REG-Conroy Gold & Natural Resources Plc: Half-yearly results for the six months ended 30 November 2024
28/02/2025 13:15
28 February 2025
Conroy Gold and Natural Resources plc
(“Conroy” or the “Company”)
Half-yearly results for the six months ended 30 November 2024
Conroy (AIM: CGNR), the Irish-based resource company focused on advancing its
“Discs of Gold” project in Ireland, is pleased to announce its results for
the six months ended 30 November 2024. 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:
* Re-logging programme for ca. 33,000 metres of drill core underway with focus
on 16,000+ metres at Clontibret.
* Base metals (zinc) scout drilling work in Northern Ireland and soil-sampling
campaign to help prioritize drilling targets on the 25km Skullmartin gold
trend carried out
* Ongoing discussions with potential strategic and financial partners on
defining and funding the next cycle of major investment in the “Discs of
Gold” project
* Application to the European Union for recognition of Clontibret, with its
antimony potential, as a strategic project planned
* Net assets of the group were €20,898,161 at 30 November 2024 and the loss
for the six month period was €238,578. The Group raised £259,000 during
the period.
John Sherman, Chairman, commented:
“During the period we have identified base metal targets adjacent to the
Clay Lake gold target area, identified new gold targets on the Skullmartin
trend, commenced the re-logging of the Clontibret drill cores to upgrade the
current geological model and continued work on the other licence areas. We are
also in discussions with potential partners regarding the future funding of
the gold projects."
For further information please contact:
Conroy Gold and Natural Resources plc Tel: +353-1-479-6180
John Sherman, Chairman Maureen Jones, Managing Director
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
Visit the website at: www.conroygold.com
About the “Discs of Gold” Project
Conroy Gold’s “Discs of Gold” project in Ireland is defined by two
parallel district scale gold trends, extending over c.90km, which are 100%
held under license by the Company, and anchored by the Clontibret gold
deposit. The Clontibret target area contains a currently defined 517Koz gold
resource @ 2.0 g/t Au (320Koz Au Indicated and 197Koz Au Inferred (2017))
which remains open in multiple directions. The Company has identified a
further seven gold targets in its license area with the Clay Lake and
Creenkill gold targets being of particular interest. Gold occurs in multiple
styles in the Company’s license area, including free gold, refractory gold
in arsenopyrite and gold associated with pyrite and antimony (stibnite),
suggesting multiple hydrothermal events seeded the deposit. There are clear
geological analogies between the “Discs” targets and large gold deposits
in Southeastern Australia and Atlantic Canada.
Chairman’s Statement
Dear Shareholder,
I present your Company's Half-Yearly Report and Condensed Consolidated
Financial Statements for the six-month period ended 30 November 2024.
The period has been one of change but continued progress on the “Discs of
Gold” project. The death in October of Professor Richard Conroy, founder
and untiring leader of your Company, certainly counts as major change. His
steadfast belief that Ireland had significant potential for economic scale
gold ore bodies finds its expression in the “Discs” project, which the
Company’s directors and staff are all working diligently to advance.
Following the agreement in April 2024 with Demir Export to end their
joint-venture partnership on good terms, Conroy Gold has been further
progressing exploration activities initiated during the partnership, including
base metals (zinc) scout drilling work in Northern Ireland and a soil-sampling
campaign to help prioritise drilling targets on the 25km Skullmartin gold
trend. The data room for the “Discs of Gold” project was refreshed and
updated with the knowledge gained during the two years of partnership with
Demir, enabling the Company to engage in multiple, focused partnership
discussions. Finally, the Company initiated a re-logging programme for c.
33,000 metres of drill core that will help inform and define choices in its
next cycle of major investment.
The re-logging programme is a major undertaking, with the initial work focused
on the Clontibret gold deposit. This effort has allowed for a consistent
logging approach and pXRF analyses of the in excess of 16,000 metres of
Clontibret core held by the Company, including that drilled by former partners
and operators. Significant information is being gained regarding the overall
geometry of folded geology in the deposit. The re-logging programme is
enabling the construction of a 3D geological model to help enhance the
Company’s understanding of the controls to mineralisation, particularly in
relation to the Fosterville deposit model where grades increase at depth.
