REG - Helium One Global Ld - Unaudited Interim Results
07/03/2024 07:00
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RNS Number : 9034F Helium One Global Ltd 07 March 2024
07 March 2024
HELIUM ONE GLOBAL LIMITED
("Helium One" or the "Company")
Unaudited Interim Results for the Six Months ended 31 December 2023
Helium One Global Limited (AIM:HE1), the primary helium explorer, is pleased
to announce its unaudited condensed and consolidated results for the six
months ended 31 December 2023, in addition to providing an update on progress
across the Company's projects in Tanzania post half year-end.
Highlights
· Acquired Epiroc Predator 220 drilling rig and successfully
mobilised rig to the Rukwa site
· Commenced second drilling campaign as scheduled in Q3 2023
· Completed drilling of Tai-3 well to a total depth ("TD") of
1,448m measured depth ("MD")
· Tai-3 well provided a valuable dataset which enabled a
greater understanding of the region and the follow-on Itumbula prospect
· Raised £12.9 million before expenses through two fundraises
in September and December 2023.
· Net cash balance at 31 December 2023 of US$8.7 million
Post half year-end
· Drilled Itumbula West-1 well, at a revised well location,
reaching a TD of 961m MD
· Flowed a high concentration of helium (4.7%), nine thousand
times above background levels, to surface from Basement from the Itumbula
West-1 well
· In addition to helium, the Company also successfully flowed
hydrogen to surface during Basement testing, at a concentration of 2.2%, over
thirty-seven thousand times above background levels
· Hot Basement fluids, measuring >80°C, were also
encountered across the fault zone and in the Basement and are consistent with
helium and hydrogen prone intervals
· Company is now fully evaluating these results with the focus
on advancing this project in the most effective way possible
· Raised £4.7 million before expenses through a Company led
placing
· 197 operating days completed since the spud of Tai-3 well
with zero Lost Time Injuries; over 90,000 man hours and over 35,000km
travelled in relation to personnel movements in the field
James Smith, Chairman of Helium One commented:
"This has been an incredibly busy and transformational period for the Company,
especially post the half year-end. The acquisition of our own rig in July 2023
enabled us to commence our second drilling campaign and provides us with
significant optionality going forward, whether that be to drill additional
wells efficiently and quickly or as a future revenue stream for the Company.
"Helium One's Phase II drilling campaign has been very successful. Tai
remains an interesting prospect which has been logged and sampled, and the
Tai-3 well has been cased and suspended. The results from Itumbula can only be
seen as transformational for the Company; flowing helium concentrations at
these levels to surface would position Itumbula in the top section of major
helium producing fields and this success is a testament to the hard work of
the team and their expertise. The results acquired across both wells will now
hold our focus as we look to evaluate the best way to advance this project in
the most effective way possible.
"This is an exciting time for the Company, and we would like to thank all our
stakeholders, local communities and the Government of Tanzania for their
continued support and look forward to providing further updates in the near
future."
For further information please visit the Company's
website: www.helium-one.com (http://www.helium-one.com/)
Contact
Helium One Global Ltd +44 20 7920 3150
Lorna Blaisse, CEO
Liberum (Nominated Adviser and Broker) +44 20 3100 2000
Scott Mathieson
Ed Thomas
Nikhil Varghese
Tavistock (Financial PR) +44 20 7920 3150
Nick Elwes
Tara Vivian - Neal
Notes to Editors
Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting
licences totalling more than 2,965km(2) across three distinct project areas,
with the potential to become a strategic player in resolving a
supply-constrained helium market.
The Rukwa, Balangida, and Eyasi projects are located within rift basins on the
margin of the Tanzanian Craton in the north and southwest of the country. The
assets lie near surface seeps with helium concentrations ranging up to 10.6%
He by volume. All Helium One's licences are held on a 100% equity basis.
The Company's flagship Rukwa Project is located within the Rukwa Rift Basin
covering 1,900km(2) in south-west Tanzania. The project is considered to be
an advanced exploration project with leads and prospects defined by a
subsurface database including multispectral satellite spectroscopy, airborne
gravity gradiometry, 2D seismic data, and QEMSCAN analysis. The Rukwa Project
has been de-risked by the 2023/24 drilling campaign, which has identified a
working helium system.
