REG - Hummingbird Res. - H1 2022 Interim Results
29/07/2022 07:01
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RNS Number : 1571U Hummingbird Resources PLC 29 July 2022
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
29 July 2022
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
Hummingbird Resources plc
("Hummingbird" or the "Company")
H1 2022 Interim Results
Hummingbird Resources (AIM: HUM) announces its unaudited results for the six
months ended 30 June 2022 ("the period"). The results can be found on the
Company's website.
Operational and financial updates for the period
· Sales of US$66.3 million (H1 2021: US$84.0 million) were
generated from 35,668 ounces ("oz") of gold sold during the period at an
average price of US$1,859/oz (H1 2021: 46,809 oz sold at an average price of
$1,794/oz), with additional US$4.1 million (H1 2021: US$2.6 million) revenue
generated from the sale of single mine origin ("SMO") gold
· Adjusted EBITDA of negative US$9.3 million for the period (H1
2021: positive $16.2 million)
· Pre-tax loss of US$23.9 million for the period (H1 2021 loss of:
US$3.3 million)
· Net debt of US$60.1 million (inc. gold inventory value of
c.US$4.3 million) (H1 2021: net cash of US$12.4 million (inc. gold inventory
value of ~US$3.4 million)
Operational and key Company updates for the period:
Updated Company Reserves and Resources(1):
· Updated Company Reserves and Resources statements for each of the
Company's three gold assets were released during the period (30 June 2022) as
forecast
· Company Reserves increased materially to 4.13 million ounces
("Moz") of Au from 1.12Moz as reported in November 2021 and Resources
increased 8% to 7.28Moz of Au from the previous statements
o Yanfolila, Mali: Reserves and Resources total 719 thousand ounces
("koz"), an increase of 13koz (+2%) at 2.85 grams a tonne ("g/t")
o Kouroussa, Guinea: Reserves and Resources total 647koz at 4.15 g/t, an
increase of 238koz (+58%) and 1.20Moz at 3.02 g/t, an increase of 22koz (+2%)
since the previous statements respectively
o Dugbe, Liberia: A maiden Reserve of 2.76Moz and Resources of 4.0Moz was
announced by our joint venture partners, Pasofino Gold Ltd ("Pasofino")
during the period
Yanfolila, Mali:
· As recently announced in our Q2 2022 operational and trading
update, following a low Q1 production quarter, operational results and trends
improved during the period. Notably, Q2 2022 production increased 29% from Q1
2022 to 20,013 oz of gold (Q1 2022: 15,548 oz), with improved mining rates
(+26%), processing plant throughput (+20%) and mill feed grade (+9%) achieved
during the quarter
Kouroussa, Guinea:
· During the period, construction officially begun on the Company's
second gold mine, Kouroussa, in Guinea in early January 2022 following the
mobilisation of equipment and personnel in December 2021
· Advancement of construction to the important civil works phase of
the build process occurred during the period, with the build remaining on time
and on budget to meet the scheduled first gold pour by the end of Q2 2023
Dugbe, Liberia:
· The Dugbe feasibility study results were released during the
period (13 June 2022) by our joint venture partners Pasofino showcasing a
sizeable gold mining project of 2.76Moz of gold in Reserves (4.01Moz
Resources) and strong project economics including a pre-tax
NPV(5%) of US$690 million (US$530 million post-tax), 26.35% IRR (23.6%
post-tax), and a life of mine ("LOM") of 14 years, producing 200koz per annum
in the first five years
· The Company is currently conducting a strategic review of its
options to best realise the maximum value of Dugbe for all stakeholders
Outlook:
· As detailed in the recent Q2 2022 Operational and Trading update,
the Company maintains its 2022 guidance of 87,000 - 97,000 oz of gold,
forecasting improved H2 production versus H1 2022 levels, in line with our
start of year guidance expectations and our current mine plan. Due to ongoing
