TIDMEEE
RNS Number : 3249Z
Empire Metals Limited
14 September 2022
Empire Metals Ltd / AIM: EEE / Sector: Natural Resources
14 September 2022
Empire Metals Limited ('EEE' or the 'Company')
Interim Results
Empire Metals Ltd ('EEE', the 'Company' or the 'Group'), the
AIM-quoted resource exploration and development company, is pleased
to announce its interim results for the six-month period ended 30
June 2022.
Chairman's Statement
Empire is establishing itself as a leading metals explorer
focussed on Australia, and the activities undertaken during this
period have had a profound impact both on the current profile of
the Company, and also our long-term value prospects. We have
successfully grown our exploration footprint from 3.1km(2) to over
1,728km(2) , across four key geologically and geographically
diverse projects. This portfolio expansion will substantially
de-risk our exploration strategy, and also broaden our commodity
exposure and considerably enlarge our global resource inventory
potential.
This expansion strategy began in January, with the Tribute
Agreement signed with Maher Mining Contractors Pty Ltd, giving
Empire the right to explore, develop and mine within a granted area
on mining lease M27/158, known as the Gindalbie Project.
Importantly, Gindalbie is adjacent to Empire's established and most
advanced asset, the Eclipse Gold Project, and extended the area for
exploration targets a further 2km along the Eclipse lodes trend,
plus 1km to the north and 3km to the south.
However, we had our sights set on a much larger suite of assets,
and in April Empire acquired a 70% interest in three highly
prospective Australian-based copper-gold projects from Century
Minerals Pty Ltd. Two of the projects, the Pitfield Copper-Gold
Project and the Walton Copper-Gold Project are in Western Australia
whilst the Stavely Copper-Gold Project lies within the Stavely Arc
region of Victoria.
The acquisition of these assets, which combined, cover an area
considerably larger than Greater London, provides Empire with an
exceptional mineralised footprint within several mining regions
well known for world-class and significant copper and/or gold
discoveries.
Our initial focus has been on the Pitfield Project and
exploration activities began in earnest in June. By way of
geological background, the Pitfield Project is hosted by
Neoproterozoic rocks coinciding with a globally important copper
mineralisation era known for major copper-gold deposits such as
Newcrest Mining Ltd's Telfer Mine, Rio Tinto's Winu Project and the
Havieron project (a joint venture between Newcrest Mining Ltd and
Greatland Gold). Further evidence of the high prospectivity and
productivity of the area can be seen from the multiple proximal
historical copper mines and prospects including the historical
Baxters copper mine at Arrino, which lies along strike, and
produced 106 tonnes of copper at a grade between 20-30% Cu.
Empire's exploration programme at Pitfield was launched with
airborne magnetic and electromagnetic surveys across the Pitfield
tenement area. Results from the airborne magnetic survey were
presented to the market post period end, and reported the
identification of a significant structure along the western
boundary of the magnetic anomaly that closely aligns with a surface
copper anomaly stretching over 7km in length, previously identified
by CRA (which became part of Rio Tinto Group) when conducting
surface sampling in the early 1990s. As reported in August, this
strong magnetic anomaly, which extends for over 20km, was the
source of significant excitement for our exploration teams, as it
indicates potential for a regional scale alteration event involving
hydrothermal magnetite which could be associated with copper
mineralisation that are the source for the prominent copper
anomalies at surface.
Full analysis of the electromagnetic survey is expected shortly
and will be presented to the market as we look to deepen our
understanding of the geological source for the extensive copper
anomaly in order to generate high priority drill targets for our
first drilling campaign at Pitfield in the coming months. Although
we are early on in our exploration work at Pitfield, this asset is
already displaying characteristics of a significant copper mineral
system and we believe there is good potential to make a major
copper discovery here.
Similarly, both the Walton and Stavely projects provide Empire
with significant discovery potential and we are co-ordinating our
exploration strategy across these two further projects to ensure we
maintain an active schedule of work across our entire portfolio. We
expect work at Walton and/or Stavely to begin towards the end of
this year or early 2023, at which point we expect to be drilling at
Pitfield, and conducting further work at the Eclipse-Gindalbie
Project, building on the work conducted during H1 2022 and in Q3
2022.
