with US$4.8 million (2022: Nil) of development
      costs capitalised
 ●    ATOME raised further US$5.1 million during the year from the issue of ordinary
      shares to institutional and private investors
 ●    The monies raised provided further working capital which has enabled ATOME to
      make the rapid progress achieved to date
 ●    Mandate signed with IDB Invest, the multi-lateral private sector arm of the
      Inter-American Development Bank for funding of the Villeta project
 ●    Natixis, the international financial adviser of ATOME commenced the financing
      process for Villeta
 ●    Strong expressions of interest received from the multilateral and commercial
      banks to provide project financing for Villeta

 

Operational Highlights FY 2023 - Villeta

 

 ●    The long term power purchase agreement ("PPA") upgraded to 145MW
 ●    30 hectares of land purchased for facility
 ●    Environmental and operating licenses granted
 ●    Tax free zone granted
 ●    Front End Engineering and Design ("FEED") and Engineering Procurement and
      Construction ("EPC") agreement progressed

 

Operational Highlights FY 2023 - Pipeline

 

 ●    National Ammonia Corporation ("NAC") formed as a joint vehicle for the 120MW
      Costa Rica project
 ●    Pre-PPA signed for the 300MW Yguazu project, Paraguay

 

Operational Update H1 2024

 

 ●    US$2.5 million placing in February/March 2024 and new shareholder facility put
      in place
 ●    FEED Study completed
 ●    EPC partners appointed
 ●    Closing in on terms for offtake of all production from Villeta project
 ●    ATOME targeting to finalise project finance funding for Villeta and start
      construction by end H2 2024

 

Investor Presentation via Investor Meet Company

Olivier Mussat, CEO of ATOME will provide a live presentation via Investor
Meet Company on Thursday 27 June 2024 at 11:00am BST relating to the final
results for the year ended 31 December 2023 as well as the operational update.

 

The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via the Investor Meet Company dashboard up until
09:00 BST today, 27 Jun 2024, or at any time during the live presentation.
Investors who already follow ATOME PLC on the Investor Meet Company platform
will automatically be invited.

 

Investors can sign up to Investor Meet Company for free and add to meet ATOME
PLC via:

https://www.investormeetcompany.com/atome-plc/register-investor
(https://www.investormeetcompany.com/atome-plc/register-investor)

 

For more information, please visit https://www.atomeplc.com
(https://www.atomeplc.com/) or contact:

 

 ATOME PLC                                      +44 (0) 113 337 2210
 Nikita Levine, Investor Relations
info@atomeplc.com
 Beaumont Cornish (Nominated Adviser)           +44 (0) 20 7628 3396
 Roland Cornish, Michael Cornish
 SP Angel (Broker)                              +44 (0) 20 3490 0470
 Richard Hail, Harry Davies-Ball
 Tavistock (Financial PR and IR)                +44 (0) 20 7920 3150

Simon Hudson, Rebecca Hislaire, Saskia Sizen  atome@tavistock.co.uk

 

About ATOME

ATOME PLC is an AIM listed company targeting green fertiliser production with
445 megawatt (MW) of projects in Paraguay, 120MW project in Costa Rica and a
further pipeline of potential projects in Central America.

 

Since its admission to AIM in December 2021 ATOME signed a 145MW power
purchase agreement with ANDE, the state energy company in Paraguay for
acquired 30 hectares of land in Villeta, Paraguay for that facility, mandated
Natixis Corporate & Investment Banking and the multilateral IDB Invest to
lead the project funding and with Front End Engineering and Design studies
currently underway with the international companies Urbas and Casale. ANDE has
also allocated a further 300MW for ATOME's second project subject to
studies.

 

In Costa Rica, The National Ammonia Corporation S.A. was formed in 2022 with
local partner Cavendish S.A. based in Costa Rica to develop green fertiliser
projects for the region. As well as straddling the Pacific and Atlantic
Oceans, Costa Rica is a democratic Central American country. In agriculture,
Costa Rica is the second largest supplier of pineapples in the world and is in
the top ten banana growers.

