Evrima Plc Annual Financial Report

 
TIDMEVA 
 
30 June 2022 
 
                                  Evrima plc 
 
                                   AQSE: EVA 
 
                          ("Evrima" or "the Company") 
 
          Audited Annual Results for the year ended 31 December 2021 
 
                             Chairman's Statement 
 
The Company is pleased to announce its final results for the year ended 31 
December 2021. The financial information below has been extracted from the 
audited financial statements of the Company for the year ended 31 December 
2021, which have been prepared in compliance with United Kingdom Accounting 
Standards, including Financial Reporting Standard 102, "The Financial Reporting 
Standard applicable in the United Kingdom and the  Republic of Ireland" 
("FRS102") and the Companies Act 2006.  The Annual Report is available from the 
Company's website www.evrimaplc.com and will shortly be posted to shareholders 
along with notice of the Company's Annual General Meeting. 
 
Simon Grant-Rennick 
 
Chairman 
 
30 June 2022 
 
The directors of Evrima accept responsibility for this announcement. 
 
This announcement contains information which, prior to its disclosure, was 
inside information as stipulated under Regulation 11 of the Market Abuse 
(Amendment) (EU Exit) Regulations 2019/310 (as amended). 
 
- Ends - 
 
Enquiries : 
 
Company: 
Burns Singh Tennent-Bhohi (CEO & Director): [e-mail] 
 
Simon Grant-Rennick (Executive Chairman): [e-mail] 
 
Novum Securities Limited (AQSE Corporate Adviser): 
 
David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400 
 
Peterhouse Capital Limited (Corporate Stockbroker): 
 
 
Lucy Williams: [phone] 
Duncan Vasey: [phone] (Direct) 
 
             Strategic Report for the year ended 31 December 2021 
 
The directors present their strategic report for the year ended 
31 December 2021. 
 
REVIEW OF BUSINESS 
 
The objective behind leading the recapitalisation, restructure and adoption of 
an enhanced investment strategy in the summer of 2020 was to create an 
investment issuer that had the ability to deploy limited capital in search of 
disproportionate returns that would result in an investment issuer no longer 
constrained by the requirement to raise capital by way of debt or equity to 
maintain investment interests and to where appropriate, dispose of interests 
enabling re-investment of new opportunities. 
 
The company's performance to the year end and as at date of this report 
demonstrates that the strategy implemented to date is at a point of realisation 
and in so many ways, the start of Evrima's next chapter of growth. 
 
In evaluating opportunities that present the potential to generate 
disproportionate returns, our investments to date are entirely centred around 
an asset class devoid of capital investment in a global climate that is not 
devaluing the sector based on a surplus but through underestimation and 
perhaps, awareness. 
 
Today there is a clear commitment to improve and contribute to green solutions 
and a global capital shift to invest in commercial solutions that have 
mutuality in profitable return on investment and the positive impact of that 
investment. Whilst this shift is visible for the world to observe, key asset 
classes and industries that contribute to this emerging marketplace are still 
considerably undercapitalised and until balanced will restrict the pace of 
which mass adoption of green-energy solutions are consumed. 
 
This is the disproportionate opportunity that Evrima is committed to investing 
in and have done so to date. The company has streamlined its investment focus 
geographically and set strict internal guidelines as to how we allocate capital 
using an internal model that we believe creates optionality for our 
shareholders 
 
To the year end, the company increased its interest in certain of its 
investments namely, Eastport Ventures Inc. & Premium Nickel Resources 
Corporation and maintained its equity investment in Kalahari Key Minerals. I 
now provide an overview below of the progress of our investee's throughout the 
year, the internal plans the investee's have for the future and the investment 
interest Evrima maintain as at year end in each investee. 
 
Investment Interests & Progress to 31 December 2021 
 
Premium Nickel Resources Corporation ("PNR") 
 
Number of Shares Held as at Year End: 1,025,000 
 
PNR Last Funding Round: CAD$2.60 
 
Evrima lowest entry price: CAD$0.05c 
 
Premium Nickel Resources Corporation ("PNR" or the "Company") is a privately 
owned company incorporated in Canada in 2018 for the acquisition and 
redevelopment of the former BCL nickel-copper-cobalt ("Ni-Cu-Co") mines in 
liquidation (the "Project") located in Botswana. On June 30, 2020, Premium 
Nickel Resources Botswana ("PNRB") submitted an Indicative Offer ("IO") to the 
BCL Liquidator to acquire the prospective Ni-Cu-Co assets in Botswana. On 
February 10, 2021, PNRB was selected as the preferred bidder and awarded 
exclusivity on all assets under liquidation. On March 24, 2021, PNRB began a 
6-month exclusivity period to carry out further due diligence and related 
purchase agreements. PNRB executed a binding Asset Purchase Agreement ("APA") 
for the previously producing Selebi North and Selebi Main Mines on September 
28, 2021. 
 
Following the closing of the Selebi North and Main Mines, PNRB will initiate 
the first Study Phase which is expected to take 18-24 months to advance to a 
Pre-Feasibility level. 
 
Separately, PNRB is negotiating an APA for the Selkirk Mine. The timing of the 
Selkirk APA has been delayed due to the impact of non-business events including 
Covid. The Selkirk APA, which includes several regional exploration licenses, 
is now expected to be signed in mid to late 2022. After the closing of Selkirk, 
PNRB will advance the legacy bankable feasibility study back to compliance with 
QA/QC drilling and update the environmental baseline to include a tailings 
management facility and dedicated processing plant to produce concentrates. 
 
PNR represents a rare and unique investment opportunity for Evrima to have 
premier exposure to one of the 
 
most significant Nickel-sulphide opportunities in the world. As at year end, 
PNR was conducting a $15,000,000 
 
USD equity financing led by existing investors of PNR. 
 
The company, as at year end, see PNR as a long-term investment and see 
materialisation of value coming 
 
through either a go public transaction or trade sale with the potential for 
both events to occur in that order. 
 
Eastport Ventures Inc. ("EV")* 
 
Number of Shares Held as at Year End: 523,667 
 
EV Last Funding Round: CAD$0.30c 
 
Evrima lowest entry price: CAD$0.30c 
 
Eastport Ventures Inc was created to acquire and capitalize on stranded 
district-scale mineral exploration & development opportunities in Botswana. 
Rapidly changing market conditions occasionally present stranded mineral 
exploration assets before their value is fully realized and by leveraging 
extensive historical exploration data and in-country relationships, Eastport 
has patiently amassed a significant number of advanced exploration assets and 
strategically invested in companies operating in Botswana. 
 