Helium One is listed on the AIM market of the London Stock Exchange with the
ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF.
Chairman's Statement
The six-month period ended 31 December 2023 was another incredibly busy period
for the Company; both operationally and corporately. This has continued post
the period end and, we were delighted to announce the successful drilling of
the Itumbula West-1 well which flowed helium to surface at a concentration of
4.7%, equating to almost nine thousand times above background levels.
Operations
Rig Acquisition
Following the extensive evaluation of rig options, and, in order to remain on
the critical path to a Q3 2023 spud, the Company successfully completed the
acquisition of the Epiroc Predator 220 drilling rig in July 2023 - an oil and
gas type rig capable of drilling to depths in excess of 2,000m - and its
subsequent mobilisation to the Rukwa site. This was a highly significant
achievement for the Company as ownership of the rig provides the opportunity
to move quickly into further operations without the additional cost of keeping
a rig on standby or the challenge of mobilising another rig into the country.
Drilling of Tai-3
The Tai-3 well was spudded successfully on 25 September 2023. The drilling
of this well took some time to complete as the rig had been cold stacked prior
to the acquisition in July and as a consequence, some performance issues were
encountered during the drilling of Tai-3. These took time to resolve as parts
had to be sourced from overseas and shipped to site, resulting in significant
delays to the completion of the well. However, TD was reached in early
November.
Tai-3 successfully reached a TD of 1,448m MD having encountered weathered
crystalline Basement. Elevated helium shows, up to six times above
background levels, were identified in the Lower Karoo Group and Basement
targets which increased in frequency and quality with depth, as had been
anticipated. Whilst drilling into Basement, a fracture zone was encountered,
which yielded elevated helium readings at the top of the Basement.
The wireline operations at Tai-3 included logging, and downhole pressure tests
and sampling. The Company was able to successfully run logging tools down to
1,430m MD (compared to the TD of 1,448m) and acquired downhole fluid samples
from four different zones in the Lower and Upper Karoo Group. Petrophysical
analysis of the downhole logs demonstrated little to no zones of interest for
sampling in the Tertiary age Lake Bed Formation or Nsungwe Formation.
The wireline logs demonstrated a series of good quality, stacked reservoir
intervals in both the Upper and Lower Karoo Group sections. Initial
petrophysical analysis has demonstrated a series of well-developed good
quality reservoir sands in the deeper Lower Karoo Group section, which had
not previously been drilled in the Rukwa Rift Basin. These sands range
from 2-20m thick, an average 17% porosity and 0.44 net to gross, interbedded
with shale prone seals. These reservoir-seal pairs, combined with their
proximity to the Basement helium source, makes this interval a very
interesting primary zone.
The Upper Karoo Group section also demonstrates an increased shale content,
and more thinly bedded reservoir intervals. The Lake Bed Formation is
dominated by sandstones and shales, with minor amounts of limestone. Initial
petrophysical analysis of wireline logs over the Lake Bed Formation
demonstrates good to excellent quality reservoir sands (average 24% porosity
and 0.61 net to gross) interbedded with thin claystones and limestones.
The downhole sampling programme successfully recovered samples from four
different intervals in the Lower and Upper Karoo Group. Although, no free gas
samples were obtained, there was evidence of helium gas in solution when the
samples were transferred at surface, and pressure-volume-temperature analyses
were performed. These samples yielded helium up to 8,320 parts per million
("ppm") helium, with the highest values encountered close to a small, faulted
zone in the Lower Karoo Group. It was also noted that helium shows increased
whilst drilling into the Basement fracture zone until losses were encountered
and drilling operations were halted.
The presence of these helium-enriched fluids migrating through the basin along
fractures and fault zones is likely to allow the helium to migrate from the
deeper Basement source rock. As a result of this increased understanding of
the regional characteristics, the Company plans to drill deeper into the
Basement to determine whether this trend continues, and helium concentrations
increase at greater depths. On this basis, the decision was made to run 7"
casing and suspend the Tai-3 well, so the Company can return at a later date
and deepen the well to acquire further data.