inflationary cost pressures, especially from fuel and consumables, the full
year AISC guidance of US$1,300 - US$1,450 per oz will be re-assessed at
the end of Q3 and a further update provided at that time
Environmental, social and governance ("ESG") updates during the period:
· Covid-19: The Company's ongoing strict on-site testing,
quarantine procedures and overall hygiene protocols performed well during the
period, especially during the outbreak of the Omicron COVID-19 variant earlier
in the year in mitigating virus spread and any adverse health care issues for
our employees. Further, during the period increasing on-site employee
vaccinations took place
· Yanfolila, Mali community livelihood and projects: Extension of
our current community and livelihood programmes took place during the period
including: rehabilitating the 27 existing community water boreholes and adding
four new water boreholes during the period; on target to add four market
gardens to total 16 by the end of 2022, supporting c.1,050 mainly women with
income and local food supply; training of 19 people during the period in
beekeeping with c.300 litres of honey produced by the local communities in
June 2022 for sale and local consumption; and on target to add an additional
four poultry farms to take the total to eight by the end of 2022
· Kouroussa, Guinea: During the period, key ESG programmes and
initiatives included: Land compensation payments finalised to local
communities to allow for mine construction and future mining; ongoing
community engagement as the construction progressed; formalising the initial
community projects and livelihood initiatives which are being rolled out in H2
2022, including: water supply infrastructure; local community hospital
infrastructure improvements and medical supplies; market gardens; and shea
butter manufacturing training
o Further at Kouroussa advancement in discussions and final negotiations for
the mine sites power contract took place during the period, which we expect to
be awarded soon. The power contract will include carbon emission reduction
technologies to lower the overall carbon footprint of the mine including a
+7Mwh solar plant and heat recover generator units at the processing plant
· World Gold Council ("WGC") Responsible Gold Mining Principles
("RGMPs"): The external assurance audit begun in Q2 for the year three WGC
RGMPs requirements. A dedicated Hummingbird ESG team and external consultants
are in place to achieve a positive assurance audit report outcome, expected in
Q4 this year
· Dugbe, Liberia: During the period the Environmental and Social
Impact Assessment ("ESIA") study was being completed, and is expected to be
finalised by our joint venture partners, Pasofino in Q3 2022
Dan Betts, CEO of Hummingbird, commented:
"Our first half of the year was a busy period as we focussed on our key
deliverables. During the past six months we improved operational performance
at Yanfolila, with our Q2 2022 production numbers improving 29% versus Q1
2022; began construction at Kouroussa, with a material amount of progress
achieved during the period, including major civil work, operational readiness
programmes, contracts and community engagement; released our updated Company
Reserves and Resources statements, leading to a material uplift in our Company
Reserves now totalling at 4.13Moz and Company Resources of 7.28Moz; and the
release of a feasibility study on Dugbe by our joint venture partners
Pasofino, showcasing a sizeable gold mining project in terms of reserves and
resources as well as strong project economics.
Looking forward, we are committed to following this positive trend. We will
continue improving the operational performance at Yanfolila; maintain the
positive progress at Kouroussa in terms of timeframe, cost, and quality
delivery towards first gold pour at the end of Q2 2023; and make a decision
that is aligned with our stakeholders' best interests at Dugbe."
Footnote 1 - All Company Reserves and Resources are shown on a 100% basis.
