TIDMEEE
RNS Number : 4417N
Empire Metals Limited
30 September 2021
Empire Metals Ltd / AIM: EEE / Sector: Natural Resources
30 September 2021
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 2021.
Chairman's Statement
The period under review has seen Empire successfully refocus and
refine our growth strategy, strengthening our expanding portfolio
of gold interests in Western Australia. This progress has been
achieved by both corporate and operational developments during the
first half of 2021, and I believe we are now in a much stronger
position to effectively execute our objectives in Western
Australia, a jurisdiction which now dominates our asset
portfolio.
Western Australia continues to enjoy a renaissance of sorts in
terms of gold exploration, and the board and management team
continue to monitor the various operational developments and
valuations of our peers as activity intensifies in the area. Gold
remains one of the stand-out stock market performers on the ASX,
with many gold mines continuing to increase levels of production.
We also note the increasing consolidation in the Western Australian
gold industry over recent months, particularly the A$5.8 billion
merger between Northern Star Resources and Saracen Mineral
Holdings, Newmont's sale of its 50% stake in the Kalgoorlie Super
Pit Mine to Northern Star for US$800 million and, most recently,
Regis Resources' acquisition of IGO Limited's stake in the
Tropicana Gold Mine for A$903 million. These transactions reaffirms
our confidence that we are operating in a jurisdiction which not
only boasts some of the richest mineralised terranes globally, but
also welcomes exploration and development activities, and values
the investment of mining companies.
Turning to our own exploration and development activities, the
period under review began with the commencement of a new drilling
campaign at our Eclipse Gold Project, located 55km north-east of
Kalgoorlie, in the Eastern Goldfields of Western Australia. The
objective of this drilling was to test extensions to the
mineralisation at Eclipse both along strike and at depth, and also
test known mineralised structures parallel to the main Eclipse
vein, which historically yielded attractive intersections.
Successive drilling campaigns were conducted at Eclipse during the
first four months of the year, which delivered encouraging results
and supports the scaling of the project's mineralised
footprint.
The reverse circulation ('RC') drilling at Eclipse confirmed the
existence of several parallel veins in addition to the main Eclipse
vein and the diamond drilling has replicated intercepts from
previous RC drilling as well as providing an invaluable insight
into the nature of the mineralisation and the alteration zones.
Drilling with respect to a twin set of historical workings located
south-west of Eclipse also proved favourable and identified a
mineralised lode running sub-parallel to the Eclipse vein, referred
to as 'Twin Shafts'. The drilling also confirmed the different
stockwork style of near-surface mineralisation in the vicinity of
the Jack's Dream old workings, which is breccia in style and has a
different orientation to Eclipse/Twin Shafts. This indicates both
increased complexity and potentially an increased duration of the
mineralising gold system.
Based on the drilling and analysis conducted during the period,
there is much more clarity on the extent and structure of the
mineralised system at Eclipse. As recently reported, it is now
evident that the mineralised system at Eclipse is much larger than
originally thought and that mineralisation at the Eclipse Shaft may
connect to the Jack's Dream area further to the north-west. This
would provide a total known strike length of the Eclipse system of
some 500m, and the presence of multiple parallel mineralised
structures has also been proven. The drilling has further confirmed
that gold mineralisation likely continues to greater depths, and
this merits further drilling to test the strike and depth
extensions of the multiple gold structures at Eclipse. With this
information in mind, the Board is now focusing on the wider
potential that is offered by combinations of the Eclipse lode with
the Jack's Dream extension, together with the Twin Shaft lode
discovery, to see if a larger mineralised inventory can be
established prior to commencing further mine optimisation
studies.
In line with the Company's strategy to extend its mineralised
footprint in the region, Empire entered into an Option Agreement in
May to acquire a controlling 75% interest in four prospecting
licences which comprise the Central Menzies Gold Project. Central
Menzies is located in one of the region's major productive gold
fields, is serviced by the Goldfields Highway and has access to
power and water as well as being within trucking distance of a
number of gold processing plants. However, the locality is
underexplored. It lies directly south along strike of the 15km-long
Yunndaga line of workings, which has a total metal inventory (past
and present) of 1.1Moz of gold, and is almost enveloped by
ASX-listed Kingswest Resources' Menzies Gold Project, which has
current total mineral resources of 320,000oz @ 2.1g/t Au.
Additionally, recent surface prospecting at Central Menzies
uncovered a suite of gold nuggets totalling approximately 20 ounces
in a pushed-up area approximately 40 to 60 centimetres below
surface, providing further evidence of the prospectivity of the
licence.
