TIDMPOW
RNS Number : 5599E
Power Metal Resources PLC
30 June 2023
30 June 2023
Power Metal Resources plc / EPIC: POW / Market: AIM
Power Metal Resources plc ("POW", "Power Metal" or the
"Company")
Interim Results
Power Metal Resources plc, the AIM listed metals exploration and
development company, announces its unaudited interim results for
the six month period ended 31 March 2023 (the "period").
Sean Wade, Chief Executive Officer of Power Metal commented:
"The key to unlocking value is to complete planned portfolio
disposals, secure operational partnerships over certain exploration
interests, drive our uranium interests forward, and ensure the
Company has access to quality sources of finance in sufficient
quantity to enable it to boldly pursue its ambitions.
"We are making progress across all these areas and whilst the
completion of the Golden Metal Resources IPO and GBP2.7m financing,
both in May 2023, are perhaps the notable events for investors
recently, we hope to announce many more corporate and exploration
events in the coming weeks and months.
"I would like to thank shareholders for their continued support
as we progress through what we believe will be a vibrant and
exciting period in the Company's history."
KEY DEVELOPMENTS IN THE HALF YEAR TO 31 MARCH 2023
- Completion of exploration programmes across three projects,
including drilling at Molopo Farms in Botswana and the Victoria
Goldfields in Australia, as well as geophysics and trenching at the
Tati project in Botswana. All three have delivered positive
exploration results, justifying a decision to proceed to next stage
exploration with potential partners showing interest in all three
projects.
- Material progress achieved in corporate activities, including
pre-IPO preparations for Golden Metal Resources PLC, First
Development Resources PLC and Uranium Energy Exploration Ltd.
- Broad spectrum advancement of the Company's Athabasca Basin
uranium portfolio, including additional ground acquisitions through
staking, and the management of third-party interest in the uranium
portfolio.
- Completion of the conditional acquisition of a larger stake in
the Molopo Farms Complex project; the conditional disposal of the
Company's interests in the E-12 property in the Athabasca Basin to
Uranium Energy Exploration, and the completion of the disposal of
the Company's interest in the Kanye Resources joint venture ("JV"),
to partner Kavango Resources PLC (LON:KAV) for shares, warrants,
royalty and long term compensation potential.
- Management changes including the appointment of Owain Morton
as Non-Executive Director and Sean Wade as Chief Executive Officer.
Together the appointments bring detailed geological, mine
engineering and corporate finance skills to the Board and provide
Power Metal with an extensive financing network for the Company and
its planned spin-out IPO activity.
KEY DEVELOPMENTS SINCE 31 MARCH 2023
- Listing of Golden Metal Resources PLC on the London Stock
Exchange in May 2023, with a value of Power Metal's holding on
listing of c GBP4.4m;
- Appointment of Bill Brodie Good as a Non-Executive Director in May 2023; and
- Financing which has raised GBP2.7m for the Company to support
an acceleration of value generative exploration and corporate
activity.
POWER METAL INTERESTS AT TODAY'S DATE
The latest updated review of Power Metal's business interests is
provided in the Company's investor presentation which may be
accessed here:
https://www.powermetalresources.com/investors/presentation/
In addition, a single page Business Overview is provided for
investors through the following link:
https://www.powermetalresources.com/company/
LATEST POSITION OF POWER METAL INTERESTS AND TARGETED OBJECTIVES
FOR 2023
Priority Exploration and Potential Exploration Project Joint
Ventures
Exploration Interest Latest Position & Forward Plans
Athabasca Uranium
Saskatchewan, Canada Power Metal currently holds 17 properties
(Uranium) covering 1005.14km(2) within and surrounding
POW 100% the prolific Athabasca Basin.
The conditional disposal of two of the properties,
Reitenbach and E-12, has been announced
and work is underway to complete that transaction
through a listing in the London capital
markets for the proposed holding vehicle,
Teathers Financial PLC, to be renamed Uranium
Energy Exploration PLC. Preparation of listing
documentation is complete and the IPO financing
is expected to commence shortly with completion
of the transaction in 2023.
Across the Company's wider Athabasca exploration
interests there has been considerable third-party
interest in working with Power Metal to
finance uranium specific operations. The
Company continues to engage with parties
and anticipates significant progress to
occur in 2023.