Hummingbird will retain a controlling interest in Dugbe of 51%
**ENDS**
Notes to Editors:
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold production, development and exploration 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 when production, scheduled for first gold pour
end of Q2 2023. Further, the Company has a controlling interest in the Dugbe
Gold Project in Liberia that is being developed by Pasofino Gold Limited
through an earn-in agreement. 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, 14-year life of mine at a low AISC profile
of US$1,005/oz. 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 www.hummingbirdresources.co.uk
(http://www.hummingbirdresources.co.uk/) or contact:
Daniel Betts, CEO Hummingbird Resources plc Tel: +44 (0) 20 7409 6660
Thomas Hill, FD
Anthony Köcken, COO
Edward Montgomery, CSO & ESG
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
Ariadna Peretz Financial PR/IR Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)
George Cleary
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2022
Unaudited Unaudited
6 months ended 6 months ended Audited
30 30 Year ended
June June 31
December
2022 2021 2021
Continuing operations Notes $'000 $'000 $'000
Revenue 70,443 86,559 162,777
Production costs (64,865) (56,014) (113,606)
Amortisation and depreciation (16,945) (20,325) (38,317)
Royalties and taxes (2,447) (3,383) (6,297)
Cost of sales (84,257) (79,722) (158,220)
Gross (loss)/profit (13,814) 6,837 4,557
Share based payments (2,069) (1,036) (1,459)
Other administrative expenses (5,853) (4,139) (10,263)
Operating (loss)/profit (21,736) 1,662 (7,165)
Finance income 4,679 760 4,071
Finance expense (5,589) (2,619) (6,003)
Share of joint venture loss - - (46)
Reversals in impairment of financial assets 87 42 108
Losses on financial assets measured at fair value (1,369) (3,102) (3,134)
Loss before tax (23,928) (3,257) (12,169)
Tax 5 3,106 (840) 1,617
Loss for the period/year (20,822) (4,097) (10,552)
Attributable to:
Equity holders of the parent (18,378) (4,704) (10,908)
Non-controlling interests (2,444) 607 356
Loss for the period/year (20,822) (4,097) (10,552)
Loss per share (attributable to equity holders of the parent)
Basic ($ cents) 6 (4.67) (1.32) (2.78)
Diluted ($ cents) 6 (4.67) (1.32) (2.78)
Consolidated Statement of Financial Position
As at 30 June 2022
Unaudited Unaudited Audited
30 30 31
June June December
2022 2021 2021
Notes $'000 $'000 $'000
Assets
Non-current assets
Intangible exploration and evaluation assets 92,252 82,062 91,287
Intangible assets software 182 156 235
Property, plant and equipment 164,264 143,803 144,591
Right of use assets 30,358 39,552 35,986
Investments in associates and joint ventures 129 175 129
Financial assets at fair value through profit or loss 1,899 2,279 3,530
Deferred tax assets 7,638 684 3,868
296,722 268,711 279,626
Current assets
Inventory 13,158 16,117 13,148
Trade and other receivables 37,091 18,520 25,152
Unrestricted cash and cash equivalents - 4,558 32,571
Restricted cash and cash equivalents 3,887 4,379 4,168
54,136 43,574 75,039
Total assets 350,858 312,285 354,665
Liabilities
Non-current liabilities
Borrowings 63,180 - 61,812
Lease liabilities 14,936 25,897 20,962
Deferred consideration 4,159 5,599 4,627
Other financial liabilities 9,298 6,836 9,092
Provisions 22,405 16,157 21,644
113,978 54,489 118,137
Current liabilities
Bank overdraft 5,171 - -
Trade and other payables 49,357 50,558 33,708
Lease liabilities 13,496 12,822 13,496
Other financial liabilities 15,000 15,000 15,000
Provisions - - 611
83,024 78,380 62,815
Total liabilities 197,002 132,869 180,952
Net assets 153,856 179,416 173,713
Equity
Share capital 7 5,827 5,344 5,814
Share premium 17,425 488 17,425
Shares to be issued - 17,407 -
Retained earnings 122,916 145,794 140,342
Equity attributable to equity holders of the parent 146,168 169,033 163,581
Non-controlling interest 7,688 10,383 10,132
Total equity 153,856 179,416 173,713
Consolidated Statement of Cash Flows
For the six months ended 30 June 2022
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 30 31
June June December
2022 2021 2021
$'000 $'000 $'000
Operating activities
Loss before tax (23,928) (3,257) (12,169)
Adjustments for:
Amortisation and depreciation 11,332 14,090 26,286
Amortisation and depreciation - right of use assets 5,627 6,348 12,197
Share based payments 2,232 1,098 1,372
Finance income (4,679) (760) (4,071)
Finance expense 5,589 2,619 6,003
Share of joint venture loss - - 46
Reversals in impairment of financial assets (87) (42) (108)
Losses on financial assets and liabilities measured at fair value 1,369 3,102 3,134
Operating cash flows before movements in working capital (2,545) 23,198 32,690
(Increase)/decrease in inventories (11) 4,235 7,204