The recent work at Eclipse-Gindalbie has centred on two drilling
campaigns, the first commencing in February, and comprising a round
of exploratory drilling at Eclipse, utilising both reverse
circulation ("RC") and diamond drill holes, designed to gather
further geological and structural information around the Eclipse
shaft and Jack's Dream shaft and to prove continuity of the gold
mineralisation below the gold-depleted zone of weathering. In
conjunction with this drilling, Empire also commenced an RC
drilling campaign at Gindalbie, looking to not only extend the
mineralised trend a further 2km to the southeast of Eclipse but
also to understand the extent and origin of what the Company
believes to be a much larger gold system.
Our work at Eclipse-Gindalbie started again just before the
period end, and consisted of 26 RC holes, for a total of 3,360m,
and focused mainly on extending the known mineralised trends, along
strike and at depth, around some of the historical gold mines such
as Homeward Bound, Bulletin, Eclipse and Jack's Dream as well as
the small pit at Budd's Find.
These drill campaigns delivered some very positive results, with
multiple significant intercepts, which provided further
encouragement that the combined Eclipse-Gindalbie project has the
potential to support a significant gold resource. Our energies now
will centre on modelling this geological data ahead of further
field work in Q4 2022.
Financial
For the six-month period ended 30 June 2022 the Group is
reporting a pre-tax loss of GBP588,808 (six months ended 30 June
2021: pre-tax profit of GBP682,770 arising as a result of the gain
on the sale of the Company's investment in Georgian Copper &
Gold JSC ("GCG") of GBP1,775,129).
The Group's net cash balance as at 30 June 2022 was GBP2.4
million and as at the date of this report is GBP2.15 million.
Outlook
I look now to the future with a sense of renewed optimism and
excitement. Empire is in many respects in an enviable position
compared to many of its peers, able to deliver meaningful discovery
value to shareholders. We now benefit from both a comfortable cash
position and also a portfolio of high-quality exploration projects,
all of which have the potential to deliver value on a scale that is
multiples of the current market capitalisation of the company.
We have de-risked growth by spreading our geological footprint
and implemented a strategy to bring all of the assets through the
exploration process in a coordinated approach to maximise
efficiency and negate periods of relative inactivity on the ground.
As well as providing momentum to operational activities, this will
also generate regular news announcements to keep the market engaged
as to our progress.
It is with this in mind that I look forward to providing updates
to shareholders over the coming months as we systematically execute
our exploration campaigns across our four key project areas. Once
again, I would like to thank our shareholders, both new and
long-standing, as we move Empire into this next, exciting phase of
development and look to deliver multiple successful discoveries
from our exceptional portfolio of assets.
Neil O'Brien
Non-Executive Chairman
Market Abuse Regulation (MAR) Disclosure
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.
**S**
For further information please visit
https://www.empiremetals.co.uk or contact:
Shaun Bunn Empire Metals Ltd Company Tel: 020 7907 9327
Greg Kuenzel Empire Metals Ltd Company Tel: 020 7907 9327
Ewan Leggat S. P. Angel Corporate Finance LLP Nomad & Broker Tel: 020 3470 0470
Adam Cowl S. P. Angel Corporate Finance LLP Nomad & Broker Tel: 020 3470 0470
Damon Heath Shard Capital Partners LLP Joint Broker Tel: 020 7186 9950
Susie Geliher St Brides Partners Ltd PR Tel: 020 7236 1177
Max Bennett St Brides Partners Ltd PR Tel: 020 7236 1177
About Empire Metals Limited
Empire Metals is an AIM-listed (LON: EEE) exploration and
resource development company with a project portfolio comprising
gold and copper interests in Australia and Austria.
The Company's strategy is to develop a pipeline of projects at
different stages in the development curve. The Company expanded its
exploration licence area in April 2022 from 9.5km2 to 1,728km2 with
the acquisition of the Pitfield Copper-Gold Project and the Walton
Copper-Gold Project in Western Australia, and the Stavely
Copper-Gold Project in the Stavely Arc region of Victoria. The
Company also continues resource definition work at its high-grade
Eclipse-Gindalbie Gold Project in Western Australia.
Empire also holds a portfolio of three precious metals projects
located in a historically high-grade gold production region
comprising the Rotgulden, Schonberg and Walchen prospects in
central-southern Austria.
