Evrima Plc Audited Annual Results for the year ended 31 December 2022

 
TIDMEVA 
 
26 June 2023 
 
Evrima plc 
 
AQSE: EVA 
 
("Evrima" or "the Company") 
 
Audited Annual Results for the year ended 31 December 2022 
 
The Company is pleased to announce its final results for the year ended 31 
December 2022. The financial information below has been extracted from the 
audited financial statements of the Company for the year ended 31 December 2022, 
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 theRepublic of Ireland" ("FRS102") and the 
Companies Act 2006. The Annual Report is available from the Company's website at 
www.evrimaplc.com. 
 
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 / George Duxberry: + 44 (0) 20 7399 9400 
 
REVIEW OF BUSINESS 
 
2022 proved to be a very challenging year for global financial markets with a 
visceral transition of capital leaving equity markets with global themes being 
focused on central banks tightening monetary policy and combatting rampant 
inflation with accelerated base rate increases at a pace not seen for some time. 
This shift in attitude and repricing of risk resulted in risk off investing 
returning after a strong and sustained period for equity markets. 
 
For Evrima, this economic backdrop tends to favour commodities, this theme 
further supported through the performance of the S&P GSCI a benchmark for 
commodities which rose 26% to the year ending 2022 whilst the S&P 500 delivered 
a negative return of -18.01%. 
 
Evrima remains committed to structuring well evaluated investment transactions 
in the natural resource industry where the Company look for investment exposure 
to assets ranging from exploration to development and pre-production. To date 
the company have executed three major investment transactions with the 
underlying assets independent but as a collective located in the same 
jurisdiction being, Botswana. 
 
In spite of the challenges 2022 brought, Evrima had somewhat of a breakthrough 
year with our private investments seeing a combination of material events 
including; go public transaction (s), substantive capital investment & 
meaningful operational development at our investee's. 
 
Below, I provide an overview of key events across each of our material 
investments to the year end. 
 
Investment Interests & Progress to 31 December 2022 
 
Premium Nickel Resources Corporation Ltd("PNRL") 
 
Investment Interest as at Year End: 
 
Opening Shareholding: 1,114,115 
 
Shares Held as at Year End: 1,014,115 
 
Shares Sold to the Year End: 100,000 
 
Gross Proceeds Realised: $169,000 (CAD) 
 
Average Consolidated Sales Price: $1.69 
 
Book Cost on Shares Purchased: $0.21 
 
Capital Gain / %-Gain on Sale: $148,000 ($1.48 p/share sold) / 704% 
 
Warrants held in PNRL: 12,500 (Strike Price: $1.75 / Life to Expiry: October 16 
2023) 
 
Premium Nickel Resources Ltd is a mineral exploration and development company 
that focuses on discovering and advancing high-quality nickel, copper and cobalt 
resources. PNRL is a Canada-based mining company listed on the Toronto Stock 
Venture Exchange. The Company's Selebi Project encompass two fully permitted, Ni 
-Cu-Co Mine re-development projects; former BCL Selebi Mine (Selebi Main and 
Selebi North deposits), dubbed the "Tsholofelo Project" as well as the former 
Tati Nickel Mining Company (TNMC) Selkirk Mine. 
 
Material Highlights to the Year End Include: 
 
17 August 2022 - Premium Nickel Resources Corporation successfully completed the 
amalgamation with North American Nickel Inc. Resulting in the amalgamated 
Premium Nickel Resources Limited to commence trading on August 17 on the TSX 
Venture Exchange. 
 
17 August 2022 - First assay results released from the 2022 diamond drill 
program including hole SMD-22-001 (lower interval): 25.65 metres of 0.95% Ni, 
2.03% Cu, 0.04% Co and 7.40 ppm Ag. 
 
22 August 2022 - Premium Nickel Resources Ltd completes the purchase of Selkirk 
Mine in Botswana. 
 
22 December 2022 - Assay results released from the 2022 diamond drill program 
including hole SMD-22-006a-W2 (upper interval): 9.8 metres of 1.56% NiEq (0.97% 
Ni, 1.74% Cu, 0.03% Co) 
 
Eastport Ventures Inc. 
 
