REG - Botswana Diamonds - Annual Results for the Year Ended 30 June 2023
20/12/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231220:nRST3704Xa&default-theme=true
RNS Number : 3704X Botswana Diamonds PLC 20 December 2023
20 December 2023
Botswana Diamonds PLC
("Botswana Diamonds" or the "Company")
Annual Results for the Year Ended 30 June 2023
Notice of Annual General Meeting
Botswana Diamonds plc (AIM: BOD) today announces its audited annual results
for the year ended 30 June 2023.
Chairman's Statement
Botswana Diamonds has been active in the period under review. This, at a time
when the market for exploration shares is virtually non-existent and during a
period of great political and economic turmoil.
In South Africa we produced diamonds. We intend to bring our Thorny River
diamond ground into operation in 2024. We used our adjacent Marsfontein
licence as a proof-of-concept project. We joint ventured with a competent
contractor on a 15% / 20% royalty basis depending on size. We are satisfied
with the operation though only producing 1,741 carats of diamonds. We intended
to produce at Marsfontein until all permits were issued for Thorny River.
However, a 40% fall in diamond prices combined with a 30% increase in energy
prices, eliminated positive cash flows for most diamond producers, so the
Marsfontein operation is temporarily on care and maintenance. The current
expectation is that production will start again in January 2024.
While mining Marsfontein, we discovered a higher-grade area which we were
preparing to mine when closedown occurred. This will be our target area when
mining resumes. The intention is then to move on to Thorny River where
operations will be significantly larger. Final approvals are, we are told,
imminent.
I should remind you that Thorny River is estimated to contain anywhere from
1.2m - 2.1m tons of ore at an expected grade between 46 and 76 carats per
hundred tons. Diamond value per carat is expected to be between US $120 and
$220 per carat. The mining plan has already been prepared. Transferring from
Marsfontein to Thorny River will take only a matter of weeks as it will use
the same mining equipment.
Botswana
Botswana is still our principal focus. We remain convinced that more diamond
deposits are still to be discovered.
In mining, improved milling, interparticle crushing and XRT sorting will
enhance recoveries. Solar power will significantly reduce energy costs in
remote locations.
In exploration, we are excited by advances in data analytics. Botswana
Diamonds owns the largest diamond data set in the country including 375,000km
of airborne geophysical data, 228,000km of soil sample results, 606 ground
geophysical surveys and 32,000km of drill logs. This is where Artificial
Intelligence ('AI'), and Machine Learning offers huge scope. In the coming
year we will structure a way forward to mine this data.
You may recall we had a joint venture with Alrosa, they did good work on 16
licences held in Sunland, the joint venture company, but for corporate reasons
they withdrew from Botswana in 2018. The 16 Sunland licences expired, and the
ground returned to the State. We analysed the data and identified four
licences that we believe to have significant potential. A 100% owned Botswana
Diamonds subsidiary has applied for the four licences. We are hopeful that
they will be awarded in the near future.
You will notice in the accounts a write-off of exploration expenditure of
£3.2m. This is a non-cash item, relating to the closedown of the Sunland
joint venture. The money was spent several years ago. While the exploration
did not find commercial deposits, it provided us with valuable data which we
used to select the four licences currently under application with the Botswana
Department of Mines.
We own 100% of the KX36 discovery in the Kalahari. This is a 3.5 hectare
kimberlite pipe with an indicated resource of 17.9 million tonnes at 35 carats
per 100 tons ('cpht'), and a further inferred resource of 6.7 million tonnes
at 36 cpht. Overall value per carat is US $65. There is a bulk sampling plant
onsite, including crushing, screening, scrubbing Dense Media Separation and
X-Ray recovery.
No other kimberlite has yet been found in the surrounding ground. Kimberlites
occur in clusters, so the KX36 discovery is anomalous. We therefore acquired
licences surrounding KX36. Following detailed work on the data we already
held, we identified 4 high interest anomalies, all within a 6-kilometre radius
of KX36. We ran ground magnetic surveys over these anomalies. They further
confirmed our findings. We have conducted a detailed ground geophysical survey
over the four areas which, if successful, will lead to drilling.