The Board continues to evaluate opportunities through which to
realise the value of its wider portfolio and reviews further assets
which meet the Company's investment criteria.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
to 30 June to 30 June
2022 Unaudited 2021 Unaudited
Notes GBP GBP
---------------------------------------------- ------- ----------------- -----------------
Continuing operations
Administration expenses 4 (550,169) (913,009)
Share option expense (54,267) (214,336)
Foreign exchange 38,810 58,579
Operating Loss (565,626) (1,068,766)
---------------------------------------------- ------- ----------------- -----------------
Share of profit from joint venture - (23,593)
Other net gains/(losses) 5 (23,182) 1,775,129
Profit/(Loss) Before Interest and Income
Tax (588,808) 682,770
---------------------------------------------- ------- ----------------- -----------------
Net finance Income 173 -
Corporation tax expense (44,474) (759)
---------------------------------------------- ------- ----------------- -----------------
Profit/(Loss) for the period (633,109) 682,011
---------------------------------------------- ------- ----------------- -----------------
Profit/(Loss) attributable to:
* owners of the Parent (633,109) 682,011
Profit/(Loss) for the period (633,109) 682,011
---------------------------------------------- ------- ----------------- -----------------
Other comprehensive income
Items that may be subsequently reclassified
to profit or loss
Currency translation differences 18,485 -
---------------------------------------------- ------- ----------------- -----------------
( 599,067
Total comprehensive income ) 682,011
---------------------------------------------- ------- ----------------- -----------------
Attributable to:
( 599,067
* owners of the Parent ) 682,011
( 599,067
Total comprehensive income ) 682,011
---------------------------------------------- ------- ----------------- -----------------
Earnings/(loss) per share (pence) from
continuing operations attributable to
owners of the Parent - Basic and diluted 9 (0.170) 0.190
---------------------------------------------- ------- ----------------- -----------------
CONDENSED CONSOLIDATED BALANCE SHEET
30 June 2022 30 June 2021
Unaudited Unaudited
Notes GBP GBP
-------------------------------- ------- -------------- --------------
Non-Current Assets
Property, plant and equipment - 341
Intangible assets 7 2,814,981 2,034,499
2,814,981 2,034,840
-------------------------------- ------- -------------- --------------
Current Assets
Trade and other receivables 185,673 104,632
Cash and cash equivalents 2,379,338 2,943,807
2,565,011 3,048,439
-------------------------------- ------- -------------- --------------
Total Assets 5,379,992 5,083,279
-------------------------------- ------- -------------- --------------
Current Liabilities
Trade and other payables 131,787 27,220
Income tax payable (3,723) -
-------------------------------- ------- -------------- --------------
Total Liabilities 128,064 27,220
-------------------------------- ------- -------------- --------------
Net Assets 5,251,928 5,056,059
-------------------------------- ------- -------------- --------------
Equity Attributable to owners
of the Parent
Share premium account 8 45,523,695 43,836,224
Reverse acquisition reserve (18,845,147) (18,845,147)
Other Reserves 572,820 368,962
Retained losses (21,999,440) (20,303,980)
-------------------------------- ------- -------------- --------------
Total equity attributable to
owners of the Parent 5,251,928 5,056,059
-------------------------------- ------- -------------- --------------
Total Equity 5,251,928 5,056,059
-------------------------------- ------- -------------- --------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
Reverse
acquisition Other Retained Total
Share premium reserve Reserves losses equity
GBP GBP GBP GBP GBP
------------------------------ ----------------- -------------- ------------- -------------- -----------
As at 1 January 2021 43,065,981 (18,845,147) 152,793 (20,985,991) 3,387,636
------------------------------
Comprehensive income
Profit/(Loss) for the
period - - - 682,011 682,011
------------------------------ ----------------- -------------- ------------- -------------- -----------
Other comprehensive
income
Currency translation
differences - - 1,833 - 1,833
------------------------------ ----------------- -------------- ------------- -------------- -----------
Total comprehensive
income - - 1,833 - 683,844
