REG - Scotgold Resources - Final Results
22/12/2021 07:00
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RNS Number : 4675W Scotgold Resources Ltd 22 December 2021
22 December 2021
Scotgold Resources Limited ("Scotgold" or the "Company")
Final Results
Scotgold Resources Limited (AIM: SGZ), is pleased to announce its Annual
Results for the year ended 30 June 2021.
Overview
Ramping up production at Scotland's first commercial gold mine
· Significant progress made at Cononish Gold and Silver Mine
('Cononish') in Scotland as the Company targets production of c.23,500oz p.a.
run rate of gold by Q1 2023
· New management team appointed in April 2021 to spearhead Cononish
expansion and optimisation
o A redesign of the 2021 mine schedule/design was completed in May 2021 to
allow for faster access to higher grade zones within the ore body
o Completed modifications and upgrades on the process plant and identified
and purchased critical and required spare parts for the processing plant
o Implemented maintenance planning practices
o Formed strategic alliances with suppliers and engineering/fabrication
shops within Scotland and the UK
o Phase 1 ramp up due to be completed end December 2021 with November and
December 2021 production in line with management's targets
o Gravity gold production remains on track with a delivery to the refiners
completed in December
· As of August 2021, Scotgold has consistently achieved production
revenues that exceed operational costs
· Operational and strategy update will be made in January 2022 with
Cononish optimisation initiatives for 2022 and production guidance
· Vision to build a multi-asset gold production company in Scotland -
three prospective areas, close to Cononish, being identified as high priority
target areas with data modelling in progress to establish the best sites to
test these targets in any potential future exploration drill programmes
Scotgold Resources CEO, Phil Day said, "Considerable progress has been made
during 2021 at our flagship Cononish mine in Scotland, seeing us successfully
ramp up production, in line with our accelerated expansion plan to achieve
production of c.23,500oz p.a. run rate of gold production by Q1 2023.
"Since joining as CEO in April 2021, with a newly appointed leadership team at
the helm, we have been focused on building our foundations to accelerate
growth for the future as Scotland's first commercial gold mining company. We
have done this on several fronts. Firstly, investing in the Scotgold team,
with our headcount increasing 92% from 38 to 73 in December 2021 with the
intention to grow our team further in 2022. Importantly we have focused on the
optimisation of our processing plant and mine development plan to increase the
production rate of both our gravity concentrate gold which produces gold doré
for the Scottish jewellery market and our high-grade concentrate where we have
an established off-take agreement.
"We've concentrated on de-bottlenecking and the availability of our process
plant through maintenance practises and planning and in October 2021 we
successfully completed the Ball Mill reline. As I write this, we are
consistently achieving production revenues that exceed operational costs.
December production currently looks to be another step change higher than
previous months, further demonstrating the significant strides we're making as
a team.
"Our Cononish underground gold mine has a world-class ore-body. It's
exceptionally high-grade with grades running as high as c.20 g/t Au, allowing
us to run the processing plant with an average mine feed of c.12 g/t Au to
date, which is expected to increase in line with our mine expansion plans. As
a high margin operation, Cononish has compelling economics with forecast
operating costs anticipated at £544/oz AISC, once in full production, which
places Cononish in the lowest quartile of gold mining operations globally.
"It's our intention to increase our current mine life of 8.5 years as detailed
in the Strategic Review and believe there is potential to develop Cononish
into a +18-year life of mine operation. In addition, it's our strategy to
continue to explore our additional licence areas which run across the
prospective Grampian area of Scotland - the Caledonides Mobile Belt, with the
ultimate vision of building a mid-tier gold mining company in Scotland with
multiple operations in the country that enhance the local environment and
economy in ways that have an enduring positive impact.
"I'm excited for 2022 and I'm confident it will be a year of continued growth
for the Company. I would like to thank the team for their commitment and
dedicated work, our local community, government partners and shareholders for
their continued support and look forward to updating the market in the New
Year with our 2022 strategy."