In addition, the Company's recent GBP2.7m
financing has provided the funds for a considerable
uranium exploration programme in the Athabasca
during the 2023 season, details of which
can be found in the Company's announcement
dated 21 June 2023.
------------------------------------------------------
Molopo Farms Complex The cumulative exploration programmes undertaken
Project at Molopo Farms have demonstrated significant
Botswana potential for a major nickel - platinum
(Nickel - Copper group element discovery or discoveries.
- Platinum Group There has been considerable interest from
Element) third parties to work with and potentially
POW: 87.71% finance Molopo Farms at project level and
Power Metal is working with interested parties
at present.
The Company is looking to move Molopo Farms
forward considerably, targeting a working
partnership in place and operational in
2023.
------------------------------------------------------
Tati Project
Botswana Recently completed geophysics and trenching
(Gold - Nickel) have provided valuable data, adding to that
POW: 100% previously collected. This enables the Company
to move forward with next stage soil sampling
prior to final planning and implementation
of planned next stage reverse circulation
and diamond drilling targeting a significant
gold discovery.
Soil sampling is underway currently alongside
continuing work to process fines dumps of
previously processed ore from the Cherished
Hope gold mine location within the Tati
licence footprint with local processing
partners.
------------------------------------------------------
Investment Holdings and Disposals Planned/Underway
Note: other project packages within the Power Metal portfolio
are also in earlier stages of disposal and/or spin-out preparations
in addition to those listed below.
Business Interest Latest Position
Kavango Resources In Q4 2022 Power Metal announced the conditional
PLC (LON:KAV) disposal of its Kanye Resources interest
Botswana & Zimbabwe to its joint-venture partner KAV.
Exploration Following this disposal, Power Metal holds
(Gold - Base Metals) c.10% of KAV worth c.GBP0.8m as at 31 March
POW c.10% 2023.
Power Metal also holds 30m warrants to acquire
new KAV shares at 4.25p and 30m warrants
to acquire new KAV ordinary shares at 5.5p
per share, both with a life to expiry ending
8 January 2025.
In addition, Power Metal holds a 1% net
smelter return royalty over the former JV
land footprint.
--------------------------------------------------
First Class Metals FCM secured a listing on the London Stock
PLC (LON:FCM) Exchange in late July 2022 with Power Metal
Schreiber-Hemlo, holding an interest following its IPO financing
Ontario, Canada of 28.19% on listing (now c.26% after dilution
(Gold - Base Metals) since listing), worth c.GBP2.05m as of 31
POW c.26% March 2023.
Power Metal also holds 517,705 warrants
to acquire new FCM ordinary shares at 10p
per share with an expiry date of 29 July
2023.
--------------------------------------------------
Golden Metal Resources GMET secured a listing on the London Stock
PLC (LON:GMET) Exchange in late May 2023 with Power Metal
Nevada, USA holding an interest following their IPO
Gold - Base Metals financing of 62.06%, worth c.GBP2.05m as
POW c.62% at the date of this report.
Power Metal also holds 1,749,378 warrants
to acquire new GMET ordinary shares at 10.75p
with an expiry date of 10 May 2024 and 1,749,378
warrants at 17.5p with an expiry date of
10 May 2025.
--------------------------------------------------
First Development FDR is currently in the IPO Financing stage
Resources PLC (FDR) of it listing plans with IPO documentation
Western Australia prepared and ready for listing.
/Northern Territory The listing of FDR is expected to occur
(Gold - Copper - in the near term.
Rare Earth Elements
- Uranium - Lithium)
POW: c.59%
--------------------------------------------------
New Ballarat Gold Through its Australian operating subsidiary,
Corporation PLC Red Rock Australasia Pty Ltd, NBGC has a
(NBGC) substantial licence footprint within the
Victoria, Australia Victoria Goldfields, Australia, which is
(Gold) comprised of 17 granted exploration licences
POW: 49.9% JV Partner covering 1,867km(2) and 5 licence applications
Red Rock Resources covering 493km(2) .
PLC (LON:RRR): 50.1% The intention of the JV parties is to undertake
a listing of NBGC on the UK capital markets.
