Power Metal Res. - Interim Results
29/09/2025 08:47
RNS Number : 1920B
Power Metal Resources PLC
29 September 2025
29 September 2025
Power Metal Resources plc
("POW", "Power Metal" or the "Company")
Interim Results
Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed natural resources exploration company and project incubator with a global project portfolio, announces its unaudited interim results for the six-month period ended 30 June 2025 (the "period"), for the Company and its subsidiaries (together the "Group").
KEY DEVELOPMENTS IN THE HALF YEAR TO 30 JUNE 2025
- Block 8 Oman: Exploration work was conducted by Power Arabia Limited ("Power Arabia") across the Block 8 exploration concession in Oman ("Block 8"), focusing on the Al Maider and Al Mansur prospects, which both have the potential to host significant mineralisation.
o At the Al Maider Prospect, assay results from an initial 13 rock and float samples returned significant results of 4.46% and 1.75% copper and further rock chip sampling returned results of up to 7.84% copper, supporting the prospectivity of the target.
o At the Al Mansur Prospect, gravimetric geophysics ("Gravity") survey work defined five anomalies, with in-fill Gravity work further defining two targets for additional workstreams, subsequently named AM1 and AM2.
- Uranium Joint Venture: During the period, significant progress was made at a number of properties that constitute Power Metal's uranium-focused joint venture (the "Joint Venture" or "JV") with UCAM Ltd ("UCAM"), known as Fermi Exploration ("Fermi"), which comprises POW's entire portfolio of uranium licences:
o Tait Hill: Significant intrusion-related uranium target - the Antler Zone - identified at the property. Rock samples taken from the Antler Zone returned Tait Hill's highest uranium values to dates, including 1.68% uranium in pegmatite.
o Fortin River: Project acquired in February by mineral staking. Preliminary geophysical results indicate the presence of a significant uranium target.
o Reitenbach: Property expanded by 27.5% by direct mineral claim staking. Geophysical surveys and fieldwork reveal promising targets. Small field programme commissioned to refine and narrow the prospective area for future work.
o Drake Lake-Silas: Drill targets established targeting Iron Oxide Copper Gold ("IOCG") mineralisation. Diamond drilling programme initiated and completed post-period. Further magnetic and electromagnetic geophysical surveys and geochemical sampling commissioned to support drill targeting.
o Perch River: Permits received and rig mobilised for seven to eight-hole diamond drilling programme to test a coincident electromagnetic conductor and previously identified radon/soil geochemical anomaly. Programme was initiated and completed post-period.
o Badger Lake: Diamond drilling programme was designed following comprehensive exploration studies, including geophysical, geochemical, and surficial studies. A 2,400 metre ("m") diamond core drilling programme was planned following the receipt of permitting.
- Guardian Metal Resources: In February, an agreement was reached in principle between the Company and UCAM wherein UCAM would purchase 29,758,334 shares in Guardian Metal Resources ("GMET"), and warrants granted over 986,352 ordinary shares in GMET of £0.01 each, for a total cash consideration of £9,225,083.91. The sale was completed realising over £9.2 million in cash proceeds.
KEY DEVELOPMENTS POST-PERIOD
- Block 8 Oman: Post-period, a Gravity survey was completed over the Al Mansur Prospect, further defining two strong anomalies - AM1 and AM2 - peaking at 0.56 milligal ("mGal") of contrast and providing close to 700 m of highly anomalous target strike length combined. Maiden reconnaissance diamond core drilling programme has now commenced with an initial nine drill holes planned to test targets identified by earlier exploration work.