Drilling of Itumbula West-1
Post period end, the Itumbula West-1 well was spudded successfully on 6
January 2024, at a revised well location, following geological learnings from
the Tai-3 well and acquisition of valuable data. The two primary objectives of
this well were to target and evaluate the fault system as well as the
conventional Karoo play. The Itumbula West-1 well reached TD on 25 January
at 961m MD.
The Company then ran wireline logs which, combined with image logs, confirmed
the presence and location of the fault zones and Basement fractures that were
originally identified through the evaluation of the 2D seismic. Helium shows
obtained from the drilling mud whilst drilling had already indicated that
these zones were likely to be helium-bearing intervals, and the wireline data
enabled the well test intervals to be identified.
The Company identified three zones for well testing, and upon completion of
each Drill Stem Test ("DST"), all three zones successfully yielded downhole
gas samples. When performing the Basement DST, high concentrations of helium
began to flow to surface following reverse circulation and yielded a
compositional mix up to 4.7% helium, 1.5% argon, 8% oxygen and 86% nitrogen.
These results were evaluated using an onsite Mass Spectrometer and verified
from downhole samples by a field PVT laboratory at the well site. A measured
helium concentration of 4.7% equates to almost nine thousand times above
background levels of 5.3ppm.
Two subsequent well tests were carried out across the fault zone and yielded
similar results from the downhole samples which were evaluated in the onsite
field PVT laboratory. The Company has identified that the frequency of helium
increases with depth and is preferentially carried in hot fluids out of the
Basement and along fault conduits. As the helium rises through the well bore,
the pressure decreases, and it is thought that the helium then comes out of
solution and increases in concentration.
This was further corroborated with mudlogging data that showed elevated helium
whilst drilling the 8½" hole section through the Lake Beds Formation and the
shallow fault zone. The well produced a continuous measurement of helium gas
across the micro-gas chromatograph ("micro-GC") and this consistent helium gas
measurement was repeated during hole opening operations in preparation for
running casing.
Despite having an accurate, independent field PVT laboratory on site, the
Company has collected duplicate samples where possible, and these are in the
process of being sent to a second laboratory for further independent
verification once the export process is complete. However, the Company has
sufficient information from its onsite analysis and field PVT laboratory at
site to continue with its work programme.
In addition to high helium flowing to surface, the Company encountered
elevated hydrogen levels that flowed to surface. This concentration of
hydrogen was measured at 2.2% using the micro-GC equipment and is over
thirty-seven thousand times above background levels (0.6ppm).
During the DST, it was noted that the downhole temperature gauges detected
elevated temperatures (>80°C) associated with the release of hot Basement
fluids, and subsequently, helium. These temperatures are indicative of a low
enthalpy geothermal well. This geothermal energy has the potential to result
in either a direct use project or a binary fluid electricity producing plant.
This in turn could be utilised in several ways, including a power source in
the development and production phase.
The Predator 220 drilling rig completed the drilling of the Itumbula West-1
well in eighteen days to a total depth of 961m MD, successfully ran wireline
operations and completed three DSTs. Non-productive time was reduced by over
350% between the Tai-3 and Itumbula West-1 wells, with zero downtime related
to hydraulic issues. This improvement reflects and justifies the comprehensive
upgrade and maintenance programme that the Company carried out post Tai-3.
General operations and HSSE
The Tai-3 well was spudded on 25 September 2023 and the drilling campaign was
completed on 6 February 2024 upon completion of the Itumbula West-1 well. That
represents a total of 197 operating days, or more than 90,000-man hours and,
in addition, over 35,000 km in operational travel was undertaken by personnel
during that period. The Company is extremely proud of the fact that this was
achieved without any Lost Time Injuries, and this is a testament to the
rigorous HSE policies and procedures that were put in place and the
professionalism and commitment of all personnel and contractors who were
present and assisted with the drilling campaign.
