REG - Great Southrn.Copper - Interim Results
03/12/2024 07:00
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RNS Number : 5118O Great Southern Copper PLC 03 December 2024
CERTAIN INFORMATION CONTAINED IN THIS ANNOUNCEMENT WOULD HAVE BEEN DEEMED
INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF MARKET ABUSE REGULATION
(EU) NO 596/2014 ("MAR") WHICH HAS BEEN INCORPORATED INTO UK LAW BY THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 UNTIL THE RELEASE OF THIS ANNOUNCEMENT.
3 December 2024
Great Southern Copper plc
("GSC", the "Company" or the "Group")
Interim Results
Great Southern Copper plc (LSE: GSCU), the Company focused on copper-gold
exploration in Chile, announces its results for the six months ended 30
September 2024.
HIGHLIGHTS
Especularita Project
· Expanded footprint with acquisition of options for the Artemisa and
Cerro Negro concessions providing immediate drill targets and expanding the
footprint of the Company's Especularita Project
· Cerro Negro project:
o Includes the Mostaza Mine, where historical mining and drilling has
indicated presence of high-grade Cu-Ag mineralisation
o Initial exploration at the Mostaza Mine identified an increased target
area with strong indications of mineralisation with potential to significantly
increase size of the deposit
o Sampling at Cerro Negro yielded copper concentrations up to 4.64% and
silver up to 177 ppm, demonstrating high-grade mineralisation
o Commenced the permitting process for drilling, expected to conclude in
coming weeks
· Added 1,665 ha of concessions with the Artemisa option purchase which
strategically expands the scale of GSC's Victoria and Lipa prospects and the
permitting process for drilling has begun for the Viuda, Victoria, and Lipa
prospects
· Exploration at Viuda prospect identified a porphyry style exploration
target, further enhancing GSC's pipeline of drill targets
· Scout drilling at Teresita and Abundante confirmed
intrusive-related and breccia-hosted mineralisation systems with all drill
holes intersecting anomalous gold and copper mineralisation
· Post-period on 19 November, surveys at Viuda identified targets
for initial scout drill testing, permitting and approvals for which have
already been received and drilling commenced
San Lorenzo
· Reconnaissance exploration targeting Landsat 8 spectral anomalies
confirms high sulphidation style alteration at Hualcuna and Colorada
· The Doncella prospect was also reviewed where Cu-Au mineralisation
associated with small-scale mines may represent the structurally-controlled
upper portions of a porphyry system
Corporate
· Raised £1.25m in June, through a conditional placing and subscription
to fund drilling and exploration work at Especularita
· Post period on 7 November, secured an additional £0.78 million
investment to help accelerate the Company's exploration activities
Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "This has
been a significant period of progress at Great Southern Copper, having
continued to advance exploration work at our projects, validated by excellent
results received from a number of highly prospective targets. We have also
continued to expand our concession footprint at Especularita with the addition
of the Cerro Negro and Artemisa projects. These additions add significant
value to Especularita and we are progressing our exploration work at these
prospects rapidly.
"The two fundraises we have completed were well supported and mean that GSC is
well funded for its initial drilling campaign at Especularita. This is
particularly satisfying given the difficult environment junior explorers have
recently faced when raising money on equity markets and is a testament to the
strength of GSC's offering. We are now ready to further explore the potential
of our portfolio at Especularita as we begin to commence drilling across
several of our prospects. The success of our last six months of exploration
activities have continued to validate the Board's confidence in GSC's
strategic direction and our ability to generate value for all of our
shareholders."
Enquiries:
Great Southern Copper plc
Sam Garrett, Chief Executive Officer +44 (0)20 4582 3500
SI Capital Limited
Nick Emerson +44 (0)14 8341 3500
Capital Plus Partner
Keith Swann +44 (0)20 3821 6167
Gracechurch Group
Harry Chathli, Alexis Gore, Henry Gamble +44 (0)20 4582 3500
Notes for Editors:
About Great Southern Copper
Great Southern Copper PLC is a UK-listed mineral exploration company focused
on the discovery of copper-gold and lithium deposits in Chile. The Company has
the option to acquire rights to 100% of two projects in the under-explored
coastal belt of Chile that are prospective for large scale copper-gold
deposits. In addition, the Company has the option to acquire rights to 100% of
a lithium project located in the Salar de Atacama district of Chile. Chile is
a globally significant mining jurisdiction being the world's largest copper
producer and the second-largest producer of lithium.