The exploration campaign at Central Menzies commenced in June,
with the compilation of a robust geological database, utilising
both historical reports and the results from the recent RC drilling
programme carried out by the owner of the tenements, Mel
Dalla-Costa. In addition, Empire also acquired aeromagnetic and
radiometric survey data from Kingwest Resources Ltd, the immediate
northern neighbour at Central Menzies, which supported the
development of a detailed geophysical map of the licence area and
focussed the drilling campaign which commenced post period end in
September.
Two prospects within the Central Menzies project area, known as
Teglio and Nugget Patch, were prioritised for drilling based on
their elevated gold concentrations, and the potential to generate
significant strike and lateral extension. 13 RC holes for 1,100
metres has been designed at Teglio, testing a strike length of 520
metres and at Nugget Patch, a further 13 RC holes for 1,040 metres
are planned. Drilling is now underway and the Company expects to
report results in the coming weeks.
The total cost to acquire the 9-month option was AUD$350,000,
settled in cash and shares in Empire at a price of 2.85p per share.
Empire has agreed to spend AUD$500,000 on exploration at Central
Menzies within the 9-month option period and can exercise the
Option at a cost of AUD$1.75 million in cash and AUD$1.25 million
to be settled via the issue of new ordinary shares at a 10%
discount to the 30-day VWAP at the time of exercise. Empire remains
on schedule and budget to complete the drilling campaign and
remains confident that the exploration programme envisaged under
the Option Agreement will meet its objectives.
The significant increase in exploration activities during the
period has been made possible by the appointment of Shaun Bunn as
Managing Director in May 2021. Shaun, who is based full-time in
Western Australia, has been instrumental in the planning, execution
and analysis of these drilling campaigns and his ability to be
on-site at both Eclipse and Central Menzies has been invaluable
over recent months. Shaun has over 35 years experience in
exploration, mining, processing and project development, including
over 25 years' experience in the gold mining sector. He has managed
mining projects through all stages of development, from grass roots
exploration, feasibility studies, financing, construction,
commissioning and operations and he is a highly valuable addition
to our board and management team.
Importantly, Empire still benefits from the considerable
knowledge and experience of our previous CEO, Mike Struthers, who
remains on the board as a Non-Executive Director following his move
to Candelaria Mining Corporation in February 2021. Mike's transfer
was designed as part of the intended transaction with Candelaria
relating to Empire's legacy Georgian assets, as announced in
October 2020. Whilst this transaction did not complete, being
mutually terminated, Empire did successfully divest its Georgian
interests to Caucasian Mining Group for a cash payment of $3.3
million during the period. This injection of capital ensured that
the 2021 exploration and development plan in Western Australia is
supported and the board are confident that this will be the centre
of generating value for the Company over the coming months and
years.
Financial
For the six-month period ended 30 June 2021 the Group is
reporting a pre-tax profit of GBP682,011 (six months ended 30 June
2020: GBP256,515). The current period profit arises as a result of
the gain arisng on the sale of the Company's investment in Georgian
Copper & Gold JSC ("GCG") of GBP1,775,129. Admin expenses for
the perod were GBP913,009 (six months ended 30 June 2020:
GBP223,013) and the increase is due to legal and professional fees
of GBP223,102 and share based payments in respect of finders fees
of GBP339,861.
The Group's net cash balance as at 30 June 2021 was GBP2,943,807
(year ended 31 December 2020: GBP2,289,638).
Outlook
The various developments during the period have served to
provide Empire with a solid financial and operational springboard
for the future. Our Eclipse and Central Menzies projects have
provided us with a foothold in one of the most productive gold
regions globally and we intend to capitalise on this position in
order to build tangible value in these initial projects, and also
expand with the addition of other value-accretive properties.
We expect a pipeline of news flow over the coming weeks and
months, and I look forward to reporting this to the market in due
course. I would also like to take this opportunity to thank our
shareholders for their continued support, and my fellow board
members and management for their continued dedication.
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
Mike Struthers Empire Metals Ltd Company Tel: 020 7907 9327
Ewan Leggat S. P. Angel Corporate Nomad & Broker Tel: 020 3470 0470
Finance LLP
Adam Cowl S. P. Angel Corporate Nomad & Broker Tel: 020 3470 0470
Finance LLP
Damon Heath Shard Capital Partners Joint Broker Tel: 020 7186 9950
LLP
Susie Geliher St Brides Partners Ltd PR Tel: 020 7236 1177
Selina Lovell 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 interests in Australia and Austria.