------------------------------ ----------------- -------------- ------------- -------------- -----------
Issue of ordinary shares 770,243 - - - 770,243
Share option charge - - 214,336 - 214,336
Total transactions
with owners 770,243 - 214,336 - 984,579
As at 30 June 2021 43,836,224 (18,845,147) 368,962 (20,303,980) 5,056,059
------------------------------ ----------------- -------------- ------------- -------------- -----------
Reverse
acquisition Other Retained Total
Share premium reserve reserves losses equity
GBP GBP GBP GBP GBP
------------------------------ ----------------- -------------- ------------- -------------- -----------
As at 1 January 2022 43,836,855 (18,845,147) 520,293 (21,386,556) 4,125,445
------------------------------
Comprehensive income
Profit/(Loss) for the
period - - - (633,109) (633,109)
------------------------------ ----------------- -------------- ------------- -------------- -----------
Other comprehensive
income
Currency translation
differences - - 18,485 - 18,485
------------------------------ ----------------- -------------- ------------- -------------- -----------
Total comprehensive
income - - 18,485 (633,109) (599,067)
------------------------------ ----------------- -------------- ------------- -------------- -----------
Issue of ordinary shares 1,686,840 - - - 1,686,840
Share option charge - -
Options granted - - 54,267 54,267
Expired options - - (20,225) 20,225 -
Total transactions
with owners 1,686,840 - 34,042 20,225 1,665,347
As at 30 June 2022 45,523,695 (18,845,147) 572,820 (21,999,440) 5,251,928
------------------------------ ----------------- -------------- ------------- -------------- -----------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
30 June 30 June
2022 Unaudited 2021 Unaudited
Note GBP GBP
--------------------------------------------- -------- ----------------- -----------------
Cash flows from operating activities
Profit/(Loss) before taxation (633,109) 682,011
Adjustments for:
Depreciation 361 1,082
Impairments 23,182 -
Share based payments 54,267 554,197
Gain on sale of investments - (1,775,129)
Net finance costs (173) (1)
Income tax expense 44,474 759
Share of profit on joint venture - 23,593
Increase in trade and other receivables (26,770) (39,990)
Increase/(Decrease) in trade and other
payables 26,876 (51,318)
Income tax paid (44,786) -
Net cash used in operations (555,678) (604,796)
--------------------------------------------- -------- ----------------- -----------------
Cash flows from investing activities
Loans granted to joint venture partners - (44,647)
Purchase of intangible assets 7 (792,605) (1,271,837)
Sale of investments - 2,327,944
Net cash used in investing activities (792,605) 1,011,460
--------------------------------------------- -------- ----------------- -----------------
Cash flows from financing activities
Proceeds from issue of shares 8 1,606,170 118,000
Cost of issue (88,920) -
--------------------------------------------- -------- ----------------- -----------------
Net cash from financing activities 1,517,250 118,000
--------------------------------------------- -------- ----------------- -----------------
Net (decrease) / increase in cash and
cash equivalents 168,967 524,664
Cash and cash equivalents at beginning
of period 2,210,371 2,289,637
Exchange differences on cash - 129,506
--------------------------------------------- -------- ----------------- -----------------
Cash and cash equivalents at end of period 2,379,338 2,943,807
--------------------------------------------- -------- ----------------- -----------------
Major non-cash transactions
5,611,863 ordinary shares were issued at 1.35p as non-cash
consideration for the acquisition of the Pitfield Copper-Gold
Project.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Empire Metals Limited ('the Company')
and its subsidiaries (together 'the Group') is the exploration and
development of precious and base metals. The Company's shares are
listed on the AIM Market of the London Stock Exchange. The Company
is incorporated in the British Virgin Islands and domiciled in the
United Kingdom. The Company was incorporated on 10 February 2010
under the name Gold Mining Company Limited. On 10 October 2016 the
Company changed its name from Noricum Gold Limited to Georgian
Mining Corporation and subsequently on 10 February 2020 changed its
name from Georgian Mining Corporation to Empire Metals Limited.
The address of the Company's registered office is Trident
Chambers, PO Box 146, Road Town, Tortola BVI.
