REG - Bezant Resources PLC - Interim Results for Six Months Ended 30 June 2022
30/09/2022 07:01
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RNS Number : 2433B Bezant Resources PLC 30 September 2022
30 September 2022
Bezant Resources Plc
("Bezant" or the "Company")
Interim Results for the Six Months Ended 30 June 2022
Bezant (AIM: BZT), the copper-gold exploration and development company,
announces its unaudited interim results for the six months ended 30 June 2022.
Chairman's Statement
Dear Shareholder,
The first half of 2022 has been one of consolidation for Bezant with the focus
remaining Southern Africa.
Financial highlights:
£348K loss after tax (2020: £510K)
Approximately £289K cash at bank at the period end (31 December 2021:
£728K).
Operational and corporate events in six months to 30 June 2022:
The most significant advance during the period under review was the drilling
programme on the Hope and Gorob licences in Namibia. During this period, we
re-evaluated Hope and Gorob and determined that the potential in our opinion
is greater than previously considered. With this in mind we launched an
initial surface drilling programme, which produced extremely encouraging
results, demonstrating that gold and copper co-existed from surface in
potentially mineable quantities. This was particularly well exhibited at the
Hope portion of the licence, where we identified potential for a near surface
mining situation.
During the period work was undertaken on a mining licence application, and the
environmental permit work initiated in support of the licence. We are
currently reassessing the resource against the new drilling information
received and we are confident that we will have an overall increase in the
gold and copper resource, some of which will be surface mineable, thus
minimising pre-production capex and overall operating costs.
We plan a surface drilling programme to more fully test the combined total of
up to 17km of potential mineralized strike that may exist at the Hope and
Gorob deposits.
In Botswana, we carried out intensive trenching at the Kanye project, which
produced above average manganese grade potential suitable for the manganese
battery industry. Encouraged by these results we are currently drill testing
the project area, focusing our efforts on an area named as the Moshaneng
Borrow Pit.
Our Cyprus joint venture has identified an area of promise and we intend to
move towards resource definition and mine feasibility studies, during the next
6 months. The project area has been partially drilled and has indicated good
oxide gold potential, with the former open pit providing the opportunity for
deepening and extension. The pre-existing dumps and tailings will be sampled
and included in the overall mining and processing strategy.
In relation to the Mankayan Project in Philippines, during the period we
announced the renewal by the Mines and Geosciences Bureau of the Department of
Environment and Natural Resources of the Philippines Government of Crescent
Mining Development Corporation's Mineral Production Sharing Agreement No.
057-96-CAR for a second 25 year term from 12 November 2021. As announced in
Q3 of 2021 we completed negotiations and signed an agreement on the Mankayan
project with IDM Mankayan Pty Ltd a company incorporated in Australia, whose
management team has operating experience in the Philippines and has good
corporate experience of developing projects, to take the Mankayan Project
forward. At the time of this report, we have retained 27.5% of our interest in
the Mankayan Project and are confident that we will monetise our position
either by way of trade sale or its ASX listing.
In Argentina, we maintained the Eureka licences in good standing and when
resources permit, or with a partner we intend to carry out a test work
programme for copper and gold on the established red-bed layers and identify
geophysical anomalies for follow-up.
Funding: On 30 June 2022, the Company announced that it had arranged to
drawdown £700,000 under the Funding Facility announced on 23 November 2021.
£250,000 of this drawdown was received on 30 June 2022 and reflected in the
period end cash balance and the remainder of the £450,000 drawdown was
received post the period end.
Issue of equity: On 6 January 2022 the Company announced i) that as approved
at the General Meeting on 9 December 2021 and to preserve the Company's cash
resources it had issued a total of 100,000,000 shares at 0.13 pence per share
to settle accrued fees of £130,000 of which £80,000 (for the period from
August 2019 to September 2021) which were due to myself and £50,000 (for the
period from December 2019 to June 2020) related to fees due to management and
ii) 14,285,714 shares had been issued at 0.14 pence per share to settle
professional fees of £20,000.
Exercise of Warrants: As announced on 12 May 2022, pursuant to the exercise of
warrants at a price of 0.16p per share in terms of the fundraising announced
on 19 June 2020, the Company issued for £19,000 a total of 11,875,00 fully
paid ordinary shares of 0.002p each in the Company.