Increase in receivables (11,938) (6,346) (10,978)
Increase/(decrease) in payables 11,883 11,657 (3,795)
(2,611) 32,744 25,121
Taxation paid (680) (1,475) (2,418)
Net cash (used in)/generated from operating activities (3,291) 31,269 22,703
Investing activities
Purchases of exploration and evaluation assets (1,109) (5,618) (9,992)
Purchases of property, plant and equipment (30,747) (7,599) (22,295)
Pasofino funding 2,827 6,308 10,141
Pasofino funding utilisation (2,827) (7,178) (10,946)
Sale and purchase of shares in other companies - 2,538 2,538
Interest received 2 - -
Net cash used in investing activities (31,854) (11,549) (30,554)
Financing activities
Exercise of share options and warrants 13 - -
Lease principal payments (6,027) (6,657) (13,201)
Lease interest payments (715) (356) (819)
Loan interest paid - (255) (721)
Loans repaid - (13,278) (13,278)
Loan drawdown 7,520 - 66,365
Commission and other fees paid (2,890) (341) (5,413)
Net cash (used in)/generated from financing activities (2,099) (20,887) 32,933
Net (decrease)/increase in cash and cash equivalents (37,244) (1,167) 25,082
Effect of foreign exchange rate changes (779) (964) 589
Cash and cash equivalents at beginning of period/year 36,739 11,068 11,068
Cash and cash equivalents at end of period/year (1,284) 8,937 36,739
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2022
Share Share Shares to be issued Retained Total equity attributable to the parent Non-controlling interest Total
capital premium $'000 earnings $'000 $'000 $'000
$'000 $'000 $'000
As at 1 January 2021 5,344 488 17,407 150,246 173,485 9,776 183,261
(Loss)/profit for the period - - - (4,704) (4,704) 607 (4,097)
Total comprehensive income for the period - - - (4,704) (4,704) 607 (4,097)
Share based payments - - - 252 252 - 252
As at 30 June 2021 (Unaudited) 5,344 488 17,407 145,794 169,033 10,383 179,416
As at 1 January 2021 5,344 488 17,407 150,246 173,485 9,776 183,261
(Loss)/profit for the year - - - (10,908) (10,908) 356 (10,552)
Total comprehensive income for the year - - - (10,908) (10,908) 356 (10,552)
Transactions with owners in their capacity as owners:
Shares to be issued as consideration in asset purchase 470 (17,407) - - - -
16,937
Total transactions with owners in their capacity as owners 470 16,937 (17,407) - - - -
Share based payments - - - 1,004 1,004 - 1,004
As at 31 December 2021 (Audited) 5,814 - 140,342 163,581 10,132 173,713
17,425
As at 1 January 2022 5,814 17,425 - 140,342 163,581 10,132 173,713
Comprehensive (loss)/income for the period:
Loss for the period - - - (18,378) (18,378) (2,444) (20,822)
Total comprehensive (loss)/income 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 - 122,916 146,168 7,688 153,856
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 2021. There were several accounting standards updates
effective 1 January 2022, which did not have any material impact on the
financial statements of the Group.
IFRS 3 - Business Combinations (Amendments) effective 1 January 2022 Reference to the Conceptual Framework
IAS 16 - Property, Plant and Equipment (Amendments) effective 1 January 2022 Proceeds before Intended Use
IAS 37 - Provisions, Contingent Liabilities and Contingent Assets (Onerous effective 1 January 2022 Cost of Fulfilling a Contract
Contracts)
The following Standards and Interpretations which have not been applied in the
financial statements were in issue but not yet effective.
IFRS 17 effective 1 January 2023 Insurance contracts
3. Significant accounting policies
Basis of preparation
The consolidated interim financial information has been properly prepared in
accordance with International Accounting Standards in conformity with the
requirements of the Companies Act 2006, which is expected to be applied in the
Group's financial statements for the year ended 31 December 2022.
The consolidated interim financial information for the period 1 January 2022
to 30 June 2022 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
2021. 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 2021 to 30 June 2021 and the audited financial year to 31 December
2021. 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 2021,
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 2022, the Group had cash and cash equivalents of negative $1.3
million and total borrowings of $63.2 million. As of June 30, 2022, the
Company had a working capital deficiency (current assets less current
liabilities) of $28.9 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 2023 that supports the conclusion of the Directors that they
expect sufficient funding should 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 and subsequent sanctions on Mali, the sanctions
on Russia as well as COVID-19.