Financing
In September 2023 the Company raised £6.8 million before expenses
(approximately US$8.7 million) through the issue of 113,333,333 new ordinary
shares at a price of 6 pence per new ordinary share. The proceeds of this
fundraise were for the cost overruns of the Tai-3 well and the drilling of the
Itumbula well at a revised location.
On 20 December 2023, the Company announced that it had raised £6.1
million before expenses (approximately US$7.7 million) through the issue of
2,420,842,500 new ordinary shares at a price of 0.25 pence per new ordinary
share. This fundraise provided essential funding to enable the Company to
complete the drilling of the Itumbula West-1 well whilst all the equipment and
third-party services were mobilised.
Post period-end, on 7 February 2024, the Company announced that it had
raised £4.7 million, before expenses (approximately US$5.92 million),
through a company led placing of 313,333,333 new ordinary shares at a price of
1.5p per new ordinary share.
The company led placing provides Helium One with sufficient working capital to
progress its planning for the next stage of the work programme in Tanzania.
Financials
As is to be expected with an exploration company, for the six-month period
ended 31 December 2023 the Group reported an unaudited pre-tax loss of
US$1,064,747 (six months ended 31 December 2022, unaudited pre-tax loss of
US$1,858,721). The Company continues to be well funded. As at 31 December 2023
the Company had cash balances totalling US$8.7 million.
Board Changes
There were several changes to the Board and its structure during the period.
Ian Stalker decided to step down from his position as Non-Executive Chairman
after five years in the post, to reduce the number of his non-executive
roles. I was delighted to be asked to take over from Ian and stepped into the
role of Non-Executive Chairman on 1 August 2023.
During Ian's tenure as Chairman, he oversaw a period of significant
achievement, including the Company's successful listing on AIM, its maiden
drilling programme in the Rukwa Basin, as well as guiding the Company ahead of
the Phase II drilling campaign in the Rukwa Basin in September. The Board
would like to take this opportunity to thank Ian for his immense contribution
during his time with the Company.
Additionally, Robin Birchall stepped down from his position as Non-Executive
Director to focus on other commitments. Russel Swarts stepped down from his
Executive role as Finance Director and has now taken up a Non-Executive
Director role with the Company.
The Board were also pleased to announce the appointment of Graham Jacobs as
Financial and Commercial Director of the Company in August and Graham
subsequently joined the board of directors in September. Graham has been
working with Helium One since January 2022 on commercial and contracting
matters and was instrumental in the acquisition of the Company's drilling rig
so was a natural choice to be Russel's successor in the Finance function.
I believe the collective experience of the restructured Board will serve the
Company well in its future endeavours.
Outlook
The next six months is expected to be an incredibly busy period of growth for
the Company. Itumbula has the potential to be a truly transformational
discovery for the Company and the team is now determining the next steps on
how best to develop Itumbula and advance the project in the most effective way
possible; one that will aim to achieve commerciality at the earliest
opportunity.
I would like to take this opportunity to thank all our stakeholders for their
continued support and look forward to providing further updates in due course.