Operational and corporate post period end events:
On 9 August 2022 the company announced it had submitted a Mining Licence
application and Exploration Licence renewal application covering the Hope and
Gorob Project as the Company believes sufficient exploration has been
completed to warrant the application and also provided assay results for 2
holes drilled at Vendome and 7 out of 8 holes at the Hope prospect.
On 14 September 2022 the Company announced information on trench assay results
and preparations for a maiden drill programme at its' 100% owned high-grade
Kanye manganese project in Botswana.
Exercise of Warrants: As announced on 7 July 2022, pursuant to the exercise of
warrants at a price of 0.08p per share in terms of the fundraising announced
on 19 June 2020, the Company issued for £15,000 a total of 18,750,000 new
Ordinary Shares.
Exercise of Warrants: As announced on 11 August 2022, pursuant to the exercise
of warrants at a price of 0.08p per share in terms of the fundraising
announced on 28 August 2020, the Company issued for £18,750 a total of
10,837,500 new Ordinary Shares.
Market Outlook: Whilst we are in a period of global uncertainty with
significant increases in gas and oil prices exacerbated by the war in Ukraine
and volatile stock markets worried by inflation and interest rate rises the
board feels very confident with the underlying quality of our project
portfolio in copper, gold and battery manganese since they are metals which
continue to have short and mid-term strong potential coupled with supply
constraints. We will continue to keep shareholders updated on our progress
with exploration and monetisation of our various projects.
Colin Bird
Executive Chairman
30 September 2022
For further information, please contact:
Bezant Resources plc
Colin Bird +27 726 118 724
Executive Chairman
Beaumont Cornish (Nominated Adviser) +44 (0) 20 7628 3396
Roland Cornish
Novum Securities Limited (Broker) +44 (0) 20 7399 (tel:%280%29207%203820%20932) 9400
Jon Belliss
or visit http://www.bezantresources.com (http://www.bezantresources.com)
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 UK Domestic Law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
Group Statement of Profit and Loss
For the six months ended 30 June 2022
Notes Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2022 2021
£'000 £'000
CONTINUING OPERATIONS
Group revenue - -
- -
Cost of sales
Gross profit - -
Operating expenses (319) (350)
Share based payments 4 (29) (160)
(348) (510)
Group operating loss
Interest income - -
Loss before taxation (348) (510)
- -
Taxation
Loss for the period (348) (510)
Loss per share (pence)
Basic and diluted from continuing operations 4 (0.01) (0.02)
Group Statement of Other Comprehensive Income
For the six months ended 30 June 2022
Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2022 2021
£'000 £'000
Other comprehensive income:
Loss for the period (348) (510)
Items that may be reclassified to profit or loss:
Foreign currency reserve movement 9 (1)
(339) (511)
Total comprehensive loss for the period
Group Statement of Changes in Equity
For the six months ended 30 June 2022
Share Capital Share Premium Other Reserves(1) Retained Losses Non-Controlling interest Total
£'000 £'000 £'000 £'000 Equity
£'000
Unaudited - six months ended 30 June 2021
Balance at 1 January 2021 2,076 39,303 3,781 (36,952) (12) 8,196
Current period loss - - - (348) - (348)
Foreign currency reserve - - 9 - - 9
Total comprehensive loss for the period - - - (348) (339)
-
Proceeds from shares issued - - - - - -
Shres issued - in lieu of fees 2 147 - - - 149
Warrants exercised - 18 - 44 - 62
Share options granted - - - - -
2,078 39,468 3,790 (37,256) 8,068
Balance at 30 June 2022 (12)
Share Capital Share Premium Other Reserves(1) Retained Losses Non-Controlling interest Total
£'000 £'000 £'000 £'000 Equity
£'000
Unaudited - six months ended 30 June 2021
Balance at 1 January 2021 2,049 39,125 1,523 (35,674) (12) 7,011
Current period loss - - - (510) - (510)
Foreign currency reserve - - (1) - - (1)
Total comprehensive loss for the period - - - (510) (511)
-
Proceeds from shares issued - - - - - -
Shares issued - Acquisitions 5 755 - - - 760
Warrants exercised 2 145 (51) 51 - 147
Share options granted - - 217 - - 217
2,056 40,025 1,688 (36,133) 7,624
Balance at 30 June 2021 (12)
(1) Other reserves is made up of the share-based payment and foreign exchange
reserve.