 

ATOME is in the process of operational planning, sourcing and negotiations
with green electricity suppliers, equipment providers and offtake partners,
including signed memoranda of understanding and cooperation agreements in
place with key parties, to produce green fertiliser at an industrial scale
using electricity generated from hydroelectric power in Paraguay and Costa
Rica. All chosen sites are located close to the power and water sources and
export facilities to serve significant domestic and then international demand.

 

The Company has a green-focused Board which is supported by major shareholders
including Peter Levine, Schroders, a leading fund manager, and since May 2023,
Baker Hughes, a global technology company operating in the energy and industry
sectors.

 

 

Statement by the Chairman, Peter Levine

 

This is the second set of full year results for ATOME and reflects
demonstrable positive progress towards our goal of achieving Final Investment
Decision on our flagship Villeta Project and start of construction there by
the end of this current year.

 

It was only on 30 December 2021 that ATOME joined the London Stock Exchange's
AIM market and today ATOME remains the only pure play green fertiliser project
development company on the London market. Since Admission, the Company has
made remarkable progress placing us at the forefront of the world green
fertiliser industry.

 

Maintaining our fast-track schedule to be the first industrial scale producer
of green fertiliser we successfully achieved numerous milestones in the year
under report. These include acquiring 30 hectares (75 acres) of land for the
Villeta project, completing the necessary Environmental and Social Impact
Study, obtaining necessary environmental and operational licenses, gaining Tax
Free Zone status for our Villeta facility as well as increasing the power
purchase agreement there to 145MW. The progress has continued into this year
with the FEED study completed.

 

We now have three exciting world scale projects, the 145MW project in Villeta,
Paraguay, our 300MW Yguazu project also in Paraguay and the 120MW project in
Costa Rica. In respect of our first project, Villeta, we look forward to
agreeing offtake for our entire production in the near future.

 

We have every confidence that ATOME will go from strength to strength in the
years ahead and become one of the world leaders in the production of green
fertiliser, delivering capital appreciation to our shareholders from
sustainable growth whilst being an important contributor to the drive for
global net zero in the food and agriculture industries.

 

Financial

The financial statements present group results for ATOME PLC for its second
full year of operations, following its market debut in 2021.

 

Total loss for the year ended 31 December 2023 was US$6.8 million (2022:
US$5.4 million), in line with expectations, reflecting the increased level of
activity and fast track development throughout ATOME's project portfolio.

 

Sustainability

ATOME acknowledges and respects the increasing emphasis on climate change
around the world. The Company aims to build a platform for a cleaner, more
sustainable future for our planet in recognition of the climate change
imperative driving nations and industries around the world to "green" their
infrastructure, operations, and products.

 

Conclusion

I would like to close by thanking all my colleagues throughout the Company for
their contribution to the success of ATOME. Together we work towards
delivering another year of significant achievement, progress and delivery of
value to our shareholders.

 

 

Olivier Mussat, Chief Executive Officer, added:

 

Since its foundation and subsequent emergence as an independent AIM listed
business ATOME has made great operational progress and established itself as a
leading international developer in the field of green ammonia and its
derivatives, with a unique focus on green fertilisers. ATOME's strategy has
been clear since day one: we aim to accelerate the development of our business
by looking for reasonably sized projects, leveraging existing infrastructure
in order to be first to market producing green fertiliser at the lowest cost
possible near markets with existing demand.

 

We listed in London through our IPO in December 2021 having become a public
company two months earlier. At the time of Admission to AIM we had our two
core projects in Paraguay and Iceland, both substantive in nature and
providing significant opportunity for significant increases in shareholder
value, extending into the future.  Hindsight, together with subsequent
events, has shown ATOME to be the right company at the right time for the
green ammonia and fertiliser markets.

 

I am pleased to report that since our first annual report for 2022, ATOME has
now completed the front end engineering and design (FEED) study for its first
project in Villeta, Paraguay. It is not only significant for us, but it is
also the first industrial scale green fertilizer FEED globally. We are now
rapidly proceeding towards agreeing terms and conditions for a definitive form
PPA for the 300MW Iguazu project in Paraguay combined with continued progress
in Costa Rica with National Ammonia Corporation, where we are actively working
on securing power for this project. All this progress has considerably
exceeded our original expectations at the time of the IPO both in scale and
the time frame of our business.

