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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tectonic Gold Plc | AQSE:TTAU | Aquis Stock Exchange | Ordinary Share | GB00B9276C59 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.025 | -7.69% | 0.30 | 0.20 | 0.40 | 0.00 | 08:00:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMTTAU
31 March 2021
TECTONIC GOLD PLC
("Tectonic Gold" or the "Company")
Unaudited Interim Results to 31 December 2020
MANAGING DIRECTOR'S STATEMENT
Dear Shareholder,
During the half year to December 2020, the Company focused on the development
of its Australian gold portfolio. This followed a successful sell down of the
South African diamond and heavy minerals project in June 2020 and the
re-opening of the Queensland state borders after COVID-19 related lockdowns.
£402,800 was raised in early September 2020 to conduct a follow-up drilling
program to extend copper and gold discoveries at the Specimen Hill project and
to put a small initial drill sampling program into the Mount Cassidy project.
Assays from the drilling confirmed success with copper and gold mineralisation
intersected in every hole, proving once again the Company's Intrusive Related
Gold System exploration methodology.
Mapping at Specimen Hill has identified a copper and gold deposit with world
class potential having a strike of over four kilometres. Widely spaced drilling
over an initial 800m showed continuity of the mineralisation mapped at surface
down to 100m depth. Gold grades ranged from 2g/t Au to over 15g/t gold and
copper grades up to +1% Cu were returned.
On the back of this successful start to the program, warrants issued alongside
the September 2020 capital raise were called. This had an excellent response
from warrant holders who committed to exercise over 70 million 0.7p warrants
generating more than £500,000 in additional capital for the campaign.
The focus of the program is to both infill and extend the initial 800m length
of strike that has been drill tested, with a particular focus on the "Southern
Copper" discovery. Deeper drilling has now been planned, to enlarge the tested
envelope, which remains open at depth below the current drill testing. Drill
density will also be revisited to ensure robust inputs for resource modelling.
Independent experts and one of Australia's leading geological consulting
groups, Geos Mining, was retained to provide initiall modelling input.
At the time of writing, the Company has a large batch of drill samples from
Specimen Hill being assayed. These have already been through pre-screening,
which produced over 500 samples testing positive for copper. This is of
particular importance as we prepare to revisit discussions with some of our
neighbours such as Rio Tinto, Newcrest and others that have become increasingly
active in our neighbourhood after COVID-19 made it difficult to work their
international portfolios, especially in South America and South East Asia which
are traditional copper and gold mining areas.
It should be noted that our diamond and heavy minerals joint venture partner,
AIM listed Kazera Global PLC, has brought the South African diamond project
into profitable operation and recently announced successful project financing
of their own. Their share price is up over 200% from our entry price and our
non-diluting 10% holding in the diamond project is performing well.
The last half has been very rewarding, with Tectonic's share price rebounding
to the Specimen HIll progress and recently trading up over 900% since the
September capital raise. During a trading window earlier in the month I was
finally allowed to purchase additional shares for my own account and support
the register alongside the efforts of our warrant holders. It always gives me
encouragement to announce that none of our directors or officers have ever sold
a share and we remain fully committed to the ongoing success of our Company
alongside all our shareholders.
RESULTS AND COMPARITIVE INFORMATION
The Group incurred a loss after tax for the reporting period of £60,084 (31 Dec
2019: £23,569 (profit).
For and on behalf of the Board.
