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REG - Cobra Resources PLC - Half Year Results

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RNS Number : 4905F  Cobra Resources PLC  25 September 2024

 

 

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

 

25 September 2024

 

Cobra Resources plc

("Cobra" or the "Company")

 

Half Year Results for the Six Months Ended 30 June 2024

 

Advancing Australia's Only Ionic Rare Earth Discovery Suitable for Low Cost,
Low Disturbance ISR Mining

 

Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, the mineral exploration and development company advancing a potentially
world-class ionic Rare Earth Elements ("REEs") discovery at its Boland Project
in South Australia, announces its financial results for the six months ended
30 June 2024 ("H1 2024").

 

In 2023, the Company discovered rare earth mineralisation within a unique
geological setting where mineralisation is permeable and confined by
impermeable clays, enabling exceptionally high recoveries with low impurities
and low acid consumption. This has placed Cobra on a path to disrupt global
supply of heavy rare earths.

 

To view this announcement on Cobra's Investor Hub, and submit any questions
you might have, visit: https://investors.cobraplc.com/link/Leo3Ne
(https://investors.cobraplc.com/link/Leo3Ne)

 

Highlights:

 

·    Completed Sonic core drilling programme at Boland, with results
further demonstrating that the discovery could be a world class source of
Magnet Rare Earths ("MREOs") and Heavy Rare Earths ("HREOs") and confirming:

 

o  High grades - where length weighted intersections average 2,100 ppm TREO
within Zone 3

 

o  In situ recovery ("ISR") mining potential - permeable mineralisation
within a confined aquifer enabling ISR

 

·    Installed a five-hole screened wellfield to enable hydrological
studies and support future permitting for ISR pilot trials

 

·    Confirmed Boland scalable mineralisation potential through re-assay
results from historical drillholes defining 139 km(2) of palaeochannel system
which supports regionally scalable, high grade REE mineralisation

 

·    Demonstrated province-scale potential through re-analysis of
historical drillholes with REE mineralisation being defined within geological
units of the Yaninee Paleochannel that are coeval with Boland mineralisation,
confirming the potential for multiple, province scale mineral systems

 

·    Commenced a metallurgical study to develop an ISR flowsheet that
includes a bench-scale study on Boland core samples under ISR conditions

 

·    Granted two new tenements (Smokey Bay and Pureba) on the Narlaby
Palaeochannel which is also considered highly prospective for ionic REE
mineralisation as well as roll-front uranium mineralisation

 

·    Updated REE strategy to include tests for extensions to roll-front
uranium mineralisation identified at the adjacent Yarranna Uranium Project
held by IsoEnergy which extends onto Cobra's Pureba tenement and subsequently
confirmed high grade uranium mineralisation on Pureba

 

·    Raised £600,000 through a placing to accelerate the development of
Boland towards a Scoping Study in 2025

 

·    Appointed Non-Executive Director David Clarke in an executive role as
Director, Business Development and Asset Marketing to help advance the
commercialisation pathway of Boland

 

·    Finalised acquisition of the remaining 25% of the Wudinna Project
from Andromeda Metals

 

Post Period End

 

·    Reported exceptionally high recoveries with low impurities and low
acid consumption from ISR bench scale study

 

Greg Hancock, Chairman of Cobra, commented:

 

"It's been a highly productive first half as we continued to focus on what is
a unique opportunity to transform the global rare earths supply landscape via
our Boland Project, the only ionic REE project in Australia suitable for ISR.
The ongoing metallurgical studies at ANSTO are proving successful with
exceptional results to date and will help us optimise the process and cost
parameters for the in situ recovery of our rare earths.

 

At the same time, we've both increased our equity in the Wudinna Project,
which contains Boland, to 100% and extended Cobra's footprint to include even
more land that is prospective for ionic REEs and uranium.

 

The Company's overarching objective is to produce metals which are critical to
energy efficiency through a mining process with the lowest environmental risk
and the lowest possible cost. As the Company works through its forward
development plan, the Board considers that the true value of the Boland
discovery will be demonstrated through project economics where we believe ISR
will place the project within the lowest cost quartile of the production curve
for Rare Earth projects globally. In doing so the Company will deliver a
strategic asset of considerable value to stakeholders. I would like to take
this opportunity to thank our shareholders and wider stakeholders once again
for their support during the period. Though the market is slow to reflect it,
you have an interest in something very special here.