The Company strategy is to develop a pipeline of projects at
different stages in the development curve. Its current focus is on
the high-grade Eclipse Gold Project and the Central Menzies Gold
Project in Western Australia, with the goal to expand through the
addition of further projects in the region to develop a viable and
compelling portfolio of precious metals assets.
Empire also holds a portfolio of three precious metals projects
located an 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 to 6 months
30 June 2021 to 30 June
Unaudited 2020 Unaudited
Notes GBP GBP
---------------------------------------------- ------- --------------- -----------------
Continuing operations
Revenue - 1,204
Administration expenses 4 (913,009) (223,013)
Share option expense (214,336) -
Foreign exchange 58,579 7,017
Operating Loss (1,068,766) (214,792)
---------------------------------------------- ------- --------------- -----------------
Share of profit from joint venture 7 (23,593) 471,307
Other net gains 7 1,775,129 -
Profit/(Loss) Before Income Tax 682,770 256,515
---------------------------------------------- ------- --------------- -----------------
Corporation tax expense (759) -
Profit/(Loss) for the period 682,011 256,515
---------------------------------------------- ------- --------------- -----------------
Profit/(Loss) attributable to:
* owners of the Parent 682,011 256,515
* non-controlling interests - -
---------------------------------------------- ------- --------------- -----------------
Profit/(Loss) for the period 682,011 256,515
---------------------------------------------- ------- --------------- -----------------
Other comprehensive income
Items that may be subsequently reclassified
to profit or loss
Currency translation differences - -
---------------------------------------------- ------- --------------- -----------------
Total comprehensive income 682,011 256,515
---------------------------------------------- ------- --------------- -----------------
Attributable to:
* owners of the Parent 682,011 256,515
* non-controlling interests - -
---------------------------------------------- ------- --------------- -----------------
Total comprehensive income 682,011 256,515
---------------------------------------------- ------- --------------- -----------------
Earnings per share (pence) from continuing
operations attributable to owners of
the Parent - Basic and diluted 9 0.190 0.150
---------------------------------------------- ------- --------------- -----------------
CONDENSED CONSOLIDATED BALANCE SHEET
30 June 2021 31 December
Unaudited 2020 Audited
Notes GBP GBP
----------------------------------------- ------- -------------- ---------------
Non-Current Assets
Property, plant and equipment 341 1,423
Intangible assets 6 2,034,499 31,673
2,034,840 33,096
----------------------------------------- ------- -------------- ---------------
Current Assets
Trade and other receivables 104,632 294,366
Financial assets at fair value through
profit or loss - 427,314
Cash and cash equivalents 2,943,807 2,289,638
Assets classified as held for sale 7 - 425,562
----------------------------------------- ------- -------------- ---------------
3,048,439 3,436,880
----------------------------------------- ------- -------------- ---------------
Total Assets 5,083,279 3,469,976
----------------------------------------- ------- -------------- ---------------
Current Liabilities
Trade and other payables 27,220 82,340
----------------------------------------- ------- -------------- ---------------
Total Liabilities 27,220 82,340
----------------------------------------- ------- -------------- ---------------
Net Assets 5,056,059 3,387,636
----------------------------------------- ------- -------------- ---------------
Equity Attributable to owners of
the Parent
Share premium account 8 43,836,224 43,065,981
Reverse acquisition reserve (18,845,147) (18,845,147)
Other Reserves 368,962 152,793
Retained losses (20,303,980) (20,985,991)
----------------------------------------- ------- -------------- ---------------
Total equity attributable to owners
of the Parent 5,056,059 3,387,636
----------------------------------------- ------- -------------- ---------------
Non-controlling interest - -
----------------------------------------- ------- -------------- ---------------
Total Equity 5,056,059 3,387,636
----------------------------------------- ------- -------------- ---------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
Reverse
Share acquisition Other Retained Total
premium reserve Reserves losses Total equity
GBP GBP GBP GBP GBP GBP
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
As at 1 January
2020 39,265,637 (18,845,147) 138,014 (20,413,002) 145,502 145,502
-----------------------
Comprehensive
income
Profit/(Loss)
for the period - - - 256,515 256,515 256,515
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
Other comprehensive
income
Currency translation
differences - - - - - -
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
Total comprehensive
income - - - 256,515 256,515 256,515
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
Issue of ordinary
shares 600,000 - - - 600,000 600,000
Issue costs (29,300) - - - (29,300) (29,300)
Total transactions
with owners 570,700 - - - 570,700 570,700
As at 30 June
2020 39,836,337 (18,845,147) 138,014 (20,156,487) 972,717 972,717
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
Reverse
Share acquisition Other Retained Total
premium reserve Reserves losses Total equity