KX36 is only 60km away from the Ghaghoo diamond mine, which is currently
closed. Over the past two years we have studied the economics of reopening the
mine. We are seeking a partner to joint venture the Ghaghoo mine. We would
then add KX36 to the Ghaghoo resource - enhancing the value of both. Together,
they represent a significant diamond resource. Recent turmoil in world
financial markets complicated the task, management is developing options.
Our other significant interest in Botswana is the Maibwe project. Maibwe was a
joint venture between a Botswana copper company, BCL, a local Botswana
entrepreneur and a South African company, Siseko, where Botswana holds a 51%
interest. BCL went into liquidation due to its non-diamond activities - but
not before exploration found four kimberlite pipes containing diamonds. One of
the pipes contained significant quantities of microdiamonds.
The BCL holding has been sold to Future Minerals and Siseko. Botswana Diamonds
has therefore increased its overall stake in the JV to 26%. Further drilling
is required on the licences, especially focusing on the kimberlite containing
microdiamonds.
The Diamond Market
No review can ignore upheavals in the diamond market. Economic uncertainty
impacts consumers purchases, particularly of luxury goods. Interest rate
increases impact diamond wholesalers who traditionally hold large
debt-financed inventories. They cut back their purchases of rough uncut
stones, crashing prices in the process.
Another concern is the impact of lab grown diamonds. They have been around for
many years, but improvements in technology and low barriers to entry attract
new entrants. One consequence has been a dramatic fall in the prices of lab
grown diamonds particularly at the smaller end. They are becoming a commodity.
Natural diamonds on the other hand are very rare. An analogy can be made with
automobiles. A Ferrari and a Ford Mondeo are both good cars but that's the
only commonality they share.
Owning a natural diamond is an experience. They really are forever. Owning one
represents a range of human emotions and tells a lot about the owner.
A case can be made whereby buying a lab grown diamond will introduce a wider
audience to diamonds. Remember 3 billion people are going to enter the middle
class in the coming two decades. They represent a massive potential market for
diamonds. China is already second only to the US as a market for diamonds. The
hope is that consumers will trade up to a natural diamond.
Meanwhile, the supply of natural stones is not expected to grow. Certainly,
the life of some mines will be shortened by the drop in prices. Botswana is
the largest diamond producer in the world - by value, producing high quality
large stones. This market is least likely to be impacted by the price falls
and lab grown diamonds.
The Future of Botswana Diamonds
We live in hope that stock market interest in diamond companies will revive.
Exploration costs money and even if successful, does not produce revenue for
many years. The collapse of interest by investors in the AIM market in London
has hurt all explorers. In recent years the pool of new investors has shrunk
dramatically meaning little exploration. Mines have finite, often short lives,
so it is highly likely that a future scarcity of many minerals, including
diamonds, will occur. The surviving producers should benefit.
Botswana Diamonds has a loyal but dwindling cohort of investors. We have
sought to generate revenue thereby avoiding fundraising and developing
late-stage projects such as Thorny River.
Bringing the Ghaghoo mine back into operation if it can be achieved and this
will cost a fraction of a new mine cost and take a small fraction of the time
it takes for a discovery to become a mine.
We believe strongly that more deposits will be discovered in Botswana. But we
are not blind to other opportunities. We continue to spend time and money in
Zimbabwe, which is long known to have diamond potential. We have made some
progress.
We continue to look at older discoveries and former mines in South Africa
where, by the application of new thinking and technology commercially viable
projects can be found. We have been granted a prospecting licence on the
Reivilo cluster of kimberlites in South Africa.
We have acquired a library of data on these kimberlites in return for a 3%
royalty. The data is now under review.
Current ongoing operations are funded by private investors, most of whom are
close to the board of directors.
Diamond prices have risen in recent weeks while operating costs have either
stabilised or dropped. There is cautious optimism for 2024. Any upswing will
transform sentiment.