 

In January 2023, we created National Ammonia Corporation S.A (NAC), a joint
venture with Cavendish, the renewable energy arm of the Quirós family-owned
Grupo Purdy S.A., one of the largest corporations in Costa Rica, to pursue
renewable energy generation and green ammonia-based fertiliser production.
Similar to Paraguay, Costa Rica is one of the greenest countries in Latin
America with a significant agricultural sector, presenting a great opportunity
to leverage all the work we are currently doing in Paraguay and fast track
project development there.

 

In May 2023, being armed with the already signed PPA, we took the decision to
solely focus Villeta as a producer of green fertiliser (Calcium Ammonium
Nitrate, or CAN) being the most value accretive option for the production
facility, supplying that product to the fastest growing agricultural market
globally in Mercosur and further. We also entered into a strategic partnership
with Baker Hughes who invested in the Company and with whom we have agreed
rights of first offer for the supply of compressor and other equipment to our
projects. The FEED study for Villeta is now complete, with offtake terms for
100% of production in the process of final negotiation projected to provide
structured support for long-term sales to underpin Villeta project
commerciality and bankability.

 

Following the strategic review of our portfolio in view of significant effort,
progress and clear path to market achieved in Paraguay and Costa Rica, we took
a decision to divert the focus from the less commercially attractive
operations in Iceland, with the 75% owned subsidiary Green Fuel ehf formally
wound down in February 2024.

 

We believe ATOME is ideally placed to not only decarbonise the food and
agriculture sector but also increase food security. Our projects will
contribute significantly to fulfilling the UN's Sustainable Development Goals
(SDGs), particularly SDG 2, 7, 9, 11, 12 and 13 which cover hunger, affordable
and clean energy; industry, innovation, and infrastructure; sustainable cities
and communities; responsible consumption and production, and: urgently
combating climate change.

 

The stable price environment, the increasing demand for fertilisers, together
with the international emphasis on environmentally necessary green commodities
and security of supply, has provided a very fertile end market for ATOME's
planned production. We have ever increasing confidence, backed by industry
interest in us and strong support from a number of financial institutions,
that there will be robust demand for our production which will support strong
economics for our business, with profitability and sustainability going hand
in hand.

 

We look forward to delivering further material progress during the balance of
2024 as we move forward with bringing our projects on-line with FID on Villeta
projected by the end of this year and production targeted to commence in 2027.
We intend to further develop a pipeline of new international projects in other
jurisdictions as we become increasingly recognised as a leading first-mover
developer in green ammonia and fertilisers.

 

 

Financial review

 

The consolidated financial statements present the group results for the year
ended 31 December 2023 for ATOME Group, an independent AIM listed business
focused on producing, marketing, and distributing green hydrogen and ammonia,
as well as derivative products including fertilisers.

 

In May 2023, the Group raised US$5.1 million and fully received US$4.6 million
by 31 December 2023 through a placing to Baker Hughes and other institutional
and private investors. In 2024, ATOME raised a further US$2.5 million through
a market placing.

 

Further funding will continue to be required from shareholders, lenders or
otherwise for the Company to achieve success in project financing for the
Villeta Project with the desired outcome of cash generative production in 2027
and to continue its operations, which indicates the existence of material
uncertainty over the Group's and the Company's ability to continue as a going
concern.

Additional funds may be made available to the Group in the form of the
commitment based on the support letter ("the Facility") provided by Peter
Levine through one of his entities. The terms thereof provide inter alia for a
facility of up to £4 million for a period up to 30 September 2025 to support
working capital needs.

 

The Facility with an effective date of 26 June 2024 is unsecured and will be
repayable on the earlier of a future fundraise by the Company of at least £4
million, in which Peter Levine will have the right to participate to maintain
his current interest in the Company, or when FID is declared on the Villeta
Project. The Facility bears an interest rate of SOFR plus 4% on drawn amounts,
a commitment fee of 1% on undrawn amounts and an initial facility fee of 2.5%,
all of which can be settled in shares.