 

We look forward to releasing further results from metallurgical testing over
the coming weeks and keeping shareholders informed on exploration activity and
progress as we focus on advancing the commercialisation pathway of the Boland
Project, targeting a Scoping Study next year."

 

The full financial statements can be viewed on the Company's website at:
https://cobraplc.com/category/financial-reports/
(https://cobraplc.com/category/financial-reports/)

 

Enquiries:

 

 Cobra Resources plc                           via Vigo Consulting

 Rupert Verco (Australia)                      +44 (0)20 7390 0234

 Dan Maling (UK)

 SI Capital Limited (Joint Broker)             +44 (0)1483 413 500

 Nick Emerson

 Sam Lomanto

 Global Investment Strategy (Joint Broker)     +44 (0)20 7048 9437

 James Sheehan                                 james.sheehan@gisukltd.com

 Vigo Consulting (Financial Public Relations)  +44 (0)20 7390 0234

 Ben Simons                                    cobra@vigoconsulting.com

 Kendall Hill

 Anna Stacey

 

The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.

 

About Cobra

 

In 2023, Cobra discovered a rare earth deposit with the potential to re-define
the cost of rare earth production. The highly scalable Boland ionic rare earth
discovery at Cobra's Wudinna Project in South Australia's Gawler Craton is
Australia's only rare earth project amenable for in situ recovery (ISR) mining
- a low cost, low disturbance method. Cobra is focused on de-risking the
investment value of the discovery by proving ISR as the preferred mining
method which would eliminate challenges associated with processing clays and
provide Cobra with the opportunity to define a low-cost pathway to production.

 

Cobra's Wudinna tenements also contain extensive orogenic gold mineralisation,
including a 279,000 Oz gold JORC Mineral Resource Estimate, characterised by
potentially open-pitable, high-grade gold intersections.

 

Regional map showing Cobra's tenements in the heart of the Gawler Craton

 

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/cobraresourcesplc
(https://www.linkedin.com/company/cobraresourcesplc)

X (Twitter): https://twitter.com/Cobra_Resources
(https://twitter.com/Cobra_Resources)

 

Engage with us by asking questions, watching video summaries and seeing what
other shareholders have to say. Navigate to our Interactive Investor hub here:
https://investors.cobraplc.com/ (https://investors.cobraplc.com/)

 

Subscribe to our news alert service:
https://investors.cobraplc.com/auth/signup
(https://investors.cobraplc.com/auth/signup)

 

Operational Review

 

Introduction

 

The Company's strategy has been driven by the principle that to define a rare
earth project of true value, the mineral occurrence requires advantageous
properties that:

 

·    Can be mined at a low-cost

·    Can be cost-effectively processed, where mineralogy and lithology
drive economic metallurgy

·    Allow sustainable sourcing, through value-add or low impact
extraction

 

On this basis, Cobra's exploration strategy has been focused on:

 

1.    Exploring for ionic, easily extractable rare earth mineralisation

2.    Pursuing opportunities to advance exploration of other key minerals,
including gold and uranium, either concurrent with, or separate to,
REE-focused work

 

This exploration strategy is yielding exceptional results.

 

In April 2024, Cobra acquired the remaining 25% of the Wudinna Project from
Andromeda Metals, entitling the Company to 100% ownership. Finalising 100%
project acquisition enhances optionality, with Cobra evaluating opportunities
in light of the strong gold and uranium markets.

 

Also in April 2024, the Company raised £600,000 to accelerate the Company's
strategy to define economic value from Boland through advancing ISR as the
preferred extraction method, undertaking Aircore drilling to support a maiden
Boland Mineral Resource Estimate, and progressing metallurgical work in
preparation to undertake a Scoping Study next year.

 

REE Focused Outcomes

 

Cobra has made a regionally scalable ionic rare earth discovery where high
grades of valuable HREOs and MREOs occur concentrated in a permeable horizon
confined by impermeable clays. This unique geology is amenable to ISR which
has been successfully used for decades to recover uranium from geologically
similar systems in South Australia. Cobra is working to demonstrate that, with
modification, ISR techniques will enable non-invasive and low-cost production
of critical REEs from its Boland discovery.