A further output from the work on the Clontibret gold deposit will be a
clearer understanding of the Antimony potential and its impact on project
economics. The deposit is actually sited on a historic antimony mine. The
metal is seeing record high prices, due to its recognition as a critical
mineral by many countries and its constrained supply. The Company intends
to apply to the European Commission for recognition of Clontibret with its
antimony potential as a strategic project under the European Critical Raw
Materials Act 2024 (“ECRMA”). The ECRMA aims to administratively and
financially support strategic projects along the critical raw materials value
chain to support supply continuity.
The overriding priority of the Company at present is to secure asset level
investment from strategic and/or financial partners to underwrite the next
cycle of major investment into the “Discs of Gold” project. The
upgrading of the geological model will provide a robust foundation upon which
follow up drill programmes will be based.
Finance
The loss after taxation for the half year ended 30 November 2024 was
€238,578 (30 November 2023 - €326,246) and the net assets as at 30
November 2024 were €20,898,161 (30 November 2023 - €24,527,955).
During the period the Company raised £259,000 at 4.75 pence per share.
Warrants were issued to participants in the Fundraising, exercisable at 9.5
pence.
Directors and staff
I would like to thank my fellow directors, staff and consultants for their
continued support and dedication, which has enabled the Company to achieve
good progress over the period and following the death of Professor Conroy the
team has pulled together and intend to build upon his legacy.
Outlook
Work continues on the exploration and the re-logging of the drill core so that
we better understand the structure of the formations. We are in the unusual
position for a junior ming company to have full ownership of the licences over
two district scale gold trends which the Company has discovered and the
over-riding priority of the Company is to secure asset level investment from
strategic and/or financial partners to underwrite the next cycle of major
investment in the “Discs of Gold” project.
Yours faithfully,
___________________
John Sherman
Chairman
28 February 2025
Condensed consolidated income statement
Six-month period ended 30 November 2024 (Unaudited) € Six-month period ended 30 November 2023 (Unaudited) € Year ended 31 May 2024 (Audited) €
Continuing operations
Operating expenses (254,383) (343,684) (681,504)
Movement in fair value of warrants 13,215 18,085 90,403
Operating loss (241,168) (325,599) (591,101)
Finance income – interest 3,240 - 6,481
Interest expense (650) (647) (1,300)
Loss before taxation (238,578) (326,246) (585,920)
Income tax expense - - -
Loss for the financial period/year (238,578) (326,246) (585,920)
Loss per share
Basic and diluted loss per ordinary share (€0.0048) (€0.0069) (€0.0123)
Condensed consolidated statement of comprehensive income
Six-month period ended 30 November 2024 (Unaudited) € Six-month period ended 30 November 2023 (Unaudited) € Year ended 31 May 2024 (Audited) €
Loss for the financial period/year (238,578) (326,246) (585,920)
(Expense)/Income recognised in other comprehensive income - -
-
Total comprehensive (expense) for the financial period/year (238,578) (326,426) (585,920)
Condensed consolidated statement of financial position
30 November 2024 (Unaudited) 30 November 2023 (Unaudited) Year ended 31 May 2024 (Audited)
€ € €
Assets
Non-current assets
Intangible assets 28,737,557 27,596,208 28,405,738
Property, plant and equipment 64,766 83,705 73,796
Financial Assets 283,209 273,491 279,969
Total non-current assets 29,085,532 27,953,404 28,759,683
Current assets
Cash and cash equivalents 167,057 264,096 143,532
Other receivables 207,932 262,228 387,577
Total current assets 374,989 526,324 531,109
Total assets 29,460,521 28,479,728 29,290,792
Equity
Capital and reserves
Called up share capital 10,559,406 10,552,280 10,552,150
Share premium 16,447,666 15,935,676 16,058,756
Capital conversion reserve fund 30,617 30,617 30,617
Share based payments reserve 42,664 42,664 42,664
Other reserve 1,277,857 71,596 1,277,857
Retained deficit (7,410,049) (6,912,097) (7,171,471)