The company maintains a portfolio of interests spanning copper, nickel, 
uranium, and diamonds; The mineral assets within Eastport Ventures have 
attracted an aggregate of over USD$15,000,000 in both historic and current 
capital expenditure. Licenced area over 7,816 km2. 
 
Eastport established its internal investment division during the first half of 
2020, for the purpose of building a portfolio of interests within the natural 
resource sector. The Company will consider pre-production, production, and 
discovery-stage opportunities that it believes have the potential to deliver a 
meaningful ROI. 
 
Additionally, the performance achieved to date, and the current value of the 
portfolio, provides Eastport with the optionality of self-funding its 
exploration programmes, without the requirement to issue further equity and 
prematurely dilute the intrinsic value within its project portfolio. Such 
strategic flexibility ensures that Eastport can navigate market turbulence in 
order to maximise the returns generated for its shareholders. As at present 
Eastports internal investment division currently has a value in excess of 
C$8,000,000, posting a 15,200% return on capital invested to date. 
 
Following, Evrima plc commissioning an independent valuation opinion of 
Eastport Ventures, in August 2021 the company acquired 1.62% of Eastport 
Ventures through a subscription for new ordinary shares of Eastport Ventures. 
Evrima subscribed for 523,667 units in this pre-IPO financing with each unit 
having a subscription price of $0.30¢ and consisting of one Share and one 
subscription warrant. The attaching Warrants shall have a strike price of $0.60 
¢ and a life to expiry of five years. 
 
Following the subscription, Evrima secured an exclusive subscription agreement 
that entitled Evrima to subscribe for up to a further 2,000,000 Shares on like 
terms for a period of 45 business days from the date of this announcement. 
 
*Director of Evrima plc, Burns Singh Tennent-Bhohi is also a founding partner/ 
shareholder and Director of Eastport Ventures Inc. 
 
*Director of Evrima plc, Guy Miller, is a shareholder of Eastport Ventures Inc. 
 
Eastport Ventures Inc. Internal Investment Division 
 
>EV holds 2,750,000 shares in Premium Nickel Resources Corporation ("PNR") [an 
investee for which Evrima plc is also a shareholder] 
 
> EV has posted a Return on Investment to date (uncrystallised) of 15,200% with 
an estimated market value (using the most recent PNR financing) of 
CAD$8,000,000 
 
Eastport Ventures Inc. ("EV") - Project (s) Overview: 
 
EV: Selebi North: Nickel-Copper & PGM 
 
Eastport was granted four licenses covering over 2,100 km2. Favourable 
amphibolite geology is located throughout the Selebi licenses. Neighbouring 
license previously produced 40,000 tons of copper and nickel per annum. The 

Neighbouring License has since been acquired by Eastport investee, Premium 
Nickel Resources Corporation. 
 
>The licenses are located to the south-east of the Selebi and Phikwe sulphide 
deposits; Wood Mackenzie estimates a remaining resource of 33.07 Mt at 0.8% Ni, 
1.18% Cu in these deposits. 
 
> The greater Selebi area is a Nickel-copper-cobalt sulphide deposits in 
amphibolite layers within gneiss both remnants of mafic volcanics and 
volcanically derived sedimentary rocks. Massive to semi-massive sulphide-rich 
layers. 
 
> Eastport is a significant investor in PNR and the project compliments this 
investment. 
 
Better than US$2m was spent historically within the Eastport licenses. Regional 
airborne and limited soil geochemistry and drilling were completed. Historic 
data is currently being analysed and processed. 
 
> Rio and BHP spent money historically. They spent the minimum required amount 
to keep the licenses. 
 
> An assessment work compilation of the greater Selebi-Pikwe area is complete. 
The license areas were found to have a surprisingly low number of shallow drill 
holes. Several have anomalous nickel and copper with very limited follow-up. 
 
> The historic airborne magnetic and radiometric data were re-processed. The 
radiometric layer is exceptional and a number of areas with favourable 
amphibolite geology is recognised. 
 
Presently Eastport are developing geology maps for each of the licenses using 
the geophysical layers and historic assessment work. The historic airborne 
electromagnetic layer will be added to the dataset. Areas of interest, such as 
the Tumi area, are scheduled for regional geochemistry. 
 
EV: Keng: Nickel-Copper & PGM 
 
Eastport's Keng project consists of two covering 1,345 km2 for Copper, Nickel 
and PGM's. A work program was agreed to with the Department of Mines, targeting 
fault-related Norl'sk-Talnakh style massive sulphides feeder systems. 
 
> Project is located to the northern portion of the of the mafic-ultramafic 
intrusive, known as the Molopo Farms Complex (MFCX), where it is in contact 
with "reactive" carbonate rocks. Narrow intervals of veined mineralization, 
suggesting metal movements within the system, are reported in the historic 
drilling data. 
 
> The large multi-lobed MFC when observed in drill core is often cited to be 
analogous to the Bushveld in South Africa; a significant producer of PGEs, 
drawing exploration interest from a series of explorers who focused on similar 
styles of layered mineralization. 
 
> Within the Eastport licenses, the MFC is uncommonly near vertical with 
structural features suggesting stacking and folded of thrust sheets. Such 
openings create opportunities for mineralization. Significant nickel-in-soil 
anomalies are found in close proximity to these thrusts are suggesting focused 
areas  of mineralization. The geological opportunity is further enhanced with 
the presence of reactive carbonate-rich rocks known to destabilize mineral-rich 
fluids. 
 
To date, a comprehensive assessment work review was completed. Previous 
explorers focused on layered metal-rich intrusive unlike our target of massive 
sulphide feeder systems. An initial re-processing of a smaller focused airborne 
survey has characterised the northern edge of the MFC as steep dipping with 
many fault/fold structures offering metal deposit opportunities. Two historic 
drill holes were geochemically surveyed using a hand-held XRF. The data will 
help "position" our intersections of the MFC when drill core logging. 
 
> Meetings with the local authorities and interested parties were initiated. A 
series of access agreements are already in place to allow for uninterrupted 
work. 
 
> Re-processing of historic airborne magnetic surveys is partially complete. 
Historic data compilation: geochemistry, drilling & gravity surveys, is also 
partially complete. A large area of interest is identified 
 
>The first phase of ground geophysical surveys; magnetics, electromagnetics is 
planned for 2022. The historic drill cores are being acquired from one or more 
of the high-quality core storage facilities operated by the Botswana Geological 
Institute (BGI). These will be investigated and re-sampled as part of the 
initial program. 
 
EV: Matsitama Copper Project 
 
Eastport exercised an option in 2020 to fully acquire Matsitama Minerals (Pty) 
Ltd from ZCI Limited. Matsitama Minerals holds 6 license extensions covering 
1,668 km2. 
 
