Half-year Report
24/01/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250124:nRSX5058Ua&default-theme=true
RNS Number : 5058U Citius Resources PLC 24 January 2025
Date: 24 January 2025
Citius Resources Plc
("Citius" or the "company")
Interim Financial Statements
For the six month period ended 31 October 2024
The Company is pleased to announce its Interim Results for the six-month
period to 31 October 2024.
For further information please contact
Citius Resources Plc Tavira Securities Limited
Cameron Pearce (Director) Jonathan Evans
www.Citiusresources.co.uk Tel: +44(0)20 7330 1833
Tel: +44 (0)1624 681 250 Jonathan.evans@tavirasecurities.com
info@citiusresources.co.uk
Shard Capital Partners
Damon Health
Tel: +44(0)20 7186 9927
Damon.heath@shardcapital.com (mailto:Damon.heath@shardcapital.com)
Interim Management Report
Dear Shareholders,
I am pleased to present the interim accounts for the six-month period to 31
October 2024 for Citius Resources Plc. The Company is in the final stages
with the UK Regulator of the acquisition of 100% of the issued shares in
Harena Resources Pty Ltd ("Harena") the 75% owner of the Ampasindava Rare
Earths Project in Madagascar (the, "Acquisition"). Harena is an Australian
domiciled company preparing to develop the 75% owned Ampasindava Rare Earths
Project, which includes targeting the mining and processing of Ionic Clay
material to extract Rare Earth elements to produce Mixed Rare Earth Carbonate
or Mixed Rare Earth Concentrate.
The Acquisition will constitute a Reverse Take Over under the Listing Rules
and accordingly, the company will apply for re-admission of its shares to the
Official List and Main Market of the London Stock Exchange following an
Extraordinary General Meeting.
I would like to thank all our shareholders for their patience and we look
forward to finally applying for re-admission and moving the Ampasindava Rare
Earths project forward.
Cameron Pearce
Chief Executive Officer
Responsibility Statement of the Directors' in respect of the Interim Report
The Directors are responsible for preparing the Interim Financial Statements
in accordance with applicable law and regulations. In addition, the Directors
have elected to prepare the Interim Financial Statements in accordance with
International Financial Reporting Standards ("IFRSs"), as adopted by the
United Kingdom ("UK").
The Interim Financial Statements are required to give a true and fair view of
the state of affairs of the Group and of the profit or loss of the Group for
that period.
In preparing these Interim Financial Statements, the Directors are required
to:
· select suitable accounting policies and then
apply them consistently;
· present information and make judgements that
are reasonable, prudent and provides relevant, comparable and understandable
information;
· provide additional disclosures when compliance
with the specific requirements in IFRS is insufficient to enable users to
understand the impact of particular transactions, other events and conditions
on the entity's financial position and financial performance; and
· make an assessment of the Group's ability to
continue as a going concern.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Group's transactions and disclose with
reasonable accuracy at any time its financial position of the Group to enable
them to ensure that the financial statements comply with the requirements of
the Companies Act 2006. They have general responsibility for taking such steps
as are reasonably open to them to safeguard the assets of the Group and to
prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the
corporate and Interim Financial Statements. Legislation governing the
preparation and dissemination of Interim Financial Statements may differ from
one jurisdiction to another.
We confirm that to the best of our knowledge:
· the Interim Financial Statements, prepared in
accordance with International Financial Reporting Standards as adopted by the
UK, give a true and fair view of the assets, liabilities, financial position
and profit or loss of the Group for the period;
· the Director's report includes a fair review of
the development and performance of the business and the position of the group,
together with a description of the principal risks and uncertainties that they
face; and
· the annual report and financial statements, taken
as a whole, are fair, balanced and understandable and provide the information
necessary for shareholders to assess the group's performance, business model
and strategy.
Statement of Comprehensive Income for the year end ended 31 October 2024
6 months ended 31 October 2024 6 months ended 31 October 2023 12 months ended
30 April 2024
(Unaudited) (Unaudited) (Audited)
Notes GBP GBP GBP
Loan written off - - (249,341)
Administrative fees and other expenses 5 (73,184) (340,378) (142,681)
Operating loss (73,184) (340,378) (392,022)
Finance costs - - -
Loss before tax (73,184) (340,378) (392,022)
Income tax - - -
Total comprehensive loss for the period (73,184) (340,378) (392,022)
Basic and diluted loss per share (pence) 7 (0.17) (0.79) (0.91)
There was no other comprehensive income for the period ended on 24 January
2024.