 

The financial results of the Group are presented in US Dollars as all the
Group's budgeting, cost management and future trading are primarily
denominated and maintained in US Dollars. All translation differences arising
from translation from functional to reporting currency are taken to the
Foreign Currency Translation Reserve on the statement of financial position.

 

Annual General Meeting

The Company intends to hold the Annual General Meeting to approve the audited
financial statements at 10.00am on 24 July 2024 at Carrwood Park, Selby Road,
Leeds, LS15 4LG. The Notice will be sent with the full Annual Report on 28
June 2024.

 

Related Party Transaction

Peter Levine is a Director and substantial shareholder in the Company. The
Facility is therefore a related party transaction pursuant to Rule 13 of the
AIM Rules for Companies.

 

The Independent Directors comprising all directors of the Company, other than
Peter Levine and Nikita Levine, having consulted with Beaumont Cornish Limited
((1)) , the Nomad of the Company, consider the terms of the Facility are fair
and reasonable insofar as the Company's shareholders are concerned.

 

 

Consolidated Statement of Comprehensive Income

Year ended 31 December 2023

                                                                   Note  2023      2022

                                                                         US$'000   US$'000
 Continuing Operations
 Administrative expenses                                           2     (7,265)   (5,830)
 Other Income                                                            312       62
 Investment grant                                                        -         170
 Operating loss                                                          (6,953)   (5,598)

 Finance income                                                          54        2
 Finance costs                                                           (1)       (2)
 Loss before tax                                                         (6,900)   (5,598)

 Total income tax (charge)/credit                                        -         -
 Loss for the year from continuing operations                            (6,900)   (5,598)

 Loss for the year from continuing operations                            (6,900)   (5,598)
 Non-controlling interest                                                78        119
 Loss for the year attributable to equity holders                        (6,822)   (5,479)

 Other comprehensive income, net of tax
 Items that may be reclassified subsequently to profit or loss
     Exchange differences on translation of foreign operations           239       (387)
 Total comprehensive profit /(loss) for the year attributable
     to the equity holders of the parent                                 (6,583)   (5,866)

 Loss per share                                                    3     US cents  US cents
 Basic loss per share from continuing operations                         (17.63)   (16.80)
 Diluted loss per share from continuing operations                       (17.63)   (16.80)

 

 

Consolidated Statement of Financial Position

As at 31 December 2023

 ASSETS                         2023      2022

                                US$'000   US$'000
 Non-current assets
 Intangible assets              4,512     -
 Goodwill                       2         6
 Property, plant and equipment  1,217     939
                                5,731     945
 Current assets
 Trade and other receivables    1,325     2,223
 Cash and cash equivalents      550       3,452
                                1,875     5,675

 TOTAL ASSETS                   7,606     6,620

 LIABILITIES
 Current liabilities
 Trade and other payables       2,852     1,649
 Short term facility            -         -
                                2,852     1,649
 Non-current liabilities
 Trade and other payables       28        -
 Long-term debt                 810       -
                                838       -

 TOTAL LIABILITIES              3,690     1,649

 EQUITY
 Share capital                  109       96
 Share premium                  16,881    11,901
 Retained earnings              (14,544)  (7,722)
 Translation reserve            (92)      (331)
 Share option reserve           1,759     1,146
                                4,113     5,090
 Non-controlling interest       (197)     (119)
 TOTAL EQUITY                   3,916     4,971
 TOTAL EQUITY AND LIABILITIES   7,606     6,620

 

 

Consolidated Statement of Changes in Equity

Year ended 31 December 2023

 

                                                 Share          Profit                       Non-
                                                 capital &      and loss  Other              controlling  Total
                                                 premium        account   Reserves  Total    Interest     Equity
                                                 US$'000        US$'000   US$'000   US$'000  US$'000      US$'000

 Balance at 1 January 2022                       7,740          (2,243)   139       5,636    -            5,636
 Share-based payments                            -              -         1,063     1,063    -            1,063
 Shares issued on reorganisation                 4,394          -         -         4,394    -            4,394
 Offer of shares to public                       -              -         -         -        -            -
 Costs of issue new shares                       (137)          -         -         (137)    -            (137)
 Transactions with the owners                    4,257          -         1,063     5,320    -            5,320

