REG-ECR Minerals plc Half-year Report
30/06/2022 07:15
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Half-year Report
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECR
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2022 AND
UPDATE
ECR Minerals plc, the gold exploration and development company, is pleased to
announce unaudited half-yearly financial results for the six months ended 31
March 2022 for the Company as consolidated with its subsidiaries (the
“Group”), along with a review of significant developments during the
period and subsequently.
HIGHLIGHTS
* The gold exploration boom in Victoria, Australia has continued, with material
progress made at the Company’s flagship Creswick and Bailieston assets.
ECR’s acquisition of the Brewing Lane and Nagambie-Rushworth Road properties
has enhanced access and exploration opportunities at both projects.
* In December 2022, the Company was notified it had been granted licence
EL006907 linking Creswick to Ballarat East-Nerrina. The board views this as a
key step in building our understanding of the Dimocks Main Shale anomaly and
developing ECR’s Creswick project. Also granted was licence EL007484 in East
Victoria, situated 50km north of Bairnsdale in the east of the state of
Victoria encompassing the alluvial fields of Swifts Creek and the Mid to Upper
reaches of the Tambo River.
* Despite severe delays in receiving assay results during the period due to the
impact of COVID-19, the results we did receive from our ongoing drilling
campaigns at Bailieston and HR3 delivered substantial progress in both gold
grades and our understanding of the regional geology.
* Drilling and subsequent 3D modelling of HR3 drillholes BH3DD005, BH3DD006 and
BH3DD007 earlier in the year revealed a moderate south plunging fold
underneath and along strike of the Maori Reef workings. In November 2022 we
reported initial results from BH3DD009, the first hole completed, which
returned 0.7m @ 28.06g/t Au from 52.7m depth from the Maori Reef. Holes
BH3DD010 and BH3DD011 reported consistent gold grades in December 2022, while
soil sampling results revealed a larger area of anomalies, supporting a
dilational jog model theory developed by our head geologist Adam Jones. In
March 2022 further data identified five mineralised zones, all correlated to
the Maori Anticline (within the Maori Reef), plus consistent gold grades were
identified in hole BH3DD012 and visible gold in hole BH3DD034 (see
announcement dated 14 March 2022 for full details).
* In February 2022, exploration licences EPM27901, EPM27902 and EPM27903 were
granted to 100% owned subsidiary LUX Exploration Limited (“LUX”), in the
Lolworth Region, North Queensland. The licences are located approximately
120km west of the historic Charters Towers Gold Mine in North Queensland and
cover 964 km2. Historic stream sediment sampling indicates that the Lolworth
Range area is prospective for gold, tungsten and tin.
* During the period under review, Dr Trevor George Davenport was appointed as an
Independent Non-Executive Director. Most recently Dr Davenport consulted for
Kryso Resources Plc at the time of the takeover of control of the company by
China Nonferrous International Mining Co. Ltd in 2011. In January 2022, Andrew
Scott, a communications specialist and media professional was also appointed
as a Non-Executive Director. The sad loss of former CEO Craig Brown presented
a substantial challenge to the management team. Nonetheless, a committee was
formed with Chairman David Tang, and Non-Exec Directors Dr Davenport and Adam
Jones, to manage the company up to the appointment of a new CEO.
* Post-period end, on 11 April 2022 Andrew Haythorpe was appointed as CEO
(currently a non-board position). Andrew has more than 20 years of experience
managing listed gold miners and explorers on the ASX and TSX as well as
working as a mining analyst and actively exploring for gold as a geologist.
* Post-period end, Ludevico Estacio, the Chairman of Philippines company
Cordillera Tiger Gold Resources, Inc., (in which ECR had a 25% shareholding),
agreed to sell his shares (1,499,996 in total) to ECR. The consideration of
1,499,996.00 Philippine pesos (approximately £22,000) was paid for in cash,
and ECR now holds 2,333,329 Ordinary Shares in Cordillera representing 70% of
its issued share capital (see announcement dated 27 April 2022 for full
details).