A full version of Scotgold's Annual Report and Accounts for the year Ended 30
June 2021 is available via the Company's website or see the following link.
https://www.scotgoldresources.com/wp-content/uploads/2021/12/30-June-2021-Annual-Report-Final.pdf
(https://www.scotgoldresources.com/wp-content/uploads/2021/12/30-June-2021-Annual-Report-Final.pdf)
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
For further information please visit www.scotgoldresources.com
(http://www.scotgoldresources.com) or contact the following:
Scotgold Resources Limited SP Angel Corporate Finance LLP Celicourt Communications
Chief Executive Officer Nomad and Broker Financial PR
Philip Day Ewan Leggat / Charlie Bouverat Felicity Winkles/ Ollie Mills
Tel +44 (0) 20 3470 0470 Tel +44 (0) 208 434 2643
Tel +44 (0) 774 8843 871
OPERATIONS REVIEW
BACKGROUND
Scotgold Resources Limited ("the Company") was established in 2007 and is
listed on the AIM market of the London Stock Exchange (AIM: SGZ). The Company
delisted from the Australian Securities Exchange on 21 October 2016.
The Company's principal objectives have continued to be:
a) the development and operation of the Cononish Gold and Silver Mine
("Cononish" or the "Project") in Scotland's Grampian Highlands; and
b) the ongoing exploration of the highly prospective tenements comprising the
Grampian Gold Project with the view to identifying further project
opportunities.
CORPORATE SOCIAL RESPONSIBILITY ("CSR")
The Company recognises its responsibilities to the Community, the Environment,
its Employees and the Workplace with respect to sustainable development,
safety and community development. The CSR Committee, which held its
inaugural meeting on 10th May 2019, continued throughout the year to pursue
its purpose of reviewing and monitoring relevant policies, programmes and
activities of the Scotgold Resources Group on behalf of the Board of Directors
of the Company to ensure these responsibilities are met.
In doing so, it continued to focus on the three broad areas of:
· Health, Safety and Welfare of the Community, Employees, Consultants
and Visitors;
· Stewardship of the Environment; and
· Corporate Citizenship and Societal Interaction
These areas are presented on the Scotgold website alongside details of how
complaints will be handled.
The CSR Committee continues to oversee the carrying out of regular assessments
of the risks posed by Covid-19 and the adjustment of the aforementioned
operating procedures in response thereto.
CONONISH GOLD AND SILVER PROJECT
Gold production commenced in November 2020 and progress continued throughout
2021. As at end of June 2021 ramp up had not been fully completed.
On 26(th) February 2021, the Company provided an update to shareholders in
respect of the Cononish schedule indicating that design capacity of 3,000
tonnes per month was going to be achieved from April 2021.
On the 31(st) March, the company provided an update, confirming a production
guidance between 25,700t and 28,500t processed through the process plant.
By Late March 2021 concentrate shipments had not been achieved and ramp up of
the mine and process plant were hindering.
COVID-19 had a significant impact on the Cononish Mine's overall development
during 2020 which ultimately reduced access areas of the mine higher grade
zones.
In April 2021 a new CEO was appointed, and a new leadership team was formed.
The ramp up of the mine and process plant facilities accelerated ultimately
achieving several 25 tonne lot shipments of gold bearing concentrate to its
offtake provider post year end.
On the 27(th) April, the Company announced that after conducting a review of
the Company mine plan, the Company expects production for calendar year 2021
to be materially less than the guidance range previously announced on 31 March
2021.
A redesign of the 2021 mine schedule/design was completed in May 2021 which
allowed for faster access to higher grade zones within the ore body. In
combination with the mine plan change other very important aspects to the
process plant operation were planned and executed such as:
· Completion of modifications and upgrades identified on the process
plant;
· Identification and purchasing of critical and required spares;
· Implementation of maintenance planning practices; and
· Forming strategic alliances with suppliers and
engineering/fabrication shops within Scotland and the UK.
GRAMPIAN GOLD PROJECT
On 29 January 2021, the Company announced that recent exploration work
undertaken across the Company's option areas over the Dalradian Belt had
resulted in:
· The identification of additional targets and provided persuasive
evidence for the presence of mineralised veins structures; and
· Three prospective areas, close to Cononish Mine, being identified as
high priority target areas and data modelling is in progress to establish the
best sites to test these targets in any potential future exploration drill
programmes.
PORTUGUESE AND FRENCH PROJECTS
The Pomar licence held by Scotgold Resources Portugal Ltd was terminated
during the year.
CORPORATE ACTIVITIES
Mr Richard Gray retired as Managing Director and was appointed as a
Non-Executive Director on 1 April 2021. On the same day, Mr Phillip Day was
appointed as Chief Executive Officer and Managing Director.
Mr Christopher Sangster resigned as Non-Executive Director on 26 February
2021.
