REG - Alien Metals Limited - Unaudited Consolidated Interim Results
29/09/2023 07:00
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RNS Number : 0872O Alien Metals Limited 29 September 2023
Trading Symbols
AIM: UFO
FWB: I3A1
29 September 2023
Alien Metals Ltd
("Alien" or "the Company")
Unaudited Consolidated Interim Results for the six months ended 30 June 2023
Alien Metals Ltd (AIM: UFO), a minerals exploration and development company,
is pleased to announce its financial results for the six months ended 30 June
2023 (the "Period"). The full Interim Results, with accompanying notes, are
available on the Company's website: www.alienmetals.uk
(http://www.alienmetals.uk/) .
Guy Robertson, Executive Director - Finance of Alien, commented: "After being
appointed Executive Director - Finance earlier this year, I am pleased to
share our Interim Results for the first six months of 2023.
"Over the last half of the year, we have made significant progress across our
portfolio, with particular highlights including the acquisition of Mallina
Exploration Pty Ltd, providing us with a strategic tenement holding at the
Hancock Iron Ore Project and the publication of the Maiden Ore Reserves at
Hancock.
"The completion of the Maiden Ore Reserves at our Hancock Iron Ore Project
declared 1.9 million tonnes ("Mt") at 60.2% Iron ("Fe") and an update to our
JORC Resource to 9.1Mt at 60.3% Fe. This was a significant milestone for the
Company, as it built confidence for the potential of Direct Ship Iron Ore
("DSO") at Hancock and allowed us to commence the updated Study works.
"In addition, our agreement with Mallina Exploration Pty Ltd to expedite the
acquisition of the E 47/5001 tenement ("Mallina Tenement"), which adjoins our
Hancock Iron Ore Project, strengthens our project portfolio. The tenement
offers direct strategic access to the Great Northern Highway, an advantage
that further enhances the viability of the Hancock Iron Ore project.
"We were also pleased to report that we have received fixed price tender
responses from the primary subcontractors for the Hancock Iron Ore project
development. Our immediate focus is to secure all necessary approvals and
permits to have our Mining Lease and Mining Licence granted to allow
production to commence in 2024.
"The successful completion of the resource definition drilling programme at
the Hancock Iron Ore Project brings us closer to our goal of transitioning
from explorer to developer and operator. We anticipate a further upgrade to
the Ore Reserves once our geological experts update the mining model.
"At Elizabeth Hill, our latest exploration efforts have identified potential
for an extensive high-grade silver-rich polymetallic orebody. The
reinterpretation of the geological model and the re-examination of historical
data have expanded the known mineralisation area, suggesting a more expansive
mineralised system at the surface. Analytical results from the drillholes have
identified the potential for Nickel ("Ni"), Copper ("Cu") and other key future
facing metals at Elizabeth Hill. Our recent drilling activities have also
confirmed extensions to the main silver ("Ag") lode. This new geological
understanding, coupled with promising results from our exploratory drilling,
suggests the original high-grade narrow Ag vein may merely be the core of a
larger mineralised halo.
"Post period, we have been busy at Hancock where we unveiled our latest set of
assay results which have indicated significant intersections of consistent
grades exceeding 60% Fe, aligning with the Company's current resource model.
The results have further strengthened our confidence in the Hancock Project's
viability. We have also identified the potential for DSO at the Mallina
Tenement next to the Hancock Project. This area has shown evidence of
high-grade rock chip samples with more than 60% Fe emphasising the promising
potential for further exploration of the tenement.
"The past half year has seen considerable advances in our Australian projects.
Our ongoing commitment to exploration and development readiness contributes to
our promising growth potential. We look forward to sharing our progress over
the remainder of the year as we continue to focus on value creation for our
shareholders."
Appointments and Resignations
During the Period:
1. Guy Robertson was appointed as Executive Chairman on 26 April 2023.
2. Jo Battershill resigned as Non-Executive Director of Alien Metals on
26 April 2023.
3. Mr. Rod McIllree resigned as an Executive Director on 30 June 2023.
Post Period:
1. Alwyn Vorster joined the Company as Non-Executive Chairman in August
2023. He brings with him a wealth of experience from the iron ore sector.
2. Guy Robertson transitioned from his role as Executive Chairman to
Executive Director - Finance in August 2023.
