REG-Conroy Gold & Natural Resources Plc: Half-yearly results for the six months ended 30 November 2023
29/02/2024 07:15
29 February 2024
Conroy Gold and Natural Resources plc
(“Conroy” or the “Company”)
Half-yearly results for the six months ended 30 November 2023
Conroy (AIM: CGNR), the Irish-based resource company exploring and developing
gold projects in Ireland and Finland, is pleased to announce its results for
the six months ended 30 November 2023. Details of these can be found below and
a full copy of the interim results statement can be viewed on the Company’s
website.
Highlights:
* Two district scale gold trends discovered
* Major gold targets identified in both gold trends
* Orlock Bridge gold trend extends for over 65km (c.40 miles), the Skullmartin
gold trend extends for over 25klm (c.15miles)
* Further highly encouraging drilling results published during the period and
post period end
* Land position over both trends secured
* Company’s licences, totalling 20 in number, comprise 14 licences in the
Orlock Bridge gold trend and 6 in the Skullmartin gold trend
* Earn-in Joint Venture with Demir Export, in three phases, over 15 of the
licences
* All exploration and development expenditure up to and including mining
permitting covered by JV partner
* Company has right to retain 42.5% of each mining project developed
Professor Richard Conroy, Chairman, commented:
“I am delighted to report further excellent progress during the period. The
drilling results on the Derryhennet section of the Clay Lake gold target, in
particular, are highly encouraging."
For further information please contact:
Conroy Gold and Natural Resources plc Tel: +353-1-479-6180
Professor Richard Conroy, Chairman
Allenby Capital Limited (Nomad) Tel: +44-20-3328-5656
Nick Athanas/Nick Harriss
Peterhouse Capital Limited (Broker) Lucy Williams / Duncan Vasey Lothbury Financial Services Tel: +44-20-7469-0930 Tel: +44-20-3290-0707
Michael Padley
Hall Communications Tel: +353-1-660-9377
Don Hall
Chairman’s statement
Dear fellow Shareholder,
I have great pleasure in presenting the Company's Half-Yearly Report and
Condensed Consolidated Financial Statements for the six-month period ended 30
November 2023. The period has been one of major continued success and
progress. The discovery of a second new district scale gold trend in the
Longford-Down Massif in Ireland during the year has been an exceptionally
important development. The Company is now in the attractive position of having
discovered two new district scale gold trends and of having secured the land
position over both entire gold trends. The Board is hopeful that they may well
have discovered a world class gold deposit on the Derryhennet section of the
Clay Lake target.
The Company’s licences, totalling 20 in number, comprise 14 licences in the
Orlock Bridge gold trend and 6 in the Skullmartin gold trend. The Orlock
Bridge gold trend extends for over 65km (c.40 miles) whilst the Skullmartin
gold trend extends for over 25km (c.15miles) and lies approximately 20km south
of the Orlock Bridge trend. An earn-in Joint Venture (the “JV”) with Demir
Export A.Ş (“Demir Export”), in three phases, has been agreed over 15 of
the licences.
During the course of phase 1 of the JV, which includes the current period, all
exploration costs expended on the 15 licences in the JV are being covered by
the JV partner in order to earn a 25% interest in these licences, incurring a
minimum expenditure of over €6.5 million. To earn a further 15% interest a
further minimum expenditure of €5.5 million in Phase 2 of the JV agreement
must be made.
To proceed with a mining project in any of these licences the JV partner must
cover, in Phase 3, all further expenditure required, including costs
associated with drilling, laboratory test work, environmental studies and
acquisition of planning and mine licences, together with land acquisition
costs, to bring the JV partner’s interest up to 57.5 per cent in that
particular mining project, or in any further mining projects over the JV
licences, with Conroy Gold retaining 42.5 per cent in each one.
At 30 November 2023, Demir Export had invested €4,807,218 in the subsidiary
companies with convertible shares issued for the first €2,557,218 of this
investment and the balance to be issued post period end in line with the
agreement.
