REG - Empire Metals Ltd - Interim Results
18/09/2024 07:00
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RNS Number : 5769E Empire Metals Limited 18 September 2024
Empire Metals Limited / LON: EEE / Sector: Natural Resources
18 September 2024
Empire Metals Limited
("Empire" or "the Company")
Interim Results
Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and
development company, is pleased to announce its interim results for the
six-month period ended 30 June 2024.
Highlights:
· Unprecedented exploration results from the giant mineral system
discovery at the Pitfield Project ("Pitfield") which hosts titanium
mineralisation of globally significant size and grade, associated with a 40km
by 8km by 5km deep magnetics anomaly.
· 100% success rate during 2024 reverse circulation drilling ("RC")
and diamond core drilling campaigns with every hole, and every metre of every
hole, intersecting titanium mineralisation from surface, or near surface, and
with each and every hole terminating in titanium mineralisation that is open
at depth.
· Identification of higher TiO(2) grades within a high-purity
anatase-rich weathered cap zone found at or near surface across Pitfield's two
primary target areas, Cosgrove and Thomas.
· Declaration of JORC-Code Exploration Target, covering the Thomas
and Cosgrove mineral prospects, estimated to contain between 26.4 to 32.2
billion tonnes with a grade range of 4.5 to 5.5% TiO(2)*.
· Included within the total Exploration Target above is a subset that
covers the weathered cap zone, which extends from surface to an average
vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9
billion tonnes with a grade range of 4.8 to 5.9% TiO(2)*.
· Confirmation of favourable mineralogy and metallurgy which is
expected to lead to a relatively straight forward processing flowsheet
involving mineral separation and hydrometallurgical stages to produce a highly
concentrated, high-value commercial end product.
· Talented exploration and development team established in Western
Australia and further bolstered post period end with the addition of highly
experienced professionals to support the rapid development of Pitfield.
· Completed a £3 million fundraise led by a supportive Saudi
Strategic Investor and the single largest shareholder of Empire.
· Strong balance sheet of £2.4 million as at 17 September 2024 to
support further exploration and development work into 2025.
*The potential quantity and grade of the Exploration Target is conceptual in
nature. There has been insufficient exploration to estimate a Mineral Resource
and it is uncertain if further exploration will result in the estimation of a
Mineral Resource.
Shaun Bunn, Managing Director, commented: "Our focus remains firmly on the
accelerated development of Pitfield, with huge leaps forward being made in
terms of our understanding of the geology and mineralogy, the metallurgy and
associated processing options, as well as the addition of multiple process
testwork studies all aimed at unlocking this giant mineral deposit's value.
Our project has created a buzz throughout the mining and metals world, and our
technical team and board are united in their ambition to keep this momentum up
and make Pitfield a highly profitable commercial operation in as short
timeframe as practicable.
"In line with this, earlier this month I was delighted to report that diamond
core drilling has recommenced at Pitfield, focusing specifically on better
characterising the higher grade weathered cap zone, including thickness, grade
and shape, as well as obtaining additional drill core samples for
metallurgical test work. This weathered cap zone presents an enormous
opportunity for the Company to accelerate its plans to become the next fully
integrated "mine to high-quality TiO(2) product" project. Alongside this
drilling campaign, which is expected to cost in the region of £150,000, our
immediate work remains on confirming the process route, delineating a maiden
Mineral Resource Estimate and defining high-value commercial end products.
The numerous workstreams that we have underway, supported by our healthy bank
balance which presently stands at £2.4 million, will deliver frequent news
flow over the coming weeks and months as we edge closer to commercialisation."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014, as incorporated into UK law by the European Union (Withdrawal) Act
2018, until the release of this announcement.
For further information please visit www.empiremetals.co.uk
(http://www.empiremetals.co.uk) or contact:
Empire Metals Ltd Tel: 020 4583 1440
Shaun Bunn / Greg Kuenzel / Arabella Burwell
S. P. Angel Corporate Finance LLP (Nomad & Broker) Tel: 020 3470 0470
Ewan Leggat / Adam Cowl
Shard Capital Partners LLP (Joint Broker) Tel: 020 7186 9950
Damon Heath
St Brides Partners Ltd (Financial Tel: 020 7236 1177
PR)
Susie Geliher / Charlotte Page
CHAIRMAN'S STATEMENT
Our Pitfield Project has gone from strength to strength during the period,
surpassing our own expectations on numerous occasions. Word continues to
spread about our giant mineral system discovery, and its potential to become a
fully integrated, mining, processing and refining operation on an
internationally significant scale.