3. Elizabeth Henson was appointed as Independent Non-Executive Director in
August 2023. Ms. Henson, an international lawyer, has extensive experience in
corporate governance and professional services.
4. Troy Whittaker was appointed as Chief Executive Officer (non-board) of
Alien Metals in August 2023. Previously acting as Interim CEO since December
2022, Mr. Whittaker brings over two decades of experience from the mining
industry.
5. Mark Culbert resigned as a Director on 4 August 2023.
6. Dan Smith resigned as a Director on 6 September 2023.
Financial Highlights
In the six months ended 30 June 2023, the Company made an operating loss of
US$1.6 million (30 June 2022: US$1.4 million) and a basic and diluted loss
per share of US$0.031 (30 June 2022: US$0.031).
During the Period, Alien announced a short-term funding facility of up to US$1
million, with the potential for an additional US$1 million through exercised
warrants.
The Post Period saw the Company confirm the successful completion of a
fundraise, generating a total of £2 million by placing 1,000,000,000 new
Common Shares.
Following the successful fundraise, the undrawn amounts from Tranche 1 and the
full amount of Tranche 2 of the Convertible Securities were cancelled.
Overview of Operations
Iron Ore Projects
Hancock Project
The Hancock Iron Ore Project is within 20 kilometres ("km") of the established
regional mining hub of Newman. The Hancock Project borders licences held by
Fortescue Metals Group, Hancock Prospecting, BHP Billiton (Mount Whaleback),
Hope Downs and Mineral Resources.
During the period the Company received fixed price tender responses from all
suppliers that allows it to commence and progress an updated study in
readiness for FID. The Company continues to progress all required approvals
and permitting.
The Company announced a maiden compliant Ore Reserve for the Hancock Project
in April 2023, highlighting ore reserves of 1.9Mt at 60.2% Fe and a mining
inventory of 4.2Mt (inclusive of Ore Reserves) at 60.5% Fe. The updated JORC
Mineral Resource Estimate ("MRE") with a 58% cut-off grade delivered an
Indicated Resource of 1.7Mt at 61.0% Fe and an Inferred Resource of 7.4Mt at
60.1% Fe. This Global Resource of 9.1Mt has a 60.3% Fe grade.
In May 2023, the Company finished its resource definition drilling programme
at the Hancock Project. This drilling programme focused on the Company's
high-grade Sirius Deposit, which contains 6.7mt of the total 7.4mt Inferred
Resource. Post the period, assay results were returned for the drilling
campaign which highlighted significant intersections of high-grade iron ore
(see post period notes). The Company continues to work with its independent
and geological consultants to update the various resource, reserves and mining
models.
In May 2023, Alien announced the successful fast-tracked purchase of Mallina
Exploration Pty Ltd to expedite the acquisition of the adjoining E 47/5001
tenement. The tenement adjoins the proposed mining lease at Hancock Iron Ore
Project and offers direct strategic access to the Great Northern Highway.
Post Period Events
Whilst significant developments were made at Hancock during the Period,
significant developments were also made post period. On the 20(th) of July,
our subsidiary Iron Ore Company of Australia Pty Ltd ("IOCA"), unveiled the
assay results from its drilling programme at Hancock Iron Ore Project. The
results indicate consistent grades exceeding 60% Fe, aligning with the
Company's current resource model.
In August 2023, preliminary investigations detailing the potential for DSO at
the Mallina Tenement, next to the Hancock Project were identified. High-grade
rock chip samples with more than 60% Fe were identified through historical
review of prior exploration campaigns further highlighting the potential for
exploration upside on the tenement. The geological make up of the tenement
maps promisingly for iron ore discoveries with geological settings similar to
IOCA's Weeli Wolli iron ore formations and Boolgeeda iron ore formation with
the ridge on the Hancock tenement (Ridge H), extending into the Mallina
Tenement for several kms, a ridge that has previously delivered direct ship
iron ore rock chip samples of over 60% Fe.