The significant potential of the Clay Lake gold target, in terms of high
tonnage, overall gold content and mineability, in particular in the
Derryhennet section of the target which is an orogenic folded black
carbonaceous shale, is such that it could possibly be a world class gold
target. Black carbonaceous shale hosted gold targets can contain multimillion
ounce gold deposits, such as those seen in the giant Tien Shan gold province
in Central Asia, which has numerous gold deposits, some of them ranging up to
15 million ounces, and the world class Kinross Paracatu gold mine in Brazil,
in which, incidentally, the proven and probable gold resources are at a level
of 0.4 g/t Au, significantly lower than those seen at Clay Lake.
The Clay Lake gold target extends for 8km and, in some areas, is up to 2km in
width. The Derryhennet section alone is up to 1km in length and 2km in width.
Step out drilling at Derryhennet has confirmed good continuity of the gold
Stockwork zone which already stands at over 400 metres in length and is still
open. Wide gold intersections at relatively shallow depths further indicate
the potential at Derryhennet for high tonnage, overall gold content and
mineability.
The possibility of a world class gold deposit at Clay Lake is, in the
Board’s view, becoming increasingly likely. It is early days yet and there
is much work still to be done. There can be no guarantees but certainly the
position is highly encouraging and there would seem to be a very serious
possibility of the existence of a world class gold deposit.
Elsewhere over its extensive licence areas covering both district scale gold
trends, the Company is conscious of the extensive potential, with many gold
targets identified along the two trends, in addition to the Clontibret gold
deposit where a JORC compliant resource of c.500,000 Oz Au has been estimated
on less than 20% of the target area. The Clontibret gold target is known to be
open in all directions, and to depth, and has many similarities to the major
Fosterville gold mine in Australia.
The gold discovery made this year at Creenkill, on the newly discovered
district scale Skullmartin gold trend, with visible gold and exceptionally
high gold assay results of up to 123 g/t gold in quartz breccia samples taken
during prospecting, is also highly encouraging and is an augury of the
potential of the Skullmartin gold trend.
The Orlock Bridge and Skullmartin gold trends extend in the same direction
approximately 20km apart. The Company has secured its land position over the
two gold trends through licences in both Ireland and Northern Ireland. For the
sake of clarity, each exploration licence in Ireland covers gold and all other
metals. In Northern Ireland the exploration licences, known as Mines Royal
options, are issued by the Crown Commissioners and cover gold and precious
metals. The Northern Ireland Authorities issue licences covering all other
metals.
Technical Results
Technical results during the period, and indeed post period, included
excellent drilling results particularly in the Derryhennet area of Clay Lake
where, as indicated above, there would seem excellent potential for high
tonnage, overall gold content and mineability. The Board is very much of the
opinion, in view of these outstanding results, including the possible presence
of a world class gold deposit on the Company’s Clay Lake licence, that there
is a marked and, in their opinion, unjustifiable disparity in the Company’s
share price when compared to the potential assets of the Company.
Finance
The loss after taxation for the half year ended 30 November 2023 was
€326,246 (30 November 2022 - €103,577) and the net assets as at 30
November 2023 were €24,527,955 (30 November 2022 - €22,623,787).
Directors and staff
I would particularly like to thank my fellow directors, staff and consultants
for their continued support and dedication, which has enabled the Company to
achieve such outstanding results and reach a stage at which we can envisage
the possibility of a world class gold deposit on the Company’s licence area.
I would like to welcome as a new Director, John Sherman, who post period end
joined the Board. I, alongside my colleagues on the Board, very much look
forward to his contribution to the Board and the Company.
Outlook
I very much look forward to the Company continuing to make progress at an ever
accelerating pace with the exploration and development of the licences over
both the district scale gold trends which the Company has discovered. We will
continue to work in conjunction with our JV partner Demir Export, in relation
to the 15 JV licences, and on the Company’s behalf in relation to the non JV
licences held and look forward to the successful development of one or more
mining properties on the Company’s licences, including perhaps a world class
gold deposit at Clay Lake.