Total equity 20,898,161 19,720,737 20,740,573
Non controlling interests
Convertible shares in subsidiary companies - 4,807,218 -
Total non controlling interests - 4,807,218 -
Liabilities
Non-current liabilities
Finance leases 6,617 16,272 11,445
Other Creditors 4,501,410 - 4,501,410
Warrant liabilities 4,671 209,790 14,492
Total non-current liabilities 4,512,698 226,062 4,527,347
Current liabilities
Trade and other payables: amounts falling due within one year 3,912,660 3,588,713 3,885,873
Related party loans 136,999 136,999 136,999
Total current liabilities 4,049,659 3,725,711 4,022,872
Total liabilities 8,562,357 3,951,773 8,550,219
Total equity and liabilities 29,460,518 28,4789,728 29,290,792
Condensed consolidated statement of cash flows
for the six-month period ended 30 November 2024
Six-month period ended 30 November 2024 (Unaudited) € Six-month period ended 30 November 2023 (Unaudited) € Year ended 31 May 2024 (Audited) €
Cash flows from operating activities
(Loss) for the financial period/year (238,578) (326,246) (585,920)
Adjustments for:
Depreciation 9,210 8,692 18,421
Interest expense 650 650 1,300
Movement in fair value of warrants (13,215) (18,085) (90,403)
Decrease/(increase) in other receivables 179,645 (137,399) (262,749)
(Decrease)/increase in trade and other payables 26,791 (118,826) 178,635
Interest Income (3,240) - (6,481)
Net cash used in operating activities (38,737) (591,214) (747,197)
Cash flows from investing activities
Investment in exploration and evaluation (331,819) (1,264,292) (2,073,821)
Purchase of property plant and equipment - (694) (694)
Net cash used in investing activities (331,819) (1,264,986) (2,074,515)
Cash flows from financing activities
Receipts from Joint Venture Partner - 1,100,000 1,950,453
Issue of Share Capital (net of costs) 399,560 467,809 467,809
(Payments to) / receipts from finance leases (5,479) (5,477) (10,953)
Net cash provided by financing activities 394,081 1,562,332 2,407,310
Increase/(Decrease) in cash and cash equivalents 23,525 (293,837) (414,402)
Cash and cash equivalents at beginning of financial period/year 143,532 557,934 557,934
Cash and cash equivalents at end of financial period/year 167,057 264,096 143,532
Condensed consolidated statement of changes in equity
for the six-month period ended 30 November 2024
Share capital Share premium Capital conversion reserve fund Share- based payment reserve Other reserve Retained deficit Total equity
€ € € € € € €
Balance at 1 June 2024 10,552,150 16,058,756 30,617 42,664 1,227,857 (7,171,471) 20,740,573
Share issue 7,256 398,673 - - - - 405,929
Share issue costs * - (9,763) - - - - (9,763)
Loss for the financial period - - - - - (238,578) (238,578)
Balance at 30 November 2024 10,559,406 16,447,666 30,617 42,664 1,227,857 (7,410,049) 20,898,161
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 - (248,203) (248,203)
Loss for the financial period - - - - - (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
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.
Authorised share capital:
The authorised share capital at 30 November 2024 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 2023: 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 2024, the company issued a total of
7,255,482 ordinary shares at a price of £0.0475 per ordinary share,
generating €488,168 for the company through a combination of a fundraise of
£259,000 and the capitalisation of certain amounts owing by the company equal
to a further £85,345, being 1,802,851 fee shares. Each share issued carried
a warrant to subscribe for one new ordinary share at a price of £0.095 per
ordinary share for every two shares held. The warrants are exercisable at
any point to 20 October 2025. 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.
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
2024 no warrants expired.
Other reserve
The other reserve comprises of the equity portion of convertible loans and the
gain on fair valuing of the net smelter royalty set out in Note 6.
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 2024 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 2024, 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 2024.
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 2024 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 2025.
