Interim Results
30/09/2024 07:00
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RNS Number : 1346G Katoro Gold PLC 30 September 2024
Katoro Gold PLC
('Katoro' or the 'Company')
Interim Results
30 September 2024: Katoro Gold PLC (AIM: KAT), the strategic and precious
minerals exploration and development company, announces its unaudited interim
financial results for the six-month period ending 30 June 2024 and provides a
brief update on subsequent developments.
Patrick Cullen, Interim Chief Executive Officer of Katoro commented:
"During the period, Katoro pursued a new direction with a refinancing that
enabled the elimination of historical creditor balances and liabilities which
had placed obvious limitations on the business. Since February, and with a
stabilised financial position, Katoro has been able to restructure its
management team, reassess existing interests and move forward with the active
and meaningful review of new opportunities of varying scale and complexity.
The first new opportunity announced is a robust yet low-cost move into uranium
exploration, at a highly significant time in the uranium and nuclear power
generation sector, with the acquisition through staking of the White Pine
Uranium Project in Ontario, Canada (news release 09 September 2024 can be
found here
(https://polaris.brighterir.com/public/katoro_gold/news/rns/story/w6v55lx) ).
Historic lake sediment sampling by the Ontario Geological Survey report very
highly anomalous uranium concentrations in a geologically prospective setting.
Furthermore, the project is adjacent to excellent infrastructure. These
attributes are highlighted in the White Pine Uranium Project presentation
available on the Company website www.katorogold.com
(http://www.katorogold.com) .
Rising global demand for green forms of energy, and electricity in particular,
has remobilised the uranium market in recent years. Interest has further
intensified with the news that Microsoft Corporation has sought direct
engagement with the restart of Three Mile Island in the USA in order to
provide reliable power for their AI business operations. Reliable, high
capacity and low carbon baseload generation are recognised features of nuclear
generation. There is new dynamic demand emerging for nuclear power generation
and so uranium, and Katoro will intensify its efforts in this important space.
Market conditions have been challenging for junior resource companies as
shareholders are aware. As a result, many of our peers are relinquishing
ground, or slimming business operations to focus on smaller portfolios. This
presents a fast-moving acquirer with many opportunities and Katoro's move into
uranium exploration is a first example of this. It is, I expect, only the
start, as we seek to further enhance our uranium exposure and also consider
fresh and exciting opportunities in strategic and critical metal projects.
Further updates are on the horizon, including re-branding and a new name
reflective of Katoro's revitalised strategy. In the meantime, we are focused
on the White Pine Uranium Project, the ongoing review of a very large body of
data from Haneti and the review of further opportunities and proposals. I look
forward to providing updates on these activities and other developments within
the business."
The full unaudited interim financial results for the six-month period ending
30 June 2024 can be viewed below and at www.katorogold.com.
This announcement contains inside information as stipulated under the Market
Abuse Regulations (EU) no. 596/2014.