* Group comprehensive expenses of £324,333 are reported for the six months
ended 31 March 2022 (£468,112 for the six months ended 31 March 2021) and net
assets of £7,536,209 at 31 March 2022 (£6,442,465 at 31 March 2021).
* A Group Operating Loss is reported for the six months ended 31 March 2022 of
£552,202, compared with £403,079 for the six months ended 31 March 2021.
* Despite the effects of the COVID-19 pandemic on the global economy, the board
believes ECR is in a robust financial position and continues to provide
shareholders with exposure to an exciting range of gold projects.
FINANCIAL RESULTS
For the six months ended 31 March 2022 the unaudited financial statements of
the Group recorded a total comprehensive expense of £324,333.
The Group’s total assets were £7,674,007 at 31 March 2022, compared with
£6,522,307 at 31 March 2021. The increase in total assets has occurred
largely due to the increase in exploration assets following the capitalisation
of exploration expenditure during the period as a result of the current
aggressive drilling programme.
The Group held £1,204,289 of cash and cash equivalents at 31 March 2022,
compared with £3,928,905 at 31 March 2021.
REVIEW OF PRINCIPAL DEVELOPMENTS DURING THE PERIOD AND SUBSEQUENTLY
The six months to 31 March 2022 and the subsequent period since have been
notable as a period of great progress, sadness and change. Former CEO Craig
Brown died suddenly at the end of October 2021, and while a committee
including Chairman David Tang, and non-exec directors Trevor Davenport and
Adam Jones continued to run the Company without interruption, the shock of his
sudden loss remains with us to this day. Nonetheless he would be pleased and
proud with the operational progress to date, and we believe he would be
delighted with the calibre of his recently appointed successor Andrew
Haythorpe.
During the period under review, Dr Trevor Davenport was appointed as an
Independent Non-Executive Director. Most recently Dr Davenport consulted for
Kryso Resources Plc at the time of the takeover of control of the company by
China Nonferrous International Mining Co. Ltd in 2011.
In January 2022, Andrew Scott, a communications specialist and media
professional was also appointed as a Non-Executive Director. Andrew is well
known in the UK and across Australia as a business and markets interviewer. He
has worked at Sky News UK, Reuters and Proactive as well as in presenting and
media roles at ITV and Television NZ (TVNZ).
Post-period end, on 11 April 2022 Andrew Haythorpe was appointed as Chief
Executive Officer (currently a non-board position). Andrew has more than 20
years of experience managing listed gold miners and explorers on the ASX and
TSX as well as working as a mining analyst and actively exploring for gold as
a geologist. His board experience includes the role of Managing Director at
TSX and ASX-listed Crescent Gold Limited, which started with a market
capitalisation of $8 million and, under his leadership, reached $250 million
within four years. He was also Managing Director of ASX-listed gold producer
Michelago Resources and is currently the Managing Director of GoldOz Limited,
a gold company seeking to relist on the ASX. As an analyst, Andrew was
considered a global leader in the Industrial Minerals sector and rated 12th
best gold analyst at Hartley Poynton Ltd.
Currently, through ECR’s wholly owned Australian subsidiary Mercator Gold
Australia Pty Ltd (“MGA”), the board remains focused on the fast-paced
drilling programme at Bailieston and Creswick. During the period, large
quantities of drill core have been amassed for technical review, processing
and assay testing. Although, the impact of intermittent COVID lockdowns on the
region has resulted in delays to assay results, our geologist Adam Jones and
his team continue to make solid progress. In particular, the ongoing drilling
campaign at Bailieston and HR3 delivered substantial progress in both gold
grades and our understanding of the regional geology.
Post-period end, Ludevico Estacio, the Chairman of Philippines company
Cordillera Tiger Gold Resources, Inc., (in which ECR had a 25% shareholding),
agreed to sell his shares (1,499,996 in total) to ECR. The consideration of
1,499,996.00 Philippine pesos (approximately £22,000) was paid for in cash,
and ECR now holds 2,333,329 Ordinary Shares in Cordillera representing 70% of
its issued share capital (see announcement dated 27 April 2022 for full
details of this transaction).
