REG - Unicorn Mineral Res. - Interim Results

Unicorn Mineral Resources Public CoAnnouncement

03/12/2024 07:00

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RNS Number : 5093O  Unicorn Mineral Resources plc  03 December 2024

 3 December 2024

 

 

Unicorn Mineral Resources Plc

("Unicorn" or the "Company")

Interim Results for the Period Ended 30 September 2024

Unicorn Mineral Resources Plc (LSE:UMR),  a mineral exploration and
development company based in Ireland exploring for Zinc, Lead, Copper and
Silver, with its main focus at present being the "Limerick basin" in Ireland,
 is pleased to announce its unaudited interim results for the 6 months ended
30 September 2024 (the "Period").

Operating Highlights

·   In July 2024, 174 gravity stations were surveyed across the Waulsortian
Reef subcrop on the Kilmallock Block.  This recent surveying was combined
with the historic data in the UMR database to create a grid with a nominal
density of 250 x 250m leading to the identification of five strongly anomalous
zones for future investigation.

·   These anomalies, which are mostly to the east of the Bulgaden region
previously drilled by Unicorn, are strongly analogous to the gravity features
identified by Group Eleven Resources (Group Eleven Resources Corp - Home
(https://www.groupelevenresources.com/) ) at their Ballywire zinc / lead /
silver deposit, just 8km along strike to the east of the Kilmallock block.

·   The Company's strategy to broaden its portfolio of licences led to the
investigation of a number of opportunities in Africa, with efforts now
narrowing to focus on copper opportunities in Namibia.

Financial Highlights

·    The loss for the Period amounted to €252,173 (H1 2023: €236,847)
and consisted mainly of the professional fees, insurance, London Stock
Exchange fees and salaries.

·    €405,981 in cash and cash equivalents at Period end (H1 2023:
€437,269)

·    €399,544 carrying value of intangible assets at Period end (H1
2023: €359,974)

·    Loss per share for the Period was 0.72 cents (H1 2023: 0.86 cents)

Post Period Highlights

·    Following the work at Kilmallock the Company has met its minimum
spend requirements and in August 2024 applied for the two year renewal, which
it expects to have confirmed on the next couple of months.  The Company is in
the process of finalising a programme to further define the anomalies
identified by the 2024 gravity surveying to assist the placements of future
drill targets.

·    As part of the expenditure required by February 2025 to renew the
Lisheen licences, the Company intends to carry out geophysical surveying in
the next few months.

·    The Company is also carrying out due diligence on selected potential
projects in Africa.

Patrick Doherty, Chairman of Unicorn Mineral Resources Plc, commented:

"The summer of 2024 was taken up with research and planning for a project in
Africa, and has now reached a stage where careful consideration is being given
to one of the projects.  Meanwhile at home, the similarities between the
anomalies identified by gravity surveying at Kilmallock and those identified
by Group Eleven Resource along strike at Ballywire, give confidence in there
being a similar style of high grade zinc/lead massive mineralisation within
the Kilmallock block.  Further work is now required to assist with the
placement of future targets."

For additional information please contact:

 

Unicorn Mineral Resources plc
         Tel +353 86 259 5123

 
                                            John
O'Connor, CFO

 

Novum Securities
                       Tel +44 7399 9400

 
                                            David
Coffman / 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 2024.  As previously announced,
activities for the period were split between work in our Kilmallock project
and investigating new projects across Africa.

As previously announced, activities for the six months to 30 September 2024
were split between work in our Kilmallock project and investigating new
projects across Africa.

In July 2024, a total of 174 gravity stations were surveyed across the
Waulsortian Reef subcrop on the Kilmallock Block.  This surveying was
combined with the historic data in the UMR database to create a grid with a
nominal density of 250 x 250m leading to the identification of a series of
five positive gravity anomalies in regions with prospective stratigraphy and
structure.  These anomalies, which are mostly to the east of the Bulgaden
region previously drilled by Unicorn, are strongly analogous to the gravity
features identified by Group Eleven Resources (Group Eleven Resources Corp -
Home (https://www.groupelevenresources.com/) ) at their Ballywire zinc / lead
/ silver deposit, just 8km along strike to the east of the edge of the
Company's Kilmallock block.  Group Eleven Resources similarly used gravity
surveying to identify their more recent drilling targets and have been
announcing positive drilling results through 2024, including some of the best
zinc / lead, massive sulphide intersections drilled in Ireland over the past
ten years.