James Smith
Chairman
06 March 2024
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Notes 6 months to 31 December 2023 Unaudited 6 months to 31 December 2022 Unaudited
$ $
Continuing operations
Revenue 1,440 -
Administration expenses 4 (1,066,187) (1,858,721)
Other income - -
Other gains and losses - -
Operating loss (1,064,747) (1,858,721)
Finance costs - -
Loss for the period before taxation (1,064,747) (1,858,721)
Taxation - -
Loss for the period from continuing operations (attributable to the equity (1,064,747) (1,858,721)
holders of the parent)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (314,379) 636,723
Total comprehensive loss for the period (attributable to the equity holders of (1,379,126) (1,221,998)
the parent)
Earnings per share:
Basic and diluted earnings per share (cents) 5 (0.12)c (0.29)c
CONDENSED CONSOLIDATED BALANCE SHEET
As at As at As at
31 December 2023 Unaudited 30 June 2023 Audited 31 December 2022 Unaudited
$ $ $
Notes
ASSETS
Non-current assets
Intangible assets 7 32,385,522 15,509,515 13,300,525
Property, plant & equipment 2,378,097 5,611 4,393
Other receivables 2,082,010 1,231,593 1,216,998
Total non-current assets 36,845,629 16,746,719 14,521,916
Current assets
Inventories 345,967 1,476,362 59,842
Trade and other receivables 354,840 2,238,094 668,467
Cash and cash equivalents 8,744,705 9,600,786 13,730,250
Total current assets 9,445,512 13,315,242 14,458,559
Total assets 46,291,141 30,061,961 28,980,475
LIABILITIES
Current liabilities
Trade and other payables 4,494,986 2,857,157 398,782
Total liabilities 4,494,986 2,857,157 398,782
Net assets 41,796,155 27,204,804 28,581,693
EQUITY
Share premium 8 70,372,410 54,468,236 54,489,977
Other reserves 3,994,406 4,242,482 3,565,535
Retained earnings (32,570,661) (31,505,914) (29,473,819)
Total equity 41,796,155 27,204,804 28,581,693
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Note Share premium Other reserves Retained earnings Total equity
$ $ $ $
Balance as at 1 July 2022 43,061,318 2,587,348 (27,615,098) 18,033,568
Comprehensive income
Loss for the period - - (1,858,721) (1,858,721)
Currency translation differences - 636,723 - 636,723
Total comprehensive loss for the period - 636,723 (1,858,721) (1,221,998)
Transactions with owners recognised directly in equity
Issue of shares 12,050,603 - - 12,050,603
Cost of share issue (621,944) - - (621,944)
Share based payments - 341,464 - 341,464
Total transactions with owners 11,428,659 341,464 - 11,770,123
Balance as at 31 December 2022 (unaudited) 54,489,977 3,565,535 (29,473,819) 28,581,693
Comprehensive income
Loss for the period - - (1,475,409) (1,475,409)
Currency translation differences - 24,492 - 24,492
Total comprehensive income for the period - 24,492 (1,475,409) (1,450,917)
Transactions with owners recognised directly in equity
Issue of shares - for fees/services - - (721,237) (721,237)
Issue of shares - for fees/services (31,669) - - (31,669)
Cost of share issue (21,741) - - (21,741)
Share based payments - 467,296 - 467,296
Reversal of Merger Acquisition Reserve - 349,710 - 349,710
Warrants and options expired during the period - (146,480) 146,480 -
Warrants and options exercised during the period 31,669 (18,071) 18,071 31,669
Total transactions with owners (21,741) 652,455 (556,686) 74,028
Balance as at 30 June 2023 (audited) 54,468,236 4,242,482 (31,505,914) 27,204,804
Comprehensive income
Loss for the period - - (1,064,747) (1,064,747)
Currency translation differences - (314,379) - (314,379)
Total comprehensive loss for the period - (314,379) (1,064,747) (1,379,126)
Transactions with owners recognised directly in equity
Share based payments - 66,303 66,303
Shares issued for services 49,846 - - 49,846
Issue of shares 8,472,586 - - 8,472,586
Cost of share issue (448,150) - - (448,150)
Warrants and options exercised during the year 751,988 - - 751,988
Issue of shares 7,764,557 7,764,557
Cost of share issue (686,653) (686,653)
Total transactions with owners 15,904,174 66,303 - 15,970,477
Balance as at 31 December 2023 (unaudited) 70,372,410 3,994,406 (32,570,661) 41,796,155
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 months to 31 December 2023 Unaudited 6 months to 31 December 2022 Unaudited
Notes $ $
Cash flows from operating activities
Loss before taxation (1,064,747) (1,858,721)
Adjustments for:
Depreciation & amortisation 121,806 3,367
Impairment on acquisition - -
Impairment of inventory - 58,036
Shares issued for services 49,846
Share based payments 66,303 341,464
Finance costs - -
(Increase) in trade and other receivables 1,032,837 (30,777)
(Increase) / decrease in inventories 1,130,394 -
Increase/(decrease) in trade and other payables 1,637,829 (212,491)
Net cash used in operating activities 2,974,268 (1,699,122)
Cash flows from investing activities
Purchase of Plant & Equipment (2,494,291) -
Expenditure on intangible assets 7 (16,876,007) (1,542,163)