Yours faithfully,
Professor Richard Conroy
Chairman
28 February 2024
Condensed consolidated income statement
Note Six-month period ended 30 November 2023 (Unaudited) € Six-month period ended 30 November 2022 (Unaudited) € Year ended 31 May 2023 (Audited) €
Continuing operations
Operating expenses (343,684) (346,286) (604,891)
Operating expenses – share-based payment expense - - -
Movement in fair value of warrants 7 18,085 257,050 257,050
Operating loss (325,599) (89,236) (347,841)
Finance income – interest - - 3
Interest expense (647) (14,341) (14,991)
(Loss) before taxation (326,246) (103,577) (14,988)
Income tax expense - - -
(Loss) for the financial period/year (326,246) (103,577) (362,829)
(Loss) per share
Basic and diluted (loss) per ordinary share 2 (€0.0069) (€0.0024) (€0.0083)
Condensed consolidated statement of comprehensive income
Six-month period ended 30 November 2023 (Unaudited) € Six-month period ended 30 November 2022 (Unaudited) € Year ended 31 May 2023 (Audited) €
(Loss) for the financial period/year (326,246) (103,577) (256,484)
(Expense)/Income recognised in other comprehensive income - - -
Total comprehensive (expense) for the financial period/year (326,246) (103,577) (256,484)
Condensed consolidated statement of financial position
Note 30 November 2023 (Unaudited) 30 November 2022 (Unaudited) Year ended 31 May 2023 (Audited)
€ € €
Assets
Non-current assets
Intangible assets 4 27,596,208 24,946,172 26,331,917
Property, plant and equipment 83,705 84,715 91,703
Financial Assets 273,491 - 273,491
Total non-current assets 27,953,404 25,030,887 23,896,422
Current assets
Cash and cash equivalents 262,228 961,406 557,934
Other receivables 264,096 378,256 124,828
Total current assets 526,324 1,339,662 682,762
Total assets 28,479,728 26,370,549 27,379,873
Equity
Capital and reserves
Called up share capital 10,552,280 10,549,187 10,549,187
Share premium 15,935,676 15,698,805 15,698,805
Capital conversion reserve fund 30,617 30,617 30,617
Share based payments reserve 42,664 42,664 42,664
Other reserve 71,596 71,596 71,596
Retained deficit (6,912,097) (6,326,299) (6,585,551)
Total equity 19,720,737 20,066,570 19,807,318
Non controlling interests
Convertible shares in subsidiary companies 6 4,807,218 2,557,217 3,707,218
Total non controlling interests 4,807,218 2,557,217 3,707,218
Liabilities
Non-current liabilities
Finance leases 16,272 25,926 21,100
Warrant liabilities 5 209,790 - -
Total non-current liabilities 226,062 25,926 21,100
Current liabilities
Trade and other payables: amounts falling due within one year 3,588,713 3,583,837 3,707,238
Related party loans 9 136,999 136,999 136,999
Total current liabilities 3,725,711 3,720,836 3,844,237
Total liabilities 3,951,773 3,746,762 3,865,337
Total equity and liabilities 28,479,728 26,370,549 27,379,873
Condensed consolidated statement of cash flows
Six-month period ended 30 November 2023 (Unaudited) € Six-month period ended 30 November 2022 (Unaudited) € Year ended 31 May 2023 (Audited) €
Cash flows from operating activities
(Loss) for the financial period/year (346,574) (103,577) (362,829)
Adjustments for:
Depreciation 8,692 943 18,095
Interest expense 650 14,341 14,991
Movement in fair value of warrants 18,085 (257,050) (257,050)
Decrease/(increase) in other receivables (122,149) 66,664 31,009
(Decrease)/increase in trade and other payables (118,826) (27,586) 142,594
Payments from (to) Karelian Diamond Resources P.L.C (15,250) - -
Net cash used in operating activities (611,542) (306,265) (413,190)
Cash flows from investing activities
Investment in exploration and evaluation (1,264,292) (1,057,339) (2,443,083)
Purchase of property plant and equipment (694) (78,069) (102,209)
Net cash used in investing activities (1,264,986) (1,135,408) (2,545,292)
Cash flows from financing activities
Issue of convertible shares in subsidiary companies 1,100,000 1,150,318 2,300,319
Issue of Share Capital 488,168 - -
(Payments to) / receipts from finance leases (5,477) 36,664 -
Net cash provided by financing activities 1,582,691 1,186,982 2,300,319
(Decrease) in cash and cash equivalents (293,837) (254,691) (658,163)
