TIDMBMV

RNS Number : 7397D

Bluebird Merchant Ventures Limited

30 October 2020

Bluebird Merchant Ventures Ltd

(the " Company" or " Bluebird")

Half Yearly Report to 30 June 2020

Bluebird Merchant Ventures (EPIC: BMV), the Korean focused gold development group is pleased to announce the publication of its Half Yearly Report to 30 June 2020. The Report is set out below this announcement.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR").

Enquiries:

 
 Bluebird Merchant Ventures Ltd        jmk@bluebirdmv.com 
 Jonathan Morley-Kirk, Non-Executive 
  Chairman 
 

CHAIRMAN ' S STATEMENT

The half-year to 30 June 2020 saw steady progress on the two mines in South Korea. The Management Team had been moving steadily towards re-opening these old mines. This progress has been delayed post reporting date by our Joint Venture partner Southern Gold Limited who have been deemed to offer to sell its 50% interest in both of the projects to the Company. The Joint Venture Agreement provides for a clear sales process and timelines and I expect that this will be concluded in Q4 2020.

My thanks go to the Management Team for their hard work in developing the re-opening plans. This includes pursuing a proposed innovative funding solution to fund the re-opening of the mines. I look forward to the conclusion of the sales process and for construction to get underway.

With the gold price being around the USD 1,900 per oz and with the prospect of owning 100% of both mines, Bluebird is in the strongest position it has ever been in, to create substantial value for shareholders.

Jonathan Morley-Kirk

Chairman

30 October 2020

DIRECTORS ' REPORT

The Directors present their report together with the unaudited financial statements of the Group for the half-year ended 30 June 2020.

The Group

Bluebird Merchant Ventures Limited (Company), the parent company, is registered and domiciled in the British Virgin Islands.

The sole subsidiary of the Group is MRL Gold Inc. Egerton Gold Philippines Inc is the sole associate company. These companies are registered and domiciled in the Philippines.

The Group has a 50:50 Joint Venture with Southern Gold Limited in Gubong JV Project Co Private Limited and Kochang JV Project Co Private Limited, which are registered and domiciled in Singapore. These companies are the 100% owner of the South Korean registered and domiciled Gubong Project Co Limited and Geochang Project Co Limited respectively.

Results and Dividends

The results of the Group for the half-year ended 30 June 2020 show a loss before taxation of USD 638,051 (30 June 2019 showed a re-stated loss of USD 3,140,477, including USD 2,121,461 write off of Batangas as detailed in the 31 December 2019 Annual Report).

No dividends have been paid or proposed for the period.

Operational Activities

The Group is a project developer and targets mining projects that may be brought into production within 24 to 30 months within Asia. Many opportunities are presented in the form of old underground gold mines which can be re-opened, a process with which the Company ' s Management team has substantial experience.

The Group will focus activities on its South Korean projects at Gubong and Geochang in the coming period.

Events after the Reporting Period

Refer note 10 of the Financial Statements.

Company Directors

 
                       Position    Appointed    Audit Committee   Remuneration   H&S Committee 
                                                                    Committee 
--------------------  ----------  -----------  ----------------  -------------  -------------- 
 J. Morley-Kirk        Non-Exec.   March 2014        Chair           Member         Member 
                        Chairman 
 C. Sinclair-Poulton   Non-Exec.   September        Member           Chair           Chair 
                        Director      2015 
 A. Bishop             Executive   March 2014          -               -               - 
 C. Barclay            Executive   March 2017          -               -               - 
 C. Patterson          Executive   September           -               -               - 
                                      2015 
--------------------  ----------  -----------  ----------------  -------------  -------------- 
 

Share Capital

At 30 June 2020 the issued share capital of the Company stood at 388,032,022.

This Directors ' Report was approved by the Board of Directors on 22 October 2020 and is signed on its behalf.