In August 2023, the company identified the requirement for an update to the
2021 Scoping Study. The updated study will optimise and enhance the mine plan,
infrastructure designs, and finalise capital and operational costs as a result
of the updated mineral resources and ore reserves. Mining Plus, a global
engineering and consulting firm, has been appointed as the lead consultant for
the study.
In parallel with the study, the Company engaged its primary and preferred
contractors to support these efforts through Early Contractor Involvement
initiatives. REGROUP Australia were engaged as the preferred contractor to
undertake the construction works, mining operations and haulage services for
the Hancock Iron Ore Project. REGROUP is well-regarded for its expertise in
civil construction, mining, and haulage, having handled projects surpassing
A$100 million multiple times. With a significant fleet and prestigious clients
like Newcrest Mining, Roy Hill, and Element 25, their selection will also aid
in updating the Company's financial model. REGROUP's scope includes
construction of an intersection at the Great Northern Highway and an access
track to the mine site. They will also manage mining services and haulage from
the mine site to the Utah Point at Port Hedland. This selection significantly
reduces risks related to the Hancock Project.
Rapid Crushing & Screening Contractors Pty Ltd were engaged as the
crushing and screening contractor for its Hancock Iron Ore Project. Rapid
Crushing & Screening are a recognised leader in iron ore processing and
hav previously partnered with industry giants such as Fortescue Metals Group.
Nickel, Copper, Platinum Group Elements ("PGE"), Silver & Base Metals
Elizabeth Hill, along with the Munni Munni PGM prospect lies within the
Company's Pinderi Hills province, a unified significant tenement holding of
180 square kilometres ("km2") south of Karratha, a major Western Australian
mining and industrial hub.
The Elizabeth Hill Silver Mine and deposit is a valuable part of the Pinderi
Hills project area. The Company is the first single entity to own and
consolidate the Munni Munni, Ni-PGM project, Elizabeth Hill project and the
surrounding area (Pinderi Hills) into a single unified coherent tenement
holding.
The Pinderi Hills area incorporates:
1. Elizabeth Hill: The Elizabeth Hill project, historically Australia's
highest-grade silver deposit, is situated approximately 45km south of Karratha
in the 61,000 square kilometres Achaean Pilbara Block of the Pilbara Craton.
The project is well located, lying 40km from the deep-water port at Dampier
and 8km from rail infrastructure. The known, major silver deposit at the
Elizabeth Hill Mine Site, which has a non-compliant JORC 2004 Resource
estimate of 4.05 million ounces ("Moz") Ag at greater than 200 g/t Ag, and
produced 1.2 Moz silver at 2,195 grams per tonne ("g/t") and Ag (70.24 Oz/t
Ag). The Elizabeth Hill Silver Project was mined between 1998 and 2000 via
underground mining, primarily between the 62m and 102m levels. Ag production
totalled approximately 16,800 tonnes of ore grading 2,195 g/t Ag (70.24 oz/t
Ag) generating 1,170,000 ounces Ag, including some very large specimens of
native Ag.
2. Munni Munni: The Munni Munni PGE deposit historic JORC 2004 Resource
estimate implied 24Mt @ 2.9g/t PGE and gold for 2.2Moz PGE and gold consisting
of 1.14Moz Pd, 0.83Moz Pt, 152Koz Au and 76Koz rhodium.
3. Several other deposits that are prospective for Platinum ("Pt"),
Palladium ("Pd"), Rhodium ("Rh"), Ag, Ni, Cu, Pb, Zn, all of which are metals
that are required to support the push into renewable energy across the world.
At Elizabeth Hill, the Company was pleased to report the final assay results
from four reverse circulation holes at Elizabeth Hill which demonstrated the
geological model area of known mineralisation contains a potential extension
of high-grade bulk tonne silver. These positive results included broad zones
of Ni and Cu that align with an electromagnetic anomaly and an extension of
Judy's Reef. The findings suggest the presence of a new reef similar to Munni
Munni's significant Ferguson Reef.
Outlook
Looking ahead, we remain focused on delivering long-term value for our
shareholders by continuing to advance our exploration and development
projects. We will focus on developing further our Hancock Iron Ore Project,
especially in the wake of the milestones achieved during the last few months.