The biggest material uncertainty and risk remains ounces produced and whether
the current mine plan can be achieved, mining contractor equipment
performance, the impact of COVID-19, and impact of the latest change in
government and resulting sanctions in Mali and sanctions on Russia, which are
also having a logistical impact on the Group. 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,
increased fuel costs and potential disruptions to supply chain 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 2021
June 2022 ended 30
June 2021
$'000 $'000 $'000
Loss before tax (23,928) (3,257) (12,169)
Less: Finance income (4,679) (760) (4,071)
Add: Finance costs 5,589 2,619 6,003
Add: Depreciation and amortisation 16,959 20,438 38,395
EBITDA (6,059) 19,040 28,158
IFRS 16 lease interest and principal payments (6,742) (7,013) (14,020)
Share based payments 2,232 1,098 1,372
Share of joint venture loss - - 46
Reversals in impairment of financial assets (87) (42) (108)
Losses on financial assets and liabilities measured at fair value 1,369 3,102 3,134
Adjusted EBITDA (9,287) 16,185 18,582
5. Tax
The tax (income)/charge for the period/year is summarised as follows:
Unaudited six months ended 30 June 2022 Unaudited six months ended 30 June 2021 Audited year ended 31 December 2021
$'000 $'000 $'000
Minimum tax pursuant to Malian law 664 840 1,567
Deferred tax income (3,770) - (3,184)
Tax (income/)/expense for the period/year (3,106) 840 (1,617)
The taxation charge for the period/year can be reconciled to the loss per the
statement of comprehensive income as follows:
Unaudited six months ended 30 June 2022 Unaudited six months ended 30 June 2021 Audited year ended 31 December 2021
$'000 $'000 $'000
Loss before tax for the period/year (23,928) (3,257) (12,169)
Tax expense at the rate of tax 30.00% (7,178) (977) (3,651)
Origination and reversal of temporary differences 3,946 1,415 9,433
Deferred tax asset (recognised)/not recognised 3,232 (438) (5,782)
Recognised net deferred tax assets (3,770) - (3,184)
Minimum tax pursuant to Malian law 664 840 1,567
Tax (income)/expense for the period/year (3,106) 840 (1,617)
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:
Unaudited six months ended 30 June 2022 Unaudited six months ended 30 June 2021 Audited year ended 31 December 2021
$'000 $'000 $'000
Loss
Loss for the purposes of basic loss per share being loss attributable to (18,378) (4,704) (10,908)
equity holders of the parent
31 December 2021
Number of shares Number
30 June 2022 30 June 2021
Number Number
Weighted average number of ordinary shares for the purposes of basic loss per 393,416,579 357,428,368 392,676,809
share
Weighted number of shares to be issued as part of asset purchase - 35,248,441 -
Adjustments for share options and warrants 29,899,569 18,097,483 17,166,492
Weighted average number of ordinary shares for the purposes of diluted loss 423,316,148 410,774,292 409,843,301
per share
Loss per ordinary share 30 June 30 June 31 December 2021
2022 2021 $ cents
$ cents $ cents
Basic (4.67) (1.32) (2.78)
Diluted (4.67) (1.32) (2.78)
For the period ended 30 June 2022, 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.
Unaudited six months ended 30 June 2022 Unaudited six months ended 30 June 2021 Audited year ended 31 December 2021
Number Number Number
Issued and fully paid
Ordinary shares of £0.01 each 393,607,988 357,428,368 392,676,809
Shares to be issued (1)
Ordinary shares to be issued of £0.01 each - 35,248,441 -
Total Ordinary shares after issue - shares of £0.01 each 393,607,988 392,676,809 392,676,809
31 December 2021
Issued and fully paid $'000
30 June 2022 30 June 2021
$'000 $'000
Issued and fully paid
Ordinary shares of £0.01 each 5,827 5,344 5,814
Shares to be issued (1)
Ordinary shares to be issued of £0.01 each - 470 -
Ordinary shares after issue of £0.01 each 5,827 5,814 5,814
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