Cash and cash equivalents at beginning of financial period/year 557,934 1,216,097 1,216,097
Cash and cash equivalents at end of financial period/year 264,096 961,406 557,934
Condensed consolidated statement of changes in equity
Share capital Share premium Capital conversion reserve fund Share- based payment reserve Other reserve Retained deficit Total equity
€ € € € € € €
Balance at 1 June 2023 10,549,187 15,698,805 30,617 42,664 71,596 (6,585,551) 19,807,318
Share issue 3,093 485,075 - - - - 488,168
Share issue costs * - (20,328) (20,328)
Warrants Issued * - (227,875) - - - - (227,875)
Loss for the financial year - - - - - (326,246) (326,246)
Balance at 30 November 2023 10,552,280 15,935,677 30,617 42,664 71,596 (6,911,797) 19,720,737
Balance at 1 June 2022 10,543,694 15,256,556 30,617 42,664 79,929 (6,222,722) 19,730,738
Share issue 5,493 442,249 - - - - 447,742
Share issue costs - - - - - - -
Equity element of convertible loan - - - - (8,333) - (8,333)
Loss for the financial year - - - - - (103,577) (103,577)
Balance at 30 November 2022 10,549,187 15,698,805 30,617 42,664 71,596 (6,326,299) 20,066,570
Share capital
The share capital comprises the nominal value share capital issued for cash
and non-cash consideration. The share capital also comprises deferred share
capital. The deferred share capital arose through the restructuring of share
capital which was approved at General Meetings held on 26 February 2015 and 14
December 2015. During the 6 month period, the company issued a total of
3,092,592 ordinary shares through at a price of £0.135 per ordinary share.
Each share issued carried a warrant to subscribe for one new ordinary share at
a price of 22.5 pence per ordinary share exercisable at any point to 13 June
2026. The value of warrants issued were, being a cost of issue of the
ordinary shares, deducted from share premium in line with the Group’s
accounting policy.
Authorised share capital:
The authorised share capital at 30 November 2023 comprised 11,995,569,058
ordinary shares of €0.001 each, 306,779,844 deferred shares of €0.02 each,
and 437,320,727 deferred shares of €0.00999 each (€22,500,000), (30
November 2022: 11,995,569,058 ordinary shares of €0.001 each, 306,779,844
deferred shares of €0.02 each, and 437,320,727 deferred shares of €0.00999
each (€22,500,000)).
* Shares and Warrants issued during the period:
During the period ended 30 November 2023, the Company raised £400,000 after
costs through the issue of 3,092,592 ordinary shares of the company at a price
of £0.025 per Subscription Share. As part of this fundraise, warrants at
£0.225 per share were issued, the value of which at the date of issue were
deducted from share premium in line with the Company’s accounting
policies.
Share premium
The share premium comprises the excess consideration received in respect of
share capital over the nominal value of the shares issued as adjusted for the
related costs of share issue in line with the Company’s accounting policies.
Capital conversion reserve fund
The ordinary shares of the Company were re-nominalised from €0.03174435 each
to €0.03 each in 2001 and the amount by which the issued share capital of
the Company was reduced, was transferred to the capital conversion reserve
fund.
Share based payment reserve
The share based payment reserve represents the amount expensed to the
condensed consolidated income statement in addition to the amount capitalised
as part of intangible assets of share-based payments granted which are not yet
exercised and issued as shares. During the six-month period ended 30 November
2023 no warrants expired.
Retained deficit
This reserve represents the accumulated losses absorbed by the Company to the
condensed consolidated statement of financial position date.
The accompanying notes form an integral part of these condensed consolidated
financial statements.
1. Accounting policies
Reporting entity
Conroy Gold and Natural Resources plc (the “Company”) is a company
domiciled in Ireland. The unaudited condensed consolidated financial
statements for the six-month period ended 30 November 2023 comprise the
condensed financial statements of the Company and its subsidiaries (together
referred to as the “Group”).