Net cash used in investing activities (19,370,298) (1,542,163)
Cash flows from financing activities
Proceeds from the issue of shares 16,989,131 12,050,603
Cost of share issue (1,134,803) (621,945)
Net cash generated from financing activities 15,854,328 11,428,659
Net (decrease)/ increase in cash and cash equivalents (541,702) 8,187,374
Cash and cash equivalents at beginning of period 9,600,786 4,906,153
Exchange movement on cash (314,379) 636,723
Cash and cash equivalents at end of period 8,744,705 13,730,250
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Helium One Global Limited (the 'Company') (formerly
Helium One Limited) and its subsidiaries (together the 'Group') is the
exploration and development of helium gas resources. The Company is
incorporated and domiciled in the British Virgin Islands. The address of its
registered office is Vistra Corporate Services Centre, Wickhams Cay II, Road
Town, Tortola, VG1110, British Virgin Islands. The Company's shares are
listed on the AIM Market of the London Stock Exchange ('AIM'),
the Frankfurt Stock Exchange and the OTCQB exchange.
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 an AIM
listed Company, the company is entitled to exemption from adopting IAS 34 and
this exemption has been taken to the effect that segment information is not
disclosed. The condensed consolidated interim financial statements should be
read in conjunction with the annual financial statements for the year
ended 30 June 2022. The interim consolidated financial statements have been
prepared in accordance International Financial Reporting Standards (IFRS) and
IFRS Interpretations Committee (IFRS IC) interpretations as adopted by the
European Union applicable to companies under IFRS and in accordance with AIM
Rules, which have not differed from the previously EU-endorsed IFRS, and hence
the previously reported accounting policies still apply. The financial
statements are prepared on the historical cost basis or the fair value basis
where the fair valuing of relevant assets or liabilities has been applied. The
interim report has not been audited or reviewed by the Company's auditor.
Going concern
The consolidated interim financial statements have been prepared on a going
concern basis. The Group's assets are not generating revenues, an operating
loss has been reported for the period ended 31 December 2023. The directors'
have prepared financial projections and cash flow forecasts covering a period
of at least twelve months from the date of approval of these interim financial
statements showing that the Group will have sufficient available funds to meet
its contracted and committed expenditure. The directors are confident that
current capital projects and working capital requirements are funded and have
a reasonable expectation that they could secure additional funding, when
needed, to fund additional capital projects. During the period, the company
successfully raised approximately $15.9 million (net of costs) and going
forward, directors are confident that funding can be raised as required.
The impact of Covid 19 on future performance and therefore on the measurement
of some assets and liabilities or on liquidity might be significant and might
therefore require disclosure in the interim financial statements, but
management has determined that they do not create a material uncertainty that
casts significant doubt upon the company's ability to continue as a going
concern.
It is the prime responsibility of the Board to ensure the Group remains a
going concern. On 31 December 2023, the Group has cash and cash equivalents of
$8.7 million and no borrowings.
Based on their assessment, the Directors have a reasonable expectation that
the Group will be able to continue in operational existence for the next 12
months and continue to adopt the going concern basis of accounting in
preparing these consolidated interim financial statements.
Critical accounting estimates
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Changes in accounting estimates may be necessary if there are changes in the
circumstances on which the estimate was based, or as a result of new
information or more experience. Such changes are recognised in the period in
which the estimate is revised. Significant items subject to such estimates are
set out in Note 4 of the Company's 2023 Annual Report and Financial
Statements. The nature and amounts of such estimates have not changed
significantly during the interim period.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2023 Annual Report and Financial Statements, a copy
of which is available on the Company's website: www.helium-one.com
(http://www.helium-one.com/) . (http://www.helium-one.com/) The key financial
risks are liquidity risk, credit risk, interest rate risk and fair value
estimation.
The Condensed interim financial statements were approved by the Board of
Directors on 06 March 2024.