John Teeling
Chairman
19 December 2023
Annual Report and Notice of Annual General Meeting
The Company's Annual Report and Accounts for the year ended 30 June 2023 (the
"Annual Report") will be mailed shortly only to those shareholders who have
elected to receive it. Otherwise, shareholders will be notified that the
Annual Report and Accounts will be available on the website at
www.botswanadiamonds.co.uk (http://www.botswanadiamonds.co.uk) . Copies of
The Annual Report will also be available for collection from the company's
registered office at Suite 1, 7th Floor, 50 Broadway, London SW1H 0BL.
The Annual General Meeting ("AGM") is due to be held Wednesday 24(th) January
2024 at The Hilton London Paddington, 146 Praed St, London W2 1EE, United
Kingdom at 11.00am. A Notice of the AGM will be included in the Annual
Report.
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. The person who arranged for the release of this announcement on
behalf of the Company was John Teeling, Director.
A copy of this announcement is available on the Company's website,
at www.botswanadiamonds.co.uk (http://www.botswanadiamonds.co.uk/)
Enquiries:
Botswana Diamonds PLC
John Teeling, Chairman
+353 1 833 2833
James Campbell, Managing Director
+27 83 457 3724
Jim Finn, Director
+353 1 833 2833
Nominated & Financial Adviser +44 (0) 20 7409 3494
Strand Hanson Limited
Ritchie Balmer
Rory Murphy
David Asquith
Broker +44 (0) 207 374 2212
First Equity Limited
Jason Robertson
Public Relations +44 (0) 207 138 3206
BlytheRay +44 (0) 207 138 3553
Megan Ray
Said Izagaren +44 (0) 207 138 3206
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
www.botswanadiamonds.co.uk (http://www.botswanadiamonds.co.uk)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2023
2023 2022
£ £
REVENUE
Royalties 15,231 -
Operating Expenses (5,503) -
GROSS PROFIT 9,728 -
Administrative expenses (566,935) (485,612)
Impairment of exploration and evaluation assets (3,124,284) (253,380)
OPERATING LOSS (3,681,491) (738,992)
LOSS FOR THE YEAR BEFORE TAXATION (3,681,491) (738,992)
Income tax expense - -
LOSS AFTER TAXATION (3,681,491) (738,992)
Other Comprehensive Income
Items that may be reclassified subsequently to profit or loss
Exchange difference on translation of foreign operations 299,492 22,562
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (3,381,999) (716,430)
Loss per share - basic (0.38p) (0.09p)
Loss per share - diluted (0.38p) (0.09p)
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2023
30 June 2023 30 June 2022
£ £
ASSETS:
NON CURRENT ASSETS
Intangible assets 5,442,385 8,184,621
Plant and equipment 207,640 207,640
5,650,025 8,392,261
CURRENT ASSETS
Other receivables 282,553 48,981
Cash and cash equivalents 199,438 158,476
481,991 207,457
TOTAL ASSETS 6,132,016 8,599,718
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables (802,428) (734,181)
TOTAL LIABILITIES (802,428) (734,181)
NET ASSETS 5,329,588 7,865,537
EQUITY
Called-up share capital - deferred shares 1,796,157 1,796,157
Called-up share capital - ordinary shares 2,609,695 2,197,680
Share premium 12,220,614 11,487,087
Share based payment reserves 111,189 111,189
Retained deficit (10,424,780) (6,443,797)
Translation reserve - (299,492)
Other reserve (983,287) (983,287)
TOTAL EQUITY 5,329,588 7,865,537
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2023
Called-up Share Capital Share Premium Share based Payment Reserve Retained Deficit Translation Reserve Other Reserves Total
£ £ £ £ £ £
At 30 June 2021 3,777,962 10,984,362 111,189 (5,704,805) (322,054) (983,287) 7,863,367
Issue of shares 215,875 522,225 - - - - 738,100
Share issue expenses - (19,500) - - - - (19,500)
Loss for the year and total comprehensive income - - - (738,992) 22,562 - (716,430)
At 30 June 2022 3,993,837 11,487,087 111,189 (6,443,797) (299,492) (983,287) 7,865,537
Issue of shares 412,015 733,527 - - - - 1,145,542
Share issue expenses - - - - - - -
Transfer of reserves - - - (299,492) 299,492 - -