Equity funding was raised during the year as follows:
· $5,136,633 (net of expenses of $331,833) was raised from the issuing
of 2,727,273 ordinary shares in October 2020; and
· $2,525,053 (net of expenses of £153,983) was raised from the issuing
of 2,142,857 ordinary shares in April 2021.
Drawdowns totalling £3,500,000 ($6,343,675) were made on the secured loan
facility during the year, with the full £7,500,000 facility amount being
fully utilised as at 30 June 2021. A short term unsecured interest free loan
facility of £2,000,000 million was made available to SGZ Cononish Limited by
four Directors and a shareholder in May 2021 and £1,000,000 ($1,810,938) of
that facility was drawn down in May 2021.
Subsequent to 30 June 2021, the remaining £1,000,000 available under the
short term unsecured loan facility was drawn down in August 2021 and in
September 2021 the short term unsecured loan was settled by the issuing of
3,301,420 ordinary shares.
CONONISH MINERAL RESOURCES
The Mineral Resource Estimate ("MRE") is classified as Measured, Indicated and
Inferred Mineral Resources, (adhering to guidelines set out in the JORC Code
(2012 Edition)), and is reported at a cut-off grade of 3.5 g/t gold as is
presented in the Table below. The Table also serves as the Company's Annual
Mineral Resource Statement.
Table: 2021 Annual Mineral Resource Statement
Cononish Main Vein Gold and Silver Mineral Resources, estimated in accordance
with the JORC code (2012 Edition) and reported at a 3.5 g/t Au cut-off as at
12/01/2015, which remain current subject to the depletion of approximately
6.5kt from the Indicated Resources - Mined Stockpile. Mine development during
the reporting period has predominantly been in waste, with a non-material
volume of Mineral Resource placed on surface stockpiles.
Scotgold Resources Limited - Cononish Gold Project
Mineral Resource Estimate as at 12 January 2015
Reported at a cut-off grade of 3.5 g/t gold
Classification K Tonnes Grade Metal Grade Metal In-situ
Au g/t Au Koz Ag g/t Ag Koz Dry BD
Measured -In-situ 60 15.0 29 71.5 139 2.72
Indicated - In-situ 474 14.3 217 58.7 89.5 2.72
Indicated - Mined Stockpile 7 7.9 2 39.0 9 2.72
Sub-total M&I 541 14.3 248 59.9 1,043 2.72
Inferred - In-situ 75 7.4 18 21.9 53 2.72
Total MRE 617 13.4 266 55.3 1,096 2.72
Reported from 3D block model with grades estimated by Ordinary Kriging with 15
m x 15 m SMU Local Uniform Conditioning adjustment. Minimum vein width is
1.2m. Totals may not appear to add up due to appropriate rounding.
Note: Mineral Resources presented above include Ore Reserves stated below.
Approximately 1.6Kt was processed during commissioning during the reporting
period and is not a material effect on the Mineral Resources as reported
previously.
An internal review of the Mineral Resource Estimate concluded that the
estimation techniques and parameters employed remained appropriate.
The Cononish mineralisation remains open at depth down plunge and to the west
along strike. There is therefore potential to add to the resource by further
extensional drilling.
In addition to the currently defined Mineral Resources, Scotgold believes that
there is additional resource development potential close to Cononish, subject
to appropriate and successful further work. Extensive gold-in-soil anomalies,
mineralisation associated with outcrops and trenches, and geophysical
anomalies close to the current resource clearly warrant further follow up. In
addition, there are indications that other reefs are present in the area. At
this stage, such indications are highly conceptual and there is no guarantee
that further exploration will define additional Mineral Resources.
CONONISH ORE RESERVES
As part of initial work towards developing the 2015 BFS, Bara Consulting Ltd
("Bara Consulting") completed a thorough review of the 2013 Cononish
Development plan in order to identify opportunities to not only improve on the
plan but to also improve the confidence in the plan. As a result of this
review, further work was undertaken on the mining methodology, access design,
geotechnical evaluation and overall mine design.
The outcome of this work was that an Ore Reserve Estimate was completed on 25
May 2015, in accordance with the JORC code (2012 Edition) based on the Mineral
Resource Estimate (MRE) issued in January 2015. The subsequent addendum to the
Bankable Feasibility Study resulted in no change to the Ore Reserve. Hence
there is no change to the Ore Reserves reported previously for the Project as
at 30/06/2021. Mine development during the reporting period has
predominantly been in waste, with a non-material volume of Ore Reserve placed
on surface stockpiles
An internal review of the Ore Reserve Statement concluded that the modifying
factors used in determining the Ore Reserve remained appropriate.