Creswick
At Creswick, in December MGA was notified that license EL006907 linking
Creswick to Ballarat East-Nerrina had been granted. The board views this as a
key step in building our understanding of the Dimocks Main Shale anomaly and
developing ECR’s Creswick asset. The Company has also applied to renew
Creswick licence EL006184 for another five years and is awaiting final
approval. As the current incumbent, we have first rights over the licence, and
our geologist Adam Jones plans to develop the project with soil sampling
programmes in the vicinity of the quartz mineralisation identified in the 2021
diamond drilling campaign and to test for sub-cropping gold shoots. The
Brewing Lane property at Springmount contains numerous abandoned historical
gold workings with some underground exposures that offer opportunities for
mapping and sampling, followed up by drilling. The team will also commence
evaluation of prospects in the recently approved EL006907 area using
exploration techniques that proved successful on EL006184.
Bailieston
Notwithstanding the delays in receiving assay results, MGA is continuing to
progress with drilling at the Bailieston tenements (EL5433), focussing on the
Maori Reef and parallel reef systems within the HR3 goldfield. The geology
team is also making progress with near-term plans to re-enter and continue
exploration on the Blue Moon prospect located on the southern extent of
EL5433. Drilling and subsequent 3D modelling of HR3 drillholes BH3DD005,
BH3DD006 and BH3DD007 earlier in the year revealed a moderate south plunging
fold underneath and along strike of the Maori Reef workings (see announcement
dated 1 July 2022). In November 2022 we reported initial results from the
first hole completed, (BH3DD009), which returned 0.7m @ 28.06g/t Au from 52.7m
depth from the Maori Reef. Holes BH3DD010 and BH3DD011 reported consistent
gold grades in December, while soil sampling results revealed a larger area of
anomalies, supporting a dilational jog model theory developed by Adam Jones.
In March 2022 further data received identified five mineralised zones, all
correlated to the Maori Anticline (within the Maori Reef), plus consistent
gold grades in hole BH3DD012 and visible gold in hole BH3DD034.
Post-period end, we reported the highest grade gold intercept yet at hole
BH3DD027, HR3 with 0.2m @ 52.5 g/t Au from 126.3m depth. This was followed by
HR3 drill hole BH3DD022, which returned a result of 0.5m @ 12.74 g/t Au (see
announcements dated 22 April 2022 and 4 May 2022).
Lolworth District of North Queensland, Australia.
In February 2022, exploration licences EPM27901, EPM27902 and EPM27903 were
granted to ECR’s 100% owned subsidiary LUX Exploration Limited, in the
Lolworth Region, North Queensland. The area contains metamorphic rocks of the
Charters Towers Province, that host large historical gold producing centres
such as Charters Tower (6.6M Oz Au) and Ravenswood (>1M Oz Au). The
structural and basement geology is poorly understood in the area, suggesting
numerous opportunities to find new deposits. The area also contains reported
rhyolitic volcanism, which plays host to intrusion-related breccia gold
deposits in the region such as Mount Leyshon (>2.5M oz) and Mount Wright
(>1M oz). Historic samples also highlighted tin-tungsten mineralisation in
the western areas of EPM27902. Reports show no detailed follow-up work has
been undertaken.
Exploration licence EL007484 in East Victoria was also granted in February
2022. This licence area is situated 50km north of Bairnsdale in the east of
the state of Victoria encompassing the alluvial fields of Swifts Creek and the
Mid to Upper reaches of the Tambo River.
The Directors believe exploration licence EPM27901, 27902 and 27903 offer
significant potential for precious and base metal discoveries in an area of
Australia where multiple large-scale discoveries have already been made.