Investment Interest as at Year End: 
 
Shareholding at beginning of the Year: 523,677 
 
Shares Acquired during the Year: 3,072,946 
 
Average Price Paid Per Share: $0.23 
 
Resulting Holding: 3,596,623 (Representing 7% of the Issued Share Capital of 
Eastport Ventures Inc.) 
 
Warrants Held as at Year End: 1,281,265 (Strike Price: $0.30 / Life to Expiry: 
June 2027) 
 
Burns Singh Tennent-Bhohi, Chief Executive Officer & Director of Evrima plc is a 
Founding Partner in Eastport Ventures and the current Chairman and Chief 
Executive Officer. Non-Executive Director, as at Year End but not as at date of 
this report, Guy Miller was as at year end a non-controlling, minority 
shareholder of Eastport Ventures Inc. The Company commissioned an independent 
valuation of Eastport to ensure that any investment considered or executed was 
externally valued as fair and reasonable. 
 
Formed by seasoned explorers and corporate investors, Eastport Ventures is a 
Canadian mining house that is predicated on building and maximising value from 
its asset base of investments and projects. Eastport is focused on driving value 
in its direct asset interests through attempting to yield material discoveries. 
Supporting this operational model is the Company's internal investment and 
securities division that focuses on both private and public investment 
opportunities, this division was started in 2020 with $50,000 (CAD) in start-up 
cost and now commands a market value in excess of $3,000,000. 
 
Over a four-year period, the Company has constructed a portfolio of advanced 
exploration assets targeting copper, nickel, uranium and diamonds. The mineral 
assets within Eastport's portfolio of exploration assets have seen aggregate 
exploration expenditures in excess of $15,000,000 USD in both historic and 
current capital expenditures. Cumulatively, Eastport's projects cover a licence 
area of over 7,816 km2. 
 
In September 2022, Eastport entered a non-binding LOI with TSX-V listed, Auston 
Capital Corp (TSX-V: ASTN.P) in respect of a proposed business combination that 
subject to completion and all legal and regulatory approvals would result in 
Eastport becoming a publicly quoted company on a recognised investment exchange. 
Eastport continue to make positive progress in working to agree to terms with 
Auston. 
 
Eastport Project Overview: 
 
Matsitama Copper 
 
Eastport subsidiary, Matsitama Minerals (Pty) Ltd, holds 100% of six prospecting 
licences that cover 1,668 km2 prospective for copper mineralisation. The 
licences were renewed for a further two years in January 2022.The six licences 
cover the majority of the Palaeo-Proterozoic Matsitama Schist Belt, a 
predominantly clastic sedimentary suite of rocks with minor mafic to ultramafic 
volcanic intrusives. Mineralisation is copper, lead, and zinc when located in 
major fault zones, and copper sulphide when found within the schistose rocks. 
Past and present mining operations within the belt have exploited both styles of 
mineralisation. 
 
Over the ensuing years, the exploration programme at Matsitama will be dominated 
by drilling, targeting both styles of mineralisation. Early application of self 
-organizing maps (SOM) has identified a new large area of favourable alteration 
that suggests an unexplored area of copper pyrite (Cu-Py) mineralisation 
stratigraphically below the Thakadu deposit. 
 
Matsitama 2022 Highlights: 
 
- Identification of major target, Phudulooga, 1.2km strike length, Eastport 
first pass drilling intercepted high grade copper results including: 
 
DS07-12: 0.44m @ 10.95% Cu 
 
DS21-18: 0.65m @ 12.85% Cu 
 
Historic Drilling at Phudulooga included: 
 
DS07-011 - 4.42% Cu, 5.94 g/t Ag over 3.3m at 24.1m depth 
 
DS07-012 - 3.36% Cu, 3.72 g/t over 3.4m at 85.8m depth 
 
-  Identification of new exploration targets within the centre of the Matsitama 
Prospecting Licences ("PLs") 
 
-  Ongoing development and evaluation of existing SAMREC compliant Copper 
Deposit within the Matsitama PLs 
 
Selebi Nickel-Copper 
 
Eastport's Selebi project is comprised of four licences that cover a total area 
of 2,100 km2, with favourable amphibolite geology located throughout the licence 
area. The neighbouring licence has historical annual production of 40,000 tonnes 
of copper and nickel, and is today owned by Eastport investee, TSX listed, 
Premium Nickel Resources Limited (TSV:PNRL). 
 