Basis of preparation and statement of compliance
Basis of preparation
The condensed consolidated financial statements have been prepared in
accordance with International Accounting Standard (“IAS”) 34: Interim
Financial Reporting.
The condensed consolidated financial statements do not include all the
information and disclosures required in the annual consolidated financial
statements, and should be read in conjunction with the Group’s annual
consolidated financial statements as at 31 May 2023, which are available on
the Group’s website - www.conroygold.com. The accounting policies adopted in
the presentation of the condensed consolidated financial statements are
consistent with those followed in the preparation of the Group’s annual
consolidated financial statements for the year ended 31 May 2023.
The condensed consolidated financial statements have been prepared under the
historical cost convention, except for derivative financial instruments which
are measured at fair value at each reporting date.
The condensed consolidated financial statements are presented in Euro
(“€”). € is the functional currency of the Group.
The preparation of condensed consolidated financial statements requires the
Board of Directors and management to use judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets,
liabilities, income and expenses. Actual results may differ from those
estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the financial
period in which the estimate is revised and in any future financial periods
affected. Details of critical judgements are disclosed in the accounting
policies detailed in the annual consolidated financial statements.
The financial information presented herein does not amount to statutory
consolidated financial statements that are required by Chapter 4 part 6 of the
Companies Act 2014 to be annexed to the annual return of the Company. The
statutory consolidated financial statements for the financial year ended 31
May 2023 will be annexed to the annual return and filed with the Registrar of
Companies. The audit report on those consolidated financial statements was
unqualified.
These condensed consolidated financial statements were authorised for issue by
the Board of Directors on 28 February 2024.
Going concern
The Group incurred a loss of €326,246 for the six-month period ended 30
November 2023 (30 November 2022: €103,577). The Group had net current
liabilities of €3,199,387 at that date (30 November 2022: €2,381,174).
The Board of Directors have considered carefully the financial position of the
Group and in that context, have prepared and reviewed cash flow forecasts for
the period to 28 February 2025. In reviewing the proposed work programme for
exploration and evaluation assets, the results obtained from the exploration
programme and the prospects for raising additional funds as required, the
Board of Directors are satisfied that it is appropriate to prepare the
condensed consolidated financial statements on a going concern basis.
Recent accounting pronouncements
The following new standards and amendments to standards have been issued by
the International Accounting Standards Board but have not yet been endorsed by
the EU, accordingly, none of these standards have been applied in the current
year. The Board of Directors is currently assessing whether these standards
once endorsed by the EU will have any impact on the financial statements of
the Group and the Company.
* Amendments to IFRS 10 and IAS 28: Sale or contribution of assets between an
investor and its associate or joint venture – Postponed indefinitely;
* Amendments to IFRS 16 Leases: Lease liability in a sale and leaseback –
Effective date 1 January 2024; and
* Amendments to IAS 1 Presentation of Financial Statements: Classification of
liabilities as current or non-current and classification of liabilities as
current or non-current – Effective date 1 January 2024.
Basis of consolidation
The condensed consolidated financial statements include the condensed
financial statements of Conroy Gold and Natural Resources plc and its
subsidiaries. Subsidiaries are entities controlled by the Company. Control
exists when the Group is exposed to or has the right to variable returns from
its involvement with the entity and has the ability to affect those returns
through its control over the entity. In assessing control, potential voting
rights that presently are exercisable are taken into account. The condensed
financial statements of subsidiaries are included in the condensed
consolidated financial statements from the date that control commences until
the date that control ceases. Intra-Group balances, and any unrealised income
and expenses arising from intra-Group transactions are eliminated in preparing
the condensed consolidated financial statements.