- Uranium Joint Venture: Over the summer of 2025, Fermi advanced several projects across its portfolio through extensive diamond drilling programmes, delivering strong technical progress:
o Drake Lake-Silas: Seven-hole, 2,660 m diamond drilling programme was completed. Two zones of mineralisation confirmed.
o Perch River: Six-hole, 1,563 m diamond drilling programme was completed, successfully testing a target, an inferred shear structure, at depth.
o Badger Lake: Permit application is in progress to conduct mineral exploration on the property. Testing planned on electromagnetic geophysical and geochemical anomalies in the S-Zone.
o Fortin River: Radon and swamp bed sampling programme has been completed to inform future exploration on the property.
o East Hawkrock: Drill programme is planned and due to commence in Q1 2026.
- Guardian Metal Resources: Following the partial disposal in February 2025, Power Metal sold its remaining holding of 24,699,825 ordinary shares in Guardian Metal Resources PLC post period-end, for a total cash consideration of £13,584,904 before costs. This took the total funds received to £22,809,988 before costs over the course of two disposals, a return of 11.8 times on an original investment of £1,935,275, validating the Company's project incubator approach.
- First Development Resources: First Development Resources PLC ("FDR") commenced trading on AIM in July 2025, raising gross proceeds of £2.3 million as part of the admission. Power Metal holds 43.44% of FDR's issued share capital, with the IPO serving as another post-period crystallisation success.
- Minestarters: In early September 2025, Power Metal announced a proposed investment of up to £3 million in Minestarters, an institutional-grade, blockchain-enabled Decentralised Finance ("DeFi") platform bringing real-world asset ("RWA") tokenisation to mining exploration, for up to a 49 per cent stake. Minestarters plans to be the first DeFi platform to offer investors regulated, compliant and transparent access to mineral exploration and development, transforming mining finance.
FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED 30 JUNE 2025
- Profit for the period, attributable to owners of the parent of £5.4 million (30 June 2024: £1.3 million loss), resulting in profit per share of 4.71 pence (30 June 2024: 1.22 pence loss);
- Total assets of £31.07 million at the period end (31 December 2024: £28.71 million); and
- Net assets of £28.3 million at the period end (31 December 2024: £22.9 million).
Sean Wade, Chief Executive Officer of Power Metal commented: "It has been a momentous year for Power Metal Resources thus far. During the period, significant advancements were achieved by the Fermi Exploration team across its suite of highly prospective uranium licences, delivering strong technical progress and exceedingly encouraging results which have continued to highlight the scale and diversity of the opportunity. We look forward to the advancement of this exploration pipeline throughout the rest of the year, with further drilling planned.
"Our Power Arabia subsidiary also enjoyed exploration success at its flagship Block 8 project in Oman, returning positive results that further demonstrate the potential for the project to host significant copper mineralisation. Power Arabia is set to continue its drive to be one of the dominant exploration leaders in the region, advancing a pipeline of exciting prospects with key partners.
"Post period-end, we disposed of our remaining holding in GMET, realising £22.81 million on our initial £1.94 million investment, an 11.8 times return. This disposal, partnered with the IPO of First Development Resources, in which we retain a significant stake, validates our project incubation model in the strongest terms. These key crystallisation events will allow us to pursue other business development opportunities.
"One such opportunity is the investment of up to £3 million in Minestarters, an innovative decentralised finance platform bringing real-world asset tokenisation to mining exploration. This transformative investment gives us first-mover advantage in a US$200+ billion annual market, with a platform that has the potential to scale rapidly and reshape mining finance.
"I would like to thank the teams from across the Group for their dedication and hard work, and I look forward to updating shareholders on the development of our investment opportunities and progress across our diversified portfolio in the coming months."