Power Metal is targeting a listing during
2023.
--------------------------------------------------
ION Battery Resources ION comprises two lithium focused projects
Ltd (ION) in Ontario and Quebec and a graphite project
Canada in Saskatchewan.
(Lithium & Graphite) Next exploration and corporate steps are
POW 100% under consideration for ION and a further
announcement will come in due course. The
commercial pathway for ION is expected to
be announced, with material progress in
the business expected during 2023.
--------------------------------------------------
New Horizon Metals The JV partners behind NHM are currently
Pty Ltd (NHM) considering a number of proposals to secure
Queensland and South a listing of NHM on the London or Australian
Australia capital markets.
(Copper - Uranium Completion of a listing is targeted in 2023.
- Gold)
POW 20%
--------------------------------------------------
PROJECTS WITH NEXT STEPS UNDER CONSIDERATION
Project Latest Position & Key Forward Events
Haneti Project
Tanzania Power Metal is currently in discussions
(Polymetallic) with a JV partner Katoro Gold (LON:KAT),
POW: 35% (65% JV to determine the future of the Haneti Project.
Partner Katoro Gold
plc (LON:KAT)) Further information will be provided when
material developments occur.
--------------------------------------------------
Silver Peak Project
British Columbia, Power Metal is currently in discussions
Canada with its JV partner to determine next corporate
(Silver) and exploration steps for Silver Peak.
POW: 30%
An outcome to these discussions is expected
in the near term with advancement of the
project from an exploration and/or commercial
perspective anticipated during the remainder
of 2023.
--------------------------------------------------
FINANCIAL HIGHLIGHTS FOR THE HALF YEARED 31 MARCH 2023
-- Loss for the period, attributable to owners of the parent of
GBP1.50 million (2022: GBP1.69 million), resulting in loss per
share of 0.09 pence (2022: 0.12 pence);
-- Financing undertaken in January 2023 raising GBP0.9 million
and acquisitions during the period raised GBP1.1 million for the
Company;
-- Total assets of GBP14.62 million at the period end (30 September 2022: GBP14.61 million); and
-- Net assets of GBP13.99 million at the period end (30 September 2022: GBP13.76 million).
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 POW
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Sean Wade (Chief Executive Officer) + 44 (0) 20 3778 1396
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
Blythe Ray (Financial PR)
Tim Blythe/Megan Ray +44 (0) 20 7138 3204
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering
district scale potential across a global portfolio including
precious, base, and strategic metal exploration in North America,
Africa, and Australia.
Project interests range from early-stage greenfield exploration
to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through
strategic joint ventures until a project becomes ready for disposal
through outright sale or separate listing on a recognised stock
exchange thereby crystallising the value generated from our
internal exploration and development work.
Value generated through disposals will be deployed internally to
drive the Company's growth or may be returned to shareholders
through share buy backs, dividends, or in-specie distributions of
assets.
POWER METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 MARCH 2023
6 months 6 months Year
ended ended ended
31-Mar-23 31-Mar-22 30-Sep-22
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
-------------- -------------- ------------
Revenue 1 198 37
------------
Gross profit 1 198 37
------------
Operating expenses (1,016) (1,330) (3,127)
Fair value gains through profit or loss (537) (405) 309
Gain on disposal of joint venture 48 - -
Loss from operating activities (1,504) (1,537) (2,781)
Share of post-tax losses of equity accounted joint
ventures (108) (175) (167)
-------------- -------------- ------------
Loss before taxation (1,612) (1,712) (2,948)
Taxation - - -
-------------- -------------- ------------
Loss for the period from continuing operations (1,612) (1,712) (2,948)
-------------- -------------- ------------
Items that will or may not be reclassified to profit
or loss
Capital contribution - - 2,794
Items that will or may be reclassified to profit or
loss
Exchange translation (171) 78 18
Total other comprehensive income (171) 78 2,812
-------------- -------------- ------------