Group Balance Sheet
As at 30 June 2022
Unaudited Audited
30 31
June December
2022 2021
Notes £'000 £'000
ASSETS
Non-current assets
Plant and equipment 5 2 2
Investments 6 49 49
Exploration and evaluation assets 8 8,562 7,900
Total non-current assets 8,613 7,951
Current assets
Trade and other receivables 100 48
Cash and cash equivalents 289 728
Total current assets 389 776
TOTAL ASSETS 9,002 8,727
LIABILITIES
Current liabilities
Trade and other payables 684 531
Borrowings 250 -
Total current liabilities 934 531
8,068 8,196
NET ASSETS
EQUITY
Share capital 9 2,078 2,076
Share premium 9 39,468 39,303
Share-based payment reserve 1,312 1,325
Foreign exchange reserve 647 625
Merger reserve 1,831 1,831
Retained losses (37,256) (36,952)
8,080 8,208
Non-controlling interests (12) (12)
8,068 8,196
TOTAL EQUITY
Group Statement of Cash Flows
For the six months ended 30 June 2022
Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2022 2021
Notes £'000 £'000
Net cash outflow from operating activities 10 (238) (515)
Cash flows from/(used) in investing activities
Deferred exploration expenditure (474) (378)
(474) (378)
Cash flows from financing activities
Proceeds from issuance of ordinary shares 19 148
Borrowings 250 -
269 148
Decrease in cash (443) (745)
Cash and cash equivalents at beginning of period 728 1,128
Foreign exchange movement 4 24
Cash and cash equivalents at end of period 289 407
Notes to the interim financial information
For the six months ended 30 June 2022
1. Basis of preparation
The unaudited interim financial information set out above, which incorporates
the financial information of the Company and its subsidiary undertakings (the
"Group"), has been prepared using the historical cost convention and in
accordance with International Financial Reporting Standards ("IFRS"),
including IFRS 6 'Exploration for and Evaluation of Mineral Resources', as
adopted by the European Union ("EU") and with those parts of the Companies Act
2006 applicable to companies reporting under IFRS.
These interim results for the six months ended 30 June 2022 are unaudited and
do not constitute statutory accounts as defined in section 434 of the
Companies Act 2006. The financial statements for the year ended 31 December
2021 have been delivered to the Registrar of Companies and the auditors'
report on those financial statements was unqualified and contained a material
uncertainty pertaining to going concern.
Going concern basis of accounting
The Group made a loss from all operations for the six months ended 30 June
2022 after tax of £0.3 million (2021: £0.5 million), had negative cash
flows from operations and is currently not generating revenues. Cash and cash
equivalents were £289,000 as at 30 June 2022. An operating loss is expected
in the year subsequent to the date of these accounts and as a result the
Company will need to raise funding to provide additional working capital to
finance its ongoing activities. Management has successfully raised money in
the past, but there is no guarantee that adequate funds will be available when
needed in the future. The COVID-19 pandemic announced by the World Health
Organization on 20 January 2020 has had and may in the future have markedly
negative impacts on global stock markets, currencies and general business
activity. The Company developed a policy and amended its procedures to address
the health and wellbeing of its directors, consultants and contractors, and
their families, during the COVID-19 outbreak. Whilst most countries have
relaxed their COVID-19 restrictions COVID-19 has not yet been eradicated and
it may have an impact on activities and potentially a post balance sheet date
impact which if they affect financial markets may adversely impact the
ability of the Group to raise the necessary funding.
Based on the Board's assessment that the Company will be able to raise
additional funds, as and when required, to meet its working capital and
capital expenditure requirements, the Board have concluded that they have a
reasonable expectation that the Group can continue in operational existence
for the foreseeable future. For these reasons the Group continues to adopt the
going concern basis in preparing the annual report and financial statements.
There is a material uncertainty related to the conditions above that may cast
significant doubt on the Group's ability to continue as a going concern and
therefore the Group may be unable to realize its assets and discharge its
liabilities in the normal course of business.
The financial report does not include any adjustments relating to the
recoverability and classification of recorded asset amounts or liabilities
that might be necessary should the entity not continue as a going concern.