> Eastport have acquired a strategic controlling interest over the bulk of the 
highly prospective Matsitama Schist Belt. This belt is a predominately clastic 
sedimentary suite of rocks with minor mafic to ultramafic volcanoes. 
Mineralization is Cu-Pb-Zn when located in major fault zones and Cu sulphide 
when found within the schistose rocks. 
 
> Exhausted Pit and operating mine bordering licensed area. Wholly owned 
Nakalakwana deposit of 10m tonnes 
 
Matsitama exhibits features of Iron Oxide Copper Gold (IOCG) style 
observed-potential for large-scale deposits including over 30 known copper 
occurrences and a number which have drilling intercepts of exploration 
significance. 
 
>The Matsitama project benefits from historic exploration expenditures in 
excess of US$10m and very significant historic dataset that includes two 
airborne surveys, over 200,000 rock and soil samples and an astonishing 50,000m 
of drilling. 
 
The company's Environmental Impact Statement was authorised by the Department 
of Environmental Affairs in February 2021. Drilling commenced in Q4 2021 and is 
ongoing. 
 
> Drilling program is exploiting the very significant historic dataset 
available and explore further the Proterozoic Matsitama Schist Belt. 
 
> Upcoming exploration will be dominated by drilling but also focused on both 
styles of mineralization. An early application of self-organizing maps (SOM) 
has identified a new large area of favourable alteration suggesting an 
unexplored area of Cu-Py potential stratigraphically below the Thakadu deposit. 
 
> Notwithstanding the SOM results, we also have the Nakalakwana deposit yet to 
be fully constrained. An existing Samrec-quantified resource of 9.9 Mt grading 
0.46% copper offers a near-term economic opportunity. Numerous other copper, 
gold, and zinc drill intervals also require follow up. 
 
EV: Foley Uranium 
 
The Foley project has 834.8 km2 under license in a commanding position in 
north-central Botswana. 
 
> The license is located next to the Letlhakane uranium deposit held by A-Cap 
Resources. Letlhakane, 280 Mlbs U3O8, is one of the world's largest undeveloped 
uranium deposits. Uranium was first discovered in the area in the early 1970's. 
An improved understanding of the deposit type allowed for the expansion of the 
deposit at Letlhakane. 
 
> Favourable geology extends to the west and north from Letlhakane into the 
Foley licence. Our explorations will explore extension of Letlhakane as well as 
search for additional hidden channels under the thinner parts of the overlying 
sedimentary cover. 
 
> Major exploration layers are available for re-processing, also a network of 
existing water boreholes will allow for ground water vectoring for bedrock 
architecture understanding. 
 
Mining infrastructure in the region is excellent. Power, transport, and skill 
labour are all close by. At Selebi-Pikwe the processing of sulphide ores 
creates the opportunity for an local acid supply for uranium ore processing. 
 
An assessment study and an initial ground water study have been completed with 
positive results. The airborne reprocessing is also complete and resulted in 
the discovery of a large area of elevated radiometrics. This necessitated a 
second protective license application. 
 
An assessment study and an initial ground water study have been completed with 
positive results. The airborne reprocessing is also complete and resulted in 
the discovery of a large area of elevated radiometrics. This necessitated a 
second protective license application. 
 
> The exploration program will employ uranium-in-water sampling in existing 
boreholes to aid in vectoring toward hidden mineralization extending west from 
the Letlhakane area. Re-processing of sensed airborne data has located 
additional areas for initial surface exploration. RAB drilling will be used for 
final target testing. 
 
>The preliminary work is already underway, and it will initially focus on the 
area to the immediate north of the Letlhakane mining licence where historic 
drill hole data & cores are also available for stratigraphic interpretation. 
 
> Major exploration layers have been acquired for re-processing, also a network 
of existing water boreholes have allowed for ground water vectoring for bedrock 
architecture understanding. Early interpretation is extremely encouraging. 
 
EV: Jwaneng North Diamond Project 
 
Eastport Ventures have two exploration licenses in the Jwaneng area spanning 
more than 100km2. Licenses are located next to Debswana's Jwaneng Mine - "the 
world's richest diamond mine", producing >11m carats pa. 
 
> Previous owners De Beers had the licenses revoked with Eastport Ventures 
immediately acquiring afterwards. Currently discussions are ongoing with De 
Beers. 
 
>Three kimberlites are known within the licenses. All three suggest a long 
history of kimberlite emplacement in the area. The diamond content of the three 
is unknown and each appears to have been under-sampled. The Kgare kimberlite is 
diamond bearing with extremely encouraging mineral chemistry. 
 
>The spectacular indicator mineral chemistry from Kgare kimberlite is 
comparable to the indicators found in the Jwaneng mine kimberlites suggesting 
an opportunity similar to the Lucara story. This project has generated Tier-1 
Company interest & NDAs are in place. 
 
The Kgare kimberlite is diamond bearing with encouraging mineral chemistry. 
Overall, the large number of kimberlites, and close proximity to the Jwaneng 
Mine, suggests the licensed area remains fertile ground for discovery. 
 
As at year end, Eastport Ventures is focused on progressing a number of its 

exploration interests, namely the Matsitama Copper project which at year end 
was engaged in a diamond drill program and its Jwaneng North Diamond project 
and is actively engaged in going public on a recognised investment exchange, 
with EVs preference being that of, a North American Listing by way of an IPO or 
Reverse Takeover ("RTO") transaction. EV has generated an incredible uplift in 
its internal investment division that enables the company to sustain and grow 
its valuation for future fundraising activity and to reduce its dependency on 
capital markets for dilutive, equity financing. 
 
Kalahari Key Mineral Exploration Company (pty) Ltd ("Kalahari Key") 
 
Kalahari Key is a private mineral exploration company registered in Botswana, 
engaged in the development of its Nickel-Copper-Platinum Group Metals 
(Ni-Cu-PGM) project called the Molopo Farms Complex ("MFC"). 
 
The Kalahari Key opportunity developed from a recognition that no historical 
exploration targeting "feeder" styles of Ni-Cu-PGE mineralisation had been 
completed within the Molopo Farms ultramafic complex. The founder's group of 
four seasoned metals explorers identified a number of prospecting licences over 
a prospective geological feature often associated with feeder-style deposits. 
The exploration work conducted to date by Kalahari Key continues to support the 
prospectivity of the licence area and a series of exciting targets has been 
identified for a proposed drilling campaign. 
 
In September 2020, the Company entered into an option agreement with two of the 
four founders of Kalahari Key to acquire their equity interest in Kalahari Key. 
The terms of the option allowed for Evrima plc to acquire a further 17.2% 
equity interest through equity consideration satisfied in fully paid ordinary 
shares of Evrima plc and consideration warrants. 
 