The primary objectives at the start of the year were to expand and
characterize our discovery through additional exploration and begin the
mineralogical studies and metallurgical test work required to accelerate the
economic development of Pitfield.
In January 2024, we released details of the analytical lab results from the RC
programme conducted at the end of 2023. These results confirmed that
Titanium Dioxide (TiO(2)) mineralisation was present in virtually every
drilled metre, starting from or near surface, in all of the 40 holes drilled,
that all 40 drillholes ended in Titanium Dioxide mineralisation, and that
broad, higher-grade Titanium Dioxide mineralisation was identified in the
sandstone-rich beds, which consistently return higher-grade Titanium Dioxide
results than the adjacent conglomerate or siltstone-rich beds. We could not
have planned for a better outcome from our drilling.
Based on these findings, and with the geological model developed from our
extensive exploration work since Q2 2023, the technical team's focus has now
narrowed in on demonstrating Pitfield's viability for economic development
through mineralogical studies, metallurgical test work and processing flow
sheet design.
In March 2024, Empire demonstrated the favourable mineralogy and metallurgy in
high-grade Titanium Dioxide samples drilled at Pitfield; indicating
potential for a relatively simple processing flowsheet and a highly
concentrated, high-value commercial end product. Importantly titanite, a
calcium titanium silicate, was confirmed as the most abundant titanium-bearing
mineral in the unweathered sandstone host rock, accounting for approximately
67% of the total contained Titanium Dioxide and approximately 20% of the
potential Pitfield ore by mass.
Subsequent work, in the form of diamond core and RC drill chip logging,
confirmed extensive weathering of the uppermost 40m of mineralised bedded
sandstones, coincident with high Titanium Dioxide grades, forming a 'weathered
cap'. This weathered cap covers the extent of the 40km long titanium-rich
mineral system and is a discrete and significant Titanium Dioxide discovery in
its own right, containing abundant, highly concentrated Titanium Dioxide in
the form of predominantly anatase and lesser rutile. These twin sister
minerals are both highly valuable Titanium Dioxide minerals that contain
>95% Titanium Dioxide and are both important feedstocks for the titanium
pigment and titanium metal markets.
This naturally occurring anatase-rich deposit was created simply by the
weathering of the underlying mineralised sandstones, through the
disintegration of the host sandstone and complete alteration of the primary
titanite (the principal titanium ore mineral in the unweathered bedrock) to
the more concentrated and pure Titanium Dioxide minerals. Additional lab
results received post period end, confirmed that the weathered cap contains an
abundance of high-purity anatase, containing up to 98.5% Titanium Dioxide and
accounting for more than 5% of the mass of the near-surface weathered bedrock,
being 4 to 5 times higher Titanium Dioxide concentration than that typically
found in mineral sand deposits.
This weathered cap reinforces the potential for Empire to develop a fully
integrated, single-site, mine to high quality Titanium Dioxide product project
and it opens up the possibility of a new, staged development plan whereby the
Company can look to develop this high-grade, high-value, easily mined,
anatase-rich ore deposit located at surface, whilst it achieves development of
an optimal processing flowsheet for the vast, underlying titanite-rich ore
deposit.
A further milestone event for Empire was the announcement of a JORC
Exploration Target, covering the Thomas and Cosgrove mineral prospects, which
was estimated to be between 26.4 to 32.2 billion tonnes with a grade range of
4.5 to 5.5% Titanium Dioxide*. Included within the total Exploration Target
above is a subset that covers the weathered sandstone cap zone, which extends
from surface to an average vertical depth of 30m to 40m and is estimated to
contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9%
Titanium Dioxide*. In the world of mining, size matters; with this
Exploration Target, Empire has certainly demonstrated the potential for a
project that has international importance.