Eastport's Selebi licences are located to the south-east of the Selebi and 
Phikwe sulphide deposits, which Wood Mackenzie has estimated contain a remaining 
in-situ resource of 33.07 million tonnes grading 0.8% nickel, and 1.18% copper. 
 
Selebi 2022 Highlights: 
 
-  Commencement of extensive soil sampling campaign 
 
-  Airborne reprocessing 
 
-  Preparation of regional stream sampling survey 
 
-  Conclusion of Soil Sampling / Geochemistry will allow for target 
identification through Geophysical instruments 
 
Keng Nickel-Copper 
 
Eastport's Keng project is comprised of two licences that cover 1,345 km2, and 
which are prospective for copper, nickel, and platinum group metals (PGMs). Keng 
is situated on an important section of the northern edge of a mafic-ultramafic 
intrusive, known as the Molopo Farms Complex, and where the licences overlie the 
contact with "reactive" carbonate rocks. Narrow intervals of veined 
mineralisation, indicative of metal movements within the system, are reported in 
the historic drilling data. 
 

The large, multi-lobed Molopo Farms mafic-ultramafic Complex is observed in 
drill core, and the complex is often cited as being analogous to the Bushveld in 
South Africa; a significant producer of platinum group elements that attract 
exploration interest from a wide-range of exploration entities. 
 
Within the Keng licences, the Molopo Farms Complex is uncommonly near vertical 
dips, with structural features that suggest stacking and folding of thrust 
sheets, which offer open space opportunities for mineralisation. Significant 
nickel-in-soil anomalies are found in close proximity to these thrust sheets, 
providing a target for focused mineralisation. The geologic opportunity is 
further enhanced through the presence of broad areas of reactive carbonate-rich 
rocks known to destabilise mineral-rich fluids. 
 
Keng 2022 Highlights: 
 
-  Meetings with local authorities and interested parties initiated, securing a 
series of access agreements to allow for uninterrupted work 
 
-  Reprocessing of airborne magnetic surveys 
 
-  Historic data compilation covering; geochemistry, drilling and gravity 
surveys 
 
-  Drill target (s) identification 
 
Jwaneng Diamond Project 
 
Eastport has two exploration licences in the Jwaneng area that span over 100 
km2. The licences are located next to Debswana's Jwaneng Mine, acknowledged as 
"the richest diamond mine in the world by value", producing over 11 million 
carats per annum. 
 
At present, three kimberlite pipes are known within Eastport's Jwaneng diamond 
licences, with all three implying a long history of kimberlite emplacement in 
the area. The diamond content of the three kimberlite pipes is largely unknown 
and each appears to have been historically under-sampled. 
 
The Kgare pipe is the most well understood of the kimberlites at Jwaneng, being 
diamondiferous, and having returned encouraging mineral geochemistry that is 
comparable to indicators found in Debswana's Jwaneng mine. 
 
Jwaneng 2022 Highlights: 
 
-  Airborne survey acquired and reprocessed resulting in identification of new 
kimberlite targets 
 
-  Upon completion of 2021 Phase 1 Drilling, 400kg of kimberlite delivered to 
Canada for recovery and indicator chemistry studies 
 
-  Agreement entered with Tier 1 mining company providing assistance with a 
portion of our program, with the combination of these studies leading to a 
grade/tonnage and value estimation for the Kgare target 
 
Foley Uranium 
 
Located in north-central Botswana, the Foley project covers 971.9 km2 under 
licence, wholly-owned by Eastport. The project borders A-Cap Energy's Letlhakane 
deposit, one of the world's largest undeveloped uranium deposits, with an in 
-situ resource of 280 million pounds (Mlbs) U3O8. Uranium was first discovered 
in the region in the early 1970s, and an improved understanding of the deposit 
type has enabled the resource to be significantly expanded. 
 