3. Accounting Policies
The accounting policies adopted are consistent with those used in the
preparation of the Group's financial statements for the year ended 30 June
2023 and corresponding interim reporting period. There were no new or
amended accounting standards that required the Group to change its accounting
policies. The directors also considered the impact of standards issued but
not yet applied by the Group and do not consider that there will be a material
impact of transition on the financial statements.
4. Expenses by nature breakdown
Notes 6 months to 31 December 2023 Unaudited 6 months to 31 December 2022 Unaudited
$ $
Depreciation 121,806 3,367
Wages and salaries (including Directors' fees) 234,968 233,489
Professional & Consulting fees 395,960 472,388
Insurance 100,356 15,946
Office expenses 67,094 6,685
Impairment of inventory - 57,985
Share option expense 66,303 341,464
Travel and subsistence expenses 8,571 8,208
Foreign currency loss / (profit) (107,747) 800,811
Other expenses 178,876 (81,622)
1,066,187 1,858,721
5. Loss per share
The calculation for earnings per share (basic and diluted) is based on the
consolidated loss attributable to the equity shareholders of the Company is as
follows:
6 months to 31 December 2023 Unaudited 6 months to 31 December 2022 Unaudited
$ $
Loss attributable to equity shareholders (1,064,747) (1,858,721)
Weighted average number of Ordinary Shares 925,281,778 633,785,263
Loss per Ordinary Share ($/cents (0.12) (0.29)
Earnings and diluted loss per share have been calculated by dividing the loss
attributable to equity holders of the Company after taxation by the weighted
average number of shares in issue during the year. Diluted share loss per
share has not been calculated as the options, warrants and loan notes have no
dilutive effect given the loss arising in the period.
6. Dividends
No dividend has been declared or paid by the Company during the six months
ended 31 December 2023 (2022: $nil).
7. Intangible assets
Exploration & Evaluation at Cost and Net Book Value $
Balance as at 1 July 2022 11,758,362
Additions to exploration assets 1,034,724
Capitilsed directors fees and employee wages 514,587
Capitilsed other expenses (7,149)
As at 31 December 2022 (Unaudited) 13,300,524
Additions to exploration assets 1,932,317
Capitilsed directors fees and employee wages (7,322)
Capitilsed other expenses 423,582
Additions - equity settled -
Exchange rate variances (38,783)
Total additions 2,309,794
Impairments (100,803)
As at 30 June 2023 (Audited) 15,509,515
Additions to exploration assets 16,277,827
Capitilsed directors fees and employee wages 605,329
Capitilsed other expenses (7,149)
As at 31 December 2023 (Unaudited) 32,385,522
Intangible assets comprise exploration and evaluation costs which arise from
both acquired and internally generated assets.
8. Share premium
Number of shares Ordinary shares Total
$ $
As at 31 December 2022 813,421,641 54,711,316 54,711,316
Share Issue costs - (1,565,622) (1,565,622)
813,421,641 53,145,694 53,145,694
Issue of new shares 6,857,361 1,858,878 1,858,878
Share issue costs - (536,336) (536,336)
As at 30 June 2023 820,279,002 56,570,194 56,570,194
Share Issue costs - (2,101,958) (2,101,958)
820,279,002 54,468,236 54,468,236
Issue of shares - share based payment 644,095 49,846 49,846
Issue of shares - exercise of options 6,450,000 230,341 230,341
Issue of shares - exercise of options 1,000,000 36,113 36,113
Issue of new shares - 13 September 2023 114,083,333 8,472,586 8,472,586
Share issue costs - (448,150) (448,150)
Issue of shares - exercise of options 1,000,000 35,180 35,180
Issue of shares - exercise of options 13,000,000 450,353 450,353
Issue of new shares - 29 December 2023 2,445,921,000 7,764,558 7,764,558
Share issue costs (686,653) (686,653)
As at 31 December 2023 3,402,377,430 73,609,171 73,609,171
Share Issue costs - (3,236,761) (3,236,761)
3,402,377,430 70,372,410 70,372,410
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