**ENDS**
Enquiries:
Katoro Gold
PLC
Patrick Cullen (Interim chief executive officer)
info@katorogold.com
Beaumont Cornish
Limited
Nominated Adviser
James Biddle
+44 207 628 3396
Roland Cornish
SI Capital Ltd
Corporate Broker
Nick Emmerson
+44 148 341 3500
Sam Lomanto
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
Unaudited interim results for the six months ended 30 June 2024
Unaudited condensed consolidated interim Statement of Comprehensive Income
For the six months ended 30 June 2024
6 months to 6 months to Year ended
Note 30 June 30 June 31 December
2024 2023 2023
(Unaudited) (Unaudited) (Audited)
£ £ £
Administrative expenses (175,470) (261,265) (450,540)
Foreign exchanges (loss) / gain (2,454) (240) (311)
(Impairment) / reversal of associates 14 (5,665) 1,067 (7,053)
Share of loss in associates 14 (449) (1,067) 7,480
Share-based payment transactions 6 - (22,796) -
Exploration expenditure (23,001) (26,800) (163,448)
Operating profit/loss (207,039) (311,101) (613,872)
Finance (cost) / income (6) 7 12
Profit / (loss) before tax (207,045) (311,094) (613,860)
Tax - - -
Profit/(loss) for the period (207,045) (311,094) (613,860)
Other comprehensive income
Exchange differences on translating of foreign operations 4,938 6,841 6,495
Total comprehensive loss (202,107) (304,253) (607,365)
Loss for the period (207,045) (311,094) (613,860)
Attributable to owners of the parent (190,355) (293,559) (576,141)
Attributable to non-controlling interest (16,690) (17,535) (37,719)
Total comprehensive loss (202,107) (304,253) (607,365)
Attributable to owners of the parent (196,265) (329,812) (608,062)
Attributable to non-controlling interest (5,842) 25,559 697
Earnings / (loss) per share
Basic and diluted earnings / (loss) per share (pence) 4 (0.01) (0.05) (0.09)
Unaudited condensed consolidated interim Statement of Financial Position
As at 30 June 2024
6 months ended 6 months ended 12 months to
30 June 30 June 31 December
Note 2024 2023 2023
(Unaudited) (Unaudited) (Audited)
£ £ £
Assets
Current assets
Other receivables 7,867 7,743 15,916
Cash and cash equivalents 249,827 25,443 414
Total current assets 257,694 33,186 16,330
Total Assets 257,694 33,186 16,330
Equity
Called-up share capital 5 1,596,420 669,497 669,497
Share premium 2,962,582 2,962,582 2,962,582
Deferred share capital 5 4,143,713 4,143,713 4,143,713
Capital contribution reserve 10,528 10,528 10,528
Translation reserve (334,768) (333,190) (328,858)
Merger reserve 1,271,715 1,271,715 1,271,715
Warrant and share-based payment reserve 6 451,556 474,352 451,556
Retained deficit (9,788,683) (9,235,396) (9,527,078)
Reserves attributable to owners 313,063 (36,199) (346,345)
Minority interest (297,785) (267,081) (291,943)
Total Equity 15,278 (303,280) (638,288)
Liabilities
Current liabilities
Trade and other payables 3 44,338 144,216 460,578
Other financial liabilities 12 198,078 192,250 194,040
Total current liabilities 242,416 336,466 654,618
Total Equity and Liabilities 257,694 33,186 16,330
Unaudited condensed consolidated Statement of Changes in Equity
Share Share Deferred Share Capital Warrant reserve and share based payment reserve Merger Reserve Capital Foreign currency translation reserve Retained deficit Non-controlling interest Total
Capital Premium Contrib-ution Reserve
£ £ £ £ £ £ £ £ £ £
Balance at 31 December 2023 (audited) 669,497 2,962,582 4,143,713 451,556 1,271,715 10,528 (328,858) (9,527,078) (291,943) (638,288)
Loss for the year - - - - - - - (190,355) (16,690) (207,045)
Other comprehensive income - - - - - - (5,910) - 10,848 4,938
Shares issued 926,923 - - - - - - - - 926,923
Share issue costs - - - - - - - (71,250) - (71,250)
Balance at 30 June 2024 1,596,420 2,962,582 4,143,713 451,556 1,271,715 10,528 (334,768) (9,788,683) (297,785) 15,278
(unaudited)
Balance at 31 December 2022 (audited) 4,604,125 2,962,582 - 828,223 1,271,715 10,528 (296,937) (9,318,504) (292,640) (230,908)
Loss for the period - - - - - - (293,559) (17,535) (311,094)
Other comprehensive loss - exchange differences - - - - - - (36,253) - 43,094 6,841
Capital reorganisation (4,143,713) - 4,143,713 - - - - - - -
Warrants issued - - - 22,796 - - - - - 22,796
Warrants expired - - - (376,667) - - - 376,667 - -
Shares issued 209,085 - - - - - - - - 209,085