By Order of the Board

Jonathan Morley-Kirk

Chairman

30 October 2020

FINANCIAL STATEMENTS

Consolidated Income Statement

For the half-year ended 30 June 2020

 
                                          Note   30 Jun 2020    30 Jun 2019 
                                                     (USD)          (USD) 
                                                  (Unaudited)    (Unaudited) 
---------------------------------------  -----  -------------  ------------- 
 Revenue                                              -              - 
 Cost of Sales                                        -              - 
---------------------------------------  -----  -------------  ------------- 
 Gross profit/(loss)                                  -              - 
 Administrative expenses                           (336,970)      (409,813) 
 Farm-in management fees earnt/(costs)              12,107       (200,567) 
---------------------------------------  -----  -------------  ------------- 
 Operating profit/(loss)                          (324,863)      (610,380) 
 Share of loss of joint ventures                   (92,501)      (189,431) 
 Share of loss of Associate                           -           (3,892) 
 Exchange loss                                     (1,284)        (3,453) 
 Finance expense                           8      (219,403)      (175,504) 
 Impairment loss - MRL                                -           (36,356) 
 Impairment loss - Batangas                           -         (2,121,461) 
---------------------------------------  -----  -------------  ------------- 
 Profit/(loss) before taxation                    (638,051)     (3,140,477) 
 Income tax expense                                   -           (4,085) 
---------------------------------------  -----  -------------  ------------- 
 Profit/(loss) for the period                     (638,051)     (3,144,562) 
---------------------------------------  -----  -------------  ------------- 
 Attributable to: 
 Equity shareholders to the parent 
  company                                         (638,051)     (3,144,562) 
---------------------------------------  -----  -------------  ------------- 
 Earnings per share: 
 Basic and diluted profit/(loss) per 
  share (cents per share)                  7       (0.0017)       (0.0131) 
---------------------------------------  -----  -------------  ------------- 
 

The accompanying accounting policies and notes form an integral part of this financial report.

Consolidated Statement of Comprehensive Income

For the half-year ended 30 June 2020

 
                                                    30 Jun 2020    30 Jun 2019 
                                                        (USD)          (USD) 
                                                     (Unaudited)    (Unaudited) 
--------------------------------------------  ---  -------------  ------------- 
 Loss for the period                                 (638,051)     (3,144,562) 
 Exchange difference on translating foreign 
  companies*                                          (5,141)         13,889 
 Share of other comprehensive income 
  of associate*                                        89,680         79,741 
-------------------------------------------------  -------------  ------------- 
 Total comprehensive income for the period           (553,512)     (3,050,932) 
-------------------------------------------------  -------------  ------------- 
 

* Items may be reclassified to profit or loss

The accompanying accounting policies and notes form an integral part of this financial report.

Consolidated Statement of Financial Position

At 30 June 2020

 
                                     Note   30 Jun 2020    30 Jun 2019 
                                                (USD)          (USD) 
                                             (Unaudited)    (Unaudited) 
----------------------------------  -----  -------------  ------------- 
 Non-current assets 
 Investment in joint ventures                1,588,580      1,579,773 
----------------------------------  -----  -------------  ------------- 
                                             1,588,580      1,579,773 
 Current assets 
 Investment in listed entities                   -           113,719 
 Trade and other receivables          6        41,616         3,030 
 Cash and cash equivalents                    158,148         14,515 
----------------------------------  -----  -------------  ------------- 
                                              199,764        131,264 
 Current liabilities 
 Trade and other payables             2      (320,619)      (944,226) 
 Other financial liabilities          2       (62,907)      (105,175) 
 Derivative financial liabilities     5      (329,944)      (121,139) 
----------------------------------  -----  -------------  ------------- 
                                             (713,470)     (1,170,540) 
----------------------------------  -----  -------------  ------------- 
 Net Assets                                  1,074,874       540,497 
----------------------------------  -----  -------------  ------------- 
 Equity 
 Issued share capital                 7      8,561,524      4,558,430 
 Unissued share capital               7       417,747       2,987,155 
 Reserves                             9      1,433,555      1,334,743 
 Retained earnings                          (9,337,952)    (8,339,831) 
----------------------------------  -----  -------------  ------------- 
 Total Equity                                1,074,874       540,497 
----------------------------------  -----  -------------  ------------- 
 

The accompanying accounting policies and notes form an integral part of this financial report.

Jonathan Morley-Kirk

Chairman

30 October 2020

Consolidated Statement of Changes in Equity

For the half-year ended 30 June 2020

 
 