We believe that the combined potential of these tenements in the mining
licence could substantially increase the scale and longevity of our operations
in the region. As seen via the announcements that we have put out on Hancock
over the past few months, we are nearing production status at the site which
will be transformative for the company once we finalise this. We will continue
to prioritise safety, sustainability, and good governance in all our
operations.
For further information please visit the Company's website at
www.alienmetals.uk (http://www.alienmetals.uk) , or contact:
Alien Metals Limited Troy Whittaker
T: +44 (0) 20 7138 3204 (c/o BlytheRay)
Beaumont Cornish Limited (Nomad)
James Biddle / Roland Cornish
Tel: +44 (0) 207 628 3396
WH Ireland Ltd (Joint Broker)
Harry Ansell / Katy Mitchell
Tel +44 (0) 207 220 1666
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 (0) 20 7138 3204
Notes to Editors:
Alien Metals Ltd is a mineral exploration and development Company listed on
the AIM market of the London Stock Exchange (LSE: UFO). The Company's focus is
on delivering a near term direct shipping iron ore operation at the Hancock
Project in the Pilbara region of Western Australia.
In 2019, the Company acquired 51% of the Brockman and Hancock Ranges
high-grade (Direct Shipping Ore) iron ore projects and in December 2022 moved
to 90% legal and beneficial ownership. In May 2023, the Company also acquired
100% of Mallina Exploration Pty Ltd and with it, the Western Hancock Tenement.
The new tenement adjoins the Company's existing Hancock tenement, giving the
entire Hancock project direct access to the Great Northern Highway.
The Company also acquired 100% of the Vivash Gorge Iron Ore project in the
west Pilbara in July 2022.
The Company owns 100% of the Elizabeth Hill Silver Project, which consists of
the Elizabeth Hill Historic Mining Lease and the 115km(2) exploration tenement
around the mine.
In March 2022 the Company acquired 100% of the former joint venture interest
in the broader Pinderi Hills tenement group in the West Pilbara, Western
Australia. This includes the Munni Munni Platinum Group Metals Project, one of
Australia's major underexplored PGE and base metals projects. Munni Munni
holds a historic deposit containing 2.2 Moz 4E PGM: Palladium, Platinum, Gold,
Rhodium. The Pinderi hills tenement group also has significant Nickel and
Copper prospectivity.
The Company also holds silver, copper and base metal projects in Mexico,
however is currently looking at the best way to divest these for the benefit
of shareholders.
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.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Tabular amounts rounded to nearest thousand of US dollars unless otherwise
stated)
6 months to 30 June 2023 Unaudited 6 months to 30 June 2022 Unaudited
$ $
Continuing operations
Other income 9,000 -
Administration expenses (1,655,000) (1,368,000)
Operating Loss (1,646,000) (1,368,000)
Other net gains/(losses) - -
Profit/(Loss) Before Interest and Income Tax (1,646,000) (1,368,000)
Net finance Income 4,000 -
Corporation tax expense - -
Profit/(Loss) for the period (1,642,000) (1,368,000)
Profit/(Loss) attributable to:
- owners of the Company (1,642,000) (1,368,000)
Profit/(Loss) for the period (1,642,000) (1,368,000)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Currency translation differences (475,000) (1,819,000)
Total comprehensive income (2,117,000) (3,187,000)
Attributable to:
- owners of the Company (2,117,000) (3,187,000)
Total comprehensive income (2,117,000) (3,187,000)
loss per share (cents) from continuing operations attributable to owners of (0.031) (0.031)
the Parent - Basic and diluted
CONDENSED CONSOLIDATED BALANCE SHEET
(Tabular amounts rounded to nearest thousand of US dollars unless otherwise
stated)
Notes As at As at As at
30 June 2023 30 December 2022 Audited 30 June 2022
Unaudited $ Unaudited
$ $
Non-Current Assets
Intangible assets 4 16,647,000 15,639,000 12,610,000
Assets under construction 456,000 455,000 426,000
Right of use asset - 17,000 67,000
17,103,000 16,111,000 13,103,000
Current Assets
Trade and other receivables 382,000 318,000 721,000