Balance at 30 June 2023 669,497 2,962,582 4,143,713 474,352 1,271,715 10,528 (333,190) (9,235,396) (267,081) (303,280)
(unaudited)
Balance at 1 January 2023 (audited) 4,604,125 2,962,582 - 828,223 1,271,715 10,528 (296,937) (9,318,504) (292,640) (230,908)
Loss for the period - - - - - - - (576,141) (37,719) (613,860)
Other comprehensive income - exchange differences - - - - - - (31,921) - 38,416 6,495
Restructuring of shares (4,143,713) - 4,143,713 - - - - - - -
Shares issued 209,085 - - - - - - - - 209,085
Share issue costs - - - - - - - (9,100) - (9,100)
Warrants expired - - - (376,667) - - - 376,667 - -
Balance at 31 December 2023 (audited) 669,497 2,962,582 4,143,713 451,556 1,271,715 10,528 (328,858) (9,527,078) (291,943) (638,288)
Notes 5 5 6
Unaudited condensed consolidated interim Statement of Cash Flow
For the six months ended 30 June 2024
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
2024 2023 2023
(Unaudited) (Unaudited) (Audited)
£ £ £
Loss for the period before taxation (207,045) (311,094) (613,860)
Adjusted for:
Foreign exchange loss / (gain) 2,454 240 311
Share-based payment transactions - 22,796 -
(Reversal of) / Impairment of associates 5,665 - 7,053
Share of loss / (profit) in associate 449 - (7,480)
Share issue costs not settled in cash - 9,100
Other non-cash items - 8,622 116
Non-trade expenses not settled in cash 25,000 59,085 59,085
Operating loss before working capital changes (71,554) (211,251) (554,775)
Decrease in trade and other receivables 8,050 8,597 424
Increase / (Decrease) in trade and other payables (314,317) 37,601 353,963
Net cash outflows from operating activities (479,744) (165,053) (200.388)
Cash flows from financing activities
Investments in associates (6,114) - -
Net cash proceeds from financing activities (6,114) - -
Cash flows from financing activities
Issue of shares (net of share issue costs) 728,750 140,900 140,900
Proceeds from other financial liabilities - - 3,811
Net cash proceeds from financing activities 728,750 140,900 144,711
Net decrease in cash and cash equivalents 242,892 (24,153) (55,677)
Cash and cash equivalents at beginning of period 414 49,596 49,596
Movement in foreign currency reserves 6,521 6,495
Cash and cash equivalents at end of period 249,827 25,443 414
During the six month period ended 30 June 2024 shares to the value of
£126,923 were issued in lieu of cash settlement of trade payables to the
value of £101,923 and expenses of £25,000.
Total cash received from share issues is £728,750 (£800,000 share capital
less share costs of £71,250), resulting in £926,923 share capital increase
(June 2023 and December 2023: share issued £209,085 less settlement of trade
payables of £59,085 and share issue costs of £9,100 resulting in £140,900
cash received).
Notes to the unaudited condensed consolidated interim financial statements
For the six months ended 30 June 2024
Note 1 General information
Katoro Gold plc ('Katoro' or the 'Company') is incorporated in England and
Wales as a public limited company ('plc'). The Company's registered office is
located at 60 Gracechurch Street, London EC3V 0HR.
The principal activity of Katoro, through its subsidiaries (together the
'Group'), is to carry out evaluation and exploration studies within a licenced
portfolio area with a view to generating commercially viable Mineral
Resources, namely gold and nickel mines. In Haneti, the Group has one nickel
mining project, which has mineral exploration licences currently held by Eagle
Exploration Ltd.
The condensed interim consolidated financial statements do not represent
statutory accounts within the meaning of section 435 of the Companies Act
2016.
The condensed consolidated financial statements of the Company have been
prepared in accordance with the Accounting Standard IAS 34, 'Interim Financial
Reporting', as adopted by the UK.
The interim report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this report is to be read
in conjunction with the annual report for the period ended 31 December 2023,
which has been prepared in accordance with UK-adopted IFRSs, and any public
announcements made by Katoro Gold plc during the interim reporting period.
The condensed consolidated financial statements of the Group are presented in
Pounds Sterling, which is the functional and presentation currency for the
Group and its related subsidiaries.