The two, early-stage Cu-Au projects comprise the San Lorenzo and Especularita
Projects, both located in the coastal metallogenic belt of Chile which hosts
significant copper mines and deposits, including Teck's Carmen de Andacollo
copper mine, and boasts excellent access to infrastructure such as roads,
power and ports. Significant historical small-scale and artisanal workings for
both copper and gold are readily evident in both exploration project areas.
The Company's Monti Lithium project is strategically located in the pre-Andean
region of Salar de Atacama which is Chile's premier lithium-producing region
with well-established lithium mining operations and infrastructure.
Great Southern Copper is strategically positioned to support the global market
for copper and lithium - both critical battery metals in the clean energy
transition around the world. The Company is actively engaged in exploration
and evaluation work programmes targeting both large tonnage, low to medium
grade Cu-Au and Li deposits as well as high-grade Cu-Au deposits.
Further information on the Company is available on the Company's website:
https://gscplc.com
INTERIM MANAGEMENT REPORT 30 SEPTEMBER 2024
During the six months to 30 September 2024, GSC has made excellent progress
across its projects, where exploration work has shown highly promising results
at the Company's prospects and identified further targets throughout the
period under review, which GSC is now advancing towards drill ready status.
The Company is also pleased to have completed two successful fundraises, one
during the period and one post period, which together raised over £2m to
continue to fund exploration activities.
Great Southern Copper's projects are all located in Chile, a Tier 1 mining
jurisdiction. Chile is the world's largest producer and exporter of copper, as
well as the second largest producer of lithium. With a long history of mining
and metal processing, the country boasts one of strongest economies in South
America. Not only does it enjoy a strong mining culture, but the region also
benefits from an experienced and educated mining workforce, first-class
infrastructure and a robust legal framework, which includes provisions for
foreign companies to own 100% of mining assets.
Especularita
Exploration work at Especularita advanced rapidly during the period, with a
number of exploration campaigns highlighting promising results and identifying
new prospective targets that continue to validate the Group's confidence in
the value waiting to be unlocked within the project.
GSC completed a scout drilling at its Teresita and Abundante prospects in
April, confirming intrusive-related and breccia-hosted mineralisation systems
with all drill holes intersecting anomalous gold and copper mineralisation.
These results validated the Company's IRGS target model for Teresita and
Victoria and provided GSC with significant impetus for further exploration.
Follow-up exploration at Teresita is now focussing on delineating the vein
targets in more detail for Phase 2 prospect-scale drilling programmes.
The Company also expanded its Especularita project significantly during the
period, first through the purchase of options over the Artemisa concession
group, and then later with the purchase of the option over Cerro Negro,
including the historical Mostaza mine. These represent highly prospective
targets, and the Company has been actively advancing exploration work to fully
understand the extent of the potential mineralised systems.
In September, the Company announced that it had expanded the scale of the
target for the Company's maiden drilling programme at the Mostaza mine at
Cerro Negro, in recognition of the significant zones of additional lower-grade
Cu-Ag mineralisation in historical drill-hole assays and surface rock chip
samples. It is highly encouraging to have identified this additional potential
at the Mostaza mine before any metres had even been drilled.
The Company received further validation of the mineral potential at Cerro
Negro with exploration results from the mapping and sampling campaign
confirming high-grade structurally controlled copper-silver mineralisation up
to 1.5km further south along trend of the Mostaza copper-silver mine and up to
400m further to the east than previously thought. Preparations for drilling at
Cerro Negro are at an advanced stage and are expected to be finalised in the
near future.
Post-period in October, the Company announced that it had completed the
initial exploration mapping and rock chip and surface sampling at its Viuda
prospect, which GSC acquired earlier in the year, identifying high-grade
copper-gold-silver mineralisation and confirming the potential for a new
untested porphyry system. This is significant as it added another significant
drill target to GSC's portfolio and further emphasises the excellent potential
of the Especularita project to host multiple porphyry mineralisation centres.
Further reconnaissance work was then completed in November with the completion
of additional mapping, rock chip and surface sampling and drone magnetics
which successfully identified targets for a scout drilling programme.
Permitting and approvals for scout RC drilling at Viuda have been received and
GSC recently commenced drilling.
San Lorenzo
A regional reconnaissance exploration programme following up GSC's Landsat 8
spectral survey targeted anomalies at Hualcuna and Colorada. The Hualcuna
anomaly is very extensive and includes some evidence of porphyry style
alteration which will require follow-up mapping and sampling.