Total comprehensive expense for the period (1,783) (1,634) (136)
============== ============== ============
Loss for the period attributable to:
Owners of the parent (1,495) (1,691) (2,256)
Non-controlling interests (117) (21) (692)
(1,612) (1,712) (2,948)
Total comprehensive expense attributable to:
Owners of the parent (1,629) (1,613) 82
Non-controlling interests (154) (21) (218)
-------------- -------------- ------------
(1,783) (1,634) (136)
============== -------------- ------------
Earnings per share from continuing operations attributable to the ordinary equity holder
of the parent:
Basic and diluted loss per share (pence) 4 (0.09) (0.12) (0.15)
POWER METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31-Mar-23 (unaudited) 31-Mar-22 30-Sep-22
GBP'000 (unaudited) (audited)
Note GBP'000 GBP'000
----------------------- --- -------------- --- ------------
Assets
Intangible assets 9,438 2,782 7,138
Investments in associates and joint ventures 278 156 402
Financial assets at fair value through
profit or loss 469 3,539 1,620
Property, plant & equipment 40 22 33
----------------------- --------------
Non-current assets 10,225 6,499 9,193
----------------------- -------------- ------------
Financial assets at fair value through
profit or loss 3,603 66 2,384
Assets classified as held for sale 78 - 1,124
Trade and other receivables 287 1,240 346
Cash and cash equivalents 427 1,435 1,560
----------------------- -------------- ------------
Current assets 4,395 2,741 5,414
----------------------- -------------- ------------
Total assets 14,620 9,240 14,607
======================= ============== ============
Equity
Share capital 5 8,190 7,918 8,065
Share premium 25,144 21,871 23,312
Capital redemption reserve 5 5 5
Capital contribution reserve 2,322 - 2,322
Share based payments reserve 1,699 1,576 1,638
Foreign exchange reserve (44) 150 90
Accumulated losses (25,215) (23,179) (23,742)
----------------------- -------------- ------------
Total 12,101 8,341 11,690
----------------------- -------------- ------------
Non-controlling interests 1,890 (327) 2,066
----------------------- -------------- ------------
Total equity 13,991 8,014 13,756
----------------------- -------------- ------------
Liabilities
Trade and other payables 629 1,226 851
Current liabilities 629 1,226 851
----------------------- -------------- ------------
Total liabilities 629 1,226 851
----------------------- -------------- ------------
Total equity and liabilities 14,620 9,240 14,607
======================= ============== ============
POWER METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 MARCH 2023
Share
Capital based
Share Share redemption Capital payment Exchange Retained Non-Controlling Total
capital premium reserve Contribution reserve reserve deficit Total Interests Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
October 2022
(audited) 8,065 23,312 5 2,322 1,638 90 (23,742) 11,690 2,066 13,756
-------- -------- ----------- ------------- ------- --------- --------- -------- ---------------- --------
Loss for the
period - - - - - - (1,495) (1,495) (117) (1,612)
Total other
comprehensive
expense - - - - - (134) - (134) (37) (171)
Total
comprehensive
expense for the
period - - - - - (134) (1,495) (1,629) (154) (1,783)
-------- -------- ----------- ------------- ------- --------- --------- -------- ---------------- --------
Issue of
ordinary shares 125 1,878 - - - - - 2,003 - 2,003
Cost of share
issues - (46) - - - - - (46) - (46)
Share-based
payments - - - - 61 - - 61 - 61
Non-controlling
interest
adjustment - - - - - - 22 22 (22) -
-------- ----------------
125 1,832 - - 61 - 22 2,040 (22) 2,018
-------- -------- ----------- ------------- ------- --------- --------- -------- ---------------- --------
Balance at 31
March 2023
(unaudited) 8,190 25,144 5 2,322 1,699 (44) (25,215) 12,101 1,890 13,991
-------- ======== =========== ============= ======= ========= ========= ======== ================ ========
POWER METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 MARCH 2022
Share
Capital based
Share Share redemption payment Exchange Accumulated Non-controlling Total
capital premium reserve reserve reserve losses Total interests Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
October 2021
(audited) 7,705 18,437 5 1,541 72 (21,488) 6,272 (306) 5,966
-------- -------- ----------- -------- --------- ----------- -------- ---------------- --------
Loss for the
period - - - - - (1,691) (1,691) (21) (1,712)
Total other
comprehensive
expense - - - - 78 - 78 - 78