It is also important to note that the total Exploration Target covers a
combined area of approximately 59km(2), extends down to 150m vertical depth
only, and has been constrained at a 2% Titanium Dioxide cut-off grade. This
means that the total Exploration Target covers less than 20% of the area of
the overall 40km by 8km mapped mineral system at Pitfield. Furthermore,
given that geophysics and other supportive data indicates a 5km depth extent
of the mineral system, this Exploration Target potentially only covers the top
3% of the vertical extent of mineralization. With this in mind, the resource
potential for Pitfield to continue growing is truly considerable and unmatched
anywhere.
Earlier this month we announced that diamond drilling had commenced again and
is expected to continue through October. This is a relatively small but
focused drilling campaign, expected to cost in the region of £150,000, and is
targeting the shallow, near-surface, weathered sandstone-hosted, high-purity
anatase-rich mineralisation in order to further define the geological
characteristics of this weathered cap Titanium Dioxide deposit, including
thickness, grade and shape, as well obtaining important drill core samples for
metallurgical test work.
Given the intensive work programmes which are certainly merited at Pitfield,
and the Company's confidence in its ultimate commercial value, the Board took
the decision to rationalise its wider portfolio during the period and release
certain non-core assets. As a consequence of this, the Board decided not to
extend the Gindalbie Tribute Agreement, which was due to expire on 24 February
2024, or complete the acquisition of the Stavely Project, which expired on 6
April 2024.
Corporate
Empire has built a team that can transform the Pitfield Project from an
exploration discovery into an economic mine development project as its next
stage of evolution, and ultimately a highly profitable commercial operation.
During the period, Empire announced the appointment of Narelle Marriott as the
Company's Process Development Manager and that it had secured the services of
two senior titanium industry consultants, Dr. Trevor Nicholson and Eugene
Dardengo, who together have over 72 years of experience in the titanium
processing and extraction industry. The Company also appointed Carrie
Pritchard as Environmental Manager and David Parker as Commercial Manager;
both highly experienced professionals in the mining industry who will provide
invaluable support to Empire as it advances Pitfield. Post period end, the
Company announced the appointment of a new Senior Geologist, Tsog
Batsaikhan. Tsog is an experienced resource and exploration geologist, with
degrees in Geology, Metallurgy and Computer Science, and he will assist with
the exploration drilling and help build both the geometallurgical and mineral
resource estimate models.
The Company will continue to seek out experienced and talented professionals
to join our small and motivated development team as we move closer towards
commercialisation of Pitfield.
Financial Results
As an exploration and development group which has no revenue, we are reporting
a loss for the 6 months ended 30 June 2024 of £1,389,318 (30 June 2023: loss
of £1,037,128).
At the beginning of the period, on 22 January 2024, the Company announced that
it had raised £3 million before expenses by way of a placing of 27,272,728
new ordinary shares of no par value in the capital of the Company at 11p to a
strategic investor in Saudi Arabia and existing shareholders.
The Group's cash position as at 30 June 2024 was £3.14 million. Cash at
bank as at 17 September is £2.4 million.
Outlook
Empire has a defined project development path, spanning the next 12-18 months
that is the critical next step towards commercialisation. Our immediate plan
remains focused on confirming the processing route, delineating a maiden
Mineral Resource Estimate and defining on-site commercial products. The
drill programme that is currently underway at Pitfield is a key element of
this plan as the recovered diamond core will be used to provide additional
substantial quantities of high-grade, high-purity anatase-rich ore samples to
accelerate the mineral processing test work that recently commenced on the
weathered cap samples.
The rapid pace of development at Pitfield has been impressive, and the entire
Empire team is committed to ensuring this momentum is sustained. Each and
every work programme that our team has carried out at Pitfield has not only
generated successful results in a responsible, safe and efficient manner, but
has clearly demonstrated and acted to further reveal the true global
significance of this giant mineral system discovery and our ability as a
company to quickly evolve to unlock and develop its potential into one of the
world's great orebodies and commercial operations that will benefit all
stakeholders, both local and afar. I would like to take this opportunity to
thank our shareholders and wider stakeholders once again for their support
during the period, and I look forward to sharing further updates in the coming
weeks and months.