2. Basis of Preparation
The condensed consolidated interim financial statements have
been prepared in accordance with the requirements of the AIM Rules
for Companies. As permitted, the Company has chosen not to adopt
IAS 34 "Interim Financial Statements" in preparing this interim
financial information. The condensed interim financial statements
should be read in conjunction with the annual financial statements
for the year ended 31 December 2021, which have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
The interim financial information set out above does not
constitute statutory accounts. They have been prepared on a going
concern basis in accordance with the recognition and measurement
criteria of International Financial Reporting Standards (IFRS) as
adopted by the European Union. Statutory financial statements for
the year ended 31 December 2021 were approved by the Board of
Directors on 16 April 2021. The report of the auditors on those
financial statements was unqualified but included a material
uncertainty relating to going concern paragraph.
Going concern
The Directors, having made appropriate enquiries, consider that
adequate resources exist for the Group to continue in operational
existence for the foreseeable future and that, therefore, it is
appropriate to adopt the going concern basis in preparing the
condensed interim financial statements for the period ended 30 June
2022.
The factors that were extant at the 31 December 2021 are still
relevant to this report and as such reference should be made to the
going concern note and disclosures in the 2021 Annual Report.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Group's
medium-term performance and the factors that mitigate those risks
have not substantially changed from those set out in the Group's
2021 Annual Report and Financial Statements, a copy of which is
available on the Group's website: https://www.empiremetals.co.uk .
The key financial risks are liquidity risk, foreign exchange risk,
credit risk, price risk and interest rate risk.
Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, income and
expenses, and disclosure of contingent assets and liabilities at
the end of the reporting period. Significant items subject to such
estimates are set out in note 4 of the Group's 2021 Annual Report
and Financial Statements. Actual amounts may differ from these
estimates. The nature and amounts of such estimates have not
changed significantly during the interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of
computation have been followed in these condensed interim financial
statements as were applied in the preparation of the Group's annual
financial statements for the year ended 31 December 2021 except for
the impact of the adoption of the Standards and interpretations
described below and new accounting policies adopted as a result of
changes in the Group.
3.1 Changes in accounting policy and disclosures
(a) New and amended standards mandatory for the first time for
the financial periods beginning on or after 1 January 2022
The International Accounting Standards Board (IASB) issued
various amendments and revisions to International Financial
Reporting Standards and IFRIC interpretations. The amendments and
revisions were applicable for the period ended 30 June 2022 but did
not result in any material changes to the Financial Statements of
the Group.
b) New standards, amendments and interpretations in issue but
not yet effective or not yet endorsed and not early adopted
Standards, amendments and interpretations that are not yet
effective and have not been early adopted are as follows:
Standard Impact on initial application Effective date
--------------------------- ----------------------------------- ----------------
IAS 1 (Amendments) Classification of Liabilities as *1 January
Current or Non-Current 2023
----------------------------------- ----------------
IAS 1 and IFRS Practice Disclosure of Accounting Policies 1 January
Statement 2 (Amendments) 2023
----------------------------------- ----------------
IAS 8 (Amendments) Accounting estimates 1 January
2023
----------------------------------- ----------------
* Subject to endorsement
The Group is evaluating the impact of the new and amended
standards above which are not expected to have a material impact on
future Group Financial Statements.
4. Administrative expenses
30 June 30 June
2022 2021
GBP GBP
------------------------------------- --------- ----------
Office expenses 24,111 27,797
Insurance 18,342 21,765
IT & software services 10,817 11,801
Directors, Employees & Contractors 226,090 105,444
Professional advisors 206,030 383,794
Travel & accommodation 42,015 4,301
Depreciation & amortisation 361 1,082
Finders fees - 339,861
Other admin expenses 22,403 17,165
550,169 913,009
------------------------------------- --------- ----------
5. Other (losses)/gains - Net
30 June 2022 30 June
GBP 2021
GBP
-------------------------------------------------- -------------- -----------
Profit on sale of property, plant and equipment - 1,775,129
Impairments of financial assets (23,182)
-------------------------------------------------- -------------- -----------
(23,182) 1,775,129
-------------------------------------------------- -------------- -----------
6. Dividends
No dividend has been declared or paid by the Company during the
six months ended 30 June 2022 (2021: nil).