POWER METAL INTERESTS AT TODAY'S DATE
The latest updated review of Power Metal's business interests is provided in the Company's investor presentation which can be accessed here:
https://www.powermetalresources.com/investors/presentation/
In addition, a single page Business Overview is provided for investors through the following link:
https://www.powermetalresources.com/company/
LATEST POSITION OF POWER METAL INTERESTS AND TARGETED OBJECTIVES FOR 2025
Priority Exploration and Potential Exploration Project Joint Ventures
| Exploration Interest | Latest Position & Forward Plans |
| Fermi Exploration Northern Saskatchewan and Labrador, Canada (Uranium) POW: 30% | Power Metal, and its JV partner UCAM, currently hold 18 uranium properties covering a total area of 111,125.74 hectares within and surrounding the prolific Athabasca Basin and Central Mineral Belt in Canada. High impact exploration work was carried out at various properties across the portfolio during H1 FY2025, showcasing its diversity, scale and prospectivity. Future work programmes will continue across the portfolio with exploration work looking to identify targets and design future drill programmes. |
| Molopo Farms Complex Project Botswana (Nickel - Copper - Platinum Group Element) POW: 87.70% | The cumulative explorationand diamond drilling programmes undertaken at Molopo Farms have demonstrated significant potential for a major nickel - platinum group element discovery or discoveries. The successful intersection at the high priority Target Area T1-14 confirms the presence of the superconductor that was identified by multiple geophysical surveys. Significant sulphur assays of up to 3.46% were identified alongside a sample which returned anomalous nickel of 0.128%. The Company is looking to progress potential commercial pathways with a view to moving the project to the next stage in its exploration programme. |
| Tati Project Botswana (Gold - Nickel) POW: 100% | 2024 geochemical soil sampling assay results confirmed the presence of three significant gold-in-soil geochemical anomalies of greater than 500ppb gold. Of the 446 samples collected, 29 samples returned assay results of 100ppb gold or above. The Cherished Hope anomaly identified in the geochemical soil sampling results represents a significant extension zone trending southwest from the original Cherished Hope historical mine workings. The two further anomalies show the potential for a significantly larger anomalous gold-in-soil footprint. Commercial discussions regarding the potential for small-scale mining at the Cherished Hope Gold Mine are ongoing, in parallel with continuing exploration work. The Company entered into a Share Option Agreement between Power Metal, Tati Greenstone Resources PTY LTD, held as a 100% owned subsidiary of Power Metal, and Tuscan Holding PTY Ltd. Subject to exercise of the Option, Power Metal, through TGR, will retain a 25% interest free carried to production in Prospecting Licence 049/2022 (which covers the Cherished Hope Mine) and from which it is intended that TGR will become a material dividend paying entity from net cash flow generated from gold production. Power Metal will retain the right to a 100% interest in other prospecting licences held by TGR. |
| Business Interest | Latest Position |