Brett Boynton, CFA
Managing Director
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2020
NOTE 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO
31 DEC 2020 31 DEC 2019 30 JUNE 2020
UNAUDITED UNAUDITED AUDITED
GBP GBP GBP
Revenue from continuing operations - 47,513 294,866
Expenses from continuing operations:
Accounting and audit fees (15,388) (12,629) (59,715)
Administration and office costs (6,377) (9,656) (10,496)
Corporate costs (33,999) (33,564) (71,492)
Amortisation and depreciation (788) (882) (1,515)
Employee benefits, management fees and (500) (22,824) 5,682
on costs
Exploration and tenement costs (4,034) (25,922) (10,231)
Insurance (11,133) - (2,429)
Share based payments (139,462) - -
Business Development costs - (9,257) (9,257)
Net fair value gain on financial assets 129,667 - 77,750
at fair value through profit and loss
Other expenses 21,929 (61,373) (5,578)
Profit/ (loss) from continuing (60,084) (128,594) 207,585
operations before income tax
Income tax benefit - 152,163 149,097
Profit/ (loss) for the reporting period (60,084) 23,569 356,682
from continuing operations
Discontinued operations
(Loss) for the year from discontinued - - (73,934)
operations
Profit/ (loss) for the reporting period (60,084) 23,569 282,748
attributable to the owners of the
Company
Other comprehensive income:
Items that may be subsequently
reclassified to profit and loss:
Exchange differences on translation of 16,433 (46,344) 17,416
foreign subsidiaries
Total comprehensive profit/(loss)/ for (43,651) 22,775 300,162
the reporting period
Earnings per share attributable to
owners of the company
Basic and diluted (pence per share)
From continuing operations 4 0.007 0.003 0.04
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
31 DEC 2020 31 DEC 2019 30-JUN-20
GROUP GROUP GROUP
UNAUDITED UNAUDITED AUDITED
NOTE GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Plant and equipment 4,335 5,504 5,075
Exploration and evaluation 2,921,388 2,604,751 2,695,681
expenditure
Financial assets at fair value 454,074 - 224,407
through profit and loss
TOTAL NON-CURRENT ASSETS 3,379,797 2,610,255 2,925,163
CURRENT ASSETS
Cash and cash equivalents 192,709 130,224 52,734
Trade and other receivables 21,265 105 1,865
Other assets 5 362,374 339,485 357,792
TOTAL CURRENT ASSETS 576,348 469,814 412,391
TOTAL ASSETS 3,956,145 3,080,069 3,337,554
EQUITY
Share capital 6,115,444 6,100,615 6,100,615
Warrant reserves 60,497,749 60,146,216 60,146,216
RTO Reserve (57,976,182) (57,976,182) (57,976,182)
Warrant Reserves 260,925 95,098 95,098
Foreign exchange translation (58,832) (139,025) (75,265)
reserves
Accumulated losses (5,540,694) (5,739,788) (5,480,609)
TOTAL EQUITY 3,298,410 2,486,934 2,809,873
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 16,263 15,358 16,060
Borrowings 172,387 228,664 226,908
TOTAL NON-CURRENT LIABILITIES 188,650 244,022 242,968
CURRENT LIABILITIES
Trade and other payables 312,399 249,113 284,712
Borrowings 156,685 100,000 -
TOTAL CURRENT LIABILITIES 469,085 349,113 284,712
TOTAL LIABILITIES 657,735 593,135 527,882
TOTAL EQUITY AND LIABILITIES 3,956,145 3,080,069 3,337,554
The accompanying notes form part of these financial statements.
These financial statements were approved by the Board of Directors on 31 March
2021.