 Loss for the period                             -              (5,479)   -         (5,479)  (119)        (5,598)
 Translation reserve                             -              -         (387)     (387)    -            (387)

 Total comprehensive income/(loss) for the year  -              (5,479)   (387)     (5,866)  (119)        (5,985)

 Balance at 31 December 2022                     11,997         (7,722)   815       5,090    (119)        4,971

 Share-based payments                            -              -         613       613      -            613
 Offer of shares to public                       5,088          -         -         5,088    -            5,088
 Costs of issue new shares                       (95)           -         -         (95)     -            (95)
 Transactions with the owners                    4,993          -         613       5,606    -            5,606

 Profit for the year                             -              (6,822)   -         (6,822)  (78)         (6,900)
 Translation reserve                             -              -         239       239      -            239

 Total comprehensive loss for the year           -              (6,822)   239       (6,583)  (78)         (6,661)

 Balance at 31 December 2023                     16,990         (14,544)  1,667     4,113    (197)        3,916

 

 

Consolidated Statement of Cash Flows

Year ended 31 December 2023

                                                            2023      2022

                                                            US$'000   US$'000
 Cash flows from operating activities
 Cash (used in)/generated by operating activities (note 4)  (4,974)   (6,152)
 Taxes paid                                                 -         -
 Taxes refunded                                             -         -
                                                            (4,974)   (6,152)
 Cash flows from investing activities
 Expenditure on development and production assets           (4,767)   -
 Interest received                                          54        -
                                                            (4,713)   -

 Cash flows from financing activities
 Long-term loan proceeds                                    810       -
 Proceeds from issue of shares (net of expenses)            4,408     7,965
 Payment in kind for shares placed                          1,197     -
 Repayment of obligations under leases                      (22)      (26)
                                                            6,393     7,939

 Net decrease in cash and cash equivalents                  (3,294)   1,787
 Opening cash and cash equivalents at beginning of period   3,452     1,865
 Exchange gains/(losses) on cash and cash equivalents       392       (200)
 Closing cash and cash equivalents                          550       3,452

 

 

Notes

 

1.    Accounting policies and preparation

The financial information set out in this announcement does not constitute the
Company's statutory financial statements and is derived from the consolidated
financial statements for the year ended 31 December 2023 and year ended 31
December 2022.

 

Financial statements for the year ended 31 December 2023 will be delivered in
due course. The auditors have reported on those accounts; their report was (i)
unqualified, (ii) did not include a reference to matters to which the auditors
drew attention by way of emphasis except for potential material uncertainty
that may arise in the event if, around the Company's ability to continue as a
going concern as further funding will continue to be required from
shareholders, lenders or otherwise for the Company to achieve success in
project financing for Villeta Project within the period to December 2024
allowing it to achieve the desired project outcome of cash generative
production in 2027 and to continue its operations, and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006 in respect of
the accounts for 2023 and 2022.

 

The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future.
Therefore, they continue to adopt the going concern basis in preparing the
financial statements for the year ended 31 December 2023.

 

Whilst the consolidated financial statements from which this preliminary
announcement has been derived are prepared in accordance with International
Financial Reporting Standards ("IFRS") and applicable law, this announcement
does not itself contain sufficient information to comply with IFRS. The Annual
Report, containing consolidated financial statements that comply with IFRS,
will be sent out to shareholders by 30 June 2024.

 

2   Administrative expenses

                                                                2023       2022
                                                                US$'000    US$'000

 Directors and staff costs (including non-executive Directors)  3,457      2,946
 Cost of issue for existing shares                              95         164
 Share-based payments                                           613        1,063
 Depreciation                                                   31         24
 Other                                                          3,069      1,633
                                                                7,265      5,830

 

3   Loss per share

                                                    2023        2022
                                                    US$'000     US$'000
 Loss for the period attributable to
 the equity holders of the Parent Company           (6,822)     (5,479)

                                                    Number      Number
                                                    '000        '000
 Weighted average number of shares in issue         38,685      32,606

                                                    US cents    US cents
 Loss per share
 Loss per share from continuing operations          (17.63)     (16.80)
 Diluted loss per share from continuing operations  (17.63)     (16.80)

 

At 31 December 2023, 2,185,000 (2022: 2,129,000) share options and share
warrant awards were in issue that, if exercised, would dilute earnings per
share in the future. No dilution per share was calculated as with the reported
loss adding share options and warrants is anti-dilutive.