Statement of Financial Position as at 31 October 2024
Notes As at As at As at
31 October 2024 31 October 2023 30 April
2024
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Current assets
Cash and cash equivalents 33,903 61,297 33,971
Other receivables 12,823 11,570 8,520
Total current assets 46,726 72,867 42,491
Current liabilities
Creditors: Amounts falling due within one year 219,055 120,728 141,636
Total current liabilities 219,055 120,728 141,636
Net (liabilities)/assets (172,329) (47,861) (99,145)
Equity
Share capital 8 216,250 216,250 216,250
Share premium 8 921,797 921,797 921,797
Warrant reserves - 17,422 17,422
Retained earnings (1,310,376) (1,203,330) (1,254,614)
Total equity (172,329) (47,861) (99,145)
Statement of Changes in Equity for the six month period ended 31 October 2024
Share Share premium Warrants reserves Retained earnings Total equity
capital
GBP GBP GBP GBP GBP
Balance as at 30 April 2023 216,250 921,797 17,422 (862,592) (292,877)
Loss for the period - - - (340,738) (340,738)
Total comprehensive loss - - - (340,738) (340,738)
Balance as at 31 October 2023 216,250 921,797 17,422 (1,203,330) (47,861)
Loss for the period - - - (51,284) (51,284)
Total comprehensive loss - - - (51,284) (51,284)
Balance as at 30 April 2024 216,250 921,797 17,422 (1,254,614) (99,145)
Loss for the period - - - (73,184) (73,184)
Total comprehensive loss - - - (73,184) (73,184)
Contribution from equity holders
Expired warrants - - (17,422) 17,422 -
Total contributions from equity holders - - (17,422) 17,422 -
Balance as at 31 October 2024 216,250 921,797 - (1,310,376) (172,329)
Statement of Cash Flows for the six month period ended 31October 2024
Notes As at 31 October 2024 As at 31 October 2023 As at 30
April 2024
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Operating activities
Loss after tax (73,184) (340,737) (392,022)
Bad debt written off - 249,341 249,341
Changes in working capital
(Decrease)/increase in trade and other receivables (4,303) (3,570) (520)
Increase in trade and other payables 77,419 1,505 22,414
Net cash flows utilised by operating activities (68) (93,461) (120,787)
Increase in cash and cash equivalents (68) (93,461) (120,787)
Cash and short-term deposits brought forward 33,971 154,759 154,758
Cash and cash equivalent at 33,903 61,298 33,971
31 October
Notes to the Financial Statements
for the six month period ended 31 October 2024General
1. Accounting Policies
Citius Resources Plc (the "Company") is a public limited company incorporated
and registered in England and Wales on 15 April 2020 with registered company
number 12557958. Its registered address 167-169 Great Portland Street, Fifth
Floor, London, W1W 5PF.
The Company did not trade during the period under review.
2. Accounting Policies
Basis of preparation
The interim financial statements of Citius Resources Plc are unaudited
condensed financial statements for the 6 month period ended 31 October 2024.
The accounting policies applied by the Company in these Interim Financial
Statements, are the same as those applied by the Company in its financial
statements and have been prepared on the basis of the accounting policies
applied for the financial year to 30 April 2024 which have been prepared in
accordance with IFRS as adopted by UK. The Company Interim Financial
Statements have been prepared using the measurement basis specified by IFRS
each type of asset, liability, income and expense.
The Company Interim Financial Statements are presented in GBP, which is the
Company's functional currency. All amounts have been rounded to the nearest
pound, unless otherwise stated.
3. Critical accounting estimates and judgments
In preparing the Company's Interim Financial Statements, the Directors have to
make judgments on how to apply the Company's accounting policies and make
estimates about the future. The Directors do not consider there to be any
critical judgments that have been made in arriving at the amounts recognised
in the Company Interim Financial Statements.
4. Significant accounting policies
The accounting policies adopted are consistent with those followed in the
preparation of the annual financial statements of Citius Resources Plc, for
the year ended 30 April 2024. A copy of these financial statements is
available on the Company website at https://citiusresources.co.uk/
(https://citiusresources.co.uk/)
5. Administrative fee and other expenses
6 months ended 31 October 2024 6 months ended 31 October 2023 12 months ended
30 April 2024
GBP GBP GBP
Directors' remuneration 24,000 24,000 48,000
Professional fees 24,512 24,455 48,870
Project cost expenditure - 272,081 -
Audit fees 15,036 10,266 30,000
Audit fees - 2023 fee overstated - - (4,734)
Administration fees 8,987 9,000 18,000
Miscellaneous fees 649 936 2,545
Total 73,184 340,738 142,681
The company did not employ any staff during the period other than Directors.
The Directors are the only members of key management and their remuneration
related solely to short term employee benefits.
6. Impairment of the loan
On 9 June 2022 the Company announced that it has entered into a binding Heads
of Terms with regard to the possible acquisition of 100% of the share capital
of AUC Mining (U) Limited ("AUC"). As part of the Heads of Terms, the
Company loaned AUC £249,341. On 26 October 2024, the Company agreed to
terminate the agreement with AUC for the acquisition of the Kamalenge project,
and therefore, the loan was impaired to Nil.
7. Basic and diluted loss per share
The calculation of the basic and diluted loss per share is based on the
following data:
6 months ended 31 October 2024 6 months ended 31 October 2023 12 months ended 30 April 2024
Earnings
Loss for the period (GBP) (73,184) (340,738) (392,022)
Number of shares
Weighted average number of Shares 43,250,000 43,250,000 43,250,000
Basic and diluted loss per share (pence) (0.17) (0.79) (0.91)
There are no potentially dilutive shares in issue.
8. Share capital issued
Number of shares issued Nominal value per share Share capital Share premium Total share capital
GBP GBP GBP GBP
At 30 October 2023 43,250,000 0.005 216,250 921,797 1,138,047
At 31 April 2024 43,250,000 0.005 216,250 921,797 1,138,047
At 31 October 2024 43,250,000 0.005 216,250 921,797 1,138,047
9. Related party transactions
The are no related party transactions during the period except for the
Directors' remuneration, which has been disclosed in note 5.
10. Events after the reporting date
There are no events after the reporting date.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR BUGDBBGDDGUX