| First Development Resources plc ("FDR") Western Australia /Northern Territory (Gold - Copper - Rare Earth Elements - Uranium - Lithium) POW: 43.44% | FDR was admitted to trading on AIM in July 2025, with an initial market capitalisation of £7.06 million. Power Metal retains a 43.44% interest in FDR. FDR is seeking major mineral discoveries in Australia. The current portfolio includes three copper-gold projects in the highly prospective Paterson Province of Western Australia and a uranium and rare-earth element ("REE") project in the mining friendly Northern Territory. FDR is actively looking to expand its portfolio through the acquisition of early-stage exploration projects in Australia. A high-level geophysical and geographical information system-based desktop study has been completed at the Selta Project. The study significantly expanded the existing rare-earth element and lithium exploration target area and generated new target areas. An exploration strategy for Selta is being developed to systematically test the identified targets. |
| ION Battery Resources Ltd ("ION") Canada (Lithium) POW: 100% | ION is focused on early-stage exploration, seeking transformational metal discoveries to supply the battery industry. ION has identified two possible target areas for lithium at Aurier North. |
| GSA Environmental "GSAe" UK POW: 75% | GSAe is an engineering technology provider and process licensor which specialises in the extraction of strategic metals from 'secondary sources', including power station ash, refinery waste, titanium dioxide waste and spent catalysts. In 2024, Power Metal completed the acquisition of 75% of the issued share capital of GSAe. Working with a state-owned company in Saudi Arabia, GSAe has progressed an initial study to process fly ash, primarily for the extraction of vanadium and nickel.Ithas successfully carried out numerous other studies and analyses in collaboration with respected firms in the UK, Europe and Saudi Arabia. |
| Power Arabia Ltd Kingdom of Saudi Arabia POW: 82.3% | Power Arabia Limited was established to encompass all of Power Metal's activities across the Arabian Gulf. Conversations are progressing with investors, both from the Gulf and internationally, who have indicated significant interest in a regionally-focused investment vehicle. A binding earn-in agreement has been signed with RIWAQ Al-Mawarid for Mining ("RIWAQ"), a special purpose subsidiary of EV Metals Group plc, focused on the development of the Saudi supply chain for critical raw materials from the exploration, mining and processing of minerals and metals. RIWAQ is the sole beneficial owner and sole registered holder of 15 tenements in the Balthaga Suite in the south of the Arabian Shield; 13 are considered prospective for hard rock lithium, one for nickel sulphides, and one for a copper/molybdenum porphyry system. The Block 8 exploration concession in Oman is the subject of an agreement for Power Metal to earn a 12.5% stake in the Project held by ASX listed Alara Resources Limited ("Alara") and Awtad Copper LLC ("Awtad Copper"). The exploration work, led and undertaken by the Power Arabia technical team, commenced in October 2024 following the signing of a formal and legally binding agreement. Exploration work, including rock chip sampling, mapping and in-fill Gravity surveying, has focused on two high priority prospects, the Al Maider Prospect and the Al Mansur Prospect, which both have the potential to host significant mineralisation. The Company announced the signature of a Letter of Intent to enter into a binding agreement with Al Masane Al Kobra Mining Company ("AMAK"), a Saudi Arabian listed exploration and mining company, for Power Metal to spend US$3,000,000 to earn a 49% stake in the Qatan exploration licence in southern Saudi Arabia. However, the joint decision was made to not enter into a binding agreement due to the parties not being able to reach mutually acceptable terms. Power Metal affirms its continued readiness to explore future partnership opportunities that contribute to supporting its growth and strategic plans with AMAK in the near future. |
