REG - Unicorn Mineral Res. - Half-year Report
30/12/2022 10:45
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RNS Number : 3501L Unicorn Mineral Resources plc 30 December 2022
Unicorn Mineral Resources Plc
Interim Results for period ending 30 September 2022
30 December 2022
Unicorn Mineral Resources Plc
("Unicorn" or the "Company")
Interim Results for the Period Ended 30 September 2022
Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration and
development company based in Ireland with its main focus at present being
exploration for zinc in the "Limerick basin" in Ireland, is pleased to
announce its unaudited interim results for the six months ended 30 September
2022.
Operating Highlights
· Unicorn identified previously unknown and prospective geological
features from a recent geophysical survey at its Kilmallock block of licences
along the southern margin of the Limerick Basin in Ireland. This survey was
carried out to narrow down drill hole targets for the upcoming drill programme
on the property in the Spring of 2023 and the Company considers indicative
results to be very positive.
Financial Highlights
· The loss for the period ended 30 September 2022 ("Period") amounted
to €139,737 (H1 2021: €39,236)
o The loss for the Period consisted mainly of the professional fees incurred
in preparation for being quoted on the London Stock Exchange.
· €76,236 in cash and cash equivalents at Period end (H1 2021:
€2,264)
· €158,483 carrying value of intangible assets at Period end (H2
2021: €386,631)
· Loss per share for the Period was €0.76 (H1 2021: €0.31)
Post Period Highlights
· On 27 October 2022, Unicorn was admitted to the Main Market of the
London Stock Exchange, raising £930,000 gross of new capital;.
· The placing proceeds will be used to further explore Unicorn's
flagship project at Kilmallock which is situated in the "Limerick Basin" in
Ireland. Exploration here will include an initial 6-hole drilling programme.
Exploration will also be carried out at Unicorn's Lisheen Properties which are
adjacent to the recently operated but now closed Galmoy and Lisheen mines.
· Previous drilling on the Kilmallock property has identified
significant intercepts of high-grade zinc, lead, and silver mineralisation
including one 3.8mtr intercept with 14.66% Zinc 4.8% Lead and 133.79 g/t
Silver at a depth of 325mtr.
Richard O'Shea, CEO of Unicorn Mineral Resources Plc, commented:
"The listing of Unicorn on the London Stock Exchange was a momentous occasion
in the history of the Company. I believe we have a portfolio with very strong
prospects, particularly the Kilmallock property in the Limerick Basin. This
property is located 20km south of the Pallasgreen project owned by Glencore
and has had some positive results from previous drilling. In addition,
drilling by other operators on some adjacent properties over the last two
years has produced some good results, which is encouraging for the Limerick
Basin in general. Kilmallock will be our main focus over the coming months
with an active exploration programme and I look forward to being able to
announce some good news for shareholders in the future."
For additional information please contact:
Unicorn Mineral Resources
plc
Tel +353 87 256 0397
Richard O'Shea, CEO
Novum
Securities
+44 7399 9400
David Coffman / Dan Harris / George Duxberry
Colin Rowbury
HALF-YEAR REPORT
The Directors are pleased to present an update on the Company's activities
over the six-month period ended 30 September 2022.
Unicorn Mineral Resources Plc (LSE:UMR) is a company listed on the Main Market
of the London Stock Exchange incorporated in Ireland under the Companies Acts
2014 (registered number 482509). The Company is domiciled in Ireland and its
registered address is 39 Castleyard, 20/21 St Patrick's Road, Dalkey, Co
Dublin. Historically the company has explored for zinc, lead, copper and
silver. The principal activity of Unicorn Mineral Resources Plc during the
period was exploration for zinc and associated minerals on its projects in
Ireland.
During the Period the Company reviewed several mineral property exploration
opportunities but did not expand its properties. Furthermore, during the
Period the Company progressed its application to the London Stock Exchange,
and subsequent to the Period end, was admitted to the Exchange on 27 October
2022.
Financial Results & Review
The loss for the Period was €139,737 (H1 2021: €39,236). The result for
the period consisted mainly of €129,000 (H1 2021: €30,902) of professional
and other costs associated with the application to the London Stock Exchange,
and €10,737 (H1 2021: €8,334) in administrative expenses. At the end of
the Period, there was €76,236 in cash in hand to be used in the short term
to cover listing and administrative costs, and other costs incidental to
development of mineral projects.
During the Period, the Company continued to review and develop its mineral
projects in Ireland.