Table: 2021 Annual Ore Reserve Statement
As at 25 May 2015 (JORC 2012 Code)
Classification Proven Probable Total
Tonnes ('000) 65 490 555
Au Grade (g/t) 11.5 11.1 11.1
Au Metal (k oz) 24 174 198
Ag Grade (g/t) 51.5 47.2 47.7
Ag Metal (k oz) 108 743 851
(Bara Consulting Limited Ore Reserve Statement dated May 2015)
For greater detail on the parameters derived from this work and used for the
Ore Reserve estimation process, please refer to the Company's announcement on
26/05/2015 - Cononish Gold Project Study Update and Reserve Estimate; and to
the subsequent announcement on 16/03/2017 - Update to Cononish Bankable
feasibility study on the Company's website.
The Ore Reserve statement above does not take account of the depletion of the
surface stockpile through the BPT. At 30 June 2021, approximately 6.5kt had
been removed from the stockpile and the reserves will be adjusted on full
depletion of the stockpile. Approximately 1.6Kt was processed during
commissioning during the reporting period and is not a material effect on the
Mineral Reserve as reported previously.
Both the Mineral Resource Estimate and Ore Reserve statement were compiled by
suitably qualified Independent Competent Persons as identified at the time of
their release.
GRAMPIAN GOLD PROJECT
The Company continues to actively pursue exploration activities on its
substantial land position (approx. 2,900 km2) in the Dalradian Belt of the
south west Grampians, a terrain highly prospective for both precious and base
metal occurrences. The majority (85%) of the area currently under option to
Scotgold is located outside the Loch Lomond and the Trossachs National Park.
Following on from the success of the previously completed orientation surveys,
Scotgold has continued to use the ionic leach technique for regional stream
sediment sampling across 6 of its 13 Crown Option areas, identifying several
drainage catchments with encouraging values that require detailed follow up
work. During the year, regional stream sediment sampling was completed across
10 of Scotgold's 13 Crown Option areas.
Very little fieldwork was completed during the year due to the coronavirus
pandemic and nationwide lockdown restrictions. This time was principally used
for data analysis, procedure review and database work.
PORTUGUESE AND FRENCH PROJECTS
The Pomar licence held by Scotgold Resources Portugal Ltda was terminated
during the year.
TENEMENT DETAILS
United Kingdom
The Company holds a lease (100%) from the Crown Estate Scotland over Cononish
Farm, county of Perth, Scotland UK.
The Company holds a lease (100%) from the landowner over Cononish Farm, county
of Perth, Scotland UK.
The Company holds thirteen Mines Royal Option Agreements (100%) with the Crown
Estate Scotland as detailed below:
No. Name Area Location
1 Knapdale South 250 km(2) county of Argyll, Scotland UK
2 Knapdale North 250 km(2) county of Argyll, Scotland UK
3 Inverliever West 250 km(2) counties of Dunbarton, Argyll and Perth, Scotland UK
4 Inverliever East 233 km(2) counties of Dunbarton, Argyll and Perth, Scotland UK
5 Glen Orchy West 103 km(2) counties of Perth and Argyll, Scotland UK
6 Glen Orchy Central 242 km(2) counties of Perth and Argyll, Scotland UK
7 Glen Orchy East 241 km(2) counties of Perth and Argyll, Scotland UK
8 Glen Lyon West 246 km(2) counties of Perth and Argyll, Scotland UK
9 Glen Lyon North 244 km(2) counties of Perth and Argyll, Scotland UK
10 Glen Lyon South 243 km(2) counties of Perth and Argyll, Scotland UK
11 Glen Lyon East 247 km(2) counties of Perth and Argyll, Scotland UK
12 Ochills West 189 km(2) county of Clackmannan, Perth, Kinross and Stirling, Scotland UK
13 Ochills East 150 km(2) county of Clackmannan, Perth, Kinross and Stirling, Scotland UK
Portugal
During the year, Scotgold Resources Portugal Ltda terminated its 100% interest
in the Pomar Licence in eastern central Portugal.
No other beneficial interests are held in any farm-in or farm-out agreements
and no other beneficial interests in farm-in or farm out agreements were
acquired or disposed of during the period.
Competent Persons Statement:
No new exploration results are presented in this report. All results have been
previously notified under JORC 2004 and are contained in Scotgold Annual
reports 2008 - 2019 and various corresponding market releases.