The gravity surveying by Unicorn has also supported the renewal reports for
the three Kilmallock Licences, which were prepared and submitted to the
Geoscience Regulatory Office in August in order to maintain these licences
until September 2026.  The next stage of the Kilmallock programme will be for
the Company to further define the anomalies identified by the 2024 gravity
surveying.  The programme has not been finalised but is likely to include
infill and check surveying to assist the placements of future drill targets,
similar to the approach taken by Group Eleven Resources.

The Lisheen licences fall due for renewal in February 2025 and as part of the
expenditure required to renew these licences, the Company intends to carry out
geophysical surveying over the next few months.

Financial Results & Review

The loss for the Period was €252,173 (H1 2023: €236,847). The result for
the Period consisted mainly of salary costs €136,173 (H1 2023: €145,282),
along with €75,198 (H1 2023: €59,831) of professional and other costs
associated with the quotation on the London Stock Exchange, and €40,803 (H1
2023: €31,735) in administrative expenses.  At the end of the Period, there
was €405,981 (H1 2023: €437,269) 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 did not issue any new shares or options.

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 2024 and
comparatives at 30 September 2023 and 31 March 2024 are summarised below:

 
  6 months to                   6 months to
    Year ended

 
30 September 2024     30 September 2023        31 March 2024

 
(unaudited)                   (unaudited)
                      (audited)

 
                          €
                 €
            €

Current assets
 
440,121
469,962                                715,636

Non-current assets
 
399,544
359,974                                382,628

Total assets
     839,665                           829,936
                   1,098,265

Current liabilities
 
518,746
642,424                                485,680

Total liabilities
 
518,764
642,424                                485,680

Net (liabilities)/assets
320,919
187,512                                612,585

UK LISTING RULES

On 29 July 2024, the Listing Rules were replaced by the UK Listing Rules
("UKLR") under which the existing Standard Listing category was replaced by
the Equity Shares (transition) category under Chapter 22 of the UKLR.
 Consequently with effect from that date the Company is admitted to the
Equity Shares (transition) category of the Official List under Chapter 22 of
the UKLR and to trading on the London Stock Exchange's Main Market for listed
securities.

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 Risk

The Company is currently at an exploration phase and the licences in which the
Company is currently interested, or which it might in the future acquire, may
not contain commercially recoverable volumes of metals or any other
minerals.

Even if exploration methods utilised by the Company identifies mineralisation,
additional work, usually more than was necessary for the initial
identification, will be required to produce an estimation of a mineral reserve
or resource.  Such estimations are, to a large extent, based on the
interpretation of geological data obtained from drill holes and other sampling
techniques and feasibility studies which derive estimates of costs based upon
anticipated tonnage and mineralisation grades to be mined, extracted and
processed, the configuration of the areas of mineralisation, expected recovery
rates, estimated operating costs, anticipated climatic conditions and other
factors.  Mineral resource estimates are estimates only and no assurance can
be given that any particular grade, stripping ratio or grade of minerals will
in fact be realised.

Further, fluctuation in commodity prices, results of drilling and production
and the evaluation of development plans subsequent to the date of any
estimate, may require revisions of such estimates. The quality and volume of
resources and production rates may not be the same as anticipated at the time
of any investment by the Company.  Additionally, production estimates are
subject to change, and actual production may vary materially from such
estimates. No assurance can be given that any estimates of future production
and future production costs with respect to any of the fields or assets
underpinning the Company's assets or interests will be achieved.

Licence risk

The Company's exploration activities are dependent upon the grant of
appropriate licences, concessions, leases, permits and regulatory consents
which may be withdrawn or made subject to limitations or performance
criteria.  Under its licences and certain other contractual agreements to
which the Company is or may in the future become party, the Company is or may
become subject to payment and other obligations. In particular, the Company
may be required to expend the funds necessary to meet the minimum work
commitments attaching to its licences.  Failure to meet these work
commitments will render the licences in question liable to be revoked.
 Further, if any contractual obligations are not complied with when due, in
addition to any other remedies which may be available to other parties, this
could result in dilution or forfeiture of interests held by the Company.  The
Company may not have or be able to obtain financing for all such obligations
as they arise.