 

4  Notes to the consolidated statement of cash flows

                                                           2023         2022
                                                           US$'000      US$'000

 Operating loss                                            (6,953)      (5,598)
 Interest on bank deposits                                 1            2
 Depreciation of property, plant and equipment             31           24
 Amortisation of Goodwill                                  4            -
 Foreign exchange difference                               (154)        (203)
 Share-based payments                                      613          1,063
 Operating cash flows before movements in working capital  (6,459)      (4,712)
 Decrease / (increase) in receivables                      202          (394)
 Increase / (decrease) in short term facility              -            (1,415)
 Increase / (decrease) in payables                         1,283        369
 Net cash (used in)/generated by operating activities      (4,974)      (6,152)

 

5    Segment reporting

In the opinion of the Directors, the operations of ATOME PLC comprise one
class of business, the development, production and the sale of green fuel
energy and related activities.

 

An operating segment is a component of an entity that engages in business
activities from which it may earn revenues and incur expenses and whose
results are regularly reviewed by the Board of Directors.

 

The Board of Directors reviews operating results by reference to the core
principle of geographic location. The Group currently has projects in two
geographical markets: the Paraguay and Iceland. It has a head office and
associated corporate expenses in the UK.

 

                                                             Iceland  Paraguay  UK       Total
                                                             2023     2023      2023     2023
                                                             US$'000  US$'000   US$'000  US$'000

 Administrative expenses                                     314      369       6,582    7,265
 Other Income                                                -        -         (312)    (312)
 Investment grant                                            -        -         -        -
 Segment costs                                               314      369       6,270    6,953

 Segment operating loss for the Year Ended 31 December 2023  (314)    (369)     (6,270)  (6,953)

                                                             Iceland  Paraguay  UK       Total
                                                             2022     2022      2022     2022
                                                             US$'000  US$'000   US$'000  US$'000

 Revenue                                                              -         -
 Cost of sales
 Administrative expenses                                     614      299       4,917    5,830
 Other Income                                                -        -         (62)     (62)
 Investment grant                                            (170)    -         -        (170)
 Segment costs                                               444      299       4,855    5,598

 Segment operating loss for the Year Ended 31 December 2022  (444)    (299)     (4,855)  (5,598)

 

 Segment assets                       Iceland  Paraguay  UK       Total
                                      2023     2023      2023     2023
                                      US$'000  US$'000   US$'000  US$'000
 Intangible assets                    -        -         4,512    4,512
 Goodwill                             -        2         -        2
 Property, plant and equipment        -        1,217     -        1,217
                                      -        1,219     4,512    5,731
 Other assets                         -        101       1,224    1,325
 Total assets as at 31 December 2023  -        1,320     5,736    7,056

                                      Iceland  Paraguay  UK       Total
                                      2022     2022      2022     2022
                                      US$'000  US$'000   US$'000  US$'000
 Goodwill                             3        3         -        6
 Property, plant and equipment        -        939       -        939
                                      3        942       -        945
 Other assets                         -        44        2,179    2,223
 Total assets as at 31 December 2022  3        986       2,179    3,168

 

 Segment liabilities                       Iceland  Paraguay  UK       Total
                                           2023     2023      2023     2023
                                           US$'000  US$'000   US$'000  US$000
 Total liabilities as at 31 December 2023  11       901       2,778    3,690

                                           Iceland  Iceland   Iceland  Total
                                           2022     2022      2022     2022
                                           US$'000  US$'000   US$'000  US$000
 Total liabilities as at 31 December 2022  51       866       732      1,649

 

Reconciliation of the amounts reported for segment assets to the Group's
consolidated statement of financial position is as follows:

 

                                 2023      2022

                                 US$'000   US$'000
 Segment assets                  7,056     3,168
 Group cash                      550       3,452
 Group assets as at 31 December  7,606     6,620

 

((1)) Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

-ends-

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