During the Period, the Company issued 500,000 ordinary shares at a price of
£0.05 for cash, and a further 100,000 at a deemed price of £0.05 for
marketing services. The Company did not issue any options to directors,
management and consultants. On 27 October 2022, subsequent to the Period end,
the Company completed a placing of 9,300,000 ordinary shares at a price of
£0.10 per share for cash for gross proceeds of £930,000.
The Board monitors the activities and performance of the Company on a regular
basis.
Financial Position
The Company's Statement of Financial Position as at 30 September 2022 and
comparatives at 30 September 2021 and 31 March 2022 are summarised below:
6 months to 6 months to
Year ended
30 September 2022 30 September 2021 31 March
2022
(unaudited) (unaudited)
(audited)
€
€ €
Current assets
110,946 39,013
171,381
Non-current assets
158,483
386,631 95,512
Total assets
269,430 425,644
266,893
Current liabilities
261,821 105,425
119,547
Total liabilities
261,821
105,425 119,547
Net (liabilities)/assets
7,609 320,219
147,346
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the Company's strategy are
subject to a number of risks. The key business risks affecting the Company are
set out below.
Risks are formally reviewed by the Board, and appropriate processes are put in
place to monitor and mitigate them. If more than one event occurs, it is
possible that the overall effect of such events would compound the possible
adverse effects on the Company.
Exploration risks
The exploration and mining business are controlled by a number of global
factors, principally supply and demand which in turn is a key driver of global
mineral prices; these factors are beyond the control of the Company.
Exploration is a high-risk business and there can be no guarantee that any
mineralisation discovered will result in proven and probable reserves or go on
to be an operating mine. At every stage of the exploration process the
projects are rigorously reviewed to determine if the results justify the next
stage of exploration expenditure ensuring that funds are only applied to high
priority targets.
Some of the principal assets of the Company comprising the mineral exploration
licences and options are subject to certain financial and legal commitments,
including environmental requirements. If these commitments are not fulfilled
the Company could be subject to enforcement actions, including the licences
being revoked. They are also subject to option agreements and legislation
defined by the local government; if this legislation is changed or option
payments are not made on time, it could adversely affect the value of the
Company's assets.
Dependence on key personnel
The Company is dependent upon its executive management team and various
technical consultants. Whilst it has entered into contractual agreements with
the aim of securing the services of these personnel, the retention of their
services cannot be guaranteed. The development and success of the Company
depends on its ability to recruit and retain high quality and experienced
staff. The loss of the service of key personnel or the inability to attract
additional qualified personnel as the Company grows could have an adverse
effect on future business and financial conditions.
Uninsured risk
The Company, as a participant in exploration and development programmes, may
become subject to liability for hazards that cannot be insured against or
third-party claims that exceed the insurance cover. The Company may also be
disrupted by a variety of risks and hazards that are beyond control, including
geological, geotechnical and seismic factors, environmental hazards,
industrial accidents, occupational and health hazards and weather conditions
or other acts of God.
Funding risk
The only sources of funding currently available to the Company are its cash
resources and the issue of additional equity capital in the Company or through
bringing in partners to fund exploration and development costs. The Company's
ability to raise further funds will depend on the success of the Company's
exploration activities and its investment strategy. The Company may not be
successful in procuring funds on terms which are attractive and, if such
funding is unavailable, the Company may be required to reduce the scope of its
exploration activities or relinquish some of the exploration licences held for
which it may incur fines or penalties.
Financial risks
The Company's funding source is in Sterling and the majority of it's
expenditure is in Euro. The Company's operations are thus exposed to a small
degree of currency risk, which the Company manages on a regular basis. The
Company does not use derivative financial instruments to manage the currency
risk and, as such, no hedge accounting is applied.
This report was approved by the Board on 30 December 2022 and signed on its
behalf.
On Behalf of the Board:
Richard O'Shea
Chief Executive Officer Unicorn Mineral Resources Plc
RESPONSIBILITY STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
Responsibility Statement
We confirm that to the best of our knowledge:
· the Half Year Report has been prepared in accordance with IFRS as
adopted by the European Union, as applied in accordance with the provisions of
the Companies Act 2014.. ; and
· gives a true and fair view of the assets, liabilities, financial
position and loss of the Company; and
· the Half Year Report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the set of interim financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
· the Half Year Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the
information required on related party transactions.