Loss for the year and total comprehensive income (3,681,491) - - (3,681,491)
At 30 June 2023 4,405,852 12,220,614 111,189 (10,424,780) - (983,287) 5,329,588
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023
30 June 2023 30 June 2022
£ £
CASH FLOW FROM OPERATING ACTIVITIES
Loss for the year (3,681,491) (738,992)
Foreign exchange losses 1,626 15,932
Impairment of exploration and evaluation assets 3,124,284 253,380
(555,581) (469,680)
MOVEMENTS IN WORKING CAPITAL
Increase/(Decrease) in trade and other payables 68,247 (9,968)
Decrease/(Increase) in other receivables 15,344 (6,943)
NET CASH USED IN OPERATING ACTIVITIES (471,990) (486,591)
CASH FLOW FROM INVESTING ACTIVITIES
Additions to exploration and evaluation assets (132,322) (222,259)
NET CASH USED IN INVESTING ACTIVITIES (132,322) (222,259)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issue 646,900 738,100
Share issue costs - (19,500)
NET CASH GENERATED FROM FINANCING ACTIVITIES 646,900 718,600
NET INCREASE IN CASH AND CASH EQUIVALENTS 42,588 9,750
Cash and cash equivalents at beginning of the financial year 158,476 164,658
Effect of foreign exchange rate changes (1,626) (15,932)
CASH AND CASH EQUIVALENTS AT END OF THE financial YEAR 199,438 158,476
1. ACCOUNTING POLICIES
The accounting policies and methods of
computation followed in these financial statements are consistent with those
published in the Group's Annual Report for the year ended 30 June 2022. The
financial statements have also been prepared in accordance with International
Financial Reporting Standards (IFRSs) as issued by the International
Accounting Standards Board (IASB).
The financial information set out below
does not constitute the Group's financial statements for the year ended 30
June 2023 or 30 June 2022, but is derived from those accounts. The financial
statements for the year ended 30 June 2022 have been delivered to Companies
House and those for the year ended 30 June 2023 will be delivered to Companies
House shortly
The auditors have reported on the 2022
statements; their report was unqualified and did not contain a statement under
section 498(2) or 498(3) of the Companies Act 2006.
2. GOING CONCERN
The Group incurred a loss for the year of £3,381,999 (2022: loss of
£716,430) after exchange differences on retranslation of foreign operations
of £299,492 (2022: £22,562) at the balance sheet date. The Group had net
current liabilities of £320,437 (2022: £526,724) at the balance sheet date.
These conditions represent material uncertainties that may cast doubt on the
Group's ability to continue as a going concern.
The directors have prepared cashflow projections and forecasts for a period of
not less than 12 months from the date of this report which indicate that the
group will require additional funding for working capital requirements and
develop existing projects. As the Group is not revenue or cash generating it
relies on raising capital from the public market. Subsequent to year end the
Company has raised a total of £380,000 from a placing. Further details are
outlined in Note 11.
As in previous years the Directors have given careful consideration to the
appropriateness of the going concern basis in the preparation of the financial
statements and believe the going concern basis is appropriate for these
financial statements. The financial statements do not include any adjustments
that would result if the Group was unable to continue as a going concern.
3. LOSS PER SHARE
Basic loss per share is computed by dividing the loss after taxation for the
year available to ordinary shareholders by the weighted average number of
ordinary shares in issue and ranking for dividend during the year. Diluted
earnings per share is computed by dividing the profit or loss after taxation
for the year by the weighted average number of ordinary shares in issue,
adjusted for the effect of all dilutive potential ordinary shares that were
outstanding during the year.