1. Loss per share
Basic earnings per share Six-month period ended 30 November 2023 (Unaudited) € Six-month period ended 30 November 2022 (Unaudited) € Year ended 31 May 2023 (Audited) €
(Loss) for the financial period/year attributable to equity holders of the Company (326,246) (103,577) (362,829)
Number of ordinary shares at start of financial period/year 44,756,101 39,262,880 39,262,880
Number of ordinary shares issued during the financial period/year 3,092,592 5,493,221 5,493,221
Number of ordinary shares at end of financial period/year 47,848,693 44,756,101 44,756,101
Weighted average number of ordinary shares for the purposes of basic earnings per share 47,518,252 42,591,285 43,671,058
Basic (loss) per ordinary share (€0.0069) (€0.0024) (€0.0083)
Diluted (loss) per share
The effect of share options and warrants is anti dilutive.
3. Subsidiaries
Shares in 100% owned subsidiary companies 30 November 2023 (Unaudited) € 30 November 2022 (Unaudited) € 31 May 2023 (Audited) €
Conroy Gold (Longford – Down) Limited * 9,116,823 9,116,823 9,116,823
Conroy Gold (Clontibret) Limited * 5,766,901 5,766,901 5,766,901
Conroy Gold (Armagh) Limited * 3,719,357 3,719,357 3,719,357
Conroy Gold Limited 1 1 1
Armagh gold Limited 3 3 3
18,603,085 18,603,085 18,603,085
* Subject of Joint Venture with Demir Export.
The registered office of the above subsidiaries is 3300 Lake Drive, Citywest
Business Campus, Dublin 24, D24 TD21, Ireland.
4. Intangible Assets
Exploration and evaluation assets
Cost 30 November 2023 (Unaudited) € 30 November 2022 (Unaudited) € 31 May 2023 (Audited) €
At 1 June 26,331,917 23,888,833 23,888,833
Expenditure during the financial period/year
* License and appraisal costs 1,034,256 913,612 1,795,401
* Other operating expenses 203,485 143,727 647,683
At 30 November/31 May 27,596,208 24,946,172 26,331,917
Exploration and evaluation assets relate to expenditure incurred in the
development of mineral exploration opportunities. These assets are carried at
historical cost and have been assessed for impairment in particular with
regard to the requirements of IFRS 6: Exploration for and Evaluation of
Mineral Resources relating to remaining licence or claim terms, likelihood of
renewal, likelihood of further expenditure, possible discontinuation of
activities as a result of specific claims and available data which may suggest
that the recoverable value of an exploration and evaluation asset is less than
its carrying amount.
The Board of Directors have considered the proposed work programmes for the
underlying mineral resources. They are satisfied that there are no indications
of impairment. The Board of Directors note that the realisation of the
intangible assets is dependent on further successful development and ultimate
production of the mineral resources and the availability of sufficient finance
to bring the resources to economic maturity and profitability.
5. Warrant liabilities
The Company holds Euro and Sterling based warrants. The Company estimates
the fair value of the sterling-based warrants using the Binomial Lattice
Model. The determination of the fair value of the warrants is affected by the
Company’s share price at the reporting date and share price volatility along
with other assumptions. As part of the share issue in June 2023, the Company
issued 3,092,592 warrants with an exercise price of GBP 22.5p. The fair value
of those warrants in issue at 30 November 2023 was €209,790. The movement in
fair value from the date of issue in June 2023 to 30 November 2023 resulted
in a non-cash gain of €18,085.
6. Non Controlling Interests
Convertible Shares held in Subsidiary Companies
Under the terms of the joint venture and related agreements entered into
between the Company and Demir Export on 31 December 2021, in return for
fulfilling funding and other obligations as set out in the agreements, Demir
Export will earn an equity interest in the following wholly owned subsidiaries
of the Company: Conroy Gold (Clontibret) Limited, Conroy Gold (Longford -
Down) Limited and Conroy Gold (Armagh) Limited. The investment by Demir Export
is effected by the issuance of convertible shares in each subsidiary company
which have no voting or participation rights.
When all of the conditions (including, inter-alia, a minimum of €5.5 million
in cash investment) in relation to the first phase of the joint venture
operation (Phase 1) have been fulfilled, the convertible shares will be
converted into ordinary shares in each subsidiary company such that Demir
Export will hold a 25% ordinary equity interest in each company. Demir Export
can earn further equity in each subsidiary company by meeting the commitments
set out in Phases 2 and 3 of the joint venture.