Total
comprehensive
expense for
the period - - - - 78 (1,691) (1,613) (21) (1,634)
-------- -------- ----------- -------- --------- ----------- -------- ---------------- --------
Issue of
ordinary
shares 213 3,496 - - - - 3,709 - 3,709
Cost of share
issues - (62) - - - - (62) - (62)
Share-based
payments - - - 35 - - 35 - 35
213 3,434 - 35 - - 3,682 - 3,682
-------- -------- ----------- -------- --------- ----------- -------- ---------------- --------
Balance at 31
March 2022
(unaudited) 7,918 21,871 5 1,576 150 (23,179) 8,341 (327) 8,014
======== ======== =========== ======== ========= =========== ======== ================ ========
POWER METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 30 SEPTEMBER 2022
Share
Capital based
Share Share redemption Capital payment Exchange Retained Non-controlling Total
capital premium reserve Contribution reserve reserve Deficit Total interests Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
October 2021
(audited) 7,705 18,437 5 - 1,541 72 (21,488) 6,272 (306) 5,966
-------- -------- ----------- ------------- -------- --------- --------- -------- ---------------- ----------
Loss for the
year - - - - - - (2,258) (2,258) (690) (2,948)
Total other
comprehensive
expense - - - - - 18 - 18 - 18
Capital
Contribution - - - 2,322 - - - 2,322 472 2,794
Total
comprehensive
expense for
the period - - - 2,322 - 18 (2,258) 82 (218) (136)
-------- -------- ----------- ------------- -------- --------- --------- -------- ---------------- ----------
Issue of
ordinary
shares 360 4,999 - - - - - 5,359 - 5,359
Cost of share
issues - (124) - - - - - (124) - (124)
Share-based
payments - - - - 101 - - 101 - 101
Warrant
exercises - - - - (4) - 4 - - -
Non-
controlling
interest
adjustment on
step disposal
of
subsidiaries - - - - - - - 2,590 2,590
360 4,875 - - 97 - 4 5,336 2,590 7,926
-------- -------- ----------- ------------- -------- --------- --------- -------- ---------------- ----------
Balance at 30
September
2022
(audited) 8,065 23,312 5 2,322 1,638 90 (23,742) 11,690 2,066 13,756
======== ======== =========== ============= ======== ========= ========= ======== ================ ==========
POWER METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 MARCH 2023
6 months 6 months Year
ended ended ended
30-Sep-22
(audited)
31-Mar-23 31-Mar-22 GBP'000
(unaudited) (unaudited)
GBP'000 GBP'000
-------------- -------------- ------------
Cash flows from operating activities
Loss for the period (1,612) (1,712) (2,948)
Adjustments for:
- Fair value adjustment 537 405 (309)
- Share of post-tax losses of
equity accounted
joint ventures 108 175 167
- Disposals (47) 378 245
- Equity settled share-based
payments 17 35 101
- Depreciation 2 - -
- Foreign exchange differences (150) 78 11
(1,145) (641) (2,733)
Changes in working capital:
- Trade and other receivables (9) (1,063) (250)
- Trade and other payables (222) 908 477
-------------- -------------- ------------
Net cash used in operating activities (1,376) (796) (2,506)
-------------- --------------
Cash flows from investing activities
Purchase of intangibles (408) (295) (1,530)
Investment in financial assets
at fair value through profit
or loss - (321) (426)
Investment in Joint Ventures (194) (165) (188)
Proceeds from investment disposals - 171 -
Purchase of property, plant and
equipment (9) (20) (32)
Net cash used in investing activities (611) (630) (2,176)
-------------- -------------- ------------
Cash flows from financing activities
Proceeds from issue of share
capital 900 1,643 3,211
Shares issued to non-controlling
interests by subsidiary - - 1,875
Issue costs (46) (63) (125)
Net cash flows from financing
activities 854 1,580 4,961
-------------- -------------- ------------
Net increase/(decrease) in cash
and cash equivalents (1,133) 154 279
Cash and cash equivalents at
beginning of period 1,560 1,281 1,281
Cash and cash equivalents at
end of period 427 1,435 1,560
============== ============== ============
Details of significant non-cash transactions are disclosed in
note 5.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT
1. Reporting entity
Power Metal Resources plc is a company domiciled in the United
Kingdom. The unaudited consolidated interim financial report of the
Group as at and for the period ended 31 March 2023 comprises the
results of the Company and its subsidiaries. The Group primarily is
involved in the exploration and exploitation of mineral resources
in Australia, Botswana, Canada, Cameroon, the DRC, USA and
Tanzania.