Signed on behalf of the Board by:
Brett Boynton
Managing Director
Company
number: 05173250
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2020
GROUP - UNAUDITED ISSUED SHARE WARRANT RTO FOREIGN ACCUMULATED TOTAL
31 DEC 2020 CAPITAL PREMIUM RESERVE RESERVE CURRENCY LOSSES
RESERVE
GBP GBP GBP GBP GBP GBP GBP
Balance at 1 July 2019 6,100,615 60,146,216 95,098 (57,976,182) (75,265) (5,480,609) 2,809,873
Total comprehensive loss (60,084) (60,084)
for the period
Transactions with owners,
recorded directly in
equity:
Foreign Currency - - - - 16,433 16,433
Translation Reserve
Shares Issued 14,829 400,698 - - - - 415,527
Share issue costs - (49,165) - - - - (49,165)
Warrants issued - - 165,827 - - - 165,827
Balance as at 31 December 6,115,444 60,497,749 260,925 (57,976,182) (58,832) (5,540,694) 3,298,410
2020
ISSUED SHARE WARRANT RTO FOREIGN ACCUMULATED TOTAL
GROUP - UNAUDITED CAPITAL PREMIUM RESERVE RESERVE CURRENCY LOSSES
31 DEC 2019 RESERVE
GBP GBP GBP GBP GBP GBP GBP
Balance at 1 July 2019 6,100,615 60,146,216 95,098 (57,976,182) (92,681) (5,763,357) 2,509,709
Total comprehensive loss 23,569 23,569
for the period
Transactions with owners,
recorded directly in
equity:
Foreign Currency - - - - (46,344) - (46,344)
Translation Reserve
Balance as at 31 December 6,100,615 60,146,216 95,098 (57,976,182) (139,025) (5,739,788) 2,486,934
2019
GROUP - AUDITED ISSUED SHARE WARRANT RTO FOREIGN ACCUMULATED TOTAL
FOR THE YEARED 30 CAPITAL PREMIUM RESERVE RESERVE CURRENCY LOSSES
JUNE 2020 RESERVE
GBP GBP GBP GBP GBP GBP GBP
Balance at 1 July 2019 6,100,615 60,146,216 95,098 (57,976,182) (92,681) (5,763,357) 2,509,709
Total comprehensive 282,748 282,748
income for the period
Transactions with owners,
recorded directly in
equity:
Foreign Currency - - - - 17,416 - 17,416
Translation Reserve
Balance as at 30 June 6,100,615 60,146,216 95,098 (57,976,182) (75,265) (5,480,609) 2,809,873
2020
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 DECEMBER 2020
6 MONTHS TO 6 MONTHS TO 12 MONTHS
31 DEC 2020 31 DEC 2019 TO 30 JUNE
UNAUDITED UNAUDITED 2020
AUDITED
GBP GBP GBP
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash receipts in the course of - - 20,136
operations
Cash payments in the course of (141,122) (131,029) (242,654)
operations
Research and Development Tax - 152,163 149,097
Incentive Claim
Interest received - 761 5,541
Net cash used in operating (141,122) 21,895 (67,880)
activities
CASH FLOWS USED IN INVESTING
ACTIVITIES
Payments for exploration and evaluation (113,470) (63,341) (58,777)
expenditure
Proceeds from new owner of Deep - - 56
Blue Minerals Pty Ltd
Payment for security deposit - (272) (266)
Proceeds from refund of security - 2,720 2,665
deposits
Proceeds from sale of - 86,844 86,844
investments
Net cash used in investing (113,470) 25,951 30,522
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issue of shares 402,800 - -
Proceeds from exercise of 12,727 - -
options
Payments for share issue costs (22,800) - -
Loan to Tectonic SA - - (10,830)
Proceeds from borrowings - 50,000 66,048
Net cash provided by financing 392,727 50,000 55,218
activities
Net (decrease)/increase in cash held and 138,135 97,846 17,858
cash equivalents
Cash and cash equivalents at the 52,734 34,875 34,875
beginning of the period
Effects of exchange rate changes on cash 1,840 (2,497) -
and cash equivalents
Cash and cash equivalents at the end of 192,709 130,224 52,734
the period
The accompanying notes form part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31 DECEMBER 2020
1. GENERAL INFORMATION
Tectonic Gold Plc is a company incorporated in the United Kingdom under the
Companies Act 2006. The consolidated entity (the "Group") consists of Tectonic
Gold Plc (the "Company") and the entities it controlled at the end of, or
during, the six months ended 31 December 2020. The principal activity of the
Group during the financial period was mineral exploration.
2. BASIS OF PREPARATION
These condensed interim consolidated financial statements ("the interim
financial statements") of the Group are for the six months ended 31 December
2020 and are presented in Sterling which is the Company's presentational
currency. These interim financial statements have not been reviewed or audited.
The interim financial statements have been prepared in accordance with the
recognition and measurement principles of IFRS as adopted by the European Union
(EU) and on the same basis and using the same accounting policies as applied in
the Company's 2019 Annual Report and statutory accounts for the year ended 30
June 2020.