Changes may occur in the political, fiscal, and legal regimes of the regions
within which the Company has interests which might significantly adversely
affect the ownership or the economics of such interests.  These include,
inter alia, changes in exchange control regulations, expropriation or
nationalisation of exploration and production rights, changes in government,
international disputes, legislation (including contract enforceability) and
regulatory systems, changes in taxation or customs polices, changing political
conditions, exchange control regulations and international monetary
fluctuations.  No assurance can be given that applicable governments will not
revoke or significantly alter the conditions of the applicable exploration and
mining authorisations nor that such exploration and mining authorisations will
not be challenged or impugned by third parties.

Commodity Price Risk

The Company's business is to explore for minerals.  The value of those
minerals, and hence estimates of the commercial viability of any reserves or
resources that may be identified by the Company in the future, as well as
potential earnings, will be affected by fluctuations in commodity prices, such
as the US$ and GBP denominated zinc, lead, gold, silver, copper and barite
prices.  These prices are exposed to numerous factors beyond the control of
the Company; such as global supply and demand for precious and other metals,
forward selling by producers, production cost levels in major metal producing
regions, and widespread trading activities by market participants, seeking
either to secure access to commodities or to hedge against commercial risks.
 Other factors include expectations regarding inflation, the financial impact
of movements in interest rates, global economic trends, exchange rates and
domestic and international fiscal, monetary and regulatory policy settings.
Consequently, these prices can fluctuate significantly and cannot be
predicted.  Any deterioration on the prices of the commodities for which the
Company is exploring could lead to a reduction in the value of the Company's
assets, interests and potential earnings as well as making it harder to raise
future exploration funds.

Economic Risk

The business and exploration environment is subject to volatility and
geopolitical issues.  Higher levels of inflation may impact on the purchase
price of materials and services to the Company, and of the availability of
these materials and services.

Reliance on third parties

The Company is reliant on third party service providers, in particular for
drilling and geological reporting. However, the Company faces competition from
larger companies for those same resources.  Larger companies, in particular,
may have access to greater financial resources, which may give them a
competitive advantage in obtaining the use of third part services, thus
delaying exploration programmes that the Company is planning by, for example,
adversely affecting the Company's ability to access the necessary drill rigs
and laboratory time in a manner that the Company requires.  Consequently, the
Company's operations and financial condition could be materially adversely
affected.

Access to land to carry out exploration activity is at the gift of the
landowner.  The licence does provide legal rights of access but these are not
normally exercised.  It is critical that the Company maintains good
relationships with relevant landowners to ensure access to land to carry out
work.

Key Personnel

The Company's business and future management is substantially dependent on the
expertise and continued services of its directors, consultants and future
employees.  The loss of the services of any such person could have a material
adverse effect on the Company's business.  The Company seeks to create a
workplace that attracts, retains, and engages its workforce. However, the
Company cannot guarantee the retention of its directors, consultants and
future employees, nor that it will be able to continue to attract and retain
such employees, and failure to do so could have a material adverse effect on
the financial condition, results, or operations of the Company.

Operations

The Company's projects involve a number of risks and hazards, including
industrial accidents, labour disputes, unusual or unexpected geological
conditions, equipment failure, changes in the regulatory environment,
environmental hazards and weather and other natural phenomena such as
earthquakes and floods.  The Company's activities may be delayed or reduced
as a result of any of the above factors.  Such occurrences could result in
human exposure to pollution, personal injury or death, environmental and
natural resource damage, monetary losses, and possible legal liability, any of
which could materially adversely affect the Company's results of operations

Environmental regulation and Climate Change

Climate change risk is a global issue that may impact how the Company's
operations are run, both today and in the future.  Whilst the nature of the
Company's operations is early-stage exploration with limited invasive impact
there are inherent environmental risks associated with mineral exploration,
which may increase as the exploration programme grows.  There may also be
unforeseen environmental liabilities resulting from past or future exploration
or mining activities, which may be costly to remedy.  If the Company is
unable to fully remedy an environmental problem, it may be required to stop or
suspend operations or enter into interim compliance measures pending
completion of the required remedy.  The potential exposure may be significant
and could have a material adverse effect on the Company.

Changes in legislation and regulation regarding climate change could impose
significant costs on the Company, including increased energy, capital
equipment, environmental monitoring and reporting and other costs required in
order to comply with such regulations.