Going concern
The Group incurred a loss of €238,578 for the six-month period ended 30
November 2024 (30 November 2023: €326,246). The Group had net current
liabilities of €3,674,672 at that date (30 November 2023: €3,199,387).
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 2026. In reviewing the proposed work programme for
exploration and evaluation assets, the results obtained from the exploration
programme, the ongoing support of directors and former directors (representing
in excess of €3.5 million of net current liabilities) 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 2024 (Unaudited) € Six-month period ended 30 November 2023 (Unaudited) € Year ended 31 May 2024 (Audited) €
Loss for the financial period/year attributable to equity holders of the Company (238,578) (326,246) (582,920)
Number of ordinary shares at start of financial period/year 47,848,693 44,756,101 44,756,101
Number of ordinary shares issued during the financial period/year 7,255,482 3,092,592 3,092,592
Number of ordinary shares at end of financial period/year 55,104,175 47,848,693 47,848,693
Weighted average number of ordinary shares for the purposes of basic earnings per share 49,881,823 47,518,252 47,687,709
Basic loss per ordinary share (€0.0048) (€0.0069) (€0.0123)
Diluted loss per share
The effect of share warrants is anti dilutive.
1. Subsidiaries
Shares in 100% owned subsidiary companies 30 November 2024 (Unaudited) € 30 November 2023 (Unaudited) € 31 May 2024 (Audited) €
Conroy Gold (Longford – Down) Limited 9,116,824 9,116,823 9,116,824
Conroy Gold (Clontibret) Limited 5,766,902 5,766,901 5,766,902
Conroy Gold (Armagh) Limited 3,719,358 3,719,357 3,719,358
Conroy Gold Limited 1 1 1
Armagh Gold Limited 3 3 3
18,603,088 18,603,085 18,603,088
The registered office of the above subsidiaries is 3300 Lake Drive, Citywest
Business Campus, Dublin 24, D24 TD21, Ireland.
1. Intangible Assets
Exploration and evaluation assets
Cost 30 November 2024 (Unaudited) € 30 November 2023 (Unaudited) € 31 May 2024 (Audited) €
At 1 June 28,405,738 26,331,917 26,331,917
Expenditure during the financial period/year
* License and appraisal costs 160,781 1,034,256 1,508,787
* Other operating expenses 171,038 230,035 565,034
At 30 November/31 May 28,737,557 27,596,208 28,405,738
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.
1. 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 October 2024, the Company issued 7,255,482
warrants whereby one ordinary share could be acquired for every two warrants
held at an exercise price of GBP 9.5 pence. These warrants expire in October
2025. The fair value of all warrants in issue at 30 November 2024 was
€4,761 and the movement in fair value of the warrants in the six month
period to 30 November 2024 resulted in a non-cash gain of €13,215.
1. Other Creditors / Non-Controlling Interest
Convertible shares and Net Smelter Royalty
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 made investments in the following wholly owned subsidiaries of the
Company: Conroy Gold (Clontibret) Limited, Conroy Gold (Longford Down) Limited
and Conroy Gold (Armagh) Limited.
On 29 April 2024, the Company entered into a binding agreement with Demir
Export that resulted in Demir Export exiting the joint venture. Demir Export
had continued to spend on the project in the current financial year and at the
time of their exit, had invested a total of €5,657,671 in the subsidiary
companies covered by the joint venture.
As a result of the joint venture exit, Demir transferred all convertible
shares to the Company with the consideration being the granting by the Company
of a net smelter royalty interest payable from future production. The net
smelter royalty is calculated at a rate of 2% payable from commercial
production of minerals from the joint venture licences. The royalty payment
will be made from the first mine or mines that are brought into production
however the total payment under the net smelter royalty is capped at the total
amount invested by Demir Export of €5,657,671.
This transaction is treated as an asset acquisition under IFRS 3 with the
value of the intangible assets acquired being equal to the investment into the
subsidiary companies by Demir Export of €5,657,671 and the consideration
paid being the granting of the Net Smelter Royalty to Demir Export which is
capped at the amount of the investment. This liability is carried as a
non-current liability under other creditors as it will only become payable
when a fully permitted mine is brought into production in one or more of the
Group’s licences.