Neil O'Brien
Non-Executive Chairman
17 September 2024
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014, as incorporated into UK law by the European Union (Withdrawal) Act
2018, until the release of this announcement.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Notes 6 months to 30 June 2024 Unaudited 6 months to 30 June 2023 Unaudited
£ £
Continuing operations
Administration expenses 4 (974,376) (655,749)
Share option expense (430,589) (381,248)
Foreign exchange (1,082) (7,274)
Loss Before Interest and Income Tax (1,406,047) (1,044,271)
Net finance Income 16,729 7,910
Loss Before Tax (1,389,318) (1,036,362)
Corporation tax expense - (767)
Loss for the period (1,389,318) (1,037,128)
Loss attributable to:
- owners of the Parent (1,389,318) (1,037,128)
Loss for the period (1,389,318) (1,037,128)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Currency translation differences (57,242) (246,244)
Total comprehensive income (1,446,560) (1,283,372)
Attributable to:
- owners of the Parent (1,446,560) (1,283,372)
Total comprehensive income (1,446,560) (1,283,372)
Earnings/(loss) per share (pence) from continuing operations attributable to 10 (0.230) (0.225)
owners of the Parent - Basic and diluted
CONDENSED CONSOLIDATED BALANCE SHEET
Notes 30 June 2024 31 December 2023
Unaudited Audited
£ £
Non-Current Assets
Property, plant and equipment 29,800 7,377
Right of use asset 10,376 21,067
Held for sale asset 7 1,718,590 1,744,584
Intangible assets 6 3,978,395 2,869,667
5,737,161 4,642,695
Current Assets
Trade and other receivables 285,139 311,126
Cash and cash equivalents 3,140,370 2,752,187
3,425,509 3,063,313
Total Assets 9,162,670 7,706,008
Current Liabilities
Trade and other payables 8 228,947 730,292
Finance lease liabilities 10,360 21,382
Total Liabilities 239,307 751,674
Net Assets 8,923,363 6,954,334
Equity Attributable to owners of the Parent
Share premium account 9 52,877,259 49,892,259
Reverse acquisition reserve (18,845,147) (18,845,147)
Other Reserves 1,184,963 811,616
Retained losses (26,293,712) (24,904,394)
Total equity attributable to owners of the Parent 8,923,363 6,954,334
Total Equity 8,923,363 6,954,334
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share premium Reverse acquisition reserve Other reserves Retained losses Total equity
£ £ £ £ £
As at 1 January 2023 45,523,695 (18,845,147) 448,309 (22,360,771) 4,766,086
Comprehensive income
Profit/(Loss) for the period - - - (1,037,128) (1,037,128)
Other comprehensive income
Currency translation differences - - (246,244) - (246,244)
Total comprehensive income - - (246,244) (1,037,128) (1,283,372)
Issue of ordinary shares 1,269,500 - - - 1,269,500
Cost of share issues (55,581) - - - (55,581)
Share based payment charge - - 358,654 - 358,654
Warrants exercised - - (3,684) 3,684 -
Expired options - - (181,818) 181,818 -
Total transactions with owners 1,213,919 - 173,152 185,502 1,572,573
As at 30 June 2023 46,737,614 (18,845,147) 375,217 (23,212,397) 5,055,287
Share premium Reverse acquisition reserve Other reserves Retained losses Total equity
£ £ £ £ £
As at 1 January 2024 49,892,259 (18,845,147) 811,616 (24,904,394) 6,954,334
Comprehensive income
Profit/(Loss) for the period - - - (1,389,318) (1,389,318)
Other comprehensive income
Currency translation differences - - (57,242) - (57,242)
Total comprehensive income - - (57,242) (1,389,318) (1,446,560)
Issue of ordinary shares 3,000,000 - - - 3,000,000
Cost of share issues (15,000) - - - (15,000)
Share based payment charge - - 430,589 - 430,589
Total transactions with owners 2,985,000 - 430,589 - 3,415,589
As at 30 June 2024 52,877,259 (18,845,147) 1,184,963 (26,293,712) 8,923,363
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 months to 6 months to
30 June 2024 Unaudited 30 June 2023 Unaudited
Note £ £
Cash flows from operating activities
Loss before taxation (1,389,318) (1,037,128)
Adjustments for:
Depreciation 12,277 899
Share based payments 430,589 381,248
Net finance costs (16,729) (7,910)
Income tax expense - 766
(Increase)/Decrease in trade and other receivables 44,454 (64,677)
Increase/(Decrease) in trade and other payables (518,073) 147,192
Income tax paid - (5,939)
Net cash used in operations (1,436,800) (585,549)
Cash flows from investing activities
Purchase of property, plant & equipment (24,461) (6,587)
Purchase of intangible assets 6 (1,141,581) (548,601)
Net cash used in investing activities (1,166,042) (555,188)
Cash flows from financing activities
Proceeds from issue of shares 9 3,000,000 1,133,977
Cost of issue 9 (15,000) (55,581)