The following table sets forth the computation for basic and diluted earnings
per share (EPS):
2023 2022
£ £
Numerator
For basic and diluted EPS Loss after taxation (3,681,491) (738,992)
Denominator No.
For basic and diluted EPS 977,271,808 844,141,491
Basic EPS (0.38p) (0.09p)
Diluted EPS (0.38p) (0.09p)
The following potential
ordinary shares are anti-dilutive and are therefore excluded from the weighted
average number of shares for the purposes of the diluted earnings per share:
No. No.
Share options 11,410,000 11,410,000
4. INTANGIBLE ASSETS
Exploration and evaluation assets:
Group Group
2023 2022
£ £
Cost:
At 1 July 9,806,497 9,562,528
Additions 382,048 222,259
Transfer Vutomi investment - -
Exchange gain - 21,710
At 30 June 10,188,545 9,806,497
Impairment:
At 1 July 1,621,876 1,368,496
Impairment 3,124,284 253,380
At 30 June 4,746,160 1,621,876
Carrying Value:
At 1 July 8,184,621 8,194,032
At 30 June 5,442,385 8,184,621
Segmental analysis Group Group
2023 2022
£ £
Botswana 3,549,716 6,635,686
South Africa 1,892,669 1,548,935
Zimbabwe - -
5,442,385 8,184,621
Exploration and evaluation assets relate to expenditure incurred in
exploration for diamonds in Botswana and South Africa. The directors are aware
that by its nature there is an inherent uncertainty in exploration and
evaluation assets and therefore inherent uncertainty in relation to the
carrying value of capitalized exploration and evaluation assets.
The Group incurred expenditure to date of £3,124,284 on certain licences held
in Botswana. During the current year these licences lapsed and were not
renewed. The directors decided to fully impair the expenditure and
accordingly, an impairment charge of £3,124,284 was recorded in the current
year.
On 11 November 2014 the Brightstone block was farmed out to BCL Investments
(Proprietary) Limited, a Botswana Company, who assumed responsibility for the
work programme. Botswana Diamonds had retained a 15% equity interest in the
project. On 20 July 2022 the Group increased its' stake to 26% equity interest
in the project.
On 6 February 2017 the Group entered into an Option and Earn-In Agreement with
Vutomi Mining Pty Ltd and Razorbill Properties 12 Pty Ltd (collectively known
as 'Vutomi'), a private diamond exploration and development firm in South
Africa. Pursuant to the terms of the Agreement, Botswana Diamonds earned a 40%
equity interest in the project. A separate agreement for funding of
exploration resulted in the Company's interest in Vutomi increasing from 40%
to 45.94%.
On 28 September 2022 the Board announced that it had exercised its pre-emptive
right to acquire the outstanding third-party interests in Vutomi and had
increased its' interest from 45.94% to 74%.
The consideration for Vutomi comprised 56,989,330 new ordinary shares of
£0.0025 each in the Company ("Consideration Shares"). There are no lock-in
arrangements and the Consideration Shares were issued in two tranches.
28,464,665 Consideration Shares (First Tranche) were issued to the vendors on
28 September 2022 and the balance of 28,524,665 (Second Tranche) were issued
on 27 January 2023.
The Company also agreed that immediately on completion of the Acquisition, the
Company would sell 26% of Vutomi for a deferred consideration of US$316,333 to
the Company's local South African Empowerment partner, Baroville Trade and
Investments 02 Proprietary Limited ("Baroville"), in order to comply with
South African requirements on empowerment ownership, which will be funded by a
loan from Botswana Diamonds. On completion, the Company therefore owns 74% of
Vutomi.
The realisation of these intangible assets is dependent on the successful
discovery and development of economic diamond resources and the ability of the
Group to raise sufficient finance to develop the projects. It is subject to a
number of significant potential risks, as set out below.
The Group's exploration activities are subject to a number of significant and
potential risks including:
- licence obligations;
- exchange rate risks;
- uncertainties over development and operational costs;
- political and legal risks, including arrangements with governments
for licenses, profit sharing and taxation;
- foreign investment risks including increases in taxes, royalties
and renegotiation of contracts;
- title to assets;
- financial risk management ;
- going concern; and
- operational and environmental risks.