The information in this report that relates to the 2015 Mineral Resources for
Cononish Gold Project (refer ASX release - Resource Estimate Update -
22/01/2015) is based on information compiled by Malcolm Titley, a Competent
Person who is a Member of The Australasian Institute of Mining and Metallurgy.
Mr Titley is employed by CSA Global (UK) Limited, an independent consulting
company. Mr Titley has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr Titley consents to the inclusion in
the report of the matters based on his information in the form and context in
which it appears.
The information in this report that relates to the 2015 Ore Reserves for
Cononish Gold Project (refer ASX announcement dated 26/05/2015) is based on
information compiled by Pat Willis, a Competent Person who is registered as a
Professional Engineer (Pr.Eng.) with the Engineering Council for South Africa
(ECSA) and a Fellow in good standing and Past President of the Southern Africa
Institute of Mining and Metallurgy (FSAIMM). Mr Willis is employed by Bara
Consulting Limited, an independent consulting company. Mr Willis has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2012 Edition of
the 'Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves'. Mr Willis consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
Further, the Company confirms it is not aware of any new information or data
that materially affects the information contained in the original
announcements and that all material assumptions and technical parameters
underpinning the estimate of Resources and Reserves continue to apply and have
not materially changed.
STRATEGIC REVIEW
The Company continues to review its corporate governance, structure, policies
and practices with a view to maintaining and enhancing shareholder value.
The Company adopted the QCA code of corporate governance in 2018 and
subsequently appointed an advisory service to assist with UK regulatory
compliance issues as an AIM listed company.
Operationally, the Company's immediate focus remains the development and
operation of the Cononish Gold and Silver Mine, which commenced construction
in January 2019 and was completed at the end of November 2020. In 2021 all
efforts were focused on achieving a successful ramp up of the Cononish Mine.
Additionally, to achieving a staged focus developing growth from the Cononish
Mine a review of the strategic goals of the Company was conducted post period
in 2021. The focus was modified to incorporate the following objectives and
built on the following six principles:
· Upon successful ramp up of the Cononish Mine, further increase
production through step wise optimisation until Phase 2 production has been
achieved, this is aimed for completion Q1 2023;
· Optimise the current Cononish Reserve;
· Expand Resources and Reserves within the Cononish vein;
· Explore and develop within "The shadow of the head frame";
· Explore and develop near mine drill ready targets to develop network
of satellite deposits for processing at Cononish; and
· Continue to explore in a more focused manner within the most
prospective portion of leaseholding.
The work completed on advancing our future pipeline of projects during the
current reporting period has been modest due to the need to focus cash and
management resources on the advancement of Cononish. Notwithstanding this, the
Company has identified the analysis of soil and stream samples using ionic
leach as providing a cost effective and efficient method of identifying
anomalous zones. Using this new methodology, the Company has to date
identified potential extensions to the Cononish orebody and a potentially new
prospect at Inverchorachan.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
Notes 2021 2020
$ $
Revenue 2 299,807 -
Cost of sales 3 (299,807) -
Profit (loss) from production operations - -
Interest income 4 8,285 38,989
Other income 5 416,007 381,708
Gain on loan renegotiation - 38,383
Administration costs (888,176) (462,151)
Interest expense 6 (1,259,484) (669,912)
Depreciation and loss on disposal of non-current assets 7 (1,314,847) (732,359)
Employee and consultant costs, excluding share-based payments (1,095,882) (736,371)
Share-based payments 21 (364,725) (66,194)
Listing and share registry costs (193,023) (188,178)
Legal fees (103,530) (36,677)
Office and communication costs (101,913) (68,174)
Currency exchange variances (57,580) 19,470
Other expenses (26,074) (22,668)
LOSS BEFORE INCOME TAX (4,980,942) (2,504,134)
Income tax benefit 8 - -
LOSS FOR THE YEAR (4,980,942) (2,504,134)