GBP GBP GBP GBP GBP GBP
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
As at 1 January
2021 43,065,981 (18,845,147) 152,793 (20,985,991) 3,387,636 3,387,636
-----------------------
Comprehensive
income
Profit/(Loss)
for the period - - - 682,011 682,011 682,011
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
Other comprehensive
income
Currency translation
differences - - 1,833 - 1,833 1,833
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
Total comprehensive
income - - 1,833 - 682,011 683,844
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
Issue of ordinary
shares 770,243 - - - 770,243 770,243
Share option charge - - 214,336 - 214,336 214,336
Total transactions
with owners 770,243 - 214,336 - 984,579 984,579
As at 30 June
2021 43,836,224 (18,845,147) 368,962 (20,303,980) 5,056,059 5,056,059
----------------------- ------------ -------------- ----------- ---------------- ----------- -----------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
30 June 30 June
2021 Unaudited 2020 Unaudited
Note GBP GBP
--------------------------------------------- -------- ----------------- -----------------
Cash flows from operating activities
Profit/(Loss) before taxation 682,011 256,515
Adjustments for:
Depreciation 1,082 7,554
Share based payments 554,197 -
Gain on sale of PPE - (12,724)
Gain on sale of investments (1,775,129) -
Net finance costs (1) -
Income tax expense 759 -
Share of profit on joint venture 23,593 (471,307)
Foreign exchange - (7,017)
Increase in trade and other receivables (39,990) (7,679)
Decrease in trade and other payables (51,318) (16,332)
Net cash used in operations (604,796) (250,990)
--------------------------------------------- -------- ----------------- -----------------
Cash flows from investing activities
Loans granted to joint venture partners (44,647) (26,181)
Sale of property, plant & equipment - 20,000
Purchase of intangible assets (1,271,837) -
Sale of investments 7 2,327,944 -
Net cash used in investing activities 1,011,460 (6,181)
--------------------------------------------- -------- ----------------- -----------------
Cash flows from financing activities
Proceeds from issue of shares 118,000 600,000
Cost of issue - (29,300)
--------------------------------------------- -------- ----------------- -----------------
Net cash from financing activities 118,000 570,700
--------------------------------------------- -------- ----------------- -----------------
Net (decrease) / increase in cash and cash
equivalents 524,664 313,529
Cash and cash equivalents at beginning
of period 2,289,637 50,840
Exchange differences on cash 129,506 -
--------------------------------------------- -------- ----------------- -----------------
Cash and cash equivalents at end of period 2,943,807 364,369
--------------------------------------------- -------- ----------------- -----------------
Major non-cash transactions
7,095,510 ordinary shares were issued at 3.91p as non-cash
consideration for the acquisition of 75% of the Eclipse license. A
further 7,095,510 shares were issued at 3.91p in lieu of a finders
fees payable in connection with the transaction.
1,921,068 ordinary shares were issued at 2.85p as non-cash
consideration for the acquisition of 75% of the Central Menzies
license. A further 1,921,068 shares were issued at 2.85p in lieu of
a finders fees payable in connection with the transaction.
3,955,238 ordinary shares were issued at 2.65p in leiu of
consultancy fees payable for advisory services.
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 2020, 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 2020 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
2021.
The factors that were extant at the 31 December 2020 are still
relevant to this report and as such reference should be made to the
going concern note and disclosures in the 2020 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
2020 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 2020 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 2020 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) Accounting developments during 2021
(a) New and amended standards mandatory for the first time for
the financial periods beginning on or after 1 January 2021
As of 1 January 2021, the Group did not adopt any new or amended
standards.
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
---------------------- ------------------------------------ ------------------
IFRS 16 (Amendments) Property, plant, and equipment * 1 January 2022
------------------------------------ ------------------
IAS 1 Classification of Liabilities as 1 January 2022
Current or Non-Current.
------------------------------------ ------------------
IAS 37 (Amendments) Provisions, contingent liabilities * 1 January 2022
and contingent assets
------------------------------------ ------------------
(*) Subject to EU 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 s
4. Administrative expenses
30 June 30 June
2021 2020
GBP GBP
------------------------------ ---------- ---------
Office expenses 27,797 8,055
Insurance 21,765 18,073
IT & software services 11,801 3,981
Employees & contractors 105,444 66,192
Professional advisors 383,794 119,491
Travel & accommodation 4,301 8,156
Depreciation & amortisation 1,082 7,554
Finders fees 339,861 -
Other admin expenses 17,165 (8,488)
913,009 223,013
------------------------------ ---------- ---------
5. Dividends
No dividend has been declared or paid by the Company during the
six months ended 30 June 2021 (2020: nil).