Accounting policies applied are consistent with those of the previous
financial period and annual report unless where new standards became effective
during the period and a newly adopted accounting policy for Investments in
equity instruments - Associates.
The seasonality or cyclicality of operations does not impact on the interim
financial statements.
Investments in associates
Associates are all entities over which the group has significant influence but
not control, generally accompanying a shareholding between 20% and 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Use of estimates and judgements
The preparation of these consolidated statements in conformity with UK adopted
International Accounting Standards require management to make judgements,
estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets, liabilities, income, and expenses.
The estimates and associated assumptions are based on historical experience
and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily apparent from
other sources.
In particular, there are significant areas of estimation, uncertainty and
critical judgements in applying accounting policies that have the most
significant effect on the amounts recognised in the financial statements in
the following areas:
• Impairment assessment of investment in associates;
• Joint arrangements;
Impairment assessment of investment in associates
In applying IAS 36, impairment assessments are performed whenever events or
changes in circumstances indicate that the carrying amount of an asset or CGU
may not be recoverable. Estimates are made in determining the recoverable
amount of assets which includes the estimation of cash flows and discount
rates used as well as determination of the fair value in an open market
transaction, where available. In estimating the cash flows, management bases
cash flow projections on reasonable and supportable assumptions that represent
management's best estimate of the range of economic conditions that will exist
over the remaining useful life of the assets. The discount rates used reflect
the current market assessment of the time value of money and the risks
specific to the assets for which the future cash flow estimates have not been
adjusted. Where market values are available for similar assets in a similar
condition, managements assess the reasonability of these valuations in order
to utilise these valuations as a comparable open market value to determine
whether an indication of impairment exists.
Joint arrangements share in profit or loss
Arrangements under which Katoro has contractually agreed to share control with
another party or parties are joint ventures where the parties have rights to
the net assets of the arrangement, or joint operations where the parties have
rights to the assets and obligations for the liabilities relating to the
arrangement.
Management applies judgement on the share in profit or loss from associates
recognised under equity accounting in terms of IAS 28.
Note 2 Going concern
The Company currently generates no revenue and had a net asset position of
£15,278 and available cash reserves of £249,827 as at 30 June 2024 (30 June
2023: net liabilities position of £303,280 and cash reserves of £25,443 and
31 December 2023: net liability position of £638,288 and cash reserves of
£414).
The Directors regularly review cash flow requirements to ensure the Group can
meet financial obligations as and when they fall due. The Directors have
evaluated the Group's liquidity risk and liquidity requirements to confirm
whether the Group has adequate cash resources and working capital to continue
as a going concern for the foreseeable future. The Directors assessed
available information about the future, possible outcomes of planned events
and the responses to such events and conditions that would be available to the
Board.
In the past the Group has raised funds via equity contributions from new and
existing shareholders, enabling the Group to remain a going concern until such
time that revenues are earned through the sale or development and mining of a
mineral deposit. There can be no assurance that such funds will continue to be
available on reasonable terms, or at all in future.
There is a material uncertainty related to the events or conditions described
above that may cast significant doubt on the entity's ability to continue as a
going concern, and, therefore, that it may be unable to realise its assets and
discharge its liabilities in the normal course of business.
In response to the above the Directors continue to review the Group's options
to secure additional funding for its general working capital requirements,
alongside its ongoing review of potential acquisition targets and corporate
development needs. A deferral of Directors' salaries has been agreed upon in
the short term.
The evaluation of the going concern considers that Katoro has a strong proven
track record of being able to source funding on an ongoing basis, even in
difficult market conditions, and the board expects to be able to continue
doing so.
Various sources of funding are considered, most notably:
• Capital placing
• Exercise of outstanding warrants
• Credit loan notes
Katoro has had previous support, with specific reference to funding, from its
corporate broker, SI Capital Ltd, which also has a proven track record of
being able to facilitate ongoing funding.
The Group and Company will require additional finance to progress work on its
current assets and bring them to commercial development and cash generation.