The statutory accounts for the year ended 30 June 2020 have been filed with the
Registrar of Companies. The auditor's report on those financial statements was
unqualified and did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The interim financial statements have been prepared on a going concern basis
under the historical cost convention. The Directors believe that the going
concern basis is appropriate for the preparation of these interim financial
statements as the Company is in a position to meet all its liabilities as they
fall due.
The interim financial statements for the six months ended 31 December 2020 were
approved by the Board on 31 March 2020.
3. DIVID
The Board is not recommending the payment of an interim dividend for the period
ended 31 December 2020.
4. EARNINGS PER SHARE
The basic earnings per share is based on the profit/(loss) for the year divided
by the weighted average number of shares in issue during the reporting period.
The weighted average number of ordinary shares for the reporting period assumes
that all shares have been included in the computation based on the weighted
average number of days since issue.
6 MONTHS TO 6 MONTHS TO 12 MONTHS TO
31 DEC 2020 31 DEC 2019 30 JUNE 2020
UNAUDITED UNAUDITED AUDITED
GBP GBP GBP
Profit/(Loss) for the (60,084) 23,569 282,748
year attributable to
owners of the Company
Weighted average number 788,632,702 656,562,746 697,562,746
of ordinary shares in
issue for basic earnings*
Weighted average number 788,632,702 710,562,746 710,562,746
of ordinary shares in
issue for fully diluted
earnings*
(Loss)/gain per share
(pence per share)
Basic (0.007) 0.003 0.04
Diluted (0.007) 0.003 0.04
5. OTHER ASSETS
31 DEC 2019 31 DEC 2019 30 JUNE 2020
UNAUDITED UNAUDITED AUDITED
GBP GBP GBP
Prepayments(i) 353,780 333,956 349,341
Other prepayments 5,200 2,325 5,100
Security deposits 3,394 3,204 3,351
362,734 339,485 357,792
(i) In 2018 the Company paid Titeline Drilling Pty Ltd ACN 096 640 201
(Titeline) for future drilling services in accordance with the heads of
agreement dated 28 March 2018 between Titeline, Signature Gold and Tectonic
Gold.
(ii) Titeline has been engaged to complete 10,000 meters of diamond
drilling to produce core samples for analysis, assay and metallogenic studies
from the Company's Biloela Project site. A review to be completed after 2,500
metres of drilling has been completed and the completion program for
the remaining 7,500 metres to be mutually agreed.
As at 31 December 2020, GBP353,780 or A$625,386 (31 Dec 2019: GBP333,956 or
$A625,386) remains prepaid to Titeline
As at 30 June 2020, the balance of the prepayment to Titeline is GBP 349,341
(A$625,386).
6. EVENTS AFTER THE REPORTING PERIOD
In January 2021, the Company continued to generate successful results from the
drilling program at the Specimen Hill and Mt Cassidy projects and on 5 March
2021 formally called on holders of warrants issued on 9 September 2020 to
exercise those warrants within the allowed 30-day period from the call. As of
31 March 2021, 26,654,502 warrants were exercised to purchase shares at 0.7p
per share and funds totalling £186,581.51 were received. Commitments to
exercise a further 69,090,908 warrants have been received with funding of a
further £483,636.36 expected prior to the 5 April 2021.
Other than as stated elsewhere in this report, Directors are not aware of any
other matters or circumstances at the date of this report that have
significantly affected or may significantly affect the operations, the results
of the operations or the state of affairs of the Company in subsequent
financial years.
7. DISTRIBUTION
Copies of these interim financial statements is available on the Company's
website (www.tectonicgold.com) or directly from the Company at its registered
address.
For further information, please contact:
Tectonic Gold plc +61 2 9241 7665
Brett Boynton
Sam Quinn
www.tectonicgold.com
@tectonic_gold
Aquis Stock Exchange Corporate +44 20 3005 5004
Adviser and Broker
VSA Capital Limited
Andrew Raca - Corporate Finance
Andrew Monk - Corporate Broking
Ends
END
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March 31, 2021 02:00 ET (06:00 GMT)
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