Outlook
After a challenging transition period, the directors of ECR Minerals plc are
excited about the Company’s near-term and future prospects under the
leadership of Chief Executive Officer Andrew Haythorpe. As eagerly anticipated
assay results begin to arrive, our board, geologists, drilling team and wider
staff at the Bendigo headquarters are enthused by the possibility of
developing a resource at both the Bailieston and Creswick projects. We are
equally encouraged about the prospectivity demonstrated by our new licences at
Lolworth Range, North Queensland and our East Victoria exploration licence at
Tambo.
These factors, together with the potential to realise shareholder value from
our Danglay asset in the Philippines, could result in an exciting year ahead
as ECR’s operations and opportunities evolve.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO
Email: info@ecrminerals.com (mailto:info@ecrminerals.com)
Website: www.ecrminerals.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com&esheet=52766467&newsitemid=20220629005943&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=64d4f2c1628d9d5dddf49d73523c51b2)
WH Ireland Ltd Tel: +44 (0)207 220 1666
Nominated Adviser
Katy Mitchell/Andrew de Andrade
SI Capital Tel: +44 (0)1483 413500
Broker
Nick Emerson
Novum Securities Tel: +44 (0)20 7399 9425
Broker
Jon Belliss
BlytheRay Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly
owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has
100% ownership of the Bailieston and Creswick gold projects in central
Victoria, Australia, has eight licence applications outstanding including one
licence application lodged in eastern Victoria. (Tambo gold project). MGA is
currently drilling at both the Bailieston (EL5433) and Creswick (EL6148)
projects and has an experienced exploration team with significant local
knowledge in the Victoria Goldfields and wider region.
https://mercatorgold.com.au/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmercatorgold.com.au%2F&esheet=52766467&newsitemid=20220629005943&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=2&md5=ed8c28786693e20277f19ce938c9573e)
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd
(“LUX”) which has three licence applications covering 900 km2 covering a
relatively unexplored area in Queensland, Australia.
https://luxexploration.com/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fluxexploration.com%2F&esheet=52766467&newsitemid=20220629005943&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=3&md5=c132db2c611a2df5229d83991d2c2d06)
Following the sale of the Avoca, Moormbool and Timor gold projects in
Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the
subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd
(TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up
to A$2 million in payments subject to future resource estimation or production
from projects sold to Fosterville South Exploration Limited.
ECR holds a 70% interest in the Danglay gold project; an advanced exploration
project located in a prolific gold and copper mining district in the north of
the Philippines, which has a 43-101 compliant resource. ECR also holds a
royalty on the SLM gold project in La Rioja Province, Argentina and can
potentially receive up to US$2.7 million in aggregate across all licences.
FORWARD LOOKING STATEMENTS
This announcement may include forward-looking statements. Such statements may
be subject to a number of known and unknown risks, uncertainties and other
factors that could cause actual results or events to differ materially from
current expectations. There can be no assurance that such statements will
prove to be accurate and therefore actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward looking statements. Any
forward looking statements contained herein speak only as of the date hereof
(unless stated otherwise) and, except as may be required by applicable laws or
regulations (including the AIM Rules for Companies), the Company disclaims any
obligation to update or modify such forward looking statements as a result of
new information, future events or for any other reason.