 

During H1 2024, Cobra:

 

·    Executed a five drillhole Sonic core drilling programme at Boland and
installed five cased bores to form the infrastructure for a future ISR pilot
study. Results demonstrated:

o  High grade concentrations across three zones of mineralisation

o  High grades in geological formations with high permeabilities amenable to
ISR

o  Modelled mineralised units support exceptional scale

 

·      Announced re-assay results from historical drillholes across
Boland and the Yarranna Southeast prospect which confirm high grade
concentrations and demonstrate that Cobra has a province scale ionic rare
earth system

 

·    Commenced bench-scale leach studies under ISR conditions on Boland
core samples which are being conducted by the Australian Nuclear Science and
Technology Organisation ("ANSTO"). Results to date are delivering
exceptionally high recoveries with low impurities and low acid consumption.
This is a first for ionic REE projects outside of China

 

Uranium Focused Outcomes

 

In H1 2024, Cobra announced that the Company's strategy to demonstrate the
scalability of the Boland Project would also test for extensions to roll-front
uranium mineralisation identified at the adjacent Yarranna Uranium Project
held by IsoEnergy that extends onto the Company's Pureba tenement at the
Western Eyre Peninsula Project. Cobra is already advancing the ISR potential
of REEs from Boland and ISR is the established and dominant mining process for
uranium.

 

·    The Smokey Bay and Pureba tenements cover over 1,000 km(2) of the
Narlaby Palaeochannel where previous uranium focused drilling encountered
playa clays which are analogous to Boland mineralisation over extensive areas

·    Re-assaying of 25 holes and 674 samples at the Yarranna Southeast
prospect validates historical reports of uranium mineralisation and has
enabled Cobra to refine and interpret mineralised roll-fronts, defining
priority drill targets for high grade uranium mineralisation and ionic REEs

 

Gold Focused Outcomes

 

Gold exploration was a core focus of Cobra's FY 2023 work programme, with the
Company increasing its gold Mineral Resource Estimate at the Wudinna Project
by 32% to 279,000 Oz. Cobra remains committed to capitalising on opportunities
to simultaneously explore for gold and REEs across its extensive South
Australian landholding.

 

Post Period-End

 

Ongoing column leach trials on core samples from the installed wellfield at
Boland to test recovery potential under ISR conditions have to date yielded
positive results, including:

 

·    Favourable pore volume (permeability) rates enabling in situ recovery

·    Exceptionally high recoveries of high value rare earths of up to 76%
Magnet Rare Earths

·    High recoveries achieved with low levels of impurities (deleterious
elements) and low levels of acid consumption

·    Favourable outcomes from initial optimisation studies increasing
recoveries with low rates of acid consumption and low impurity levels

 

The Company's bench scale ISR studies and associated optimisation tests are
nearing completion.

 

Financial Review

 

Cobra reported an unaudited operating loss for the six months ended 30 June
2024 of £382,938, which equates to a loss per share for the period of
£0.0006. This compares to a loss for the six-month period to 30 June 2023 of
£307,101, which equated to a loss per share for the period of £0.0006.

 

As at 30 June 2024, the Company had available cash of £485,183 (30 June 2023:
£0.43 million), sufficient for the Company to execute its planned exploration
activities.

 

Outlook

 

Considering the favourable metallurgical results coming through, Cobra's
near-term focus is on:

 

·    Delivering further results from ISR bench scale studies to optimise
ISR extraction parameters

·    Commencing a second ISR bench scale study on core from CBSC0002 to
achieve repeatability and increase the volume of pregnant liquor for flowsheet
development

·    Further diagnostic leach tests across installed wellfield holes to
enable economic assessment of the complete wellfield and all zones of
mineralisation

·    Flowsheet advancement with pregnant liquor produced from both bench
scale ISR tests to be used to advance both membrane desorption and traditional
REE purification and precipitation processes

·    Resource drilling to infill defined scale and expand on the province
scale potential that Cobra's expanded landholding presents

·    Compile environmental and hydrological assessments to support a
Scoping Study expected to be published in 2025

 

The Company's overarching objective is to produce metals which are critical to
energy efficiency through a mining process with the lowest environmental risk
and the lowest possible cost. The Board believes Cobra has discovered a
scalable deposit of ionic rare earths with the capacity to achieve this.

