REG - Hummingbird Res. - 1H23 Group Interim Results
28/09/2023 07:00
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RNS Number : 9060N Hummingbird Resources PLC 28 September 2023
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
28 September 2023
Hummingbird Resources plc
("Hummingbird", the "Group" or the "Company")
H1-2023 Interim Results & Group Refinancing Package Update
Hummingbird Resources (AIM: HUM) is pleased to announce its unaudited results
for the six months ended 30 June 2023 ("the period" or "H1-2023") and provide
details of a Group refinancing package with the Company's financing partner
Coris Bank International ("Coris Bank").
Financial Results for H1-2023
· Strong Group sales of US$98.6 million (H1-2022: US$66.3 million)
were generated from 51,149 ounces ("oz") of gold sold during the period at an
average price of US$1,927 per oz (H1-2022: 35,668 oz sold at an average price
of US$1,859 per oz).
o An additional US$4.6 million (H1-2022: US$4.1 million) of revenue
generated from the sale of single mine origin ("SMO") gold.
· Group adjusted EBITDA of US$33.1 million for H1-2023, marking a
material positive turnaround compared to the previous year (H1-2022 loss of
US$9.3 million) and a pre-tax profit of US$4.1 million for the period (H1-2022
loss of: US$23.9 million).
· Capital expenditure of US$41.5 million for the period (H1-2022:
US$31.9 million), predominately on the completion of the Kouroussa Gold Mine
and plant construction ("Kouroussa").
· Net debt of US$122.8 million at the end of H1-2023 (US$119.3
million including gold inventory value).
Post Period Corporate and Operational updates:
Corporate Update
· The Company has agreed a Group funding package with Coris Bank
for c.US$55 million including:
o Refinancing c.US$35 million of existing loans with Coris Bank, to provide
additional cash flow flexibility as Kouroussa progresses towards steady state
production; and
o An additional c.US$20 million to provide increased capital support for the
Group, including the continual development of underground mining operations at
the Yanfolila Mine, Mali.
· The Company's revised loan repayment schedule to begin in
FY-2024, versus Q3-2023, with c.US$77 million due in FY-2024, c.US$61 million
scheduled for FY-2025, with the balance c.US$15 million payable by the end of
FY-2028.
· Updated 2023 Company Reserves and Resources statements were
released on 13 September 2023, noting Group Reserves of 4.03 million ounces
("Moz") and Group Resources of 6.95 Moz.
Yanfolila Gold Mine, Mali
· Following the completion of mining in the Komana East open pit in
Q2-2023, the development of the Komana East Underground Mine has continued to
progress, with significant advancement of the portal access and development
drive declines.
· Yanfolila remains well positioned to meet its FY-2023 production
guidance of 80,000 - 90,000 oz at an AISC of under US$1,500 per oz.
Kouroussa Gold Mine, Guinea
· Following Kouroussa's first gold pour in June 2023, the
operations team recently completed a first gold shipment of approximately
1,000 oz of gold.
· The Company plans to increase the size and regularity of its gold
pours and shipments through Q4-2023 as the operation progresses towards steady
state production and a full year of commercial production for FY-2024.
A more detailed update on the Company's operations will be given at the
Company's Q3-2023 operational and trading update, scheduled for release in
late October 2023.
Dan Betts, CEO of Hummingbird, commented:
"Our H1-2023 performance of over 51 Koz of gold produced at an H1-2023 AISC
profile of US$1,170 per oz and US$33 million of group EBITDA is the result of
the focussed efforts by the team over the last year to stabilise the Yanfolila
operation and re-establish a more reliable platform for the Company to grow
from.
At Kouroussa, H1-2023 saw the construction of the project completed on time
and on budget, and conduct its first gold pour, marking a material milestone
for the Company to become a multi-asset, multi-jurisdictional gold producer.
The key focus for our Kouroussa operations team is on reaching steady state
production and setting the mine up for full commercial production for FY-2024
and beyond.
Further, we are pleased to have agreed a refinancing package with our
financing partner Coris Bank, who remain committed supporters to Hummingbird's
growth platform. This package will provide additional flexibility in 2023 to
allow Kouroussa to reach steady state production and provide additional
capital support for the Group.
More details on our operations will be given at our Q3-2023 operational and
trading update in late October."