After extensive due diligence, Evrima plc exercised its rights under the option 
agreement entered and acquired a further 17.2% through the issue of in 
aggregate, 2,300,000 new ordinary shares at a price of 6 pence per share and 
2,300,000 Subscription Warrants with a strike price of 12 pence and a life to 
expiry of three years from the date on which the consideration shares were 
admitted to market ("The Consideration"). 
 
This transaction enabled the Company to increase its exposure to Kalahari Key 
at a critical point as Kalahari Key seeks to make an economic discovery, the 
investment-risk was significantly reduced through the issue of equity rather 
than cash and the Company secured exposure to an opportunity that was already 
entirely financed at the project level by, Power Metal Resources plc. 
 
In addition to increasing Evrima's exposure to a pre-existing investment it 
enabled the company to develop a strong working relationship with the two of 
the four founders of Kalahari Key, also founders and/or Directors of another 
Evrima investee, Eastport Ventures Inc. 
 
During the year, Kalahari Key undertook a rights issue for which Evrima plc 
elected to not participate, resulting in Evrima plc facing dilution resulting 
in the company maintaining an interest of, 14.88% of the issued share capital 
as at year end (2020: 19.6%) 
 
Diamond drilling commenced at the MFC Project in October 2020 and to date three 
holes have been completed.  Examination of the drill core to date has 
demonstrated the geological model for the presence of a magmatic feeder zone 
prospective for the accumulation of Ni/PGE sulphides in the intrusive system. 
 
Core samples were sent to Geology Department of the University of Witwatersrand 
in Johannesburg for thin section mineralogical analysis.  This analysis 
confirmed the presence of nickel sulphides in the drill core adding more weight 
to the geological proposition. 
 
Kalahari Key : HIGHLIGHTS: 
 
The first batch of assay results for nickel (Ni), copper (Cu) and zinc (Zn) 
have been received for the diamond drilling programme at the Molopo Farms 
Complex Project. 
 
Angled diamond drill hole KKME 1-6, downhole, significant Ni intersections 
include: 
 
> 4.8m @ 0.2% Ni from 292.7m 
 
> 4.1m @ 0.49% Ni from 309m, including 1.6m @ 0.72% Ni from 309.6m 
 
> 16.7m @ 0.16% Ni from 501.8m 
 
> 10.9m @ 0.13% Ni from 518.2m 
 
> 3.4m @ 0.28% Ni from 594.4m 
 
As drill core was selectively sent for sample analysis the reported mineralised 
intervals are considered to be open. 
 
Assay results confirm Ni grades for pentlandite-bearing university 
mineralogical samples: 
 
>IMK-05139 (0.44m pyroxenite sample from 310m down-hole depth) assayed at 
6,999ppm Ni (0.70% Ni) from a primary magmatic, pentlandite-bearing, 
assemblage. 
 
> IMK-05149 (0.58m pyroxenite sample from 295m down-hole depth) assayed at 
6,606ppm Ni (0.66% Ni) 
 
> IMK-05153 (0.54m pyroxenite sample from 297m down-hole depth) assayed at 
2,244ppm Ni (0.22% Ni) 
 
> Both IMK-05149 and IMK-05153 contained primary pentlandite within predominant 
secondary nickel sulphides, arsenides and alloys. 
 
Kalahari Key await further assay data for gold and PGE content for the reported 
intervals. The majority of the targets identified prior to the first drilling 
campaign remain to be drilled and the new geophysical and spectral data 
acquired in 2020 has also identified new exploration targets. 
 
Kavango Resources plc (LSE: KAV) enter option agreement to acquire up to 85.23% 
of Kalahari Key 
 
26.11.2021 
 
Highlights: 
 
> 3-month Option Agreement (to end of February/beginning of March 2022) 
 
> Kavango under the terms of the option agreement to conduct a work programme, 
to include: 
 
> Spectral to perform a single "moving loop" survey over Target 1 
 
       o Kavango to perform soil geochemical analysis over Target 2 
 
       o Kavango to cut cores and send select samples from Target 3 for assay 
testing 
 
       o Kavango to create a unified regional 3D model of MFP using all 
available borehole data 
 
       o Kavango to send thin sections of core samples, taken from Targets 1, 2 
& 3, for university analysis 
 
       o Kavango to contract Bell Geophysics to perform gravity data analysis 
over the northern part of the MFP 
 
Acquisition Terms, should the Kavango exercise their Option: 
 
> Power Metal to continue as project partner, with a 40% stake in the MFP 
 
> Value of the Proposed Transaction estimated to be between £1.17m & £1.875m 
(payable in stock), depending on the performance of Kavango's share price 
 
>The Company anticipates closing the Proposed Transaction through the issue of 
21,307,500 shares, pro-rated, to certain KKME shareholders (the "Vending 
Shareholders") at an issue price of 5.5p (the "Acquisition Shares"), valuing 
KKME at £1.375m 
 
> Half the Acquisition Shares will be locked in for 6 months & the other half 
locked in for 12 months 
 
>Kavango to issue 1-for-1 two-year warrants to the Vending Shareholders on the 
same terms as the 05 July placing (the "Acquisition Warrants"). The Acquisition 
Warrants are transferrable between the Vending Shareholders. 
 
As at year end, the company were proactively working with optionee, Kavango 
Resources plc. Evrima plc elected to support the transaction as a shareholder 
of Kalahari Key but instead chose to retain its direct asset interest should 
the option be exercised by the optionee. 
 
In the event, Kavango were to exercise their rights, Evrima plc would become a 
project level partner required to participate in direct expenditures on a 'fund 
or dilute' basis. 
 
The Board took this view, considering the opportunity to realise value through 
marketable securities after careful consideration and with the commercial 
rationale centred around the trade sale being at too premature in the MFCs 
development cycle for Evrima to fully commit after completion of only its 
maiden drill campaign that confirmed the presence of Nickel-Sulphide. It is 
highly encouraging to see such interest in the MFC project at such an early 
stage in its development. 
 
Kavango did not ultimately elect to exercise their rights under the option 
agreement entered with Kalahari Key, please refer to the post year end review 
for further detail including a subsequent conditional acquisition agreement 
entered between Kalahari Key and Power Metal Resources plc (AIM: POW). 
 
September 2021: Evrima complete Equity Financing 
 
In September 2021, the company raised £720,000 before expenses through a 
placing of 14,400,000 new ordinary shares of 0.1 p each at five pence (£0.05) 
per share (the "Placing Shares"), conditional upon admission of the Placing 
Shares to trading on AQSE Growth Market ("Admission"). 
 