 

As the Company works through its forward development plan, the Board considers
that the true value of the Boland discovery will be demonstrated through
project economics where we believe ISR will place the project within the
lowest cost quartile of the production curve for Rare Earth projects globally.
In doing so the Company will deliver a strategic asset of considerable value
to stakeholders. I would like to take this opportunity to thank our
shareholders and wider stakeholders once again for their support during the
period. Though the market is slow to reflect it, you have an interest in
something very special here. Cobra looks forward to keeping shareholders
informed on exploration and development activity as we focus on advancing the
commercialisation pathway of the Boland Project.

 

Greg Hancock

Chairman

25 September 2024

 

 

 

Consolidated Income Statement

 

                                                                       6 months to           6 months to          Year ended

                                                                        30 June 2024          30 June 2023         31 December 2023
                                                                       Unaudited             Unaudited            Audited

                                                                       £                     £                    £
 Administrative expenses                                               (382,938)             (307,101)            (921,113)
 Operating loss                                                        (382,938)             (307,101)            (921,113)

 Loss on derecognition of financial liability

                                                                       -                     -                    -

 Loss on ordinary activities before taxation                           (382,938)             (307,101)            (921,113)

 Taxation                                                              -                     -                    -

 Loss for the financial period attributable to equity holders

                                                                       (382,938)             (307,101)            (921,113)

 Loss per share - see note 4

 Basic and diluted                                                     £(0.0006)             £(0.0009)            £(0.0018)

 

Consolidated Statement of Comprehensive Income

 

                                                                                        6 months to          6 months to          Year ended 31 December 2023

                                                                                         30 June 2024         30 June 2023
                                                                                        Unaudited            Unaudited            Audited

                                                                                        £                    £                    £
 Loss after tax                                                                         (382,938)            (307,101)            (921,113)
 Items that may subsequently be reclassified to profit or loss:

 -     Exchange differences on translation of foreign operations                        (67,218)             (200,654)            (132,058)

 Total comprehensive loss attributable to equity holders of the parent company

                                                                                        (450,156)            (507,755)            (1,053,171)

 

 

Consolidated Statement of Financial Position

 

                                           6 months to 30 June 2024               6 months to 30 June 2023   Year ended 31 December 2023
                                           Unaudited                              Unaudited                 Audited

                                           £                                      £                         £

 Non-current assets
 Intangible assets                         3,697,786                     3,067,616                                           3,258,753
 Other non current assets                  -                             -                                                   31,036
 Property, plant and equipment             4,713                         1,545                                               1,649
 Total non-current assets                  3,702,499                     3,069,161                                           3,291,438
 Current assets
 Trade and other receivables               594,189                       51,453                                              36,248
 Cash and cash equivalents                 485,183                       434,451                                             638,475
 Other current assets                      6,817                         30,450                                              -
 Total current assets                      1,086,189                     516,354                                             674,723

 Current liabilities
 Trade and other payables                  (146,371)                     (87,339)                                            (198,687)
 Financial liabilities                     (6,000)                       -                                                   -
 Deferred consideration                    (163,225)                     (148,914)                                           (163,225)
 Total current liabilities                 (315,596)                     (236,253)                                           (361,912)

 Net assets                                4,473,093                     3,349,262                                           3,604,249

 Capital and reserves

 Share capital                             7,265,594                     5,152,495                                           5,923,794

 Share premium                             2,762,566                     2,794,647                                           2,785,366

 Share based payment reserve               21,476                        (16,908)                                            21,476

 Retained losses                           (5,659,378)                   (4,655,282)                                         (5,269,293)

 Foreign currency reserve                  82,835                        74,312                                              142,906

 Total equity                              4,473,093                     3,349,262                                           3,604,249

 

Consolidated Statement of Cash Flows

 

                                                                   6 months to          6 months to 30 June 2023      Year ended

                                                                    30 June 2024                                       31 December 2023
                                                                   Unaudited            Unaudited                     Audited

                                                                   £                    £                             £

 Cash flow from operating activities
 Operating loss                                                    (382,938)            (307,101)                     (921,113)
 Equity settled share based payment                                -                    -                             36,000
 Loss on derecognition of financial liability                                                                         14,311
 Other interest receivable and other income                                                                           (5,708)
 Depreciation                                                      -                    (118)                         -
 Foreign exchange revaluation adjustment                           (67,215)             (200,653)                     (132,055)
 Decrease/(increase)/ in receivables                               (557,941)            33,017                        (13,851)
 (Decrease)/increase in payables                                   (52,316)             7,340                         160,270
 Shares issued in lieu of cash                                                                                        31,036