Environmental approvals and permits are currently, and may also in future be,
required in connection with the Company's operations. In order to obtain such
permits and approvals the Company may need to produce risk assessments and
impact assessments which account for the local wildlife, natural habitat, and
archaeological issues.  These assessments take time and cost to produce and
if they are more expensive or extensive than the Board expected, they could
impact the Company's work programme and the speed at which it develops its
projects.  Failure to comply with applicable approvals and permits may result
in enforcement actions, including orders issued by regulatory or judicial
authorities against the Company, causing operations to cease or be curtailed,
and may include costly corrective measures.

Environmental and safety legislation (e.g., in relation to reclamation,
disposal of waste products, protection of wildlife and otherwise relating to
environmental protection) may change in a manner that would require stricter
or additional standards than those now in effect, a heightened degree of
responsibility for companies and their directors and/or employees and more
stringent enforcement of existing laws and regulations.

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 risks, industrial
accidents, occupational and health hazards and weather conditions or other
acts of God.

Exchange Rate Risk

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.

In addition, the value of the Company's assets is related to commodity prices,
which can be affected by changes in exchange rates.  Changes in exchange
rates could lead to a change in commodity prices and a change in the value of
the Company's assets, interests and potential earnings

Financing Risk

The development of the Company's properties will depend on the its ability to
obtain financing through the raising of equity capital, joint venture of
projects, debt financing, farm outs or other means.  Such ability will depend
on the results of the Company's exploration activities, commodity prices and
the then prevailing market for exploration and mining finance  There is no
assurance that the Company will be successful in obtaining the required
financing or that it may only be available at a value for the Company's assets
materially below that expected by the Company and its shareholders.  If the
Company is unable to obtain additional financing as needed, some interests may
be relinquished, and/or the scope of the operations reduced.

 

 

This report was approved by the Board on 2 December 2024 and signed on its
behalf.

On Behalf of the Board:

Patrick Doherty

Chairman, Unicorn Mineral Resources Plc

 

 

RESPONSIBILITY STATEMENT

FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2024

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;

·    gives a true and fair view of the assets, liabilities, financial
position and loss of the Company;

·    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:

Patrick Doherty

Chairman, Unicorn Mineral Resources Plc

 

 UNICORN MINERAL RESOURCES PLC

 STATEMENT OF FINANCIAL POSITION
 As at 30 September
                                     2024                                                          2023
 Assets
 Current Assets
 Cash and cash equivalents (Note 9)   €                     405,981                                €             437,269
 Accounts receivable (Note 3)        34,140                                                        32,693
 Total Current Assets                440,121                                                       469,962
 Non-Current Assets
 Intangible assets (Note 4)          399,544                                                       359,974
 Total Assets                        €                      839,665                                €              829,936
 Liabilities and Equity
 Current Liabilities
 Warrants & Options                  €                        84,249                                  €              270,416
 Convertible Loan Notes              271,159                                                       -
 Accounts payable (Note 5)                 163,338                                                    372,008
 Total Current Liabilities           518,746                                                       642,424
 Total Liabilities                   518,746                                                       642,424
 Equity
 Share capital (Note 6)              €                      348,550                                     €             277,557
 Share Premium Reserve               2,442,071                                                     2,045,647
 Share Based Payments Reserve        79,683                                                        196,278
 Other Reserves                      (163,932)                                                     (466,694)
 Deficit                             (2,385,453)                                                   (1,865,276)
 Total Equity                        320,919                                                       187,512
 Total Liabilities and Equity        €                      839,665                                €              829,936
 Nature and continuance of operations  (Note 1)

 On behalf of the Board:

 

  Patrick Doherty
 
  John O'Connor

Chairman
Director

 

The accompanying notes are an integral part of these financial statements.

 

UNICORN MINERAL RESOURCES PLC

STATEMENT OF LOSS AND COMPREHENSIVE LOSS

For the 6 months ended 30 September

 

                                                2024                                   2023

 Operating expenses
 Impairment of exploration assets (Note 4)       €                    -                 €                  -
 Administrative expenses (Note 11)                      252,173                               236,847

 Loss and comprehensive loss for the 6 months   €   (252,173)                          €  (236,847)
 Loss attributable to:

 Shareholders                                   €     (252,173)                        €     (236,847)
                                                €   (252,173)                          €   (236,847)

 

 

 

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 30 September 2024 and 2023

 