Mining infrastructure in the region is excellent, with power, transport, and 
skilled labour all in close proximity. At Selebi- Phikwe the processing of 
sulphide ores creates the opportunity for a local acid supply for uranium ore 
processing. 
 
Foley 2022 Highlights: 
 
-  Preparation of uranium-in-water sampling in existing boreholes to aid in 
vectoring toward hidden mineralization 
 
Kalahari Key Mineral Exploration Company (pty) Ltd ("Kalahari Key") 
 
Investment Interest as at Year End: 
 
Shares held in Kalahari Key: 3,802 
 
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. 
 
During the year, Evrima elected to retain its interest in Kalahari Key following 
Power Metal Resources ("POW") conditional acquisition. POW has signed a 
conditional agreement to acquire an additional 58.7% interest in the share 
capital of Kalahari Key. Metal to acquire a further 15,002 Kalahari Key shares 
for £807,348. Following completion and a restructuring of the MFC Project 
interest Power Metal will hold 87.71% of Kalahari Key which will wholly own the 
Molopo Farms Complex Project on completion. Power Metal will become operator of 
Kalahari Key with immediate effect and will look to accelerate exploration. 
 
Key Corporate Highlights to Year End: 
 
Directors Compensation and Administrative Costs 
 
The Directors of the Company were paid in aggregate £0 to the Year End in a sign 
of complete commitment to Evrima and its commercial strategy. 
 
The Company effectively reduced administrative expenses to Year End by 64%. 
 
Addition to the Board of Directors 
 
In November 2022, the Company expanded its Board of Directors through the 
appointment of seasoned Corporate Financier, Duncan Gordon; 
 
Mr. Gordon is a Canadian businessman and financier. He serves as the President 
of Ivy Capital Corp., a firm dedicated to providing financing services and 
strategic plans for companies seeking guidance through the capital raising 
process. He has a wide range of financial transaction experience in originating 
and structuring deals which range from traditional equity to debt and 
alternative financing options. 
 
Mr. Gordon was formerly a Vice President and Senior Investment Advisor at 
Canaccord Genuity Wealth Management for over seventeen years. His dedication to 
his clients, passion and knowledge resulted in him being honoured with 
membership into the Chairman's Club, placing him as owning one of the top 20 
investment advisory practices in Canada. Mr. Gordon's long-term focus and 
support of the junior mining arena has led to a niche specialization as a 
leading financier who has raised over $500M throughout his career. 
 
Burns Singh Tennent-Bhohi CEO Direct Financing 
 
During the year and upon Board & Shareholder approval the Company entered a 
Secured Convertible Loan Note Facility ("SCLN") with the Company's Chief 
Executive Officer & Director, Burns Singh Tennent-Bhohi. The terms of the 
facility were announced to market on 30 November 2022 & the facility approved by 
the shareholders at the Company's Annual General Meeting on 28 December 2022. 
 
The terms of the SCLN Facility: 
 
-  SCLN shall have a maturity of 12 months from the date of the agreement 
entered between both parties, with the Maturity date being 29.11.2023 
 
-      The SCLN shall carry a coupon of 10% and will be rolled-up on draw of 
funds to the borrower and payable upon maturity 
 
-  The SCLN will maintain a floating charge over the assets of the Company, upon 
redemption and at the election of the lender, the lender shall have the right to 
redeem the monies owing through cash redemption, conditional settlement by way 
of an issue of equity or settlement by way of a distribution of assets that 
reflect the monetary sum lent and outstanding, including all and any accrued 
interest payable to the lender. 
 