Consolidated Income Statement
For the six months ended 31 March 2022
Six months ended Six months ended Year ended
31 March 2022
31 March 2021
30 September 2021
£ £ £
Other administrative expenses (546,565) (403,092) (1,142,338)
Currency exchange differences 2,320 (11,375) (347,315)
Total administrative expenses (544,245) (414,467) (1,489,653)
Operating loss (544,245) (414,467) (1,489,653)
Fair value movements – available for sale financial asset 1,245 2,024 4,593
Loss on disposal (8,863) - -
(551,863) (412,443) (1,485,060)
Finance income 455 104 288
Other income - 10,519 19,021
Finance costs (794) (1,248) -
Finance income and costs (339) 9,375 19,309
(552,202) (403,079) (1,465,751)
Loss for the period before taxation
Income tax - - -
Loss for the period (552,202) (403,079) (1,465,751)
Loss attributable to:
Owners of the parent (552,202) (403,079) (1,465,751)
Loss per share – basic and diluted
On continuing operations (0.05)p (0.14)p (0.16)p
Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2022
Six months ended Six months ended Year ended
31 March 2022
31 March 2021
30 September 2021
£ £ £
Loss for the period (552,202) (403,079) (1,465,751)
Items that may be reclassified subsequently to profit or loss
Gain/(losses) on exchange translation 227,869 (65,034) 52,545
Other comprehensive income/(expense) for the period 227,869 (65,034) 52,545
Total comprehensive expense for the period (324,333) (468,112) (1,413,206)
Attributable to:
Owners of the parent (324,333) (468,112) (1,413,206)
Consolidated Statement of Financial Position
At 31 March 2022
As at As at As at
31 March 2022
31 March 2021
30 September 2021
Assets £ £ £
Non–current assets
Property, plant and equipment 1,695,587 206,110 1,303,557
Equity investment 10,288 - -
Exploration assets 4,554,226 2,224,304 3,321,481
Total non-current assets 6,260,100 2,430,415 4,625,038
Current assets
Trade and other receivables 166,909 134,094 221,869
Available for sale financial assets 42,708 28,894 31,461
Taxation - - -
Cash and cash equivalents 1,204,289 3,928,905 2,982,046
1,413,906 4,091,892 3,235,376
Total assets 7,674,007 6,522,307 7,860,414
Current liabilities
Trade and other payables 137,797 79,842 202,731
Total liabilities 137,797 79,842 202,731
Net assets 7,536,210 6,442,465 7,657,683
Equity attributable to owners of the parent
Share capital 11,290,719 11,289,282 11,290,483
Share premium 52,796,186 50,358,598 52,593,562
Exchange reserve 811,867 16,582 583,998
Other reserves 440,706 453,867 440,706
Retained losses (57,803,268) (55,675,866) (57,251,067)
Total equity 7,536,2010 6,442,465 7,657,683
Consolidated statement of changes in equity
For the six months ended 31 March 2022
Share Share Exchange Other Retained Total
capital
premium
reserves
reserves
reserves
Equity
£ £ £ £ £ £
11,286,928 47,090,048 531,453 440,706 (55,785,315) 3,563,819
At 1 October 2020
Loss for the period – – – – (403,079) (403,079)
Loss on exchange translation – – (65,034) – – (65,034)
Total comprehensive income /(expense) – – (65,034) – (403,079) (468,112)
Shares issued 2,354 3,268,551 – – – 3,270,905
Share issue costs – – – – – –
Share based payments – – – 13,161 – 13,161
Recycled through profit or loss – – (449,837) – 512,528 62,691
11,289,282 50,358,59 16,582 453,867 (55,675,866) 6,442,464
At 31 March 2021
Loss for the period – – – – (1,062,672) (1,062,672)
Loss on exchange translation – – 567,416 – – 567,416
Total comprehensive income /(expense) – – 567,416 – (1,062,672) (495,256)
Shares issued 1,202 2,363,963 – – – 2,364,165
Shares issue costs – (128,000) – – – (128,000)
Share based payments – – – (13,161) (512,528) (525,689)
11,290,483 52,593,562 583,998 440,706 (57,251,067) 7,657,683
At 30 September 2021
Loss for the period – – – – (552,202) (552,202)
Loss on exchange translation – – 227,869 – – 227,869
Total comprehensive income /(expense) – – 227,869 – (552,202) (324,333)
Shares issued 236 202,624 – – – 202,860
Total transactions with owners, recognised directly in equity 236 202,624 – – – 202,860
11,290,719 52,796,186 811,867 440,706 (57,803,269) 7,536,210
At 31 March 2022
Consolidated Cash Flow Statement
For the six months ended 31 March 2022
Six months ended Six months ended Year ended
31 March 2022
31 March 2021
30 September 2021
£ £ £
Net cash flow used in operations (480,770) (451,693) (1,398,242)
Investing activities
Purchase of plant, property and equipment (250,636) (32,520) (1,171,840)
Increase in exploration assets (1,239,378) (355,120) (1,452,297)
Equity investment (10,288) - -
Interest received 455 104 288
Net cash used in investing activities (1,499,847) (387,537) (2,623,849)
Financing activities
Proceeds from issue of shares 202,860 3,270,905 5,507,088
Net cash from financing activities 202,860 3,270,905 5,507,088
Net change in cash and cash equivalents (1,777,757) 2,431,674 1,484,815
Cash and cash equivalents at beginning of the period 2,982,046 1,497,231 1,497,231
Effect of change in exchange rates - - -
Cash and cash equivalents at end of the period 1,204,289 3,928,905 2,982,046
Notes to the Condensed Half-Yearly Financial Statements
For the six months ended 31 March 2022
1. Basis of preparation
The condensed consolidated half-yearly financial statements incorporate the
financial statements of the Company and its subsidiaries (the “Group”)
made up to 31 March 2022. The results of the subsidiaries are consolidated
from the date of acquisition, being the date on which the Company obtains
control, and continue to be consolidated until the date such control ceases.