7. Intangible Assets
Exploration & Evaluation Assets at Cost 30 June 2022 30 June 2021
and Net Book Value GBP GBP
------------------------------------------ -------------- --------------
Balance as at 1 January 1,952,419 31,673
Additions 856,076 2,002,826
Foreign currency differences 6,486 -
As at 30 June 2,814,981 2,034,499
------------------------------------------ -------------- --------------
The Exploration & Evaluation additions in the current period
relates to work performed at the Company's Eclipse and Gindalbie
licence areas as well as the newly acquired Pitfield project. At
Gindalbie, the Company entered into a Tribute Agreement that gives
Empire the exclusive right to explore, develop and mine within a
granted area. The latest drilling program provided multiple
significant gold intercepts which will require further analysis and
structural interpretation, and should greatly assist Empire's
technical team in building a more robust structural model for the
overall project area.
The Company acquired a 70% interest in three projects, Pitfield,
Stavely and Walton, from Century Minerals Pty Ltd. The
consideration for the projects will be satisfied by the issue of
16,835,588 new ordinary shares in the Company, apportioned equally
between each Project and issued upon the grant of the relevant
Tenement comprising each project, which in the case of Pitfield is
the already granted Exploration Licence E70/5465. Following
completion on Pitfield, 5,611,863, Consideration Shares have been
issued.
The Directors do not consider the asset to be impaired.
8. Share capital and share premium
Group Number of Share premium Total
shares GBP GBP
------------------------------------------ ------------- --------------- ------------
At 1 January 2021 314,683,361 43,065,981 43,065,981
------------------------------------------ ------------- --------------- ------------
Issue of Ordinary Shares - 22 February
2021 7,095,510 277,434 277,434
Issue of Ordinary Shares - 22 February
2021 7,095,510 277,434 277,434
Issue of Ordinary Shares - 20 May
2021 1,921,068 54,750 54,750
Issue of Ordinary Shares - 20 May
2021 1,921,068 54,750 54,750
Issue of Ordinary Shares - 10 June
2021 3,995,238 106,506 106,506
------------------------------------------ ------------- --------------- ------------
At 31 December 2021 336,711,755 43,836,855 43,836,855
------------------------------------------ ------------- --------------- ------------
At 1 January 2022 336,711,755 43,836,855 43,836,855
------------------------------------------ ------------- --------------- ------------
Issue of Ordinary Shares - 13 April
2022 5,611,863 75,760 75,760
Issue of Ordinary Shares - 28 April
2022 85,000,000 1,700,000 1,700,000
------------------------------------------ ------------- --------------- ------------
90,611,863 1,775,760 1,775,760
Cost of capital - (88,920) (88,920)
------------------------------------------ ------------- --------------- ------------
At 30 June 2022 427,323,618 45,523,695 45,523,695
------------------------------------------ ------------- --------------- ------------
9. Earnings per share
The calculation of the total basic loss per share of 0.170 pence
(30 June 2021: 0.190 pence profit) is based on the loss
attributable to equity owners of the parent company of GBP633,109
(30 June 2021: GBP682,011 profit) and on the weighted average
number of ordinary shares of 369,216,381 (30 June 2021:
351,606,291) in issue during the period.
Details of share options that could potentially dilute earnings
per share in future periods are disclosed in the notes to the
Group's Annual Report and Financial Statements for the year ended
31 December 2021.
10. Fair value of financial assets and liabilities measured at
amortised costs
Financial assets and liabilities comprise the following:
-- Trade and other receivables
-- Cash and cash equivalents
-- Trade and other payables
The fair values of these items equate to their carrying values
as at the reporting date.
11. Commitments
a) Tribute Agreement
As part of the Tribute Agreement with Maher Mining Contractors
Pty Ltd for the Gindalbie Gold Project, Empire has agreed to a
minimum expenditure commitment during the two stages of exploration
of A$250,000 for each period.
b) Century Minerals
The Company has agreed to spend a minimum of A$1,400,000 on
exploration within 24 months of the date of acquisition of the
Century acquisition, and this may be extended by a further 12
months should either the Walton or Stavely tenements not be granted
within 12 months of acquisition.
In addition, commitments stated in the Group's Annual Financial
Statements for the year ended 31 December 2021 remain.
12. Events after the balance sheet date
There have been no events after the reporting date of a material
nature.
13. Approval of interim financial statements
The condensed interim financial statements were approved by the
Board of Directors on 13 September 2022.
**ENDS**
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