The Half Year Report was approved by the Board of Directors and the above
responsibility statement was signed on its behalf by:
Richard O'Shea
Chief Executive Officer Unicorn Mineral Resources Plc
STATEMENT OF FINANCIAL POSITION
As at September 30, 2022
2022 2021
Assets
Current Assets
Cash and cash equivalents (Note 9) € 76,236 € 2,264
Accounts receivable (Note 3) 34,711 36,748
Total Current Assets 110,947 39,013
Non-Current Assets
Intangible assets (Note 4) 158,483 386,631
Total Assets € 269,430 € 425,644
Liabilities and Equity
Current Liabilities
Accounts payable (Note 5) € 261,821 € 105,425
Total Current Liabilities 261,821 105,425
Total Liabilities 261,821 105,425
Equity
Share capital (Note 6) € 184,557 € 128,557
Reserves 1,166,601 919,000
Deficit (1,343,549) (727,338)
Total Equity 7,609 320,219
Total Liabilities and Equity € 269,430 € 425,644
Nature and continuance of operations (Note 1) Subsequent event (Note 10)
On behalf of the Board:
Patrick Doherty
John
O'Connor
Chairman
Director
The accompanying notes are an integral part of these financial statements.
STATEMENT OF LOSS AND COMPREHENSIVE LOSS
For the 6 months ended September 30, 2022
2022 2021
Operating expenses
Impairment of exploration assets (Note 4) € - € -
Administrative expenses (Note 11) 139,737 36,236
Loss and comprehensive loss for the 6 months € (139,737) € (36,236)
Loss attributable to:
Shareholders € (139,737) € (36,236)
€ (139,737) € (36,236)
The accompanying notes are an integral part of these financial statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF CHANGES IN EQUITY
For the 6 months ended September 30, 2022 and 2021
Share
Capital
Shares Amount Reserves Deficit Total Equity
Balance, March 31, 2021 12,855,664 € 128,557 € 919,000 € (688,102) € 359,455
Loss for the 6 months - - - (39,236) (39,236)
Net proceeds of equity - - - - -
ordinary share issue
Balance, September 30, 2021 12,855,664 € 128,557 € 919,000 € (727,338) € 320,219
Loss for the 6 months - - - (476,474) (476,474)
Net proceeds of equity ordinary share issue 5,000,000 50,000 222,940 - 272,940
Balance, March 31, 2022 17,855,664 € 178,557 € 1,141,940 € (1,203,812) € 116,685
Loss for the 6 months - - - (139,737) (139,737)
Net proceeds of equity 600,000 € 6,000 € 24,661 - € 30,661
ordinary share issue
Balance, September 30, 2022 18,455,664 € 184,557 € 1,166,601 € (1,343,549) € 7,609
The accompanying notes are an integral part of these financial statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF CASH FLOWS
For the 6 months ended September 30, 2022
2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the 6 months € (139,737) € (39,326)
Impairment of exploration assets
-
-
Total Loss for the 6 months
(139,737)
(39,236)
Changes in non-cash working capital items: Accounts receivable
(16,906) (5,475)
Accounts payable 142,973 41,385
Net cash used in operating activities (13,670) (3,326)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire intangible assets (62,971) (3,253)
Impairment of intangible asset - -
Net cash incurred by investing activities (62,971) (3,253)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of equity share capital 30,661 -
Net cash provided by financing activities 30,661 -
Change in cash (45,980) (6,579)
Cash, beginning of the 6 months 122,216 8,842
Cash, end of the 6 months € 76,236 € 2,264
The accompanying notes are an integral part of these financial statements.
1. NATURE AND CONTINUANCE OF OPERATIONS
Unicorn Mineral Resources PLC is a public limited Company incorporated in the
Republic of Ireland. 39 Castleyard, 20/21 St Patrick's Road, Dalkey, Co Dublin
is the registered office, which is also the principal place of business of the
Company. The principal activity of the Company during the period was the
exploration for minerals and precious metals. The financial statements have
been presented in Euro (€) which is also the functional currency of the
Company.
These financial statements are prepared on a going concern basis which assumes
that the Company will be able to realise its assets and discharge its
liabilities in the normal course of business for the foreseeable future. The
Company has incurred ongoing losses since inception and has no source of
recurring revenue. The success of the Company is dependent upon the ability of
the Company to obtain necessary financing to continue their exploration and
development activities, the confirmation of economically recoverable reserves,
and upon establishing future profitable production, or realisation of proceeds
on disposal. These financial statements do not give effect to the adjustments
that would be necessary to the carrying value and classification of assets and
liabilities should the Company be unable to continue as a going concern.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Presentation
The financial statements have been prepared in accordance with International
Financial Reporting Standards ("IFRS") as issued by the International
Accounting Standards Board ("IASB") and interpretations issued by the
International Financial Reporting Interpretations Committee ("IFRIC"). These
financial statements have been prepared on a historical cost basis, except for
financial instruments classified at fair value through profit or loss, which
are stated at fair value. In addition, these financial statements have been
prepared using the accrual basis of accounting, except for cash flow
information.