As a result, the Directors continue to monitor and manage the Company's cash
and overheads carefully in the best interests of its shareholders.
Whilst the Directors continue to consider it appropriate to prepare the
financial statements on a going concern basis the above constitutes a material
uncertainty that shareholders should be aware of.
Note 3 Trade and other payables
30 June 30 June 31 December 2023
2024 2023
£ £ £
Trade payables 29,184 92,667 301,170
Accruals 15,154 51,549 159,408
44,338 144,216 460,578
Note 4 Earnings per share
The calculation of loss per share is based on the following loss and number
of shares:
30 June 30 June 31 December 2023
2024 2023
£ £ £
Loss for the period from continuing operations attributable to equity holders (190,355) (293,559) (576,142)
of parent
Weighted average basic and diluted number of shares 1,435,833,307 615,980,994 615,980,994
Basic and diluted earnings/(loss) per share (pence) (0.01) (0.05) (0.09)
The Group presents basic and diluted EPS data on the basis that the current
structure has always been in place. Therefore, the number of Katoro shares in
issue as at the period end has been used in the calculation. Basic
earnings/Loss per share is calculated by dividing the profit/loss for the
period from continuing operations of the Group by the weighted average number
of shares in issue during the period.
The Company had in issue warrants and options at 30 June 2024. The inclusion
of such warrants and options in the weighted average number of shares in issue
would be anti-dilutive, and therefore, they have not been included for the
purpose of calculating the loss per share.
Note 5 Share Capital
The called-up and fully paid share capital of the Company is as follows:
30 June 30 June 31 December 2023
2024 2023
£ £ £
Allotted, called-up and fully paid: 1,596,420 669,497 669,497
A reconciliation of share capital is set out below:
Number of shares Allotted, called-up and fully paid Deferred share capital
£ £
At 1 January 2023 460,412,593 4,604,125 -
Capital reorganisation - (4,143,713) 4,143,713
Shares issued 209,085,100 209,085 -
At 1 July 2023 669,497,693 669,497 4,143,713
At 1 January 2024 669,497,693 669,497 4,143,713
Shares issued 926,922,880 926,923 -
At 30 June 2024 1,596,420,573 1,596,420 4,143,713
The following share transactions took place during the period 1 January 2024
to 30 June 2024:
· On 12 February 2024 750,000,000 shares in Katoro were issued at
par value of £0.001 as part of financing.
· On 12 February 2024 42,411,920 shares in Katoro were issued at
par value of £0.001 in lieu of payment for Directors' fees due.
· On 12 February 2024 38,305,000 shares in Katoro were allotted and
issued at par value of £0.001 in lieu of payment for Kibo Energy PLC recharge
costs
· On 14 February 2024 75,000,000 shares in Katoro were issued at
par value of £0.001 as part of financing.
· On 21 February 2024 21,205,960 shares in Katoro were" issued at
par value of £0.001 in lieu of payment for Director's fees due.
Note 6 Warrant and Share-based payment reserve
Warrants
The following reconciliation serves to summarise the composition of the
warrant reserve as at period end:
30 June 30 June 31 December 2023
2024 2023
£ £ £
Opening balance of warrant reserve - 376,667 376,667
Issue of warrants - 22,796 22,796
Adjustment of warrant valuation - - (22,796)
Expiry of warrants - (376,667) (376,667)
- 22,796 -
Reconciliation of the quantity of warrants in issue:
30 June 30 June 31 December 2023
2024 2023
Opening balance 257,085,100 166,166,666 166,166,666
Warrants exercised - - -
Warrants issued 850,000,000 209,085,100 209,085,100
Warrants expired (48,000,000) (36,666,666) (118,166,666)
1,059,085,100 338,585,100 257,085,100
No warrants have been exercised in the six-month period ended 30 June 2024.
The following warrant transactions took place during the period 1 January 2024
to 30 June 2024:
· On 12 February 2024 775,000,000 warrants were issued pursuant a
share issue. The warrants have an exercise price of £0.002 each and expire 36
months after the issue thereof.