| Minestarters POW: 35% with option to increase to 49% | Minestarters proposes to establish an institutional-grade, blockchain-enabled Decentralised Finance Tokenisation Platform which will offer compliant, liquid, and diversified investment into, and bridge the investment gap in, early-stage mining ventures. Minestarters tokens will give investors access to a curated portfolio of global exploration and development projects. As these projects advance, the Minestarters platform aims to capture and distribute their real-world value growth, simultaneously benefitting investors whilst directing essential funding to a pipeline of highly prospective mining assets. Power Metal has acquired an initial 35 per cent in Minestarters for a £1 million share subscription in cash, with an option to increase its holding to up to 49 per cent for a further £2 million share subscription in cash, subject to milestone delivery. These milestones will include, but are not limited to, the on-boarding of suitable mining partners and a listing of the Minestarters tokens on a suitable token exchange. Minestarters will issue tokens as soon as practicable. |
| Project | Latest Position & Key Forward Events |
| Guardian Metal Resources plc (LON:GMET) Nevada, USA Gold - Base Metals | In February 2025, Power Metal disposed of 29,758,334 shares in GMET for a total cash consideration of £9,225,083.91 before costs. In August 2025, POW disposed of its remaining holding in GMET of 24,699,825 shares, for a total cash consideration of £13,584,904 before costs. In total, £22,809,988 was received from the sale of shares in GMET, before costs, representing an 11.8 times return on an original investment of £1,935,275. |
| Haneti Project Tanzania (Polymetallic) | Power Metal, and its JV partner Katoro Gold PLC, ceased further investment in the Haneti Project following a review which deemed that the Haneti Project demonstrated insufficient prospectivity. |
| Silver Peak Project British Columbia, Canada (Silver) | During the period, as part of a streamlining of its portfolio, Power Metal disposed of its net 30% interest in the Silver Peak Project to its JV partner, Michael B Nugent, for a cash consideration. |
| Power Metal Resources plc | |
| Sean Wade (Chief Executive Officer) | +44 (0) 20 3778 1396 |
| SP Angel Corporate Finance LLP (Nomad and Joint Broker) | |
| Ewan Leggat/Jen Clarke | +44 (0) 20 3470 0470 |
| Tamesis Partners LLP (Joint Broker) | |
| Richard Greenfield/Charlie Bendon | +44 (0) 20 3882 2868 |
| BlytheRay (PR Advisors) | |
| Tim Blythe/Alastair Roberts | +44 (0) 20 7138 3204 powermetalresources@blytheray.com |
| Note | 6 months ended 30-Jun-25 (unaudited) £'000 | 6 months ended 30-Jun-24 (unaudited) £'000 | Period ended 31-Dec-24 (audited) £'000 | ||||
| Revenue | 45 | 32 | 200 | ||||
| Cost of sales | (91) | (1) | (7) | ||||
| Gross (loss)/profit | (46) | 31 | 193 | ||||
| Operating expenses | (2,098) | (2,778) | (7,964) | ||||
| Fair value gains through profit or loss | 8,221 | 1,031 | 8,876 | ||||
| Profit/(loss) from operating activities | 6,077 | (1,716) | 1,105 | ||||
| Other (expenses)/income | (744) | 385 | 3,101 | ||||
| Finance costs | (112) | (20) | (221) | ||||
| Share of post-tax losses of equity accounted joint ventures | (33) | (79) | (123) | ||||
| Profit/(loss) before taxation | 5,188 | (1,430) | 3,862 | ||||
| Taxation | 46 | 1 | 10 | ||||
| Profit/(loss) for the period from continuing operations | 5,234 | (1,429) | 3,872 | ||||
| Items that will or may be reclassified to profit or loss: | |||||||
| Exchange translation | (21) | 7 | (25) | ||||
| Total other comprehensive (expense)/ income | (21) | 7 | (25) | ||||
| Total comprehensive expense for the period | 5,213 | (1,422) | 3,847 | ||||
| Profit/(loss) for the period attributable to: | |||||||
| Owners of the parent | 5,440 | (1,333) | 4,104 | ||||
| Non-controlling interests | (206) | (96) | (232) | ||||
| 5,234 | (1,429) | 3,872 | |||||
| Total comprehensive loss attributable to: | |||||||