(b) Foreign Currencies
These financial statements are presented in the Euro. The functional currency
of the Company is also the Euro.
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the date of the transaction. Foreign
currency monetary items are translated at the period- end exchange rate.
Non-monetary items measured at historical cost continue to be carried at the
exchange rate at the date of the transaction. Exchange differences arising on
the translation of monetary items or on settlement of monetary items are
recognised in profit or loss in the period in which they arise.
(c) Cash
Cash is comprised of cash on hand and demand deposits.
(d) Financial Instruments
The Company applies the requirements of IFRS 9 - Financial Instruments ("IFRS
9") which utilises a model for recognition and measurement of financial
instruments and a single, forward-looking "expected loss" impairment model.
The following is the Company's accounting policy for financial instruments
under IFRS 9:
Classification
The Company classifies its financial instruments in the following categories:
at fair value through profit and loss ("FVTPL"), at fair value through other
comprehensive income (loss) ("FVTOCI"), or at amortised cost. The Company
determines the classification of financial assets at initial recognition. The
classification of receivable instruments is driven by the Company's business
model for managing the financial assets and their contractual cash flow
characteristics. Equity instruments that are held for trading are classified
as FVTPL. For other equity instruments, on the day of acquisition the Company
can make an irrevocable election (on an instrument-by-instrument basis) to
designate them as at FVTOCI. Financial liabilities are measured at amortised
cost, unless they are required to be measured at FVTPL (such as instruments
held for trading or derivatives) or the Company has opted to measure them at
FVTPL.
Measurement
Financial assets and liabilities at amortised cost
Financial assets and liabilities at amortised cost are initially recognised at
fair value plus or minus transaction costs, respectively, and subsequently
carried at amortised cost less any impairment. Other receivables, accounts
payable and accrued liabilities and exploration partner advances are measured
at amortised cost.
Financial assets and liabilities at FVTPL
Financial assets and liabilities carried at FVTPL are initially recorded at
fair value and transaction costs are expensed in profit or loss. Realised and
unrealised gains and losses arising from changes in the fair value of the
financial assets and liabilities held at FVTPL are included in profit or loss
in the period in which they arise. Cash is measured at FVTPL.
Impairment of financial assets at amortised cost
An 'expected credit loss' impairment model applies which requires a loss
allowance to be recognised based on expected credit losses. The estimated
present value of future cash flows associated with the asset is determined and
an impairment loss is recognised for the difference between this amount and
the carrying amount as follows: the carrying amount of the asset is reduced to
estimated present value of the future cash flows associated with the asset,
discounted at the financial asset's original effective interest rate, either
directly or through the use of an allowance account and the resulting loss is
recognised in profit or loss for the period.
In a subsequent period, if the amount of the impairment loss related to
financial assets measured at amortised cost decreases, the previously
recognised impairment loss is reversed through profit or loss to the extent
that the carrying amount of the investment at the date the impairment is
reversed does not exceed what the amortised cost would have been had the
impairment not been recognised.
Derecognition of financial assets
The Company derecognises financial assets only when the contractual rights to
cash flows from the financial assets expire, or when it transfers the
financial assets and substantially all the associated risks and rewards of
ownership to another entity. Gains and losses on derecognition are generally
recognised in profit or loss.
Exploration and Evaluation Assets
All costs related to the acquisition of mineral properties are capitalised by
property. All exploration and evaluation expenditures are expensed until
properties are determined to have economically recoverable resources. These
direct expenditures include such costs as materials used, surveying costs,
geological studies, drilling costs, payments made to contractors and
depreciation of equipment during the exploration phase.
Mineral property acquisition costs for each mineral property are carried
forward as an asset provided that one of the following conditions is met:
- Such costs are expected to be recouped in full through successful
exploration and development of the mineral property or alternatively, by sale;
or
- Exploration and evaluation activities in the mineral property have
not reached a stage which permits a reasonable assessment of the existence of
economically recoverable reserves; however; active and significant operations
in relation to the mineral property are continuing or planned for the future.