Alongside each Placing Share subscribed, the subscribers received one warrant 
to subscribe for one additional new ordinary share, exercisable at 10 pence (£ 
0.10) for a period ending three years from the date of Admission. Should 
subscribers in the Placing elect to exercise their Warrants in full during 
their currency, for each new ordinary share so subscribed at 10 pence, they 
shall be issued with one replacement warrant granting the right to subscribe 
for one further new ordinary share with an exercise price of 20 pence, 
exercisable for three years from the date of issue of the Replacement Warrant. 
 
The placing was very well supported with the Directors and major shareholders 
investing £300,000 (41%) in the financing. The purpose of the financing was to 
increase its investment position in certain of its existing investee's and to 
support general corporate activity. 
 
PRINCIPAL RISKS AND UNCERTAINTIES 
 
The Directors consider the key risks to the company to be that of maintaining, 
augmenting and realising value from its investment positions and the company's 
reliance on capital markets. 
 
The company seeks to mitigate these risks through adhering to internal 
protocols that govern the time for which investments should be maintained and 
their respective liquidity profile to ensure that the company's asset profile 
is diverse, flexible and importantly not overexposed. 
 
The Directors continue to review investment opportunities that have the 

potential to generate the company income that would reduce the company's 
reliance on equity and debt finance to secure the ongoing operations of the 
business. 
 
Acquiring Less than Controlling Interests 
 
The Company may acquire either less than whole voting control of, or less than 
a controlling equity interest in, a target, which may limit the Company's 
operational strategies and reduce its ability to enhance Shareholder value. In 
recognising the risk in non-controlling investment interests, the Company 
ensures to categorise an investment based on the desired exit strategy. If a 
clear exit for the investment is pre-determined save for time to disposal, then 
the Company is content to invest on the basis that non-control does not impact 
or create an underlying risk by virtue of percentage ownership. To further 
protect investment activity where this may occur the Company carefully allocate 
capital to investments for which the Company have no influence over. 
 
Inability of Investee to Raise Capital Post-Investment 
 
An investee of the company may be unable to raise capital to fund operations 
and achieve its commercial objectives post-investment by the Company. This may 
lead to devaluation of the Company's investment interest, dilution or render 
the investee insolvent. It may also lead the investee to seeking distressed 
asset funding options that could create irrecoverable damages to the Company's 
investment. The Company believe in evaluating investment opportunities whereby 
they are not the sole investor responsible for capitalising the investment 
ensuring that the investee has a broad shareholder base and access to a wide 
pool of capital. Additionally in certain circumstances when conducting and 
structuring investments the Company will do so using a variety of financial 
instruments and terms that provide protection against risks associated with an 
investee being unable to secure capital investment 
 
The Company's Relationship with the Directors and Conflicts of Interest 
 
The Company is dependent on the Directors to identify potential acquisition 
opportunities and to structure and complete investments consistent with its 
investment strategy. The Directors are not obliged to commit their whole time 
to the Company's business; they will allocate a portion of their time to other 
businesses which may lead to the potential for conflicts of interest in their 
determination as to how much time to assign to the Company's affairs. The 
Company ensures that the Board maintains independence where conflicts may arise 
both internally with the Board and its advisors. In the event any conflicts 
should arise, the Board maintain a policy of disclosure and independent 
opinion. 
 
Risks Inherent in an Investment 
 
Although the Company and the Directors will evaluate the risks inherent in a 
particular investment, they cannot offer any further assistance that all of the 
significant risk factors can be identified or properly assessed. Furthermore, 
no assurance can be made that an investment in Ordinary Shares in the Company 
will ultimately prove to be more favourable to investors then a direct 
investment, if such an opportunity were available, in an investment interest. 
The Company believe that in holding investments through a quoted investment 
issuer structure the Company can provide sufficient indirect investment 
protection were they to own the investment directly. Furthermore, through the 
Company creating a basket of investment interests that in aggregate provide 
increased optionality in exposure to the underlying the Company is aiming to 
mitigate downside risk should an event impact the valuation of any of the 
investments. 
 
Funding 
 
The company at present is not generating income from any of its investment 
activity. The aim of the investment strategy is to seek capital gains on 
successful disposals of its investment interests rather than financial 
investments and instruments that generate income. The absence of income will 
mean that the company is reliant on the performance of the investee not just in 
its ability to operate but in its ability to provide the Company a material and 
liquid exit to ensure the company has capital to progress its investment 
strategy. The Company is cognisant of this risk, is actively managing its 
capital allocation but may have to rely on external capital finance by way of 
equity or debt to ensure it meets its financial obligations. In balancing this 
risk, the Company maintains a healthy ratio of cash to active investments and 
continues to monitor opportunities that could complement its portfolio by way 
of income generation to mitigate being too heavily weighted in non-cash flow 
generative opportunities. 
 
Impact of the business on the environment and other environmental matters 
 
The report does not contain such information, as the nature and principal 
activity of the business is that of investment, the Board consider 
environmental matters in forming any investment they may make and ensuring that 
the potential investment opportunity maintains internal standards and 
disciplines that demonstrate competence when evaluating their underlying 
operations. 
 
Within the mineral and natural resource industry, companies operating must 
comply with legislative and regulatory policy when undertaking such activity, 
including reclamation and environmental liabilities as a requisite of operating 
in an industry that involves the extraction of minerals from the environment 
and the remediation associated. 
 
Company's employees 
 
The employees of the company are the Board of Directors. The Board of Directors 
must adhere to high standards of operation consistent with managing a quoted 
company at all times. 
 
Social, community and human rights issues 
 
The Board consider social, community and human right issues in forming any 
investment they may make and ensuring that the potential investment opportunity 
maintains internal standards and disciplines that demonstrate competence when 
evaluating their underlying operations. 
 
KEY PERFORMANCE INDICATORS 
 
The company's principal activity is to acquire investment interests in global 
mineral and natural resource opportunities through mechanisms including direct 
asset investment, indirect asset investment (including investment in quoted 
companies operating in the mineral/natural resource industry) and through 
investing in instruments such as royalties that have the ability to generate 
the company investment income. 
 
For the year ending 31 December 2021, the company's most significant investment 
interests are three unquoted investments in private companies operating in the 
natural resource sector. The three companies were actively developing their 
underlying assets through operating exploration and development activities in 
base and industrial metals. 
 
The company continue to focus on the underlying investments held generating 
capital returns that can enable the company to consider redeployment of capital 
in additional opportunities as the Directors see suitable or the distribution 
of profits to the shareholders of the company in the form of a cash or 
in-specie dividends. 
 
The company's key investment objectives include; 
 
1. Identification of undervalued opportunities that the Board can augment 
through capital and direct involvement whether at the Board or Consultancy 
level. 
 