These condensed half-yearly consolidated financial statements do not include
all of the information required for full annual financial statements, and
should be read in conjunction with the consolidated financial statements of
the Group for the year ended 30 September 2021. They have been prepared in
accordance with the accounting policies adopted in the last annual financial
statements for the year to 30 September 2021. The report of the auditors on
those accounts was unqualified and did not contain a statement under section
498(2) or (3) of the Companies Act 2006, but did include a reference to
matters which the auditors drew attention to by way of emphasis without
qualifying their report.
The accounting policies have been applied consistently throughout the Group
for the purpose of preparation of these consolidated half-yearly financial
statements. New and amended standards, and interpretations issued and
effective for the financial year beginning 1 October 2021 have been adopted
but do not have a material impact on the condensed consolidated financial
statements. The Group has not early adopted any other standard, interpretation
or amendment that has been issued but is not yet effective.
The financial information in this statement does not constitute full statutory
accounts within the meaning of Section 434 of the Companies Act 2006. The
financial information for the six months ended 31 March 2022 and 31 March 2021
is unaudited. The comparative figures for the period ended 30 September 2021
were derived from the Group’s audited financial statements for that period
as filed with the Registrar of Companies. They do not constitute the financial
statements for that period.
2. Going concern
The Directors are satisfied that the Group has sufficient resources to
continue its operations and to meet its commitments for the immediate future.
The Group therefore continues to adopt the going concern basis in preparing
its condensed half-yearly financial statements.
3. Cash and cash equivalents
Cash includes petty cash and cash held in bank current accounts. Cash
equivalents include short-term investments that are readily convertible to
known amounts of cash and which are subject to insignificant risk of changes
in value.
4. Earnings per share
Six months ended Six months ended Year ended
31 March 2022
31 March 2021
30 September 2021
Weighted number of shares in issue during the period 1,027,481,119 783,384,516 892,410,767
£ £
Loss from continuing operations attributable to owners of the parent (552,202) (403,079) (1,465,751)
The disclosure of the diluted loss per share is the same as the basic loss per
share as the conversion of share options decreases the basic loss per share
thus being anti-dilutive.
Notes to the Condensed Half-Yearly Financial Statements
For the six months ended 31 March 2022
5. Income tax
No charge to tax arises on the results and no deferred tax provision arises or
deferred tax asset is identified.