At 30 November 2023, Demir Export had invested €4,807,218 in the subsidiary
companies with convertible shares issued for the first €2,557,218 of this
investment and the balance to be issued post period end in line with the
agreement. This amount is recorded as a non-controlling interest at the
period end.
The joint venture agreements provide that in certain limited circumstances,
Demir Export will be entitled to a net smelter royalty in the licences, capped
at the level of investment made, in lieu of their convertible shares, should
it exit or terminate its involvement in the joint venture during the current
Phase 1 stage.
7. Commitments and contingencies
As a result of entering into a joint venture agreement with Demir Export
A.S. (“Dex”) on 31 December 2021, all significant work commitments for the
forthcoming year in respect of prospecting licences held by the Group will be
met by Dex.
8. Subsequent events
There were no material events subsequent to the reporting date which
necessitate revision of the figures or disclosures included in the financial
statements.
9. Related party transactions
(a) Directors’ and former Directors’ loans 30 November 2023 (Unaudited) € 30 November 2022 (Unaudited) € 31 May 2023 (Audited) €
At 1 June 136,999 136,999 136,999
Loan adjustment - - -
Loan repayment - - -
At 30 November/31 May 136,999 136,999 136,999
The Directors’ and former Directors’ loan amounts relate to monies owed to
Professor Richard Conroy (Chairman) amounting to €101,999 (30 November 2022:
€101,999) and Seamus Fitzpatrick amounting to €35,000 (30 November 2022:
€35,000).
Seamus Fitzpatrick is former director in the Company having left the board in
August 2017 (and is shareholder of the Company owning less than 3% of the
issued share capital of the Company). Mr. Fitzpatrick is not classified as a
related party under the AIM Rules for Companies. This loan is an unsecured
advance with no interest payable and there is no repayment or maturity terms.
(b)Apart from Directors’ remuneration, there have been no contracts or
arrangements entered into during the six-month period in which a Director of
the Group had a material interest.
(c) In May 2023, Karelian Diamond Resources plc (“Karelian”) reached
agreement for an amount equivalent to £125,000 of the amount owing to the
Company be capitalised into 5,000,000 new ordinary shares of €0.00025 each
in the capital of Karelian Diamond Resources plc. at a price of 2.5p per
Karelian share. A further amount outstanding equivalent to £112,500 was
incorporated into a convertible loan note with a term of 18 months attracting
an interest rate of 5% per annum, payable on the redemption or conversion of
the Loan Note. The Loan Note can be converted at the option of the Company
at a price equivalent to 5p per Karelian share.
(d) The Group shares accommodation and staff with Karelian Diamond Resources
plc which have certain common Directors and shareholders. For the six-month
period ended 30 November 2023, the Group incurred costs totalling €49,597
(30 November 2021: €34,846) on behalf of Karelian Diamond Resources plc.
These costs were recharged to Karelian Diamond Resources plc by the Group.
At 30 November 2023, the Group is owed €69,840 (30 November 2022:
€234,652) by Karelian Diamond Resources plc.
10. Approval of the condensed consolidated financial statements
These condensed consolidated financial statements were approved by the Board
of Directors on 28 February 2024. A copy of the condensed consolidated
financial statements will be available on the Group’s website
www.conroygold.com on 29 February 2024.
3937956_0.jpeg (https://mb.cision.com/Public/22621/3937956/9c353c01738bd5f7_org.jpeg)
Copyright (c) 2024 PR Newswire Association,LLC. All Rights ReservedRecent news on Conroy Gold and Natural Resources
See all newsREG-Conroy Gold & Natural Resources Plc: Update on Joint Venture
AnnouncementREG-Conroy Gold & Natural Resources Plc: Half-yearly results for the six months ended 30 November 2023
AnnouncementREG-Conroy Gold & Natural Resources Plc: Additional Clay Lake Drill Results
AnnouncementREG-Conroy Gold & Natural Resources Plc: Additional Clay Lake Drill Results
AnnouncementREG-Conroy Gold & Natural Resources Plc: Scout Drilling Results
Announcement