New Group Financing Package and Related Party Transaction
· The Company has agreed to refinance a portion of its existing
Coris Bank group loan facilities and secured additional funding as capital
support for the Group.
· The financing package will provide new loans totalling c.US$55
million including:
o Refinancing c.US$35 million of existing Coris Bank loans, with loan
repayments to begin FY-2024, versus Q3-2023, to provide additional cash flow
flexibility as Kouroussa progresses towards steady state production; and
o An additional c.US$20 million to provide additional capital for the Group,
including for the ongoing development of underground mining operations at
Yanfolila, Mali.
· The terms of the new Group refinancing package of c.US$55 million
as detailed above, are at a fixed interest rate of 12% p.a., with the original
loans continuing at a fixed interest rate of 8.5% p.a.
· Hummingbird remains focused on strengthening its balance sheet,
with scheduled loan repayments of c.US$77 million in FY-2024, c.US$61 million
in FY-2025, with the balance c.US$15 million payable by the end of FY-2028.
· Coris Bank is controlled by the same principal as the Company's
26.1 per cent shareholder, CIG SA. The Company is entering into the financing
package with Coris Bank, which is classified as a related party transaction
pursuant to the AIM Rules for Companies. In this regard, the directors of the
Company confirm, having consulted with the Company's nominated adviser, Strand
Hanson Limited, that they consider that the terms of the financing package to
be fair and reasonable insofar as its shareholders are concerned.
H1-2023 Operating Summary
· A rolling Group lost time injury frequency rate ("LTIFR") of 0.69
per million hours worked was achieved for H1-2023, within the Group's target
rate of 1.20 per million hours worked, with an LTIFR of 0.87 and 0.40 per
million hours worked at Yanfolila and Kouroussa, respectively.
· A total of 51,147 oz was produced in H1-2023, up c.44% versus
H1-2022 (H1-2022: 35,561 oz).
· Materially improved H1-2023 AISC of US$1,170 per oz, a decrease
of c.42% versus H1-2022 (H1-2022: US$2,019).
· Through H1-2023 Kouroussa successfully commenced: mining in early
Q1-2023; hot commissioning of the processing plant in Q2-2023; and completed
the operation's first gold pour on 8 June 2023. Further, Kouroussa was built
on time and on budget ahead of the scheduled Q2-2023 timeline.
· The Company is currently finalising its exploration plans at both
Kouroussa and Yanfolila, with the core focus to increase the respective
Resource bases and, ultimately, enlarge the Reserves bases and LOM at both
assets.
H1-2023 ESG Summary
· The Company continues to focus on implementing ESG initiatives,
procedures, and protocols across its operations, with community engagement and
generation of local content a key emphasis for the Company. Through H1-2023,
several key sustainability initiatives were delivered, including:
o Completion of the Sanioumale East ("SE") village resettlement at
Yanfolila, Mali ahead of schedule. The SE resettlement has resulted in the
rehousing of over 40 families, all completed under the guidance of West
African specialist consultants Environmental and Social Development Company
("ESDCO").
o Community livelihood initiatives and projects continued to advance during
the period at both Yanfolila and Kouroussa, including, amongst others: local
community market gardens; water infrastructure development programmes; and
local reforestation strategy initiatives.
o An increased number of healthcare and first aid training initiatives
conducted in the communities and schools at Kouroussa by the on-site clinical
nursing team and global remote healthcare specialists Critical Care
International ("CCI").
o During the period the Company published its inaugural 2022 sustainability
report. The full report can be viewed on the Company's website - 2022
Hummingbird Resources plc Sustainability Report.
**ENDS**
Notes to Editors:
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold producing Company, member of the World Gold
Council and founding member of Single Mine Origin (www.singlemineorigin.com
(http://www.singlemineorigin.com/) ). The Company currently has two core gold
projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa
Gold Mine in Guinea, which will more than double current gold production
once at commercial production. Further, the Company has a controlling interest
in the Dugbe Gold Project in Liberia that is being developed by joint
venture partners, Pasofino Gold Limited. The final feasibility results on
Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year
capex payback period once in production, and a 14-year life of mine at a low
AISC profile. Our vision is to continue to grow our asset base, producing
profitable ounces, while central to all we do being our Environmental, Social
& Governance ("ESG") policies and practices.