                                Shares      Amount       Reserves                     Deficit          Total Equity
 Balance, 31 March 2023         27,755,664  € 277,557     € 1,776,532                 € (1,628,393)    €   425,696
 Loss for the 6 months          -           -            -                            (236,847)        (236,847)
 Share based payment movements  -           -                   (1,337)                                (1,337)
 Net proceeds of equity         -           -                         36              (36)             -

ordinary share issue
 Balance, 30 September 2023     27,755,664  € 277,557          € 1,775,231            € (1,865,276)    €   187,512
 Loss for the 6 months          -           -            -                            (268,404)        (268,404)
 Share based payment movements                           (225,660)                                     (225,660)
 Net proceeds of equity         7,099,323   70,993       396,424                      -                467,417

 ordinary share issue
 Balance, 31 March 2024         34,854,987  € 348,550    € 2,397,315                  € (2,133,280)    €   612,585
 Loss for the 6 months          -           -            -                            (252,173)        (252,173)
 Share based payment movements  -           -            (39,493)                                      (39,493)
 Net proceeds of equity         -           -             -                           -                -

 ordinary share issue
 Balance, 30 September 2024     34,854,987  € 348,550    € 2,357,822                  € (2,385,453)    €   320,919

 

The accompanying notes are an integral part of these financial statements.

 UNICORN MINERAL RESOURCES PLC

 STATEMENT OF CASH FLOWS
 For the 6 months ended 30 September
                                                                             2024                                      2023
 CASH FLOWS FROM OPERATING ACTIVITIES

 Loss for the 6 months                                                       €    (252,173)                            €     (236,847)
 Impairment of exploration assets                                                                                                       -

                 -
 Total Loss for the 6 months

          (252,173)

                                                                                                                       (236,847)
 Changes in non-cash working capital items:       Accounts receivable

                                                                                   38,718                                    32,722
    Accounts payable                                                                          (6,426)                  300,756
 Warrants & Options                                                          39,493                                    1,337
 Net cash used in operating activities                                       (180,389)                                 97,968
 CASH FLOWS FROM INVESTING ACTIVITIES

 Payments to acquire intangible assets                                       (16,916)                                     (192,096)

 Impairment of intangible asset                                              -                                         -
 Net cash incurred by investing activities                                   (16,916)                                     (192,096)
 CASH FLOWS FROM FINANCING ACTIVITIES

 Issue of equity share capital                                               -                                         -

 Other Reserves                                                               (61,833)                                 (48,440)

 Share Based Payment Reserve                                                 22,340                                    47,103
 Net cash provided by financing activities                                   (39,493)                                        (1,337)
 Change in cash                                                              (236,797)                                 (95,465)
 Cash, beginning of the 6 months                                             642,778                                       532,734
 Cash, end of the 6 months                                                   €           405,981                       €       437,269

 

 

The accompanying notes are an integral part of these financial statements.

 

UNICORN MINERAL RESOURCES PLC

Notes to the Interim 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

The accounting policies set out below have been applied consistently to all
periods presented in these Financial Statements.

2.1       Going concern

The preparation of financial statements requires an assessment on the validity
of the going concern assumption.  The validity of the going concern concept
is dependent on the Company having available adequate financial resources to
continue operations in 2025, and thereafter finance being available for the
continuing working capital requirements of the Company and finance for the
development of the Company's projects becoming available.  Based on the
assumptions that the Company has adequate financial resources to continue
operation and confidence that finance will become available, the Directors
believe that the going concern basis is appropriate for these accounts.
 Should the going concern basis not be appropriate, adjustments would have to
be made to reduce the value of the company's assets, in particular the
intangible assets, to their realisable values.

2.2       Taxation

Income tax expense represents the sum of the tax currently payable and
deferred tax.

Current tax payable is based on the taxable profit for the year.  Taxable
profit differs from the loss as reported in the statement of comprehensive
income because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable
or deductible.  The Company's liability for current tax is calculated using
tax rates that have been enacted or substantively enacted by the statement of
financial position date.

Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit and is accounted for using the statement of financial position
liability method.  Deferred tax liabilities are generally recognised for all
taxable temporary differences and deferred tax assets are recognised for all
deductible temporary differences, carry forward of unused tax assets and
unused tax losses to the extent that it is probable that taxable profits will
be available against which deductible temporary differences and the carry
forward of unused tax credits and unused tax losses can be utilised.  Such
assets and liabilities are not recognised if the temporary difference arises
from the initial recognition of goodwill or from the initial recognition
(other than in a business combination) of other assets and liabilities in a
transaction that affects neither the taxable profit nor the accounting profit.