2. The generation of internal investment opportunities that can be developed 
through investment and creative commercial structures. 
 
3. To evaluate opportunities that post-investment are not reliant on the 
company to provide consistent capital investment over a period of time that 
will isolate and concentrate too much of the company  ís investment portfolios 
capital and focus. 
 
The company's key investment disposal objectives include; 
 
1. For the unquoted investment positions to achieve either a trade sale or 
consummate a go public transaction that would result in a premium realised to 
the cost of investment. 
 
2. To redeploy capital where the Directors of the company identify suitable 
opportunities that can generate sufficient returns for the company and its 
shareholders. 
 
3. To consider methods where shareholders can benefit in having exposure to the 
company's underlying assets through in-specie dividends 
 
SECTION 172(1) STATEMENT 
 
The Directors are required to make a statement which describes their attitude 
with regard to the matters set out in Section 172 (1) of the Companies Act 
2006, namely: 
 
Duty to promote the success of the company 
 
(a) The likely consequences of any decision in the long term 
 
(b) The interests of the company's employees 
 
(c) The need to maintain the company's business relationships with suppliers, 
customers and others 
 
(d) The impact of the company's operations on the community and environment 
 
(e) The desirability of the company maintaining a reputation for high business 
conduct 
 
(f) The need to act fairly between members of the company 
 
The Company is an investment company quoted on a minor exchange and its members 
will be fully aware, through detailed announcements, shareholder meetings and 
financial communications, of the Board's broad and specific intentions and the 
rationale for its decisions. The Company pays its employees and creditors 
promptly and keeps its costs to a minimum to protect shareholders funds. When 
selecting investments, issues such as the impact on the community and the 
environment have actively been taken into consideration; as is clear from the 
portfolio set out in the Executive Director's report. 
 
The Directors of the company commit to maintaining high operating standards and 
fiscal discipline and frequently communicate and engage with each other in 
order to consider and understand the underlying issues within the organisation. 
In order to enhance the standards of the business, the Board considers the 
global landscape that may present impediments to the business. 
 
The Board maintains a disciplined internal evaluation process that is used to 

identify opportunities consistent with its underlying investment strategy that 
are determined as suitable investment opportunities. Thorough internal and 
external analysis is completed and of much significance is a pre-determined 
exit strategy with an associated timeframe for realisation of value. 
 
The company is committed to the highest levels of integrity and transparency 
with stakeholders. 
 
Stakeholders include, suppliers, government and regulatory agencies, service 
providers and shareholders. The Board, both individually and together, consider 
that they have acted in the way they consider would be most likely to promote 
the success of the Company as a whole. In order to do this, there is a process 
of dialogue with stakeholders to understand the uses that they might have. 
Communications with shareholders occur on an ongoing basis and as questions 
arise. 
 
Transparency and integrity are central themes for the Company's Directors. The 
Directors of the company strive to provide our stakeholders with timely and 
informative responses. 
 
The Board recognises its responsibilities under Section 172 as outlined above 
and has acted at all times in a way consistent with promoting the success of 
the Company with regard to all stakeholders. 
 
POST YEAR REVIEW 
 
Following a defining year for the company and its underlying investments, 
Evrima has three core investments all of which post year end have clearly 
outlined materialisation strategies: 
 
1. Premium Nickel Resources Corporation 
 
Premium Nickel Resources and North American Nickel Sign Non-Binding LOI for 
Reverse Takeover of North American Nickel 
 
February 17, 2022 
 
Premium Nickel Resources Corporation ("PNR") and North American Nickel Inc. 
(TSXV: NAN) ("NAN") are pleased to announce that they have executed a 
non-binding letter of intent ("Non-Binding LOI") providing for a business 
combination of PNR and NAN, which would be implemented by way of a "Reverse 
Takeover" (under the policies of the TSX Venture Exchange (the "Exchange") of 
NAN by PNR. Under the policies of the Exchange, PNR is a "Non-Arm's Length 
Party" of NAN. The Non-Binding LOI will form the basis upon which PNR and NAN 
will negotiate one or more definitive agreements governing the proposed RTO. It 
is currently anticipated that the RTO will be completed by way of a triangular 
amalgamation involving PNR, NAN and a wholly-owned subsidiary of NAN to be 
formed; provided, however that the definitive structure of the RTO will be 
determined based on further tax and structuring advice to be received prior to 
the execution of definitive agreements governing the proposed RTO. In this news 
release, references to the "Resulting Issuer" is to NAN after the closing of 
the RTO. 
 
Proposed Transaction Terms: 
 
NAN currently owns approximately 9.8% of the outstanding common shares of PNR 
on a basic, undiluted basis, and a warrant entitling NAN to purchase an 
additional 15% of the equity in PNR, on an undiluted basis, for US$10 million, 
until February 26, 2025 (the "15% Warrant").While a definitive exchange ratio 
remains subject to ongoing due diligence, under the terms of the Non-Binding 
LOI, each common share of PNR outstanding immediately prior to the closing of 
the RTO, other than any common share of PNR held by NAN, would be exchanged for 
5.27 common shares of the Resulting Issuer (before giving effect to any 
Consolidation) and the 15% Warrant and the common shares of PNR held by NAN 
would be extinguished. 
 
Following completion of the RTO, approximately 25% of the outstanding common 
shares of the Resulting Issuer are expected to be held by the current 
shareholders of NAN and approximately 75% of the outstanding common shares of 
the Resulting Issuer are expected to be held by the current shareholders of PNR 
(other than NAN). In connection with the proposed RTO, and subject to any 
required shareholder and regulatory approvals, NAN is expected to seek the 
requisite shareholder and regulatory approvals to change the name and stock 
ticker symbol of the Resulting Issuer as part of the RTO to such name and 
ticker symbol as may be requested by PNR, acting reasonably, consolidate the 
common shares of the Resulting Issuer (the "Consolidation") and reconstitute 
the board of directors of the Resulting Issuer. 
 
About North American Nickel Inc. 
 
North American Nickel is a mineral exploration company with 100% owned 
properties in Maniitsoq, Greenland and Ontario, Canada. In 2019, NAN became a 
founding shareholder in PNR to provide direct exposure to Ni-Cu-Co 
opportunities in the southern African region. Simultaneously, NAN is expanding 
its area of exploration interest into Morocco. 
 