2. Significant events
The World Health Organization declared coronavirus and COVID-19 a global
health emergency on 30 January 2020 and whilst most countries have relaxed
their COVID-19 restrictions COVID-19 has not yet been eradicated and t may
have an impact on activities and potentially a post balance sheet date impact
which if they affect financial markets may adversely impact the ability of the
Group to raise the necessary funding.
3. Segment reporting
For the purposes of segmental information, the operations of the Group are
focused in geographical segments, namely the UK, Argentina the Philippines,
Namibia, Zambia and Botswana and comprise one class of business: the
exploration, evaluation and development of mineral resources. The UK is used
for the administration of the Group.
The Group's loss before tax arose from its operations in the UK, Argentina
Namibia and Botswana.
For the six months ended 30 June 2022 - unaudited
UK Argentina Philippines Namibia Zambia Botswana Total
£'000 £'000 £'000 £'000
Consolidated loss before tax (288) (59) - (348)
(1) - -
Included in the consolidated loss before tax are the following
income/(expense) items:
Foreign currency gain - - - -
Total Assets 361 5,338 - 2,418 - 885 9,002
Total Liabilities (892) (42) - (934)
For the six months ended 30 June 2021 - unaudited
UK Argentina Philippines Namibia Zambia Botswana Total
£'000 £'000 £'000 £'000
Consolidated loss before tax (437) (45) - (486)
(3) - (1)
Included in the consolidated loss before tax are the following
income/(expense) items:
Foreign currency gain - - - -
Total Assets 430 5,581 - 1,792 208 8,011
Total Liabilities (357) (30) - (387)
4. Share based payments
6 months ended 30 June 2022 6 months ended 30 June 2021
£'000 £'000
Share option expense - Directors 18 -
Share option expense - Management 11 -
29 -
5. Loss per share
The basic and diluted loss per share have been calculated using the loss
attributable to equity holders of the Company for the six months ended 30
June 2022 of £348,000 (2021: £510,000). The basic loss per share was
calculated using a weighted average number of shares in issue of 5,025,497,800
(2021: 3,249,309,193).
The weighted average number of shares in issue and to be issued if calculating
the diluted loss per share would amount to 6,355,967,563 (2021:
3,540,171,693).
The diluted loss per share and the basic loss per share are recorded as the
same amount, as conversion of share options decreases the basic loss per
share, thus being anti-dilutive.
6. Plant and equipment
Unaudited Audited
30 31
June December
2022 2021
£'000 £'000
6.1 Cost
Balance at beginning of period 67 67
Exchange differences - -
At end of period 67 67
6.2 Depreciation
Balance at beginning of period 65 64
Charge for the period - 1
At end of period 65 65
2 2
Net book value at end of period
7. Investments
Unaudited Audited
30 31
June December
2022 2021
£'000 £'000
Investment in associates 49 49
Loan to associate 211 211
Impairment provision (211) (211)
49 49
Total investments
The Mankayan project owned by Crescent Mining and Development Corporation was
fully impaired in 2016 due to then significant lingering uncertainty
concerning the political and tax environment in the Philippines. Although the
political and tax environment has subsequently improved it was not considered
prudent in the 2019 accounts to write back any of the provision made in prior
years.
In 2019, the Group sold 80% of its interest in the Mankayan copper-gold
project and derecognised its investment in its subsidiary, Asean Copper
Investments Limited and the loan balances outstanding have been fully
impaired.
On 28 April 2021 the Company announced that it had served notice of
termination of its transaction agreement (the "Transaction Agreement") dated 4
October 2019 with Mining and Minerals Industries Holding Pte. Ltd. ("MMIH"), a
private company incorporated in Singapore, with respect to the sale of 80 per
cent. of the Company's interest in the Mankayan copper‐gold project in the
Philippines (the "Mankayan Project") to MMJV Pte. Ltd. ("MMJV"), a 100 percent
subsidiary of MMIH, (the "Transaction") as MMIH has not met its Total Funding
Commitment as defined in the Transaction Agreement and that the Company, would
explore and pursue options including the possibility of re‐positioning the
Mankayan project within the Company's portfolio of copper and gold assets but
in the meantime the previous provisions against the Company's investment in
the Mankayan Project writing it down to Nil have not been written back.