The Colorada anomaly review successfully identified an extensive outcropping
lithocap with high-sulphidation style alteration with no evidence of
drill-testing despite historical mining in the area. Follow-up prospect scale
mapping and sampling is planned to further evaluate the prospect.
Reconnaissance exploration at the Doncella prospect identified Cu-Au
mineralisation hosted in structural zones exhibiting porphyry type veining and
disseminated copper mineralisation. Scout RC drilling in the area of
historical workings is planned to further evaluate the prospect.
Corporate
GSC completed one fundraise during the period under review, and a second
fundraise post period in November 2024.
In June, the Company raised £1.25m through a conditional placing and
subscription. The fundraise had strong support from existing, institutional
and new investors and Directors of the Company participated.
Following this, post period in November 2024, the Company received an
investment of £780,000 before expenses, to support ongoing drilling
programmes at high potential targets within GSC's Especularita project. The
investment came from a highly experienced investor and a corporate
institution, which was then matched by GSC's cornerstone founding investor,
Foreign Dimensions PTY Limited. This was particularly pleasing as the Company
has managed to raise capital despite the generally capital starved context of
equity markets for early-stage explorers, and is a strong indication of
positive investor sentiment towards GSC.
Both fundraises underscore the strength of GSC's value proposition as seen by
a varied cohort of both new and existing investors including institutional and
retail. GSC is now well funded for its exploration programmes, including
drilling, with sufficient headroom to allow the Company to unlock value from
its asset portfolio.
Risks and uncertainties
The Directors do not consider that the Company's principal risks and
uncertainties have changed since the publication of its annual report and
accounts for the financial year ended 31 March 2024 on 26 July 2024, which
contains a detailed explanation of the risks relevant to the Company and is
available at: https://gscplc.com/investors/documents-and-reports
(https://gscplc.com/investors/documents-and-reports)
Outlook
These six months have been an exciting period of activity for GSC, with
exploration work revealing highly promising results at Especularita, and
having identified seven very exciting drill-ready targets, including Viuda
where reconnaissance RC drilling recently commenced.
The long-term drivers of the copper/gold markets remain strong, and copper in
particular is expected to see substantial growth driven by the ongoing need to
power electrification and the green transition. GSC's portfolio is well
positioned to take advantage of this context as the Company now has a highly
exciting set of exploration prospects with significant optionality advancing
towards drilling, all located in Chile, a Tier 1 mining jurisdiction.
Over the next 6-12 months, the Company will continue to advance its drilling
programmes and other exploration activities, prioritising the Mostaza mine
target with the aim to fast-track the increase of the known high grade
Cu-Ag-Au resource. With a highly prospective portfolio of assets, with
significant optionality and value waiting to be unlocked, the Board looks
forward to the future with great confidence.
Responsibility Statement
We confirm that to the best of our knowledge:
· The Interim Financial Statements have been prepared in accordance with
International Accounting Standard 34, 'Interim Financial Reporting' ('IAS
34'), as endorsed for use in the United Kingdom;
· The Interim Report gives a true and fair value of the assets,
liabilities, financial position and loss of the Group;
· The Interim Report includes a fair review of the information required by
DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the set of interim financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
· The Interim Report includes a fair review of the information required by
DTR 4.2.8R of the Disclosure and Transparency Rules, being the information
required on related party transactions.
The Interim Report was approved by the Board of Directors and the above
responsibility statement was signed on its behalf by
Charles Bond, Chairman
2024
Forward looking statement
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as "believe", "could", "should", "envisage",
"estimate", "intend", "may", "plan", "will", or the negative of those,
variations or comparable expressions, including references to assumptions.
These forward looking statements are not based upon historical facts but
rather on the Directors' current expectations and assumptions regarding the
Company's future growth, results of operations, performance, future capital
and other expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, business prospects and opportunities.