North American Nickel and Premium Nickel Resources Execute Definitive Agreement 
for Business Combination 
 
April 26, 2022 
 
Premium Nickel Resources Corporation ("PNR") and North American Nickel Inc. 
(TSXV: NAN) ("NAN") are pleased to announce that they have entered into a 
definitive amalgamation agreement (the "Amalgamation Agreement") in respect of 
their previously announced reverse takeover transaction (the "RTO"), pursuant 
to which PNR would "go-public" by way of a reverse takeover of NAN. In this 
news release, references to the "Resulting Issuer" are to NAN after the closing 
of the RTO. As certain directors and officers of NAN are also directors and 
officers of PNR, the Amalgamation Agreement is considered as a "Non-Arm's 
Length" agreement pursuant to the policies of the TSX Venture Exchange (the 
"Exchange"). 
 
Transaction Particulars and the Definitive Agreement 
 
On April 25, 2022, NAN, PNR and 1000178269 Ontario Inc. ("NAN Subco"), a 
wholly-owned subsidiary of NAN incorporated under the Business Corporations Act 
(Ontario) (the "OBCA"), entered into the Amalgamation Agreement, which provides 
for, among other things, a three-cornered amalgamation (the "Amalgamation") 
pursuant to which (i) NAN Subco will amalgamate with PNR under Section 174 of 
the OBCA to form one corporation ("Amalco"), (ii) the securityholders of PNR 
will receive securities of the Resulting Issuer in exchange for their 
securities of PNR at an exchange ratio of 5.27 Resulting Issuer Shares (as 
defined herein) for each outstanding share of PNR (subject to adjustments in 
accordance with the Amalgamation Agreement) (the "Exchange Ratio"), and (iii) 
the transactions will result in a RTO of NAN in accordance with the policies of 
the Exchange, all in the manner contemplated by, and pursuant to, the terms and 
conditions of the Amalgamation Agreement. A copy of the Amalgamation Agreement 
will be available electronically on SEDAR (www.sedar.com) under NAN's issuer 
profile in due course. 
 
Conditional on PNR and NAN receiving all requisite corporate, regulatory and 
shareholder approvals Evrima will materialise value through holding quoted 
shares on a recognised investment exchange (TSX-V) providing immediate 
liquidity, future potential capital growth and deeper optionality in how the 
company seek to utilise its liquidity position. 
 
2. Kalahari Key 
 
Following extensive discussion and due diligence with Kavango Resources plc 
("Kavango") through late 2021 and early 2022 with respect a proposed Sale and 
Purchase Agreement in March 2022 Kavango formally withdrew their offer to 
acquire an interest in Kalahari Key. 
 
The commercial exercise undertaken at Kalahari Key was to establish market 
interest in the Molop Farms Complex ("MFC", Kalahari Key's single project) and 
secure both external capital investment and potential project partners/ 
co-investors. Following the completion of the Power Metal Resources (AIM: POW) 
earn-in agreement in, 2021 the project-related objectives post-results from the 
POW earn-in agreement included follow-up drill campaigns and the identification 
of new targets based on the data and findings associated with the exploration 
campaigns completed to date. 
 
On 18 May 2022, Power Metal Resources plc announced a conditional sale and 
purchase agreement supported by all the underlying shareholders of Kalahari 
Key. The agreement conditional on local compliance and in-country regulatory 
approvals would see Power Metal Resources acquire a further 35% interest in 
Kalahari Key resulting in an effective interest of 87.71% of the share capital 
of Kalahari Key. 
 
Evrima, supportive of the transaction have elected to retain their project 
level interest in Kalahari Key should the Power Metal Resources acquisition 
complete. 
 
Evrima were one of the early investors in Kalahari Key in 2018. To date the 
Molopo Farms Complex has managed to attract capital investment to further its 
geological potential and at the forefront of this has been, AIM-quoted, Power 
Metal Resources plc (AIM: POW). Should the transaction complete Power Metal 
Resources would become both the single largest shareholder of the company and 
the sole operator. 
 
The Boards decision to retain its investment interest is one for which great 
consideration has been given. The company are very much aware of the varying 
risks associated with passing on the opportunity to exchange a private unquoted 
asset with funding liabilities and dilutive risk for a more liquid asset with a 
marketable value that has the potential to deliver capital returns to the 
company. 
 
The original model that the founders of Kalahari Key were most excited by 
surrounded the potential to discover a feeder-styled deposit. The presence of 
that model has yet to be determined and if were to be could carry considerable 
value to the Company's equity interest in Kalahari Key. The key analysis that 
drove the Board's decision was centred around the perceived value at point of 
concluding the sale versus the internal analysis and optionality that the 
Company maintain in augmenting value in our equity position in Kalahari Key. 
 
In 2020, the Company acquired a further 17.2% interest in Kalahari Key from two 
of its founding shareholders as they sought optionality in the financial 
instrument, they held that provided them exposure to Kalahari Key, they chose 

Evrima plc. The two founders not only remain shareholders of Evrima but are 
Directors of Evrima investee, Eastport Ventures inc. 
 
3. Eastport Ventures Inc. ("Eastport" or "EV") 
 
Following extensive discussions with Eastport Ventures Inc. by way of a 
conversion of debt to equity agreement the company acquired a further 2,839,281 
shares in Eastport Ventures Inc. at a blended average purchase price of 
CAD$0.23c resulting in Evrima plc owning a total 3,362,948 [6.82%] ordinary 
shares in Eastport. 
 
Eastport Ventures Inc.: 6-month Corporate Outlook 
 
Eastport are currently engaged in commercial discussions to complete a go 
public transaction by way of either Initial Public Offering ("IPO") or by 
Reverse Takeover ("RTO") on an internationally recognised investment exchange. 
It is anticipated that a definitive decision as to the company's preferred 
method of going public is to be announced in the short-term. 
 
Over the last 5-years Eastport has grown from a single-project focused entity 
to a multi-faceted and streamlined junior development and venture capital 
business. Eastport has five mineral interests in Botswana providing exposure to 
nickel, copper, uranium and diamonds and an internal investment division with 
in excess of $8,000,000 in, market value. 
 
It is now the opinion of the Board of Eastport to enhance its market profile, 
awareness and to have the flexibility of accessing capital markets to explore 
mechanisms to further the company's underlying assets. 
 
OUTLOOK 
 
The activity of the company to the year end reflected one of strategic 
positioning and accumulation of investment positions. The corporate activity at 
the company as at date of this report as outlined in the post year end review 
demonstrate that all three of the company's unquoted investments are now either 
entering corporate transactions to strengthen their future outlook or at the 
point of completing and progressing go public transactions that will enable 
Evrima greater optionality in its liquidity profile which if met with a 
positive market, dramatically reduce the company's dependency on working 
capital by way of equity finance and/or debt finance and also offer the company 
opportunity to reallocate capital gains for the purpose of investment 
opportunities and distributions to the shareholders of the company. 
 