On 13 September 2021 the Company, entered into a conditional agreement with
IDM Mankayan Pty Ltd ("IDM"), a company incorporated in Australia, to take the
Mankayan Project in the Philippines forward (the "IDM Agreement"). The IDM
Agreement has completed, and the Company now owns 27.5% of IDM but has no
management control over or right to appoint directors of IDM which is why the
shareholding is held as an investment at cost. The Mankayan project's MPSA was
originally issued for a standard 25 year period, which expires on 11 November
2021, and as announced by the Company on 18th March 2022 has been renewed for
a second 25 year term with effect from 12 November 2021.
8. Exploration and evaluation assets
Unaudited Audited
30 31
June December
2022 2021
£'000 £'000
Balance at beginning of period 7,900 6,405
Acquisitions during period
- Botswana (Note 8.4) - 532
Exploration expenditure 662 1,073
Provision for impairment (Note 8.3) - (110)
8,562 7,900
Carried forward at end of period
8.1 Argentina
The amount of capitalised exploration and evaluation expenditure relates to 12
licences comprising the Eureka Project and are located in north-west Jujuy
near to the Argentine border with Bolivia and are formally known as Mina
Eureka, Mina Eureka II, Mina Gino I, Mina Gino II, Mina Mason I, Mina Mason
II, Mina Julio I, Mina Julio II, Mina Paul I, Mina Paul II, Mina Sur Eureka
and Mina Cabereria Sur, covering, in aggregate, an area in excess of
approximately 5,500 hectares and accessible via a series of gravel roads.
All licences remain valid and in May 2019 the Company obtained a two-year
renewal of its Environmental Impact Assessment (EIA) approvals in respect of
its Mina Eureka, Mina Gino I, Mina Gino II, Mina Mason I, Mina Mason II, Mina
Julio I, Mina Julio II, Mina Paul I, Mina Paul II, being the 9 northern most
licences which are the intended focus of a future exploration programme the
Company is in the process of applying for the extension of the validity period
of the May 2019 EIA approvals.
Notwithstanding the absence of new exploration activities on-site during the
period the directors, given their intention post COVID-19 in Argentina to
focus on finding a joint venture partner for the project or conducting
exploration, have assessed the value of the intangible asset having considered
any indicators of impairment, and in their opinion, based on a review of the
expiry dates of licences, future expected availability of funds to develop the
Eureka Project and the intention to continue exploration and evaluation, no
impairment is necessary. The capitalised cost on 30 June 2022 was £5,266,000.
8.2 Namibia
On 14 August 2020 the Company completed the acquisition of 100% of Virgo
Resources Ltd and its interests in the Hope Copper-Gold Project in Namibia.
The Company has announced positive results in relation to exploration
activities undertaken post acquisition the most recent of which was on 9
August 2022 when the Company announced it had submitted a mining licence
application as the Company believes that sufficient exploration has been
completed to warrant the application which support the Company's confidence in
the Hope Copper-Gold Project. Post acquisition there have been no indications
that any impairment provisions are required in relation to the carrying value
of the Hope Copper-Gold Project. The capitalised cost on 30 June 2022 was
£2,418,000.
8.3 Zambia
On 27 April 2020 the Company entered into a binding agreement with KPZ
International Limited ("KPZ Int") (the "KPZ Agreement") in relation to the
acquisition of a 30 per cent. interest in the approximate 974 km(2) large
scale exploration licence numbered 24401-HQ-LEL in the Kalengwa greater
exploration area in The Republic of Zambia (the "Licence") (the "Kalengwa
Project") by acquiring a 30 per cent. shareholding in KPZ Int. Under the terms
of the KPZ Agreement the Company has the right to appoint the majority of
directors to the Board of KPZ Int and has operational control of the Kalengwa
Project therefore in accordance with IFRS 10 the Company's investment in KPZ
Int has been consolidated. The Licence is held by Kalengwa Processing Zone
Ltd ("KPZ"), a 100 per cent. (less one share) Zambian subsidiary of KPZ Int,
and is for the exploration of copper, cobalt, silver, gold and certain other
specified minerals. The Licence was granted on 2 April 2019 and is valid for
an initial period up to 1 April 2023. Cash consideration for the acquisition
was US$250,000 (₤202,493) which was settled on 6 November by the issue of
76,923,077 shares and costs of £23,775. On 12 April 2021, 24 April 2021 and
20 September 2021 the Company announced results in relation to exploration
activities undertaken post acquisition. More recently in light of technical
and regulatory issues related to the Kalengwa project the Company has with the
agreement of its partners agreed to pause work on this project pending
resolution of these issues and accordingly decided with effect from 31
December 2021 to make a full provision against its investment in the Kalengwa
project.