Included in additions for the year are £71,521 (2022: £71,768) of directors'
remuneration which has been capitalized. This is for time spent directly on
the operations rather than on corporate activities.
5. PLANT AND EQUIPMENT
2023 2022
£ £
At 1 July 207,640 206,788
Additions - -
Exchange variance - 852
At 30 June 207,640 207,640
On 18 July 2020 the Group entered into an agreement to acquire the KX36
Diamond discovery in Botswana, along with two adjacent Prospecting Licences
and a diamond processing plant. These interests are part of a package held by
Sekaka Diamond Exploration (Pty) Ltd. The acquisition was completed on 20
November 2020. The diamond processing plant is a recently constructed,
fit-for-purpose bulk sampling plant on site. The sampling plant includes
crushing, scrubbing, dense media separation circuits and x-ray recovery
modules within a secured area.
6. INVESTMENT IN SUBSIDIARES
2023 2022
£ £
At 1 July 224,850 224,850
Transfer from Intangible Assets 738,353
Additions 498,642
Less 26% transfer to BEE partners (248,916) -
At 30 June 1,212,929 224,850
Botswana Diamonds entered into a Sale of Shares Agreement with Petra Diamonds
Limited ("Petra") and Kalahari Diamonds Limited ("Kalahari Diamonds") on 18
July 2020 to acquire the entire issued share capital of Sekaka Diamond
Exploration (Pty) Ltd ("Sekaka") currently held by Kalahari Diamonds, a
wholly-owned subsidiary of Petra. The acquisition was completed on 20 November
2020.
On 28 September 2022 the Board announced that it had exercised its pre-emptive
right to acquire the outstanding third-party interests in Vutomi and had
increased its' interest from 45.94% to 74%. The value of the investment of
£988,079 relates to the 74% interest in the Vutomi project. Further
information is detailed in Note 4 above.
In the opinion of the directors, at 30 June 2023, the fair value of the
investments in subsidiaries is not less than their carrying amounts.
7. CALLED-UP SHARE CAPITAL
Deferred Shares - nominal value of 0.75p
Number Share Capital Share Premium
£ £
At 1 July 2021 and 2022 239,487,648 1,796,157 -
At 30 June 2022 and 2023 239,487,648 1,796,157 -
Ordinary Shares - nominal value of 0.25p
Allotted, called-up and fully paid:
Number Share Capital Share Premium
£ £
At 1 July 2021 792,721,902 1,981,805 10,984,362
Issued during the year 86,350,000 215,875 522,225
Share issue expenses - - (19,500)
At 30 June 2022 879,071,902 2,197,680 11,487,087
Issued during the year 164,805,997 412,015 733,527
Share issue expenses - - -
At 30 June 2023 1,043,877,899 2,609,695 12,220,614
Movements in share capital
On 4 July 2022, a total of 1,666,667 warrants were exercised at a price of
0.60p per warrant for £10,000.
On 8 September 2022, a total of 47,000,000 warrants were exercised at a price
of 0.60p per warrant for £282,000.
On 28 September 2022, the Company issued 28,464,665 new ordinary shares of
0.25p each as the First Tranche of consideration shares to be issued to the
vendors of Vutomi. Further information is detailed in Note 4.
On 27 January 2023, a total of 58,737,455 warrants were exercised at a price
of 0.60p per warrant for £352,425.
On 27 January 2023, the Company issued 28,524,665 new ordinary shares of 0.25p
each as the Second Tranche of consideration shares to be issued to the vendors
of Vutomi. Further information is detailed in Note 4.
8. SHARE-BASED PAYMENTS
SHARE OPTIONS
The Group issues equity-settled share-based payments to certain directors and
individuals who have performed services for the Group. Equity-settled
share-based payments are measured at fair value at the date of grant. Fair
value is measured by use of a Black-Scholes valuation model.