 Net cash used in operation activities                             (1,060,410)          (467,515)                     (831,110)

 Cash flows from investing activities
 Payments for exploration and evaluation activities

                                                                   (417,879)            (340,327)                     (531,685)
 Interest received                                                                                                    5,708
 Transfer to restricted cash                                       -                    (30,450)                      -
 Net cash used in investing activities

                                                                   (417,879)            (370,777)                     (525,977)

 Cash flows from financing activities
 Proceeds from issue of shares                                     1,318,997            -                             729,720

 Transaction costs of issue of shares                              -                    -                             (6,900)
 Proceeds from borrowings                                          6,000
 Net cash generated from financing activities

                                                                   1,324,997            -                             722,820

 Net (decrease)/increase in cash and cash equivalents              (153,292)            (838,292)                     (634,267)

 Cash and cash equivalents at the beginning of period

                                                                   638,475              1,272,742                     1,272,742

 Cash and cash equivalents at end of period

                                                                   485,183              434,450                       638,475

 

 

Consolidated Statement of Changes in Equity

 

                                                 Share capital  Share premium  Share based payment   reserve       Retained earnings     Foreign currency reserve      Total
                                                 £              £              £                                   £                     £                             £
 At 31 December 2022                             5,152,495      2,794,647      (16,908)          (4,348,181)                  274,964                   3,857,017

 Loss for the period                             -              -              -                 (307,101)                    -                         (307,101)
 Translation differences                         -              -              -                 -                            (200,654)                 (200,654)
 Total comprehensive income                      -              -              -                 (307,101)                    (200,654)                 (507,755)
 Share capital issued                            -              -              -                 -                            -                         -
 Cost of share issue                             -              -              -                 -                            -                         -
 At 30 June 2023                                 5,152,495      2,794,647      (16,908)          (4,655,282)                  74,310                    3,349,262

 Loss for the period                             -              -              -                 (614,011)                    -                         (614,011)
 Translation differences                         -              -              -                 -                            68,596                    68,596
 Total comprehensive income                      -              -              -                 (614,011)                    68,596                    (545,415)
 Share capital issued                            771,300        -              -                 -                            -                         771,300
 Share issue cost                                -              (6,900)        -                 -                            -                         (6,900)
 Warrants expired                                -              -              -                 -                            -                         -
 Warrants issued                                 -              (2,383)        2,383             -                            -                         -
 Share option charge                             -              -              36,000            -                            -                         36,000
 At 31 December 2023                             5,923,794      2,785,366      21,476            (5,269,293)                  142,906                   3,604,249

 Loss for the period                             -              -              -                 (382,938)                    -                         (382,938)
 Translation differences                         -              -              -                 (7,147)                      (60,071)                  (67,218)
 Total comprehensive income                      -              -              -                 (390,085)                    (60,071)                  (450,156)
 Share issue cost                                1,341,800      (22,800)       -                 -                            -                         1,319,000
 Transfer of expiry/exercise of warrant          -              -              -                 -                            -                         -
 At 30 June 2024                                 7,265,594      2,762,566      21,476            (5,659,378)                  82,835                    4,473,093

 

 

Half-yearly report notes

 

1. Half-yearly Report

 

This half-yearly report was approved by the Directors on 24 September 2024.

 

The information relating to the six-month periods to 30 June 2024 and 30 June
2023 are unaudited.

 

The information relating to the year to 31 December 2023 is extracted from the
audited financial statements of the Company which have been filed at Companies
House and on which the auditors issued an unqualified audit report. The
condensed interim financial statements have not been reviewed by the Company's
auditor.

 

2. Basis of Accounting

 

The report has been prepared using accounting policies and practices that are
consistent with those adopted in the statutory financial statements for the
year ended 31 December 2023, although the information does not constitute
statutory financial statements within the meaning of the Companies Act 2006.
The half-yearly report has been prepared under the historical cost convention.

 

Going concern

 

The Company's day-to-day financing is from its available cash resources.