8.4 Botswana
On 12 February 2021 the Company further to its announcement on 22 December
2020 announced the completion of the acquisition of 100% of Metrock Resources
Ltd ("Metrock") and its manganese mineral exploration licences in Southern
Botswana comprising the Kanye Manganese Project (the "Kanye Manganese
Project"). The Kanye Manganese Project i) comprises a 4,043 sq km land package
with 125 km of potential on trend manganese mineralisation across the
licences ii) has historical trenching results have yielded in the case on one
prospect of between 53% and 74% manganese oxide ("MnO"), and iii) project area
is near the ground of a TSX listed public company that has a preliminary
economic assessment showing high rates of return based on a MnO grade of 27.3.
On 24 June 2021 the Company announced it had completed reconnaissance mapping,
prospecting and sampling work on the Kanye Manganese Project and on 31 January
2022 and 22 March 2022 provided further positive exploration update
announcements before announcing on 14 September 2022 positive trench essay
results and preparations for a maiden drill programme at the Kanye manganese
project. Post-acquisition there have been no indications that any impairment
provisions are required in relation to the carrying value of the Kanye
Manganese Project. The capitalised cost on 30 June 2022 was £885,000.
8.5 Cyprus
On 11 November 2021 the Company announced that on 10 November 2021it had
entered into a Joint Venture Agreement with Caerus Mineral Resources PLC in
relation to three of Caerus's copper gold projects in Cyprus (the "Cyprus
Joint Venture").
On 15 December 2021 the Company announced the results from initial assay
sampling at the Troulli Project that indicated the potential for development
of a shallow gold resource as well as the opportunity to deepen and extend the
current open pit to access the sulphides which contain both copper and gold.
On 18 January 2022 the Company announced an update on the JV Projects and the
objectives set for 2022 focussing on the rapid development of the Troulli Mine
Project.
On 24 February the Company announced the results from both dump sampling and
drilling for the Troulli, Kokkinapetre and Anglisides JV Projects.
Troulli Project: stockpile sampling average grade of 1.2% Cu; tailings
sampling at double projected grade; and positive copper and gold
mineralisation drill results outside main Troulli deposit area
Kokkinapetra Project: Drilling of the 1.5km strike length of the Kokkinapetra
extension of the Troulli deposit returned extremely encouraging drill results
including 0.85% Cu eq over 28.10m from surface, 1.0g/t Au over 10.8m and 0.66%
Cu eq over 29.2, also from surface. Ground geophysical survey will now be
conducted to better define the next round of drill targets.
Anglsides Project: Validation drilling of the Troulli satellite project,
Anglisides returned equally encouraging results with a peak intercept of 1.18%
Cu eq over 40m from surface. A more comprehensive drilling programme will now
be undertaken with the objective of defining a high-grade resource that can be
processed off-site at the future Troulli plant site.
On 6 April 2022 the Company announced the results of an independent Initial
Resource Estimate:
At a selected cut-off grade of 0.5% Cu, a hard rock resource estimate of
approximately 2.7 million tonnes at a Cu equivalent grade of 0.74%
CuEq (0.51% Cu and 0.26 g/t Au) has been established. A Total Hard Rock
Resource Estimate of approximately 4.9 million tonnes at 0.41% Cu and 0.2 g/t
Au for 20,000 t of Cu metal and 31,000 ounces of Au, from a cut-off grade of
0.26% Cu equivalent.
On 3 May 2022 the Company announced further drill results from its Troulli JV
Project.
On 8 June 2022 the Company announced further drill results from its Anglisides
Licence, a satellite project of the Troulli Joint Venture.
Post-acquisition there have been no indications that any impairment provisions
are required in relation to the carrying value of the Cyprus Joint Venture the
capitalised cost on 30 June 2022 was £228,307.