Such forward looking statements reflect the Directors' current beliefs and
assumptions and are based upon information currently available to the
Directors. A number of factors could cause actual results to differ materially
from the results discussed in the forward looking statements, including risks
associated with vulnerability to general economic and business conditions,
competition, environmental and other regulatory changes, actions by government
authorities, the availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which are beyond
the control of the Company. Although any forward looking statements contained
in this announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that actual
results will be consistent with such forward looking statements.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Comprehensive Income
For the 6 months ended 30 September 2024
6 months to September 2024 6 months to September 2023
(Unaudited) (Unaudited)
£000 £000
Note
Continuing operations
Administrative expenses (691) (628)
Net foreign exchange (losses)/gains (233) 47
Share-based payment charge (83) (21)
Operating loss (1,007) (602)
Loss before taxation (1,007) (602)
Taxation - -
Loss for the year attributable to the owners of the Company (1,007) (602)
Other comprehensive income
Items that may be reclassified subsequently to
profit or loss:
Exchange rate differences on translation of foreign operations 40 (7)
Total comprehensive income attributable to the owners of the Company
(967) (609)
Pence Pence
Earnings per share - basic and diluted 5 (0.254) (0.247)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Comprehensive Income
As at 30 September 2024
As at As at
30 September 2024 31 March
(Unaudited) 2024
Note £000 (Audited)
£000
Assets
Non-current assets
Intangible assets 6 3,394 3,202
Property, plant and equipment - 1
Total non-current assets 3,394 3,203
Current assets
Trade and other receivables 264 93
Cash and cash equivalents 442 503
Total current assets 706 596
Total assets 4,100 3,799
Liabilities
Current Liabilities
Trade and other payables (168) (204)
Total liabilities (168) (204)
Net current assets 538 392
Net assets 3,932 3,595
Equity
Share capital 7 4,482 3,435
Share premium 3,990 3,816
Share based payment reserve 425 342
Foreign currency translation reserve 46 6
Retained earnings (5,011) (4,004)
Total equity attributable to the owners of the Company 3,932 3,595
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Changes in Equity
For the 6 months ended 30 September 2024
Share Foreign currency translation reserve
Share Share based £000
capital premium payment reserve Retained earnings
£000 £000 Total Equity
£000 £000 £000
As at 1 April 2023 2,133 3,176 236 5 (2,350) 3,200
Loss for the period - - - - (602) (602)
Exchange rate differences on translation of foreign operations
- - - (7) - (7)
Total comprehensive income for the period
- - - (7) (602) (609)
Transactions with shareholders
Issue of share capital 418 83 - - - 501
Shares issue costs - (24) - - - (24)
Share based payments - - 20 - - 20
As at 30 September 2023 2,551 3,235 256 (2) (2,952) 3,088
As at 1 April 2024 3,435 3,816 342 6 (4,004) 3,595
Loss for the period - - - - (1,007) (1,007)
Exchange rate differences on translation of foreign operations
- - - 40 - 40
Total comprehensive income for the period
- - - 40 (1,007) (967)
Transactions with shareholders:
Issue of share capital 1,047 213 - - - 1,260
Shares issue costs - (39) - - - (39)
Share based payments - - 83 - - 83
As at 30 September 2024 4,482 3,990 425 46 (5,011) 3,932
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Cash Flows
For the 6 months ended 30 September 2024
6 months to 30 September 2024 6 months to
(Unaudited) 30 September
£000 2023
(Unaudited)
£000
Cash flows from operating activities
Loss for the period (1,007) (602)
Adjustments for:
Share based payments 83 20
Depreciation of property, plant and equipment - 1
Net foreign exchange losses 186 -
Working capital adjustments
Increase in trade and other receivables (13) (40)
(Decrease)/increase in trade and other payables (29) 152
Net cash outflow from operations (780) (469)
Cash flows from investing activities
Purchase of intangible assets (376) (416)
Net cash used in investing activities (376) (416)
Cash flows from financing activities
Issue of ordinary share capital 1,056 481
Amounts received from convertible loan - 100
Net cash generated from financing activities 1,056 581
Net decrease in cash and cash equivalents (100) (304)
Exchange gains on cash and cash equivalents 39 38
Cash and cash equivalents at the beginning of the period 503 654
Cash and cash equivalents at the end of the period 442 343
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2024
1. GENERAL INFORMATION
Great Southern Copper plc ('the Company') and its subsidiaries (together
'the Group') principal activity is currently focused upon the exploration for
copper, gold and lithium in Chile. Further detail is covered in the Interim
Management Report.
The Company is a public limited company, which is listed on the London
Stock Exchange and incorporated and domiciled in England and Wales. The
address of its registered office is Salisbury House, London Wall, London,
United Kingdom, EC2M 5PS.
2. BASIS OF PREPARATION
These consolidated condensed interim financial statements for the
half-year reporting period ended 30 September 2024 have been prepared in
accordance with International Accounting Standard ('IAS') IAS 34 'Interim
Financial Reporting'. as issued by the International Accounting Standards
Board ('IASB') and as adopted for use in the United Kingdom ('UK'), the
Companies Act 2006 applicable to companies reporting under International
Financial Reporting Standards and applicable UK law.