Other Comprehensive Income
Items that may be reclassified to Profit or Loss
Exchange difference on translation of foreign subsidiaries 765,392 (226,738)
Total comprehensive result for the year (4,215,550) (2,730,872)
Basic (loss) per share (cents per share) 30 (9.28) (5.04)
Loss per share for the year attributable to the members of Scotgold Resources
Ltd (cents per share)
(9.28) (5.04)
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
AT 30 JUNE 2021
Notes 2021 2020
$ $
CURRENT ASSETS
Cash and cash equivalents 2,624,342 1,019,979
Trade and other receivables 9 448,336 226,134
Inventory 10 187,276 62,291
Other current assets 11 296,657 129,253
Total Current Assets 3,556,611 1,437,657
NON-CURRENT ASSETS
Trade and other receivables 9 1,579,820 1,527,306
Plant and equipment 12 16,280,930 469,115
Right-of-use assets 13 2,777,962 1,738,238
Mineral exploration and evaluation 14 2,990,000 2,441,728
Mine development asset 15 25,770,548 28,805,352
Total Non-Current Assets 49,399,260 34,981,739
TOTAL ASSETS 52,955,871 36,419,396
CURRENT LIABILITIES
Trade and other payables 16 2,306,453 1,127,113
Other current liabilities 16 873,977 461,999
Borrowings 17 7,927,888 542,761
Total Current Liabilities 11,108,318 2,131,873
NON-CURRENT LIABILITIES
Borrowings 17 11,986,714 8,740,965
Provisions 18 908,915 657,934
Total Non-Current Liabilities 12,895,629 9,398,899
TOTAL LIABILITIES 24,003,947 11,530,772
NET ASSETS 28,951,924 24,888,624
EQUITY
Issued capital 19 52,640,345 44,978,659
Reserves 20 785,967 (596,589)
Accumulated losses 20 (24,474,388) (19,493,446)
TOTAL EQUITY 28,951,924 24,888,624
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Issued Capital Accumulated Losses Options Reserve Share-based payment reserve Foreign Currency Translation Reserve Total Equity
YEAR ENDED 30 JUNE 2020 $ $ $ $ $ $
Balances at 1 July 2019 41,098,558 (16,986,248) 134,769 205,182 (788,262) 23,663,999
Adjustment on initial application of AASB 16 - (3,064) - - - (3,064)
Total comprehensive result for the year - (2,504,134) - - (226,738) (2,730,872)
Transactions with owners in their capacity as owners:
Issue of shares 2,075,997 - - - - 2,075,997
Options exercised 1,839,556 - - - - 1,839,556
Share-based payments - - - 78,460 - 78,460
Share issue expenses (35,452) - - - - (35,452)
Balances at 30 June 2020 44,978,659 (19,493,446) 134,769 283,642 (1,015,000) 24,888,624
YEAR ENDED 30 JUNE 2021
Balances at 1 July 2020 44,978,659 (19,493,446) 134,769 283,642 (1,015,000) 24,888,624
Total comprehensive result for the year - (4,980,942) - - 765,392 (4,215,550)
Transactions with owners in their capacity as owners:
Issue of shares 8,147,502 - - - - 8,147,502
Share-based payments - - - 617,164 - 617,164
Share issue expenses (485,816) - - - - (485,816)
Balances at 30 June 2021 52,640,345 (24,474,388) 134,769 900,806 (249,608) 28.951,924
CONSOLIDATED STATEMENT OF
CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
Notes 2021 2020
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Payment to suppliers (1,443,368) (1,031,667)
Interest income received 8,285 38,989
Net Cash Outflow from Operating Activities 26 (1,435,083) (992,678)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration expenditure (428,794) (507,795)
Payments for mine development activities (10,249,942) (7,957,393)
Purchase of plant and equipment (803,791) (428,733)
Proceeds on disposal of plant and equipment 400 -
Expenditure on right-of-use assets - (47,710)
Net Cash Outflow from Investing Activities (11,482,127) (8,941,631)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares and options, net of costs 7,661,686 2,040,545
Proceeds from exercise of options - 1,839,556
Proceeds on draw-down of first tranche of unsecured loan 1,810,938 -
Proceeds on draw-down of secured loan 6,343,675 3,762,227
Repayment of right-of-use leases (1,297,746) (698,243)
Net Cash Inflow from Financing Activities 14,518,553 6,944,085
Net increase (decrease) in cash held 1,601,343 (2,990,224)
Effect of exchange rate fluctuations on cash and cash equivalents 3,020 92,283
Cash and cash equivalents at beginning of year 1,019,979 3,917,920
Cash and cash equivalents at end of year 2,624,342 1,019,979
These consolidated financial statements should be read in conjunction with the
accompanying notes.
The Notes to and forming part of the consolidated Financial Statements for the
year ended 30 June 2021 can be found in the full version of Scotgold's Annual
Report and Accounts for the year Ended 30 June 2021, available via the
Company's website.
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