6. Shares and options transactions during the period
The share capital of the Company consists of three classes of shares: ordinary
shares of 0.001p each which have equal rights to receive dividends or capital
repayments and each of which represents one vote at shareholder meetings; and
two classes of deferred shares, one of 9.9p each and the other of 0.099p each,
which have limited rights as laid out in the Company’s articles: in
particular deferred shares carry no right to dividends or to attend or vote at
shareholder meetings and deferred share capital is only repayable after the
nominal value of the ordinary share capital has been repaid.
a) Changes in issued share capital and share premium:
Number of Ordinary Deferred Deferred ‘B’ Deferred Total Share
Shares shares 9.9p shares 0.099p shares 0.199p shares shares premium Total
£ £ £ £ £ £ £
At 1 October 2021 1,016,558,551 10,165 7,194,816 3,828,359 257,161 11,290,483 52,593,562 63,880,045
Issue of shares less costs 21,786,000 218 - - - 236 202,624 202,860
Balance at 31 March 2022 1,038,344,551 10,383 7,194,816 3,828,359 257,161 11,290,719 52,796,186 64,086,905
All the shares issued are fully paid up and none of the Company’s shares are
held by any of its subsidiaries.
7. Consolidated Cash Flow Statement
Six months ended Six months ended Year ended
31 March 2022
31 March 2021
30 September 2021
£ £ £
Operating activities
Loss for the period, before tax (552,202) (403,079) (1,413,206)
Adjustments:
Depreciation expense, property, plant and equipment 98,069 20,770 51,822
Loss on disposal of subsidiary 5,539 - -
(Gain)/Loss on available for sale financial assets (2,024) (4,593)
Interest income (455) (104) (288)
(Gain)/Loss on revaluation of investments (1,247) – –
(Increase) /decrease in accounts receivable 54,960 (25,477) (37,531)
Increase/(Decrease) in accounts payable (64,934) (41,780) 81,109
Net cash flow used in operations (480,770) (451,693) (1,398,424)
Notes to the Condensed Half-Yearly Financial Statements
For the six months ended 31 March 2022
8. Post period end events
On 11 April 2022, the Company was pleased to announce the appointment of
Andrew Haythorpe as CEO of the Company (this is currently a non-board
position)
On 22 April 2022, the Company was pleased to provide an update on drilling at
HR3 including the highest grade gold intercept yet below the soil anomaly
drilled by hole BH3DD027 with 0.2m @ 52.5 g/t Au from 126.3m depth in hole
BH3DD027 (reported drilled thickness). BH3DD027 represents assays received
from the first of two holes initially drilled into the Hard-Up Reef underneath
a previously identified soil anomaly. As drilling continues in HR3
(Bailieston) strengthening the Maori Anticline target model with multiple
narrow mineralised structures observed.
On 27 April 2022, the Company announced that following an agreement with
Philippines based company Cordillera Tiger Gold Resources, Inc. (“Cordillera
Tiger”, “Cordillera”), in which ECR has a 25% shareholding, the
Cordillera Chairman & Vice President Ludevico Estacio has agreed to sell
his shares (1,499,996 in total) to ECR Minerals. The consideration for the
additional 1,499,996 shares in Cordillera is 1,499,996.00 Philippine pesos
(approx £22,000), which has been paid for in cash. Following this
acquisition, ECR hold 2,333,329 Ordinary Shares in Cordillera representing 70%
of its issued share capital.
On 4 May 2022, the Company was please to provide another update from drilling
at HR3 with further high gold grades identified at the upper part of the Maori
Anticline in hole BH3DD022. Drillhole BH3DD022 has returned a result of 0.5m @
12.74 g/t Au and the Maori Reef is open for potential mineralisation further
to the south-east of BH3DD022.
On 31 May 2022, the company announced that Non-Executive Director Adam Jones
will become an Executive Director with immediate effect. Adam’s new role
will be Technical Director of Exploration across ECR’s portfolio of
projects.
On 8 June 2022, the Company announced a progressive update from drilling at
HR3, Bailieston with high gold intercepts received for hole BH3DD034.
Drillhole BH3DD034 returned four high gold grade intercepts at drilled depths;
(0.3m@ 20.34 g/t Au from 18.2m), (0.65m @ 13.02 g/t Au from 54.2m), (0.3m @
10.59 g/t Au from 97.9m) and (0.25m @ 45.0 g/t Au from 149.2m) with visible
gold recorded at 149.2m depth and mineralised zones show continuity to
adjacent previously drilled intercepts in hole BH3DD019.
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ECR Minerals plc
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