ON BEHALF OF THE BOARD: 
 
Mr B S Tennent-Bhohi - Director 
 
Date:  29 June 2022 
 
Statement of Comprehensive Income for the year ended 31 December 2021 
 
                                                    2021               2022 
 
                               Notes                   £                  £ 
 
TURNOVER                                               -             20,141 
 
Administrative expenses                        (274,780)          (262,296) 
 
OPERATING LOSS                   5             (274,780)          (242,155) 
 
Gain on revaluation of assets                  1,338,384             69,769 
 
                                               1,063,604          (172,386) 
 
Interest payable and similar     6                     -            (5,959) 
expenses 
 
PROFIT/(LOSS) BEFORE TAXATION                  1,063,604          (178,345) 
 
Tax on profit/(loss)             7             (135,958)           (35,621) 
 
PROFIT/(LOSS) FOR THE                            927,646          (213,966) 
FINANCIAL YEAR 
 
TOTAL COMPREHENSIVE INCOME FOR                   927,646          (213,966) 
THE YEAR 
 
Earnings per shares expressed    8 
in pence per share: 
 
Basic                                               0.02              -0.14 
 
Diluted                                             0.01              -0.14 
 
Statement of Financial Position 31 December 2021 
 
                                                    2021               2020 
 
                               Notes                   £                  £ 
 
FIXED ASSETS 
 
Investments                      9             1,814,387            344,976 
 
CURRENT ASSETS 
 
Investments                      9                35,604                  - 
 
Debtors                          10              376,059             68,895 
 
Cash at Bank                                     106,119            163,607 
 
                                                 517,782            232,502 
 
CREDITORS 
 
Amounts falling due within one   11             (92,567)          (118,740) 
year 
 
NET CURRENT ASSETS                               425,215            113,762 
 
TOTAL ASSETS LESS CURRENT                      2,239,602            458,738 
LIABILITIES 
 
Deferred tax                     12            (135,958)                  - 
 
                                               2,103,644            458,738 
 
 
 
CAPITAL AND RESERVES 
 
Called up share capital          13              244,068            229,668 
 
Share premium                    14            1,360,029            673,448 
 
Other reserves                   14               44,100             27,821 
 
Retained earnings                14              455,447          (472,199) 
 
SHAREHOLDERS' FUNDS                            2,103,644            458,738 
 
Statement of Changes in Equity for the year ended 31 December 2021 
 
                              Called up   Retained      Share      Other     Total 
                                  share   earnings    premium   reserves    equity 
                                capital 
 
                                      £          £          £          £         £ 
 
Balance at 1 January 2020       119,234  (258,233)    321,482     24,000   206,483 
 
Changes in equity 
 
Deficit for the year                  -  (213,966)          -          - (213,966) 
 
Other comprehensive income            -          -          -      3,821     3,821 
 
Total comprehensive income            -  (213,966)          -      3,821 (210,145) 
 
Issue of share capital          110,434          -    251,966          -   462,400 
 
Balance at 31 December 2020     229,668  (472,199)    673,448     27,821   458,738 
 
Changes in equity 
 
Profit for the year                   -    927,646          -          -   927,646 
 
Other comprehensive income            -          -          -     16,279    16,279 
 
Total comprehensive income            -    927,646          -     16,279   943,925 
 
Issue of share capital (net      14,400          -    686,581          -   700,981 
of share issue costs) 
 
Balance at 31 December 2021     244,068    455,447  1,360,029     44,100 2,103,644 
 
Statement of Cash Flows for the year ended 31 December 2021 
 
                                                              2021       2021 
 
                                                Notes            £          £ 
 
Cash flows from operating activities 
 
Cash generated from operations                    1      (272,068)  (233,802) 
 
Interest paid                                                    -    (5,959) 
 
Net cash from operating activities                       (272,068)  (239,761) 
 
Cash flows from investing activities 
 
Purchase of fixed asset investments                      (166,631)   (71,957) 
 
Loans granted                                            (319,589) 
 
Sale of tangible fixed assets                                    -    (4,436) 
 
Sale of investment property                                      -    200,000 
 
Loss on disposal of fixed assets                                 -      4,436 
 
Net cash from investing activities                       (486,220)    128,043 
 
Cash flows from financing activities 
 
Share issue net of issue costs                             700,800    263,480 
 
Net cash from financing activities                         700,800    263,480 
 
(Decrease)/increase in cash and cash                      (57,488)    151,762 
equivalents 
 
Cash and cash equivalents beginning of year       2        163,607     11,845 
 
Cash and cash equivalents at end of year          2        106,119    163,607 
 
 
 
Notes to the Statement of Cash Flows for the year ended 31 December 2021 
 
1.        RECONCILIATION OF PROFIT/(LOSS) BEOFRE TAXATION TO CASH GENERATED 
FROM OPERATIONS 
 
                                                                           2021      2020 
 
                                                                              £         £ 
 
Profit/(loss) before taxation                                         1,063,604 (178,345) 
 
Loss on disposal of fixed assets                                              -     4,436 
 
Gain on revaluation of fixed assets                                 (1,338,384)  (69,769) 
 
Finance costs                                                                 -     5,959 
 
                                                                      (274,780) (237,719) 
 
Share based payment movement                                             16,279         - 
 
Other non cash items                                                        181         - 
 
Decrease/(Increase) in trade and other debtors                           12,425  (64,302) 
 
(Decrease/increase in trade and other creditors                        (26,173)    68,219 
 
Cash generated from operations                                        (272,068) (233,802) 
 
2.        CASH AND CASH EQUIVALENTS 
 
The amounts disclosed on the Statement of Cash Flows in respect of cash and 
cash equivalents are in respect of these Statement of Financial Position 
amounts: 
 
Year ended 31 December 2021 
 
                                                                        31/12/21   1/1/21 
 
                                                                               £        £ 
 
Cash and cash equivalents                                                106,119  163,607 
 
Year ended 31 December 2020                                             31/12/20   1/1/20 
 
                                                                               £        £ 
 

cash and cash equivalents                                                163,607   11,845 
 
3.        ANALYSIS OF CHANGES IN NET FUNDS 
 
                                                        At 1/1/21  Cash flow At 31/12/21 
 
                                                                £          £           £ 
 
Net cash 
 
Cash at bank                                              163,607   (57,488)     106,119 
 
                                                          163,607   (57,488)     106,119 
 
Total                                                     163,607   (57,488)     106,119 
 
4.        MAJOR NON-CASH TRANSACTIONS 
 
Excluded from the cashflows is the deferred tax of £135,958 recognised on the 
fair value uplift on the investments 
 
 
 
END 
 
 

(END) Dow Jones Newswires

June 30, 2022 10:40 ET (14:40 GMT)