Unrecognised deferred tax assets are reassessed at each statement of financial
position date and are recognised to the extent that it has become probable
that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised, based on tax
rates (and tax laws) that have been enacted or substantively enacted at the
statement of financial position date.  Deferred tax is charged or credited in
the statement of comprehensive income, except when it relates to items charged
or credited directly to equity, in which case the deferred tax is also dealt
with in equity.

Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax
liabilities and when they relate to income taxes levied by the same taxation
authority and the Company intends to settle its current tax assets and
liabilities on a net basis.

2.3       Intangible assets

Exploration and evaluation assets

Exploration expenditure relates to the initial search for mineral deposits
with economic potential in Ireland.

Evaluation expenditure arises from a detailed assessment of deposits that have
been identified as having economic potential.

The costs of exploration properties and cost of licences to explore for or use
minerals, which include the cost of acquiring prospective properties and
exploration rights and costs incurred in exploration and evaluation
activities, are capitalised as intangible assets as part of exploration and
evaluation assets.

Exploration costs are capitalised as an intangible asset until technical
feasibility and commercial viability of extraction of reserves are
demonstrable, when the capitalised exploration costs are reclassed to
property, plant and equipment.  Exploration costs include an allocation of
administration and salary costs (including share based payments) as determined
by management.

Prior to reclassification to property, plant and equipment, exploration and
evaluation assets are assessed for impairment and any impairment loss
recognised immediately in the statement of comprehensive income

Intangible assets with finite useful lives that are acquired separately are
carried at cost less accumulated amortisation and accumulated impairment
losses.  Amortisation is recognised on a straight-line basis over their
estimated useful lives.  The estimated useful life and amortisation method
are reviewed at the end of each reporting period, with the effect of any
changes in estimate being accounted for on a prospective basis.  Intangible
assets with indefinite useful lives that are acquired separately are carried
at cost less accumulated impairment losses.

Impairment of intangible assets other than goodwill

Exploration and evaluation assets are assessed for impairment on a licence by
licence basis when facts and circumstances suggest that the carrying amount
may exceed its recoverable amount.  The company reviews for impairment on an
ongoing basis and specifically if any of the following occurs:

(a)     the period for which the Company has a right to explore under the
specific licences has expired or is expected to expire;

b)      further expenditure on exploration and evaluation in the specific
area is neither budgeted or planned;

c)       the exploration and evaluation has not led to the discovery of
economic reserves;

d)      sufficient data exists to indicate that although a development in
the specific area is likely to proceed, the carrying amount of the exploration
and evaluation asset is unlikely to be recovered in full from successful
development or by sale.

2.4       Financial Instruments

Financial assets and financial liabilities are recognised in the Company's
statement of financial position when the Company becomes a party to the
contractual provisions of the instrument. Financial assets and financial
liabilities are initially measured at transaction price.  Transaction costs
that are directly attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and financial
liabilities at fair value) are added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate, on initial
recognition.  Transaction costs directly attributable to the acquisition of
financial assets or financial liabilities are recognised immediately at fair
value through other comprehensive income ("FVOCI").

The Company includes in this category cash and other receivables.  Due to the
nature of the financial assets being short-term in nature, the carrying value
approximates fair value.

Impairment of financial assets

The Company only holds receivables at amortised cost, with no significant
financing component and which have maturities of less than 12 months and as
such, has implemented the simplified approach for expected credit losses (ECL)
model under IFRS 9 to account for all receivables.

Therefore, the Company does not track changes in credit risk, but instead,
recognizes a loss allowance based on lifetime ECLs at each reporting date.

A financial asset is derecognised only when the contractual rights to cash
flows from the financial asset expires, or when it transfers the financial
asset and substantially all the associated risks and rewards of ownership to
another entity.  Gains and losses on derecognition are generally recognised
in the profit or loss.

Financial liabilities measured subsequently at amortised cost

Financial liabilities that are not:

(i)        contingent consideration of an acquirer in a business
combination,

(ii)       held for trading, or

(iii)      designated as at FVOCI,

are measured subsequently at amortised cost using the effective interest
method.  The Company includes in this category trade and other payables.