The condensed consolidated interim financial statements contained in
this document do not constitute statutory accounts. In the opinion of the
Directors, the condensed consolidated interim financial statements for this
period fairly present the financial position, result of operations and cash
flows for this period. The statutory accounts for the year ended 31 March 2024
were prepared in accordance with UK-adopted International Accounting Standards
('IFRS') and have been delivered to the Registrar of Companies. The auditor's
report on those accounts was unqualified, but did draw attention to a material
uncertainty with regard to going concern that was in existence at the time of
the approval of those accounts. It did not contain a statement under Sections
498(2) or 498(3) of the Companies Act 2006.
Tax charged within the six months ended 30 September 2024 has been
calculated by applying the effective rate of tax which is expected to apply to
the Group for the year ending 31 March 2024 as required by IAS 34 'Interim
Financial Reporting'.
The financial statements have been prepared on the historical cost
basis. The financial statements are prepared in Sterling, which is the
functional currency and presentational currency of the parent Company.
Monetary amounts in these financial statements are rounded to the nearest
£000 unless otherwise stated.
The Board of Directors approved this Interim Financial Report on 2
December 2024.
STATEMENT OF COMPLIANCE
The condensed consolidated interim financial statements for the
period ended 30 September 2024 have not been audited or reviewed in accordance
with the International Standard on Review Engagements (UK) 2410 issued by the
Auditing Practices Board. The figures were prepared using applicable
accounting policies and practices consistent with those adopted in the
statutory annual financial statements for the year ended 31 March 2024. There
have been no new accounting policies adopted since 31 March 2024.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2024
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the condensed consolidated interim financial
statements requires directors to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of
assets and liabilities, income and expense. Actual results may differ from
these judgements and estimates.
In preparing these condensed consolidated interim financial statements,
the significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those that applied to the audited consolidated financial statements
for the year ended 31 March 2024.
GOING CONCERN
As at 30 September 2024, the Group's cash at bank, and cash equivalents,
amounted to £0.4m; at the date of approving these condensed financial
statements, the balance amounted to £1.1m.
In common with many other mineral exploration companies, the Group has
previously raised equity and debt finance for its exploration activities. The
Board recognises that further finance will need to be raised as and when
required to progress its exploration projects and add shareholder value. The
Board also acknowledges that previous success in raising funds does not
necessarily provide any guarantee that the Group will be able to do so in the
future.
The Board has reviewed the Group's cash flow forecast up to 31 December 2025,
taking into account its current resources and its operational objectives. The
Board is satisfied that the cash reserves are sufficient to finance budgeted
overheads but that additional funds are likely required to advance ongoing
exploration activities. The Board continues to closely monitor its cash
position, allocate funds in line with its detailed budget and maintain a
strict control over non-project spend. The Directors remain confident in the
Company's ability to raise additional funds as required, from existing and/or
new investors and therefore consider it appropriate to continue to adopt the
going concern basis of accounting in preparing these financial statements.
FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
The Board continually 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 2024 Annual Report and Financial Statements, a
copy of which is available from the Group's website: www.gscplc.com
The key financial risks are market risk (including currency risk),
credit risk and liquidity.
3. SEGMENTAL REPORTING
Operating segments are reported in a manner that is consistent with the
internal reporting provided to the chief operating decision maker. The chief
operating decision maker has been identified as the Board. The Board is
responsible for allocating resources and assessing performance of operating
segments.
The Group has two reportable segments, exploration and corporate, which
are the Group's strategic divisions. For each of the strategic divisions the
Board reviews internal management reports on a regular basis.
The Group's reportable segments are:
Exploration: the exploration segment is presented as an aggregate of all
Chile licences held. Expenditure on exploration activities for each licence is
used to measure agreed upon expenditure targets for each licence to ensure the
licence clauses are met.