-  Burns Singh Tennent-Bhohi has the right to serve the Directors notice and 
intention to convert any monies outstanding at the lower of the mid-price of 
Evrima as at the date of this agreement being, four pence per share (£0.04) or 
the 15-day volume weighted average price (VWAP) preceding the lenders intention 
to serve notice to convert. 
 
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 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. 
 
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 report does not contain such information, as the nature and principal 
activity of the business is that of investment, 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 2022, the company held 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's 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 
 
Section 172 Statement 
 
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 
 
Reflecting on key moments for the Company in 2022, I am pleased to report to 
shareholders that despite challenging capital market conditions the Company has 
been able to reduce costs and only seek to release capital from its portfolio of 
investments for key financial obligations and to evaluate new investment 
opportunities. A significant outcome of this exercise has been in understanding 
and acknowledging that as a business the Board are committed to using its 
internal treasury to capitalise growth and create value for our shareholders and 
not to seek capital investment through equity finance that would be dilutive to 
our existing shareholders. 
 
This model has required patience and sacrifice from our Board, advisors, 
management and our shareholders and I would like to take this opportunity to 
thank all for their continued support of Evrima as we continue to progress our 
investment mandate concurrent with considering optimal realisation strategies 
for our shareholders. 
 
When considering the first half of 2023 and looking to the following six months 
to the year ending 2023 the key objectives at Evrima include: 
 
-  Augmenting the treasury position of the business, primarily our portfolio of 
marketable securities for which is the main source of the Company's current 
direct liquidity position 
 
-  To evaluate quality investment opportunities in the exploration, development 
and mining industry both in private and public markets 
 

-To materialise value in our two substantive private interests being Eastport 
Ventures Inc. & Kalahari Key for which the Board are actively pursuing with 
Eastport Ventures Inc. seeking to complete its go public transaction in North 
America in this year 
 
-  To consider potential market synergies that would enhance the liquidity 
profile for our current shareholders 
 
ON BEHALF OF THE BOARD: 
 
Mr B S Tennent-Bhohi - Director 
 
Date:23 June 2023 
 
Statement of Comprehensive Income for the year ended 31December2022 
 
TURNOVER                       Notes  2022         2021 
 
                                      £            £ 
 
                                      -            - 
Administrative expenses               (166,997)    (274,780) 
                                      (166,997)    (274,780) 
Other operating income                10,250             - 
OPERATING LOSS                 5      (156,747)    (274,780) 
Gain on revaluation of assets           (253,032)  1,338,384 
                                      (409,779)    1,063,604 
 
Interest payable and similar expenses  6      (129)             - 
(LOSS)/PROFIT BEFORE TAXATION                 (409,908)  1,063,604 
Tax on (loss)/profit                       7             (135,958) 
 
                                              81,178 
 
(LOSS)/PROFIT FOR THE FINANCIAL  (328,730)  927,646 
 
YEAR 
 
TOTAL COMPREHENSIVE INCOME  (328,730)    927,646 
 
FOR THE YEAR 
 
Earnings per share expressed  8 
 
in pence per share: 
Basic                            (0.5)    1.8 
Diluted                            (0.3)    1.1 
 
Statement of Financial Position 31December2022 
 
                               2022                                   2021 
FIXED ASSETS        Notes      £                       £ 
Investments         9          886,884                 1,814,387 
CURRENT ASSETS      10         13,710                  376,059 
 
Debtors 
Investments         11         1,046,355               35,604 
Cash at bank                          44,386           106,119 
CREDITORS                        1,104,451             517,782 
Amounts falling                (161,640)               (92,567) 
due within one      12 
year 
NET CURRENT ASSETS             942,811                    425,215 
TOTAL ASSETS LESS              1,829,695                  2,239,602 
CURRENT 
LIABILITIES 
PROVISIONS FOR      15         (54,781)                (135,958) 
LIABILITIES 
NET ASSETS                     1,774,914               2,103,644 
CAPITAL AND         16         244,068                 244,068 
RESERVES 
 