                                         Share      Unissued Share     Retained                       Total 
                                        Capital        Capital         Earnings      Reserves        Equity 
                                         (USD)          (USD)            (USD)        (USD)           (USD) 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 At 31 Dec 2018                       4,019,569      2,079,558       (5,195,269)    (89,166)        814,692 
 Profit/(loss) for the period             -              -           (3,144,562)       -          (3,144,562) 
 Other comprehensive profit/(loss)        -              -                -          93,829              93,829 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 Total comprehensive profit/(loss)        -              -           (3,144,562)     93,829       (3,050,733) 
 Shares issued/to be issued            538,861        907,597             -            -           1,446,458 
 Share based payments                     -              -                -        1,330,080       1,330,080 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 Total transaction with owners         538,861        907,597        (3,144,562)   1,423,909       (274,195) 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 At 30 Jun 2019                       4,558,430      2,987,155       (8,339,831)   1,334,743        540,497 
 Profit/(loss) for the period             -              -            (360,070)        -           (360,070) 
 Other comprehensive profit/(loss)        -              -                -          14,273         14,273 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 Total comprehensive profit/(loss)        -              -            (360,070)      14,273        (345,797) 
 Shares issued/to be issued           2,994,232     (2,756,922)                                     237,310 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 Total transaction with owners        2,994,232     (2,756,922)       (360,070)      14,273        (108,487) 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 At 31 Dec 2019                       7,552,662       230,233        (8,699,901)   1,349,016        432,010 
 Profit/(loss) for the period             -              -            (638,051)        -           (638,051) 
 Other comprehensive profit/(loss)        -              -                -          84,539         84,539 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 Total comprehensive profit/(loss)        -              -            (638,051)      84,539        (553,512) 
 Shares issued/to be issued           1,008,862       187,514             -            -           1,196,376 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 Total transaction with owners        1,008,862       187,514         (638,051)      84,539         642,864 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 At 30 Jun 2020                       8,561,524       417,747        (9,337,952)   1,433,555       1,074,874 
-----------------------------------  ----------  -----------------  ------------  -----------  ---------------- 
 
 
 The accompanying accounting policies and notes form an integral part 
  of this financial report. 
 

Consolidated Cash Flow Statement

For the half-year ended 30 June 2020

 
                                              30 Jun 2020    30 Jun 2019 
                                                  (USD)          (USD) 
                                               (Unaudited)    (Unaudited) 
--------------------------------------  ---  -------------  ------------- 
 Cash flows from operating activities 
 Cash paid to suppliers and employees          (194,021)      (667,459) 
-------------------------------------------  -------------  ------------- 
 Net cash from operating activities            (194,021)      (667,459) 
-------------------------------------------  -------------  ------------- 
 Cash flows from investing activities 
 Loans to joint ventures                        (80,119)      (439,124) 
-------------------------------------------  -------------  ------------- 
 Net cash used investing activities             (80,119)      (439,124) 
-------------------------------------------  -------------  ------------- 
 Cash flows from financing activities 
 Net proceeds from equity issued                363,342        680,016 
 Proceeds from short-term debt                   62,907        400,000 
-------------------------------------------  -------------  ------------- 
 Net cash used financing activities             426,249       1,080,016 
-------------------------------------------  -------------  ------------- 
 Net increase/(decrease) in cash                152,109        (26,567) 
 Cash and cash equivalents at the 
  start of the period                            6,039          41,082 
 Cash and cash equivalents at the 
  end of the period                             158,148         14,515 
-------------------------------------------  -------------  ------------- 
 

The accompanying accounting policies and notes form an integral part of this financial report.

NOTES TO THE FINANCIAL INFORMATION

For the half-year ended 30 June 2020

   1.      Basis of Preparation and Adoption of International Financial Reporting Standards ("IFRS") 

The Group financial statements consolidate those of the Group and of its investments. The Group financial statements have been prepared in accordance with IFRS and International Financial Reporting Interpretations Committee interpretations as adopted by the European Union at 31 December 2019. The report has been prepared in accordance with IAS 34.

The operations are not subject to seasonal variations.

The Group notes that no newly effective IFRS Standards had an impact on the Group in the period.

The financial statements are in compliance with the DTR rules and the accounting policies are consistent with the Group's Annual Report.

   2.      Going Concern 

The Groups current liabilities are as follows:

 
                                                             Current Liability 
                                                                   (USD) 
                                                                (Unaudited) 
-----------------------------------------------------  ---  ------------------ 
 Trade Payables                                                   320,619 
 Loan Notes                                                       62,907 
                    Derivative Financial Liabilities              329,944 
----------------------------------------------------------  ------------------ 
 Total                                                            713,470 
----------------------------------------------------------  ------------------ 
 

The USD 713,470 includes non-cash fair value amounts of USD 329,944 and loan notes of USD 62,907 that have been settled after the period end (refer note 9).

The Directors are aware that further funding will be required for the continuing Gubong and Kochang Joint Ventures. The Directors have entered into agreements with parties in South Korea and upon conclusion of the sales process with Southern Gold Limited remain confident that the required capital will be provided from these agreements in the form of debt finance .