The Group plan provides for a grant price equal to the average quoted market
price of the ordinary shares on the date of grant.
30/06/2023 2023 30/06/2022 2022
Options Weighted average exercise price in pence Options Weighted average exercise price in pence
Outstanding at beginning of year 11,410,000 5.14 11,410,000 5.14
Issued - - - -
Outstanding at end of the year 11,410,000 5.14 11,410,000 5.14
Exercisable at end of the year 11,410,000 5.14 11,410,000 5.14
WARRANTS
30/06/2023 2023 30/06/2022 2022
Warrants Weighted average exercise price in pence Warrants Weighted average exercise price in pence
Outstanding at beginning of year 162,816,667 1.07 139,166,667 0.60
Issued - - 55,000,000 2.0
Exercised (107,816,667) 0.60 (31,350,000) 0.60
Expired - - - -
Outstanding at end of the year 55,000,000 2.0 162,816,667 1.07
Refer to note 7 Called up Share Capital for the details of the share options
and warrants.
9. OTHER RESERVES
Share Based Payment Reserve Translation Reserve Other Reserves Total
£ £ £ £
Balance at 30 June 2021 111,189 (322,054) (983,287) (1,194,152)
Foreign Exchange Gain/Loss 22,562 22,562
Balance at 30 June 2022 111,189 (299,492) (983,287) (1,171,590)
Foreign Exchange Gain/Loss 299,492 299,492
Balance at 30 June 2023 111,189 - (983,287) (872,098)
Share Based Payment Reserve
The share based payment reserve arises on the grant of share options under the
share option plan as detailed in Note 8.
Translation Reserve
The translation reserve arises from the translation of foreign operations.
Other Reserves
During 2010 the Company acquired certain assets and liabilities from African
Diamonds plc, a Company under common control. The assets and liabilities
acquired were recognised at their book value and no goodwill was recognised on
acquisition. The difference between the book value of the assets acquired and
the purchase consideration was recognised directly in reserves.
10. RETAINED DEFICIT
Group
2023 2022
£ £
Opening Balance (6,443,797) (5,704,805)
Transfer translation reserve (299,492) -
Loss for the year (3,681,491) (738,992)
Closing Balance (10,424,780) (6,443,797)
Retained Deficit
Retained deficit comprises of losses incurred in the current and prior years.
11. POST BALANCE SHEET EVENTS
On 27 November 2023, the Company raised £380,000 through a placing of
76,000,000 new ordinary shares at a placing price of 0.5p per share. Each
placing share has one warrant attached with the right to subscribe for one new
ordinary share at a price of 0.5p for a period of two years from 27 November
2023.
There were no other significant post balance sheet events since year end.
12. GENERAL INFORMATION
The Annual Report and Accounts will be mailed shortly only to those
shareholders who have elected to receive it. Otherwise, shareholders will be
notified that the Annual Report and Accounts will be available on the website
at www.botswanadiamonds.co.uk (http://www.botswanadiamonds.co.uk) . Copies
of The Annual Report will also be available for collection from the company's
registered office at Suite 1, 7th Floor, 50 Broadway, London SW1H 0BL
13. ANNUAL GENERAL MEETING
The Annual General Meeting is due to be held on Wednesday 24(th) January 2024
at The Hilton London, Paddington, 146 Praed St, London W2 1EE, United Kingdom
at 11.00am. A Notice of the Annual General Meeting is included in the
Company's Annual Report.
ENDS
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END MSCFFUFWUEDSEDERecent news on Botswana Diamonds
See all newsREG - Botswana Diamonds - Second significant anomaly discovered in Kalahari
AnnouncementREG - Botswana Diamonds - AI to be applied to our Botswana database
AnnouncementREG - Botswana Diamonds - Unaudited Interim Statement and Financial Results
AnnouncementREG - Botswana Diamonds - Granting of Prospecting License in Eswatini
AnnouncementREG - Botswana Diamonds - Results of Annual General Meeting
Announcement