Corporate: the corporate segment includes the holding company costs
in respect of managing the group.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2024
Segment result: 6 months to 30 September 2024 6 months to
(Unaudited) 30 September
£000 2023
(Unaudited)
£000
Exploration - Chile (560) (197)
Corporate - UK (447) (405)
Loss before tax (1,007) (602)
Taxation - -
Loss after tax (1,007) (602)
Segment assets and liabilities:
Non-current assets
6 months to Year ended
30 September 2024 31 March
(Unaudited) 2024
£000 (Audited)
£000
Exploration - Chile 3,394 3,202
Corporate - UK - -
Total 3,394 3,202
Total Assets
6 months to Year ended
30 September 2024 31 March
(Unaudited) 2024
£000 (Audited)
£000
Exploration - Chile 3,411 3,234
Corporate - UK 689 565
Total 4,100 3,799
Total Liabilities
6 months to Year ended
30 September 2024 31 March
(Unaudited) 2024
£000 (Audited)
£000
Exploration - Chile (25) (64)
Corporate - UK (143) (140)
Total (168) (204)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2024
4. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net income for
the period attributable to ordinary equity holders by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing the profit
attributable to owners of the parent by the weighted average number of
ordinary shares in issue during the financial year, adjusted for the effects
of potentially dilutive options. The dilutive effect is calculated on the full
exercise of all potentially dilutive ordinary share options granted by the
Group, including performance-based options which the Group considers to have
been earned.
The calculations of earnings per share are based upon the following:
6 months to 30 September 2024 6 months to
(Unaudited) 30 September
£000 2023
(Unaudited)
£000
Loss for the period (1,007) (602)
Number Number
Weighted average number of shares in issue 396,296,160 244,075,421
Weighted average number of shares - basic and diluted 396,296,160 244,075,421
Pence Pence
Earnings per share - basic and diluted (0.254) (0.247)
Basic and diluted earnings per share are identical for the group as the
effect of the exercise of the share options in existence would be to decrease
the loss per share.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2024
5. INTANGIBLE ASSETS
Exploration
Group assets
Cost £000
As at 1 April 2023 2,479
Additions 779
Exchange difference (56)
As at 31 March 2024 3,202
Additions 376
Exchange difference (184)
As at 30 September 2024 3,394
Carrying Amount:
At 30 September 2024 (Unaudited) 3,394
At 31 March 2024 (Audited) 3,202
Exploration projects in Chile are at an early stage of development and
there are no JORC (Joint Ore Reserves Committee) or non-JORC compliant
resource estimates available to enable value in use calculations to be
prepared.
The directors have undertaken an assessment of the following areas and
circumstances which could indicate the existence of impairment:
· The Group's right to explore in an area has expired, or will expire
in the near future without renewal
· No further exploration or evaluation is planned or budgeted for
· A decision has been taken by the Board to discontinue exploration and
evaluation in an area due to the absence or expected absence of a commercial
level of reserves
· Sufficient data exists to indicate that the book value may not be fully
recovered from future development and production
Following their assessment, the Directors concluded that no
impairment charge was necessary.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2024
6. SHARE CAPITAL
Number of Shares in Issue
Authorised, issued and fully paid: Number £000
Ordinary shares of £0.01 as at 1 April 2023 213,336,411 2,133
Issued during the year 130,155,076 1,302
Ordinary shares of £0.01 as at 31 March 2024 343,491,487 3,435
Issued during the period 104,721,340 1,047
Total shares as at 30 September 2024 448,212,827 4,482
Share issues during the period
On 2 July 2024, the Company issued 304,673 ordinary shares with a
nominal value of £0.01 per share, as remuneration for work performed by key
management personnel. The amount of remuneration in relation to the share
issue amounted to £7,438.
On 2 July 2024, the Company issued 104,416,667 ordinary shares with a
nominal value of £0.01 per share, through a placing and subscription at a
share price of £0.012, raising £1.25m before expenses.
7. RELATED PARTY TRANSACTIONS
During the period payments in respect of the services of the Chief Executive
were made through Metal Ventures Inc totalling £66,995 (30 September 2023 -
£49,569).
8. EVENTS AFTER THE REPORTING PERIOD
On 7 November 2024, the Company completed a fund-raising through the placing
and subscription of 62,400,000 new ordinary shares of 1p each at £0.0125 per
share, raising £780,000 before expenses.
On 14 November 2024, the Company issued 1,590,333 ordinary shares with a
nominal value of £0.01 per share, as part payment to the vendors of the San
Lorenzo project, at a share price of £0.012 per share.
On 14 November 2024, the Company issued 1,168,580 ordinary shares with a
nominal value of £0.01 per share, as remuneration for work performed by key
management personnel. The amount of remuneration in relation to the share
issue amounted to £16,570.
On 14 November 2024, the Company issued 1,272,520 ordinary shares with a
nominal value of £0.01 per share, as remuneration for work performed by a
consultant. The amount of remuneration in relation to the share issue
amounted to US$20,000.
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