The carrying values of capitalised amounts are reviewed annually, or when
indicators of impairment are present. In the case of undeveloped properties,
there may be only inferred resources to allow management to form a basis for
the impairment review. The review is based on the Company's intentions for the
development of such a property. If a mineral property does not prove viable,
all unrecoverable costs associated with the property are charged to profit or
loss at the time the determination is made.
Once the technical feasibility and commercial viability of extracting the
mineral resource has been determined and the Company has made a decision to
proceed with development, the property is considered to be a mine under
development and is classified as "mining assets", within PP&E. Exploration
and evaluation acquisition costs accumulated are also tested for impairment
before they are transferred to development properties.
(e) Impairment of Tangible and Intangible Assets
At the end of each reporting period the carrying amounts of the Company's
assets are reviewed to determine whether there is any indication that those
assets are impaired. If any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent of the impairment, if
any. Where it is not possible to estimate the recoverable amount of an
individual asset, the Company estimates the recoverable amount of the
cash-generating unit to which the asset belongs. The recoverable amount is the
higher of fair value less costs to sell and value in use. Fair value is
determined as the amount that would be obtained from the sale of the asset in
an arm's length transaction between knowledgeable and willing parties. In
assessing value in use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. If
the recoverable amount of an asset is estimated to be less than its carrying
amount, the carrying amount of the asset is reduced to its recoverable amount
and the impairment loss is recognised in profit or loss for the period. For an
asset that does not generate largely independent cash inflows, the recoverable
amount is determined for the cash generating unit to which the asset belongs.
Where an impairment loss subsequently reverses, the carrying amount of the
asset (or cash-generating unit) is increased to the revised estimate of its
recoverable amount, but to an amount that does not exceed the carrying amount
that would have been determined had no impairment loss been recognised for the
asset (or cash-generating unit) in prior years. A reversal of an impairment
loss is recognised immediately in profit or loss.
(f) Share Capital
Financial instruments issued by the Company are classified as equity only to
the extent that they do not meet the definition of a financial liability or
financial asset. The Company's common shares and options are classified as
equity instruments. Incremental costs directly attributable to the issue of
new shares are shown in equity as a deduction from the proceeds.
Equity financing transactions may involve issuance of common shares or units.
A unit comprises a certain number of common shares and a certain number of
share purchase warrants. Depending on the terms and conditions of each equity
financing agreement, the warrants are exercisable into additional common
shares prior to expiry at a price stipulated by the agreement. Warrants that
are part of units are assigned value based on the residual value method and
included in share capital with the common shares that were concurrently
issued. Warrants that are issued as payment for agency fees or other
transactions costs are accounted for as share‐based payments.
(g) Loss per Share
Basic earnings (loss) per share is computed by dividing net earnings (loss)
available to common shareholders by the weighted average number of shares
outstanding during the reporting period. Diluted earnings (loss) per share is
computed similar to basic earnings (loss) per share except that the weighted
average shares outstanding are increased to include additional shares for the
assumed exercise of stock options and warrants and convertible loan, if
dilutive. The number of additional shares is calculated by assuming that
outstanding stock options and warrants were exercised and the convertible
loans were converted and that the proceeds from such exercises were used to
acquire common stock at the average market price during the reporting periods.
For the periods presented, the calculations proved to be anti-dilutive.
(h) Significant Accounting Estimates and Judgments
The preparation of these financial statements requires management to make
certain estimates, judgments and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial statements and reported
amounts of expenses during the reporting period. Actual outcomes could differ
from these estimates. These financial statements include estimates which, by
their nature, are uncertain. The impacts of such estimates are pervasive
throughout the financial statements and may require accounting adjustments
based on future occurrences. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and future periods if the
revision affects both current and future periods. These estimates are based on
historical experience, current and future economic conditions and other
factors, including expectations of future events that are believed to be
reasonable under the circumstances.
Critical accounting estimates
Significant assumptions about the future and other sources of estimation
uncertainty that management has made at the end of the reporting period, that
could result in a material adjustment to the carrying amounts of assets and
liabilities, in the event that actual results differ from assumptions made,
relate to, but are not limited to, the following:
i. The carrying value and the recoverability of exploration and
evaluation assets, which are included in the statements of financial position.