| Owners of the parent | 5,416 | (1,329) | 4,078 | ||||
| Non-controlling interests | (203) | (93) | (231) | ||||
| 5,213 | (1,422) | 3,847 | |||||
| Profit/(loss) per share from continuing operations attributable to the ordinary equity holder of the parent: | |||||||
| Basic earnings per share (pence) | 4 | 4.71 | (1.22) | 3.74 | |||
| Diluted earnings per share (pence) | 4 | 4.71 | (1.22) | 3.69 | |||
| Note | 30-Jun-25 (unaudited) £'000 | 31-Dec-24 (unaudited) £'000 | |||
| Assets | |||||
| Exploration assets | 5,251 | 4,916 | |||
| Intangible assets | 1,119 | 1,189 | |||
| Investments in associates and joint ventures | 4,209 | 4,242 | |||
| Financial assets at fair value through profit or loss | 832 | 884 | |||
| Right of use asset | 60 | 82 | |||
| Property, plant & equipment | 192 | 197 | |||
| Non-current assets | 11,663 | 11,510 | |||
| Financial assets at fair value through profit or loss | 14,099 | 15,859 | |||
| Trade and other receivables | 884 | 873 | |||
| Inventories | - | 22 | |||
| Cash and cash equivalents | 4,421 | 446 | |||
| Current assets | 19,404 | 17,200 | |||
| Total assets | 31,067 | 28,710 | |||
| Equity | |||||
| Share capital | 5 | 8,674 | 8,671 | ||
| Share premium | 29,442 | 29,258 | |||
| Shares to be issued | - | 187 | |||
| Capital redemption reserve | 5 | 5 | |||
| Share based payments reserve | 4,089 | 3,934 | |||
| Convertible loan reserve | 96 | 71 | |||
| Exchange reserve | 53 | 77 | |||
| Accumulated losses | (14,732) | (20,172) | |||
| Total | 27,627 | 22,031 | |||
| Non-controlling interests | 693 | 896 | |||
| Total equity | 28,320 | 22,927 | |||
| Liabilities | |||||
| Trade and other payables | 1,381 | 2,013 | |||
| Current lease liabilities | 35 | 37 | |||
| Current borrowings | 518 | 498 | |||
| Current contingent consideration | 325 | 89 | |||
| Current liabilities | 2,259 | 2,637 | |||
| Non-current lease liabilities | 24 | 41 | |||
| Non-current borrowings | - | 2,414 | |||
| Non-current contingent consideration | 287 | 505 | |||
| Provisions | 6 | 6 | |||
| Deferred tax | 171 | 180 | |||
| Non-current liabilities | 488 | 3,146 | |||
| Total liabilities | 2,747 | 5,783 | |||
| Total equity and liabilities | 31,067 | 28,710 |
| Share capital £'000 | Share premium £'000 | Shares to be issued £'000 | Capital redemption reserve £'000 | Share based payment reserve £'000 | Convertible loan reserve £'000 | Exchange reserve £'000 | Accumulated losses £'000 | Total £'000 | Non-controlling interests £'000 | Total equity £'000 | |||||||||||
| Balance as at 31 December 2024 (audited) | 8,671 | 29,258 | 187 | 5 | 3,934 | 71 | 77 | (20,172) | 22,031 | 896 | 22,927 | ||||||||||
| Profit/(loss) for the period | - | - | - | - | - | - | - | 5,440 | 5,440 | (206) | 5,234 | ||||||||||
| Total other comprehensive (expense)/income | - | - | - | - | - | - | (24) | - | (24) | 3 | (21) | ||||||||||
| Total comprehensive (loss)/profit for the period | - | - | - | - | - | - | (24) | 5,440 | 5,416 | (203) | 5,213 | ||||||||||
| Issue of ordinary shares | 3 | 184 | (187) | - | - | - | - | - | - | - | - | ||||||||||
| Share based payments | - | - | - | - | 155 | - | - | - | 155 | - | 155 | ||||||||||
| Fair value gain on convertible loan note | - | - | - | - | - | 25 | - | - | 25 | - | 25 | ||||||||||
| 3 | 184 | (187) | - | 155 | 25 | - | - | 180 | - | 180 | |||||||||||
| Balance at 30 June 2025 (unaudited) | 8,674 | 29,442 | - | 5 | 4,089 | 96 | 53 | (14,732) | 27,627 | 693 | 28,320 |
| Share capital | Share premium | Shares to be issued | Capital redemption reserve | Share based payment reserve | Convertible loan reserve | Exchange reserve | Accumulated losses | Total | Non-controlling interests | Total equity | |||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||||
| Balance at 1 October 2023 | 8,531 | 27,497 | - | 5 | 1,712 | - | 103 | (24,276) | 13,572 | 907 | 14,479 | ||||||||||