· On 14 February 2024 75,000,000 warrants were issued pursuant a
share issue. The warrants have an exercise price of £0.002 each and expire 36
months after the issue thereof.
All warrants have been valued using the reduced balance method.
Share Options
The following reconciliation serves to summarise the composition of the
share-based payment reserve as at period end:
30 June 30 June 31 December 2023
2024 2023
£ £ £
Opening balance of share-based payment reserve 451,556 451,556 451,556
451,556 451,556 451,556
Reconciliation of the quantity of Share Options in issue:
30 June 30 June 31 December 2023
2024 2023
Opening balance 32,244,781 32,244,781 32,244,781
Closing balance 32,244,781 32,244,781 32,244,781
During the period no new share options were vested and no share options
expired.
Note 7 Board of Directors
Non-executive chairman Sean Wade was appointed on 29 February 2024 and
interim Chief Executive Officer Patrick Cullen was appointed 4 July 2024. The
directors have been appointed appropriately on the Audit and Risk Committee
and on the Remuneration Committee to ensure compliance with the Company's
corporate governance framework.
Note 8 Events after the reporting period
On 9 September 2024 the Company announced the acquisition through staking of
the White Pine Uranium Project in Ontario, Canada. The project covers an area
of 8,036 hectares and is situated close to the Trans-Canada Highway. The
company initially intends to undertake limited reconnaissance and sampling on
the ground as well as a desktop-based assessment of the opportunity, which it
expects will amount to approximately £5,000 over the next 6 months; further
work thereafter will be determined by the results of this initial assessment.
The directors are not aware of any other material event that occurred after
the reporting date and up to the date of this report.
Note 9 Unaudited results
These condensed consolidated interim financial results have not been audited
or reviewed by the Group's auditors.
Note 10 Commitments and contingencies
There are no material contingent assets or liabilities as at 30 June 2024.
Note 11 Segment reporting
Segmental disclosure per category
Mining and exploration Corporate Total
£ £ £
30 June 2024
Administrative costs (25,289) (150,181) (175,470)
Exploration expenditure (23,001) - (23,001)
Other profit or loss items (8,568) (6) (8,574)
Loss before tax (56,858) (150,187) (207,045)
Segmental assets 1,563 256,131 257,694
Segmental liabilities 207,552 34,864 242,416
30 June 2023
Administrative costs (108,412) (154,142) (262,554)
Exploration expenditure (26,800) - (26,800)
Other profit or loss items (51) (21,689) (21,740)
Loss before tax (135,263) (175,831) (311,094)
Segmental assets 4,716 28,470 33,186
Segmental liabilities 245,710 90,756 336,466
31 December 2023
Administrative costs (219,532) (231,008) (450,540)
Exploration expenditure (163,448) (163,448)
Other profit or loss items 128 128
Loss before tax (382,852) (231,008) (613,860)
Segmental assets 553 15,777 16,330
Segmental liabilities (350,554) (304,064) (654,618)
Segmental disclosure per geographical location
Tanzania Cyprus United Kingdom Total
£ £ £ £
30 June 2024
(Loss)/profit before tax (27,756) (38,153) (141,136) (207,045)
Segmental assets 1,563 - 256,131 257,694
30 June 2023
Profit/(loss) before tax (31,330) (106,311) (173,453) (311,094)
Segmental assets 4,513 - 28,673 33,186
31 December 2023
Loss before tax (45,332) (224,962) (343,566) (613,860)
Segmental assets 483 71 15,776 16,330
Note 12 Related parties
Relationships
Name
Relationship
Kibo Energy plc
Significant
shareholder
Power Metal Resources plc Significant
shareholder of a subsidiary
Board of directors
Louis
Coetzee
Executive chairman (resigned 28 June 2024)
Sean
Wade
Non-executive chairman (appointed 29 February 2024)
Patrick
Cullen
Chief executive officer (appointed 4 July 2024)
Lukas
Maree
Non-executive director
Louis
Scheepers
Non-executive director
Myles
Champion
Non-executive director (resigned 14 June 2023)