Called up share 
capital 
Share premium       17         1,360,29                1,360,029 
Other reserves      17                                 44,100 
                                               44,100 
Retained earnings   17           126,717                 455,447 
SHAREHOLDERS'                  1,774,914               2,103,644 
FUNDS 
 
Statement of Changes in Equity for the year ended 31December2022 
 
               Called up   Retained      Share        Other       Total equity 
               share       earnings      premium      reserves 
               capital                                            £ 
                           £             £            £ 
               £ 
Balance at 1   229,668     (472,199)     673,448      27,821      458,738 
January 2021 
Changes in     -           927,646       -            -           927,646 
equity 
 
Profit for 
the year 
Other                  -           -             -        16,279      16,279 
comprehensive 
income 
Total          -           927,646       -            16,279      943,925 
comprehensive 
income 
Issue of           14,400          -        686,581           -      700,981 
share capital 
Balance at 31     244,068     455,447      1,360,029      44,100    2,103,644 
December 2021 
Changes in             -      (328,730)          -            -      (328,730) 
equity 
 
Deficit for 
the year 
Total                  -      (328,730)          -            -      (328,730) 
comprehensive 
income 
Balance at 31     244,068     126,717      1,360,029      44,100    1,774,914 
December 2022 
 
Statement of Cash Flows for the year ended 31December2022 
 
Cash flows from operating activities           Notes  2022       2021 
 
                                                      £          £ 
Cash generated from operations                 1      (119,258)  (272,068) 
Interest paid                                           (129)         - 
Net cash from operating activities                    (119,387)  (272,068) 
Cash flows from investing activities                  (148,297)  (166,631) 
 
Purchase of fixed asset investments 
Sale of fixed asset investments Loans granted         101,710    - (319,589) 
 
                                                           - 
Net cash from investing activities                    (46,587)   (486,220) 
Cash flows from financing activities                  104,241    - 
 
Amount introduced by directors 
Share issue                                                -     700,800 
Net cash from financing activities                    104,241    700,800 
 
Decrease in cash and cash equivalents         (61,733)  (57,488) 
Cash and cash equivalents at beginning of  2  106,119   163,607 
 
year 
 
Cash and cash equivalents at end of year  2    44,386  106,119 
 
Notes to the Statement of Cash Flows for the year ended 31 December 2022 
 
1.  RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM 
 
    OPERATIONS 
 
(Loss)/profit before taxation               2022         2021 
 
                                            £ (409,908)  £ 1,063,604 
Loss on disposal of fixed assets            29,895       - 
Loss/(gain) on revaluation of fixed assets  253,032      (1,338,384) 
Share based payments movement               -            16,279 
Other non cash items                        -            181 
Finance costs                                   129            - 
                                            (126,852)    (258,320) 
Decrease in trade and other debtors         42,760       12,425 
Decrease in trade and other creditors         (35,166)     (26,173) 
 
Cash generated from operations    (119,258)  (272,068) 
 
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 2022  31/12/22  1/1/22 
Cash and cash equivalents    £         £ 
 
                             44,386    106,119 
Year ended 31 December 2021  31/12/21  1/1/21 
Cash and cash equivalents    £         £ 
 
                             106,119   163,607 
 
3.  ANALYSIS OF CHANGES IN NET FUNDS 
 
             Net cash                     At 1/1/22   Cash flow   At 31/12/22 
 
             Cash at bank                 £           £           £ 
 
                                            106,119     (61,733)    44,386 
               106,119                      (61,733)    44,386 
Liquid         35,604                     1,010,751   1,046,355 
resources 
 
Current 
asset 
investments 
               35,604                     1,010,751   1,046,355 
Total          141,723                      949,018   1,090,741 
4.           MAJOR NON-CASH TRANSACTIONS 
 
Excluded from the cashflows is the deferred tax of £81,178 recognised on the 
fair value uplift on the investments. 
 
 
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END 
 
 

(END) Dow Jones Newswires

June 26, 2023 09:39 ET (13:39 GMT)