The value of the exploration and evaluation assets is based on the
expenditures incurred. At every reporting period, management assesses the
potential impairment which involves assessing whether facts or circumstances
exist that suggest the carrying amount exceeds the recoverable amount.
ii. The inputs used in calculating the fair value for share-based
payment expense included in profit or loss and comprehensive loss and
statement of shareholders' equity. The share-based payment expense is
estimated using the Black-Scholes option-pricing model as measured on the
grant date to estimate the fair value of stock options. This model involves
the input of highly subjective assumptions, including the expected price
volatility of the Company's common shares, the expected life of the options,
and the estimated forfeiture rate.
Critical accounting judgments
Critical accounting judgments are accounting policies that have been
identified as being complex or involving subjective judgments or assessments.
The Company's principal critical accounting judgment is the determination of
functional currency for the parent entity and each of its subsidiaries.
Determination of functional currency involves certain judgments to determine
the primary economic environment in which each entity operates. This
determination is reassessed if there is a change in events and conditions
which were used in the determination of the primary economic environment.
3. ACCOUNTS RECEIVABLE
September 30 2022 2021
Other debtors € - € 273
Prepaid Insurance - 808
Taxation 34,711 35,667
Accounts receivable € 34,711 € 36,748
4. INTANGIBLE FIXED ASSETS
All of the Company's exploration and evaluation assets are located in Ireland.
Exploration and evaluation Impairment of exploration assets Total acquisition
Acquisition costs assets acquired costs
Cumulative to 31 March 2021 € 751,572 € 368,194 € 383,378
Change during 6 months to 30 September 2021 3,253 - 3,253
Cumulative to 30 September 2021 754,825 368,194 386,631
Cumulative to 31 March 2022 € 755,325 € 659,813 € 95,512
Change during 6 months to 30 September 2022 62,971 - 62,971
Cumulative to 30 September 2022 818,296 659,813 158,483
Exploration and evaluation assets relate to expenditure incurred in the
development of mineral exploration opportunities.
The realisation of intangible assets amounting to €212,943 at the financial
6 months end, 30 September 2022, is dependent on the further successful
development and ultimate production of the mineral reserves and availability
of adequate finance to bring the reserves to economic maturity and
profitability. The directors have considered the proposed work programmes for
the underlying mineral reserves. They are satisfied that there are no
indicators of impairment.
5. ACCOUNTS PAYABLE
September 30 2022 2021
Accounts payable € 139,787 € 101,725
Other payables - 700
Accrued liabilities 122,034 3,000
Accounts payable € 261,821 € 105,425
6. SHARE CAPITAL
Authorised: 100,000,000 ordinary shares at €0.01 each.
Issued: 18,455,664 ordinary shares (2021: 12,855,664 ordinary shares).
7. CAPITAL MANAGEMENT
The Company's objective when managing capital is to safeguard the entity's
ability to continue as a going concern. The Company monitors its adjusted
capital which comprises all components of equity. The Company manages its
capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of the underlying assets. To
maintain or adjust the capital structure, the Company may issue common shares
through private placements. The Company is not exposed to any externally
imposed capital requirements. No changes were made to the Company's capital
management practices during the 6 months.
8. RELATED PARTY BALANCES AND TRANSACTIONS
The Company incurred costs of €54,460 (excl. VAT) (H12021: €5,892) from
BRG (Geotechnics) Limited ("BRG") during the 6 months. David Blaney who is a
director of Unicorn is also a director, and owns 50% of, BRG. BRG was owed
€66,985 (H12021: €26,270) at the periods end. The directors are satisfied
that the amounts charged by BRG to the Company were on an arm's length basis.
9. CASH AND CASH EQUIVALENTS
September 30 2022 2021
Cash and bank balances € 76,236 € 2,264
Cash and cash equivalents € 76,236 € 2,264
10. SUBSEQUENT EVENT
The directors have welcomed the lifting of restrictions in the aftermath of
the Covid-19 pandemic, and are not aware of any pandemic or other matters
which would result in post balance sheet adjusting events to the company's
period-end financial position. The company had already ensured its
operations were maintained during the pandemic.
The company was admitted to trading on the Main Market of the London Stock
Exchange on 27 October 2022, and on that date issued 9,300,000 new Ordinary
Shares at £0.10 each to raise £930,000 before costs.
11. ADMINISTRATIVE EXPENSES
2022 2021
Administrative expenses
Insurance € 284 € 405
Computer bureau costs 815 100
Funding costs 288 1,243
Flotation Costs 129,000 30,902
Office expense 1,572 1,572
Printing, postage and stationery 260 633
Telephone 1,020 1,020
Motor and travel expenses 6,567 3,130
Bank charges 217 91
General expenses (286) 140
Administrative expenses € 139,737 € 39,236
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