The fair value of the Net Smelter Royalty Liability as at 29 April 2024 (being
the date of the transaction), was calculated at €4,501,410 in accordance
with the Group’s accounting policies. The resultant reduction in
liability of €1,156,261 is recognised as a gain in the Statement of Changes
in Equity and recorded as an increase in other reserves on the Group’s
Statement of Financial Position. The fair value of the liability was
considered at the period end in the context of any potential changes in
underlying assumptions and no amendment made as any relevant changes were
immaterial.
1. Trade and other payables: amounts falling due within one year
Included in the payables figure of €3,912,660 is an amount of €3,522,684
in respect of amounts owed to both current and former directors of the Group
who provide continuing support to the Group through renewing annually a
commitment not to seek payment of the amounts owed unless the Group is in a
position to discharge them.
1. Commitments and contingencies
Exploration and evaluation activities
The Group has received prospecting licences under the Republic of Ireland
Mineral Development Acts 1940 to 1995 for areas in Monaghan and Cavan. It has
also received licences in Northern Ireland for areas in Armagh in accordance
with the Mineral Development Act (Northern Ireland) 1969. At 30 November 2024,
the Group had work commitments of €48,000 for the year to 30 November 2025
in respect of these licences.
The Group also hold prospecting license in Finland which are currently under
application for extending, however there are no work or financial commitments
in respect of these licenses as at 30 November 2024.
1. 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.
1. Related party transactions
(a) Apart from Directors’ remuneration and participation in the share
issue dated 9 October 2024, 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.
(b) The Group has an equity interest of 5,000,000 ordinary shares in Karelian
Diamond Resources PLC (“Karelian”) and entered into a convertible loan
note with Karelian in May 2023 which attracted an interest rate of 5% per
annum, payable on the redemption or conversion of the Loan Note. The Loan
Note is convertible into ordinary shares at the option of the Company at any
time and was for an initial term of 18 months. The conversion price is at a
price of 5 pence per Karelian ordinary share.
The Group has the right to seek conversion of the principal amount outstanding
on the convertible loan note and all interest accrued at any time during the
term. The term of the formal loan agreement ended in November 2024. The
Group has been in discussions on extending the term of the loan and post
period end the parties have agreed in principle to extend the term of the
convertible loan to 30 November 2025, however this remains subject to, inter
alia, finalisation of a variation agreement and any necessary regulatory
approvals under the AIM Rules for Companies. The parties are also in
discussions to amend the conversion price of the convertible loan note as part
of the variation agreement.
(c) The Group shares accommodation and staff with Karelian which have
certain common Directors and shareholders. For the six-month period ended 30
November 2024, the Group incurred costs totalling €34,245 (30 November 2023:
€49,597) on behalf of Karelian. These costs were recharged to Karelian by
the Group. The Group was owed €126,592 by Karelian as at 30 November
2024 (30 November 2023: €69,870).
1. Approval of the condensed consolidated financial statements
These condensed consolidated financial statements were approved by the Board
of Directors on 28 February 2025. A copy of the condensed consolidated
financial statements will be available on the Group’s website
www.conroygold.com on 28 February 2025.
4112788_0.jpeg (https://mb.cision.com/Public/22621/4112788/9c29694e49f78a29_org.jpeg)
Copyright (c) 2025 PR Newswire Association,LLC. All Rights ReservedRecent news on Conroy Gold and Natural Resources
See all newsREG - Conroy Gold&Nat Res - Directorate Change
AnnouncementREG-Conroy Gold & Natural Resources Plc: Half-yearly results for the six months ended 30 November 2024
AnnouncementREG-Conroy Gold & Natural Resources Plc: Initial Analysis at the Clontibret Deposit
AnnouncementREG-Conroy Gold & Natural Resources Plc: Operational Update
AnnouncementREG-Conroy Gold & Natural Resources Plc: Result of AGM
Announcement