Cost of borrowings (10,704) (8,190)
Finance income 16,729 7,910
Net cash from financing activities 2,991,025 1,078,116
Net (increase) / decrease in cash and cash equivalents 388,183 (62,621)
Cash and cash equivalents at beginning of period 2,752,187 1,467,769
Exchange differences on cash - -
Cash and cash equivalents at end of period 3,140,370 1,405,148
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Empire Metals Limited ('the Company') and its
subsidiaries (together 'the Group') is the exploration and development of
precious and base metals. The Company's shares are quoted on the AIM Market of
the London Stock Exchange. The Company is incorporated in the British Virgin
Islands and domiciled in the United Kingdom. The Company was incorporated on
10 February 2010 under the name Gold Mining Company Limited. On 10 October
2016 the Company changed its name from Noricum Gold Limited to Georgian Mining
Corporation and subsequently on 10 February 2020 changed its name from
Georgian Mining Corporation to Empire Metals Limited.
The address of the Company's registered office is Craigmuir Chambers, PO Box
71, Road Town, Tortola BVI.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in
accordance with the requirements of the AIM Rules for Companies. As permitted,
the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The condensed interim financial
statements should be read in conjunction with the annual financial statements
for the year ended 31 December 2023, which have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted by the
European Union.
The interim financial information set out above does not constitute statutory
accounts. They have been prepared on a going concern basis in accordance
with the recognition and measurement criteria of International Financial
Reporting Standards (IFRS) as adopted by the European Union. Statutory
financial statements for the year ended 31 December 2023 were approved by the
Board of Directors on 10 June 2024. The report of the auditors on those
financial statements was unqualified.
Going concern
The Directors, having made appropriate enquiries, consider that adequate
resources exist for the Group to continue in operational existence for the
foreseeable future and that, therefore, it is appropriate to adopt the going
concern basis in preparing the condensed interim financial statements for the
period ended 30 June 2024.
The factors that were extant in the 31 December 2023 Annual Report are still
relevant to this report and as such reference should be made to the going
concern note and disclosures in the 2023 Annual Report.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Group's medium-term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Group's 31 December 2023 Annual Report and Financial
Statements, a copy of which is available on the Group's website:
https://www.empiremetals.co.uk (http://www.empiremetals.co.uk/) . The key
financial risks are liquidity risk, foreign exchange risk, credit risk, price
risk and interest rate risk.
Critical accounting estimates
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities, income and expenses, and disclosure of contingent assets and
liabilities at the end of the reporting period. Significant items subject to
such estimates are set out in note 4 of the Group's 31 December 2023 Annual
Report and Financial Statements. Actual amounts may differ from these
estimates. The nature and amounts of such estimates have not changed
significantly during the interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of computation have
been followed in these condensed interim financial statements as were applied
in the preparation of the Group's annual financial statements for the year
ended 31 December 2023.
3.1 Changes in accounting policy and disclosures
(a) New and amended standards mandatory for the first time for the financial
periods beginning on or after 1 January 2024.
The International Accounting Standards Board (IASB) issued various amendments
and revisions to International Financial Reporting Standards and IFRIC
interpretations. The amendments and revisions were applicable for the period
ended 30 June 2024 but did not result in any material changes to the Financial
Statements of the Group.
b) New standards, amendments and interpretations in issue but not yet
effective or not yet endorsed and not early adopted.
There are a number of standards, amendments to standards, and interpretations
which have been issued by the IASB that are effective in future accounting
periods and which have not been adopted early.