Paul
Dudley
Non-executive director (resigned 14 June 2023)
Related party balances included in: 30 June 30 June 31 December 2023
2024 2023
£ £ £
Trade payables
Mast Energy Developments PLC - recharge cost (2,721) -
(21,140)
Kibo Energy PLC - recharge cost - (6,025) (38,306)
(2,721) (6,025) (59,446)
Other financial liabilities
Power Metal Resources PLC (198, 078) (192,250) (194,040)
Accrued directors' fees payable
Louis Coetzee - (8,878) (27,000)
Louis Scheepers - (8,878) (27,000)
Myles Champion - (7,122) (7,246)
Paul Dudley - (7,246) (7,246)
Tinus Maree - (8,878) (27,000)
- (41,002) (95,492)
(200,799) (239,277) (348,978)
Related party transactions included in: 30 June 30 June 31 December 2023
2024 2023
£ £ £
Issue of share in lieu of payment of accrued fees
Kibo Energy PLC - recharge cost 38,306 - -
Louis Coetzee 21,206 12,000 -
Louis Scheepers 21,206 12,000 -
Myles Campion - 12,000 -
Paul Dudley - 11,085 -
Tinus Maree 21,206 12,000 -
Issue of warrants
Louis Coetzee - 1,308 -
Louis Scheepers - 1,308 -
Myles Campion - 1,308 -
Paul Dudley - 1,211 -
Tinus Maree - 1,308 -
Related party transactions included in: (continued) 30 June 30 June 31 December 2023
2024 2023
£ £ £
Transactions - -
Tiaan Coetzee - consulting fees paid - - (1,878)
Kibo Energy PLC - recharge cost - - (30,403)
Mast Energy Developments PLC - recharge cost (8,052) - (21,140)
Sean Wade - director's fees 13,236
Louis Coetzee - director's fees 5,000
Louis Scheepers - director's fees 5,000
Tinus Maree - director's fees 5,000
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation.
Transactions with related parties are effected on a commercial basis and
related party debts are repayable on a commercial basis.
The transactions during the period between the Company and its subsidiaries
included the settlement of expenditure to/from subsidiaries, working capital
funding and settlement of the Company's liabilities through the issue of
equity in subsidiaries. The loans to/from Group companies do not have fixed
repayment terms and are unsecured.
Outstanding director's fees to the value of £81,000 were settled in shares to
the value of £63,618, the remaining balance of £17,382 was waived by the
directors and reversed against the directors remuneration in the current
period.
The "Other financial liabilities" balance owing to Power Metal Resources PLC
('POW') relates to a shareholder loan account in Katoro's subsidiary, Kibo
Nickel Ltd, regarding funding contributions from POW to the Haneti Project, in
terms of the Haneti JV agreement.
Note 13 Principal risks
The principal risks and uncertainties identified in the last Annual Report of
Katoro Gold plc, issued in May 2024, have not materially changed/altered in
the interim period.
Note 14 Investment in associates
The investment in associates have been valued on the fair value of the
disposal price of the Kibo Gold Limited subgroup to Lake Victoria Gold and is
carried at equity accounted value less accumulated impairment.
£
Opening balance at 1 January 2023 -
Share in loss of Associate (1,067)
Reversal of impairment 1,067
Closing balance at 30 June 2023 -
Share in profit of associate 6,413
Impairment loss attributable to associate (5,986)
Return of contributions to the investee (427)
Closing balance as at 31 December 2023 -
Investment in associate 6,114
Share in loss of associate (449)
Impairment in associate (5,665)
Closing balance at 30 June 2024 -
Note 15 Financial instruments - Fair value and risk
management
The carrying amount of all financial assets and liabilities approximates the
fair value. Directors consider the carrying value of financial instruments of
a short-term nature, i.e. those that mature in 12 months or less, to
approximate the fair value of such assets or liability classes.
The Group carries no unlisted financial instruments measured in the statement
of financial position at fair value as at 30 June 2024, nor in any of the
comparative periods.
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