For further information, please visit hummingbirdresources.co.uk
(https://www.hummingbirdresources.co.uk/) or contact:
Daniel Betts, CEO Hummingbird Resources plc Tel: +44 (0) 20 7409 6660
Thomas Hill, FD
Edward Montgomery, CD
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Ritchie Balmer Nominated Adviser
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523 8000
Gordon Hamilton Broker
Bobby Morse Buchanan Tel: +44 (0) 20 7466 5000
Oonagh Reidy Financial PR/IR Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)
George Pope
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 30 31
June June December
2023 2022 2022
Notes $'000 $'000 $'000
Revenue 103,194 70,443 150,519
Production costs (50,982) (64,865) (126,527)
Amortisation and depreciation (22,590) (16,945) (37,357)
Royalties and taxes (3,841) (2,447) (5,620)
Cost of sales (77,413) (84,257) (169,504)
Gross profit / (loss) 25,781 (13,814) (18,985)
Share based payments (2,027) (2,069) (1,941)
Other administrative expenses (9,176) (5,853) (11,791)
Operating profit / (loss) 14,578 (21,736) (32,717)
Finance income 148 4,679 3,641
Finance expense (11,914) (5,589) (14,156)
Share of joint venture profit 2 - 4
(Impairment) / reversals in impairment of financial assets (46) 87 (316)
Gains / (losses) on financial assets measured at fair value 1,313 (1,369) (715)
Profit / (loss) before tax 4,081 (23,928) (44,259)
Tax 5 (7,104) 3,106 4,269
Loss for the period / year (3,023) (20,822) (39,990)
Attributable to:
Equity holders of the parent (3,846) (18,378) (34,279)
Non-controlling interests 823 (2,444) (5,711)
Loss for the period/year (3,023) (20,822) (39,990)
Loss per share (attributable to equity holders of the parent)
Basic ($ cents) 6 (0.73) (4.67) (8.71)
Diluted ($ cents) 6 (0.73) (4.67) (8.71)
Consolidated Statement of Financial Position
As at 30 June 2023
Unaudited Restated Unaudited Audited
30 30 31
June June December
2023 2022 2022
Notes $'000 $'000 $'000
Assets
Non-current assets
Intangible exploration and evaluation assets 131,262 92,252 129,652
Intangible assets software 103 182 143
Property, plant and equipment 242,088 164,264 204,393
Right of use assets 19,769 30,358 25,488
Investments in associates and joint ventures 136 129 133
Financial assets at fair value through profit or loss 2,114 1,899 1,532
Deferred tax assets 3,453 7,638 9,571
398,925 296,722 370,912
Current assets
Inventory 20,672 13,158 15,748
Trade and other receivables 61,210 37,091 51,852
Unrestricted cash and cash equivalents 1,683 - -
Restricted cash and cash equivalents 4,003 3,887 3,892
87,568 54,136 71,492
Total assets 486,493 350,858 442,404
Liabilities
Non-current liabilities
Borrowings 58,841 63,180 71,840
Lease liabilities 11,654 21,530 15,845
Deferred consideration 1,886 4,159 1,801
Other financial liabilities 25,950 9,298 26,795
Provisions 27,750 22,405 27,120
126,081 120,572 143,401
Current liabilities
Trade and other payables 88,169 49,357 66,081
Lease liabilities 11,819 9,961 11,819
Deferred consideration - - 1,776
Other financial liabilities 15,000 15,000 15,000
Provisions 830 - 830
Borrowings 69,754 - 43,862
Bank overdraft - 5,171 1,741
185,572 79,489 141,109
Total liabilities 311,653 200,061 284,510
Net assets 174,840 150,797 157,894
Equity
Share capital 7 8,287 5,827 5,828
Share premium 33,647 17,425 17,425
Retained earnings 94,619 120,469 97,177
Equity attributable to equity holders of the parent 136,553 143,721 120,430
Non-controlling interest 38,287 7,076 37,464
Total equity 174,840 150,797 157,894
Consolidated Statement of Cash Flows
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 June 2023 30 June 2022 31 December 2022
$'000 $'000 $'000
Operating activities
Profit / (loss) before tax 4,081 (23,928) (44,259)
Adjustments for:
Amortisation and depreciation 16,965 11,332 26,048
Amortisation and depreciation - right of use assets 5,719 5,627 11,386
Share based payments 2,650 2,232 1,865
Finance income 2,165 (4,679) (3,641)
Finance expense 9,600 5,589 14,156
Share of joint venture profit (2) - (4)
Impairment/(reversals) in impairment of financial assets 46 (87) 316