6. Intangible Assets
30 June 31 December
Exploration & Evaluation Assets at Cost 2021 2020
and Net Book Value GBP GBP
------------------------------------------ ----------- -------------
Balance as at 1 January 31,673 -
Additions 2,002,826 31,673
Impairment - -
Foreign currency differences - -
As at 31 December 2,034,499 31,673
------------------------------------------ ----------- -------------
The Exploration & Evaluation additions in the current period
relate to work performed at the Company's Eclipse and Cental
Menzies licence areas in Australia. The Exploration &
Evaluation additions in the current period relate to work performed
at the Company's Eclipse and Central Menzies licence areas in
Australia. At Eclipse, additional drilling to target extensions of
the Eclipse Shear in fresh rock below the gold-depleted weathered
zone is planned for early 2022 as well as deeper drilling to test
the plunge continuity of high-grade gold shoots. At Central
Menzies, the Company is awaiting the results of the first phase RC
drill programme just completed and is analysing soil geochemistry
results. Further exploration activities will be dependent on the
results from these programmes.
The Directors do not consider the asset to be impaired.
7. Assets classified as held for sale
On 26th October 2020, the Directors announced that they had made
a formal plan to sell the Group's 50% interest in Georgian Copper
& Gold JSC ("GCG") and had signed a binding sale and purchase
agreement with a third party. The sale is subject to a
right-of-first-refusal in favour of the joint venture partners.
As such, the investment was transferred to assets classified as
held for sale and the associated assets were consequently presented
as held for sale.
On 10 June 2021, the Group announced that it had sold its 50%
holding in GCG for a cash consideration of US$3.3 million
(GBP2,327,944). The profit arising on disposal of the joint venture
amounted to GBP1,775,129.
The joint venture generated a loss of GBP220,606 to the date of
disposal. The share of loss of the joint venture for the period
recognised was GBP23,592 and this has been charged to the Statement
of Comprehensive Income.
During the period, the Group loaned GCG GBP127,253 to finance
current operations and this amount was written off in full on the
date of disposal.
The details of the disposal of the investment at 30 June 2021 is
summarised below:
Total
GBP
--------------------------------- -------------
As at 1 January 2021 425,562
Loans granted to joint venture 127,253
Proceeds of sale (2,327,944)
Profit on disposal of joint
venture 1,775,129
-------------
8. Share capital and share premium
Number of Ordinary Share premium
shares shares Total
GBP GBP GBP
--------------------------------- ------------- ---------- --------------------- ------------
Issued and fully paid
As at 1 January 2020 133,756,991 - 39,265,637 39,265,637
------------- ---------- --------------------- ------------
Share issue - 28 February
2020 60,000,000 - 570,700 570,700
As at 30 June 2020 193,756,991 - 39,836,337 39,836,337
------------- ---------- --------------------- ------------
As at 1 January 2021 314,683,361 - 43,065,981 43,065,981
Acquisition of 75% of
Eclipse license - 22 February
2021 7,095,510 - 277,434 277,434
Share allotment - 22 February
2021 7,095,510 - 277,434 277,434
Acquisition of 75% of
Central Menzies license
- 20 March 2021 1,921,068 - 54,750 54,750
Share allotment - 20 March
2021 1,921,068 - 54,750 54,750
Share allotment - 10 June
2021 3,995,238 - 105,875 105,875
As at 30 June 2021 366,711,756 - 43,836,224 43,836,224
------------- ---------- --------------------- ------------
9. Earnings per share
The calculation of the total basic earnings per share of 0.190
pence (30 June 2020: 0.150 pence) is based on the profit
attributable to equity owners of the parent company of GBP682,011
(30 June 2020: GBP256,515) and on the weighted average number of
ordinary shares of 351,606,291 (30 June 2020: 174,636,112) 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 2020.
10. Fair value estimation
There are no financial instruments carried at fair value.
11. 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.
12. Commitments
All commitments remain as stated in the Group's Annual Financial
Statements for the year ended 31 December 2020.
13. Events after the balance sheet date
There have been no events after the reporting date of a material
nature.
14. Approval of interim financial statements
The condensed interim financial statements were approved by the
Board of Directors on 29 September 2021.
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