4. Administrative expenses
30 June 30 June
2024 2023
£ £
Office expenses 43,930 32,030
Insurance 25,751 14,175
IT & software services 8,221 4,369
Directors, Employees & Contractors 406,528 262,396
Professional advisors 329,386 260,962
Travel & accommodation 91,403 63,900
Depreciation & amortisation 12,277 899
Other administrative expenses 56,880 17,018
974,376 655,749
5. Dividends
No dividend has been declared or paid by the Company during the six months
ended 30 June 2024 (2023: nil).
6. Intangible Assets
Exploration & Evaluation Assets at Cost and Net Book Value 30 June 2024 30 December 2023
£ £
Balance as at 1 January 2,869,667 3,337,598
Additions 1,141,581 1,960,050
Transfer to asset held for sale - (1,744,584)
Impairments - (527,245)
Foreign currency differences (32,853) (156,152)
As at 30 June 3,978,395 2,869,667
The Exploration & Evaluation additions in the current period primarily
relates to work performed at the Company's Pitfield project.
The Directors do not consider the asset to be impaired.
7. Held for Sale Asset
30 June 2024 30 December 2023
£ £
Balance as at 1 January 1,744,584 -
Additions - -
Transfer from Exploration & Evaluation assets - 1,744,584
Impairments - -
Foreign currency differences (25,994) -
As at 30 June 1,718,590 1,744,584
The Company continue to work on a potential divestment of the Eclipse project
and are actively engaged with a number of Australian companies operating in
the gold mining sector to find a buyer. Management are committed to the sale
of the Eclipse licence and given the recent increase in the gold price this
asset has become significantly more attractive. The expectation is that this
sale will be completed in the next 6 months.
8. Trade and Other Payables
30 June 2024 30 December 2023
£ £
Trade payables 114,041 319,356
Other payables 113,406 22,177
Accrued expenses 1,500 388,759
228,947 730,292
9. Share capital and share premium
Group Number of shares Share premium Total
£ £
At 1 January 2023 427,323,618 45,523,695 45,523,695
Issue of Ordinary Shares - 13 March 2023 55,555,554 1,250,000 1,250,000
Issue of Ordinary Shares - 26 April 2023 5,611,863 75,760 75,760
Exercise of Warrants - 27 April 2023 1,500,000 19,500 19,500
Exercise of Warrants - 15 August 2023 1,600,000 48,000 48,000
Exercise of Warrants - 15 August 2023 773,333 26,100 26,100
Issue of Ordinary Shares - 25 September 2023 75,000,000 3,000,000 3,000,000
Exercise of Warrants - 29 November 2023 1,876,553 24,395 24,395
Exercise of Options - 8 December 2023 500,000 20,000 20,000
Exercise of Options - 8 December 2023 500,000 27,500 27,500
Exercise of Warrants - 26 December 2023 1,336,875 80,213 80,213
144,254,178 4,571,468 4,571,468
Cost of capital - (202,904) (202,904)
At 31 December 2023 571,577,796 49,892,259 49,892,259
At 1 January 2024 571,577,796 49,892,259 49,892,259
Issue of Ordinary Shares - 22 January 2024 27,272,728 3,000,000 3,000,000
Cost of capital - (15,000) (15,000)
At 30 June 2024 598,850,524 52,877,259 52,877,259
10. Earnings per share
The calculation of the total basic loss per share of 0.230 pence (30 June
2023: 0.225 pence) is based on the loss attributable to equity owners of the
parent company of £1,389,318 (30 June 2023: £1,037,128) and on the weighted
average number of ordinary shares of 595,703,671 (30 June 2023: 461,625,336)
in issue during the period.
Details of share options that could potentially dilute earnings per share in
future periods are disclosed in the notes to the Group's Annual Report and
Financial Statements for the year ended 31 December 2023.
8,500,000 options were granted during the period. The total number of options
outstanding at 30 June 2024 is 72,900,000.
11. Commitments
Commitments stated in the Group's Annual Financial Statements for the year
ended 31 December 2023 remain.
12. Events after the balance sheet date
There have been no events after the reporting date of a material nature.
13. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of
Directors on 17 September 2024.
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