2. Basis of preparation
(a) Statement of compliance
As permitted, IAS 34, 'Interim Financial Reporting' has not been
applied in this interim report.
The financial information presented in this interim report has
been prepared using accounting policies that are expected to be
applied in the preparation of the financial statements for the year
ending 30 September 2023.
These policies are in accordance with the recognition and
measurement principles of International Financial Reporting
Standards, International Accounting Standards, and Interpretations
(collectively IFRS) issued by the International Accounting
Standards Board as endorsed for use in the United Kingdom, and
these principles are disclosed in the Financial Statements for the
year ended 30 September 2022.
The interim results have been prepared on a going concern basis.
The financial information in this interim report does not
constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006. The 2023 interim financial report has not
been audited.
The Annual Report and Financial Statements for 2022 have been
filed with the Registrar of Companies. The Independent Auditors'
Report on the Annual Report and Financial Statement for 2022 was
unqualified and did not contain a statement under 498(2) or 498(3)
of the Companies Act 2006.
The interim results were approved by the Board of Directors on
27 June 2023.
(b) Judgements and estimates
Preparing the interim financial report requires Management to
make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets and liabilities, income, and expense. Actual results may
differ from these estimates.
In preparing this consolidated interim financial report,
significant judgements made by Management in applying the Group's
accounting policies and key sources of estimation uncertainty were
the same as those that applied to the consolidated financial
statements as at and for the year ended 30 September 2022.
(c) Going concern
The interim financial report has been prepared on a going
concern basis. Although the Group's assets are not generating
revenues, the Directors believe, having considered all available
information, including the Company's proven ability to raise
further equity funds from its supportive shareholder base, that the
Group will have sufficient funds to meet its expected committed and
contractual expenditure for the foreseeable future. Thus, the
Directors continue to adopt the going concern basis of accounting
in preparing the interim financial report for the period ended 31
March 2023.
3. Significant accounting policies
The accounting policies applied by the Group in this
consolidated interim financial report are the same as those applied
by the Group in its consolidated financial statements as at and for
the year ended 30 September 2022.
4. Earnings per share
Basic loss per share
The calculation of basic loss per share is based on the loss
attributable to ordinary shareholders of the parent of GBP1,495,000
(2022: GBP1,691,000), and a weighted average number of ordinary
shares in issue of 1,681,431,009 (2022: 1,404,603,204).
5. Issues of Equity
In November 2022, the company issued 46,134,171 new ordinary
shares of 0.1p at a price of 1.75 pence per share, for the initial
consideration of the acquisition of an additional 58.7% interest in
Kalahari Key Mineral Exploration Pty Limited. The company also
issued warrants over 46,134,171 new ordinary shares at a price of
3.5 pence with an expiry date of 18 May 2024.
In January 2023, 2,500,000 new ordinary shares of 0.1p each were
issued at a price of 1.5 pence per share for the acquisition of the
4,222-hectar Doerksen Bay graphite project located in Saskatchewan,
Canada.
In January 2023, Power Metal raised GBP900,000 before expenses
through the issue of 64,285,714 new ordinary shares of 0.1p each in
the company at an issue price of 1.4 pence per share. Each
financing share has an attaching warrant to subscribe for one new
ordinary share of 0.1 pence each in the Company at an exercise
price of 2.0 pence per share with a 24-month term from 30 January
2023 creating 64,285,714 Financing Warrants.
In March 2023, the company issued 11,458,872 new ordinary shares
at an issue price of 2.25 pence per share relating to payment for
drill costs in relation to the recently completed Molopo Farms
Complex diamond drill programme in Botswana.
At the period end, the Company had 1,739,033,678 Ordinary Shares
in issue (30 September 2022: 1,614,654,921).
At the date of this interim report, the Company had
2,064,671,913 Ordinary Shares in issue.
**Ends**
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IR UROKROOUNORR
(END) Dow Jones Newswires
June 30, 2023 05:36 ET (09:36 GMT)
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