The Directors continue to adopt the Going Concern basis in preparing the Group ' s financial statements.

   3.      Segmental Reporting 

3.1 For the period ended 30 June 2020

 
 Income Statement                  BVI        Philippines    South Korea       Total 
  For the half-year ended          (USD)          (USD)          (USD)          (USD) 
   30 June 2020 
                                (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited) 
----------------------------  -------------  -------------  -------------  ------------- 
 Administrative costs           (331,952)       (6,302)           -          (338,254) 
 Farm-in costs                      -              -            12,107         12,107 
 Share of loss from joint 
  ventures                          -              -           (92,501)       (92,501) 
 Finance costs                  (219,403)          -              -          (219,403) 
----------------------------  -------------  -------------  -------------  ------------- 
 Loss for the period            (551,355)       (6,302)        (80,394)      (638,051) 
 Other comprehensive income         -            84,539           -            84,539 
----------------------------  -------------  -------------  -------------  ------------- 
 Total comprehensive income 
  for the period                (551,355)        78,237        (80,394)      (553,512) 
----------------------------  -------------  -------------  -------------  ------------- 
 
 
 Statement of Financial                  BVI        Philippines    South Korea       Total 
  Position 
  At 30 June 2020                        (USD)          (USD)          (USD)          (USD) 
                                      (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited) 
----------------------------------  -------------  -------------  -------------  ------------- 
 Non-current assets                       -              -          1,588,580      1,588,580 
 Trade and other receivables            41,616           -              -            41,616 
 Cash and cash equivalents             155,664         2,484            -           158,148 
----------------------------------  -------------  -------------  -------------  ------------- 
 Total assets                          197,280         2,484        1,588,580      1,788,344 
 Current liabilities                  (230,820)       (89,799)          -          (320,619) 
 Other financial liabilities           (62,907)          -              -           (62,907) 
 Derivative financial liabilities     (329,944)          -              -          (329,944) 
----------------------------------  -------------  -------------  -------------  ------------- 
 Net assets                           (426,391)       (87,315)      1,588,580      1,074,874 
----------------------------------  -------------  -------------  -------------  ------------- 
 

3.2 For the period ended 30 June 2019

 
                                     BVI        Philippines    South Korea       Total 
  Income Statement                   (USD)          (USD)          (USD)          (USD) 
   For the half-year ended        (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited) 
    30 June 2019 
------------------------------  -------------  -------------  -------------  ------------- 
 Administrative costs             (363,505)       (49,761)          -          (413,266) 
 Farm-in costs                        -              -          (200,567)      (200,567) 
 Share of loss from joint 
  ventures                            -              -          (189,431)      (189,431) 
 Finance costs                    (175,504)          -              -          (175,504) 
 Impairment of investment 
  in associate                        -         (2,121,461)         -         (2,121,461) 
 Share of loss from associate         -           (3,892)           -           (3,892) 
 Impairment of assets and 
  liabilities                         -           (36,356)          -           (36,356) 
 Income tax expense                   -           (4,085)           -           (4,085) 
------------------------------  -------------  -------------  -------------  ------------- 
 Loss for the period              (539,009)     (2,215,555)     (389,998)     (3,144,562) 
 Other comprehensive income           -            93,630           -            93,630 
------------------------------  -------------  -------------  -------------  ------------- 
 Total comprehensive income 
  for the period                  (539,009)     (2,121,925)     (389,998)     (3,050,932) 
------------------------------  -------------  -------------  -------------  ------------- 
 
 
                                         BVI        Philippines    South Korea       Total 
  Statement of Financial                 (USD)          (USD)          (USD)          (USD) 
   Position 
   At 30 June 2019                    (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited) 
----------------------------------  -------------  -------------  -------------  ------------- 
 Non-current assets                       -              -          1,579,773      1,579,773 
 Trade and other receivables           116,749           -              -           116,749 
 Cash and cash equivalents              12,104         2,411            -            14,515 
----------------------------------  -------------  -------------  -------------  ------------- 
 Total assets                          128,853         2,411        1,579,773      1,711,037 
 Current liabilities                  (845,764)       (98,462)          -          (944,226) 
 Other financial liabilities          (105,175)          -              -          (105,175) 
 Derivative financial liabilities     (121,139)          -              -          (121,139) 
----------------------------------  -------------  -------------  -------------  ------------- 
 Net assets                           (943,225)       (96,051)      1,579,773       540,497 
----------------------------------  -------------  -------------  -------------  ------------- 
 