 

As at reporting date, the Company had £485,183 of cash at hand. These funds
will enable to Company to plan its future exploration campaigns across its key
projects and carry-on with diagnostic works such as metallurgical testing and
sample re-analysis. The Directors are confident that adequate funding can be
raised as required to meet the Company's current and future liabilities.

 

For the reasons outlined above, the Directors are satisfied that the Company
will be able to meet its current and future liabilities, and continue trading
for the foreseeable future, and, in any event, for a period of not less than
twelve months from the date of approving this report. The preparation of these
financial statements on a going concern basis is therefore considered to
remain appropriate.

 

These half-yearly financial statements are prepared in accordance with IAS 34
Interim Financial Reporting as adopted by the United Kingdom and the
Disclosure and Transparency Rules of the UK Financial Conduct Authority.

 

This half-year report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this report should be
read in conjunction with the annual report for the year ended 31 December
2023, which have been prepared in accordance with UK-adopted international
accounting standards.

 

The Company will report again for the full year to 31 December 2024.

 

Critical accounting estimates

 

The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the end of the reporting period. Significant items subject
to such estimates are set out in the Company's 2023 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.

 

Intangible assets

 

Exploration and development costs

 

All costs associated with mineral exploration and investments are capitalised
on a project-by-project basis, pending determination of the feasibility of the
project. Costs incurred include appropriate technical and administrative
expenses but not general overheads. If an exploration project is successful,
the related expenditures will be transferred to mining assets and amortised
over the estimated life of economically recoverable reserves on a unit of
production basis.

 

Where a licence is relinquished or a project abandoned, the related costs are
written off in the period in which the event occurs. Where the Group maintains
an interest in a project, but the value of the project is considered to be
impaired, a provision against the relevant capitalised costs will be raised.

 

The recoverability of all exploration and development costs is dependent upon
the discovery of economically recoverable reserves, the ability of the Group
to obtain necessary financing to complete the development of reserves and
future profitable production or proceeds from the disposition thereof.

 

3. Intangible assets

                                     6 months to          6 months to              Year ended

                                      30 June 2024         30 June 2023             31 December

                                                                                   2023
                                     Unaudited            Unaudited                Audited

                                     £                    £                        £

 At Beginning of the period          3,258,753            2,727,290                3,067,616

 Additions                           439,033              340,326                  191,137

 At End of the period                3,697,786            3,067,616                3,258,753

 

The Directors undertook an assessment of the following areas and circumstances
that could indicate the existence of impairment:

 

·    The Group's right to explore in an area has expired, or will expire
in the near future without renewal;

·    No further exploration or evaluation is planned or budgeted for;

·    A decision has been taken by the Board to discontinue exploration and
evaluation in an area due to the absence of a commercial level of reserves; or

·    Sufficient data exists to indicate that the book value will not be
fully recovered from future development and production.

 

Following their assessment, the Directors concluded that no impairment charge
was necessary for the period ended 30 June 2024.

 

 

 

 

4. Earnings per share

                                                       6 months to          6 months to              Year ended

                                                        30 June 2024         30 June 2023             31 December

                                                                                                     2023
                                                       Unaudited            Unaudited                Audited

                                                       £                    £                        £

 These have been calculated on a loss of:              (382,938)            (307,101)                (921,113)

 The weighted average number of shares used was:       726,559,550          512,249,550              592,549,550

 Basic and diluted loss per share:                     £(0.0006)            £(0.0006)                £(0.0018)

 

5. Events after the reporting period

 

There were no reportable events after the reporting period other than those
highlighted in the 'Financial Review'.

 

The Condensed interim financial statements were approved by the Board of
Directors on 24 September 2024.

 

By order of the Board

 

Rupert Verco

Managing Director

24 September 2024

 

Half-yearly Report

 

Copies of this half-yearly report are available free of charge by application
in writing to the Company Secretary at the Company's registered office: 9(th)
Floor, 107 Cheapside, London, EC2V 6DN, or by email to
info@london-registrars.co.uk (mailto:info@london-registrars.co.uk) .

 

Responsibility Statement

 

We confirm that to the best of our knowledge:

 

·    The interim financial statements have been prepared in accordance
with International Accounting Standard 34, Interim Financial Reporting, as
adopted by the UK;

·    Give a true and fair view of the assets, liabilities, financial
position and loss of the Company;

·    The interim report includes a fair review of the information required
by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
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