(Gains) / losses on financial assets and liabilities measured at fair value
(1,313) 1,369 715
Operating cash flows before movements in working capital 39,911 (2,545) 6,582
Increase in inventories (4,923) (11) (2,601)
Increase in receivables (14,796) (11,938) (21,491)
Increase in payables 14,647 11,883 32,101
34,839 (2,611) 14,591
Taxation paid (736) (680) (1,410)
Net cash generated from / (used in) operating activities 34,103 (3,291) 13,181
Investing activities
Purchases of exploration and evaluation assets (1,610) (1,109) (5,876)
Purchases of property, plant and equipment (39,856) (30,747) (82,942)
Pasofino funding - 2,827 4,665
Pasofino funding utilisation - (2,827) -
Interest received - 2 2
Net cash used in investing activities (41,466) (31,854) (84,151)
Financing activities
Exercise of share options - 13 14
Net proceeds from issue of shares 17,066 - -
Lease principal payments (5,739) (6,027) (10,741)
Lease interest payments (1,094) (715) (2,862)
Loan interest paid (6,279) - (3,452)
Commissions and other fees paid (2,188) (2,890) (4,724)
Loans repaid (809) - -
Loan drawdown 9,682 7,520 58,695
Net cash generated from / (used in) financing activities 10,639 (2,099) 36,930
Net increase / (decrease) in cash and cash equivalents 3,276 (37,244) (34,040)
Effect of foreign exchange rate changes 259 (779) (548)
Cash and cash equivalents at beginning of period/year 2,151 36,739 36,739
Cash and cash equivalents at end of period/year 5,686 (1,284) 2,151
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2023
Share Share Retained Total equity attributable to the parent Non-controlling interest Total
capital premium earnings $'000 $'000 $'000
$'000 $'000 $'000
As at 1 January 2022 (restated) 5,814 17,425 137,895 161,134 9,520 170,654
Loss for the period - - (18,378) (18,378) (2,444) (20,822)
Total comprehensive loss for the period - - (18,378) (18,378) (2,444) (20,822)
Share based payments 13 - 952 965 - 965
As at 30 June 2022 (Unaudited) 5,827 17,425 120,469 143,721 7,076 150,797
As at 1 January 2022 (restated) 5,814 17,425 137,895 161,134 9,520 170,654
Loss for the year - - (34,279) (34,279) (5,711) (39,990)
Total comprehensive loss for the year - - (34,279) (34,279) (5,711) (39,990)
Transactions with owners in their capacity as owners:
Pasofino minority interest after earn-in - - (9,528) (9,528) 33,655 24,127
Total transactions with owners in their capacity as owners - - (9,528) (9,528) 33,655 24,127
Exercise of share options 14 - - 14 - 14
Share based payments - - -
3,089 3,089 3,089
As at 31 December 2022 (Audited)
5,828 17,425 97,177 120,430 37,464 157,894
As at 1 January 2023
5,828 17,425 97,177 120,430 37,464 157,894
Comprehensive (loss)/income for the period:
(Loss)/income for the period - - (3,846) (3,846) 823 (3,023)
Total comprehensive (loss)/income for the period - - (3,846) (3,846) 823 (3,023)
Transactions with owners in their capacity as owners:
Shares issued 2,459 16,222 - 18,681 - 18,681
Total transactions with owners in their capacity as owners 2,459 16,222 - 18,681 - 18,681
Share based payments - - 1,288 1,288 - 1,288
As at 30 June 2023 (Unaudited)
8,287 33,647 94,619 136,553 38,287 174,840
1. General information
Hummingbird Resources PLC is a public limited company with securities traded
on the AIM market of the London Stock Exchange. It is incorporated and
domiciled in the United Kingdom and has a registered office at 49-63 Spencer
Street, Hockley, Birmingham, West Midlands, B18 6DE.
The nature of the Group's operations and its principal activities are the
exploration, evaluation, development, and operating of mineral projects,
principally gold, focused currently in West Africa.
2. Adoption of new and revised standards
The interim financial statements have been drawn up based on accounting
policies consistent with those applied in the financial statements for the
year ended 31 December 2022. There were several accounting standards updates
effective 1 January 2023, which did not have any material impact on the
financial statements of the Group.