   4.      Loss for the Period before Tax 
 
                                          30 Jun 2020    30 Jun 2019 
                                              (USD)          (USD) 
                                           (Unaudited)    (Unaudited) 
---------------------------------------  -------------  ------------- 
 Loss for the Year has been arrived at 
  after charging: 
     Directors Remuneration                 121,398        164,526 
     Staff Costs                            154,660        222,791 
---------------------------------------  -------------  ------------- 
 
   5.      Derivative Financial Liabilities 
   5.1   Derivative Financial Liabilities 
 
                                          30 Jun 2020    30 Jun 2019 
                                              (USD)          (USD) 
                                           (Unaudited)    (Unaudited) 
----------------------------------  ---  -------------  ------------- 
 Derivative financial liabilities 
  - warrants                                329,944        121,139 
---------------------------------------  -------------  ------------- 
 Total                                      329,944        121,139 
---------------------------------------  -------------  ------------- 
 
   5.2    Loan Notes 

In March 2020 the Group announced it had entered into a short-term funding of GBP 200,000 with a non-related party. The funding carried a fixed interest of GBP 10,000 payable at the end of the Loan Term, could be drawn down in stages and the Group issued 15,384,615 warrants to the Loan Provider with an exercise price of 1.3p per share and a maturity of two years. In the event the warrants are exercised the proceeds are to be deducted from the loan amount.

From April 2017 the Group entered into Loan Notes with various parties worth USD 500,000 with each individual Loan Note being for USD 50,000. At 30 June 2019, the balance of these loan notes was USD 105,175 - of which USD 30,175 was due to related parties.

   5.3   Share Warrants - Issued 

Warrants issued and warrants to be issued are denominated in Sterling and are classified as derivative financial liabilities carried at fair value through profit and loss.

There were 29,573,306 warrants in issuance at 30 June 2020.

 
 
                                                        Weighted Average Exercise Award 
                            1.30p         2.00p         2.50p         3.00p        3.50p        4.00p         5.75p 
----------------------  ------------  ------------  ------------  ------------  ----------  ------------  ------------ 
 Outstanding at 
  30 Jun 2018                 -             -             -             -            -        6,460,000     5,912,707 
----------------------  ------------  ------------  ------------  ------------  ----------  ------------  ------------ 
 Issued in 2018/19            -         4,900,000     2,450,000     2,200,000    2,325,000    9,951,920     2,500,000 
 Lapsed                       -             -             -             -            -       (6,460,000)    (154,783) 
----------------------  ------------  ------------  ------------  ------------  ----------  ------------  ------------ 
 Outstanding at 
  30 Jun 2019                 -         4,900,000     2,450,000     2,200,000    2,325,000    9,951,920     8,257,924 
----------------------  ------------  ------------  ------------  ------------  ----------  ------------  ------------ 
 Issued in 2019/20       15,384,615         -             -             -            -            -             - 
 Lapsed                       -        (1,514,162)    (950,000)     (978,995)        -            -        (2,500,000) 
                                       (3,385,838 
 Exercised               (3,846,153)        )        (1,500,000)   (1,221,005)       -            -             - 
----------------------  ------------  ------------  ------------  ------------  ----------  ------------  ------------ 
 Outstanding at 
  30 Jun 2020            11,538,462         -             -             -        2,325,000    9,951,920     5,757,924 
----------------------  ------------  ------------  ------------  ------------  ----------  ------------  ------------ 
 
 

At 30 June 2020, these warrants were fair valued at USD 329,944, using a Black-Scholes model, based on the following parameters - risk free rate 2.10%, volatility 73% for 3 year expiry and 50% for 1 year expiry.

   6.      Trade and Other Receivables 
 
                       30 Jun 2020    30 Jun 2019 
                           (USD)          (USD) 
                        (Unaudited)    (Unaudited) 
---------------  ---  -------------  ------------- 
 Deposits                 3,030          3,030 
 Trade Debtors            38,586           - 
---------------  ---  -------------  ------------- 
 Total                    41,616         3,030 
--------------------  -------------  ------------- 
 
   7.      Share Capital 
   7.1   Issued Share Capital 
 
                                   30 Jun 2020               30 Jun 2019 
                            ------------------------  ------------------------ 
                               Number         USD        Number         USD 
--------------------------  ------------  ----------  ------------  ---------- 
 Opening Balance             247,349,075   4,558,430   215,173,938   3,606,596 
 Issued During the Period 
  (Net of Issue Costs)       140,682,947   4,003,094   32,175,137     951,834 
--------------------------  ------------  ----------  ------------  ---------- 
 Closing Balance             388,032,022   8,561,524   247,349,075   4,558,430 
--------------------------  ------------  ----------  ------------  ---------- 
 

The shares have no par value.