Cash and cash equivalents 145,000 2,177,000 3,063,000
527,000 2,495,000 3,784,000
Total Assets 17,630,000 18,606,000 16,887,000
Non-Current Liabilities
Deferred tax liabilities 44,000 - -
Current Liabilities
Trade and other payables 1,004,000 446,000 830,000
Short-term lease liability - 17,000 67,000
Total current Liabilities 1,004,000 463,000 897,000
Total Liabilities 1,048,000 463,000 897,000
Net Assets 16,582,000 18,143,000 15,990,000
Equity Attributable to owners of the Company
Share Capital 79,620,000 79,586,000 77,122,000
Warrant reserve 739,000 739,000 274,000
Share based payment reserve 1,253,000 771,000 1,367,000
Foreign exchange translation reserve 220,000 694,000 406,000
Retained losses (65,250,000) (63,647,000) (63,179,000)
Total equity attributable to owners of the Company 16,582,000 18,143,000 15,990,000
Total Equity 16,582,000 18,143,000 15,990,000
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(Tabular amounts rounded to nearest thousand of US dollars unless otherwise
stated)
Share capital Warrant reserve Foreign exchange translation reserve Retained losses Total equity
$ $ Share based payment reserve $ $ $
$
As at 1 January 2022 70,422,000 865,000 1,179,000 2,225,000 (62,420,000) 12,271,000
Comprehensive income
(Loss) for the period - - - - (1,368,000) (1,368,000)
Other comprehensive income
Currency translation differences - - - (1,819,000) - (1,819,000)
Total comprehensive income - - - (1,819,000) (1,368,000) (3,187,000)
Issue of ordinary shares - - - - - -
Project acquisitions (non-cash) 5,999,000 - - - - 5,999,000
Options granted - - 206,000 - - 206,000
Exercise options 10,000 - (9,000) - 9,000 10,000
Exercise of warrants 691,000 (484,000) - - 484,000 691,000
Options expired - (107,000) (9,000) - 116,000 -
Total transactions with owners 6,700,000 (591,000) 188,000 - 609,000 6,906,000
As at 30 June 2022 77,122,000 274,000 1,367,000 406,000 (63,179,000) 15,990,000
Share capital Warrant reserve Foreign exchange translation reserve Retained losses Total equity
$ $ Share based payment reserve $ $ $
$
As at 1 January 2023 79,586,000 739,000 771,000 695,000 (63,647,000) 18,144,000
Comprehensive income
(Loss) for the period - - - - (1,642,000) (1,642,000)
Other comprehensive income
Currency translation differences - - - (475,000) - (475,000)
Total comprehensive income - - - (475,000) (1,642,000) (2,117,000)
Issue of ordinary shares 34,000 - - - - 34,000
Options granted - - 521,000 - - 521,000
Exercise of options - - (39,000) - 39,000 -
Total transactions with owners 34,000 - 482,000 - 39,000 555,000
As at 30 June 2023 79,620,000 739,000 1,253,000 220,000 (65,250,000) 16,582,000
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(Tabular amounts rounded to nearest thousand of US dollars unless otherwise
stated)
30 June 2023 Unaudited 30 June 2022 Unaudited
$ $
Note
Cash flows from operating activities
Loss before taxation (1,642,000) (1,368,000)
Adjustments for:
Depreciation 2,000 -
Share based payments 521,000 206,000
Exchange difference (348,000) 6,000
(Increase) in trade and other receivables (20,000) (458,000)
Increase in trade and other payables 559,000 174,000
Net cash used in operations (928,000) (1,440,000)
Cash flows from investing activities
Expenditure on assets under construction - (135,000)
Purchase of intangible assets (1,228,000) (1,372,000)
Purchase of fixed assets (3,000) -
Net cash used in investing activities (1,231,000) (1,507,000)
Cash flows from financing activities
Proceeds from exercised options and warrants - 700,000
Cost of share issue 34,000 -
Net cash from financing activities 34,000 700,000
Decrease in cash and cash equivalents (2,125,000) (2,247,000)
Cash and cash equivalents at beginning of period 2,177,000 6,431,000
Exchange differences on cash 93,000 (1,121,000)
Cash and cash equivalents at end of period 145,000 3,063,000
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Alien Metals Ltd ('the Company') and its
subsidiaries (together 'the Group') is the exploration and development of
mineral resource assets. The Company's shares are listed on the AIM Market of
the London Stock Exchange. The Company is incorporated and domiciled in the
British Virgin Islands.