IFRS 17 effective 1 January 2023 Insurance contracts
IAS 1 effective 1 January 2023 Disclosure of accounting policies
IAS 8 effective 1 January 2023 Definition of accounting estimate
IAS 12 effective 1 January 2023 Deferred tax related to assets and liabilities arising from a single
transaction
3. Significant accounting policies
Basis of preparation
The financial statements have been prepared in accordance with UK adopted
International Accounting Standards. The principal accounting policies adopted
are set out below. The functional currency of all companies in the Group is
United States Dollar ("$"). The financial statements are presented in
thousands of United States dollars ("$'000").
The consolidated interim financial information for the period 1 January 2023
to 30 June 2023 is unaudited, does not include all the information required
for full financial statements and should be read in conjunction with the
Group's consolidated financial statements for the year ended 31 December
2022. In the opinion of the Directors the consolidated interim financial
information for the period represents fairly the financial position, results
from operation and cash flows for the period in conformity with generally
accepted accounting principles consistently applied. The consolidated interim
financial information incorporates comparative figures for the interim period
1 January 2022 to 30 June 2022 and the audited financial year to 31 December
2022. As permitted, the Group has chosen not to adopt IAS34 'Interim
Financial Reporting'.
The annual financial statements of Hummingbird Resources plc are prepared in
accordance with UK adopted International Accounting Standards. The Group's
consolidated annual financial statements for the year ended 31 December 2022,
have been filed with the Registrar of Companies and are available on the
Company's website www.hummingbirdresources.co.uk. The auditor's report on
those financial statements though unqualified contained an emphasis of matter
paragraph in respect of risks surrounding the going concern assumption of the
Company at that date.
On 30 June 2023, the Group had cash and cash equivalents of $5.7 million and
total borrowings of $128.6 million. As of June 30, 2023, the Company had a
working capital deficiency (current assets less current liabilities) of $98.0
million. The current liabilities include Anglo Pacific royalty liability of
$15 million which, although current due to the nature of the agreement, is not
expected to be paid soon.
Going concern
The Group has prepared cash flow forecasts based on estimates of key variables
including production, gold price, operating costs, capital expenditure through
to December 2024 that supports the conclusion of the Directors that they
expect sufficient funding to be available to meet the Group's anticipated cash
flow requirements to this date.
These cashflow forecasts are subject to several risks and uncertainties, in
particular the ability of the Group to achieve the planned levels of
production and the recent average higher gold prices being sustained. The
Board reviewed and challenged the key assumptions used by management in its
going concern assessment, as well as the scenarios applied and risks
considered, including the risks associated with the recent change in
governments in Mali and Guinea.
The biggest material uncertainty and risk remains ounces produced and whether
the current mine plan can be achieved (including expected production from the
newly completed Kouroussa mine), mining contractor equipment performance.
Where additional funding may be required, the Group believes it has several
options available to it, including but not limited to, use of the overdraft
facility, cost reduction strategies, selling of non-core assets, raising
additional funds from current investors and debt partners.
The Board also considered sensitivities to those cash flow scenarios
(including where production is lower than forecast and gold prices lower than
current levels) which would require additional funding. Should this situation
arise, the Directors believe that they have several options available to them,
such as use of the current overdraft facility, obtaining additional funding,
delaying expenditures, sale of non-core assets, which would allow the Group to
meet its cash flow requirements through this period, however, there remains a
risk that the Group may not be able to achieve these in the necessary
timeframe.
Based on its review, the Board has a reasonable expectation that the Group has
adequate resources to continue operating for the foreseeable future and hence
the Board considers that the application of the going concern basis for the
preparation of the Financial Statements was appropriate. However, the risk of
lower-than-expected production levels, timing of VAT offsets and receipts and
the ability to secure any potential required funding at date of signing of
these financial statements, indicates the existence of a material uncertainty
which may cast significant doubt on the Group's ability to continue as a going
concern.
Should the Group be unable to achieve the required levels of production and
associated cashflows, defer expenditures or obtain additional funding such
that the going concern basis of preparation was no longer appropriate,
adjustment would be required including the reduction of balance sheet asset
values to their recoverable amounts and to provide for future liabilities
should they arise.