   7.2          Unissued Share Capital 
 
                                         30 Jun 2020            30 Jun 2019 
                              --------------------------  ----------------------- 
                                 Number         USD          Number          USD 
----------------------------  -----------  -------------  ------------  ------------ 
 Salary Sacrifice              18,780,585    498,007       24,071,977      761,655 
 April 2017 Loan Notes             -               -       15,673,704      459,494 
 Kensington Trust Singapore 
  Limited**                        -               -       34,697,250      929,701 
 Momentum Resources Limited        -               -       24,000,000      714,867 
 Other                         1,167,398     (80,260)***   7,520,378*      121,438 
----------------------------  -----------  -------------  ------------  ------------ 
 Total                         19,947,983    417,747       105,963,309    2,987,155 
----------------------------  -----------  -------------  ------------  ------------ 
 
 

* Includes 5,543,003 issued to parties related to Aidan Bishop and 1,894,149 issued to parties related to Colin Patterson

** Party related to Colin Patterson *** Includes fair value adjustments of (USD 110,539)

Directors and Senior Management have agreed for the issuance of shares due at 30 June 2020 to be deferred to a later date yet to be specified.

The unissued shares 30 June 2019 were approved for issuance under the June 2019 Prospectus, but admitted to trading after 30 June 2019.

7.3. Earnings Per Share

 
                                             30 Jun 2020    30 Jun 2019 
                                                 (USD)          (USD) 
                                              (Unaudited)    (Unaudited) 
------------------------------------------  -------------  ------------- 
 Basic and diluted earnings per share          (0.0017)       (0.0131) 
------------------------------------------  -------------  ------------- 
 Loss used to calculate basic and diluted 
  earnings per share                          (638,051)     (3,144,562) 
------------------------------------------  -------------  ------------- 
 No. of shares used in calculating basic 
  and diluted earnings per share             373,096,736    239,265,742 
------------------------------------------  -------------  ------------- 
 

Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the

weighted average number of ordinary shares outstanding and shares to be issued during the year.

The potential ordinary shares were anti-dilutive as the Group was in a loss making position and therefore the conversion of potential ordinary shares would serve to decrease the loss per share from continuing operations. Where potential ordinary share are anti-dilutive a diluted earnings per share is not calculated and is deemed to be equal to the basic earnings per share.

   8.      Finance Expense 
 
                                            30 Jun 2020    30 Jun 2019 
                                                (USD)          (USD) 
                                             (Unaudited)    (Unaudited) 
-----------------------------------------  -------------  ------------- 
 Loan note interest and finance expenses      (10,598)      (147,713) 
  Fair value movement                         (208,805)      (27,791) 
-----------------------------------------  -------------  ------------- 
 Total                                       (219,403)      (175,504) 
-----------------------------------------  -------------  ------------- 
 
   9.      Reserves 
 
                                      30 Jun 2020    30 Jun 2019 
                                          (USD)          (USD) 
                                       (Unaudited)    (Unaudited) 
------------------------------  ---  -------------  ------------- 
 Translation Reserve                    103,475         4,663 
 Share Based Payments Reserve          1,330,080      1,330,080 
-----------------------------------  -------------  ------------- 
 Total                                 1,433,555      1,334,743 
-----------------------------------  -------------  ------------- 
 
   10.   Events After the Reporting Period 

On 03 August 2020 the Group announced that Southern Gold Limited have been deemed to offer to sell its Joint Venture Interest to the Group and that the Joint Venture Agreements set out a clear path to the Group owning 100% of the South Korean projects. The Group announced that project funding for 100% of the Project costs were to be made available at the conclusion of the process with Southern Gold Limited.

On 05 August 2020 the Group announced that a non-related party had exercised 8,846,153 warrants at 1.3p and that the Group had issued 769,231 shares fee shares. The proceeds from the exercise of warrants was GBP 115,000 and have been applied to the outstanding loan balance related to the short term loan that was announced in March 2020.

On 23 September 2020 the Group announced that it had received communication that there is local support to restart the project in Batangas, Philippines.

On 28 September 2020 the Group announced receiving the first tranche of non-dilutive funding from its South Korean funding partners.

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END

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October 30, 2020 03:00 ET (07:00 GMT)

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