The address of the Company's registered office is Craigmuir Chambers PO BOX
71, Road Town, Tortola, British Virgin Islands, Virgin Islands.
2. Basis of Preparation
The 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 consolidated interim
financial statements should be read in conjunction with the annual financial
statements for the year ended 31 December 2022, which have been prepared in
accordance with UK-adopted International Accounting Standards ("UK-adopted
IAS").
The consolidated interim financial statements 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
UK-adopted IAS. Statutory financial statements for the year ended 31 December
2022 were approved by the Board of Directors on 30 June 2023.
The consolidated interim financial statements are presented in United States
dollars as the Company believes it to be the most appropriate and meaningful
currency for investors. The functional currencies of the Company and its
subsidiary in Mexico, Compañía Minera Estrella de Plata SA de CV ("CMEP"),
are pounds sterling and Mexican pesos respectively. Functional currency of all
four Australia based subsidiaries A.C.N. 643 478 371 Pty Ltd, Iron Ore Company
of Australia Pty Ltd, Alien Metals Australia Pty Ltd and Mallina Exploration
Pty Ltd is Australian Dollar.
Going concern
Given the Group's current cash position and its demonstrated ability to raise
capital, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of accounting
preparing the consolidated interim financial statements for the period ended
30 June 2023. Whilst the Directors are confident that they will be able to
secure the necessary funding as and when required, the current conditions do
indicate the existence of a material uncertainty that may cast doubt regarding
the applicability of the going concern assumption.
The factors that were extant at 31 December 2022 are still relevant to this
report and as such reference should be made to the going concern note and
disclosures in the 2022 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 2022 Annual Report and Financial Statements, a copy of
which is available on the Group's website: https://www.alienmetals.uk. The key
financial risks are liquidity risk, capital management risk, price risk,
foreign exchange risk, credit risk and investment 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 2022 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 2022 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 2023
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 2023 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 Current or Non-Current *1 January 2023
IAS 1 and IFRS Practice Statement 2 (Amendments) Disclosure of Accounting Policies 1 January 2023
IAS 8 (Amendments) Accounting estimates 1 January 2023
IAS 12 Income taxes 1 January 2023
IFRS 17 Insurance contracts 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. Intangible assets - exploration and evaluation costs
The movement in capitalised exploration and evaluation costs during the period
was as follows:
Exploration & Evaluation at Cost and Net Book Value $
Balance as at 1 January 2023 15,639,000
Additions 1,202,000
Asset acquisitions 26,000
Foreign exchange (220,000)
As at 30 June 2023 16,647,000
During the period the Group completed the acquisition of Mallina Exploration
Pty Ltd which included exploration assets of $26,000.
5. Loss per share
The calculation of loss per share is based on a retained loss of $1,642,000
for the six months ended 30 June 2023 (six months ended 30 June 2022:
$1,368,000) and the weighted average number of shares in issue in the period
ended 30 June 2023 of 5,324,836,801 (six months ended 30 June 2022:
4,442,460,050).
No diluted earnings per share is presented for the six months ended 30 June
2023 or six months ended 30 June 2022 as the effect on the exercise of share
options would be to decrease the loss per share.
6. Post balance sheet events
On 3 July 2023 the Company entered into a short-term funding facility of up to
US$1 million. The convertible securities of up to US$1,000,000 are to be drawn
in equal tranches: Tranche 1 US$500,000 and Tranche 2 US$500,000. Tranche 2
was subsequently cancelled following the capital raising in August 2023.
On 10 August 2023, the Company issued 1,000,000,000 new ordinary shares at a
price of 0.2 pence per share to raise £2,000,000 GBP.
7. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of
Directors on 29 September 2023.
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AnnouncementREG - Alien Metals Limited - Mining Lease Granted – Hancock Project
AnnouncementREG - Alien Metals Limited - Funding Facility, Board Appointment & Update
AnnouncementREG - Alien Metals Limited - Appointment of Nominated and Financial Adviser
Announcement