4. EBITDA and adjusted EBITDA
Earnings before interest, taxes, depreciation and amortisation ("EBITDA") is a
factor of volumes, prices and cost of production. This is a measure of the
underlying profitability of the Group, widely used in the mining sector.
Adjusted EBITDA removes the effect of impairment charges, foreign currency
translation gains/losses and other non-recurring expense adjustments but
including IFRS 16 lease payments.
Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA
Unaudited Unaudited Audited year ended 31 December
six months ended 30 six months 2022
June 2023 ended 30
June 2022
$'000 $'000 $'000
Profit / (loss) before tax 4,081 (23,928) (44,259)
Less: Finance income 2,165 (4,679) (3,641)
Add: Finance costs 9,600 5,589 14,156
Add: Depreciation and amortisation 22,683 16,959 37,357
EBITDA 38,529 (6,059) 3,613
IFRS 16 lease interest and principal payments (6,833) (6,742) (13,602)
Share based payments 2,650 2,232 1,866
Share of joint venture gain (2) - (4)
Impairment / (reversal) of financial assets 46 (87) 316
(Gains) / losses on financial assets and liabilities measured at fair value
(1,313) 1,369 715
Adjusted EBITDA 33,077 (9,287) (7,096)
5. Tax
The tax charge/(income) for the period/year is summarised as follows:
Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022 Audited year ended 31 December 2022
$'000 $'000 $'000
Minimum tax pursuant to Malian law 986 664 1,434
Deferred tax expense/(income) 6,118 (3,770) (5,703)
Tax expense / (income) for the period / year 7,104 (3,106) (4,269)
The taxation charge for the period/year can be reconciled to the loss per the
statement of comprehensive income as follows:
Audited year ended 31 December 2022
Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022 $'000
$'000 $'000
Profit / (loss) before tax for the period / year 4,081 (23,928) (44,259)
Tax expense at the rate of tax 30.00% 1,224 (7,178) (13,278)
Tax effect of non-deductible items - - 55
Origination and reversal of temporary differences 5,058 3,946 9,766
Deferred tax asset (recognised)/not recognised (6,282) 3,232 3,457
Recognised net deferred tax assets 6,118 (3,770) (5,703)
Minimum tax pursuant to Malian law 986 664 1,434
Tax expense / (income) for the period / year 7,104 (3,106) (4,269)
The Group's primary tax rate is aligned with its operations in Mali of 30%.
The taxation of the Group's operations in Mali are aligned to the Mining Code
of Mali 1999 under which tax is charged at an amount not less than 1% of
turnover and not more than 30% of taxable profits.
6. Loss per ordinary share
Basic loss per ordinary share is calculated by dividing the net loss for the
period/year attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the period/year.
The calculation of the basic and diluted loss per share is based on the
following data:
Audited year ended 31 December 2022
Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022 $'000
$'000 $'000
Loss
Loss for the purposes of basic loss per share being loss attributable to (3,846) (18,378) (34,279)
equity holders of the parent
31 December 2022
Number of shares
30 June 2023 30 June 2022 Number
Number Number
Weighted average number of ordinary shares for the purposes of basic loss per 529,047,722 393,416,579 393,525,771
share
Adjustments for share options and warrants 24,444,473 29,899,569 25,362,582
Weighted average number of ordinary shares for the purposes of diluted loss 553,492,195 423,316,148 418,888,353
per share
Loss per ordinary share 30 June 30 June 31 December 2022
2023 2022 $ cents
$ cents $ cents
Basic (0.73) (4.67) (8.71)
Diluted (0.73) (4.67) (8.71)
For the period ended 30 June 2023, because there is a reduction in diluted
loss per share due to the loss-making position, therefore there is no
difference between basic and diluted loss per share.
7. Share capital
Authorised share capital
As permitted by the Companies Act 2006, the Company does not have an
authorised share capital.
Audited year ended 31 December 2022
Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022
Number Number Number
Issued and fully paid
Ordinary shares of £0.01 each 601,918,700 393,607,988 392,724,051
Total Ordinary shares after issue - shares of £0.01 each 601,918,700 393,607,988 392,724,051
Issued and fully paid
30 June 2023 30 June 2022 31 December 2022
$'000
$'000 $'000
Issued and fully paid
Ordinary shares of £0.01 each 8,287 5,828 5,828
Ordinary shares after issue of £0.01 each 8,287 5,828 5,828
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