| Profit/(loss) for the period | - | - | - | - | - | - | - | 4,104 | 4,104 | (232) | 3,872 | ||||||||||
| Other comprehensive expense/(income) | - | - | - | - | - | - | (26) | - | (26) | 1 | (25) | ||||||||||
| Total comprehensive (expense) / income for the period | - | - | - | - | - | - | (26) | 4,104 | 4,078 | (231) | 3,847 | ||||||||||
| Issue of ordinary shares | 140 | 1,761 | - | - | - | - | - | - | 1,901 | - | 1,901 | ||||||||||
| Shares to be issued | - | - | 187 | - | - | - | - | - | 187 | - | 187 | ||||||||||
| Share-based payments | - | - | - | - | 2,222 | - | - | - | 2,222 | - | 2,222 | ||||||||||
| Issue of convertible loan note | - | - | - | - | - | 71 | - | - | 71 | - | 71 | ||||||||||
| Non-controlling interest adjustment on acquisition of subsidiaries | - | - | - | - | - | - | - | - | - | 100 | 100 | ||||||||||
| Non-controlling interest adjustment on disposal of subsidiaries | - | - | - | - | - | - | - | - | - | 120 | 120 | ||||||||||
| Total transactions with owners | 140 | 1,761 | 187 | - | 2,222 | 71 | - | - | 4,381 | 220 | 4,601 | ||||||||||
| Balance at 31 December 2024 | 8,671 | 29,258 | 187 | 5 | 3,934 | 71 | 77 | (20,172) | 22,031 | 896 | 22,927 |
| 6 months ended 30-Jun-25 (unaudited) £'000 | 6 months ended 30-Jun-24 (unaudited) £'000 | 15 months ended 31-Dec-24 (audited) £'000 | |||
| Cash flows from operating activities | |||||
| Profit/(loss) for the period | 5,234 | (1,429) | 3,872 | ||
| Adjustments for: | |||||
| Fair value gain on financial assets | (8,221) | (1,032) | (8,876) | ||
| Fair value gain on convertible loan notes | - | - | (13) | ||
| Finance costs | 112 | 21 | 221 | ||
| Share of post-tax losses of equity accounted joint ventures | 33 | 79 | 122 | ||
| Expenses settled in shares | - | - | 36 | ||
| Expenses settled with convertible loan notes | - | - | 400 | ||
| Loss/gain on disposals | 848 | 233 | (2,804) | ||
| Depreciation | 26 | 3 | 10 | ||
| Amortisation | 90 | 10 | 22 | ||
| Deferred tax credit | (10) | (1) | (10) | ||
| Expected credit losses | 42 | 10 | 57 | ||
| Foreign exchange losses/(gains) | 66 | 10 | 11 | ||
| Share-based payment expense | 155 | 1,188 | 2,222 | ||
| (1,625) | (908) | (4,730) | |||
| Changes in working capital: | |||||
| (Increase)/ Decrease in trade and other receivables | (122) | (1,148) | 309 | ||
| (Decrease)/ Increase in trade and other payables | (601) | (562) | 351 | ||
| Decrease/(Increase) in inventories | 22 | (11) | (6) | ||
| Net cash used in operating activities | (2,326) | (2,629) | (4,076) | ||
| Cash flows from investing activities | |||||
| Cash acquired on acquisition of subsidiary | - | 1 | 1 | ||
| Investments in financial assets through profit & loss | - | (188) | (3) | ||
| Disposal of financial assets | 7,231 | - | 553 | ||
| Investment in joint ventures and associates | - | (37) | (95) | ||
| Disposal of joint venture and associates | - | - | 200 | ||
| Investments in exploration assets | (429) | (278) | (840) | ||
| Purchase of property, plant, and equipment | (22) | (6) | (180) | ||
| Proceeds from disposal of property, plant and equipment | - | 4 | 4 | ||
| Net cash generated from/(used in) investing activities | 6,780 | (504) | (360) | ||
| Cash flows from financing activities | |||||
| Proceeds from issue of share capital | - | 1,299 | 1,299 | ||
| Proceeds from borrowings | 250 | 2,000 | 3,000 | ||
| Repayment of borrowings | (708) | - | (490) | ||
| Principal paid on lease liabilities | (22) | (7) | (25) | ||
| Net cash flows from financing activities | (480) | 3,292 | 3,784 | ||
| Net (decrease) in cash and cash equivalents | 3,975 | 159 | (652) | ||
| Cash and cash equivalents at beginning of period | 446 | 514 | 1,098 | ||
| Cash and cash equivalents at end of period | 4,421 | 673 | 446 |