The effective interest method is a method of calculating the amortised cost of
a financial liability and of allocating interest expense over the relevant
period.  The effective interest rate is the rate that exactly discounts
estimated future cash payments (including all fees and points paid or received
that form an integral part of the effective interest rate, transaction costs
and other premiums or discounts) through the expected life of the financial
liability, or (where appropriate) a shorter period, to the amortised cost of a
financial liability.

Equity instruments

Equity instruments issued by the Company are recorded at the proceeds
received, net of direct issue costs.

Warrants and Options

Warrants and options issued are classified separately as equity or as a
liability at FVOCI in accordance with the substance of the contractual
arrangement.  Warrants or options classified as liabilities at FVOCI are
stated at fair value, with any gains and losses arising on remeasurement
recognised in the statement of other comprehensive income.

3.         ACCOUNTS RECEIVABLE
 As at 30 September   2024              2023
 Prepaid Insurance    €    25,219       €    4,213
                      -                 -
 Taxation             8,921             28,480
 Accounts receivable  €   34,140        € 32,693

4.       INTANGIBLE FIXED ASSETS

All of the Company's exploration and evaluation assets are located in Ireland.

 Acquisition Costs                            Exploration and evaluation assets acquired  Impairment of exploration assets  Total acquisition costs
 Cumulative to 31 March 2023                  €    827,691                                €    659,813                      €  167,878
 Change during 6 months to 30 September 2023  192,096                                     -                                 192,096
 Cumulative to 30 September 2023              € 1,019,787                                 €    659,813                      €  359,974

 Cumulative to 31 March 2024                   €  1,042,441                               €    659,813                      €  382,628
 Change during 6 months to 30 September 2024  16,916                                      -                                 16,916
 Cumulative to 30 September 2024              € 1,059,357                                 €    659,813                      €  399,554

Exploration and evaluation assets relate to expenditure incurred in the
development of mineral exploration opportunities.

The realisation of intangible assets amounting to €399,554 at the financial
6 months end, 30 September 2024, 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
 As at 30 September   2024         2023
 Accounts payable     € 38,996     € 186,587
 Accrued liabilities  124,342      185,421
 Accounts payable     € 163,338    € 372,008

6.            SHARE CAPITAL

Authorised: 100,000,000 ordinary shares at €0.01 each.

Issued: 34,854,987 ordinary shares (2023: 27,755,664 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 €15,630 (excl. VAT) (H1 2023: €27,823) from
BRG (Geotechnics) Limited ("BRG") during the 6 months.  David Blaney who is a
director of Unicorn was, until 1 July 2023, also a past Director and 50% owner
of BRG.  BRG was owed €nil (H1 2023: €2,748) at the periods end.  The
directors are satisfied that the amounts charged by BRG to the Company were on
an arm's length basis.

The Company has a contract with Gathoni Muchai Investments Ltd ("Gathoni") for
website, marketing and social media management. Jason Brewer is a Director
and, together with his partner, owns 100%  of Gathoni. The Company incurred
costs of €17,700 (VAT zero) (H1 2023: €nil) from Gathoni during the 6
months.  Gathoni were owed €2,968 (H1 2023: €nil) at the period end.
The directors are satisfied that the amounts charged by Gathoni to the Company
were in agreement with the contract.

9.            CASH AND CASH EQUIVALENTS
 As at 30 September         2024         2023
 Cash and bank balances     € 405,981    € 437,269
 Cash and cash equivalents  € 405,981    € 437,269

10.          SUBSEQUENT EVENTS

There are no subsequent events of notice.

11.          ADMINISTRATIVE EXPENSES

For the 6 months ended 30 September

                                                       2024            2023

 Administrative expenses
 AGM & Meetings                        €          5,227                €          5,933
 Audit & Accounting                    2,300                           4,818
 Bank charges                          359                             177
 Computer bureau costs                 143                             125
 Corporate Broker Fees                 14,972                          14,192
 Corporate Finance Fees                32,897                          15,105
 Insurance                             11,246                          12,810
 Listing costs                         15,014                          13,359
 LSEG fees                             8,620                           14,348
 Office expense                        -                               870
 Marketing & Website Costs             17,700                          1,091
 Printing, postage and stationery      79                              447
 Professional Fee                      2,500                           350
 Registrar's Fees                      3,695                           2,827
 Salary Cost                           136,173                         145,282
 Telephone                             -                               982
 Motor and travel expenses             18                              3,252
 General expenses                      1,231                           879
 Administrative expenses               €       252,173                 €       236,847

 

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