9. Share capital
Unaudited Audited
30 31
June December
2022 2021
£'000 £'000
Number
Authorised ((1))
5,000,000,000 ordinary shares of 0.002p each 100 100
5,000,000,000 deferred shares of 0.198p each 9,900 9,900
10,000 10,000
Allotted ordinary shares, called up and fully paid
As at beginning of the year 98 71
Share subscription - 18
Shares issued for exploration project acquisitions - 6
Shares issued in lieu of directors and management fees 2 -
Shares issued on exercise of warrants - 2
Shares issued to settle third party fees - 1
Total ordinary shares at end of year 100 98
Allotted deferred shares, called up and fully paid
As at beginning of the period 1,978 1,978
Total deferred shares at end of period 1,978 1,978
2,078 2,076
Ordinary and deferred as at end of period
Number of shares 30 June 2022 Number of shares 31 December 2021
Ordinary share capital is summarised below:
As at beginning of the period 4,913,028,538 3,543,699,116
Share subscription - 923,076,923
Shares issued for exploration project acquisitions - 304,064,999
Shares issued in lieu of directors and management fees 100,000,000 -
Shares issued on exercise of warrants 11,875,000 92,187,500
Shares issued to settle third party fees 14,285,714 50,000,000
5,039,189,252 4,913,028,538
As at end of period
Deferred share capital is summarised below:
As at beginning of the year ((1)) 998,773,038 998,773,038
998,773,038 998,773,038
As at end of period
((1)) The Deferred Shares have very limited rights and are effectively
valueless as they have no voting rights and have no rights as to dividends and
only very limited rights on a return of capital. The Deferred Shares are not
admitted to trading or listed on any stock exchange and are not freely
transferable.( )
Unaudited Audited
30 31
June December
2022 2021
£'000 £'000
The share premium was as follows:
As at beginning of year 39,303 39,125
Share subscription - 1,181
Shares issued to settle third party fees 19 71
Shares issued in lieu of directors and management fees 128 -
Shares issued - Acquisitions - 44
Share issued - 2020 Acquisitions1 - (1,120)
Share issue costs - (144)
Warrants exercised 18 146
39,468 39,303
As at end of year
Each fully paid ordinary share carries the right to one vote at a meeting of
the Company. Holders of ordinary shares also have the right to receive
dividends and to participate in the proceeds from sale of all surplus assets
in proportion to the total shares issued in the event of the Company winding
up.
10. Reconciliation of operating loss to net cash outflow from operating activities
Unaudited Unaudited
Six Six
months months
ended 30 June ended 30 June
2021 2020
£'000 £'000
Operating loss from all operations (348) (510)
Depreciation and amortisation - -
VAT refunds received - -
Foreign exchange (gain)/loss - 21
Share option expense 29 160
(Increase)/decrease in receivables (52) (19)
Increase/(decrease) in payables 133 (167)
(238) (515)
Net cash outflow from operating activities
11. Subsequent events
On 9 August 2022 the company announced it had submitted a Mining Licence
application and Exploration Licence renewal application covering the Hope and
Gorob Project as the Company believes sufficient exploration has been
completed to warrant the application and also provided assay results for 2
holes drilled at Vendome and 7 out of 8 holes at the Hope prospect.
On 14 September 2022 the Company announced information on trench assay results
and preparations for a maiden drill programme at its' 100% owned high-grade
Kanye manganese project in Botswana.
Exercise of Warrants:
As announced on 7 July 2022, pursuant to the exercise of warrants at a price
of 0.08p per share in terms of the fundraising announced on 19 June 2020, the
Company issued for £15,000 a total of 18,750,000 new Ordinary Shares.
As announced on 11 August 2022, pursuant to the exercise of warrants at a
price of 0.08p per share in terms of the fundraising announced on 28 August
2020, the Company issued for £18,750 a total of 10,837,500 new Ordinary
Shares.
Other than these matters, no significant events have occurred subsequent to
the reporting date that would have a material impact on the consolidated
financial statements.
12. Availability of Interim Report
A copy of these interim results will be available from the Company's
registered office during normal business hours on any weekday at Floor 6,
Quadrant House, 4 Thomas More Square, London E1W 1YW and can also be
downloaded from the Company's website at www.bezantresources.com
(http://www.bezantresources.com) . Bezant Resources Plc is registered in
England and Wales with company number 02918391.
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